BHN

Tổng Công ty cổ phần Bia - Rượu - Nước giải khát Hà Nội ·HOSE ·2026Q1

▲ Showing improvement

Capital efficiency is improving ROE 11.06%, +2.10pp YoY

Price

29,000

Latest close

03 Jun 2026

P/E 13.10x

P/B 1.23x

EPS 2,214

BVPS 23,592

ROE 9.8%

ROA 7.4%

Profit Margin 5.7%

Asset Turnover 1.29x

Equity Mult. 1.34x

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

What Is Changing

On a TTM 2026Q1 basis, BHN is improving on both revenue and margins, though the magnitude is still moderate — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8,996bn
	                                
+7.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 544bn
	                                
+22.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    33.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	8,540.0	8,218.4	7,754.4	8,398.3	6,963.1
Growth	+4%	+6%	-8%	+21%	—
Net Income	491.5	391.1	354.7	502.8	367.9
Net Margin	5.76%	4.76%	4.57%	5.99%	5.28%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,929.6	2,203.1	2,507.4	2,355.7	1,458.0	2,270.7	2,335.3	2,305.6	1,308.1	2,246.1	2,259.9	2,078.3
Growth	-12%	-12%	+6%	+62%	-36%	-3%	+1%	+76%	-42%	-1%	+9%	—
Net Income	71.3	74.5	238.4	159.6	20.7	113.3	138.4	171.9	-21.0	64.0	106.7	188.4
Net Margin	3.70%	3.38%	9.51%	6.77%	1.42%	4.99%	5.93%	7.46%	-1.60%	2.85%	4.72%	9.06%

Drivers of BHN's profit

TTM

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

Gross profit ↑ 291.8bn

Financial income ↑ 51.8bn

Selling expenses ↑ 125.1bn

Administrative expenses ↑ 103.9bn

Tax ↑ 12.0bn

TTM

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

Gross profit ↑ 145.6bn

Financial income ↑ 16.3bn

Selling expenses ↑ 77.0bn

Administrative expenses ↑ 20.9bn

Tax ↑ 10.9bn

Minority interests ↑ 6.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.7% = 5.3% × 1.26 × 1.30

2026Q1 10.4% = 6.0% × 1.29 × 1.34

ROE rose from 8.7% to 10.4% — all three components improved, with leverage contributing the most.

Net margin: 6.0% +0.7pp Asset turnover: 1.29x +0.03x Leverage: 1.34x +0.04x

Is the profit sustainable?

Margins improved (+0.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 6.04%, rising 0.7pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 0.9pp (in addition, Net financial result / Revenue rose 0.4pp 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 6.04% +0.7pp

Gross Margin 28.51% +1.4pp

SG&A / Revenue 24.02% +0.9pp

Non-core / Revenue 2.87% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 38.3% of PBT and lifted net margin by 0.4pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 27.1 days.

Is capital being deployed efficiently?

ROIC expanded to 11.06%, rising 2.1pp. That translates to 11.06 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.7pp and capital turnover rose 0.14x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 11.06% +2.1pp

NOPAT Margin 5.77% +0.7pp

Capital Turnover 1.92x +0.14x

Average Invested Capital 4,691.1bn −6.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.40x equity, with a net cash position equivalent to 0.12x equity.

Over the last 12 months, working capital released 334.4bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +26.0bn

Inventories decreased → higher CFO: +17.1bn

Payables increased → higher CFO: +291.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.5 days versus the same period last year. The main moves came from DIO fell 1.8 days, DSO fell 1.4 days, and DPO rose 3.3 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 10.2 days −1.4 days

Inventory 38.8 days −1.8 days

Payables 21.9 days +3.3 days

Cash Conversion Cycle 27.1 days −6.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 540.5bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.12x and interest coverage at 96.54x.

At present, short-term debt accounts for 99.6% of total debt, cash equals 1842.8% of debt, and total debt stands at 38.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.12x −0.04x

Interest Coverage 96.54x +1.90x

Cash / Debt 1842.8% +993.5pp

Short-term Debt / Total Debt 99.6% +1.1pp

CFO / NI 1.46x −0.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 540.5bn in 2025, against investing cash flow of -453.2bn.

