GDA

Tôn Đông Á ·UPCOM ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 2.75%, −0.19pp YoY

Price

13,700

Latest close

03 Jun 2026

P/E 7.10x

P/B 0.51x

EPS 1,930

BVPS 26,778

ROE 6.7%

ROA 2.2%

Profit Margin 1.8%

Asset Turnover 1.25x

Equity Mult. 3.05x

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

What Is Changing

On a TTM 2026Q1 basis, GDA is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 14,923bn
	                                
−21.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 260bn
	                                
−15.9%YoY

Metric	2025	2024	2023	2022
Revenue	15,310.4	19,135.8	17,434.6	21,614.5
Growth	-20%	+10%	-19%	—
Net Income	271.9	341.8	283.6	-276.5
Net Margin	1.78%	1.79%	1.63%	-1.28%

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	3,589.0	3,396.6	3,680.3	4,256.9	3,976.6	3,888.1	5,162.6	5,986.1	4,099.1	4,620.6	4,087.5	4,786.9
Growth	+6%	-8%	-14%	+7%	+2%	-25%	-14%	+46%	-11%	+13%	-15%	—
Net Income	50.7	36.6	85.0	87.7	62.7	21.3	53.7	171.3	95.4	19.7	59.6	122.6
Net Margin	1.41%	1.08%	2.31%	2.06%	1.58%	0.55%	1.04%	2.86%	2.33%	0.43%	1.46%	2.56%

Drivers of GDA's profit

TTM

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

Selling expenses ↓ 597.2bn

Tax ↓ 29.5bn

Finance costs ↓ 6.0bn

Gross profit ↓ 507.9bn

Financial income ↓ 96.7bn

Other profit ↓ 38.0bn

TTM

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

Selling expenses ↓ 113.2bn

Deferred tax ↓ 2.2bn

Financial income ↑ 1.8bn

Minority interests ↓ 1.6bn

Gross profit ↓ 122.5bn

Administrative expenses ↑ 3.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.2% = 1.6% × 1.49 × 3.38

2026Q1 6.6% = 1.7% × 1.25 × 3.05

ROE fell from 8.2% to 6.6% — leverage weakened the most, though net margin still provided support.

Net margin: 1.7% +0.1pp Asset turnover: 1.25x -0.24x Leverage: 3.05x -0.33x

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 1.74%, 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 1.74% +0.1pp

Gross Margin 5.88% −1.4pp

SG&A / Revenue 3.28% −2.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 2.75%, broadly flat versus the same period. That translates to 2.75 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.3pp, but capital turnover fell 0.43x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 2.75% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.75% −0.2pp

NOPAT Margin 1.75% +0.3pp

Capital Turnover 1.57x −0.43x

Average Invested Capital 9,522.9bn −19.9bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.00x equity, net debt at 1.31x equity.

Inventory ended the period at 3,582.3bn, roughly 30.1% of total assets.

Over the last 12 months, working capital released 1,375.8bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −247.7bn

Inventories decreased → higher CFO: +1,510.7bn

Payables increased → higher CFO: +112.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 8.8 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO rose 9.1 days, and DPO rose 1.0 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 94.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +9.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 34.3 days +9.1 days

Inventory 99.3 days +0.7 days

Payables 38.9 days +1.0 days

Cash Conversion Cycle 94.7 days +8.8 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.31x and interest coverage only at 0.94x.

At present, short-term debt accounts for 96.7% of total debt, cash equals 10.0% of debt, and total debt stands at 5,825.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.31x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.94x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.31x −0.24x

Interest Coverage 0.94x −0.01x

Cash / Debt 10.0% −1.8pp

Short-term Debt / Total Debt 96.7% −2.0pp

CFO / NI 4.29x +5.95x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 511.4bn in 2025, against investing cash flow of 141.6bn.

Post-investment cash flow was positive +653.0bn. Financing cash flow was negative +736.0bn.

