FCN

FECON ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 2.60%, +1.74pp YoY

Price

12,150

Latest close

03 Jun 2026

P/E 27.24x

P/B 0.57x

EPS 446

BVPS 21,308

ROE 3.8%

ROA 1.3%

Profit Margin 2.4%

Asset Turnover 0.53x

Equity Mult. 3.03x

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

What Is Changing

On a TTM 2026Q1 basis, FCN is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,343bn
	                                
+49.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 139bn
	                                
+353.7%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.61x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	4,862.7	3,374.7	2,879.6	3,045.5	3,484.2
Growth	+44%	+17%	-5%	-13%	—
Net Income	95.2	30.1	-42.1	51.6	114.8
Net Margin	1.96%	0.89%	-1.46%	1.69%	3.30%

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	1,302.2	1,572.2	1,142.6	1,326.3	820.7	1,202.7	744.4	815.9	611.6	1,049.2	547.6	674.0
Growth	-17%	+38%	-14%	+62%	-32%	+62%	-9%	+33%	-42%	+92%	-19%	—
Net Income	43.7	62.6	16.5	16.0	1.0	28.8	0.0	0.7	0.6	-44.7	0.2	-1.4
Net Margin	3.36%	3.98%	1.45%	1.21%	0.13%	2.39%	0.00%	0.09%	0.10%	-4.26%	0.04%	-0.21%

Drivers of FCN's profit

TTM

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

Gross profit ↑ 276.6bn

Deferred tax ↓ 21.5bn

Administrative expenses ↑ 60.6bn

Tax ↑ 46.8bn

Selling expenses ↑ 32.7bn

Finance costs ↑ 31.6bn

TTM

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

Gross profit ↑ 48.8bn

Finance costs ↓ 9.3bn

Associates income ↑ 4.4bn

Tax ↑ 10.8bn

Administrative expenses ↑ 6.7bn

Selling expenses ↑ 5.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.9% = 0.9% × 0.39 × 2.73

2026Q1 4.1% = 2.6% × 0.53 × 3.03

ROE rose from 0.9% to 4.1% — all three components improved, with leverage contributing the most.

Net margin: 2.6% +1.7pp Asset turnover: 0.53x +0.14x Leverage: 3.03x +0.30x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 2.60%, rising 1.7pp. The main driver is Gross margin rose 0.8pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.2pp 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 2.60% +1.7pp

Gross Margin 14.10% +0.8pp

SG&A / Revenue 6.30% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 284.0 days.

Is capital being deployed efficiently?

ROIC expanded to 2.15%, rising 1.6pp. That translates to 2.15 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.0pp and capital turnover rose 0.19x, while invested capital rose by 703bn — 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 2.15% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.15% +1.6pp

NOPAT Margin 2.88% +2.0pp

Capital Turnover 0.75x +0.19x

Average Invested Capital 7,147.0bn +703.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is typical for construction contractors — liabilities at 2.08x equity, net debt at 1.14x equity.

Inventory ended the period at 3,489.3bn, roughly 34.3% of total assets.

Over the last 12 months, working capital absorbed 217.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −37.7bn

Inventories increased → lower CFO: −604.8bn

Payables increased → higher CFO: +424.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 28.4 days versus the same period last year. The main moves came from DIO rose 4.5 days, DSO fell 55.1 days, and DPO fell 22.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 284.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +4.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 143.1 days −55.1 days

Inventory 214.7 days +4.5 days

Payables 73.8 days −22.2 days

Cash Conversion Cycle 284.0 days −28.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 775.3bn due to capex of 697.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.14x and interest coverage only at 0.77x.

At present, short-term debt accounts for 68.2% of total debt, cash equals 8.1% of debt, and total debt stands at 4,177.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.14x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.77x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.14x +0.03x

Interest Coverage 0.77x +0.50x

Cash / Debt 8.1% +1.1pp

Short-term Debt / Total Debt 68.2% +7.2pp

CFO / NI -0.61x +14.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -86.2bn in 2025, against investing cash flow of -527.7bn.

Post-investment cash flow was negative +613.8bn. Financing cash flow was positive +902.4bn.

CFO / net income was -0.61x.

