FMC

Thực phẩm Sao Ta ·HOSE ·2026Q1

▲ Slightly positive

Cash generation is recovering CFO/NPAT 692 bn, +217 bn YoY

Price

34,900

Latest close

02 Jun 2026

P/E 6.05x

P/B 0.86x

EPS 5,764

BVPS 40,763

ROE 14.7%

ROA 8.7%

Profit Margin 4.8%

Asset Turnover 1.81x

Equity Mult. 1.68x

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

What Is Changing

On a TTM 2026Q1 basis, FMC shows mild improvement in both revenue and margins, but the magnitude of change is narrow — margins have been compressing consistently over multiple periods. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,814bn
	                                
+5.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 430bn
	                                
+6.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	8,185.3	6,912.6	5,087.4	5,701.6	5,199.1
Growth	+18%	+36%	-11%	+10%	—
Net Income	386.4	422.6	302.3	321.0	286.9
Net Margin	4.72%	6.11%	5.94%	5.63%	5.52%

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	1,398.5	1,555.5	2,983.6	1,876.4	1,990.5	1,364.0	2,845.1	1,242.8	1,460.7	1,252.8	1,793.4	1,032.8
Growth	-10%	-48%	+59%	-6%	+46%	-52%	+129%	-15%	+17%	-30%	+74%	—
Net Income	50.8	165.5	111.9	101.6	37.7	187.2	94.8	83.4	57.2	88.8	89.3	76.1
Net Margin	3.63%	10.64%	3.75%	5.41%	1.90%	13.72%	3.33%	6.71%	3.92%	7.09%	4.98%	7.37%

Drivers of FMC's profit

TTM

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

Gross profit ↑ 214.5bn

Minority interests ↓ 64.7bn

Financial income ↑ 33.2bn

Selling expenses ↑ 202.6bn

Administrative expenses ↑ 10.8bn

Finance costs ↑ 9.8bn

TTM

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

Selling expenses ↓ 49.8bn

Financial income ↑ 3.5bn

Gross profit ↓ 26.7bn

Administrative expenses ↑ 8.0bn

Finance costs ↑ 3.9bn

Minority interests ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.9% = 5.4% × 1.94 × 1.61

2026Q1 16.7% = 5.5% × 1.81 × 1.68

ROE is broadly flat at 16.7% — the components are offsetting one another.

Net margin: 5.5% +0.1pp Asset turnover: 1.81x -0.13x Leverage: 1.68x +0.07x

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 stands at 5.50%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 5.50% +0.1pp

Gross Margin 12.76% +2.2pp

SG&A / Revenue 8.44% +2.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 2.93x −0.25x

Average Invested Capital 2,670.6bn +330.5bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.16x equity.

Inventory ended the period at 884.7bn, roughly 18.3% of total assets.

Over the last 12 months, working capital released 262.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +144.8bn

Inventories increased → lower CFO: −315.7bn

Payables increased → higher CFO: +433.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.6 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 2.8 days, and DPO fell 0.3 days.

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

Working Capital Efficiency

Receivables 25.7 days −2.8 days

Inventory 43.9 days −0.1 days

Payables 11.8 days −0.3 days

Cash Conversion Cycle 57.8 days −2.6 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.16x and interest coverage at 6.06x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 57.1% of debt, and total debt stands at 987.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.16x +0.25x

Interest Coverage 6.06x −0.58x

Cash / Debt 57.1% −59.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.85x −0.30x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 513.3bn in 2025, against investing cash flow of -912.6bn.

Post-investment cash flow was negative +399.3bn. Financing cash flow was positive +461.5bn.

CFO / net income was 1.85x.

After spending +5.3bn on fixed-asset investment, the business generated trailing free cash flow of +692.2bn.