Post-investment cash flow was positive +87.3bn. Financing cash flow was negative +321.5bn.

CFO / net income was 1.46x.

After spending +89.5bn on fixed-asset investment, the business generated trailing free cash flow of +659.5bn.

Cash Conversion

CFO TTM 749.0bn +69.3bn

Cash Capex 89.5bn +27.6bn

FCF TTM +659.5bn +41.7bn

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is capital efficiency, with ROIC at 11.1%. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 33.7%.

Improvement: capital efficiency is improving, with trailing-12M ROIC at 11.06%, up 2.1pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.46x. Even so, net financial result still accounts for 33.7% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,665.3	8,301.8	7,901.0	8,525.4	7,066.8
Revenue Deductions	125.2	83.4	146.6	127.1	0.0
Net Revenue	8,540.0	8,218.4	7,754.4	8,398.3	6,963.1
Cost of Goods Sold	6,117.9	6,026.9	5,839.8	6,085.5	0.0
Gross Profit	2,422.2	2,191.5	1,914.6	2,312.9	1,698.2
Financial Income	218.8	177.7	231.9	146.2	123.0
Financial Expenses	6.1	5.8	6.5	10.8	-14.9
Interest Expense	1.6	2.9	5.7	8.7	-11.1
Share of Associates and Joint Ventures	16.7	16.5	12.4	7.3	10.1
Selling Expenses	1,467.4	1,377.8	1,201.4	1,289.4	-988.3
General and Administrative Expenses	602.1	513.4	507.1	554.2	-429.0
Operating Profit	582.1	488.8	443.8	611.9	399.0
Other Income	37.9	29.7	26.1	27.1	0.0
Other Expenses	9.6	11.6	5.6	6.7	0.0
Other Profit	28.3	18.1	20.5	20.5	25.7
Profit Before Tax	610.5	506.8	464.3	632.4	424.7
Current Income Tax Expense	114.5	118.0	107.5	131.8	-56.8
Deferred Income Tax Expense	4.4	-2.3	2.1	-2.2	0.0
Net Income	491.5	391.1	354.7	502.8	367.9
Non-controlling Interest	24.3	20.4	18.6	39.9	20.5
Profit Attributable to Parent	467.2	370.7	336.1	462.8	347.4
Earnings per Share	2,016.00	1,599.00	1,426.00	1,895.00	1,430.00
Diluted EPS	2,016.00	1,599.00	1,426.00	1,895.00	1,498.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,943.3	5,352.5	5,135.9	4,843.3	4,342.0
I. Cash and cash equivalents	801.8	1,036.1	1,164.6	511.9	762.4
1. Cash	195.8	548.3	473.5	346.5	0.0
2. Cash equivalents	606.0	487.8	691.1	165.5	0.0
II. Short-term financial investments	4,056.0	3,298.0	2,724.1	2,972.4	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	4,056.0	3,298.0	2,724.1	2,972.4	0.0
III. Short-term receivables	358.2	250.5	428.0	433.6	377.4
1. Short-term trade accounts receivable	198.9	145.1	328.6	290.0	0.0
2. Short-term prepayments to suppliers	47.1	36.6	37.7	70.7	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	135.9	92.9	87.1	98.0	0.0
7. Provision for short-term doubtful debts (*)	-23.8	-24.1	-25.4	-25.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	665.4	713.9	719.4	724.4	553.5
1. Inventories	684.3	732.5	738.7	743.9	0.0
2. Provision for decline in value of inventories	-18.9	-18.6	-19.3	-19.5	0.0
V. Other short-term assets	61.8	54.0	99.8	201.0	244.7
1. Short-term prepayments	25.1	31.3	22.3	26.8	0.0
2. Value added tax to be reclaimed	25.1	16.4	1.5	32.5	0.0
3. Taxes and other receivables from state authorities	11.6	6.3	76.0	141.6	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)	1,607.4	1,906.7	2,014.1	2,389.9	2,745.0
I. Long-term receivables	0.2	0.2	0.3	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.3	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,022.5	1,194.3	1,527.2	1,840.3	2,185.0
1. Tangible fixed assets	952.7	1,119.1	1,441.9	1,756.9	2,088.2
- Cost	9,509.2	9,506.6	9,463.9	9,382.1	0.0
- Accumulated depreciation	-8,556.5	-8,387.6	-8,022.0	-7,625.2	0.0
2. Financial leased fixed assets	—	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
3. Intangible fixed assets	69.8	75.2	85.3	83.4	96.8
- Cost	184.0	175.6	173.1	157.5	0.0
- Accumulated depreciation	-114.2	-100.4	-87.9	-74.1	0.0
III. Investment properties	2.9	2.9	3.8	4.2	5.1
- Cost	13.9	12.4	12.4	12.0	0.0
- Accumulated depreciation	-11.1	-9.5	-8.6	-7.8	0.0
IV. Long-term assets in progress	9.0	16.8	10.7	15.2	35.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	9.0	16.8	10.7	15.2	0.0
V. Long-term financial investments	281.1	476.7	271.0	316.0	266.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	239.7	235.6	230.0	224.8	0.0
3. Investments in other entities	43.8	43.8	43.8	43.8	0.0
4. Provision for diminution in value of long-term investments	-2.4	-2.7	-2.7	-2.6	0.0
5. Held to maturity investments	—	200.0	0.0	50.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	291.8	215.8	201.1	214.0	0.0
1. Long-term prepayments	287.5	205.1	195.0	205.3	0.0
2. Deferred income tax assets	2.7	7.1	4.8	7.0	0.0
