DL1

Tập đoàn Alpha Seven ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.54%, +3.55pp YoY

Price

5,300

Latest close

03 Jun 2026

P/E 28.96x

P/B 0.47x

EPS 183

BVPS 11,280

ROE 2.0%

ROA 1.1%

Profit Margin 3.8%

Asset Turnover 0.30x

Equity Mult. 1.72x

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

What Is Changing

On a TTM 2026Q1 basis, DL1 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — 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 882bn
	                                
+36.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 75bn
	                                
+134.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    37.7%

Metric	2025	2024	2023	2022	2021
Revenue	793.1	525.5	281.3	279.3	145.2
Growth	+51%	+87%	+1%	+92%	—
Net Income	45.1	26.4	70.6	66.9	37.7
Net Margin	5.68%	5.02%	25.09%	23.94%	25.97%

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	218.2	184.4	208.9	270.4	179.7	305.8	75.8	83.6	82.8	68.5	76.0	71.5
Growth	+18%	-12%	-23%	+50%	-41%	+303%	-9%	+1%	+21%	-10%	+6%	—
Net Income	48.1	3.0	11.5	12.7	27.5	-52.2	27.4	29.5	27.3	5.1	24.1	24.8
Net Margin	22.03%	1.65%	5.49%	4.70%	15.32%	-17.08%	36.14%	35.26%	32.97%	7.44%	31.73%	34.76%

Drivers of DL1's profit

TTM

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

Financial income ↑ 41.0bn

Finance costs ↓ 38.3bn

Tax ↓ 9.5bn

Gross profit ↑ 7.4bn

Administrative expenses ↑ 33.5bn

Other profit ↓ 25.1bn

TTM

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

Gross profit ↑ 39.9bn

Administrative expenses ↓ 6.3bn

Selling expenses ↓ 2.8bn

Finance costs ↑ 18.7bn

Tax ↑ 2.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.3% = 5.0% × 0.25 × 1.80

2026Q1 4.4% = 8.5% × 0.30 × 1.72

ROE rose from 2.3% to 4.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 8.5% +3.5pp Asset turnover: 0.30x +0.05x Leverage: 1.72x -0.08x

Is the profit sustainable?

Margins improved (+3.5pp), 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 expanded to 8.54%, rising 3.5pp. Core operating signals are improving as SG&A / Revenue fell 0.7pp are enough to offset pressure from Gross margin fell 7.3pp (in addition, Net financial result / Revenue rose 12.6pp added support while Other profit / Revenue fell 2.8pp 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 8.54% +3.5pp

Gross Margin 23.11% −7.3pp

SG&A / Revenue 14.75% −0.7pp

Non-core / Revenue -3.67% +9.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 37.7% of PBT and lifted net margin by 9.8pp — 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 97.5 days.

Is capital being deployed efficiently?

ROIC expanded to 3.63%, rising 2.1pp. That translates to 3.63 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 5.0pp and capital turnover rose 0.06x, while invested capital rose by 284bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 3.63% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.63% +2.1pp

NOPAT Margin 10.09% +5.0pp

Capital Turnover 0.36x +0.06x

Average Invested Capital 2,449.9bn +284.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.32x equity, net debt at 0.36x equity.

Over the last 12 months, working capital released 575.0bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −96.4bn

Inventories decreased → higher CFO: +97.3bn

Payables increased → higher CFO: +574.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 20.6 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 23.8 days, and DPO fell 7.0 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 97.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 96.7 days −23.8 days

Inventory 62.2 days −3.9 days

Payables 61.4 days −7.0 days

Cash Conversion Cycle 97.5 days −20.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.36x and interest coverage only at 1.21x.

At present, short-term debt accounts for 41.4% of total debt, cash equals 28.3% of debt, and total debt stands at 1,011.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.21x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.36x −0.17x

Interest Coverage 1.21x +0.88x

Cash / Debt 28.3% +16.7pp

Short-term Debt / Total Debt 41.4% +15.9pp

CFO / NI 20.96x −282.34x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 248.7bn in 2025, against investing cash flow of -341.6bn.

Post-investment cash flow was negative +93.0bn. Financing cash flow was positive +30.0bn.

