BFC

Phân bón Bình Điền ·HOSE ·2026Q1

▼ Under pressure

Self-funded cash generation remains weak CFO/NPAT −323 bn, −1258 bn YoY

Price

58,200

Latest close

03 Jun 2026

P/E 10.83x

P/B 1.86x

EPS 5,375

BVPS 31,218

ROE 20.2%

ROA 8.6%

Profit Margin 3.0%

Asset Turnover 2.88x

Equity Mult. 2.35x

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

What Is Changing

On a TTM 2026Q1 basis, BFC is maintaining revenue, but margins are compressing slightly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 11,406bn
	                                
+14.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 431bn
	                                
−7.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.72x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	10,616.5	9,358.2	8,588.3	8,581.4	7,708.1
Growth	+13%	+9%	+0%	+11%	—
Net Income	400.2	425.6	134.8	193.5	296.7
Net Margin	3.77%	4.55%	1.57%	2.25%	3.85%

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	3,345.4	2,466.2	2,059.5	3,534.6	2,554.3	2,470.8	2,031.0	2,916.0	1,940.4	2,202.9	2,708.9	2,334.6
Growth	+36%	+20%	-42%	+38%	+3%	+22%	-30%	+50%	-12%	-19%	+16%	—
Net Income	142.2	68.3	73.3	147.5	111.1	99.9	64.3	190.3	73.5	50.7	58.7	65.8
Net Margin	4.25%	2.77%	3.56%	4.17%	4.35%	4.04%	3.17%	6.53%	3.79%	2.30%	2.17%	2.82%

Drivers of BFC's profit

TTM

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

Selling expenses ↓ 92.9bn

Tax ↓ 8.5bn

Gross profit ↓ 115.6bn

Minority interests ↑ 10.3bn

Finance costs ↑ 7.8bn

Administrative expenses ↑ 6.4bn

TTM

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

Gross profit ↑ 62.8bn

Selling expenses ↓ 6.5bn

Finance costs ↑ 15.5bn

Administrative expenses ↑ 13.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 31.7% = 4.7% × 2.79 × 2.43

2026Q1 25.6% = 3.8% × 2.88 × 2.35

ROE fell from 31.7% to 25.6% — leverage weakened the most, though asset turnover still provided support.

Net margin: 3.8% -0.9pp Asset turnover: 2.88x +0.09x Leverage: 2.35x -0.08x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 3.78%, falling 0.9pp. The main pressure is Gross margin fell 2.9pp, outweighing the improvement in SG&A / Revenue fell 1.9pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 3.78% −0.9pp

Gross Margin 12.17% −2.9pp

SG&A / Revenue 6.92% −1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 17.87%, losing 1.9pp. That translates to 17.87 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.49x, NOPAT margin narrowed 0.9pp still pulled ROIC lower, with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 17.87% −1.9pp

NOPAT Margin 3.77% −0.9pp

Capital Turnover 4.74x +0.49x

Average Invested Capital 2,406.9bn +60.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.34x equity, net debt at 0.55x equity.

Inventory ended the period at 2,283.0bn, roughly 57.5% of total assets.

Over the last 12 months, working capital absorbed 746.5bn 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: −304.4bn

Inventories increased → lower CFO: −565.6bn

Payables increased → higher CFO: +123.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.7 days versus the same period last year. The main moves came from DIO fell 8.6 days, DSO rose 0.5 days, and DPO rose 0.6 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +0.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 29.8 days +0.5 days

Inventory 68.2 days −8.6 days

Payables 25.3 days +0.6 days

Cash Conversion Cycle 72.7 days −8.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 322.9bn due to capex of 77.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.55x and interest coverage at 6.03x.

At present, short-term debt accounts for 99.7% of total debt, cash equals 25.6% of debt, and total debt stands at 1,311.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.55x +0.26x

Interest Coverage 6.03x −1.11x

Cash / Debt 25.6% −18.1pp

Short-term Debt / Total Debt 99.7% +0.7pp

CFO / NI -0.72x −3.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -731.6bn in 2025, against investing cash flow of -69.8bn.

Post-investment cash flow was negative +801.5bn. Financing cash flow was positive +425.0bn.

CFO / net income was -0.72x.

After spending +77.1bn on fixed-asset investment, the business generated trailing free cash flow of −322.9bn.

