FIC

Tổng Công ty Vật liệu Xây dựng số 1 - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.44%, +5.70pp YoY

Price

20,000

Latest close

03 Jun 2026

P/E 20.24x

P/B 1.51x

EPS 988

BVPS 13,219

ROE 7.6%

ROA 4.7%

Profit Margin 11.1%

Asset Turnover 0.42x

Equity Mult. 1.63x

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

What Is Changing

On a TTM 2026Q1 basis, FIC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,129bn
	                                
−17.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 140bn
	                                
+53.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,186.2	1,369.2	1,325.4	1,635.5	1,461.0
Growth	-13%	+3%	-19%	+12%	—
Net Income	130.6	82.5	55.6	114.9	103.7
Net Margin	11.01%	6.03%	4.20%	7.02%	7.10%

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	224.0	316.3	247.0	341.8	281.2	381.5	315.1	383.5	289.9	319.6	303.1	373.8
Growth	-29%	+28%	-28%	+22%	-26%	+21%	-18%	+32%	-9%	+5%	-19%	—
Net Income	22.1	24.5	34.9	58.9	12.1	9.3	24.2	46.1	8.5	-20.9	19.7	47.7
Net Margin	9.88%	7.75%	14.12%	17.24%	4.31%	2.44%	7.69%	12.02%	2.93%	-6.55%	6.49%	12.75%

Drivers of FIC's profit

TTM

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

Other profit ↑ 37.5bn

Associates income ↑ 11.0bn

Financial income ↑ 8.2bn

Minority interests ↑ 13.2bn

Administrative expenses ↑ 6.1bn

TTM

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

Administrative expenses ↓ 5.2bn

Gross profit ↑ 3.9bn

Financial income ↑ 2.5bn

Minority interests ↑ 3.1bn

Finance costs ↑ 2.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.7% = 6.7% × 0.52 × 1.63

2026Q1 8.6% = 12.4% × 0.42 × 1.63

ROE rose from 5.7% to 8.6% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 12.4% +5.7pp Asset turnover: 0.42x -0.10x Leverage: 1.63x +0.00x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 12.44%, rising 5.7pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 2.6pp (with additional support from Other profit / Revenue rose 3.3pp and Net financial result / Revenue rose 0.5pp).

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 12.44% +5.7pp

Gross Margin 16.76% +2.7pp

SG&A / Revenue 12.78% +2.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 4.95%, rising 0.5pp. That translates to 4.95 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 2.7pp was enough to offset the decline from capital turnover fell 0.13x, with invested capital easing up by 76bn.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 4.95% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.95% +0.5pp

NOPAT Margin 9.63% +2.7pp

Capital Turnover 0.51x −0.13x

Average Invested Capital 2,194.9bn +75.8bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.75x equity, net debt at 0.35x equity.

Inventory ended the period at 485.4bn, roughly 17.2% of total assets.

Over the last 12 months, working capital released 180.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +45.8bn

Inventories decreased → higher CFO: +153.0bn

Payables decreased → lower CFO: −18.7bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 16.8 days versus the same period last year. The main moves came from DIO rose 3.5 days, DSO rose 18.4 days, and DPO rose 5.1 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 283.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +18.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 96.7 days +18.4 days

Inventory 210.9 days +3.5 days

Payables 24.7 days +5.1 days

Cash Conversion Cycle 283.0 days +16.8 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.35x and interest coverage at 3.36x.

At present, short-term debt accounts for 99.3% of total debt, cash equals 20.5% of debt, and total debt stands at 744.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.3% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 20.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.35x +0.03x

Interest Coverage 3.36x +0.29x

Cash / Debt 20.5% +2.5pp

Short-term Debt / Total Debt 99.3% −0.7pp

CFO / NI 2.30x +0.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 291.9bn in 2025, against investing cash flow of -246.0bn.

Post-investment cash flow was positive +46.0bn. Financing cash flow was negative +31.4bn.

CFO / net income was 2.30x.

After spending +25.9bn on fixed-asset investment, the business generated trailing free cash flow of +262.1bn.