Cash Conversion

CFO TTM 697.5bn +84.1bn

Cash Capex 5.3bn −133.0bn

FCF TTM +692.2bn +217.0bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 20.4%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 217.0bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.85x. Even so, net financial result still accounts for 20.4% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,191.2	6,920.3	5,089.1	5,707.2	5,204.4
Revenue Deductions	6.0	7.6	1.7	5.6	0.0
Net Revenue	8,185.3	6,912.6	5,087.4	5,701.6	5,199.1
Cost of Goods Sold	7,212.0	6,160.9	4,594.5	5,076.0	0.0
Gross Profit	973.2	751.7	492.9	625.6	529.3
Financial Income	153.4	112.1	72.9	71.1	54.2
Financial Expenses	66.2	53.2	61.5	54.2	-33.4
Interest Expense	51.1	23.2	28.2	17.3	-15.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	556.9	297.0	121.8	226.2	-197.2
General and Administrative Expenses	93.5	91.5	79.0	92.5	-67.3
Operating Profit	410.0	422.1	303.6	323.8	285.6
Other Income	1.7	0.3	1.0	5.1	0.0
Other Expenses	0.2	0.6	0.0	0.5	0.0
Other Profit	1.4	-0.3	1.0	4.6	3.2
Profit Before Tax	411.4	421.8	304.6	328.4	288.8
Current Income Tax Expense	15.6	3.9	1.6	8.3	-1.9
Deferred Income Tax Expense	9.5	-4.7	0.6	-0.9	0.0
Net Income	386.4	422.6	302.3	321.0	286.9
Non-controlling Interest	37.7	116.9	26.3	12.0	20.1
Profit Attributable to Parent	348.7	305.7	276.1	309.0	266.8
Earnings per Share	5,332.00	4,675.00	4,121.00	4,605.00	4,740.00
Diluted EPS	5,332.11	4,675.11	4,121.00	4,605.00	4,080.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,806.0	2,641.2	2,127.1	1,877.0	2,140.9
I. Cash and cash equivalents	1,159.2	1,077.5	451.6	585.3	769.6
1. Cash	477.4	91.9	41.4	290.1	0.0
2. Cash equivalents	681.9	985.6	410.2	295.2	0.0
II. Short-term financial investments	1,055.9	140.0	97.4	11.1	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	1,055.9	140.0	97.4	11.1	0.0
III. Short-term receivables	559.3	370.5	491.8	279.8	368.1
1. Short-term trade accounts receivable	534.2	356.9	247.9	240.0	0.0
2. Short-term prepayments to suppliers	12.7	9.4	18.5	33.4	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	217.0	0.0	0.0
6. Other short-term receivables	12.4	4.2	8.4	6.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	884.7	1,001.9	999.8	929.1	940.8
1. Inventories	884.7	1,001.9	999.8	929.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	146.9	51.3	86.4	71.7	37.7
1. Short-term prepayments	21.0	21.3	47.7	24.4	0.0
2. Value added tax to be reclaimed	125.9	30.0	38.8	47.3	0.0
3. Taxes and other receivables from state authorities	—	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)	1,029.1	1,133.6	1,229.1	1,111.8	549.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.2
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	696.2	768.1	848.4	418.6	263.0
1. Tangible fixed assets	692.4	764.4	846.1	416.2	262.1
- Cost	1,825.5	1,724.1	1,692.3	1,134.0	0.0
- Accumulated depreciation	-1,133.2	-959.8	-846.2	-717.8	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	3.8	3.7	2.3	2.4	0.9
- Cost	6.5	6.1	4.5	4.5	0.0
- Accumulated depreciation	-2.7	-2.4	-2.1	-2.1	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	29.8	90.7	95.6	445.5	188.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	29.8	90.7	95.6	445.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	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	303.1	274.9	285.2	247.7	0.0
1. Long-term prepayments	303.1	265.5	280.4	242.3	0.0
2. Deferred income tax assets	—	9.5	4.7	5.3	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	94.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,835.2	3,774.9	3,356.2	2,988.8	2,690.6
A. LIABILITIES (300=210+330)	2,220.5	1,309.0	1,122.0	872.7	714.0
I. Short -term liabilities	2,209.3	1,297.2	1,111.7	862.6	704.1
1. Short-term trade accounts payable	113.2	118.1	106.2	82.9	92.3
