CTF

City Auto ·HOSE ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −0.24x

Price

17,950

Latest close

02 Jun 2026

P/E 129.14x

P/B 1.58x

EPS 139

BVPS 11,374

ROE 1.2%

ROA 0.3%

Profit Margin 0.2%

Asset Turnover 2.06x

Equity Mult. 3.65x

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

What Is Changing

On a TTM 2026Q1 basis, CTF posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8,350bn
	                                
−3.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
−64.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    256.1%

Metric	2025	2024	2023	2022	2021
Revenue	8,442.2	8,174.1	7,100.8	6,306.5	4,511.7
Growth	+3%	+15%	+13%	+40%	—
Net Income	12.2	47.9	44.0	117.5	50.3
Net Margin	0.14%	0.59%	0.62%	1.86%	1.12%

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	1,914.6	2,410.5	1,939.9	2,084.8	2,010.5	2,770.7	2,076.9	1,818.7	1,504.9	2,194.4	1,692.7	1,586.2
Growth	-21%	+24%	-7%	+4%	-27%	+33%	+14%	+21%	-31%	+30%	+7%	—
Net Income	4.1	8.1	1.0	3.5	2.9	39.1	2.5	2.3	6.8	6.9	25.1	3.0
Net Margin	0.22%	0.33%	0.05%	0.17%	0.14%	1.41%	0.12%	0.13%	0.45%	0.32%	1.48%	0.19%

Drivers of CTF's profit

TTM

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

Financial income ↑ 36.9bn

Other profit ↑ 27.0bn

Selling expenses ↓ 3.5bn

Gross profit ↓ 65.9bn

Administrative expenses ↑ 19.9bn

Finance costs ↑ 6.9bn

TTM

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

Selling expenses ↓ 23.4bn

Administrative expenses ↓ 1.1bn

Finance costs ↓ 0.7bn

Associates income ↑ 0.6bn

Other profit ↓ 9.3bn

Gross profit ↓ 7.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.2% = 0.5% × 2.24 × 3.51

2026Q1 1.5% = 0.2% × 2.06 × 3.65

ROE fell from 4.2% to 1.5% — asset turnover weakened the most, though leverage still provided support.

Net margin: 0.2% -0.3pp Asset turnover: 2.06x -0.18x Leverage: 3.65x +0.15x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.20%, falling 0.3pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.3pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 0.20% −0.3pp

Gross Margin 5.29% −0.6pp

SG&A / Revenue 6.06% +0.4pp

Non-core / Revenue 1.10% +0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 322.1% of PBT and lifted net margin by 0.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 2.50x −0.10x

Average Invested Capital 3,341.8bn +2.4bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 2.64x equity, net debt at 2.06x equity.

Inventory ended the period at 881.2bn, roughly 22.3% of total assets.

Over the last 12 months, working capital released 424.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +818.2bn

Inventories increased → lower CFO: −244.5bn

Payables decreased → lower CFO: −149.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.4 days versus the same period last year. The main moves came from DIO rose 10.9 days, DSO rose 0.2 days, and DPO rose 2.6 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +8.4 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 44.1 days +0.2 days

Inventory 36.2 days +10.9 days

Payables 16.7 days +2.6 days

Cash Conversion Cycle 63.6 days +8.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.06x and interest coverage only at -0.24x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.6% of debt, and total debt stands at 2,096.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.06x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.24x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.06x −0.13x

Interest Coverage -0.24x −0.28x

Cash / Debt 4.6% +3.7pp

Short-term Debt / Total Debt 100.0% +12.7pp

CFO / NI 19.17x +32.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 8.7bn in 2025, against investing cash flow of 22.5bn.

Post-investment cash flow was positive +31.2bn. Financing cash flow was positive +65.2bn.

CFO / net income was 19.17x.

After spending +42.2bn on fixed-asset investment, the business generated trailing free cash flow of +210.3bn.