Cash Conversion

CFO TTM 288.0bn +103.8bn

Cash Capex 25.9bn +7.2bn

FCF TTM +262.1bn +96.7bn

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 5.7 pp. The next item to monitor is the earnings mix, when non-core contribution is 22.6%. The main risk still sits in capital efficiency remains weak, with ROIC at 5.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.44% after expanding 5.7pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.30x. Even so, net financial result still accounts for 22.6% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,195.0	1,380.3	1,347.4	1,675.9	1,500.7
Revenue Deductions	8.7	11.1	22.0	40.4	0.0
Net Revenue	1,186.2	1,369.2	1,325.4	1,635.5	1,461.0
Cost of Goods Sold	1,000.8	1,181.4	1,100.2	1,372.9	0.0
Gross Profit	185.4	187.8	225.2	262.6	227.1
Financial Income	25.2	20.3	19.4	11.9	11.5
Financial Expenses	33.5	36.7	48.9	39.0	-48.9
Interest Expense	33.8	35.8	48.3	33.3	-48.8
Share of Associates and Joint Ventures	83.3	71.1	50.8	80.8	112.2
Selling Expenses	21.1	23.9	28.4	42.0	-47.8
General and Administrative Expenses	129.0	120.2	142.4	139.4	-129.6
Operating Profit	110.4	98.3	75.8	134.9	124.4
Other Income	71.6	41.6	45.2	43.1	0.0
Other Expenses	37.1	45.0	46.9	44.0	0.0
Other Profit	34.5	-3.4	-1.6	-0.9	3.9
Profit Before Tax	144.9	94.9	74.2	134.0	128.3
Current Income Tax Expense	12.0	10.8	18.8	16.5	-24.6
Deferred Income Tax Expense	2.2	1.6	-0.2	2.6	0.0
Net Income	130.6	82.5	55.6	114.9	103.7
Non-controlling Interest	12.0	-0.9	-0.3	16.1	2.2
Profit Attributable to Parent	118.6	83.4	55.9	98.7	101.5
Earnings per Share	934.00	657.00	440.00	778.00	798.00
Diluted EPS	934.15	657.02	440.48	777.55	798.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,523.5	1,392.2	1,314.1	1,236.5	1,170.4
I. Cash and cash equivalents	237.7	223.1	206.5	92.1	213.0
1. Cash	114.7	204.0	181.0	58.9	0.0
2. Cash equivalents	123.0	19.1	25.6	33.2	0.0
II. Short-term financial investments	543.1	269.7	148.2	201.8	0.0
1. Available for sale securities	11.4	11.4	11.4	11.4	0.0
2. Provision for diminution in value of available for sale securities (*)	-7.7	-5.3	-4.6	-3.4	0.0
3. Held to maturity investments	539.4	263.5	141.3	193.8	0.0
III. Short-term receivables	247.9	255.3	242.4	273.9	299.1
1. Short-term trade accounts receivable	308.2	300.4	283.9	280.5	0.0
2. Short-term prepayments to suppliers	9.6	10.9	8.4	12.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	89.7	97.7	98.6	100.0	0.0
7. Provision for short-term doubtful debts (*)	-161.6	-155.8	-150.6	-122.3	0.0
8. Assets awaiting resolution	2.1	2.1	2.1	2.9	0.0
IV. Inventories	485.4	638.4	706.4	654.0	602.4
1. Inventories	533.5	672.5	731.4	677.6	0.0
2. Provision for decline in value of inventories	-48.1	-34.2	-25.0	-23.6	0.0
V. Other short-term assets	9.3	5.7	10.7	14.7	14.5
1. Short-term prepayments	4.9	3.2	4.9	5.3	0.0
2. Value added tax to be reclaimed	1.5	0.7	4.2	8.3	0.0
3. Taxes and other receivables from state authorities	2.9	1.8	1.6	1.1	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)	1,304.9	1,338.8	1,421.4	1,478.0	1,599.4
I. Long-term receivables	10.9	33.8	33.0	32.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	32.3
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	10.9	33.8	33.0	32.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	218.6	238.2	254.6	288.9	327.9
1. Tangible fixed assets	160.0	176.6	206.5	237.6	275.1
- Cost	829.3	981.2	1,037.6	1,054.2	0.0
- Accumulated depreciation	-669.3	-804.6	-831.1	-816.5	0.0
2. Financial leased fixed assets	0.2	0.6	1.5	2.5	2.0