Cash Conversion

CFO TTM 245.8bn −1,248.7bn

Cash Capex 77.1bn +9.7bn

FCF TTM −322.9bn −1,258.4bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at -0.72x. The main risk still sits in self-funded cash generation remains weak.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.72x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 322.9bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,753.2	9,489.1	8,706.3	8,706.7	7,843.5
Revenue Deductions	136.8	130.9	118.0	125.3	0.0
Net Revenue	10,616.5	9,358.2	8,588.3	8,581.4	7,708.1
Cost of Goods Sold	9,291.2	7,964.8	7,680.2	7,693.2	0.0
Gross Profit	1,325.3	1,393.5	908.1	888.1	898.3
Financial Income	23.6	27.9	20.9	13.9	7.2
Financial Expenses	72.8	88.8	140.4	145.4	-87.2
Interest Expense	50.3	56.8	117.5	97.9	-58.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	565.7	589.7	423.7	346.2	-285.1
General and Administrative Expenses	217.5	211.7	165.6	164.3	-164.4
Operating Profit	492.9	531.2	199.3	246.2	368.8
Other Income	4.1	6.7	2.0	1.1	0.0
Other Expenses	2.1	7.3	5.0	1.6	0.0
Other Profit	2.0	-0.6	-3.0	-0.6	2.5
Profit Before Tax	494.8	530.6	196.2	245.6	371.4
Current Income Tax Expense	100.8	107.1	63.1	51.7	-74.7
Deferred Income Tax Expense	-6.2	-2.2	-1.7	0.4	0.0
Net Income	400.2	425.6	134.8	193.5	296.7
Non-controlling Interest	90.4	68.6	-13.4	43.7	77.0
Profit Attributable to Parent	309.9	357.0	148.2	149.8	219.7
Earnings per Share	4,878.00	5,620.00	2,334.00	2,358.00	3,458.00
Diluted EPS	4,878.00	5,620.00	2,334.00	2,620.32	3,843.14