Cash Conversion

CFO TTM 252.5bn +821.5bn

Cash Capex 42.2bn +2.9bn

FCF TTM +210.3bn +818.7bn

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 cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -0.24x.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 818.7bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 19.17x. Even so, net financial result still accounts for 66.0% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.24x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,919.9	8,541.0	7,385.9	6,367.6	4,564.9
Revenue Deductions	477.7	366.9	285.1	61.0	0.0
Net Revenue	8,442.2	8,174.1	7,100.8	6,306.5	4,511.7
Cost of Goods Sold	7,963.9	7,700.5	6,690.8	5,753.4	0.0
Gross Profit	478.4	473.6	410.0	553.1	291.8
Financial Income	215.5	226.2	184.6	42.5	42.6
Financial Expenses	189.4	176.5	157.8	62.2	-50.5
Interest Expense	189.2	176.5	157.8	62.2	-50.5
Share of Associates and Joint Ventures	0.1	0.0	0.0	0.0	-0.0
Selling Expenses	366.1	344.3	307.1	265.9	-154.4
General and Administrative Expenses	163.6	138.4	112.6	135.8	-82.2
Operating Profit	-25.1	40.5	17.1	131.7	47.3
Other Income	58.3	26.2	38.9	18.5	0.0
Other Expenses	7.9	9.6	2.1	2.1	0.0
Other Profit	50.5	16.6	36.8	16.4	16.4
Profit Before Tax	25.4	57.0	53.9	148.0	63.7
Current Income Tax Expense	13.2	9.1	9.8	30.5	-13.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	12.2	47.9	44.0	117.5	50.3
Non-controlling Interest	3.1	1.5	3.1	5.8	2.7
Profit Attributable to Parent	9.1	46.4	41.0	111.7	47.6
Earnings per Share	95.00	519.00	517.00	1,513.00	729.00
Diluted EPS	95.00	519.00	517.00	1,513.00	657.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,988.6	2,780.5	2,592.0	1,733.8	1,196.4
I. Cash and cash equivalents	165.5	69.0	61.2	74.5	55.5
1. Cash	97.8	69.0	61.2	74.5	0.0
2. Cash equivalents	67.8	0.0	0.0	0.0	0.0
II. Short-term financial investments	10.4	0.0	0.0	0.0	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	10.4	0.0	0.0	0.0	0.0
III. Short-term receivables	1,897.8	2,076.7	1,876.9	1,142.8	809.7
1. Short-term trade accounts receivable	917.9	987.5	1,019.6	563.6	0.0
2. Short-term prepayments to suppliers	366.5	323.9	187.1	134.1	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	613.3	765.1	670.1	448.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-3.6	0.0
8. Assets awaiting resolution	0.1	0.1	0.1	0.1	0.0
IV. Inventories	881.2	614.0	613.9	476.4	322.2
1. Inventories	885.5	618.9	618.8	481.4	0.0
2. Provision for decline in value of inventories	-4.3	-4.9	-4.9	-4.9	0.0
V. Other short-term assets	33.6	20.8	40.0	40.0	8.9
1. Short-term prepayments	7.9	11.8	17.5	20.4	0.0
2. Value added tax to be reclaimed	25.6	8.6	22.5	19.7	0.0
3. Taxes and other receivables from state authorities	0.2	0.4	0.0	0.0	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)	961.6	1,137.1	1,065.5	792.9	565.9
I. Long-term receivables	311.7	369.0	316.6	369.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	282.6
2. Long-term prepayments to suppliers	—	0.0	0.0	15.2	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	311.7	369.0	316.6	354.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	237.7	214.6	189.8	173.4	159.5
1. Tangible fixed assets	129.0	122.4	100.0	85.8	74.8
- Cost	218.0	208.6	172.6	146.1	0.0
- Accumulated depreciation	-89.0	-86.2	-72.5	-60.4	0.0
2. Financial leased fixed assets	4.8	5.5	2.8	0.0	0.0
- Cost	6.1	6.1	3.0	0.0	0.0
- Accumulated depreciation	-1.4	-0.6	-0.1	0.0	0.0
3. Intangible fixed assets	103.9	86.7	87.0	87.6	84.7
- Cost	108.2	90.0	89.3	89.1	0.0
- Accumulated depreciation	-4.2	-3.3	-2.4	-1.6	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	1.3	37.7	41.9	24.6	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	37.7	41.9	24.6	0.0
V. Long-term financial investments	331.4	414.8	408.4	115.9	48.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	26.1	26.0	26.0	0.0	0.0
3. Investments in other entities	245.6	140.9	205.0	85.5	0.0
4. Provision for diminution in value of long-term investments	-0.2	0.0	0.0	0.0	0.0
5. Held to maturity investments	59.9	247.9	177.4	30.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	79.6	100.9	108.7	109.5	0.0