2. Short-term advances from customers	6.8	15.1	2.8	20.5	0.0
3. Taxes and other payables to state authorities	17.9	4.2	7.1	7.2	0.0
4. Payable to employees	84.5	96.9	71.0	146.1	0.0
5. Short-term acrrued expenses	396.7	114.8	44.9	53.2	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	2.3	0.6	0.4	7.2	0.0
10. Short-term borrowings and financial leases	1,527.7	901.6	824.1	515.5	414.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	60.0	45.9	55.2	29.9	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	11.2	11.7	10.3	10.2	9.9
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	0.9	0.9	0.8	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	10.3	10.9	9.5	9.4	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)	2,614.6	2,465.9	2,234.1	2,116.1	1,976.6
I. Owner's equity	2,614.6	2,465.9	2,234.1	2,116.1	0.0
1. Owner's capital	653.9	653.9	653.9	653.9	1,976.6
- Common stock with voting right	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	593.7	593.7	593.7	593.7	593.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	37.3	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,047.7	920.1	781.2	676.4	534.1
- Accumulated retained earning at the end of the previous period	699.1	614.4	505.1	367.3	272.5
- Undistributed earnings in this period	348.7	305.7	276.1	309.0	261.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	282.1	298.2	205.4	192.1	194.9
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)	4,835.2	3,774.9	3,356.2	2,988.8	2,690.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	411.4	421.8	304.6	328.4	288.8
Depreciation of Fixed Assets and Investment Property	180.7	183.8	154.3	89.4	83.2
Provision (Increase)/Reversal	-0.5	1.4	0.1	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-12.5	-10.6	1.8	4.2	0.0
Gain/Loss from Investment Activities	-63.1	-23.8	-21.9	-18.0	0.0
Interest Expense	51.1	23.2	28.2	17.3	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	567.1	595.7	467.2	421.4	372.3
Increase/(Decrease) in Receivables	-293.9	-100.2	14.4	37.0	0.0
Increase/(Decrease) in Inventory	117.2	-2.1	-70.7	12.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	271.3	141.5	-93.1	-3.0	0.0
Increase/(Decrease) in Prepaid Expenses	-37.3	41.5	-61.4	1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-50.5	-23.0	-28.3	-17.1	0.0
Corporate Income Tax Paid	-1.7	-2.9	-4.3	-4.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-58.8	-49.0	-16.6	-12.1	0.0
Net Cash Flow from Operating Activities	513.3	601.4	207.2	435.2	186.3
Payments for Fixed Assets and Other Long-term Assets	-52.2	-114.0	-217.8	-438.7	-285.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.2	0.9	0.9	0.6
Loans and Purchases of Debt Instruments	-1,113.2	-352.2	-378.4	-25.0	-20.6
Receipts from Loan Repayments and Sale of Debt Instruments	197.3	526.6	75.0	38.7	5.3
Investments in Other Entities	—	0.0	0.0	-109.8	46.3
Proceeds from Investments in Other Entities	—	0.0	2.0	0.0	0.0
Dividends and Interest Income Received	53.5	27.2	12.9	18.6	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	-912.6	87.7	-505.3	-515.3	-240.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	-4,300,000.00	682,455,238,800.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,037.4	1,201.9	4,494.0	3,584.9	4,133.9
Repayment of Borrowings	-1,411.2	-1,122.8	-4,188.1	-3,543.7	-4,163.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-164.7	-151.1	-142.6	-141.9	-98.1
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	461.5	-72.0	163.2	-100.7	555.2
Net Cash Flow During the Period	62.2	617.2	-134.9	-180.8	269.5
Cash and Cash Equivalents at Beginning of Period	1,077.5	451.6	585.3	769.6	268.2
FX Difference from Revaluation	19.5	8.7	1.2	-3.5	0.4
Cash and Cash Equivalents at End of Period	1,159.2	1,077.5	451.6	585.3	769.6