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,313.9	2,608.9	2,743.3	3,486.9	3,048.4
I. Cash and cash equivalents	250.2	626.6	607.0	541.1	243.9
1. Cash	190.2	195.5	333.5	539.1	0.0
2. Cash equivalents	60.0	431.1	273.5	2.0	0.0
II. Short-term financial investments	5.0	10.5	20.0	3.0	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	5.0	10.5	20.0	3.0	0.0
III. Short-term receivables	652.3	463.8	561.0	566.3	234.4
1. Short-term trade accounts receivable	674.4	499.3	575.8	569.3	0.0
2. Short-term prepayments to suppliers	21.3	6.4	15.4	9.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	13.9	14.6	15.6	19.2	0.0
7. Provision for short-term doubtful debts (*)	-57.3	-56.6	-45.7	-31.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,283.0	1,466.1	1,519.9	2,333.8	2,535.0
1. Inventories	2,283.6	1,466.7	1,522.4	2,338.8	0.0
2. Provision for decline in value of inventories	-0.6	-0.6	-2.5	-5.0	0.0
V. Other short-term assets	123.3	42.0	35.3	42.8	32.0
1. Short-term prepayments	11.5	6.0	6.0	8.0	0.0
2. Value added tax to be reclaimed	110.0	35.7	28.0	22.9	0.0
3. Taxes and other receivables from state authorities	1.7	0.3	1.3	11.9	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)	654.9	668.4	711.3	812.7	809.0
I. Long-term receivables	4.7	4.7	4.2	4.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	4.7	4.7	4.2	4.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	612.4	633.1	646.4	752.6	750.8
1. Tangible fixed assets	404.9	420.4	433.6	515.1	516.7
- Cost	1,341.7	1,276.7	1,220.7	1,214.2	0.0
- Accumulated depreciation	-936.8	-856.3	-787.1	-699.1	0.0
2. Financial leased fixed assets	7.1	9.1	6.0	4.7	3.2
- Cost	10.0	11.8	8.1	5.9	0.0
- Accumulated depreciation	-2.8	-2.7	-2.1	-1.2	0.0
3. Intangible fixed assets	200.3	203.6	206.8	232.8	230.8
- Cost	245.3	245.1	244.8	243.9	0.0
- Accumulated depreciation	-44.9	-41.5	-38.0	-11.1	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	5.5	7.7	39.1	36.1	32.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.5	7.7	39.1	36.1	0.0
V. Long-term financial investments	4.7	5.2	5.7	6.0	6.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	11.7	11.7	11.7	11.7	0.0
4. Provision for diminution in value of long-term investments	-6.9	-6.5	-6.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	-5.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	27.6	17.9	15.9	13.8	0.0
1. Long-term prepayments	6.2	2.7	2.9	2.5	0.0
2. Deferred income tax assets	21.4	15.2	13.0	11.3	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	15.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,968.7	3,277.3	3,454.6	4,299.7	3,857.4
A. LIABILITIES (300=210+330)	2,273.1	1,760.0	2,168.9	2,939.5	2,495.5
I. Short -term liabilities	2,267.6	1,743.1	2,159.3	2,917.8	2,438.0
1. Short-term trade accounts payable	356.1	468.0	231.8	508.5	632.8
2. Short-term advances from customers	30.8	21.6	23.0	13.6	85.2
3. Taxes and other payables to state authorities	156.1	151.5	133.5	131.7	0.0
4. Payable to employees	143.8	126.7	82.0	63.9	0.0
5. Short-term acrrued expenses	142.8	147.6	115.4	77.5	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	11.5	15.3	39.9	10.9	0.0
10. Short-term borrowings and financial leases	1,367.5	771.6	1,483.9	2,058.3	1,368.9
11. Provision for short-term liabilities	—	3.5	6.1	3.5	0.0
12.. Bonus and welfare fund	58.9	37.3	43.7	49.9	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	5.5	16.9	9.6	21.7	57.5
1. Long-term trade payables	—	7.6	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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	5.5	9.3	9.6	21.7	57.5
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)	1,695.6	1,517.4	1,285.8	1,360.2	1,361.9
I. Owner's equity	1,695.6	1,517.4	1,285.8	1,360.2	0.0
1. Owner's capital	571.7	571.7	571.7	571.7	1,361.9
- Common stock with voting right	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	24.2	24.2	24.2	24.2	24.2
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	234.3	215.6	206.0	204.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	13.2	0.0
10. Other funds from owner's equity	13.2	13.2	13.2	268.8	0.0
11. Undistributed earnings after tax	537.9	433.0	257.7	277.8	281.1
- Accumulated retained earning at the end of the previous period	228.0	104.6	138.1	128.5	61.4
- Undistributed earnings in this period	309.9	328.4	119.7	149.3	219.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	314.4	259.6	212.9	0.0	272.9
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)	3,968.7	3,277.3	3,454.6	4,299.7	3,857.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	494.8	530.6	196.2	234.5	371.4
Depreciation of Fixed Assets and Investment Property	91.6	92.3	117.0	94.1	93.2
Provision (Increase)/Reversal	-2.4	9.4	12.2	15.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	0.0	0.0	-0.5	0.0
Gain/Loss from Investment Activities	-5.3	-5.8	-3.4	-0.8	0.0
Interest Expense	50.3	56.8	69.0	97.9	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	629.5	683.2	391.0	440.9	535.1
Increase/(Decrease) in Receivables	-265.5	79.3	-3.6	-280.6	0.0
Increase/(Decrease) in Inventory	-816.9	55.8	816.4	196.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-88.1	360.2	-218.7	-294.1	0.0
Increase/(Decrease) in Prepaid Expenses	-6.0	8.7	1.6	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-50.8	-61.4	-69.0	-96.9	0.0
Corporate Income Tax Paid	-99.9	-88.5	-51.3	-63.6	0.0
Other Operating Receipts	1.3	0.4	0.6	0.2	0.0
Other Operating Payments	-35.1	-41.3	-39.3	-26.1	0.0
Net Cash Flow from Operating Activities	-731.6	996.3	827.5	-123.1	-288.6
Payments for Fixed Assets and Other Long-term Assets	-80.9	-91.4	-13.0	-83.6	-73.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	1.1	0.1	0.2	1.7
Loans and Purchases of Debt Instruments	-0.5	9.5	-17.0	-2.0	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	6.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.6	4.7	2.5	0.6	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	-69.8	-76.1	-27.4	-84.8	-73.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,111.3	3,127.6	4,162.9	5,539.9	4,119.1
Repayment of Borrowings	-3,513.7	-3,833.2	-4,742.5	-4,886.8	-3,849.2
Repayment of Finance Leases	-5.6	-7.0	-6.9	-1.7	-0.4
Dividends Paid	-167.1	-188.1	-147.7	-146.3	-82.8
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	425.0	-900.7	-734.1	505.1	186.7
Net Cash Flow During the Period	-376.5	19.5	66.0	297.3	-123.1
Cash and Cash Equivalents at Beginning of Period	626.6	607.0	541.1	243.9	419.6
FX Difference from Revaluation	0.2	0.0	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	250.2	626.6	607.0	541.1	243.9