1. Long-term prepayments	16.5	23.7	17.3	4.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	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	75.6
5. Goodwill	63.1	77.2	91.4	105.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,950.2	3,917.6	3,657.5	2,526.7	1,762.3
A. LIABILITIES (300=210+330)	2,866.3	2,795.1	2,582.8	1,602.1	952.0
I. Short -term liabilities	2,618.9	2,418.0	2,220.3	1,473.3	885.0
1. Short-term trade accounts payable	155.3	217.1	220.5	128.3	138.3
2. Short-term advances from customers	72.2	62.7	52.3	42.4	76.6
3. Taxes and other payables to state authorities	17.3	15.7	11.0	26.8	0.0
4. Payable to employees	16.8	15.6	12.3	24.9	0.0
5. Short-term acrrued expenses	14.8	16.9	8.8	7.1	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	0.5	0.5	0.3	0.0	0.0
9. Other short-term payables	66.2	46.8	55.2	58.6	0.0
10. Short-term borrowings and financial leases	2,274.8	2,041.7	1,858.3	1,182.8	601.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.0	1.5	2.5	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	247.4	377.2	362.5	128.8	67.0
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	6.0	15.6	33.0	0.0	0.0
8. Long-term borrowings and financial leases	241.5	361.6	329.5	128.8	67.0
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)	1,083.9	1,122.5	1,074.7	924.6	810.3
I. Owner's equity	1,083.9	1,122.5	1,074.7	924.6	0.0
1. Owner's capital	956.5	956.5	894.0	760.2	810.3
- Common stock with voting right	956,538,590,000.00	956,538,590,000.00	893,964,630,000.00	760,175,420,000.00	723,977,760,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	19.0	19.0	19.0	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	4.4	4.4	4.4	4.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.2	1.2	1.2	1.2	0.0
11. Undistributed earnings after tax	18.4	57.1	73.3	128.1	51.0
- Accumulated retained earning at the end of the previous period	9.3	10.7	32.3	16.4	3.4
- Undistributed earnings in this period	9.1	46.4	41.0	111.7	47.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	84.3	84.2	82.8	30.8	29.7
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,950.2	3,917.6	3,657.5	2,526.7	1,762.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.4	57.0	53.9	148.0	63.7
Depreciation of Fixed Assets and Investment Property	38.2	21.2	18.6	16.6	16.7
Provision (Increase)/Reversal	-0.4	0.0	-3.6	8.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-242.0	-233.5	-185.6	-44.0	0.0
Interest Expense	189.2	176.5	157.8	62.2	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	10.3	21.3	41.1	190.9	87.5
Increase/(Decrease) in Receivables	500.2	-76.2	-536.9	-440.3	0.0
Increase/(Decrease) in Inventory	-266.6	61.7	-137.5	-155.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-50.5	-26.8	172.0	-13.5	0.0
Increase/(Decrease) in Prepaid Expenses	11.5	17.0	3.7	-49.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-186.7	-177.4	-158.2	-61.2	0.0
Corporate Income Tax Paid	-9.5	-9.6	-26.9	-13.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.5	-1.1	-0.7	0.0
Net Cash Flow from Operating Activities	8.7	-190.5	-643.8	-543.3	-138.4
Payments for Fixed Assets and Other Long-term Assets	-42.3	-31.9	-60.6	-61.8	-23.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	57.5	12.7	7.5	8.8	11.1
Loans and Purchases of Debt Instruments	-10.4	-41.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	-132.6	-128.3	-326.0	-67.9	-5.0
Proceeds from Investments in Other Entities	71.2	183.8	36.5	30.6	0.0
Dividends and Interest Income Received	79.1	124.4	39.7	9.8	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	22.5	119.7	-302.9	-80.6	-17.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	57,013,155,000.00	0.00	227,600,320,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	7,713.4	7,701.8	7,068.3	4,655.5	3,538.0
Repayment of Borrowings	-7,599.0	-7,618.7	-6,192.0	-4,011.9	-3,593.6
Repayment of Finance Leases	-1.3	0.0	0.0	0.0	0.0
Dividends Paid	-47.8	-4.5	-0.0	-0.7	0.0
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	65.2	78.6	933.3	642.9	172.0
Net Cash Flow During the Period	96.5	7.8	-13.4	19.1	3.4
Cash and Cash Equivalents at Beginning of Period	69.0	61.2	74.5	55.5	39.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	165.5	69.0	61.2	74.5	55.5