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	1,398.7	1,555.5	2,989.5	1,876.4	1,990.5	1,365.9	2,846.8	1,246.2	1,461.4	1,252.8	1,793.5	1,032.8
Revenue Deductions	0.1	0.0	6.0	0.0	0.0	1.8	1.7	3.4	0.7	0.0	0.1	0.0
Net Revenue	1,398.5	1,555.5	2,983.6	1,876.4	1,990.5	1,364.0	2,845.1	1,242.8	1,460.7	1,252.8	1,793.4	1,032.8
Cost of Goods Sold	1,297.8	1,274.6	2,565.2	1,679.2	1,863.1	1,157.0	2,537.4	1,102.3	1,364.4	1,112.9	1,609.4	945.2
Gross Profit	100.7	281.0	418.3	197.3	127.4	207.1	307.7	140.5	96.4	139.9	184.0	87.6
Financial Income	32.1	31.8	43.3	49.8	28.6	60.1	9.0	26.1	16.9	19.2	21.1	13.4
Financial Expenses	17.2	22.3	14.6	16.0	13.3	7.3	35.8	3.8	6.2	7.4	31.7	11.9
Interest Expense	12.9	15.8	14.4	14.1	6.8	6.8	7.3	4.9	4.1	7.9	10.6	6.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	38.7	96.8	316.1	106.4	88.5	40.4	168.6	57.9	30.1	39.6	67.4	-9.5
General and Administrative Expenses	26.8	27.9	22.9	23.9	18.9	29.4	21.3	21.1	19.6	23.7	18.4	21.2
Operating Profit	50.1	165.8	108.0	100.8	35.4	190.1	90.9	83.9	57.3	88.5	87.6	77.4
Other Income	1.2	0.6	—	0.0	1.1	0.0	0.1	0.1	0.1	0.2	0.5	0.3
Other Expenses	0.1	0.0	—	0.1	0.1	0.1	0.2	0.3	0.0	0.0	0.0	0.0
Other Profit	1.2	0.5	—	-0.1	1.0	-0.1	-0.1	-0.2	0.1	0.1	0.5	0.3
Profit Before Tax	51.3	166.3	108.0	100.7	36.3	190.0	90.8	83.7	57.4	88.7	88.1	77.7
Current Income Tax Expense	0.5	17.1	—	0.0	0.2	1.7	1.0	1.2	0.0	0.8	0.8	-1.8
Deferred Income Tax Expense	—	-16.2	-3.9	-0.9	-1.6	1.0	-5.0	-1.0	0.2	-1.0	-2.0	3.4
Net Income	50.8	165.5	111.9	101.6	37.7	187.2	94.8	83.4	57.2	88.8	89.3	76.1
Non-controlling Interest	9.9	7.0	14.7	21.2	8.1	77.1	15.2	17.1	7.5	6.4	7.7	4.9
Profit Attributable to Parent	40.9	158.5	97.2	80.4	29.6	110.1	79.6	66.3	49.7	82.3	81.6	71.1
Earnings per Share	625.00	2,423.00	1,486.00	1,230.00	453.00	1,684.00	1,218.00	1,014.00	760.00	1,259.00	1,248.00	1,088.00
Diluted EPS	625.00	2,423.00	1,486.00	1,230.00	453.00	4,675.00	1,218.00	1,014.00	760.00	1,259.00	1,248.00	1,088.00