After spending +697.4bn on fixed-asset investment, the business generated trailing free cash flow of −775.3bn.

Cash Conversion

CFO TTM 77.9bn +71.1bn

Cash Capex 697.4bn −514.7bn

FCF TTM −775.3bn +585.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.2%. The main offsetting support comes from operating efficiency, with net margin improving 1.7 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.60% after expanding 1.7pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,862.7	3,374.7	2,879.6	3,045.5	3,484.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	4,862.7	3,374.7	2,879.6	3,045.5	3,484.2
Cost of Goods Sold	4,159.8	2,934.0	2,394.3	2,689.3	0.0
Gross Profit	702.9	440.7	485.2	356.3	517.7
Financial Income	76.0	85.7	23.4	168.6	18.8
Financial Expenses	292.4	232.2	287.3	228.5	-152.2
Interest Expense	270.7	214.6	259.9	212.4	-145.7
Share of Associates and Joint Ventures	3.5	4.3	0.0	0.0	-0.0
Selling Expenses	55.1	25.9	20.8	26.8	-25.1
General and Administrative Expenses	268.1	211.4	209.3	214.7	-199.9
Operating Profit	166.8	61.3	-8.8	54.9	159.2
Other Income	12.5	19.2	13.5	64.9	0.0
Other Expenses	34.9	21.4	22.9	41.4	0.0
Other Profit	-22.4	-2.2	-9.4	23.5	-0.3
Profit Before Tax	144.4	59.1	-18.2	78.3	158.9
Current Income Tax Expense	71.1	30.3	23.8	31.9	-44.1
Deferred Income Tax Expense	-21.9	-1.3	0.1	-5.2	0.0
Net Income	95.2	30.1	-42.1	51.6	114.8
Non-controlling Interest	63.7	20.8	-10.0	12.0	6.5
Profit Attributable to Parent	31.6	9.3	-32.1	39.6	108.3
Earnings per Share	201.00	59.00	-204.00	252.00	843.00
Diluted EPS	200.63	58.87	-203.87	251.58	687.80