- Cost	1.6	1.6	3.1	4.1	0.0
- Accumulated depreciation	-1.3	-0.9	-1.6	-1.6	0.0
3. Intangible fixed assets	58.4	61.0	46.6	48.7	50.8
- Cost	86.6	86.6	70.3	70.3	0.0
- Accumulated depreciation	-28.3	-25.6	-23.7	-21.6	0.0
III. Investment properties	9.1	10.6	12.1	13.7	15.2
- Cost	31.6	31.6	31.6	31.6	0.0
- Accumulated depreciation	-22.5	-21.0	-19.5	-17.9	0.0
IV. Long-term assets in progress	26.3	19.0	22.9	16.3	18.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	26.3	19.0	22.9	16.3	0.0
V. Long-term financial investments	969.6	956.3	1,006.1	1,026.0	1,099.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	912.6	900.1	938.9	956.9	0.0
3. Investments in other entities	57.4	59.4	62.1	65.1	0.0
4. Provision for diminution in value of long-term investments	-0.4	-3.2	-3.1	-4.2	0.0
5. Held to maturity investments	—	0.0	8.2	8.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	70.4	80.7	92.6	100.4	0.0
1. Long-term prepayments	53.8	57.8	63.5	65.0	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	106.4
5. Goodwill	16.7	22.9	29.2	35.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,828.4	2,731.0	2,735.6	2,714.4	2,769.8
A. LIABILITIES (300=210+330)	1,215.4	1,180.0	1,143.8	1,084.7	1,170.7
I. Short -term liabilities	1,162.6	1,112.4	1,078.2	1,019.2	1,096.3
1. Short-term trade accounts payable	75.9	67.2	100.4	116.7	138.1
2. Short-term advances from customers	110.8	103.8	103.4	104.1	109.2
3. Taxes and other payables to state authorities	12.7	13.2	13.7	14.2	0.0
4. Payable to employees	35.2	24.1	22.5	26.1	0.0
5. Short-term acrrued expenses	18.3	15.0	15.3	12.0	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	34.4	37.4	41.1	45.6	0.0
10. Short-term borrowings and financial leases	862.4	829.9	756.9	680.2	722.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.8	21.7	24.8	20.2	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	52.8	67.7	65.6	65.5	74.5
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	26.4	49.6	49.8	49.6	0.0
8. Long-term borrowings and financial leases	5.5	0.2	0.8	1.0	0.9
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	14.2	11.5	9.0	9.3	0.0
12. Provision for long-term liabilities	6.7	6.3	6.0	5.7	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)	1,613.0	1,550.9	1,591.8	1,629.7	1,599.1
I. Owner's equity	1,613.0	1,550.9	1,591.8	1,629.7	0.0
1. Owner's capital	1,270.0	1,270.0	1,270.0	1,270.0	1,599.1
- Common stock with voting right	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	44.3	22.2	22.2	22.2	22.2
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-201.8	-201.8	-221.8	-221.8	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	70.4	34.3	26.0	16.5	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	425.3	431.7	491.2	543.6	519.2
- Accumulated retained earning at the end of the previous period	306.7	348.3	435.2	444.8	417.8
- Undistributed earnings in this period	118.6	83.4	55.9	98.7	101.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	4.7	-5.4	4.2	-0.7	-3.1
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)	2,828.4	2,731.0	2,735.6	2,714.4	2,769.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	144.9	94.9	74.2	134.0	128.3
Depreciation of Fixed Assets and Investment Property	41.4	45.2	48.3	59.6	56.1
Provision (Increase)/Reversal	19.7	15.4	30.1	22.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.1	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-51.6	-22.0	-20.9	-12.3	0.0
Interest Expense	33.8	35.8	48.3	33.3	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	188.1	169.4	180.1	237.4	253.8