CFO / net income was 20.96x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 703.8bn +1,042.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.5 pp. The next item to monitor is the earnings mix, when non-core contribution is -9.1%. The main risk still sits in capital efficiency remains weak, with ROIC at 3.6%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.54% after expanding 3.5pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 20.96x. Even so, net financial result still accounts for -9.1% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	793.1	525.5	281.3	279.3	145.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	793.1	525.5	281.3	279.3	145.2
Cost of Goods Sold	639.5	342.5	143.4	154.4	0.0
Gross Profit	153.5	182.9	137.9	124.9	19.3
Financial Income	42.5	32.2	71.4	71.9	56.9
Financial Expenses	59.1	131.0	128.9	125.5	-39.4
Interest Expense	61.6	69.5	105.5	122.4	-32.9
Share of Associates and Joint Ventures	34.6	23.3	20.5	25.5	10.6
Selling Expenses	8.6	3.1	1.3	1.5	-1.0
General and Administrative Expenses	107.7	71.2	29.2	26.2	-5.2
Operating Profit	55.2	33.1	70.5	69.1	41.2
Other Income	2.9	0.2	1.4	0.0	0.0
Other Expenses	0.8	2.2	0.1	0.8	0.0
Other Profit	2.1	-2.0	1.3	-0.8	1.6
Profit Before Tax	57.3	31.1	71.8	68.3	42.8
Current Income Tax Expense	12.1	3.0	1.2	1.4	-5.0
Deferred Income Tax Expense	0.1	1.7	0.0	0.0	0.0
Net Income	45.1	26.4	70.6	66.9	37.7
Non-controlling Interest	41.0	25.0	28.4	21.6	2.1
Profit Attributable to Parent	4.1	1.4	42.2	45.3	35.6
Earnings per Share	35.00	13.00	397.00	426.00	352.00
Diluted EPS	22.00	13.00	397.00	249.00	352.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,566.1	1,199.2	681.9	715.9	984.6
I. Cash and cash equivalents	89.1	152.1	4.2	15.5	235.4
1. Cash	89.1	152.1	4.2	15.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	203.0	151.0	89.5	300.0	0.0
1. Available for sale securities	—	55.2	93.2	300.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-4.2	-3.7	0.0	0.0
3. Held to maturity investments	203.0	100.0	0.0	0.0	0.0
III. Short-term receivables	1,217.6	800.3	559.1	363.8	712.3
1. Short-term trade accounts receivable	161.2	371.3	266.5	28.8	0.0
2. Short-term prepayments to suppliers	48.7	28.8	98.3	2.1	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	323.1	318.4	177.0	285.5	0.0
6. Other short-term receivables	685.8	98.3	17.7	47.8	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-17.4	-0.7	-0.7	0.0
8. Assets awaiting resolution	1.0	1.0	0.3	0.3	0.0
IV. Inventories	52.8	85.1	18.4	22.3	26.5
1. Inventories	67.5	114.9	18.4	22.3	0.0
2. Provision for decline in value of inventories	-14.7	-29.9	0.0	-0.0	0.0
V. Other short-term assets	3.6	10.7	10.7	14.3	10.5
1. Short-term prepayments	0.8	0.5	0.4	0.5	0.0
2. Value added tax to be reclaimed	2.6	10.2	10.3	13.9	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	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)	1,565.6	1,371.0	1,745.3	2,220.7	1,960.5
I. Long-term receivables	256.7	2.1	169.3	605.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	284.4
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	125.3	485.0	0.0
6. Other long-term receivables	256.7	2.1	44.0	120.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	797.9	815.3	741.7	782.9	832.6
1. Tangible fixed assets	689.1	737.2	741.4	782.6	832.3
- Cost	1,850.2	1,823.3	956.8	952.0	0.0
- Accumulated depreciation	-1,161.1	-1,086.1	-215.4	-169.4	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	108.7	78.1	0.3	0.3	0.3
- Cost	109.2	326.8	0.6	0.6	0.0
- Accumulated depreciation	-0.5	-248.7	-0.3	-0.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.1
- Cost	1.9	1.9	1.9	1.9	0.0
- Accumulated depreciation	-1.9	-1.9	-1.9	-1.9	0.0
IV. Long-term assets in progress	0.8	48.8	61.5	60.7	60.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.8	48.8	61.5	60.7	0.0
V. Long-term financial investments	299.8	271.7	677.8	666.0	669.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	269.9	244.1	677.8	666.0	0.0
3. Investments in other entities	29.9	55.5	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-27.8	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	210.5	233.0	95.1	105.4	0.0
1. Long-term prepayments	97.3	86.6	29.0	31.0	0.0