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,187.8	6,369.7	6,136.6	5,235.4	5,142.8
I. Cash and cash equivalents	761.2	473.0	701.7	174.6	315.7
1. Cash	554.0	384.6	542.2	112.9	0.0
2. Cash equivalents	207.2	88.4	159.5	61.7	0.0
II. Short-term financial investments	31.8	28.1	24.7	28.6	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	31.8	28.1	24.7	28.6	0.0
III. Short-term receivables	3,780.3	4,076.9	3,632.1	3,230.0	2,817.7
1. Short-term trade accounts receivable	2,302.3	2,081.0	1,889.6	1,981.7	0.0
2. Short-term prepayments to suppliers	873.1	835.6	692.9	235.6	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	19.9	9.1	8.3	37.1	0.0
6. Other short-term receivables	593.3	1,154.1	1,044.0	978.2	0.0
7. Provision for short-term doubtful debts (*)	-9.5	-4.1	-3.9	-3.9	0.0
8. Assets awaiting resolution	1.2	1.2	1.2	1.2	0.0
IV. Inventories	3,489.3	1,682.9	1,680.6	1,669.3	1,710.1
1. Inventories	3,489.3	1,682.9	1,680.6	1,669.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	125.1	108.8	97.5	132.9	246.9
1. Short-term prepayments	37.5	60.1	45.9	42.4	0.0
2. Value added tax to be reclaimed	64.8	34.9	50.4	85.2	0.0
3. Taxes and other receivables from state authorities	22.8	13.8	1.2	5.3	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)	1,988.5	3,336.3	2,444.9	2,345.6	2,455.3
I. Long-term receivables	86.2	121.2	120.2	127.2	0.0
1. Long-term trade receivables	—	0.0	0.0	2.6	78.1
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	23.3	99.5	99.5	99.5	0.0
6. Other long-term receivables	62.9	21.7	20.6	25.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	551.9	1,581.8	1,716.3	1,796.7	1,886.8
1. Tangible fixed assets	256.9	1,373.4	1,543.8	1,552.8	1,632.3
- Cost	794.2	2,094.4	2,178.8	2,021.1	0.0
- Accumulated depreciation	-537.3	-721.0	-635.0	-468.3	0.0
2. Financial leased fixed assets	277.8	186.6	147.2	214.4	228.3
- Cost	323.0	228.7	196.1	259.1	0.0
- Accumulated depreciation	-45.3	-42.1	-48.9	-44.7	0.0
3. Intangible fixed assets	17.2	21.9	25.3	29.5	26.2
- Cost	61.0	60.1	58.0	56.9	0.0
- Accumulated depreciation	-43.9	-38.2	-32.8	-27.4	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	526.6	1,032.1	54.9	36.9	27.0
1. Long-term production in progress	—	994.8	24.1	9.3	0.0
2. Construction in progress	526.6	37.3	30.7	27.7	0.0
V. Long-term financial investments	651.6	452.5	414.2	222.1	292.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	566.0	368.2	329.2	157.1	0.0
3. Investments in other entities	82.0	80.8	80.8	60.8	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	3.5	3.5	4.2	4.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	172.2	148.7	139.4	162.7	0.0
1. Long-term prepayments	141.2	107.6	90.3	106.0	0.0
2. Deferred income tax assets	24.9	3.0	1.7	1.8	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	171.2
5. Goodwill	6.0	38.1	47.4	54.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	10,176.3	9,706.1	8,581.5	7,581.0	7,598.0
A. LIABILITIES (300=210+330)	6,867.7	6,338.0	5,219.7	4,097.6	4,594.2
I. Short -term liabilities	5,495.4	4,808.7	4,319.1	3,152.1	3,373.3
1. Short-term trade accounts payable	945.8	809.0	873.9	709.8	1,061.1
2. Short-term advances from customers	1,297.2	722.3	986.8	286.8	366.4
3. Taxes and other payables to state authorities	100.2	361.0	58.4	58.9	0.0
4. Payable to employees	55.0	39.3	35.3	40.4	0.0
5. Short-term acrrued expenses	184.3	359.5	169.7	158.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	179.5	128.0	119.3	123.3	0.0
10. Short-term borrowings and financial leases	2,725.2	2,380.9	2,066.7	1,766.7	1,311.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.9	8.6	9.1	7.8	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	1,372.3	1,529.3	900.5	945.6	1,220.8