CFO / net income was 4.29x.

After spending +330.4bn on fixed-asset investment, the business generated trailing free cash flow of +791.4bn.

Cash Conversion

CFO TTM 1,121.8bn +1,633.2bn

Cash Capex 330.4bn +220.9bn

FCF TTM +791.4bn +1,412.3bn

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 2.7%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 4.29x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.29x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	15,335.2	19,154.3	17,462.7	21,680.8
Revenue Deductions	24.8	18.4	28.1	66.3
Net Revenue	15,310.4	19,135.8	17,434.6	21,614.5
Cost of Goods Sold	14,310.9	17,686.8	16,305.4	20,433.4
Gross Profit	999.5	1,449.1	1,129.1	1,181.1
Financial Income	320.0	435.9	378.4	407.1
Financial Expenses	366.9	353.5	371.3	503.5
Interest Expense	274.5	242.6	296.6	248.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	481.8	1,027.1	764.3	1,245.0
General and Administrative Expenses	110.6	111.5	63.1	140.7
Operating Profit	360.2	392.9	309.0	-300.9
Other Income	9.2	38.8	6.9	9.2
Other Expenses	13.4	3.6	9.9	0.9
Other Profit	-4.3	35.1	-3.1	8.3
Profit Before Tax	355.9	428.1	305.9	-292.6
Current Income Tax Expense	47.7	121.3	22.5	0.7
Deferred Income Tax Expense	36.3	-35.0	-0.2	-16.8
Net Income	271.9	341.8	283.6	-276.5
Non-controlling Interest	0.1	-0.1	-0.0	0.0
Profit Attributable to Parent	271.8	341.9	283.6	-276.5
Earnings per Share	1,823.00	2,484.00	2,472.00	-2,466.00
Diluted EPS	1,793.00	2,439.00	2,419.00	-2,017.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,110.2	10,338.4	8,670.3	7,410.2
I. Cash and cash equivalents	727.8	811.0	1,193.8	829.8
1. Cash	618.0	811.0	1,193.8	814.8
2. Cash equivalents	109.8	0.0	0.0	15.0
II. Short-term financial investments	2,709.3	3,221.6	2,156.1	1,162.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	2,709.3	3,221.6	2,156.1	1,162.0
III. Short-term receivables	1,673.2	1,242.4	1,984.2	1,964.6
1. Short-term trade accounts receivable	1,506.8	1,211.6	1,935.4	1,070.0
2. Short-term prepayments to suppliers	73.7	14.3	28.7	8.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	88.7	0.0	0.0	835.0
6. Other short-term receivables	35.7	47.4	45.5	102.5
7. Provision for short-term doubtful debts (*)	-31.8	-30.9	-25.4	-50.8
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	3,582.3	4,584.6	3,127.0	3,290.7
1. Inventories	3,651.7	4,836.0	3,210.9	3,348.8
2. Provision for decline in value of inventories	-69.4	-251.4	-84.0	-58.1
V. Other short-term assets	417.6	478.8	209.4	163.0
1. Short-term prepayments	29.3	32.0	24.9	20.2
2. Value added tax to be reclaimed	387.3	446.8	184.2	142.1
3. Taxes and other receivables from state authorities	1.0	0.0	0.3	0.8
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,790.4	2,600.5	2,871.8	2,895.4
I. Long-term receivables	11.5	13.5	10.1	6.4
1. Long-term trade receivables	—	0.0	0.0	0.0
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
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	11.5	13.5	10.1	6.4
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	1,864.4	1,942.2	2,246.8	2,541.1
1. Tangible fixed assets	1,648.8	1,715.8	2,040.3	2,358.7
- Cost	4,721.9	4,558.2	4,561.5	4,568.5
- Accumulated depreciation	-3,073.1	-2,842.4	-2,521.2	-2,209.8
2. Financial leased fixed assets	91.5	103.4	84.9	60.9
- Cost	145.0	137.6	103.9	72.2
- Accumulated depreciation	-53.5	-34.2	-18.9	-11.3
3. Intangible fixed assets	124.1	123.1	121.6	121.5
- Cost	143.5	141.3	138.3	137.0
- Accumulated depreciation	-19.5	-18.2	-16.7	-15.5
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	216.8	65.7	24.0	3.2
1. Long-term production in progress	27.9	25.6	20.0	0.0
2. Construction in progress	188.9	40.1	4.0	3.2
V. Long-term financial investments	260.0	110.0	270.6	30.6
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	260.0	110.0	270.6	30.6
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	437.7	469.1	320.3	314.1
1. Long-term prepayments	410.2	404.4	289.8	292.4
2. Deferred income tax assets	20.6	56.9	21.8	21.6
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	6.9	7.8	8.7	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,900.6	12,939.0	11,542.1	10,305.5
A. LIABILITIES (300=210+330)	7,933.6	9,123.9	7,922.8	6,857.0
I. Short -term liabilities	7,747.2	9,001.6	7,879.1	6,766.3
1. Short-term trade accounts payable	1,413.1	1,842.9	1,327.9	1,263.9
2. Short-term advances from customers	34.8	60.4	65.1	47.6
3. Taxes and other payables to state authorities	99.9	225.5	32.4	78.5
4. Payable to employees	35.3	37.0	34.7	19.9
5. Short-term acrrued expenses	10.3	12.0	52.1	22.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	5.7	2.8	528.7	12.1
10. Short-term borrowings and financial leases	6,101.4	6,778.8	5,804.0	5,266.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	46.8	42.2	34.1	56.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	186.4	122.3	43.7	90.7
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	186.4	66.6	43.7	35.0
9. Convertible bonds	—	55.7	0.0	55.7
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	3,967.0	3,815.1	3,619.3	3,448.5
I. Owner's equity	3,967.0	3,815.1	3,619.3	3,448.5
1. Owner's capital	1,491.0	1,146.9	1,146.9	1,146.9
- Common stock with voting right	1,490,988,510,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	834.4	834.4	834.4	834.4
3. Convertible bond option	1.9	1.9	1.9	1.9
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	-0.6	0.0	0.0	0.0
8. Investment and development fund	3.4	3.4	3.4	3.4
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	1,610.2	1,826.3	1,630.4	1,461.8
- Accumulated retained earning at the end of the previous period	1,338.4	1,484.5	1,346.8	1,738.3
- Undistributed earnings in this period	271.8	341.9	283.6	-276.5
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	26.5	2.1	2.1	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11,900.6	12,939.0	11,542.1	10,305.5