Increase/(Decrease) in Receivables	29.8	-13.8	4.4	13.3	0.0
Increase/(Decrease) in Inventory	139.0	58.9	-53.8	-60.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.1	-40.2	-8.5	-31.7	0.0
Increase/(Decrease) in Prepaid Expenses	2.3	7.4	1.9	-1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-33.8	-35.9	-48.1	-42.6	0.0
Corporate Income Tax Paid	-13.3	-12.0	-20.6	-17.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-18.1	-11.2	-5.2	-6.9	0.0
Net Cash Flow from Operating Activities	291.9	122.6	50.1	89.9	175.5
Payments for Fixed Assets and Other Long-term Assets	-21.1	-21.3	-6.3	-14.1	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	29.7	1.9	1.6	0.7	1.0
Loans and Purchases of Debt Instruments	-581.4	-362.8	-115.0	-208.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	305.6	248.9	167.5	45.0	16.8
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	2.0	7.3	3.0	0.0	0.0
Dividends and Interest Income Received	19.2	18.2	21.3	10.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-246.0	-107.8	72.1	-166.8	40.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,907.5	2,455.8	2,277.4	2,728.8	2,349.7
Repayment of Borrowings	-1,869.3	-2,383.1	-2,200.1	-2,770.2	-2,634.9
Repayment of Finance Leases	-0.3	-0.4	-0.8	-0.9	-0.7
Dividends Paid	-69.2	-70.5	-84.3	-1.7	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	-31.4	1.8	-7.8	-44.0	-285.9
Net Cash Flow During the Period	14.6	16.6	114.4	-120.9	103.4
Cash and Cash Equivalents at Beginning of Period	223.1	206.5	92.1	213.0	282.6
FX Difference from Revaluation	0.0	0.1	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	237.7	223.1	206.5	92.1	213.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	225.0	318.0	248.9	344.3	283.7	384.3	317.9	385.8	292.4	324.1	308.1	380.2
Revenue Deductions	1.0	1.8	1.9	2.5	2.6	2.8	2.8	2.3	2.5	4.5	5.0	6.4
Net Revenue	224.0	316.3	247.0	341.8	281.2	381.5	315.1	383.5	289.9	319.6	303.1	373.8
Cost of Goods Sold	173.8	289.9	199.8	276.4	234.8	344.9	263.5	326.9	245.7	267.4	248.3	306.8
Gross Profit	50.3	26.4	47.1	65.5	46.4	36.6	51.6	56.6	44.2	52.2	54.7	67.0
Financial Income	3.6	15.4	1.3	7.3	1.2	6.7	1.1	10.5	1.9	5.3	2.5	10.1
Financial Expenses	10.3	8.8	8.3	8.3	7.9	10.8	8.5	8.2	9.1	12.7	12.3	11.7
Interest Expense	10.1	9.9	7.8	8.2	7.9	10.4	8.4	7.9	9.1	11.3	12.2	12.7
Share of Associates and Joint Ventures	10.2	19.9	26.8	26.6	10.0	18.6	20.2	23.6	9.9	11.0	11.2	20.6
Selling Expenses	5.0	4.6	5.1	6.4	5.0	6.2	5.9	5.0	6.1	6.7	6.9	8.5
General and Administrative Expenses	23.2	49.4	24.0	26.6	28.4	37.2	25.7	25.8	28.8	63.4	25.8	24.8
Operating Profit	25.6	-1.1	37.8	58.0	16.3	7.8	33.0	51.6	12.0	-14.4	23.5	52.7
Other Income	7.1	43.0	7.9	17.8	7.0	16.7	8.3	8.2	8.2	12.0	9.4	12.3
Other Expenses	6.6	14.2	8.0	11.7	7.2	12.8	13.6	8.9	8.8	13.1	9.9	12.5
Other Profit	0.4	28.8	-0.2	6.1	-0.2	3.8	-5.3	-0.7	-0.6	-1.0	-0.5	-0.2
Profit Before Tax	26.0	27.7	37.7	64.2	16.1	11.6	27.6	50.9	11.5	-15.4	23.0	52.5
Current Income Tax Expense	3.4	2.4	2.3	4.8	3.5	2.5	3.0	3.7	2.6	3.8	3.1	3.9
Deferred Income Tax Expense	0.5	0.8	0.5	0.4	0.4	-0.2	0.4	1.1	0.4	1.7	0.2	0.9
Net Income	22.1	24.5	34.9	58.9	12.1	9.3	24.2	46.1	8.5	-20.9	19.7	47.7
Non-controlling Interest	5.2	4.9	-1.7	6.7	2.0	-6.0	3.1	2.7	0.8	-5.5	2.1	3.8
Profit Attributable to Parent	17.0	19.7	36.6	52.2	10.1	15.3	21.1	43.4	7.7	-15.4	17.6	43.8
Earnings per Share	134.00	155.00	288.00	411.00	79.00	121.00	166.00	342.00	61.00	-121.00	138.00	345.00
Diluted EPS	133.67	154.74	287.90	411.08	79.41	120.51	166.40	342.12	60.85	-121.40	138.27	345.23