1. Long-term trade payables	8.3	14.1	18.7	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	3.4	4.6	3.0	4.3	2.8
7. Other long-term liabilities	0.3	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,360.2	1,510.7	878.9	941.3	1,160.4
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	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)	3,308.6	3,368.0	3,361.8	3,483.3	3,003.9
I. Owner's equity	3,308.6	3,368.0	3,361.8	3,483.3	0.0
1. Owner's capital	1,574.4	1,574.4	1,574.4	1,574.4	3,003.9
- Common stock with voting right	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	517.6	517.6	517.6	517.6	517.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	10.0	10.0	10.0	10.0	10.0
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	348.8	348.6	347.3	337.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.2	0.2	0.2	0.3	0.0
11. Undistributed earnings after tax	82.8	56.5	51.2	207.3	265.7
- Accumulated retained earning at the end of the previous period	51.2	47.3	83.3	167.7	157.4
- Undistributed earnings in this period	31.6	9.3	-32.1	39.6	108.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	774.8	860.7	861.0	836.6	301.9
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	10,176.3	9,706.1	8,581.5	7,581.0	7,598.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	144.4	59.1	-18.2	78.3	158.9
Depreciation of Fixed Assets and Investment Property	132.4	168.0	169.1	154.3	83.0
Provision (Increase)/Reversal	5.4	0.2	0.0	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.0	0.6	5.1	0.4	0.0
Gain/Loss from Investment Activities	-62.0	-69.5	-8.2	-162.1	0.0
Interest Expense	270.7	214.6	259.9	212.4	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	492.8	372.9	407.7	283.0	372.0
Increase/(Decrease) in Receivables	310.4	-433.4	-512.8	375.7	0.0
Increase/(Decrease) in Inventory	-811.5	-2.3	-14.7	-17.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	267.3	158.7	795.5	-587.3	0.0
Increase/(Decrease) in Prepaid Expenses	-19.7	-31.5	10.4	-6.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-290.6	-204.7	-239.4	-212.4	0.0
Corporate Income Tax Paid	-32.5	-27.4	-29.8	-30.1	0.0
Other Operating Receipts	—	0.0	0.0	0.1	0.0
Other Operating Payments	-2.4	-3.4	-6.6	-7.9	0.0
Net Cash Flow from Operating Activities	-86.2	-171.0	410.4	-202.9	-109.2
Payments for Fixed Assets and Other Long-term Assets	-641.5	-1,016.9	-127.4	-138.4	-1,197.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	78.5	80.5	16.8	2.5	51.9
Loans and Purchases of Debt Instruments	-223.7	-22.3	-21.9	-531.6	-108.1
Receipts from Loan Repayments and Sale of Debt Instruments	280.6	63.8	54.6	27.0	47.8
Investments in Other Entities	-1.2	-3.1	-213.6	-54.9	-74.1
Proceeds from Investments in Other Entities	-76.2	13.4	292.1	212.4	0.0
Dividends and Interest Income Received	55.8	3.2	5.3	13.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-527.7	-881.4	5.8	-469.2	-1,204.9
Proceeds from Equity Issuance and Capital Contributions	66,013,500,000.00	629,000,000.00	56,740,200,000.00	373,342,500,000.00	435,783,460,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,577.5	3,636.8	2,943.7	3,020.0	4,075.1
Repayment of Borrowings	-4,593.7	-2,742.1	-2,772.3	-2,779.7	-3,097.6
Repayment of Finance Leases	-82.0	-55.8	-64.9	-79.5	-100.8
Dividends Paid	-65.4	-15.8	-53.5	0.0	-40.9
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	902.4	823.7	109.8	534.1	1,271.6
Net Cash Flow During the Period	288.6	-228.8	526.1	-138.0	-22.9
Cash and Cash Equivalents at Beginning of Period	473.0	701.7	174.6	312.4	358.4
FX Difference from Revaluation	-0.3	0.0	1.0	0.2	-0.0
Cash and Cash Equivalents at End of Period	761.2	473.0	701.7	174.6	315.7