Item	2025	2024	2023	2022
Profit Before Tax	355.9	428.1	305.9	-292.6
Depreciation of Fixed Assets and Investment Property	264.7	349.2	345.1	344.5
Provision (Increase)/Reversal	-181.1	173.0	0.4	97.5
FX Gain/Loss from Revaluation of Monetary Items	-3.6	17.0	-1.7	-1.7
Gain/Loss from Investment Activities	-219.7	-223.8	-215.2	-209.2
Interest Expense	274.5	242.6	296.6	248.6
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	490.7	986.0	731.2	187.0
Increase/(Decrease) in Receivables	-232.2	458.9	-868.0	1,364.4
Increase/(Decrease) in Inventory	1,182.0	-1,630.7	137.9	1,086.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-496.6	37.6	589.2	-3,392.6
Increase/(Decrease) in Prepaid Expenses	-14.5	-121.8	-2.1	27.6
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-275.8	-240.5	-309.0	-241.8
Corporate Income Tax Paid	-120.8	-19.7	-2.8	-68.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-21.5	-23.2	-23.8	-66.3
Net Cash Flow from Operating Activities	511.4	-553.3	252.5	-1,104.0
Payments for Fixed Assets and Other Long-term Assets	-366.0	-53.8	-44.0	-52.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.8	20.2	34.8	1.9
Loans and Purchases of Debt Instruments	-8,820.0	-10,794.6	-9,655.9	-6,765.7
Receipts from Loan Repayments and Sale of Debt Instruments	9,093.6	9,889.6	9,256.9	6,566.0
Investments in Other Entities	—	0.0	-28.4	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	226.2	241.7	217.8	182.8
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	141.6	-696.9	-218.9	-67.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	494,747,240,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	14,132.6	17,878.4	16,043.7	17,932.4
Repayment of Borrowings	-14,719.7	-16,856.8	-15,569.8	-16,833.0
Repayment of Finance Leases	-34.1	-38.1	-30.3	-19.5
Dividends Paid	-114.7	-116.2	-112.9	-114.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-736.0	867.3	330.7	1,460.2
Net Cash Flow During the Period	-83.0	-383.0	364.3	288.4
Cash and Cash Equivalents at Beginning of Period	811.0	1,193.8	829.8	544.4
FX Difference from Revaluation	-0.3	0.3	-0.4	-3.0
Cash and Cash Equivalents at End of Period	727.8	811.0	1,193.8	829.8

