BWE

Tổng công ty nước - môi trường Bình Dương ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 22.99%, +7.22pp YoY

Price

43,100

Latest close

03 Jun 2026

P/E 10.79x

P/B 1.46x

EPS 3,995

BVPS 29,486

ROE 17.9%

ROA 7.0%

Profit Margin 22.6%

Asset Turnover 0.31x

Equity Mult. 2.55x

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

What Is Changing

On a TTM 2026Q1 basis, BWE has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,654bn
	                                
+13.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,070bn
	                                
+65.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4,542.9	3,959.0	3,525.9	3,483.7	3,115.6
Growth	+15%	+12%	+1%	+12%	—
Net Income	1,026.4	660.6	682.0	746.6	750.4
Net Margin	22.59%	16.69%	19.34%	21.43%	24.09%

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	1,034.7	1,390.4	903.4	1,325.4	923.9	1,190.5	942.5	1,034.3	791.7	1,127.9	840.5	876.9
Growth	-26%	+54%	-32%	+43%	-22%	+26%	-9%	+31%	-30%	+34%	-4%	—
Net Income	211.9	279.3	280.6	298.0	162.8	153.0	191.4	137.9	179.7	150.7	178.1	210.5
Net Margin	20.48%	20.09%	31.06%	22.48%	17.62%	12.85%	20.31%	13.33%	22.70%	13.36%	21.19%	24.01%

Drivers of BWE's profit

TTM

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

Gross profit ↑ 279.1bn

Associates income ↑ 177.1bn

Finance costs ↓ 85.6bn

Tax ↑ 57.3bn

TTM

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

Gross profit ↑ 52.8bn

Associates income ↑ 39.4bn

Finance costs ↓ 17.2bn

Minority interests ↓ 17.0bn

Financial income ↓ 42.0bn

Selling expenses ↑ 10.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.5% = 15.8% × 0.30 × 2.62

2026Q1 18.2% = 23.0% × 0.31 × 2.55

ROE rose from 12.5% to 18.2% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 23.0% +7.2pp Asset turnover: 0.31x +0.01x Leverage: 2.55x -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 22.99%, rising 7.2pp. The main driver is SG&A / Revenue fell 1.1pp and Gross margin rose 0.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.8pp added support while Other profit / Revenue fell 0.1pp 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 22.99% +7.2pp

Gross Margin 43.22% +0.9pp

SG&A / Revenue 15.18% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 8.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 8.91%, rising 2.9pp. That translates to 8.91 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7.4pp, with capital turnover broadly stable; while invested capital rose by 1,410bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 8.91% +2.9pp

NOPAT Margin 22.87% +7.4pp

Capital Turnover 0.39x +0.00x

Average Invested Capital 11,944.5bn +1,410.3bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.41x equity, net debt at 0.94x equity.

Over the last 12 months, working capital absorbed 74.3bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −541.4bn

Inventories decreased → higher CFO: +120.3bn

Payables increased → higher CFO: +346.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 22.6 days versus the same period last year. The main moves came from DIO fell 33.8 days, DSO rose 4.0 days, and DPO fell 7.2 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 119.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +4.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 38.4 days +4.0 days

Inventory 145.6 days −33.8 days

Payables 65.0 days −7.2 days

Cash Conversion Cycle 119.0 days −22.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 338.5bn due to capex of 1,578.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.94x and interest coverage at 2.73x.

At present, short-term debt accounts for 25.0% of total debt, cash equals 9.6% of debt, and total debt stands at 6,737.8bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 9.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.94x −0.20x

Interest Coverage 2.73x +1.38x

Cash / Debt 9.6% −10.2pp

Short-term Debt / Total Debt 25.0% −3.8pp

CFO / NI 1.18x −0.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,088.4bn in 2025, against investing cash flow of -1,121.8bn.

Post-investment cash flow was negative +33.4bn. Financing cash flow was positive +88.3bn.

CFO / net income was 1.18x.