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	1,302.2	1,572.2	1,142.6	1,326.3	820.7	1,202.7	744.4	815.9	611.6	1,049.2	547.6	674.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,302.2	1,572.2	1,142.6	1,326.3	820.7	1,202.7	744.4	815.9	611.6	1,049.2	547.6	674.0
Cost of Goods Sold	1,122.2	1,321.9	985.4	1,160.7	689.5	1,057.0	632.5	728.2	514.8	891.7	467.5	549.0
Gross Profit	180.0	250.3	157.2	165.7	131.2	145.8	111.9	87.8	96.8	157.5	80.1	124.9
Financial Income	6.2	48.9	14.5	7.1	5.8	63.5	5.9	7.4	9.0	-0.3	12.4	5.2
Financial Expenses	58.4	75.0	68.6	81.3	67.7	91.9	55.2	36.9	48.4	101.7	44.9	71.7
Interest Expense	57.0	77.4	69.2	66.6	57.6	85.5	-16.3	35.9	47.6	79.8	43.7	70.6
Share of Associates and Joint Ventures	4.4	3.6	-0.0	0.0	0.0	4.3	-0.1	0.0	0.0	0.0	0.0	0.0
Selling Expenses	12.0	30.8	8.4	9.0	6.8	10.6	5.3	4.9	5.2	7.7	3.5	5.0
General and Administrative Expenses	61.0	101.1	58.3	56.2	54.3	58.5	51.2	51.9	49.7	68.3	44.8	49.5
Operating Profit	59.3	95.9	36.3	26.3	8.2	52.6	6.1	1.5	2.4	-20.4	-0.7	3.9
Other Income	0.5	10.6	0.5	0.5	0.8	11.8	0.9	5.4	1.3	10.9	0.9	1.6
Other Expenses	3.2	15.2	12.7	2.2	4.9	14.7	3.4	1.2	2.0	14.5	-0.9	4.2
Other Profit	-2.6	-4.6	-12.1	-1.7	-4.0	-2.8	-2.5	4.1	-0.8	-3.7	1.7	-2.6
Profit Before Tax	56.6	91.4	24.2	24.5	4.2	49.8	3.6	5.7	1.6	-24.1	1.1	1.3
Current Income Tax Expense	14.1	49.9	7.7	8.8	3.3	21.8	3.7	4.9	1.4	20.4	0.9	2.8
Deferred Income Tax Expense	-1.2	-21.1	-0.0	-0.3	-0.2	-0.8	-0.1	-0.0	-0.4	0.2	-0.0	-0.1
Net Income	43.7	62.6	16.5	16.0	1.0	28.8	0.0	0.7	0.6	-44.7	0.2	-1.4
Non-controlling Interest	12.4	2.6	1.9	-5.6	7.6	30.8	-7.1	-10.9	8.0	-1.2	-9.3	-11.6
Profit Attributable to Parent	31.3	59.9	14.6	21.7	-6.6	-2.0	7.1	11.6	-7.3	-43.5	9.5	10.1
Earnings per Share	199.00	16.00	93.00	138.00	-42.00	-12.00	45.00	74.00	-47.00	-276.00	60.00	65.00
Diluted EPS	198.97	380.70	92.84	137.71	-41.71	-12.82	45.40	73.59	-46.54	-276.36	60.44	64.33