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	3,392.7	2,483.8	2,086.4	3,592.8	2,588.7	2,501.1	2,059.0	2,960.1	1,969.0	2,229.2	2,748.1	2,366.5
Revenue Deductions	47.2	17.5	26.9	58.2	34.5	30.3	28.0	44.1	28.5	26.3	39.2	32.0
Net Revenue	3,345.4	2,466.2	2,059.5	3,534.6	2,554.3	2,470.8	2,031.0	2,916.0	1,940.4	2,202.9	2,708.9	2,334.6
Cost of Goods Sold	2,908.7	2,149.0	1,838.7	3,121.1	2,180.3	2,119.1	1,741.5	2,427.2	1,676.8	1,975.4	2,370.1	2,074.1
Gross Profit	436.8	317.2	220.8	413.5	374.0	351.7	289.5	488.8	263.7	227.4	338.8	260.5
Financial Income	3.9	3.3	7.7	7.7	4.7	11.2	4.0	8.3	4.3	7.2	8.4	2.3
Financial Expenses	27.7	26.7	14.3	19.7	12.2	21.9	19.9	26.5	20.5	36.9	25.8	42.4
Interest Expense	21.3	19.1	13.3	8.7	9.2	11.2	11.4	16.6	17.6	23.8	24.8	36.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	177.2	159.3	79.8	145.5	183.8	163.5	124.0	183.6	118.7	85.2	176.7	98.9
General and Administrative Expenses	58.6	52.0	45.0	72.3	45.1	56.6	67.0	52.8	35.0	45.5	58.4	41.2
Operating Profit	177.1	82.6	89.4	183.7	137.6	120.9	82.6	234.2	93.9	67.1	86.4	80.2
Other Income	0.0	1.5	1.4	1.2	0.2	5.3	0.3	0.9	0.1	0.5	1.0	0.8
Other Expenses	0.5	1.5	0.1	0.3	0.2	1.4	1.9	1.0	2.9	0.1	0.3	0.2
Other Profit	-0.4	-0.0	1.3	0.9	-0.1	3.9	-1.6	-0.2	-2.8	0.4	0.6	0.6
Profit Before Tax	176.6	82.5	90.8	184.6	137.5	124.8	80.9	234.1	91.1	67.4	87.0	80.8
Current Income Tax Expense	14.6	34.4	17.4	36.7	11.5	39.7	16.6	43.7	5.4	28.8	28.3	3.7
Deferred Income Tax Expense	19.8	-20.2	—	0.4	14.8	-14.8	0.0	0.0	12.1	-12.1	0.0	11.3
Net Income	142.2	68.3	73.3	147.5	111.1	99.9	64.3	190.3	73.5	50.7	58.7	65.8
Non-controlling Interest	18.0	27.9	12.2	31.8	18.5	26.8	11.6	22.7	8.7	14.3	-22.1	12.8
Profit Attributable to Parent	124.2	40.4	61.2	115.7	92.6	73.1	52.7	167.6	64.8	36.4	80.8	53.0
Earnings per Share	1,955.00	636.00	963.00	1,821.00	1,458.00	1,151.00	829.00	2,639.00	1,020.00	611.00	1,272.00	835.00
Diluted EPS	1,955.00	636.00	963.00	1,821.00	1,458.00	5,640.00	829.00	2,639.00	1,020.00	611.00	1,272.00	835.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,795.7	3,312.4	3,950.0	2,970.1	2,872.0	2,609.0	2,996.2	2,857.8	2,947.4	2,743.4	3,030.2	3,054.2
I. Cash and cash equivalents	335.4	250.2	161.7	354.2	359.5	626.5	351.4	429.4	153.3	602.0	407.3	314.8
1. Cash	285.2	190.2	161.7	354.2	248.5	195.4	150.4	223.4	149.8	333.5	407.3	314.8
2. Cash equivalents	50.2	60.0	—	—	111.0	431.1	201.0	206.0	3.5	268.5	0.0	0.0
II. Short-term financial investments	35.0	5.0	4.5	4.5	4.5	10.5	15.5	30.5	28.0	25.0	23.5	23.5
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	35.0	5.0	4.5	4.5	4.5	10.5	15.5	30.5	28.0	25.0	23.5	23.5
III. Short-term receivables	1,146.0	650.7	1,114.0	1,146.4	869.0	463.8	998.3	1,150.7	739.0	560.7	892.6	739.6
1. Short-term trade accounts receivable	988.4	672.3	1,106.0	1,157.0	875.1	499.3	987.0	1,155.9	727.6	575.8	889.6	739.9
2. Short-term prepayments to suppliers	195.6	21.3	46.6	31.4	28.2	6.4	48.4	15.5	19.7	15.4	26.8	16.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	19.3	14.5	18.8	15.5	22.3	14.6	18.6	31.5	41.1	15.6	17.6	18.4