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)	1,456.5	1,519.7	1,341.0	1,285.9	1,254.2	1,395.0	1,422.2	1,307.3	1,245.6	1,313.6	1,219.1	1,292.4
I. Cash and cash equivalents	152.5	237.9	145.7	169.8	113.5	223.2	115.6	126.8	138.9	206.5	83.0	166.9
1. Cash	92.0	209.7	105.7	149.8	93.5	204.1	100.3	88.5	80.0	181.0	64.5	111.7
2. Cash equivalents	60.5	28.2	40.0	20.0	20.0	19.1	15.3	38.3	58.9	25.6	18.5	55.2
II. Short-term financial investments	597.4	542.9	413.2	274.6	269.1	269.6	273.5	150.4	144.6	148.0	137.0	134.3
1. Available for sale securities	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
2. Provision for diminution in value of available for sale securities (*)	-7.8	-7.7	-5.9	-5.4	-5.3	-5.3	-4.9	-4.9	-4.6	-4.7	-3.4	-3.4
3. Held to maturity investments	593.8	539.2	407.7	268.6	262.9	263.4	266.9	143.8	137.7	141.3	129.0	126.3
III. Short-term receivables	229.8	247.9	240.3	265.8	261.9	258.6	304.5	284.0	244.1	242.4	273.0	281.0
1. Short-term trade accounts receivable	296.6	308.2	271.4	298.8	301.9	300.4	318.2	324.8	282.1	283.9	285.3	294.9
2. Short-term prepayments to suppliers	11.0	9.6	27.4	17.1	11.8	11.0	37.6	13.6	9.9	8.4	10.1	11.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	81.8	89.7	93.6	101.6	100.0	98.5	95.3	93.6	100.3	98.6	97.4	95.0
7. Provision for short-term doubtful debts (*)	-161.7	-161.6	-154.2	-153.9	-153.9	-153.4	-148.7	-150.2	-150.3	-150.6	-121.9	-122.0
8. Assets awaiting resolution	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
IV. Inventories	448.7	482.1	527.3	559.3	585.5	637.9	711.6	720.5	685.9	706.4	706.0	679.9
1. Inventories	466.6	530.2	564.8	593.2	619.7	672.1	737.9	746.8	710.7	731.4	729.1	703.0
2. Provision for decline in value of inventories	-17.9	-48.1	-37.6	-33.9	-34.2	-34.2	-26.3	-26.3	-24.9	-25.0	-23.2	-23.2
V. Other short-term assets	28.1	8.8	14.6	16.5	24.3	5.7	17.1	25.7	32.2	10.3	20.1	30.4
1. Short-term prepayments	25.5	5.1	11.3	14.4	22.7	3.2	13.4	21.4	28.6	4.5	13.2	22.5
2. Value added tax to be reclaimed	0.8	1.6	1.5	0.3	0.0	0.7	2.0	2.5	2.0	4.2	5.3	6.1
3. Taxes and other receivables from state authorities	1.8	2.2	1.8	1.7	1.6	1.8	1.7	1.8	1.6	1.6	1.7	1.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,306.7	1,304.7	1,370.3	1,348.5	1,331.8	1,339.0	1,362.2	1,361.3	1,379.6	1,423.1	1,458.9	1,469.8
I. Long-term receivables	13.0	10.9	34.5	34.5	35.1	33.8	33.8	33.4	33.4	33.1	33.1	33.1
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	13.0	10.9	34.5	34.5	35.1	33.8	33.8	33.4	33.4	33.1	33.1	33.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	212.5	218.6	221.7	220.3	229.3	238.2	229.4	238.4	249.2	254.6	261.8	272.0