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)	8,087.6	8,204.1	7,507.2	7,421.3	6,411.4	6,363.6	6,021.2	6,116.1	6,061.5	6,331.2	5,140.5	5,169.6
I. Cash and cash equivalents	337.7	767.1	509.9	662.0	279.0	472.8	254.4	369.6	389.4	707.8	225.8	273.5
1. Cash	309.0	554.0	370.7	434.3	185.2	384.6	171.0	165.6	232.1	542.2	142.6	178.5
2. Cash equivalents	28.7	213.0	139.2	227.7	93.8	88.2	83.4	204.0	157.3	165.6	83.3	94.9
II. Short-term financial investments	58.3	26.0	25.7	25.3	28.2	28.2	19.3	13.4	14.3	18.7	15.1	14.0
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	58.3	26.0	25.7	25.3	28.2	28.2	19.3	13.4	14.3	18.7	15.1	14.0
III. Short-term receivables	4,078.0	3,797.7	4,780.8	4,660.6	4,056.1	4,072.8	3,934.7	3,890.9	3,886.1	3,829.7	2,995.6	3,011.9
1. Short-term trade accounts receivable	2,217.6	2,303.6	2,402.5	2,263.8	1,972.1	2,077.5	1,944.3	1,916.3	1,919.8	2,100.7	1,710.4	1,734.5
2. Short-term prepayments to suppliers	1,067.6	886.6	896.5	964.1	845.7	835.2	925.1	885.1	850.7	676.2	259.1	279.1
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	—	19.9	152.9	129.4	9.1	9.7	9.1	9.1	9.1	7.8	8.3	5.0
6. Other short-term receivables	801.1	595.9	1,331.7	1,306.1	1,232.1	1,153.3	1,058.8	1,083.1	1,109.2	1,047.5	1,020.5	996.0
7. Provision for short-term doubtful debts (*)	-9.5	-9.5	-4.1	-4.1	-4.1	-4.1	-3.9	-3.9	-3.9	-3.9	-3.9	-3.9
8. Assets awaiting resolution	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
IV. Inventories	3,499.2	3,486.9	2,017.4	1,914.2	1,900.1	1,685.4	1,712.3	1,756.0	1,678.7	1,681.1	1,760.7	1,738.7
1. Inventories	3,499.2	3,486.9	2,017.4	1,914.2	1,900.1	1,685.4	1,712.3	1,756.0	1,678.7	1,681.1	1,760.7	1,738.7
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	114.3	126.4	173.5	159.2	148.0	104.3	100.5	86.2	93.0	94.0	143.3	131.6
1. Short-term prepayments	34.2	37.8	97.2	85.2	74.7	55.6	66.4	54.6	51.9	42.5	74.1	47.1
2. Value added tax to be reclaimed	56.0	64.9	56.8	53.3	53.0	46.5	31.6	25.0	38.7	50.4	68.7	82.7
3. Taxes and other receivables from state authorities	24.1	23.8	19.5	20.8	20.3	2.2	2.6	6.6	2.4	1.1	0.6	1.7
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)	2,360.5	1,983.3	3,687.2	3,581.3	3,493.1	3,340.6	2,392.0	2,400.8	2,410.6	2,442.1	2,490.9	2,512.0
I. Long-term receivables	59.9	83.4	57.7	47.0	112.5	121.5	120.3	122.0	119.2	114.9	121.2	121.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	2.6	2.6	2.6
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	—	23.3	23.3	23.3	91.5	99.5	99.5	99.5	99.5	99.5	99.5	99.5
6. Other long-term receivables	59.9	60.1	34.4	23.7	21.0	22.0	20.8	22.4	19.7	12.7	19.1	19.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,280.0	551.9	1,536.9	1,532.4	1,563.3	1,580.9	1,612.5	1,648.9	1,679.0	1,716.3	1,765.2	1,793.1
1. Tangible fixed assets	951.0	256.9	1,249.6	1,314.5	1,341.9	1,372.4	1,410.8	1,455.9	1,504.4	1,543.8	1,545.0	1,558.6
- Cost	1,501.9	—	—	—	—	2,093.4	2,112.3	2,131.9	2,163.6	2,178.8	2,137.8	2,119.2
- Accumulated depreciation	-551.0	—	—	—	—	-721.0	-701.5	-676.0	-659.2	-635.0	-592.8	-560.6
2. Financial leased fixed assets	312.7	277.8	269.6	198.8	201.0	186.6	178.6	168.4	150.6	147.2	193.6	207.5
- Cost	366.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-54.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	16.3	17.2	17.8	19.1	20.5	21.9	23.1	24.5	23.9	25.3	26.6	27.0
- Cost	61.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-44.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	57.9	529.8	1,499.7	1,413.2	1,231.8	1,032.5	76.9	59.7	57.6	55.2	51.0	47.1
1. Long-term production in progress	—	—	1,169.8	1,133.0	1,046.4	995.2	41.1	32.5	26.9	24.5	21.9	17.4
2. Construction in progress	57.9	529.8	329.9	280.1	185.4	37.3	35.8	27.2	30.7	30.6	29.1	29.7
V. Long-term financial investments	754.9	651.9	442.3	442.3	442.2	452.5	430.5	430.6	414.0	412.9	403.9	394.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	571.9	566.3	357.9	358.0	358.0	368.2	346.2	346.2	329.2	329.2	329.2	329.2
3. Investments in other entities	156.0	82.0	80.8	80.8	80.8	80.8	80.8	80.8	80.8	80.8	70.8	60.8