7. Provision for short-term doubtful debts (*)	-57.3	-57.3	-57.4	-57.5	-56.6	-56.6	-55.8	-52.2	-49.4	-46.0	-41.4	-35.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,153.4	2,283.0	2,548.4	1,425.9	1,587.8	1,466.1	1,592.7	1,212.9	1,970.4	1,520.2	1,667.2	1,917.4
1. Inventories	2,154.0	2,283.6	2,549.0	1,426.5	1,588.4	1,466.7	1,595.2	1,215.4	1,973.0	1,522.7	1,675.3	1,922.4
2. Provision for decline in value of inventories	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-2.5	-2.5	-2.5	-2.5	-8.1	-5.0
V. Other short-term assets	125.8	123.5	121.3	39.1	51.1	42.1	38.4	34.4	56.7	35.4	39.6	58.9
1. Short-term prepayments	12.5	11.5	10.3	7.8	7.2	6.0	4.5	3.9	7.0	6.0	8.4	5.9
2. Value added tax to be reclaimed	109.9	110.0	110.5	28.0	36.3	35.7	32.0	30.2	29.4	28.0	27.3	25.2
3. Taxes and other receivables from state authorities	3.4	1.9	0.5	3.1	7.6	0.4	1.9	0.3	20.3	1.4	3.9	27.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	0.2	—	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)	619.3	653.7	612.8	629.1	641.1	669.0	660.3	675.7	682.7	710.5	717.4	752.0
I. Long-term receivables	4.7	4.7	3.9	3.9	4.7	4.0	3.9	3.9	3.9	3.9	3.8	3.8
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	4.7	4.7	3.9	3.9	4.7	4.0	3.9	3.9	3.9	3.9	3.8	3.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	592.7	612.4	588.8	605.2	620.0	633.2	636.5	652.3	661.1	646.4	661.3	700.0
1. Tangible fixed assets	386.5	405.1	380.2	395.4	408.3	420.5	426.0	442.0	449.5	433.6	444.6	463.6
- Cost	1,343.4	—	—	—	—	1,276.7	1,267.3	1,262.3	1,241.0	1,220.7	1,209.3	1,206.7
- Accumulated depreciation	-956.8	—	—	—	—	-856.2	-841.3	-820.3	-791.5	-787.1	-764.7	-743.0
2. Financial leased fixed assets	6.7	7.0	7.4	7.8	8.6	9.1	6.0	5.0	5.7	6.0	4.1	4.3
- Cost	10.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	199.5	200.3	201.2	202.1	203.0	203.6	204.5	205.3	205.9	206.8	212.7	232.1
- Cost	245.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-45.8	—	—	—	—	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	10.4	5.5	9.3	8.4	8.3	7.7	10.5	10.4	8.4	39.1	44.6	40.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.4	5.5	9.3	8.4	8.3	7.7	10.5	10.4	8.4	39.1	44.6	40.7
V. Long-term financial investments	4.7	4.7	5.2	5.2	5.2	5.2	5.7	5.7	5.7	5.7	6.2	6.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7
4. Provision for diminution in value of long-term investments	-6.9	-6.9	-6.5	-6.5	-6.5	-6.5	-6.0	-6.0	-6.0	-6.0	-5.5	-5.5
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	6.8	26.4	5.7	6.3	3.0	19.0	3.7	3.4	3.7	15.4	1.4	1.4
1. Long-term prepayments	5.2	6.2	5.3	6.3	2.7	2.7	2.5	2.3	2.5	2.9	1.1	1.0
2. Deferred income tax assets	1.6	20.2	0.4	—	0.4	15.7	0.9	0.9	0.9	12.1	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.2	0.3	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.7	0.3	0.0	0.0	0.3	0.3	0.3
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,415.0	3,966.1	4,562.7	3,599.2	3,513.0	3,278.1	3,656.5	3,533.4	3,630.2	3,453.9	3,747.6	3,806.2