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	1,964.3	2,510.6	2,070.5	2,225.7	2,116.7	2,910.3	2,204.1	1,870.4	1,553.3	2,305.8	1,773.0	1,637.1
Revenue Deductions	49.8	100.1	130.6	140.9	106.1	139.5	127.2	51.7	48.4	111.5	80.3	50.9
Net Revenue	1,914.6	2,410.5	1,939.9	2,084.8	2,010.5	2,770.7	2,076.9	1,818.7	1,504.9	2,194.4	1,692.7	1,586.2
Cost of Goods Sold	1,804.7	2,332.6	1,813.8	1,956.7	1,892.9	2,601.2	1,951.7	1,723.2	1,433.9	2,051.5	1,612.2	1,497.2
Gross Profit	109.9	77.9	126.1	128.1	117.7	169.5	125.2	95.5	71.0	142.9	80.5	89.0
Financial Income	28.9	106.4	37.3	34.7	35.7	53.1	37.1	44.4	91.3	50.2	72.3	29.4
Financial Expenses	45.9	44.2	46.0	52.3	46.6	47.3	44.5	43.2	41.8	46.6	41.2	35.2
Interest Expense	42.1	57.7	40.2	49.8	41.4	47.1	44.5	43.2	41.8	46.6	41.2	35.2
Share of Associates and Joint Ventures	0.6	-0.3	-0.1	0.5	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	64.9	87.8	83.3	107.5	88.3	104.4	82.3	71.9	85.6	112.6	66.0	62.6
General and Administrative Expenses	34.2	54.3	32.9	40.9	35.3	36.4	34.4	36.4	33.2	32.7	30.3	23.5
Operating Profit	-5.7	-2.3	1.1	-37.4	-16.8	34.5	1.1	-11.6	1.7	1.2	15.3	-2.8
Other Income	10.8	24.8	2.8	42.3	19.9	13.3	3.7	13.7	6.9	8.2	11.2	9.2
Other Expenses	0.4	3.3	2.9	1.4	0.3	2.7	1.2	0.7	0.8	1.1	0.1	0.3
Other Profit	10.4	21.5	-0.1	40.9	19.7	10.6	2.5	13.0	6.1	7.1	11.1	8.9
Profit Before Tax	4.7	19.1	1.0	3.5	2.9	45.1	3.6	1.4	7.8	8.3	26.5	6.1
Current Income Tax Expense	0.6	11.1	—	—	—	6.0	1.1	-1.0	1.0	1.3	1.4	3.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.1	8.1	1.0	3.5	2.9	39.1	2.5	2.3	6.8	6.9	25.1	3.0
Non-controlling Interest	1.2	0.0	0.8	1.5	0.7	2.7	0.5	-0.8	-0.9	1.0	2.3	-0.7
Profit Attributable to Parent	2.9	8.0	0.2	2.0	2.2	36.4	2.0	3.1	7.7	6.0	22.8	3.6
Earnings per Share	31.00	84.00	3.00	21.00	23.00	405.00	23.00	35.00	87.00	69.00	290.00	48.00
Diluted EPS	31.00	84.00	3.00	21.00	23.00	552.00	23.00	35.00	87.00	69.00	290.00	48.00