After spending +1,578.3bn on fixed-asset investment, the business generated trailing free cash flow of −338.5bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 1,239.8bn +258.9bn

Cash Capex 1,578.3bn +647.8bn

FCF TTM −338.5bn −388.9bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 7.2 pp. The next item to monitor is capital efficiency, with ROIC at 8.9%. The main risk still sits in leverage and liquidity, with interest coverage at 2.73x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 22.99% after expanding 7.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.94x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,542.9	3,959.0	3,525.9	3,483.7	3,132.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	4,542.9	3,959.0	3,525.9	3,483.7	3,115.6
Cost of Goods Sold	2,585.2	2,265.2	1,962.3	2,062.7	0.0
Gross Profit	1,957.7	1,693.8	1,563.6	1,421.1	1,314.8
Financial Income	199.4	132.3	126.3	104.2	110.2
Financial Expenses	463.8	494.0	394.5	225.7	-79.1
Interest Expense	389.3	351.8	344.4	170.5	-154.7
Share of Associates and Joint Ventures	170.5	43.7	43.4	18.2	3.3
Selling Expenses	415.0	382.3	370.1	320.2	-324.8
General and Administrative Expenses	279.9	261.3	213.8	182.0	-145.4
Operating Profit	1,168.9	732.2	754.8	815.6	878.9
Other Income	50.2	46.8	42.7	50.1	0.0
Other Expenses	37.5	42.4	35.6	27.6	0.0
Other Profit	12.7	4.5	7.1	22.6	-20.0
Profit Before Tax	1,181.7	736.6	761.9	838.2	859.0
Current Income Tax Expense	138.7	69.6	71.3	92.6	-108.5
Deferred Income Tax Expense	16.5	6.5	8.6	-1.0	0.0
Net Income	1,026.4	660.6	682.0	746.6	750.4
Non-controlling Interest	35.4	21.7	7.5	3.7	6.6
Profit Attributable to Parent	991.0	638.9	674.5	742.8	743.8
Earnings per Share	3,740.00	2,411.00	2,902.00	3,196.00	3,251.00
Diluted EPS	4,506.18	2,905.16	3,496.07	3,850.52	3,855.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,794.5	4,473.6	2,705.8	2,786.2	2,718.6
I. Cash and cash equivalents	1,061.5	1,006.7	655.4	275.3	476.0
1. Cash	334.3	227.6	187.4	203.2	0.0
2. Cash equivalents	727.3	779.0	468.0	72.1	0.0
II. Short-term financial investments	352.4	404.5	264.7	871.9	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	352.4	404.5	264.7	871.9	0.0
III. Short-term receivables	1,391.6	1,712.0	780.7	912.1	910.5
1. Short-term trade accounts receivable	666.5	459.2	513.1	467.3	0.0
2. Short-term prepayments to suppliers	420.1	85.1	49.0	79.6	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	51.3	120.1	14.4	0.0	0.0
6. Other short-term receivables	305.2	1,091.6	248.2	407.2	0.0
7. Provision for short-term doubtful debts (*)	-51.5	-44.0	-44.0	-42.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	852.7	1,233.1	923.2	713.8	697.7
1. Inventories	852.7	1,233.1	923.2	713.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	136.2	117.3	81.8	13.1	34.7
1. Short-term prepayments	30.8	30.0	16.7	9.4	0.0
2. Value added tax to be reclaimed	105.0	86.8	62.7	3.4	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	2.4	0.3	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)	11,353.8	9,726.0	9,415.9	7,201.1	6,350.5
I. Long-term receivables	1,076.4	1,078.2	952.0	952.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	955.6
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	126.9	128.1	0.0	0.0	0.0
6. Other long-term receivables	949.5	950.1	952.0	952.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4,729.5	4,959.6	4,537.6	3,616.6	3,253.0
1. Tangible fixed assets	4,622.4	4,850.8	4,432.3	3,512.2	3,147.0
- Cost	10,737.8	10,322.0	9,306.1	7,724.9	0.0
- Accumulated depreciation	-6,115.4	-5,471.3	-4,873.7	-4,212.7	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	107.1	108.8	105.3	104.5	106.0
- Cost	127.8	126.1	120.3	117.4	0.0
- Accumulated depreciation	-20.7	-17.3	-15.0	-12.9	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	1,877.4	985.3	1,395.5	1,000.0	1,104.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,877.4	985.3	1,395.5	1,000.0	0.0
V. Long-term financial investments	3,281.7	2,277.7	2,089.2	1,446.7	976.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,664.8	1,662.8	1,480.8	847.7	0.0
3. Investments in other entities	611.9	604.9	598.4	589.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	5.0	10.0	10.0	10.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	388.8	425.3	441.6	185.7	0.0
1. Long-term prepayments	218.2	190.7	178.6	182.7	0.0
2. Deferred income tax assets	—	0.0	0.6	3.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	61.0
5. Goodwill	170.6	234.6	262.4	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	15,148.3	14,199.5	12,121.7	9,987.3	9,069.1