2. Deferred income tax assets	0.8	0.1	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	113.6
5. Goodwill	112.4	146.3	66.1	74.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,131.7	2,570.2	2,427.2	2,936.6	2,945.1
A. LIABILITIES (300=210+330)	1,782.1	1,198.8	1,029.7	1,609.6	1,682.0
I. Short -term liabilities	1,248.1	570.0	339.3	598.9	626.1
1. Short-term trade accounts payable	127.6	113.6	33.0	24.9	103.4
2. Short-term advances from customers	43.0	32.2	14.3	0.0	0.0
3. Taxes and other payables to state authorities	74.0	63.6	2.9	7.5	0.0
4. Payable to employees	20.2	30.6	3.4	3.5	0.0
5. Short-term acrrued expenses	58.3	66.7	63.8	39.9	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	535.9	10.6	4.5	1.4	0.0
10. Short-term borrowings and financial leases	383.7	252.0	216.7	521.1	491.7
11. Provision for short-term liabilities	4.7	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.6	0.6	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	534.0	628.8	690.4	1,010.7	1,055.9
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	—	1.0	14.0	12.1	0.0
8. Long-term borrowings and financial leases	524.4	625.8	676.4	998.6	1,055.7
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	9.6	2.0	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)	1,349.6	1,371.4	1,397.5	1,327.0	1,263.1
I. Owner's equity	1,349.6	1,371.4	1,397.5	1,327.0	0.0
1. Owner's capital	1,168.6	1,062.4	1,062.4	1,062.4	1,263.1
- Common stock with voting right	1,168,587,310,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,011,773,530,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.7	1.0	1.0	1.0	1.0
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	12.9	8.7	0.0	0.0	0.0
8. Investment and development fund	0.7	0.7	0.7	0.7	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	55.2	164.2	163.5	121.3	129.4
- Accumulated retained earning at the end of the previous period	51.2	162.8	121.3	76.0	92.8
- Undistributed earnings in this period	4.1	1.4	42.2	45.3	36.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	111.5	134.4	170.0	141.6	120.2
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)	3,131.7	2,570.2	2,427.2	2,936.6	2,945.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	57.3	31.1	71.8	68.3	38.3
Depreciation of Fixed Assets and Investment Property	94.1	79.1	59.0	59.3	15.9
Provision (Increase)/Reversal	-57.6	74.9	3.7	0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-61.5	-51.5	-90.9	-95.7	0.0
Interest Expense	61.6	69.9	105.5	122.4	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	37.9	-151.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	131.8	52.6	149.1	154.8	18.4
Increase/(Decrease) in Receivables	-369.8	-60.6	-348.5	191.1	0.0
Increase/(Decrease) in Inventory	47.5	-96.5	3.8	4.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	447.2	158.1	35.0	255.1	0.0
Increase/(Decrease) in Prepaid Expenses	6.3	-57.8	2.2	-30.4	0.0
Changes in Trading Securities	55.2	-62.0	206.8	-300.0	0.0
Interest Paid	-65.5	-123.4	-80.9	-107.7	0.0
Corporate Income Tax Paid	-4.0	-0.3	-5.4	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	248.7	-189.9	-37.9	167.3	-500.8
Payments for Fixed Assets and Other Long-term Assets	-10.9	-92.9	-11.2	-1.9	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	1.1	0.0	0.0
Loans and Purchases of Debt Instruments	-4.8	-16.1	468.2	-372.5	-101.1
Receipts from Loan Repayments and Sale of Debt Instruments	-103.0	0.0	0.0	0.0	77.0
Investments in Other Entities	25.6	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	447.6	0.0	0.0	0.0
Dividends and Interest Income Received	-248.5	14.3	195.1	47.8	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	-341.6	353.0	653.3	-326.7	10.9
Proceeds from Equity Issuance and Capital Contributions	-364,800,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	652.3	542.8	382.4	162.7	760.0
Repayment of Borrowings	-622.0	-558.0	-1,009.0	-190.8	-35.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	30.0	-15.2	-626.6	-28.1	724.8
Net Cash Flow During the Period	-63.0	147.9	-11.3	-187.5	233.2
Cash and Cash Equivalents at Beginning of Period	152.1	4.2	15.5	203.0	0.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	89.1	152.1	4.2	15.5	235.4