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)	2,877.6	2,947.4	3,031.3	3,030.6	3,093.3	2,808.3	2,758.1	2,518.4	2,482.5	2,693.7	2,326.0	2,343.4
I. Cash and cash equivalents	96.8	165.6	88.9	68.8	23.1	69.0	56.5	45.1	34.7	61.2	38.1	64.3
1. Cash	29.0	97.9	88.9	68.8	23.1	69.0	56.5	45.1	34.7	61.2	38.1	64.3
2. Cash equivalents	67.8	67.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	10.4	10.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	10.4	10.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,829.5	1,855.6	2,005.9	2,103.1	2,390.4	2,106.8	2,101.1	1,967.9	1,953.0	1,984.2	1,772.5	1,691.0
1. Short-term trade accounts receivable	795.9	914.6	1,035.4	1,011.1	1,220.2	804.1	957.3	852.4	867.7	1,080.2	970.7	818.0
2. Short-term prepayments to suppliers	286.4	366.6	273.5	397.5	340.8	313.4	230.1	231.9	224.1	224.6	178.8	316.5
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	—	47.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	526.7	696.8	694.3	829.3	989.1	913.6	883.4	861.1	679.3	622.9	556.3
7. Provision for short-term doubtful debts (*)	747.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
IV. Inventories	902.1	882.2	890.1	819.6	656.9	613.5	575.6	482.6	465.7	613.9	470.8	537.0
1. Inventories	906.4	885.5	895.0	824.5	661.9	618.5	580.6	487.5	470.6	618.9	475.8	542.0
2. Provision for decline in value of inventories	-4.3	-3.4	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9
V. Other short-term assets	38.9	33.6	46.5	39.2	23.0	19.0	24.8	22.9	29.1	34.3	44.6	51.1
1. Short-term prepayments	6.2	7.9	12.7	13.8	11.9	9.8	11.9	17.2	18.3	11.8	33.0	31.9
2. Value added tax to be reclaimed	31.3	25.6	32.8	24.5	10.1	8.6	12.8	5.0	9.9	22.5	11.6	19.1
3. Taxes and other receivables from state authorities	1.5	0.2	1.0	0.9	0.9	0.6	0.0	0.7	0.8	0.0	0.0	0.0
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)	993.7	1,002.8	1,084.6	1,108.5	1,125.3	1,111.0	1,127.8	1,020.1	1,042.2	1,047.6	1,130.6	800.8
I. Long-term receivables	331.3	311.7	347.4	367.9	369.0	372.6	445.7	342.7	345.7	292.7	430.4	364.9
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	10.3	9.9
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	331.3	311.7	347.4	367.9	369.0	372.6	445.7	342.7	345.7	292.7	420.2	355.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	228.1	237.7	226.7	227.8	208.3	214.8	201.2	195.9	194.6	189.8	170.8	166.8
1. Tangible fixed assets	119.8	129.0	117.7	118.4	116.3	122.6	108.6	103.0	104.7	100.0	83.8	79.7
- Cost	210.5	—	—	—	—	208.8	190.0	179.3	178.5	172.6	155.4	148.2
- Accumulated depreciation	-90.7	—	—	—	—	-86.2	-81.4	-76.3	-73.8	-72.5	-71.6	-68.5
2. Financial leased fixed assets	4.6	4.8	5.0	5.2	5.3	5.5	5.9	6.0	2.8	2.8	0.0	0.0
- Cost	6.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	103.7	103.9	104.0	104.3	86.6	86.7	86.6	86.9	87.1	87.0	87.0	87.2
- Cost	108.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.4	—	—	—	—	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	1.3	1.3	10.7	7.4	38.1	37.5	36.6	36.5	34.8	41.9	46.0	42.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	1.3	10.7	7.4	38.1	37.5	36.6	36.5	34.8	41.9	46.0	42.8
V. Long-term financial investments	358.4	372.6	415.2	415.3	414.8	385.1	342.2	342.2	358.2	408.4	382.4	115.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	26.7	26.1	26.4	26.5	26.0	26.0	26.0	26.0	26.0	26.0	0.0	0.0
3. Investments in other entities	271.9	245.6	140.9	140.9	140.9	140.9	138.8	138.8	154.8	205.0	205.0	85.5
4. Provision for diminution in value of long-term investments	-0.2	—	—	—	—	-0.3	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	59.9	100.9	247.9	247.9	247.9	218.4	177.4	177.4	177.4	177.4	177.4	30.4