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)	3,505.3	3,806.2	3,798.0	3,552.6	3,058.9	2,641.2	2,559.2	2,438.8	2,322.0	2,131.9	2,398.1	1,966.6
I. Cash and cash equivalents	563.9	1,159.2	1,454.7	1,472.1	1,529.3	1,077.5	532.7	315.2	641.3	492.0	56.5	224.4
1. Cash	293.1	477.4	426.8	391.9	130.5	91.9	99.1	93.7	133.3	41.4	56.5	46.8
2. Cash equivalents	270.8	681.9	1,027.9	1,080.2	1,398.8	985.6	433.6	221.5	508.0	450.6	0.0	177.6
II. Short-term financial investments	1,375.6	1,055.9	316.6	176.5	129.3	140.0	154.4	171.9	139.3	274.0	288.6	71.6
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	1,375.6	1,055.9	316.6	176.5	129.3	140.0	154.4	171.9	139.3	274.0	288.6	71.6
III. Short-term receivables	494.0	559.3	1,249.0	562.4	682.3	370.5	1,036.6	444.4	543.6	279.7	708.5	279.5
1. Short-term trade accounts receivable	438.3	534.2	1,221.6	544.4	663.3	356.9	1,025.9	422.4	500.2	247.9	661.7	257.8
2. Short-term prepayments to suppliers	30.5	12.7	19.8	11.6	13.4	9.4	7.2	14.9	30.7	23.4	38.8	15.6
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	25.3	12.4	7.6	6.4	5.7	4.2	3.5	7.1	12.7	8.4	8.0	6.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	976.9	884.7	652.6	1,277.4	661.1	1,001.9	774.3	1,453.3	941.4	999.8	1,241.8	1,286.0
1. Inventories	976.9	884.7	652.6	1,277.4	661.1	1,001.9	774.3	1,453.3	941.4	999.8	1,241.8	1,286.0
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	94.9	147.0	125.1	64.3	56.9	51.3	61.2	54.1	56.4	86.4	102.7	105.0
1. Short-term prepayments	13.6	21.1	18.6	12.7	15.4	21.3	16.3	12.4	22.3	47.7	45.1	56.8
2. Value added tax to be reclaimed	81.4	125.9	106.5	51.6	41.4	30.0	44.9	41.7	34.1	38.8	57.6	48.2
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	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)	954.0	1,061.1	1,042.9	1,060.9	1,104.2	1,133.6	1,147.7	1,163.5	1,181.2	1,212.5	1,196.8	1,234.7
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	642.9	696.2	711.5	714.7	747.2	768.1	786.0	805.9	820.5	848.4	860.8	836.2
1. Tangible fixed assets	639.0	692.4	707.8	710.9	743.4	764.4	782.2	802.0	818.2	846.1	858.7	834.0
- Cost	1,825.5	—	—	—	—	1,724.1	1,772.7	1,760.3	1,708.9	1,692.3	1,691.8	1,616.1
- Accumulated depreciation	-1,186.5	—	—	—	—	-959.8	-990.5	-958.2	-890.7	-846.2	-833.2	-782.1
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	3.9	3.8	3.7	3.8	3.8	3.7	3.8	3.8	2.3	2.3	2.2	2.2
- Cost	6.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.8	—	—	—	—	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	18.9	29.8	45.6	63.1	90.3	90.7	82.0	81.8	82.0	78.9	49.1	111.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	18.9	29.8	45.6	63.1	90.3	90.7	82.0	81.8	82.0	78.9	49.1	111.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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	292.3	335.1	285.8	283.2	266.7	274.9	279.7	275.8	278.7	285.2	286.9	287.5
1. Long-term prepayments	292.3	303.0	270.0	271.2	255.6	265.5	269.2	270.3	274.2	280.4	283.2	285.8