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	218.2	184.4	208.9	270.4	179.7	305.8	75.8	83.6	82.8	68.5	76.0	71.5
Revenue Deductions	0.0	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	218.2	184.4	208.9	270.4	179.7	305.8	75.8	83.6	82.8	68.5	76.0	71.5
Cost of Goods Sold	129.1	182.6	165.9	200.5	130.5	240.6	36.5	41.0	37.2	42.0	35.3	32.2
Gross Profit	89.1	1.7	43.0	69.9	49.2	65.2	39.4	42.6	45.5	26.5	40.8	39.3
Financial Income	8.7	39.3	7.0	17.7	7.3	15.9	4.3	4.1	1.6	21.0	14.1	18.4
Financial Expenses	22.5	18.5	15.9	22.1	3.8	81.2	15.6	16.6	17.7	43.6	28.6	27.5
Interest Expense	22.3	15.5	16.9	24.8	7.1	25.3	15.6	16.2	17.0	23.6	28.6	27.1
Share of Associates and Joint Ventures	—	9.2	9.5	9.1	8.0	6.2	6.9	5.6	6.0	5.2	5.1	5.3
Selling Expenses	0.9	-4.7	8.7	1.3	3.7	4.7	0.3	0.4	0.3	0.3	0.4	0.3
General and Administrative Expenses	23.6	32.2	23.7	44.3	29.9	48.8	6.4	5.3	7.4	5.5	6.7	10.1
Operating Profit	50.7	4.3	11.3	29.0	27.2	-47.4	28.2	30.1	27.7	3.2	24.3	25.2
Other Income	0.0	0.2	0.1	-26.0	0.9	-1.9	0.2	0.0	0.0	1.3	1.0	0.0
Other Expenses	0.0	0.1	0.2	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.9	0.0
Other Profit	-0.0	0.1	-0.1	-26.0	0.9	-1.9	0.1	-0.1	-0.0	1.3	0.1	-0.0
Profit Before Tax	50.7	4.3	11.2	3.0	28.0	-49.2	28.3	30.0	27.7	4.5	24.4	25.2
Current Income Tax Expense	2.6	1.3	1.3	-9.8	0.5	3.0	0.9	0.5	0.4	-0.6	0.3	0.4
Deferred Income Tax Expense	—	—	-1.5	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	48.1	3.0	11.5	12.7	27.5	-52.2	27.4	29.5	27.3	5.1	24.1	24.8
Non-controlling Interest	12.5	8.6	8.9	11.8	12.6	-0.2	9.3	11.6	11.0	4.6	9.5	9.7
Profit Attributable to Parent	35.6	-5.5	2.6	1.0	15.0	-52.0	18.1	17.8	16.3	0.5	14.7	15.1
Earnings per Share	197.00	-47.00	24.00	9.00	141.00	-489.00	171.00	168.00	153.00	5.00	138.00	142.00
Diluted EPS	197.00	-47.00	24.00	9.00	141.00	13.00	171.00	168.00	153.00	5.00	138.00	142.00