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	3,589.5	3,408.9	3,687.2	4,261.0	3,978.1	3,896.3	5,165.9	5,989.9	4,102.1	4,630.7	4,098.2	4,791.8
Revenue Deductions	0.5	12.4	6.9	4.1	1.5	8.3	3.3	3.9	3.0	10.1	10.7	4.9
Net Revenue	3,589.0	3,396.6	3,680.3	4,256.9	3,976.6	3,888.1	5,162.6	5,986.1	4,099.1	4,620.6	4,087.5	4,786.9
Cost of Goods Sold	3,429.1	3,214.2	3,483.1	3,919.4	3,694.1	3,704.4	4,788.8	5,441.1	3,752.4	4,312.1	3,876.7	4,470.8
Gross Profit	159.9	182.3	197.2	337.5	282.5	183.7	373.8	545.0	346.7	308.5	210.8	316.1
Financial Income	65.0	68.8	87.5	100.5	63.1	138.3	86.5	130.5	80.6	58.9	97.6	147.1
Financial Expenses	80.1	76.7	83.7	125.7	80.7	92.7	92.5	106.3	62.0	84.1	83.8	102.4
Interest Expense	73.7	72.3	65.1	77.0	60.2	70.7	52.8	66.8	52.3	56.7	62.3	94.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	50.8	75.8	66.8	175.2	164.0	191.5	280.6	329.8	225.3	224.5	155.0	218.6
General and Administrative Expenses	25.2	34.6	30.0	30.4	21.3	41.9	22.5	25.9	21.2	33.1	-5.9	20.2
Operating Profit	68.7	64.0	104.3	106.7	79.6	-4.1	64.7	213.5	118.9	25.8	75.5	122.0
Other Income	1.4	5.4	2.5	2.1	2.9	30.7	3.1	3.1	1.9	1.6	3.0	1.1
Other Expenses	2.9	9.7	0.3	0.8	0.9	0.6	0.6	1.8	0.6	3.5	6.3	-0.1
Other Profit	-1.5	-4.3	2.2	1.3	2.0	30.1	2.5	1.3	1.3	-1.9	-3.4	1.1
Profit Before Tax	67.3	59.7	106.5	108.1	81.6	25.9	67.2	214.8	120.2	23.9	72.2	123.2
Current Income Tax Expense	2.3	15.9	20.4	9.0	2.4	21.9	-3.4	56.3	46.6	11.2	-4.9	15.7
Deferred Income Tax Expense	14.3	7.2	1.1	11.4	16.5	-17.2	16.8	-12.9	-21.8	-7.0	17.4	-15.1
Net Income	50.7	36.6	85.0	87.7	62.7	21.3	53.7	171.3	95.4	19.7	59.6	122.6
Non-controlling Interest	-1.6	0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	0.0	-0.0	0.0	0.0
Profit Attributable to Parent	52.3	36.5	85.0	87.7	62.7	21.3	53.7	171.4	95.4	19.7	59.6	122.6
Earnings per Share	350.53	244.59	570.27	764.48	546.62	185.87	468.26	1,494.63	831.92	171.65	520.09	1,069.36
Diluted EPS	350.53	244.59	570.27	764.48	546.62	185.87	468.26	1,494.63	831.92	171.65	520.09	1,069.36