A. LIABILITIES (300=210+330)	8,859.0	8,686.8	7,158.0	5,449.5	5,148.5
I. Short -term liabilities	2,972.4	3,397.9	2,384.8	1,989.0	2,007.8
1. Short-term trade accounts payable	396.9	362.6	452.7	183.7	197.8
2. Short-term advances from customers	138.4	241.2	119.6	122.5	101.8
3. Taxes and other payables to state authorities	96.0	59.7	59.2	75.9	0.0
4. Payable to employees	78.7	54.0	69.4	101.7	0.0
5. Short-term acrrued expenses	63.9	65.1	89.9	76.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	53.4	47.7	43.2	22.5	0.0
10. Short-term borrowings and financial leases	2,004.1	2,462.5	1,433.4	1,326.2	1,210.2
11. Provision for short-term liabilities	—	0.0	5.4	5.4	0.0
12.. Bonus and welfare fund	140.9	105.1	111.8	75.0	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	5,886.6	5,288.9	4,773.2	3,460.4	3,140.7
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	785.8	790.7	764.1	763.2	0.0
8. Long-term borrowings and financial leases	5,066.1	4,480.0	3,997.5	2,691.8	2,370.7
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	34.0	17.5	11.6	5.4	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	0.7	0.7	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)	6,289.3	5,512.7	4,963.8	4,537.8	3,920.6
I. Owner's equity	6,289.3	5,512.7	4,963.8	4,537.8	0.0
1. Owner's capital	2,199.3	2,199.3	2,550.5	1,929.2	3,920.6
- Common stock with voting right	2,199,286,440,000.00	2,199,286,440,000.00	1,929,200,000,000.00	1,929,200,000,000.00	1,929,200,000,000.00
- Preferred stock	—	0.00	621,342,364,000.00	0.00	0.00
2. Share premium	621.3	621.3	0.0	621.3	621.3
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	1,522.4	1,347.7	1,135.1	888.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,537.0	1,070.1	1,018.5	956.7	600.9
- Accumulated retained earning at the end of the previous period	596.0	431.1	344.1	213.8	88.6
- Undistributed earnings in this period	941.0	638.9	674.5	742.8	512.3
12. Reserves for investment in construction	97.8	97.8	97.8	97.8	0.0
13. Minority's interest	311.4	176.5	161.7	44.1	46.8
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)	15,148.3	14,199.5	12,121.7	9,987.3	9,069.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,181.7	736.6	761.9	838.2	859.0
Depreciation of Fixed Assets and Investment Property	638.8	635.7	545.7	479.3	484.2
Provision (Increase)/Reversal	7.5	-4.5	2.0	-6.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	55.2	114.6	35.9	56.4	0.0
Gain/Loss from Investment Activities	-378.6	-173.7	-159.9	-120.4	0.0
Interest Expense	389.3	351.8	344.4	170.5	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	1.1	0.0
Operating Profit Before Changes in Working Capital	1,893.8	1,660.5	1,529.9	1,418.8	1,364.1
Increase/(Decrease) in Receivables	-727.1	-70.2	-14.4	235.4	0.0
Increase/(Decrease) in Inventory	133.2	-309.9	-202.1	-16.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	381.4	24.2	269.6	17.9	0.0
Increase/(Decrease) in Prepaid Expenses	-28.8	-25.4	-1.2	-4.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-387.0	-351.6	-324.5	-170.4	0.0
Corporate Income Tax Paid	-108.5	-69.3	-102.0	-77.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-68.8	-113.2	-84.9	-100.5	0.0
Net Cash Flow from Operating Activities	1,088.4	745.0	1,070.4	1,303.2	892.2
Payments for Fixed Assets and Other Long-term Assets	-1,429.8	-639.1	-956.3	-825.2	-770.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	13.8	1.3	1.2	1.8	0.0
Loans and Purchases of Debt Instruments	-331.2	-444.4	-159.5	-744.8	-407.7
Receipts from Loan Repayments and Sale of Debt Instruments	258.6	70.8	752.3	472.6	144.6
Investments in Other Entities	-157.5	-894.2	-979.0	-653.4	-142.1
Proceeds from Investments in Other Entities	368.9	0.0	0.0	8.3	0.0
Dividends and Interest Income Received	155.3	124.4	129.7	90.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,121.8	-1,781.2	-1,211.6	-1,650.3	-1,080.9
Proceeds from Equity Issuance and Capital Contributions	29,708,800,000.00	0.00	74,767,280,000.00	0.00	93,250,000,000.00
Share Repurchases	—	0.00	0.00	-81,887,428.00	0.00
Proceeds from Borrowings	4,221.5	5,284.8	3,289.0	2,364.6	1,941.1
Repayment of Borrowings	-3,865.5	-3,887.8	-2,585.0	-1,981.9	-1,872.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-297.5	-9.6	-256.0	-236.3	-225.0
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	88.3	1,387.3	522.8	146.3	-63.3
Net Cash Flow During the Period	54.9	351.2	381.6	-200.8	151.1
Cash and Cash Equivalents at Beginning of Period	1,006.7	655.4	275.3	476.0	728.0
FX Difference from Revaluation	0.0	0.1	-1.5	0.0	-0.0
Cash and Cash Equivalents at End of Period	1,061.5	1,006.7	655.4	275.3	476.0