2. Deferred income tax assets	—	32.1	15.8	12.0	11.1	9.5	10.5	5.5	4.5	4.7	3.8	1.8
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,459.3	4,867.2	4,840.8	4,613.6	4,163.0	3,774.9	3,706.9	3,602.4	3,503.2	3,344.4	3,594.9	3,201.3
A. LIABILITIES (300=210+330)	1,793.8	2,222.2	2,361.3	2,245.9	1,691.2	1,309.0	1,428.2	1,418.5	1,211.8	1,110.3	1,449.6	1,145.1
I. Short -term liabilities	1,783.1	2,211.0	2,350.3	2,234.7	1,679.6	1,297.2	1,416.7	1,406.8	1,201.4	1,100.0	1,439.8	1,135.3
1. Short-term trade accounts payable	293.4	113.2	186.9	226.9	147.3	118.1	103.3	135.6	294.7	94.4	136.3	108.9
2. Short-term advances from customers	3.2	6.8	5.3	24.2	0.3	15.1	3.7	5.8	4.1	2.8	4.0	10.9
3. Taxes and other payables to state authorities	1.7	19.6	1.4	1.3	4.8	4.2	11.4	2.5	1.5	7.2	5.3	3.9
4. Payable to employees	54.2	84.5	51.8	56.9	57.5	96.9	57.0	53.8	61.7	71.0	49.6	45.9
5. Short-term acrrued expenses	402.5	396.7	283.2	159.5	134.1	114.8	122.8	66.9	45.5	44.9	36.2	17.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	11.7	2.3	2.7	1.5	4.9	0.6	2.3	2.0	2.2	0.4	1.0	5.7
10. Short-term borrowings and financial leases	987.7	1,527.7	1,757.9	1,703.2	1,309.3	901.6	1,069.8	1,093.5	778.3	824.1	1,151.9	885.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	28.6	60.0	61.1	61.3	21.5	45.9	46.4	46.8	13.4	55.2	55.5	56.6
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	10.8	11.2	11.0	11.2	11.5	11.7	11.5	11.6	10.4	10.3	9.8	9.9
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.8	0.8	0.8
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
12. Provision for long-term liabilities	9.9	10.3	10.2	10.3	10.7	10.9	10.6	10.7	9.5	9.5	8.9	9.0
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)	2,665.4	2,645.0	2,479.5	2,367.6	2,471.8	2,465.9	2,278.7	2,183.9	2,291.3	2,234.1	2,145.3	2,056.1
I. Owner's equity	2,665.4	2,645.0	2,479.5	2,367.6	2,471.8	2,465.9	2,278.7	2,183.9	2,291.3	2,234.1	2,145.3	2,056.1
1. Owner's capital	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9	653.9
- Common stock with voting right	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00	653,888,890,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7	593.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	37.3	37.3	37.3	37.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1,088.6	1,064.7	906.3	809.1	917.9	920.1	810.0	730.4	830.9	781.1	698.7	617.4
- Accumulated retained earning at the end of the previous period	1,047.7	699.1	699.1	699.1	888.3	614.4	614.4	614.4	781.2	505.1	505.1	505.1
- Undistributed earnings in this period	40.9	365.7	207.2	110.1	29.6	305.7	195.6	116.0	49.7	276.0	193.6	112.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	292.0	295.4	288.4	273.7	306.3	298.2	221.1	205.9	212.9	205.4	199.0	191.2
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)	4,459.3	4,867.2	4,840.8	4,613.6	4,163.0	3,774.9	3,706.9	3,602.4	3,503.2	3,344.4	3,594.9	3,201.3