A. LIABILITIES (300=210+330)	2,630.3	2,270.7	2,936.0	2,045.7	1,924.4	1,758.2	2,208.0	2,149.3	2,278.4	2,167.9	2,484.3	2,586.1
I. Short -term liabilities	2,615.8	2,265.2	2,928.9	2,037.6	1,916.0	1,741.4	2,199.9	2,141.1	2,269.7	2,158.3	2,472.8	2,571.2
1. Short-term trade accounts payable	741.9	354.1	666.8	638.5	647.8	468.0	415.8	559.2	498.2	231.8	609.4	475.3
2. Short-term advances from customers	66.4	31.3	6.4	15.2	23.4	21.6	30.5	16.2	9.3	23.0	153.8	53.7
3. Dividends and profits payable	5.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	138.5	155.2	142.5	151.4	124.6	150.1	126.7	143.8	118.2	132.6	123.6	120.6
4. Payable to employees	93.7	139.3	151.1	136.1	56.9	126.7	144.1	86.9	39.6	82.0	93.9	53.6
5. Short-term acrrued expenses	162.7	144.4	294.5	249.6	175.8	147.6	314.9	235.8	107.3	115.4	235.8	102.1
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	11.1	11.6	13.5	14.6	18.9	14.8	14.7	15.9	20.7	39.9	10.9	12.4
10. Short-term borrowings and financial leases	1,307.4	1,367.5	1,591.6	758.6	815.2	771.6	1,104.9	1,021.6	1,433.1	1,483.9	1,187.6	1,693.2
11. Provision for short-term liabilities	4.5	4.5	—	—	3.5	3.5	4.0	4.0	6.1	6.1	0.0	0.0
12.. Bonus and welfare fund	83.9	57.3	62.5	73.7	49.9	37.5	44.4	57.7	37.1	43.7	57.8	60.3
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	14.5	5.5	7.1	8.1	8.3	16.9	8.1	8.2	8.7	9.6	11.5	14.9
1. Long-term trade payables	—	—	—	—	—	7.6	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	10.0	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	4.4	5.5	7.1	8.1	8.3	9.3	8.1	8.2	8.7	9.6	11.5	14.9
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)	1,784.7	1,695.4	1,626.8	1,553.5	1,588.7	1,519.8	1,448.5	1,384.2	1,351.8	1,286.0	1,263.3	1,220.1
I. Owner's equity	1,784.7	1,695.4	1,626.8	1,553.5	1,588.7	1,519.8	1,448.5	1,384.2	1,351.8	1,286.0	1,263.3	1,220.1
1. Owner's capital	571.7	571.7	571.7	571.7	571.7	571.7	571.7	571.7	571.7	571.7	571.7	571.7
- Common stock with voting right	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00	571,679,930,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	24.2	24.2	24.2	24.2	24.2	24.2	24.2	24.2	24.2	24.2	24.2	24.2
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	234.3	234.3	234.3	234.3	219.3	215.6	215.6	215.6	206.0	206.0	206.0	205.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2
11. Undistributed earnings after tax	644.5	537.7	497.0	435.8	510.2	434.3	389.7	337.0	320.9	257.8	242.2	166.1
- Accumulated retained earning at the end of the previous period	520.3	227.8	227.5	227.5	417.5	104.6	104.6	104.6	256.1	138.1	130.2	134.6
- Undistributed earnings in this period	124.2	309.9	269.5	208.3	92.6	329.7	285.1	232.5	64.8	119.8	112.0	31.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	296.8	314.2	286.3	274.2	250.2	260.8	234.0	222.4	215.7	213.0	205.9	239.8
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,415.0	3,966.1	4,562.7	3,599.2	3,513.0	3,278.1	3,656.5	3,533.4	3,630.2	3,453.9	3,747.6	3,806.2