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	1,034.7	1,390.4	903.4	1,325.4	923.9	1,190.5	942.5	1,034.3	791.7	1,127.9	840.5	876.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,034.7	1,390.4	903.4	1,325.4	923.9	1,190.5	942.5	1,034.3	791.7	1,127.9	840.5	876.9
Cost of Goods Sold	550.8	873.9	401.1	816.8	492.7	695.4	547.8	623.1	399.5	648.6	473.7	494.3
Gross Profit	484.0	516.4	502.3	508.6	431.2	495.1	394.6	411.2	392.2	479.3	366.8	382.6
Financial Income	11.4	-24.9	116.5	54.4	53.4	15.6	52.7	40.2	23.1	19.4	44.0	17.1
Financial Expenses	105.7	96.1	118.0	126.8	122.9	193.0	79.0	137.4	84.6	174.3	85.6	61.4
Interest Expense	105.7	98.0	101.7	107.8	81.7	111.4	70.4	65.4	81.5	128.9	85.6	56.6
Share of Associates and Joint Ventures	30.4	98.2	-3.0	77.2	-9.0	25.5	14.5	-5.2	6.6	21.8	10.3	28.3
Selling Expenses	106.3	104.5	95.8	118.9	95.8	101.7	100.2	94.5	85.9	103.6	89.1	90.1
General and Administrative Expenses	70.4	76.2	62.1	72.4	68.9	73.0	71.1	62.4	54.7	73.1	53.2	46.9
Operating Profit	243.4	313.0	340.0	322.0	188.1	168.6	211.5	152.0	196.7	169.6	193.1	229.6
Other Income	12.5	9.8	8.1	19.5	12.7	12.1	9.0	14.1	11.6	12.9	9.0	11.8
Other Expenses	16.4	12.5	5.8	8.9	9.9	8.9	6.8	10.7	10.1	10.2	7.3	7.7
Other Profit	-4.0	-2.6	2.2	10.6	2.8	3.1	2.2	3.4	1.5	2.6	1.8	4.2
Profit Before Tax	239.5	310.3	342.2	332.6	190.9	171.7	213.6	155.4	198.2	172.2	194.9	233.8
Current Income Tax Expense	26.3	28.3	48.4	35.9	26.4	18.2	20.9	16.0	16.3	18.4	15.3	21.2
Deferred Income Tax Expense	1.3	2.7	13.3	-1.3	1.8	0.5	1.3	1.5	2.2	3.2	1.6	2.1
Net Income	211.9	279.3	280.6	298.0	162.8	153.0	191.4	137.9	179.7	150.7	178.1	210.5
Non-controlling Interest	-1.8	1.9	16.2	2.6	15.2	7.9	9.3	4.3	0.5	5.9	1.1	1.0
Profit Attributable to Parent	213.7	277.4	264.4	295.4	147.6	145.1	182.1	133.6	179.2	144.8	177.0	209.5
Earnings per Share	835.00	1,047.00	998.00	1,115.00	557.00	547.00	687.00	557.00	771.00	623.00	761.00	901.00
Diluted EPS	971.51	1,261.46	1,202.07	1,343.37	670.97	659.53	827.95	607.30	928.77	750.60	917.34	1,086.07