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	27.0	3.5	3.5	3.5	3.5	3.5	3.6	3.6	4.0	2.9	3.9	4.1
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	207.8	166.3	150.7	146.5	143.2	153.2	151.7	139.7	95.4	95.5	100.3	104.9
1. Long-term prepayments	175.1	140.9	114.4	108.4	103.7	112.1	109.7	95.9	93.3	93.1	98.4	103.0
2. Deferred income tax assets	27.2	24.6	3.6	3.6	3.2	3.0	2.2	2.1	2.1	1.7	1.9	1.9
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.7	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	5.6	0.7	32.7	34.5	36.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	38.1	39.9	41.7	45.5	47.4	49.3	51.1
TOTAL ASSETS (280=100+200)	10,448.1	10,187.4	11,194.4	11,002.6	9,904.5	9,704.2	8,413.2	8,516.9	8,472.1	8,773.3	7,631.4	7,681.7
A. LIABILITIES (300=210+330)	7,093.4	6,882.6	7,806.8	7,631.5	6,546.7	6,336.0	5,073.2	5,176.8	5,108.9	5,413.2	4,223.6	4,279.7
I. Short -term liabilities	5,679.9	5,497.5	5,533.7	5,446.3	4,948.9	5,338.5	4,148.4	4,239.6	4,186.3	4,390.5	3,291.2	3,315.5
1. Short-term trade accounts payable	916.3	951.7	941.4	948.7	902.6	798.8	829.0	942.3	690.9	790.7	659.0	652.2
2. Short-term advances from customers	1,146.7	1,299.0	958.5	848.1	714.7	718.7	724.1	833.4	1,089.9	1,154.3	232.3	252.7
3. Dividends and profits payable	3.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	65.7	99.1	49.1	98.6	259.0	362.2	26.5	38.4	46.8	59.6	38.8	40.7
4. Payable to employees	31.0	56.9	27.8	24.8	25.7	39.4	22.2	24.2	23.3	36.5	26.5	23.2
5. Short-term acrrued expenses	357.9	184.3	313.3	328.8	296.1	359.5	293.6	205.4	308.7	270.3	239.8	205.3
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	0.8	0.1	7.4	0.9	16.8	0.0	0.0	0.0	0.0	0.0	3.1	1.7
9. Other short-term payables	303.5	178.0	318.0	323.0	276.1	128.0	99.6	102.6	102.1	117.8	111.4	111.9
10. Short-term borrowings and financial leases	2,847.1	2,720.4	2,910.1	2,864.7	2,449.7	2,923.2	2,144.4	2,084.0	1,916.1	1,952.2	1,971.2	2,018.2
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	7.6	7.9	8.2	8.5	8.1	8.6	8.8	9.2	8.6	9.1	9.2	9.5
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	1,413.5	1,385.1	2,273.1	2,185.2	1,597.8	997.5	924.8	937.2	922.6	1,022.7	932.4	964.2
1. Long-term trade payables	15.3	16.6	16.7	16.3	20.9	24.0	24.1	23.8	20.0	18.7	24.9	16.6
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	67.7	3.4	4.2	4.6	5.1	4.6	5.1	4.9	4.0	3.0	3.3	3.7
7. Other long-term liabilities	—	—	—	—	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,330.5	1,365.1	2,252.2	2,164.3	1,570.8	968.9	895.6	908.5	898.5	1,001.0	904.2	944.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	3,354.7	3,304.9	3,387.6	3,371.1	3,357.8	3,368.2	3,340.0	3,340.1	3,363.2	3,360.2	3,407.8	3,401.9
I. Owner's equity	3,354.7	3,304.9	3,387.6	3,371.1	3,357.8	3,368.2	3,340.0	3,340.1	3,363.2	3,360.2	3,407.8	3,401.9
1. Owner's capital	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4	1,574.4
- Common stock with voting right	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00	1,574,390,050,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	517.6	517.6	517.6	517.6	517.6	517.6	517.6	517.6	517.6	517.6	517.6	517.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	348.8	348.8	348.8	348.7	348.7	348.6	348.4	348.4	347.3	347.3	343.6	343.6
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	0.2	0.2	0.2	0.2	0.2	0.2	0.4	0.4	0.4	0.2	0.2	0.2
11. Undistributed earnings after tax	110.6	79.7	76.3	61.1	39.4	56.7	58.7	51.5	43.8	50.4	100.0	86.8
- Accumulated retained earning at the end of the previous period	79.3	47.4	46.5	45.9	46.0	47.3	47.3	47.2	51.2	83.7	89.6	84.2
- Undistributed earnings in this period	31.3	32.3	29.7	15.1	-6.6	9.4	11.4	4.3	-7.3	-33.4	10.4	2.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	793.1	774.2	860.3	859.1	867.5	860.7	830.6	837.8	869.7	860.3	861.9	869.3
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)	10,448.1	10,187.4	11,194.4	11,002.6	9,904.5	9,704.2	8,413.2	8,516.9	8,472.1	8,773.3	7,631.4	7,681.7