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)	8,557.2	9,110.2	8,730.4	8,977.3	9,777.1	10,338.4	9,543.4	9,835.0	10,321.9	8,672.6	6,674.2	7,597.6
I. Cash and cash equivalents	581.8	725.0	564.3	517.4	797.1	811.0	779.0	853.9	905.4	1,193.8	718.9	886.9
1. Cash	470.9	618.0	457.3	393.4	748.8	811.0	679.0	853.9	905.4	1,193.8	556.9	765.8
2. Cash equivalents	110.9	107.0	107.0	124.0	48.3	0.0	100.0	0.0	0.0	0.0	162.0	121.0
II. Short-term financial investments	2,788.6	2,709.3	2,726.5	2,703.3	2,581.0	3,221.6	2,664.1	2,672.1	2,810.3	2,156.1	786.8	1,370.8
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	2,788.6	2,709.3	2,726.5	2,703.3	2,581.0	3,221.6	2,664.1	2,672.1	2,810.3	2,156.1	786.8	1,370.8
III. Short-term receivables	1,688.8	1,676.0	1,970.2	1,612.3	1,501.9	1,242.4	2,363.6	1,855.3	1,427.4	1,986.6	1,596.9	1,717.8
1. Short-term trade accounts receivable	1,556.5	1,506.8	1,601.8	1,422.8	1,246.9	1,211.6	2,129.3	1,743.3	1,374.0	1,937.7	1,316.1	1,447.8
2. Short-term prepayments to suppliers	99.4	73.7	74.9	23.0	18.3	14.3	28.2	59.7	45.2	28.8	32.1	26.7
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	—	88.7	284.1	160.6	199.5	0.0	170.1	0.0	0.0	0.0	219.5	200.0
6. Other short-term receivables	60.7	38.5	41.3	37.4	65.5	47.4	59.9	78.3	32.5	45.5	48.1	89.0
7. Provision for short-term doubtful debts (*)	-27.9	-31.8	-31.9	-31.6	-28.3	-30.9	-24.0	-26.1	-24.3	-25.4	-18.9	-45.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,063.4	3,582.3	3,081.1	3,678.8	4,404.8	4,584.6	3,312.2	4,042.2	4,751.8	3,126.9	3,331.7	3,385.8
1. Inventories	3,063.4	3,651.7	3,188.4	3,786.1	4,576.4	4,836.0	3,497.6	4,302.6	4,946.5	3,210.8	3,394.6	3,513.2
2. Provision for decline in value of inventories	—	-69.4	-107.3	-107.3	-171.6	-251.4	-185.4	-260.4	-194.8	-84.0	-62.9	-127.4
V. Other short-term assets	434.5	417.6	388.3	465.6	492.4	478.8	424.6	411.5	427.0	209.4	239.9	236.4
1. Short-term prepayments	30.8	29.3	25.7	30.6	26.4	32.0	25.4	25.3	22.2	24.9	23.6	22.7
2. Value added tax to be reclaimed	402.9	387.3	362.4	435.0	465.2	446.8	399.2	386.2	404.8	184.2	215.4	211.2
3. Taxes and other receivables from state authorities	0.8	1.1	0.2	0.0	0.8	0.0	0.0	0.0	0.1	0.3	0.9	2.4
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)	3,013.7	2,790.4	2,827.1	2,761.2	2,585.5	2,600.5	2,553.0	2,819.4	2,823.7	2,869.5	2,907.8	2,750.0
I. Long-term receivables	11.5	11.5	13.5	52.9	13.9	13.5	13.0	12.8	11.3	10.1	11.2	10.5
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	39.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.1
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	11.5	11.5	13.4	13.4	13.9	13.5	13.0	12.8	11.3	10.1	11.2	6.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,950.8	1,864.4	1,923.9	1,875.6	1,938.3	1,942.2	2,029.9	2,117.1	2,173.6	2,246.8	2,314.6	2,375.5