1. Tangible fixed assets	154.7	160.0	162.3	160.2	168.5	176.6	183.5	191.9	202.1	206.5	213.0	222.4
- Cost	829.3	—	—	—	—	981.2	1,041.3	1,042.0	1,041.7	1,037.5	1,036.5	1,037.1
- Accumulated depreciation	-674.6	—	—	—	—	-804.6	-857.9	-850.1	-839.5	-831.0	-823.5	-814.6
2. Financial leased fixed assets	0.1	0.2	0.3	0.4	0.5	0.6	0.7	0.8	0.9	1.5	1.7	1.9
- Cost	1.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	57.7	58.4	59.0	59.7	60.4	61.0	45.2	45.7	46.1	46.6	47.1	47.6
- Cost	86.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-28.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	8.8	9.1	9.5	9.9	10.3	10.6	11.0	11.4	11.8	12.1	12.5	12.9
- Cost	31.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	26.4	26.3	25.3	23.6	20.4	19.6	20.4	20.1	21.1	22.9	19.1	19.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	26.4	26.3	25.3	23.6	20.4	19.6	20.4	20.1	21.1	22.9	19.1	19.4
V. Long-term financial investments	979.9	969.6	1,010.6	988.4	961.1	956.8	982.8	971.9	976.6	1,007.3	1,037.0	1,036.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	924.8	912.6	956.4	932.1	904.9	900.5	926.5	907.4	912.1	940.1	969.9	969.1
3. Investments in other entities	55.4	57.4	57.4	59.4	59.4	59.4	59.4	59.4	59.4	62.1	62.1	62.1
4. Provision for diminution in value of long-term investments	-0.4	-0.4	-3.2	-3.2	-3.2	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1	-3.1
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	8.2	8.2	8.2	8.2	8.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	66.1	70.2	68.6	71.8	75.6	79.9	84.8	86.0	59.9	63.9	64.6	63.9
1. Long-term prepayments	51.0	53.6	50.4	52.0	54.2	57.0	60.3	60.0	59.9	63.9	64.6	63.9
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	15.1	16.7	18.2	19.8	21.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	22.9	24.5	26.0	27.6	29.2	30.7	32.3
TOTAL ASSETS (280=100+200)	2,763.3	2,824.4	2,711.3	2,634.4	2,586.1	2,734.0	2,784.4	2,668.6	2,625.2	2,736.6	2,678.0	2,762.2
A. LIABILITIES (300=210+330)	1,084.4	1,211.7	1,083.9	1,041.3	983.6	1,177.7	1,188.3	1,097.2	1,026.3	1,143.7	1,062.6	1,182.3
I. Short -term liabilities	1,030.4	1,156.9	1,005.9	966.6	914.5	1,108.1	1,118.2	1,029.2	959.0	1,078.1	998.5	1,116.6
1. Short-term trade accounts payable	71.1	75.9	69.6	74.1	56.0	67.3	105.1	125.9	69.7	100.4	111.4	122.5
2. Short-term advances from customers	103.7	110.8	105.0	103.1	106.3	103.8	102.8	102.5	105.3	103.4	104.5	103.7
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	30.6	11.7	21.0	23.0	30.5	14.2	21.4	24.5	31.0	13.7	22.7	25.2
