HAX

Dịch vụ Ô tô Hàng Xanh ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 79.01%, −2.68pp YoY

Price

9,950

Latest close

02 Jun 2026

P/E 3,316.67x

P/B 0.74x

EPS 3

BVPS 13,461

ROE 0.4%

ROA 0.2%

Profit Margin 0.1%

Asset Turnover 1.71x

Equity Mult. 1.91x

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

What Is Changing

On a TTM 2026Q1 basis, HAX posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,789bn
	                                
−11.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 38bn
	                                
−79.9%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    249.8%

Metric	2025	2024	2023	2022	2021
Revenue	4,650.6	5,513.3	3,981.9	6,775.2	5,551.5
Growth	-16%	+38%	-41%	+22%	—
Net Income	39.1	203.6	37.1	239.7	153.7
Net Margin	0.84%	3.69%	0.93%	3.54%	2.77%

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	1,097.5	1,513.4	1,149.5	1,029.1	958.6	1,817.4	1,535.6	1,122.6	1,037.7	1,076.8	1,115.3	797.2
Growth	-27%	+32%	+12%	+7%	-47%	+18%	+37%	+8%	-4%	-3%	+40%	—
Net Income	15.3	38.1	-25.8	10.3	16.5	59.5	90.3	22.0	31.8	22.5	8.3	2.7
Net Margin	1.39%	2.52%	-2.24%	1.00%	1.72%	3.28%	5.88%	1.96%	3.06%	2.09%	0.75%	0.34%

Drivers of HAX's profit

TTM

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

Minority interests ↓ 47.9bn

Other profit ↑ 43.3bn

Tax ↓ 35.0bn

Gross profit ↓ 175.9bn

Administrative expenses ↑ 25.4bn

Finance costs ↑ 20.8bn

TTM

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

Other profit ↑ 33.4bn

Tax ↓ 1.3bn

Minority interests ↓ 0.9bn

Gross profit ↓ 20.2bn

Finance costs ↑ 7.1bn

Selling expenses ↑ 5.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.8% = 3.5% × 2.29 × 1.74

2026Q1 2.6% = 0.8% × 1.71 × 1.91

ROE fell from 13.8% to 2.6% — asset turnover weakened the most, though leverage still provided support.

Net margin: 0.8% -2.7pp Asset turnover: 1.71x -0.58x Leverage: 1.91x +0.16x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 0.79%, losing 2.7pp. The main pressure comes from Gross margin fell 2.4pp and SG&A / Revenue rose 1.5pp (in addition, Other profit / Revenue rose 1.1pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 0.79% −2.7pp

Gross Margin 6.98% −2.4pp

SG&A / Revenue 7.74% +1.5pp

Non-core / Revenue 1.88% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 249.8% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to -2.52%, losing 8.2pp. That translates to -2.52 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.3pp and capital turnover fell 0.50x, while invested capital rose by 187bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently -2.52% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -2.52% −8.2pp

NOPAT Margin -1.19% −3.3pp

Capital Turnover 2.13x −0.50x

Average Invested Capital 2,249.9bn +186.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 0.81x equity, net debt at 0.52x equity.

Inventory ended the period at 1,457.1bn, roughly 58.8% of total assets.

Over the last 12 months, working capital released 80.5bn 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: −150.7bn

Inventories decreased → higher CFO: +130.2bn

Payables increased → higher CFO: +101.0bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 34.8 days versus the same period last year. The main moves came from DIO rose 38.1 days, DSO rose 4.0 days, and DPO rose 7.3 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 103.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +4.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 16.6 days +4.0 days

Inventory 100.2 days +38.1 days

Payables 13.6 days +7.3 days

Cash Conversion Cycle 103.2 days +34.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 27.5bn due to capex of 206.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.52x and interest coverage only at -1.80x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 14.3% of debt, and total debt stands at 876.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.80x, leaving limited room to absorb financing costs.

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 0.52x −0.02x

Interest Coverage -1.80x −8.12x

Cash / Debt 14.3% +0.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 33.51x +33.54x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -311.2bn in 2025, against investing cash flow of -7.9bn.

Post-investment cash flow was negative +319.1bn. Financing cash flow was positive +150.8bn.

CFO / net income was 33.51x.

After spending +206.0bn on fixed-asset investment, the business generated trailing free cash flow of −27.5bn.