3. Long-term equipment, supplies, spare parts	1.6	3.6	1.2	1.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	253.3
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)	7,550.8	7,259.2	7,150.0	7,233.2	7,087.0
A. LIABILITIES (300=210+330)	2,152.6	1,992.8	1,842.5	1,928.3	2,329.3
I. Short -term liabilities	1,953.3	1,869.7	1,726.3	1,815.5	2,181.4
1. Short-term trade accounts payable	665.9	610.1	456.6	565.4	397.7
2. Short-term advances from customers	110.7	109.1	32.2	36.4	13.7
3. Taxes and other payables to state authorities	348.8	382.2	393.8	438.5	0.0
4. Payable to employees	256.5	178.3	178.3	183.5	0.0
5. Short-term acrrued expenses	154.1	143.6	192.3	165.4	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	0.3	0.0	0.0	0.0	0.0
9. Other short-term payables	297.1	283.4	266.9	245.7	0.0
10. Short-term borrowings and financial leases	28.2	70.7	110.8	96.5	197.7
11. Provision for short-term liabilities	2.7	2.3	2.0	2.8	0.0
12.. Bonus and welfare fund	88.9	90.0	93.4	81.3	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	199.4	123.1	116.1	112.8	147.9
1. Long-term trade payables	0.3	0.3	0.3	0.3	0.3
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	198.7	121.9	109.0	111.8	0.0
8. Long-term borrowings and financial leases	0.3	0.9	6.5	0.0	48.5
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	0.3	0.7	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,398.1	5,266.4	5,307.5	5,304.9	4,757.7
I. Owner's equity	5,397.7	5,265.6	5,306.5	5,303.6	0.0
1. Owner's capital	2,318.0	2,318.0	2,318.0	2,318.0	4,756.2
- Common stock with voting right	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00
- 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	—	0.0	0.0	0.0	0.0
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	1,532.7	1,540.9	1,544.3	1,540.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	10.7	11.4	11.7	12.0	0.0
11. Undistributed earnings after tax	859.3	722.1	760.0	762.7	249.4
- Accumulated retained earning at the end of the previous period	392.1	351.4	429.4	323.5	-64.3
- Undistributed earnings in this period	467.2	370.7	330.6	439.2	313.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	677.0	673.2	672.6	670.8	642.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.4	0.8	1.0	1.2	1.5
1. Subsidized not-for-profit funds	0.4	0.4	0.4	0.4	0.0
2. Funds invested in fixed assets	—	0.3	0.6	0.8	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,550.8	7,259.2	7,150.0	7,233.2	7,087.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	610.5	506.8	464.3	632.4	427.7
Depreciation of Fixed Assets and Investment Property	260.1	383.1	415.8	442.7	464.6
Provision (Increase)/Reversal	0.1	-1.7	-0.6	6.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.2	-0.1	-0.1	0.0
Gain/Loss from Investment Activities	-221.0	-175.5	-233.6	-149.5	0.0
Interest Expense	1.6	2.9	5.7	8.7	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	651.3	715.5	651.6	940.8	744.5
Increase/(Decrease) in Receivables	-92.4	192.6	25.7	-58.2	0.0
Increase/(Decrease) in Inventory	50.3	3.8	5.7	-175.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	202.0	197.0	-117.7	405.3	0.0
Increase/(Decrease) in Prepaid Expenses	-76.3	-18.9	14.8	34.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-2.9	-5.8	-8.9	0.0
Corporate Income Tax Paid	-155.5	-19.0	-22.9	-46.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-37.2	-123.2	-69.1	-53.6	0.0
Net Cash Flow from Operating Activities	540.5	944.8	482.3	1,038.2	627.1
Payments for Fixed Assets and Other Long-term Assets	-87.0	-70.8	-99.0	-78.2	-80.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.1	0.7	0.5	5.8	1.6
Loans and Purchases of Debt Instruments	-5,189.6	-4,737.1	-3,944.4	-3,530.3	-3,301.0
Receipts from Loan Repayments and Sale of Debt Instruments	4,631.5	3,963.1	4,242.8	2,951.0	3,298.1
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	184.7	161.7	244.1	110.7	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	-453.2	-682.4	444.0	-541.0	57.2
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	272.3	348.4	454.3	370.8	511.1
Repayment of Borrowings	-315.3	-394.1	-433.5	-520.4	-586.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-278.4	-345.3	-294.5	-558.8	-665.6
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	-321.5	-391.0	-273.7	-708.4	-740.5
Net Cash Flow During the Period	-234.2	-128.6	652.6	-211.2	68.8
Cash and Cash Equivalents at Beginning of Period	1,036.1	1,164.6	511.9	723.1	818.7
FX Difference from Revaluation	-0.1	0.2	0.0	0.1	-0.0
Cash and Cash Equivalents at End of Period	801.8	1,036.1	1,164.6	511.9	762.4