4. Payable to employees	21.8	34.2	18.5	20.0	20.5	19.2	17.6	19.5	15.2	22.5	19.3	18.5
5. Short-term acrrued expenses	18.1	15.6	17.2	14.6	14.4	15.2	9.9	15.9	15.1	15.3	9.6	10.2
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	0.2	0.1	0.3	0.1	0.1	0.0	0.3	0.0	0.1	0.0	0.3	0.2
9. Other short-term payables	35.8	32.4	37.8	37.2	38.7	36.6	41.3	47.2	42.2	41.1	41.7	58.3
10. Short-term borrowings and financial leases	739.3	862.4	722.4	671.2	629.7	829.9	796.6	669.1	658.7	756.9	664.1	752.4
11. Provision for short-term liabilities	—	1.0	—	2.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.7	12.8	14.2	21.2	18.3	21.7	23.2	24.6	21.6	24.8	24.9	25.5
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	54.0	54.8	78.0	74.6	69.1	69.6	70.1	67.9	67.3	65.6	64.1	65.8
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	26.4	28.4	52.2	51.7	49.9	51.6	51.8	49.8	49.8	49.8	49.9	49.7
8. Long-term borrowings and financial leases	5.3	5.5	5.7	3.3	0.1	0.2	0.2	0.3	0.7	0.8	1.0	1.2
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	15.2	14.2	13.4	12.9	12.4	11.5	11.7	11.5	10.4	9.0	7.3	8.8
12. Provision for long-term liabilities	7.0	6.7	6.7	6.7	6.7	6.3	6.3	6.3	6.3	6.0	6.0	6.0
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)	1,678.9	1,612.7	1,627.4	1,593.1	1,602.5	1,556.3	1,596.2	1,571.4	1,598.9	1,592.9	1,615.4	1,579.9
I. Owner's equity	1,678.9	1,612.7	1,627.4	1,593.1	1,602.5	1,556.3	1,596.2	1,571.4	1,598.9	1,592.9	1,615.4	1,579.9
1. Owner's capital	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0	1,270.0
- Common stock with voting right	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00	1,270,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	44.4	44.3	44.3	22.2	22.2	22.2	22.2	22.2	22.2	22.2	22.2	22.2
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-201.8	-201.8	-201.8	-201.8	-201.8	-201.8	-201.8	-201.8	-221.8	-221.8	-221.8	-221.8
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	70.3	70.4	70.4	91.7	34.3	34.3	34.3	34.3	26.0	26.0	26.0	26.0
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	486.1	425.7	445.2	409.1	481.2	435.4	469.3	447.8	499.9	492.3	509.3	483.8
- Accumulated retained earning at the end of the previous period	469.1	307.2	346.3	346.9	471.1	347.3	396.5	396.7	492.1	436.2	437.8	439.5
- Undistributed earnings in this period	17.0	118.5	98.9	62.3	10.1	88.1	72.8	51.2	7.7	56.1	71.6	44.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	9.9	4.1	-0.7	1.9	-3.4	-3.7	2.3	-1.0	2.7	4.2	9.7	-0.3
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)	2,763.3	2,824.4	2,711.3	2,634.4	2,586.1	2,734.0	2,784.4	2,668.6	2,625.2	2,736.6	2,678.0	2,762.2