1. Tangible fixed assets	1,740.2	1,648.8	1,705.1	1,651.7	1,709.1	1,715.8	1,799.2	1,878.3	1,960.9	2,040.3	2,104.1	2,197.4
- Cost	4,874.7	—	—	—	—	4,558.2	4,567.0	4,562.7	4,563.9	4,564.6	4,543.7	4,572.5
- Accumulated depreciation	-3,134.5	—	—	—	—	-2,842.4	-2,767.7	-2,684.4	-2,603.0	-2,524.4	-2,439.6	-2,375.1
2. Financial leased fixed assets	87.0	91.5	96.2	101.0	106.0	103.4	107.2	115.1	88.6	84.9	88.6	56.3
- Cost	145.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-58.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	123.7	124.1	122.6	122.9	123.2	123.1	123.4	123.7	124.0	121.6	121.9	121.7
- Cost	143.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-19.8	—	—	—	—	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	89.7	216.8	206.0	293.6	71.0	65.7	62.8	61.5	25.5	24.4	20.9	19.3
1. Long-term production in progress	28.4	27.9	28.0	27.3	26.2	25.6	24.8	24.4	22.2	0.0	0.0	0.0
2. Construction in progress	61.3	188.9	178.0	266.3	44.8	40.1	38.0	37.1	3.3	24.4	20.9	19.3
V. Long-term financial investments	310.0	260.0	260.0	110.0	110.0	110.0	110.0	270.6	270.6	270.6	270.6	30.6
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	310.0	260.0	260.0	110.0	110.0	110.0	110.0	270.6	270.6	270.6	270.6	30.6
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	651.7	437.7	423.7	429.1	452.4	469.1	337.3	357.4	334.3	311.6	290.4	314.1
1. Long-term prepayments	638.7	410.2	388.8	392.8	404.5	404.4	289.7	292.7	290.6	289.8	275.6	281.9
2. Deferred income tax assets	6.3	20.6	27.8	28.9	40.3	56.9	39.6	56.5	43.6	21.8	14.9	32.3
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	6.7	6.9	7.1	7.3	7.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	7.8	8.0	8.2	8.4	6.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,570.9	11,900.6	11,557.5	11,738.6	12,362.7	12,939.0	12,096.5	12,654.3	13,145.7	11,542.2	9,581.9	10,347.5
A. LIABILITIES (300=210+330)	7,578.3	7,933.6	7,650.9	7,917.0	8,514.1	9,123.9	8,188.0	8,797.0	9,457.7	7,922.7	5,869.8	6,695.1
I. Short -term liabilities	7,332.8	7,747.2	7,439.1	7,652.3	8,375.5	9,001.6	8,048.7	8,684.9	9,351.6	7,879.0	5,804.6	6,666.9
1. Short-term trade accounts payable	1,544.6	1,413.1	1,295.9	1,440.8	1,447.9	1,833.3	1,496.4	2,154.7	2,206.7	1,327.9	1,014.6	1,148.7
2. Short-term advances from customers	49.6	34.8	49.2	43.6	69.9	60.4	70.0	62.9	85.3	65.1	31.6	62.4
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	17.7	99.9	38.5	28.0	39.2	225.5	169.1	134.3	84.3	32.4	88.1	68.6
4. Payable to employees	27.3	35.3	27.3	26.6	28.3	37.0	29.4	24.6	24.6	34.7	24.8	21.9
5. Short-term acrrued expenses	2.2	10.2	6.4	7.1	2.2	12.0	37.4	20.2	4.0	52.1	6.8	8.4
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	5.0	65.1	4.4	5.5	66.1	12.4	17.2	17.1	462.1	528.6	112.0	32.2
10. Short-term borrowings and financial leases	5,635.6	6,042.2	5,971.4	6,053.9	6,675.2	6,778.8	6,187.4	6,229.4	6,442.9	5,804.0	4,492.6	5,290.6