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	2,040.6	2,246.1	2,544.2	2,384.4	1,476.0	2,307.1	2,348.3	2,327.9	1,319.7	2,271.3	2,298.8	2,133.5
Revenue Deductions	111.0	43.0	36.8	28.7	17.9	36.4	13.0	22.3	11.6	25.2	39.0	55.2
Net Revenue	1,929.6	2,203.1	2,507.4	2,355.7	1,458.0	2,270.7	2,335.3	2,305.6	1,308.1	2,246.1	2,259.9	2,078.3
Cost of Goods Sold	1,429.9	1,571.6	1,768.5	1,661.2	1,103.9	1,638.1	1,692.5	1,662.1	1,041.3	1,704.1	1,670.2	1,547.5
Gross Profit	499.7	631.6	738.9	694.5	354.1	632.6	642.7	643.5	266.8	542.0	589.7	530.8
Financial Income	58.3	66.1	54.4	54.5	42.0	55.6	44.4	39.6	37.9	69.2	58.7	57.8
Financial Expenses	1.4	0.6	1.1	3.6	1.1	1.4	0.9	2.1	1.3	1.2	0.9	1.6
Interest Expense	0.5	0.2	0.1	0.5	0.8	0.0	0.5	1.0	1.2	0.9	0.9	1.6
Share of Associates and Joint Ventures	-3.1	2.0	6.3	6.8	1.9	4.1	3.3	4.5	4.4	0.7	6.4	4.9
Selling Expenses	347.4	404.1	385.2	404.4	270.4	404.8	400.9	339.9	230.6	364.7	392.6	236.7
General and Administrative Expenses	122.9	211.1	123.7	162.1	102.0	160.1	124.1	129.6	92.3	160.1	123.3	130.2
Operating Profit	83.2	83.8	289.7	185.8	24.4	126.0	164.5	215.8	-15.1	85.9	138.0	225.0
Other Income	7.4	15.6	7.4	10.5	5.6	18.9	7.5	9.3	2.8	9.7	6.1	5.1
Other Expenses	0.7	5.9	2.8	0.4	0.7	5.9	0.4	4.4	0.7	6.4	1.7	1.1
Other Profit	6.7	9.8	4.6	10.1	5.0	13.0	7.1	4.9	2.1	3.3	4.4	4.0
Profit Before Tax	89.9	93.6	294.2	195.9	29.4	138.9	171.7	220.7	-12.9	89.2	142.4	229.0
Current Income Tax Expense	17.5	17.6	55.1	35.7	6.5	28.3	32.1	47.0	7.7	26.9	36.3	37.7
Deferred Income Tax Expense	1.1	1.5	0.6	0.6	2.2	-2.7	1.1	1.8	0.4	-1.7	-0.6	2.9
Net Income	71.3	74.5	238.4	159.6	20.7	113.3	138.4	171.9	-21.0	64.0	106.7	188.4
Non-controlling Interest	-5.9	2.8	17.4	16.3	-12.2	3.8	14.4	18.0	-15.8	6.8	16.3	12.0
Profit Attributable to Parent	77.2	71.6	221.0	143.3	32.8	109.5	124.1	153.8	-5.2	57.2	90.4	176.3
Earnings per Share	333.00	309.00	954.00	618.00	142.00	472.00	535.00	664.00	-23.00	247.00	390.00	761.00
Diluted EPS	333.00	309.00	954.00	618.00	142.00	1,649.00	535.00	664.00	-23.00	247.00	390.00	761.00