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)	874.1	1,237.8	970.2	1,230.2	1,204.4	1,061.2	1,064.5	776.7	708.0	613.0	795.3	774.5
I. Cash and cash equivalents	286.3	281.1	87.9	104.2	96.8	151.1	16.2	45.1	77.8	4.2	5.4	4.1
1. Cash	286.3	281.1	87.9	104.2	96.8	151.1	16.2	45.1	77.8	4.2	5.4	4.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	247.9	203.0	264.0	143.0	151.0	151.5	444.5	221.5	89.5	51.5	300.0	300.0
1. Available for sale securities	—	—	—	—	55.2	55.2	348.2	93.2	93.2	55.2	300.0	300.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	-4.2	-3.7	-3.7	-3.7	-3.7	-3.7	0.0	0.0
3. Held to maturity investments	247.9	203.0	264.0	143.0	100.0	100.0	100.0	132.0	0.0	0.0	0.0	0.0
III. Short-term receivables	258.2	698.4	548.8	844.0	829.6	659.5	570.2	482.8	499.8	528.2	457.3	437.7
1. Short-term trade accounts receivable	100.2	166.7	191.4	347.3	367.3	365.2	34.6	40.0	58.7	255.4	53.8	53.6
2. Short-term prepayments to suppliers	39.7	49.8	70.6	94.9	63.9	30.0	124.1	70.7	23.8	78.5	7.9	2.2
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	—	319.1	165.5	335.6	319.9	210.5	370.7	336.9	399.7	177.0	344.8	341.9
6. Other short-term receivables	129.1	176.5	124.8	69.3	95.0	66.9	40.4	34.8	18.1	17.7	55.0	44.3
7. Provision for short-term doubtful debts (*)	-11.7	-14.6	-4.5	-4.1	-17.4	-14.1	-0.7	-0.7	-0.7	-0.7	-4.6	-4.6
8. Assets awaiting resolution	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.3	0.3	0.3	0.3
IV. Inventories	75.9	51.6	66.1	125.6	114.3	88.4	27.5	16.3	21.9	18.4	15.5	15.5
1. Inventories	90.7	66.3	87.2	149.2	140.5	118.3	27.5	16.3	21.9	18.4	15.5	15.5
2. Provision for decline in value of inventories	-14.8	-14.7	-21.2	-23.6	-26.3	-29.9	0.0	0.0	0.0	0.0	-0.0	-0.0
V. Other short-term assets	5.9	3.7	3.5	13.4	12.7	10.7	6.2	10.9	19.0	10.7	17.1	17.2
1. Short-term prepayments	1.7	0.8	1.2	1.9	1.7	0.5	1.3	2.9	2.4	0.4	1.4	2.2
2. Value added tax to be reclaimed	4.0	2.8	2.3	11.5	11.0	10.2	4.8	8.0	16.3	10.3	15.6	15.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	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)	2,453.7	2,152.5	1,618.7	1,317.7	1,361.7	1,541.2	1,754.1	1,793.4	1,806.7	1,783.5	2,206.0	2,214.6
I. Long-term receivables	2.1	288.7	297.7	2.1	2.1	156.8	156.9	166.5	169.3	169.6	629.0	617.7
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	—	32.0	41.0	—	—	112.9	112.9	122.5	125.3	125.7	474.3	474.3
6. Other long-term receivables	2.1	256.7	256.7	2.1	2.1	43.9	44.0	44.0	44.0	44.0	154.7	143.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,329.1	1,346.5	758.6	787.5	800.4	840.8	704.8	786.3	799.6	741.7	746.3	759.9
1. Tangible fixed assets	1,195.0	1,237.8	698.3	710.0	723.6	736.8	704.4	756.9	770.0	741.4	746.0	759.6
- Cost	3,130.9	—	—	—	—	1,823.3	957.4	998.5	998.5	956.8	949.1	954.4
- Accumulated depreciation	-1,935.8	—	—	—	—	-1,086.6	-252.9	-241.6	-228.5	-215.4	-203.1	-194.8
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	134.1	108.7	60.3	77.4	76.8	104.0	0.4	29.4	29.6	0.3	0.3	0.3
- Cost	134.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	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	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.0	3.8	49.1	49.1	49.1	48.8	108.8	60.8	60.8	61.5	60.9	60.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.0	3.8	49.1	49.1	49.1	48.8	108.8	60.8	60.8	61.5	60.9	60.8
V. Long-term financial investments	670.4	30.1	295.1	273.8	285.8	274.6	695.8	689.3	683.8	715.7	672.5	676.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	353.8	—	264.9	256.9	252.1	245.0	695.8	689.3	683.8	715.7	672.5	676.0