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	56.6	91.4	24.2	24.5	4.2	49.8	3.6	5.6	1.6	-25.2	1.1	1.4
Depreciation of Fixed Assets and Investment Property	26.8	3.7	43.4	42.3	42.9	41.7	42.2	41.9	42.2	42.6	43.7	-3.3
Provision (Increase)/Reversal	—	5.4	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-3.9	-6.9	2.5	0.6	5.8	-1.7	7.8	-5.6	0.0	5.1	0.0	0.0
Gain/Loss from Investment Activities	-1.5	-48.7	-4.8	-3.9	-4.6	-48.9	-4.0	-7.2	-3.9	11.5	-12.1	-6.3
Interest Expense	57.0	77.4	69.2	66.6	57.6	85.5	46.3	35.7	47.6	79.2	43.7	70.6
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	135.0	122.4	134.4	130.1	105.9	126.7	95.9	70.4	87.6	113.1	76.4	62.4
Increase/(Decrease) in Receivables	-307.7	961.4	-101.4	-590.0	40.4	-180.6	-29.1	6.2	-223.4	-551.3	36.1	127.4
Increase/(Decrease) in Inventory	-10.0	-477.1	-102.7	-15.0	-216.7	45.9	26.8	-74.6	-0.8	48.2	-1.1	-92.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	151.3	-243.9	147.8	369.6	-6.1	390.1	-165.4	-116.4	64.0	891.1	-1.7	-69.8
Increase/(Decrease) in Prepaid Expenses	-30.9	25.3	-19.1	-18.5	-7.4	8.4	-25.6	-5.3	-8.9	34.5	-22.6	1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-56.7	-87.0	-73.7	-56.8	-73.1	-55.4	-46.4	-35.5	-67.6	-58.7	-43.7	-70.6
Corporate Income Tax Paid	-35.1	-4.7	-11.0	-12.1	-4.7	-1.9	-15.0	-3.7	-6.9	-0.6	-5.0	-21.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.4	-0.5	-0.3	-1.2	0.0	-0.8	-0.8	-0.6	-4.5	1.9	0.9
Net Cash Flow from Operating Activities	-154.7	296.0	-26.3	-193.0	-162.9	333.2	-159.6	-159.7	-156.5	472.0	40.3	-62.9
Payments for Fixed Assets and Other Long-term Assets	-246.9	168.5	-192.2	-426.7	-191.0	-981.7	2.2	-41.6	-3.9	-109.2	-2.4	-15.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	8.1	12.5	50.4	9.2	6.4	1.8	2.3	62.1	19.7	-0.2	15.3	-12.3
Loans and Purchases of Debt Instruments	-9.6	59.0	-159.1	-123.5	-0.1	-36.7	-7.8	-3.0	-2.3	-10.7	-4.4	-5.9
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	3.2	135.1	97.3	45.0	53.2	-5.9	11.0	5.5	33.5	-0.3	17.6
Investments in Other Entities	-74.0	—	—	—	—	-0.8	14.7	-11.1	-5.9	18.9	-10.1	-9.5
Proceeds from Investments in Other Entities	—	-76.2	—	—	—	7.4	6.0	0.0	0.0	0.0	0.0	291.7
Dividends and Interest Income Received	0.6	27.3	-1.0	28.6	0.8	0.5	1.0	1.4	1.1	0.8	1.2	2.4
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	-318.7	193.1	-166.8	-415.1	-138.9	-956.3	12.5	18.7	14.1	-66.8	-0.8	268.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	-50,000,000.00	679,000,000.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,288.2	1,191.2	1,299.3	2,113.1	973.9	1,732.9	706.2	586.0	611.0	886.9	574.5	627.0
Repayment of Borrowings	-1,217.5	-1,404.3	-1,231.9	-1,106.3	-851.2	-878.6	-669.3	-446.0	-747.6	-804.1	-645.9	-700.6
Repayment of Finance Leases	-20.8	-25.0	-26.3	-15.7	-15.0	-15.6	0.7	-21.7	-18.2	-13.1	-16.0	-12.5
Dividends Paid	—	-65.4	—	—	—	0.0	-0.0	0.0	-15.7	-0.0	0.0	-7.7
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	49.9	-237.5	41.0	991.1	107.8	838.7	37.7	118.2	-169.9	69.7	-87.4	-93.8
Net Cash Flow During the Period	-423.5	251.7	-152.1	383.0	-194.0	215.6	-109.4	-22.8	-312.3	474.9	-47.8	112.0
Cash and Cash Equivalents at Beginning of Period	761.2	509.9	662.0	279.0	473.0	701.7	701.7	701.7	701.7	174.6	174.6	174.6
FX Difference from Revaluation	-0.0	-0.3	0.0	0.0	0.0	2.9	-5.8	3.0	0.0	1.0	0.0	0.0
Cash and Cash Equivalents at End of Period	337.7	761.2	509.9	662.0	279.0	472.8	254.4	369.6	389.4	701.7	225.8	273.6

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FCN

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Cash Flow