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	74.7	79.6	84.5	90.0	95.2	100.9	102.1	102.8	21.1	23.3	6.0	11.9
1. Long-term prepayments	15.1	16.5	18.0	19.9	21.5	23.7	21.4	18.5	21.1	23.3	6.0	11.9
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	59.5	63.1	66.6	70.1	73.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	77.2	80.7	84.3	87.8	91.4	94.9	98.4
TOTAL ASSETS (280=100+200)	3,871.4	3,950.2	4,115.9	4,139.1	4,218.7	3,919.3	3,885.8	3,538.5	3,524.7	3,741.2	3,456.6	3,144.2
A. LIABILITIES (300=210+330)	2,783.4	2,865.4	2,991.3	3,011.1	3,093.2	2,798.0	2,805.4	2,460.7	2,442.6	2,664.4	2,396.2	2,210.0
I. Short -term liabilities	2,548.9	2,618.1	2,699.4	2,675.9	2,758.2	2,360.8	2,522.0	2,182.7	2,096.4	2,301.9	1,960.8	2,074.5
1. Short-term trade accounts payable	335.9	155.9	285.2	291.7	385.7	188.7	317.8	199.2	241.3	281.1	168.0	234.4
2. Short-term advances from customers	28.3	72.3	106.5	110.4	75.8	62.5	50.2	67.7	70.3	76.2	26.4	57.8
3. Taxes and other payables to state authorities	5.8	15.3	4.1	2.4	4.6	12.8	3.8	0.7	2.6	9.4	7.0	5.7
4. Payable to employees	5.1	16.8	12.2	13.0	2.3	15.4	11.6	11.5	9.3	12.3	-0.2	1.2
5. Short-term acrrued expenses	14.2	14.7	24.9	25.9	23.9	15.8	18.6	13.3	11.6	8.8	10.8	7.9
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	0.5	0.5	0.5	0.5	0.5	5.8	0.4	0.4	0.4	0.3	0.3	0.2
9. Other short-term payables	61.1	66.7	81.2	66.1	87.8	76.9	31.2	38.1	58.2	53.9	60.2	82.9
10. Short-term borrowings and financial leases	2,096.9	2,275.0	2,183.8	2,164.7	2,176.5	1,981.8	2,087.2	1,850.5	1,701.4	1,858.3	1,686.9	1,682.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.0	1.0	1.0	1.0	1.0	1.2	1.3	1.3	1.5	1.5	1.6
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	234.5	247.3	291.9	335.2	335.0	437.2	283.4	278.1	346.2	362.5	435.4	135.6
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	3.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	231.0	6.0	16.3	16.8	18.4	15.6	15.8	13.4	11.7	33.0	300.0	0.0
8. Long-term borrowings and financial leases	—	241.4	275.6	318.4	316.6	421.6	267.6	264.7	334.5	329.5	135.4	135.6
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	—	—	—	—	—	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)	1,088.0	1,084.8	1,124.6	1,128.0	1,125.4	1,121.4	1,080.4	1,077.8	1,082.1	1,076.8	1,060.4	934.2
I. Owner's equity	1,088.0	1,084.8	1,124.6	1,128.0	1,125.4	1,121.4	1,080.4	1,077.8	1,082.1	1,076.8	1,060.4	934.2
1. Owner's capital	956.5	956.5	956.5	956.5	956.5	956.5	894.0	894.0	894.0	894.0	798.2	760.2
- Common stock with voting right	956,538,590,000.00	956,538,590,000.00	956,538,590,000.00	956,538,590,000.00	956,538,590,000.00	956,538,590,000.00	893,964,630,000.00	893,964,630,000.00	893,964,630,000.00	893,964,630,000.00	798,184,190,000.00	760,175,420,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	19.0	19.0	19.0	19.0	19.0	19.0	19.0	19.0	19.0	19.0	19.0	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	—	—	—	—	—	0.0	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	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4	4.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
11. Undistributed earnings after tax	21.4	19.5	59.3	61.4	59.4	56.0	82.1	79.9	76.9	75.4	165.2	142.4
- Accumulated retained earning at the end of the previous period	18.4	9.3	57.1	57.1	57.1	6.6	69.0	69.1	69.2	32.3	128.1	128.1
- Undistributed earnings in this period	2.9	10.2	2.1	4.2	2.2	49.4	13.0	10.8	7.7	43.1	37.1	14.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	85.5	84.2	84.2	85.6	84.9	84.2	79.8	79.3	86.6	82.9	72.4	26.0
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)	3,871.4	3,950.2	4,115.9	4,139.1	4,218.7	3,919.3	3,885.8	3,538.5	3,524.7	3,741.2	3,456.6	3,144.2