3. Investments in other entities	29.8	30.1	30.2	55.3	60.3	55.5	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	-38.4	-26.6	-25.8	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	286.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	448.2	483.4	218.2	205.3	224.4	220.1	87.9	90.5	29.2	95.0	29.2	30.0
1. Long-term prepayments	104.1	130.0	101.9	85.1	84.7	59.6	28.0	28.5	29.2	29.0	29.2	30.0
2. Deferred income tax assets	0.8	0.1	0.1	—	—	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	66.1	0.0	0.0
5. Goodwill	343.2	353.3	116.3	120.1	139.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	160.5	59.9	62.0	64.0	0.0	68.2	70.2
TOTAL ASSETS (280=100+200)	3,327.8	3,390.3	2,588.9	2,547.9	2,566.2	2,602.3	2,818.7	2,570.0	2,514.7	2,396.4	3,001.3	2,989.1
A. LIABILITIES (300=210+330)	1,290.6	2,029.2	1,217.4	1,181.1	1,169.9	1,214.0	1,335.8	1,115.7	1,089.9	998.2	1,608.2	1,619.7
I. Short -term liabilities	695.1	1,339.2	593.6	555.3	543.6	485.5	660.1	438.1	401.3	170.5	597.5	609.1
1. Short-term trade accounts payable	96.7	688.5	199.0	208.5	131.6	112.6	279.4	37.1	36.7	27.0	18.9	17.1
2. Short-term advances from customers	28.8	42.4	39.5	36.7	35.1	31.6	21.8	18.5	123.1	0.5	10.9	5.9
3. Taxes and other payables to state authorities	78.5	78.4	67.7	21.0	74.3	60.1	5.1	4.1	3.5	2.9	9.5	9.8
4. Payable to employees	17.5	18.4	23.3	28.8	23.5	30.6	2.1	1.5	2.0	2.9	1.8	1.7
5. Short-term acrrued expenses	34.5	27.6	31.5	57.2	53.6	71.3	56.8	59.5	57.7	63.8	60.0	53.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	14.9	57.3	6.6	8.0	10.8	12.6	103.0	5.0	4.6	4.8	4.0	3.3
10. Short-term borrowings and financial leases	419.0	425.9	225.4	194.4	214.0	166.1	191.2	311.9	173.0	68.0	491.8	517.4
11. Provision for short-term liabilities	4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	595.5	690.0	623.8	625.8	626.2	728.5	675.7	677.6	688.6	827.7	1,010.6	1,010.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	2.1	2.0	0.4	14.8	14.0	14.0	14.0	12.0	12.0	12.0
8. Long-term borrowings and financial leases	592.7	687.9	619.7	621.7	623.8	711.6	661.6	663.6	674.5	815.7	998.6	998.6
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	2.8	2.1	2.1	2.1	2.0	2.0	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)	2,037.2	1,361.1	1,371.5	1,366.9	1,396.3	1,388.4	1,482.9	1,454.3	1,424.8	1,398.2	1,393.1	1,369.4
I. Owner's equity	2,037.2	1,361.1	1,371.5	1,366.9	1,396.3	1,388.4	1,482.9	1,454.3	1,424.8	1,398.2	1,393.1	1,369.4
1. Owner's capital	1,806.0	1,168.6	1,062.4	1,062.4	1,062.4	1,062.4	1,062.4	1,062.4	1,062.4	1,062.4	1,062.4	1,062.4
- Common stock with voting right	1,806,003,870,000.00	1,168,587,310,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00	1,062,360,940,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.5	1.0	1.0	1.0	1.0	1.1	1.0	1.0	1.0	1.0	1.0	1.0
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	13.5	15.2	15.6	12.6	26.7	19.8	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	90.8	61.3	173.1	155.1	179.1	98.9	216.9	197.6	179.7	163.7	163.2	149.0
- Accumulated retained earning at the end of the previous period	55.2	57.8	164.1	139.2	164.2	97.5	163.5	163.5	163.5	121.3	121.3	121.3
- Undistributed earnings in this period	35.6	3.5	9.0	15.9	15.0	1.4	53.4	34.1	16.3	42.4	41.9	27.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	125.8	114.3	118.8	135.1	126.4	205.6	201.9	192.7	181.0	170.4	165.8	156.4
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)	3,327.8	3,390.3	2,588.9	2,547.9	2,566.2	2,602.3	2,818.7	2,570.0	2,514.7	2,396.4	3,001.3	2,989.1