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
Profit Before Tax	176.6	82.1	90.8	184.5	137.5	124.8	80.9	234.3	91.1	67.4	87.0	81.0
Depreciation of Fixed Assets and Investment Property	21.3	24.4	20.9	23.3	23.0	22.9	22.1	22.7	24.4	29.3	41.3	22.7
Provision (Increase)/Reversal	—	0.3	-0.0	-2.6	—	-1.1	1.5	2.7	3.7	2.5	6.0	3.6
FX Gain/Loss from Revaluation of Monetary Items	—	0.4	—	-0.0	—	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-0.6	0.2	-2.1	-2.7	-2.4	-2.1	18.3	-19.7	-2.1	-0.2	-0.8
Interest Expense	21.3	24.0	8.4	8.7	9.2	7.3	15.2	16.5	17.6	-24.8	24.8	38.5
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	218.9	130.4	120.2	211.9	166.9	151.2	117.7	294.6	117.2	72.4	158.9	145.1
Increase/(Decrease) in Receivables	-520.1	509.6	-98.7	-195.3	-481.2	537.5	158.8	-375.1	-210.1	285.2	-97.5	-139.2
Increase/(Decrease) in Inventory	129.6	265.4	-1,122.5	162.0	-121.7	128.5	-379.8	757.6	-450.5	149.8	250.0	641.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	406.6	-454.5	96.0	75.4	195.0	-157.0	-23.7	206.9	233.1	-588.6	345.7	-6.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.9	-1.4	-4.3	-1.3	-1.6	-0.6	3.0	-0.5	1.5	-2.6	1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-21.3	-24.4	-8.0	-9.2	-9.2	-8.4	-10.1	-21.6	-17.6	24.8	-24.8	-38.5
Corporate Income Tax Paid	-38.0	-27.3	-25.0	-4.1	-43.4	-20.6	-30.8	-2.3	-33.8	-22.8	-0.0	-1.2
Other Operating Receipts	—	—	—	—	—	0.6	-0.2	0.2	0.0	0.6	-0.1	0.1
Other Operating Payments	19.2	-18.2	4.5	-25.4	4.0	-8.8	-10.7	-11.7	-10.2	-14.8	-11.4	-7.8
Net Cash Flow from Operating Activities	194.9	383.1	-1,036.1	212.2	-290.9	621.4	-179.4	851.7	-372.5	-92.0	618.1	595.6
Payments for Fixed Assets and Other Long-term Assets	-6.6	-56.4	-4.1	-10.0	-10.5	-15.8	-6.3	-34.8	10.4	2.0	-6.6	-7.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	0.8	—	1.1	0.0	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-30.0	-0.5	—	—	—	0.0	5.0	-2.5	-8.0	1.5	-1.5	-17.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	6.0	5.0	10.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	-0.1	0.6	1.4	2.7	2.2	2.1	0.6	0.7	1.3	0.2	0.6
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	-36.3	-56.0	-4.3	-7.7	-1.7	-7.5	10.8	-36.7	3.1	4.8	-7.9	-23.8
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	1,280.4	929.4	1,298.9	958.8	924.2	679.9	724.1	762.1	960.6	1,322.8	822.7	1,089.9
Repayment of Borrowings	-1,341.4	-1,150.3	-467.5	-1,014.6	-881.3	-1,010.9	-642.5	-1,172.0	-1,012.0	-1,022.4	-1,331.4	-1,438.9
Repayment of Finance Leases	-0.2	-4.9	0.7	-1.1	-0.3	-1.1	1.6	-2.1	-0.3	-5.9	-0.3	-0.5
Dividends Paid	-12.4	-13.0	16.0	-153.0	-17.1	-6.7	7.4	-126.8	-32.7	-7.5	-12.2	-88.1
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	-73.5	-238.8	848.1	-209.9	25.6	-338.8	90.5	-538.9	-84.4	287.0	-521.2	-437.7
Net Cash Flow During the Period	85.1	88.3	-192.4	-5.4	-267.1	275.2	-78.0	276.1	-453.7	199.8	89.0	134.1
Cash and Cash Equivalents at Beginning of Period	250.2	161.7	354.2	359.5	626.6	607.0	607.0	607.0	607.0	541.1	541.1	541.1
FX Difference from Revaluation	—	0.2	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	335.4	250.2	161.7	354.2	359.5	626.5	351.4	429.4	153.3	607.0	407.3	318.3

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BFC

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