Cash Conversion

CFO TTM 178.4bn +181.5bn

Cash Capex 206.0bn −175.6bn

FCF TTM −27.5bn +357.1bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is -81.6%. The main risk still sits in core profitability, with net margin down 2.7 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 357.1bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 33.51x. Even so, net financial result still accounts for -81.6% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 79.01% after a 2.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,650.6	5,513.3	3,981.9	6,775.2	5,551.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	4,650.6	5,513.3	3,981.9	6,775.2	5,551.5
Cost of Goods Sold	4,295.7	5,001.4	3,705.0	6,302.2	0.0
Gross Profit	354.9	511.9	277.0	473.0	356.7
Financial Income	1.4	0.7	0.6	23.9	0.5
Financial Expenses	37.5	22.8	37.3	29.3	-17.6
Interest Expense	37.5	22.8	37.2	29.2	-17.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	221.1	208.1	145.1	143.7	-118.7
General and Administrative Expenses	137.2	103.7	76.2	64.3	-47.8
Operating Profit	-39.5	178.0	19.0	259.7	173.2
Other Income	97.8	80.7	30.0	40.4	0.0
Other Expenses	2.3	0.4	0.8	0.0	0.0
Other Profit	95.5	80.4	29.2	40.4	28.8
Profit Before Tax	56.0	258.4	48.1	300.1	202.0
Current Income Tax Expense	16.9	56.8	13.3	63.8	-48.2
Deferred Income Tax Expense	0.1	-2.0	-2.2	-3.4	0.0
Net Income	39.1	203.6	37.1	239.7	153.7
Non-controlling Interest	33.5	78.6	2.5	0.4	-0.2
Profit Attributable to Parent	5.6	125.0	34.6	239.4	153.9
Earnings per Share	29.00	1,163.00	375.00	4,204.00	5,062.00
Diluted EPS	29.00	1,163.00	375.00	3,327.00	3,108.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,981.8	1,315.7	1,071.8	1,585.8	935.8
I. Cash and cash equivalents	93.4	261.8	120.2	160.5	87.6
1. Cash	91.4	151.8	107.1	160.5	0.0
2. Cash equivalents	2.0	110.0	13.1	0.0	0.0
II. Short-term financial investments	11.0	3.0	0.0	0.0	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	11.0	3.0	0.0	0.0	0.0
III. Short-term receivables	353.5	340.3	212.8	259.7	248.7
1. Short-term trade accounts receivable	193.4	123.6	93.8	122.1	0.0
2. Short-term prepayments to suppliers	8.7	77.8	38.0	7.8	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	152.5	139.9	82.1	130.9	0.0
7. Provision for short-term doubtful debts (*)	-1.0	-1.0	-1.1	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,457.1	660.8	696.1	1,064.8	581.2
1. Inventories	1,462.6	666.3	702.5	1,070.3	0.0
2. Provision for decline in value of inventories	-5.5	-5.5	-6.3	-5.5	0.0
V. Other short-term assets	66.7	49.8	42.6	100.8	18.4
1. Short-term prepayments	12.2	12.5	5.5	14.6	0.0
2. Value added tax to be reclaimed	53.4	37.2	36.6	85.7	0.0
3. Taxes and other receivables from state authorities	1.2	0.1	0.6	0.5	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)	495.3	1,093.3	934.5	992.9	341.4
I. Long-term receivables	6.6	6.2	4.8	10.6	0.0
1. Long-term trade receivables	—	0.0	0.0	5.7	6.0
2. Long-term prepayments to suppliers	2.5	2.5	2.5	2.5	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	4.1	3.8	2.3	2.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	365.6	459.9	381.3	421.7	261.6
1. Tangible fixed assets	328.5	449.1	370.4	410.5	249.7
- Cost	537.9	637.8	549.9	566.8	0.0
- Accumulated depreciation	-209.4	-188.7	-179.5	-156.3	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	37.1	10.7	10.9	11.2	12.0
- Cost	45.1	18.6	18.6	18.7	0.0
- Accumulated depreciation	-8.0	-7.9	-7.7	-7.5	0.0
III. Investment properties	—	541.9	469.2	469.2	0.0
- Cost	—	541.9	469.2	469.2	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	30.5	1.9	1.2	1.2	32.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	30.5	1.9	1.2	1.2	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	92.7	83.5	78.0	90.1	0.0
1. Long-term prepayments	20.8	30.6	13.6	15.7	0.0
2. Deferred income tax assets	3.6	3.7	4.2	3.1	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	41.2
5. Goodwill	68.2	49.2	60.2	71.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,477.1	2,409.0	2,006.3	2,578.7	1,277.2