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	4.7	20.3	1.0	1.2	2.9	45.1	3.6	1.5	7.8	7.7	26.5	6.1
Depreciation of Fixed Assets and Investment Property	9.4	9.9	9.4	12.7	6.2	7.8	5.4	5.0	5.0	4.9	4.7	4.4
Provision (Increase)/Reversal	—	-0.4	—	—	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-31.8	-130.3	-38.5	-37.0	-36.3	-54.3	-37.1	-45.6	-93.3	-51.2	-72.6	-29.3
Interest Expense	42.1	57.8	40.2	49.8	41.4	47.1	44.5	43.2	41.8	46.6	41.2	35.2
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	24.5	-42.8	12.2	26.7	14.2	45.9	16.4	4.1	-38.7	8.0	-0.2	16.3
Increase/(Decrease) in Receivables	37.7	387.7	127.8	265.0	-280.3	14.4	-206.6	-16.4	56.4	41.5	-120.7	-323.8
Increase/(Decrease) in Inventory	-20.8	9.5	-70.5	-162.6	-43.0	-37.9	-93.1	-16.9	148.2	-143.1	66.2	-87.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	120.3	-208.8	2.0	-62.5	218.8	-85.3	110.1	-41.0	3.5	-205.3	281.0	155.4
Increase/(Decrease) in Prepaid Expenses	3.1	6.2	3.0	-3.4	5.6	3.3	5.9	7.2	-1.1	7.7	8.4	-7.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-45.7	-42.8	-43.3	-55.5	-45.1	-48.8	-40.0	-51.8	-34.1	-46.7	-41.1	-36.6
Corporate Income Tax Paid	-11.8	-0.8	-0.7	-1.2	-6.7	-1.0	0.0	-0.8	-8.7	-0.4	-2.5	-1.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.2	-0.0	-0.1	-0.4
Net Cash Flow from Operating Activities	107.2	108.2	30.5	6.6	-136.6	-109.6	-207.2	-115.7	125.4	-338.3	191.1	-285.4
Payments for Fixed Assets and Other Long-term Assets	-1.9	-17.5	-10.4	-12.4	-2.0	1.3	-25.1	-13.6	-3.8	-26.2	-12.6	-16.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.9	32.2	3.6	19.3	2.4	5.6	0.0	3.8	3.2	5.4	1.0	0.5
Loans and Purchases of Debt Instruments	—	-10.4	—	—	—	-32.0	0.0	-9.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-26.4	—	—	—	—	-16.2	0.0	0.0	0.0	-26.0	-300.0	0.0
Proceeds from Investments in Other Entities	—	71.2	—	—	—	114.4	0.0	69.4	0.0	3.0	33.5	0.0
Dividends and Interest Income Received	32.9	16.4	20.2	42.2	0.4	0.4	0.4	0.4	0.7	39.6	0.0	0.0
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	12.5	-40.7	13.4	49.1	0.8	73.5	-24.7	51.1	-0.0	-4.2	-278.1	-16.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	57,013,155,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,667.4	2,704.5	1,530.9	1,815.0	1,663.0	2,632.1	2,017.3	1,877.2	1,308.8	2,387.9	1,530.7	1,727.9
Repayment of Borrowings	-1,855.5	-2,647.3	-1,554.2	-1,824.6	-1,572.8	-2,583.2	-1,773.6	-1,799.5	-1,460.7	-2,022.4	-1,527.0	-1,382.8
Repayment of Finance Leases	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-2.1	0.0	0.0	0.0	0.0
Dividends Paid	—	-47.7	-0.2	—	—	-0.0	0.0	-0.6	0.0	-0.0	0.0	0.0
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	-188.4	9.2	-23.8	-9.9	89.8	48.6	243.3	74.9	-151.9	365.6	60.8	345.1
Net Cash Flow During the Period	-68.7	76.6	20.1	45.7	-46.0	12.5	11.4	10.3	-26.5	23.1	-26.3	43.8
Cash and Cash Equivalents at Beginning of Period	165.5	88.9	68.8	23.1	69.0	61.2	61.2	61.2	61.2	74.5	74.5	74.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	96.8	165.5	88.9	68.8	23.1	69.0	56.5	45.1	34.7	61.2	38.1	64.3

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CTF

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