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)	5,647.7	5,938.5	5,999.3	6,083.0	5,088.0	5,348.1	5,509.1	5,425.0	4,633.3	5,124.9	5,420.7	5,056.4
I. Cash and cash equivalents	700.3	786.9	522.7	948.0	436.7	1,051.0	1,083.4	671.4	539.8	1,164.6	479.9	696.4
1. Cash	462.9	195.9	280.4	708.2	217.6	548.1	468.9	308.4	378.6	473.5	327.4	308.9
2. Cash equivalents	237.4	591.0	242.3	239.8	219.1	502.8	614.5	363.0	161.2	691.1	152.5	387.5
II. Short-term financial investments	3,783.1	4,071.0	4,328.6	3,881.8	3,468.7	3,283.0	3,341.6	3,579.5	2,936.6	2,724.1	3,494.9	2,924.2
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	3,783.1	4,071.0	4,328.6	3,881.8	3,468.7	3,283.0	3,341.6	3,579.5	2,936.6	2,724.1	3,494.9	2,924.2
III. Short-term receivables	457.1	356.2	505.4	533.9	468.3	248.4	444.7	448.9	434.4	427.4	628.2	582.4
1. Short-term trade accounts receivable	257.9	198.9	358.8	289.1	244.3	145.3	289.1	284.6	285.8	328.6	334.5	326.0
2. Short-term prepayments to suppliers	68.4	47.0	47.5	44.4	49.7	33.9	57.9	58.1	72.6	37.9	62.7	67.6
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	154.6	134.0	123.2	224.6	198.4	93.1	121.6	130.1	101.3	86.2	256.3	213.9
7. Provision for short-term doubtful debts (*)	-23.8	-23.8	-24.2	-24.2	-24.1	-24.0	-24.0	-24.0	-25.4	-25.4	-25.4	-25.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	657.4	664.1	615.3	690.1	672.8	712.5	623.5	694.9	646.6	710.0	722.0	725.2
1. Inventories	676.3	683.1	634.0	708.6	691.4	730.6	642.8	714.2	665.9	729.2	741.1	744.5
2. Provision for decline in value of inventories	-18.9	-19.0	-18.6	-18.5	-18.6	-18.1	-19.3	-19.3	-19.3	-19.3	-19.2	-19.2
V. Other short-term assets	49.8	60.3	27.3	29.2	41.5	53.1	16.0	30.2	75.8	98.9	95.7	128.2
1. Short-term prepayments	29.1	23.1	24.6	24.4	23.2	30.3	13.8	12.7	14.4	23.4	16.1	15.7
2. Value added tax to be reclaimed	0.3	25.1	0.1	2.9	1.7	16.6	0.2	0.3	0.3	1.5	0.1	0.0
3. Taxes and other receivables from state authorities	20.3	12.1	2.6	1.9	16.6	6.3	1.9	17.2	61.1	74.0	79.5	112.4
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)	1,563.5	1,604.9	1,625.5	1,631.9	1,628.8	1,912.9	1,956.6	1,850.1	1,919.4	2,014.6	2,139.1	2,226.0
I. Long-term receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.1	0.1	0.1	0.1
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	975.6	1,021.4	1,056.2	1,083.6	1,126.3	1,203.0	1,255.4	1,345.9	1,437.9	1,496.0	1,554.2	1,644.3
1. Tangible fixed assets	908.6	952.1	986.4	1,010.4	1,053.3	1,127.8	1,179.4	1,267.3	1,356.6	1,410.8	1,477.9	1,567.9
- Cost	9,519.7	—	—	—	—	9,496.6	9,489.6	9,482.7	9,475.9	9,427.0	9,401.1	9,392.2
- Accumulated depreciation	-8,611.1	—	—	—	—	-8,368.8	-8,310.2	-8,215.4	-8,119.3	-8,016.2	-7,923.3	-7,824.3
2. Financial leased fixed assets	—	—	—	—	—	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