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	26.0	27.0	37.7	64.2	16.1	11.6	27.6	51.5	11.5	-15.5	23.0	52.5
Depreciation of Fixed Assets and Investment Property	7.9	9.4	10.2	11.0	10.8	11.1	11.1	13.1	10.0	11.7	12.1	15.3
Provision (Increase)/Reversal	-29.5	16.9	2.5	1.9	-1.5	12.9	-1.4	1.5	-0.1	31.7	-0.1	-1.8
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	-0.0	0.0	-0.1	0.1	0.0	-0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-3.6	-41.3	-1.3	-7.9	-1.1	-7.9	-1.3	-10.5	-1.8	-5.5	-2.6	-11.2
Interest Expense	10.1	9.9	7.8	8.2	7.9	10.4	8.4	7.9	9.1	11.3	12.2	12.7
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	10.9	21.8	56.9	77.3	32.2	38.0	44.5	63.5	28.6	33.7	44.6	67.4
Increase/(Decrease) in Receivables	8.6	16.8	19.3	1.1	-7.5	45.6	-19.9	-41.0	0.6	4.1	7.4	2.5
Increase/(Decrease) in Inventory	66.9	31.3	28.3	26.5	52.9	65.8	8.9	-36.1	20.7	-2.3	-26.1	-18.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	30.2	-0.5	-21.0	-27.3	46.7	-44.9	-48.8	34.1	11.8	21.9	-19.8	-29.5
Increase/(Decrease) in Prepaid Expenses	-17.8	3.0	4.7	10.5	-15.9	13.6	7.7	7.1	-20.0	9.4	8.6	1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-10.7	-9.7	-7.8	-7.7	-8.6	-9.9	-8.5	-7.9	-9.6	-11.0	-11.9	-12.7
Corporate Income Tax Paid	-1.2	-3.7	-3.7	4.6	-10.5	-3.3	-3.3	-2.3	-3.1	-9.8	0.8	-5.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.1	-5.8	-6.0	-4.6	-1.7	-2.1	-1.2	-3.0	-5.5	-0.1	-0.7	-4.1
Net Cash Flow from Operating Activities	83.8	53.3	70.7	80.3	87.7	102.7	-20.6	14.4	23.4	46.0	2.9	1.0
Payments for Fixed Assets and Other Long-term Assets	-5.9	-5.9	-11.1	-3.0	-1.1	-15.1	-0.1	-2.5	-0.6	-2.6	-0.0	-2.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	29.7	-0.7	0.7	—	1.3	0.3	0.0	0.0	0.3	0.1	1.2
Loans and Purchases of Debt Instruments	-228.0	-241.0	-171.8	-128.1	-40.5	-73.2	-165.7	-70.4	0.0	-12.3	-47.6	-52.6
Receipts from Loan Repayments and Sale of Debt Instruments	176.7	109.3	32.7	122.5	41.2	76.7	50.8	64.3	3.6	0.0	47.5	120.0
Investments in Other Entities	—	—	—	—	—	-21.6	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	2.0	0.0	2.0	—	—	0.0	0.0	26.2	2.7	0.0	0.0	3.0
Dividends and Interest Income Received	9.5	6.7	5.4	3.8	3.4	3.4	1.5	11.6	1.6	4.2	4.1	11.8
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	-45.7	-101.2	-143.6	-4.1	3.0	-28.4	-113.3	29.2	7.3	-10.4	4.1	81.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	330.2	561.0	445.1	472.4	429.1	604.6	609.7	613.9	627.9	603.7	498.7	670.1
Repayment of Borrowings	-453.3	-421.0	-391.5	-427.5	-629.3	-571.3	-482.0	-603.9	-726.0	-510.8	-587.1	-601.7
Repayment of Finance Leases	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.3	-0.0	-0.2	-0.2	-0.2	-0.2
Dividends Paid	-0.1	0.1	-4.7	-64.6	—	-0.0	-4.7	-65.8	0.0	-4.8	0.2	-79.7
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	-123.4	140.0	48.7	-19.8	-200.3	33.3	122.7	-55.8	-98.3	87.9	-88.4	-11.5
Net Cash Flow During the Period	-85.3	92.0	-24.1	56.4	-109.7	107.5	-11.2	-12.2	-67.6	123.5	-81.3	70.6
Cash and Cash Equivalents at Beginning of Period	237.7	145.7	169.8	113.5	223.1	206.5	206.5	206.5	206.5	92.1	92.1	92.1
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0	0.1	-0.1	-0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	152.5	237.7	145.7	169.8	113.5	223.2	115.6	126.8	138.9	206.5	83.0	164.3

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FIC

What Is Changing

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Balance Sheet

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Leverage & Liquidity

Cash Flow