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	50.5	46.8	46.1	46.8	46.8	42.2	41.7	41.7	41.7	34.1	34.1	34.1
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	245.6	186.4	211.8	264.7	138.6	122.3	139.3	112.1	106.1	43.7	65.2	28.2
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.3	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	189.9	186.4	211.8	209.0	82.9	66.6	83.7	56.4	50.4	43.7	61.8	28.2
9. Convertible bonds	55.7	—	—	55.7	55.7	55.7	55.7	55.7	55.7	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	3,992.6	3,967.0	3,906.6	3,821.6	3,848.6	3,815.1	3,908.5	3,857.3	3,688.0	3,619.4	3,712.1	3,652.5
I. Owner's equity	3,992.6	3,967.0	3,906.6	3,821.6	3,848.6	3,815.1	3,908.5	3,857.3	3,688.0	3,619.4	3,712.1	3,652.5
1. Owner's capital	1,491.0	1,491.0	1,491.0	1,146.9	1,146.9	1,146.9	1,146.9	1,146.9	1,146.9	1,146.9	1,146.9	1,146.9
- Common stock with voting right	1,490,988,510,000.00	1,490,988,510,000.00	1,490,988,510,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00	1,146,915,100,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	834.4	834.4	834.4	834.4	834.4	834.4	834.4	834.4	834.4	834.4	834.4	834.4
3. Convertible bond option	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
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	-1.0	-1.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,638.3	1,610.2	1,573.8	1,832.8	1,859.8	1,826.3	1,919.7	1,868.6	1,699.1	1,630.4	1,725.4	1,665.8
- Accumulated retained earning at the end of the previous period	1,586.0	1,338.4	1,338.4	1,682.4	1,797.1	1,484.5	1,599.2	1,601.7	1,603.7	1,346.8	1,461.5	1,461.5
- Undistributed earnings in this period	52.3	271.9	235.4	150.4	62.7	341.9	320.5	266.8	95.4	283.6	263.9	204.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	24.5	27.1	2.0	2.0	2.0	2.1	2.1	2.1	2.1	2.3	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11,570.9	11,900.6	11,557.5	11,738.6	12,362.7	12,939.0	12,096.5	12,654.3	13,145.7	11,542.2	9,581.9	10,347.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	67.3	59.7	106.5	108.1	81.6	25.9	67.2	214.8	120.2	23.9	72.2	123.2
Depreciation of Fixed Assets and Investment Property	66.5	66.6	66.1	65.9	66.1	87.0	87.7	87.4	87.1	89.1	85.6	85.2
Provision (Increase)/Reversal	-73.3	-38.0	0.3	-61.0	-82.4	73.0	-77.2	67.5	109.7	27.5	-91.3	101.2
FX Gain/Loss from Revaluation of Monetary Items	-1.1	0.1	-25.2	21.6	—	17.0	-18.4	18.4	0.0	-1.7	-4.1	4.1
Gain/Loss from Investment Activities	-60.2	-58.1	-55.3	-85.9	-20.4	-78.1	-34.9	-72.5	-38.3	-43.5	-36.1	-94.2
Interest Expense	73.7	72.3	65.1	77.0	60.2	70.7	52.8	66.8	52.3	56.7	62.3	94.8
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	72.9	102.6	157.5	125.6	105.0	195.6	77.1	382.4	331.0	152.0	88.5	314.3