3. Intangible fixed assets	67.0	69.3	69.8	73.2	73.0	75.2	76.0	78.6	81.3	85.3	76.3	76.4
- Cost	184.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-117.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.7	2.9	2.4	2.5	2.7	2.9	3.1	3.3	3.6	3.8	4.0	4.2
- Cost	13.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	9.7	9.0	3.2	22.1	21.4	17.1	11.2	6.9	10.8	40.8	47.1	39.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	9.7	9.0	3.2	22.1	21.4	17.1	11.2	6.9	10.8	40.8	47.1	39.3
V. Long-term financial investments	277.9	281.0	282.6	276.3	278.5	476.5	474.4	271.1	275.4	271.1	320.4	314.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	236.6	239.9	241.5	235.2	237.5	235.5	233.4	230.1	234.4	229.9	229.2	222.8
3. Investments in other entities	43.8	43.8	43.8	43.8	43.8	43.8	43.8	43.8	43.8	43.8	43.8	43.8
4. Provision for diminution in value of long-term investments	-2.4	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.6	-2.6	-2.6
5. Held to maturity investments	—	—	—	—	—	200.0	200.0	0.0	0.0	0.0	50.0	50.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	297.3	290.5	280.8	247.2	199.6	213.1	212.2	222.6	191.6	202.8	213.2	224.0
1. Long-term prepayments	294.6	286.1	273.3	240.0	191.7	205.1	209.2	218.7	185.9	196.5	207.2	221.3
2. Deferred income tax assets	1.6	2.2	3.7	4.3	4.9	4.3	1.6	2.6	4.4	4.2	2.5	1.3
3. Long-term equipment, supplies, spare parts	1.1	2.2	3.8	2.9	3.1	3.7	1.4	1.3	1.2	2.1	3.5	1.4
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,211.2	7,543.4	7,624.8	7,714.9	6,716.8	7,261.0	7,465.7	7,275.2	6,552.7	7,139.5	7,559.8	7,282.4
A. LIABILITIES (300=210+330)	1,742.6	2,144.3	2,297.0	2,622.3	1,755.6	1,982.9	2,299.0	2,187.6	1,267.5	1,825.7	2,017.3	1,837.3
I. Short -term liabilities	1,713.6	1,952.6	2,116.3	2,455.6	1,631.9	1,859.8	2,174.6	2,062.1	1,154.8	1,703.9	1,900.3	1,718.4
1. Short-term trade accounts payable	456.4	669.9	399.7	455.6	316.4	616.7	338.8	438.1	305.7	464.0	417.9	388.7
2. Short-term advances from customers	32.0	110.7	22.1	29.0	21.2	109.2	19.1	16.5	14.3	32.2	16.5	19.9
3. Dividends and profits payable	66.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	327.4	349.3	640.1	628.1	214.0	379.5	563.9	484.8	211.6	392.6	549.7	544.6
4. Payable to employees	115.4	256.0	196.0	148.7	82.9	177.8	138.6	116.3	73.9	164.7	135.5	117.7
5. Short-term acrrued expenses	165.5	148.8	350.4	422.5	278.3	140.2	339.4	245.6	176.1	192.0	389.9	213.2
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	0.7	0.3	0.6	0.4	0.1	0.0	0.4	0.1	0.8	0.0	0.4	0.1
9. Other short-term payables	420.9	297.4	356.2	628.3	556.0	273.7	646.3	644.7	246.5	258.4	301.3	312.4
10. Short-term borrowings and financial leases	37.8	28.2	0.6	7.4	50.7	70.7	18.0	51.2	66.8	109.6	27.0	52.0
11. Provision for short-term liabilities	18.2	2.7	38.5	11.9	2.4	2.3	2.2	2.1	2.0	2.6	1.9	3.0