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)	3,124.5	3,862.9	3,786.9	4,311.4	4,270.4	4,473.0	3,025.9	2,819.2	2,613.3	2,710.0	2,424.4	2,305.5
I. Cash and cash equivalents	646.5	1,061.5	1,024.4	1,096.3	1,486.5	1,006.7	488.0	609.6	496.8	655.4	241.6	143.0
1. Cash	304.6	334.3	389.2	398.1	250.5	227.7	195.0	134.6	155.8	187.4	141.9	136.7
2. Cash equivalents	342.0	727.3	635.1	698.1	1,236.0	779.0	293.0	475.0	341.0	468.0	99.7	6.3
II. Short-term financial investments	349.0	352.4	370.6	456.3	433.0	404.5	279.6	225.6	254.7	264.7	259.2	331.2
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	349.0	352.4	370.6	456.3	433.0	404.5	279.6	225.6	254.7	264.7	259.2	331.2
III. Short-term receivables	1,090.2	1,462.7	1,152.8	1,483.7	984.0	1,729.5	850.7	677.5	694.4	785.0	798.1	935.5
1. Short-term trade accounts receivable	588.5	666.5	474.4	379.0	389.7	459.1	395.0	357.0	381.5	514.1	355.3	438.5
2. Short-term prepayments to suppliers	245.3	491.2	355.2	132.8	122.0	85.1	49.3	47.6	54.1	50.2	94.8	108.3
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	—	51.3	51.1	162.8	115.4	120.1	101.9	14.4	14.4	14.4	0.0	17.0
6. Other short-term receivables	308.0	305.2	316.0	853.0	400.9	1,109.1	348.2	302.9	288.3	249.4	390.6	413.7
7. Provision for short-term doubtful debts (*)	-51.7	-51.5	-43.9	-43.9	-44.0	-43.9	-43.8	-44.3	-44.0	-43.1	-42.7	-42.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	870.4	850.0	1,103.9	1,124.3	1,237.9	1,214.9	1,310.1	1,208.7	1,080.6	923.4	1,070.7	841.6
1. Inventories	870.4	850.0	1,103.9	1,124.3	1,237.9	1,214.9	1,310.1	1,208.7	1,080.6	923.4	1,070.7	841.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	168.3	136.2	135.3	150.8	128.8	117.3	97.4	97.7	86.8	81.5	54.8	54.2
1. Short-term prepayments	33.7	30.9	27.6	31.4	25.5	30.0	21.3	28.6	18.2	16.7	14.6	14.5
2. Value added tax to be reclaimed	134.2	105.0	107.4	119.1	102.8	86.8	75.8	68.7	64.5	62.7	38.9	38.3
3. Taxes and other receivables from state authorities	0.4	0.4	0.3	0.3	0.5	0.4	0.3	0.4	4.1	2.1	1.3	1.4
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)	11,933.3	11,287.4	11,120.6	10,981.3	10,740.9	9,728.4	9,556.9	9,319.1	9,366.9	9,398.1	8,910.7	8,747.7
I. Long-term receivables	949.5	1,076.4	1,076.7	1,077.0	1,085.9	1,078.2	1,078.4	902.8	952.0	952.0	952.0	952.0
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	—	126.9	127.2	127.5	135.8	128.1	128.3	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	949.5	949.5	949.5	949.5	950.1	950.1	950.1	902.8	952.0	952.0	952.0	952.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5,484.6	4,548.7	4,565.5	4,741.1	4,835.4	4,964.7	4,451.8	4,424.2	4,422.7	4,364.5	4,104.7	4,172.4