Increase/(Decrease) in Receivables	-109.4	154.1	-148.5	-143.9	-93.8	908.3	-383.3	-385.0	318.9	-570.2	144.4	130.6
Increase/(Decrease) in Inventory	587.8	-463.3	597.0	789.1	259.1	-1,339.3	804.7	641.7	-1,737.9	183.7	118.5	348.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	97.3	164.7	-142.3	-6.9	-512.1	329.0	-585.8	-512.4	806.7	759.2	-49.8	-324.3
Increase/(Decrease) in Prepaid Expenses	-230.0	-36.4	8.9	7.4	5.6	-121.3	2.9	-5.2	1.9	-15.5	5.5	2.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-80.7	-61.7	-73.1	-72.9	-68.0	-60.9	-57.3	-62.2	-60.0	-65.4	-58.3	-90.8
Corporate Income Tax Paid	-47.7	0.0	0.0	-108.4	-12.4	0.0	0.0	-0.2	-19.5	-2.6	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-17.9	0.7	-0.7	-0.0	-21.5	0.5	-2.5	-0.0	-21.1	-1.1	-0.1	-0.1
Net Cash Flow from Operating Activities	272.3	-139.3	398.8	590.0	-338.1	-88.1	-144.3	59.1	-380.0	440.1	248.6	380.9
Payments for Fixed Assets and Other Long-term Assets	-25.2	-54.8	-25.9	-224.5	-60.8	-11.1	-2.2	-35.5	-3.2	12.1	-35.3	-19.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.6	0.0	0.0	3.2	15.8	1.8	0.3	0.3	30.6	4.2	0.0
Loans and Purchases of Debt Instruments	-2,475.2	-2,420.3	-2,906.9	-2,571.4	-921.3	-3,068.1	-2,153.6	-2,458.3	-3,114.7	-2,959.7	-1,861.3	-1,957.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,434.6	2,633.0	2,610.2	2,488.0	1,362.5	2,680.7	2,152.0	2,596.5	2,460.4	1,810.0	2,185.7	2,825.2
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-28.4	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	53.9	36.2	81.2	72.7	36.2	70.3	64.9	50.3	56.2	37.7	47.3	70.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-12.0	198.5	-241.4	-235.2	419.7	-312.4	63.0	153.4	-600.9	-1,097.7	340.7	919.1
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	2,695.5	3,356.7	3,108.9	3,710.4	3,956.6	4,558.5	4,089.5	4,610.8	4,619.6	3,564.4	4,136.0	3,981.7
Repayment of Borrowings	-3,094.0	-3,243.9	-3,211.0	-4,222.3	-4,042.5	-4,003.3	-4,075.8	-4,858.7	-3,919.0	-2,308.0	-4,881.6	-4,740.5
Repayment of Finance Leases	-8.1	-8.2	-8.2	-8.2	-9.5	-8.3	-8.2	-13.6	-8.0	-10.5	-12.7	-3.5
Dividends Paid	—	344.1	-344.3	-114.3	-0.2	-114.5	0.0	-1.8	0.0	-112.9	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-406.6	104.6	-110.6	-634.4	-95.5	432.4	5.6	-263.2	692.5	1,133.0	-758.3	-762.3
Net Cash Flow During the Period	-146.3	163.8	46.8	-279.6	-13.9	31.8	-75.7	-50.7	-288.4	475.3	-169.0	537.7
Cash and Cash Equivalents at Beginning of Period	727.8	564.3	517.4	797.1	811.0	1,193.8	1,193.8	1,193.8	1,193.8	829.8	829.8	829.8
FX Difference from Revaluation	0.3	-0.3	0.1	-0.1	—	0.3	0.7	-0.7	0.0	-0.4	1.0	-1.0
Cash and Cash Equivalents at End of Period	581.8	727.8	564.3	517.4	797.1	811.0	779.0	853.9	905.4	1,193.8	718.9	886.9

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GDA

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