12.. Bonus and welfare fund	72.5	89.2	112.3	123.7	110.1	89.7	107.9	62.9	57.1	87.8	60.1	66.7
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	29.1	191.7	180.7	166.8	123.7	123.1	124.5	125.5	112.7	121.8	117.0	118.9
1. Long-term trade payables	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	28.6	191.1	179.9	165.8	122.6	121.9	123.1	117.9	105.7	113.5	116.3	118.0
8. Long-term borrowings and financial leases	0.2	0.3	0.5	0.6	0.8	0.9	1.1	7.2	6.5	7.7	0.0	0.0
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	0.1	0.2	0.3	0.4	0.5
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)	5,468.5	5,399.1	5,327.7	5,092.5	4,961.2	5,278.1	5,166.7	5,087.5	5,285.1	5,313.8	5,542.4	5,445.1
I. Owner's equity	5,468.5	5,398.7	5,327.1	5,091.9	4,960.5	5,277.3	5,165.9	5,086.7	5,284.2	5,312.8	5,541.4	5,444.0
1. Owner's capital	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0	2,318.0
- Common stock with voting right	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00	2,318,000,000,000.00
- 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	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,532.7	1,532.7	1,532.7	1,532.7	1,540.9	1,540.9	1,540.9	1,540.9	1,544.3	1,544.3	1,544.3	1,544.3
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	10.7	10.7	11.3	11.4	11.4	11.4	11.5	11.6	11.7	11.7	11.8	11.9
11. Undistributed earnings after tax	935.7	860.6	789.1	568.4	429.1	733.5	624.2	556.4	754.1	764.8	1,010.3	927.0
- Accumulated retained earning at the end of the previous period	858.5	392.1	392.3	392.3	398.6	351.2	351.4	407.8	759.3	429.4	732.1	739.2
- Undistributed earnings in this period	77.2	468.5	396.9	176.1	30.5	382.3	272.8	148.6	-5.2	335.4	278.2	187.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	671.2	676.6	675.9	661.4	661.1	673.5	671.3	659.8	656.2	674.0	657.1	642.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.4	0.7	0.7	0.7	0.8	0.8	0.9	0.9	1.0	1.0	1.1
1. Subsidized not-for-profit funds	—	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
2. Funds invested in fixed assets	—	—	0.2	0.3	0.3	0.3	0.4	0.4	0.5	0.6	0.6	0.7
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)	7,211.2	7,543.4	7,624.8	7,714.9	6,716.8	7,261.0	7,465.7	7,275.2	6,552.7	7,139.5	7,559.8	7,282.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	89.9	91.5	294.2	195.3	29.4	138.9	171.7	220.9	-12.9	87.8	142.4	229.1
Depreciation of Fixed Assets and Investment Property	57.6	59.5	59.9	68.6	72.1	82.9	99.0	99.7	101.5	104.2	102.3	106.0
Provision (Increase)/Reversal	15.6	-36.3	26.5	9.8	0.1	-1.1	0.1	-1.3	0.1	0.3	0.3	-1.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	0.0	-0.0	—	-0.2	0.0	0.0	0.0	-0.8	0.7	-0.4
Gain/Loss from Investment Activities	-59.3	-71.6	-53.8	-52.6	-42.9	-54.9	-45.0	-38.3	-37.7	-71.3	-58.7	-57.8