1. Tangible fixed assets	5,378.4	4,441.6	4,458.4	4,633.7	4,727.4	4,856.2	4,345.2	4,319.4	4,317.9	4,259.4	3,999.2	4,066.9
- Cost	11,657.1	—	—	—	—	10,331.7	9,668.2	9,491.6	9,337.6	9,134.4	8,755.7	8,647.7
- Accumulated depreciation	-6,278.7	—	—	—	—	-5,475.6	-5,323.0	-5,172.2	-5,019.7	-4,875.0	-4,756.5	-4,580.8
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	106.2	107.1	107.2	107.4	108.0	108.6	106.6	104.8	104.8	105.1	105.6	105.5
- Cost	127.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-21.6	—	—	—	—	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	1,549.4	1,993.3	1,921.6	1,591.2	1,336.5	982.7	1,401.1	1,443.6	1,453.6	1,558.7	1,409.3	1,338.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,549.4	1,993.3	1,921.6	1,591.2	1,336.5	982.7	1,401.1	1,443.6	1,453.6	1,558.7	1,409.3	1,338.2
V. Long-term financial investments	3,576.6	3,282.1	3,166.5	3,133.6	3,062.8	2,277.5	2,208.6	2,118.7	2,108.3	2,081.2	1,991.3	1,917.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,804.3	2,665.2	2,555.9	2,518.0	2,447.2	1,662.7	1,599.0	1,509.1	1,499.9	1,472.8	1,382.8	1,308.7
3. Investments in other entities	641.4	611.9	605.6	605.6	605.6	604.9	599.6	599.6	598.4	598.4	598.4	598.4
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	131.0	5.0	5.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	373.1	386.9	390.3	438.4	420.3	425.2	417.0	429.8	174.8	179.2	181.1	180.0
1. Long-term prepayments	208.3	216.3	214.0	207.5	192.6	190.6	175.5	181.3	174.8	178.6	178.0	177.2
2. Deferred income tax assets	—	—	—	8.1	—	0.0	0.0	0.0	0.0	0.6	3.0	2.8
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	164.9	170.6	176.3	222.8	227.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	234.6	241.5	248.5	255.4	262.4	272.3	188.0
TOTAL ASSETS (280=100+200)	15,057.8	15,150.3	14,907.5	15,292.7	15,011.2	14,201.4	12,582.8	12,138.3	11,980.3	12,108.1	11,335.1	11,053.2
A. LIABILITIES (300=210+330)	8,572.9	8,859.6	8,907.8	9,706.4	9,722.0	8,685.2	7,223.8	6,967.0	6,952.2	7,150.7	6,528.1	6,441.4
I. Short -term liabilities	2,698.5	2,973.1	3,117.5	3,575.4	3,576.7	3,397.2	2,640.2	2,290.0	2,151.1	2,378.6	2,320.2	2,284.9
1. Short-term trade accounts payable	485.7	395.0	417.3	429.3	455.0	362.7	425.1	435.5	477.7	454.2	406.5	232.9
2. Short-term advances from customers	176.4	138.4	134.5	260.6	275.8	241.2	196.1	131.6	142.5	120.7	133.9	139.6
3. Taxes and other payables to state authorities	53.7	96.5	86.1	85.0	48.7	61.6	55.5	46.4	39.3	59.3	39.8	45.1
4. Payable to employees	44.3	78.5	63.6	59.6	30.4	54.0	52.1	7.3	20.2	69.4	20.3	18.2
5. Short-term acrrued expenses	80.7	63.5	83.5	69.5	77.7	61.6	36.7	47.7	77.2	81.0	75.4	63.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	47.5	56.1	55.9	396.5	346.1	48.4	46.4	57.8	57.5	43.2	37.1	33.3