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	50.7	10.1	11.2	7.9	28.0	-49.2	28.3	31.6	27.7	3.8	24.4	24.8
Depreciation of Fixed Assets and Investment Property	46.1	16.6	21.5	26.3	29.7	13.6	7.2	15.0	15.3	20.9	8.6	16.9
Provision (Increase)/Reversal	-52.7	-4.0	-2.0	-74.6	23.1	0.0	0.0	0.0	0.0	-0.2	0.0	3.9
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	-8.1	-32.4	-6.3	-7.1	-15.7	-15.9	6.7	-9.2	-7.5	-40.4	-5.3	-23.2
Interest Expense	22.3	46.5	-14.6	22.7	7.1	24.1	16.7	16.0	15.2	20.9	28.6	27.1
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	58.3	74.6	-7.2	-7.8	72.2	-27.5	59.0	53.3	50.7	5.0	56.3	49.4
Increase/(Decrease) in Receivables	243.4	-433.0	125.1	-31.8	-30.1	-269.0	-20.8	-69.8	273.5	-325.1	51.8	-97.5
Increase/(Decrease) in Inventory	24.3	75.2	-2.5	0.4	-25.6	-90.8	-11.1	5.6	-3.5	10.6	-13.6	3.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	169.5	459.7	-41.8	-13.4	42.7	-29.8	235.9	3.0	104.2	25.8	-0.1	58.9
Increase/(Decrease) in Prepaid Expenses	-18.7	5.0	1.4	-0.7	0.7	-30.8	31.2	-28.9	-2.3	0.6	2.0	1.0
Changes in Trading Securities	—	—	—	—	—	217.0	-293.0	38.0	0.0	206.8	0.0	0.0
Interest Paid	-24.7	-47.2	14.5	36.6	-69.5	-100.8	23.6	-23.6	-14.0	-17.1	-20.3	-22.4
Corporate Income Tax Paid	-6.7	-0.4	-0.1	-3.4	-0.1	0.0	0.0	-0.0	0.0	-4.8	-0.3	-0.3
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	0.0	0.0
Net Cash Flow from Operating Activities	445.3	133.9	89.4	35.1	-9.8	-331.5	24.7	-22.4	408.6	-98.1	75.9	-7.1
Payments for Fixed Assets and Other Long-term Assets	—	-3.9	-2.0	-10.7	5.7	-15.7	-7.8	29.5	-70.6	-10.9	2.3	-2.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.9	0.0
Loans and Purchases of Debt Instruments	-400.2	366.4	-337.8	62.3	-95.7	0.0	-197.7	-34.4	-222.7	634.3	-120.6	105.8
Receipts from Loan Repayments and Sale of Debt Instruments	450.0	-550.6	310.2	—	137.4	0.0	140.0	0.0	0.0	-117.0	117.0	-124.1
Investments in Other Entities	-991.2	—	—	—	—	377.1	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	16.2	-255.7	4.3	-24.5	27.5	80.0	2.1	-1.3	3.7	186.2	-47.4	20.3
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	-925.3	-163.7	-168.5	-4.1	-5.4	441.4	-63.5	-6.2	-289.5	692.8	-47.7	-0.3
Proceeds from Equity Issuance and Capital Contributions	637,416,560,000.00	—	—	—	—	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	275.8	365.6	69.0	145.8	71.8	112.3	62.2	81.8	112.9	227.0	50.4	42.4
Repayment of Borrowings	-236.1	20.8	-8.2	17.0	-111.9	-87.4	-84.2	-53.9	-158.5	-822.9	-77.3	-35.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	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	677.1	30.9	60.8	-21.7	-40.1	25.0	-22.1	28.0	-45.6	-595.8	-26.9	7.1
Net Cash Flow During the Period	197.2	1.2	-18.3	9.3	-55.2	134.9	-60.9	-0.6	73.6	-1.2	1.3	-0.3
Cash and Cash Equivalents at Beginning of Period	89.1	87.9	106.1	96.8	152.1	4.2	4.2	4.2	4.2	15.5	15.5	15.5
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	286.3	89.1	87.9	106.1	96.8	151.1	16.2	77.1	77.8	4.2	5.4	4.1

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DL1

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