Interest Expense	0.5	0.2	0.1	0.5	0.8	0.4	0.5	0.9	1.2	0.9	0.9	1.6
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	104.2	43.5	326.8	221.6	59.5	166.0	226.1	282.0	52.1	121.2	187.8	277.1
Increase/(Decrease) in Receivables	-82.9	125.0	-65.7	49.6	-201.3	163.2	7.7	-6.8	27.5	138.2	-7.7	-52.8
Increase/(Decrease) in Inventory	8.5	-48.1	73.8	-17.1	41.7	-90.1	71.3	-48.4	72.8	4.7	1.2	-54.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-408.9	-100.4	50.8	749.8	-498.2	-1.3	108.6	577.5	-494.8	-280.7	200.3	555.6
Increase/(Decrease) in Prepaid Expenses	-11.2	-14.7	-34.1	-48.9	21.4	-12.3	8.3	-31.0	17.0	5.9	12.8	-23.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.3	0.0	-0.5	-0.9	-0.3	-0.5	-0.9	-1.2	-1.6	-0.1	-2.0
Corporate Income Tax Paid	-26.7	-81.8	-139.0	1.6	63.8	-3.7	-3.1	-22.9	10.6	-3.0	-4.6	-1.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-12.0	54.8	48.2	-16.3	-123.9	-49.6	-60.8	38.5	-64.9	8.6	-9.1	-27.0
Net Cash Flow from Operating Activities	-429.4	-22.1	260.7	939.8	-637.9	172.0	357.6	788.0	-380.9	-6.7	380.7	672.4
Payments for Fixed Assets and Other Long-term Assets	-11.1	-45.6	-4.8	-28.1	-8.5	-36.0	-6.9	-10.6	-9.8	-46.9	-14.5	-31.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.8	0.4	0.2	1.8	0.5	0.2	0.0	0.0	-24.0	0.1	22.4
Loans and Purchases of Debt Instruments	-1,095.3	-1,126.5	-1,132.9	-1,910.6	-1,019.5	-1,658.4	-829.5	-1,417.5	-778.9	-1,178.4	-859.7	-1,316.4
Receipts from Loan Repayments and Sale of Debt Instruments	1,368.2	1,399.0	686.2	1,497.5	1,048.8	1,717.0	867.5	774.5	566.4	1,999.3	289.0	676.4
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	62.1	55.5	32.6	55.1	41.6	66.6	44.7	30.2	23.0	131.8	20.7	38.2
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	323.9	287.3	-418.6	-386.0	64.1	89.8	76.0	-623.3	-199.3	881.8	-564.4	-611.3
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	78.7	94.0	23.2	53.7	101.3	136.5	67.8	83.7	52.9	179.7	88.4	27.1
Repayment of Borrowings	-69.2	-66.6	-30.2	-97.1	-121.5	-84.0	-107.2	-98.6	-96.9	-89.4	-113.4	-55.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-5.6	-13.3	-260.5	0.8	-5.5	-346.9	17.7	-18.1	-0.6	-280.7	-7.7	-6.1
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	3.9	14.2	-267.4	-42.6	-25.7	-294.3	-21.7	-33.0	-44.6	-190.4	-32.7	-34.6
Net Cash Flow During the Period	-101.6	279.3	-425.3	511.2	-599.4	-32.6	411.9	131.7	-624.8	684.6	-216.5	26.5
Cash and Cash Equivalents at Beginning of Period	801.8	522.7	948.0	436.7	1,036.1	1,164.6	1,164.6	1,164.6	1,164.6	511.9	511.9	511.9
FX Difference from Revaluation	—	-0.1	0.1	0.1	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	700.3	801.8	522.7	948.0	436.7	1,051.0	1,083.4	671.5	539.8	1,164.6	479.9	696.4

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BHN

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