10. Short-term borrowings and financial leases	1,686.5	2,004.1	2,116.7	2,105.7	2,168.2	2,462.5	1,722.8	1,447.5	1,201.2	1,433.4	1,482.2	1,614.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	5.4	5.4	5.4	5.4
12.. Bonus and welfare fund	123.7	140.9	159.9	169.1	174.8	105.1	105.6	116.2	130.1	111.8	119.7	132.3
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	5,874.4	5,886.6	5,790.3	6,131.0	6,145.3	5,288.0	4,583.6	4,677.0	4,801.1	4,772.2	4,207.9	4,156.5
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	787.1	785.8	784.8	783.4	783.3	790.7	782.9	782.7	764.8	764.1	764.3	763.9
8. Long-term borrowings and financial leases	5,051.3	5,066.1	4,973.5	5,320.8	5,342.0	4,480.1	3,784.7	3,879.5	4,023.1	3,997.5	3,433.8	3,384.6
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	35.3	34.0	31.2	26.0	19.3	16.6	16.0	14.7	13.2	10.5	9.8	8.0
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	0.7	0.7	0.7	0.7	0.7	0.7	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)	6,484.9	6,290.7	5,999.7	5,586.3	5,289.2	5,516.2	5,359.0	5,171.3	5,028.1	4,957.4	4,806.9	4,611.8
I. Owner's equity	6,484.9	6,290.7	5,999.7	5,586.3	5,289.2	5,516.2	5,359.0	5,171.3	5,028.1	4,957.4	4,806.9	4,611.8
1. Owner's capital	2,199.3	2,199.3	2,199.3	2,199.3	2,199.3	2,199.3	2,199.3	2,199.3	1,929.2	1,929.2	1,929.2	1,929.2
- Common stock with voting right	2,199,286,440,000.00	2,199,286,440,000.00	2,199,286,440,000.00	2,199,286,440,000.00	2,199,286,440,000.00	2,199,286,440,000.00	2,199,286,440,000.00	2,199,286,440,000.00	1,929,200,000,000.00	1,929,200,000,000.00	1,929,200,000,000.00	1,929,200,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	621.3	621.3	621.3	621.3	621.3	621.3	621.3	621.3	621.3	621.3	621.3	621.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	97.8	—	—	—	—	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	1,522.4	1,522.4	1,522.4	1,543.2	1,538.9	1,347.7	1,347.7	1,347.7	1,347.7	1,135.1	1,135.1	1,135.1
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,734.4	1,537.9	1,258.6	926.4	640.0	1,073.2	928.1	743.9	880.4	1,015.6	870.5	691.3
- Accumulated retained earning at the end of the previous period	1,520.7	596.0	544.1	483.4	492.4	431.1	431.1	431.1	701.2	344.1	343.8	341.0
- Undistributed earnings in this period	213.7	941.9	714.5	443.0	147.6	642.0	497.0	312.7	179.2	671.6	526.8	350.3
12. Reserves for investment in construction	—	97.8	97.8	97.8	97.8	97.8	97.8	97.8	97.8	97.8	97.8	97.8
13. Minority's interest	309.6	311.9	300.2	198.3	191.8	176.9	164.7	161.3	151.7	158.3	152.9	137.0
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)	15,057.8	15,150.3	14,907.5	15,292.7	15,011.2	14,201.4	12,582.8	12,138.3	11,980.3	12,108.1	11,335.1	11,053.2