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	51.3	166.3	108.0	100.7	36.3	190.0	90.8	83.7	57.4	88.6	88.1	77.2
Depreciation of Fixed Assets and Investment Property	54.5	35.7	33.6	55.6	55.8	34.6	34.7	69.8	44.7	34.0	53.2	30.9
Provision (Increase)/Reversal	-0.5	0.2	-0.1	-0.3	-0.2	0.2	-0.1	1.2	-0.0	0.5	-0.1	-0.3
FX Gain/Loss from Revaluation of Monetary Items	-7.6	5.0	-7.0	-4.3	-6.3	-12.1	10.9	-6.5	-1.1	-13.1	8.0	4.4
Gain/Loss from Investment Activities	-17.4	-19.1	-15.5	-19.4	-9.1	-11.2	17.9	-4.7	-4.2	-10.1	-2.8	-4.6
Interest Expense	12.9	15.8	14.4	14.1	6.8	6.8	7.3	4.9	4.1	7.9	10.6	6.8
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	93.3	203.9	133.4	146.4	83.4	208.3	161.4	148.4	101.0	107.9	156.9	114.4
Increase/(Decrease) in Receivables	116.8	660.4	-743.1	110.8	-321.9	691.7	-593.4	94.4	-286.1	443.9	-416.3	27.8
Increase/(Decrease) in Inventory	-92.1	-232.1	624.8	-616.3	340.8	-227.7	679.0	-511.9	58.5	241.9	43.8	-460.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	161.2	88.3	62.4	121.1	-0.5	49.8	32.3	-116.0	161.1	-15.1	41.1	2.1
Increase/(Decrease) in Prepaid Expenses	18.2	-71.3	-1.2	19.5	15.7	-25.8	-30.3	28.9	31.6	19.9	-0.6	-77.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.6	-15.6	-14.4	-13.7	-6.8	-6.7	-7.4	-4.9	-4.0	-8.1	-10.6	-6.5
Corporate Income Tax Paid	-15.3	-0.0	0.0	0.0	-1.7	-2.2	0.0	0.0	-0.7	-1.0	-0.1	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-31.5	-1.1	-0.2	-1.3	-56.2	-0.5	-0.4	-6.3	-41.9	-0.2	-1.1	-2.6
Net Cash Flow from Operating Activities	237.0	632.4	61.8	-233.6	52.8	686.9	241.2	-367.3	19.6	789.2	-187.0	-402.6
Payments for Fixed Assets and Other Long-term Assets	9.7	26.0	-14.9	-26.2	-37.1	2.3	-2.4	-101.1	31.6	-63.0	-21.2	-67.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.5	0.0	0.0	1.4	0.0	0.0	0.1	0.1	0.3	0.3	0.3
Loans and Purchases of Debt Instruments	-424.4	-818.7	-126.1	-95.1	-73.2	182.9	-54.6	-86.4	-41.9	-98.4	-217.6	-62.3
Receipts from Loan Repayments and Sale of Debt Instruments	104.8	79.4	-14.0	47.9	84.0	-342.9	72.1	53.9	217.0	72.6	0.6	1.8
Investments in Other Entities	—	—	—	—	—	0.0	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	2.0	0.0	0.0
Dividends and Interest Income Received	10.9	10.8	15.7	17.2	9.8	8.3	-17.1	4.0	10.4	0.9	3.4	4.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	174.4	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	-298.9	-702.0	-139.3	-56.2	-15.2	24.9	-2.0	-129.5	217.2	-85.6	-234.5	-123.4
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	219.0	324.8	480.1	744.4	488.0	-325.5	903.1	50.6	573.8	927.8	1,442.7	1,317.6
Repayment of Borrowings	-759.0	-555.0	-425.5	-350.5	-80.3	157.3	-926.8	266.8	-621.7	-1,236.5	-1,189.8	-873.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-164.7	—	0.0	0.0	-151.1	0.0	0.0	0.0	-142.6
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	-540.0	-230.1	54.7	229.2	407.7	-168.2	-23.8	166.2	-47.9	-308.8	252.9	301.3
Net Cash Flow During the Period	-602.0	-299.7	-22.8	-60.6	445.3	543.6	215.4	-330.7	188.9	394.8	-168.6	-224.7
Cash and Cash Equivalents at Beginning of Period	1,159.2	1,454.7	1,472.1	1,529.3	1,077.5	451.6	451.6	451.6	451.6	585.3	585.3	585.3
FX Difference from Revaluation	6.7	19.5	15.3	9.9	6.5	1.2	2.1	4.6	0.8	0.3	0.7	0.5
Cash and Cash Equivalents at End of Period	563.9	1,159.2	1,454.7	1,472.1	1,529.3	1,077.5	532.7	315.2	641.3	451.6	56.5	224.4

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FMC

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