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	239.5	308.5	342.2	340.0	190.9	171.7	213.6	157.6	198.2	175.2	194.9	233.2
Depreciation of Fixed Assets and Investment Property	172.4	156.0	157.1	158.4	167.4	160.3	158.3	162.0	155.6	130.9	150.0	129.4
Provision (Increase)/Reversal	0.2	7.6	0.0	-0.2	0.0	0.6	0.0	-5.2	0.0	1.4	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-1.6	4.4	21.9	30.5	50.9	-7.5	71.2	0.0	33.1	0.0	2.8
Gain/Loss from Investment Activities	-42.0	-73.2	-113.5	-147.9	-44.0	-40.0	-67.2	-37.9	-27.8	-43.1	-54.2	-44.1
Interest Expense	105.7	98.1	101.7	107.8	81.7	111.4	70.4	65.4	81.5	129.0	85.6	56.6
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	475.7	495.4	491.9	480.0	426.5	454.8	367.7	413.2	407.4	426.4	377.0	378.0
Increase/(Decrease) in Receivables	150.1	-257.6	-75.2	-358.7	-35.6	-81.6	-176.5	76.3	93.4	-89.0	83.4	-0.6
Increase/(Decrease) in Inventory	-17.7	251.2	-226.7	113.6	-4.8	95.2	-101.4	-128.1	-157.4	147.5	-228.7	-15.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	65.1	2.1	285.6	-6.0	99.7	-2.4	76.5	-35.3	-13.6	103.6	152.8	67.9
Increase/(Decrease) in Prepaid Expenses	7.1	-7.5	-3.1	-20.7	2.6	-23.9	13.1	-16.8	2.2	-2.6	-0.4	-1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-91.6	-117.6	-79.0	-116.5	-73.9	-67.0	-85.0	-88.9	-91.3	-87.6	-88.9	-75.1
Corporate Income Tax Paid	-43.9	-41.8	-21.3	-21.7	-23.8	-18.4	-13.4	-12.9	-24.6	-14.7	-19.5	-15.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-33.4	-19.0	-6.0	-13.1	-30.8	0.3	-10.7	-13.9	-88.9	-7.9	-12.8	-12.9
Net Cash Flow from Operating Activities	511.3	305.2	366.3	57.0	359.9	357.0	70.4	193.6	127.3	475.6	262.8	325.9
Payments for Fixed Assets and Other Long-term Assets	-534.5	-251.0	-532.1	-260.7	-386.0	-292.2	-110.7	-141.5	-97.8	-531.3	-114.4	-213.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.4	0.1	12.1	1.2	0.0	0.0	1.2	0.2	0.0	0.8	0.4
Loans and Purchases of Debt Instruments	-0.4	-74.4	-5.0	-182.2	-69.5	-146.2	-287.3	-0.9	-10.0	-69.9	8.7	50.0
Receipts from Loan Repayments and Sale of Debt Instruments	66.5	92.7	25.0	102.9	38.0	3.3	17.5	30.0	20.0	50.0	68.3	16.6
Investments in Other Entities	-155.2	—	—	—	—	-803.8	-69.2	-10.2	-11.1	-21.3	-101.9	-453.0
Proceeds from Investments in Other Entities	—	0.0	58.5	310.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	28.1	-11.6	68.6	70.0	28.2	16.5	69.7	18.7	19.6	28.2	44.8	35.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-595.4	-261.3	-417.3	-26.0	-417.3	-1,222.4	-380.0	-102.8	-79.1	-544.3	-93.8	-564.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	559,780,000.00	16,582,500,000.00	57,625,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	255.0	964.9	539.7	1,404.9	1,312.0	2,792.6	680.5	1,312.4	499.3	1,408.2	615.9	657.4
Repayment of Borrowings	-587.5	-983.3	-573.4	-1,534.0	-774.8	-1,408.4	-492.4	-1,280.9	-706.0	-926.2	-703.0	-382.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-297.4	—	0.0	-0.0	-9.6	0.0	0.0	0.0	-256.0
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	-332.5	-6.7	-20.9	-421.4	537.2	1,384.1	188.0	21.9	-206.7	482.5	-70.5	76.6
Net Cash Flow During the Period	-416.6	37.2	-71.9	-390.3	479.9	518.7	-121.6	112.7	-158.5	413.8	98.6	-161.9
Cash and Cash Equivalents at Beginning of Period	1,063.1	1,024.4	1,096.3	1,486.5	1,006.7	655.4	655.4	655.4	655.4	275.3	275.3	275.3
FX Difference from Revaluation	—	0.0	0.0	0.0	—	-0.0	0.0	0.1	0.0	-0.1	0.0	-1.4
Cash and Cash Equivalents at End of Period	646.5	1,061.5	1,024.4	1,096.3	1,486.5	1,006.7	488.0	609.6	496.8	655.4	241.6	143.0

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BWE

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