A. LIABILITIES (300=210+330)	1,109.0	918.3	842.3	1,609.7	567.2
I. Short -term liabilities	1,108.5	917.7	839.4	1,425.1	563.2
1. Short-term trade accounts payable	61.2	99.3	44.7	76.9	26.0
2. Short-term advances from customers	38.7	63.3	54.9	120.9	287.3
3. Taxes and other payables to state authorities	21.9	45.6	10.6	31.0	0.0
4. Payable to employees	27.1	30.0	18.5	26.3	0.0
5. Short-term acrrued expenses	2.9	1.5	1.2	7.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	1.3	0.0
9. Other short-term payables	5.6	8.0	9.5	9.3	0.0
10. Short-term borrowings and financial leases	950.7	669.7	699.6	1,151.6	195.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.4	0.4	0.4	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	0.5	0.5	2.9	184.6	4.0
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	0.2	0.2	0.3	1.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	179.9	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.3	0.3	2.5	3.6	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,368.1	1,490.7	1,164.0	968.9	710.0
I. Owner's equity	1,368.1	1,490.7	1,164.0	968.9	0.0
1. Owner's capital	1,074.4	1,074.4	934.3	569.4	710.0
- Common stock with voting right	1,074,396,810,000.00	1,074,396,810,000.00	934,275,650,000.00	569,434,340,000.00	495,169,820,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	30.5	0.5	0.5
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	—	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	25.2	129.0	150.2	352.4	212.1
- Accumulated retained earning at the end of the previous period	19.6	4.0	115.6	113.1	52.0
- Undistributed earnings in this period	5.6	125.0	34.6	239.4	160.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	268.5	287.3	49.0	46.5	2.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,477.1	2,409.0	2,006.3	2,578.7	1,277.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	56.0	258.4	48.1	300.1	202.0
Depreciation of Fixed Assets and Investment Property	68.8	56.6	61.5	37.2	39.2
Provision (Increase)/Reversal	—	-0.9	0.9	1.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-13.8	-7.8	-8.8	-49.6	0.0
Interest Expense	37.5	22.8	37.3	29.3	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	148.5	329.1	139.1	318.3	239.5
Increase/(Decrease) in Receivables	-60.5	-128.3	100.7	-50.1	0.0
Increase/(Decrease) in Inventory	-209.4	36.2	367.8	-762.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-122.1	191.7	-112.6	-74.6	0.0
Increase/(Decrease) in Prepaid Expenses	17.4	-22.8	11.3	-12.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-37.5	-22.8	-37.2	-22.3	0.0
Corporate Income Tax Paid	-45.3	-20.2	-35.7	-61.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.5	0.0	-0.4	0.0	0.0
Net Cash Flow from Operating Activities	-311.2	362.8	433.0	-664.8	335.9
Payments for Fixed Assets and Other Long-term Assets	-254.8	-367.2	-401.5	-705.2	-396.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	253.6	209.7	401.7	309.2	353.9
Loans and Purchases of Debt Instruments	-8.0	-3.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.4	0.7	0.6	22.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-7.9	-159.8	0.8	-373.2	-42.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	14,000,000,000.00	0.00	16,789,595,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,960.7	4,139.6	2,965.3	4,920.4	4,225.2
Repayment of Borrowings	-3,679.7	-4,169.5	-3,417.4	-3,784.8	-4,529.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-130.2	-31.5	-36.0	-24.8	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	150.8	-61.4	-474.0	1,110.9	-287.5
Net Cash Flow During the Period	-168.4	141.6	-40.3	72.9	-10.0
Cash and Cash Equivalents at Beginning of Period	261.8	120.2	160.5	87.6	81.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	93.4	261.8	120.2	160.5	87.6

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	1,097.5	1,513.4	1,149.5	1,029.1	958.6	1,817.4	1,535.6	1,122.6	1,037.7	1,076.8	1,115.3	797.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,097.5	1,513.4	1,149.5	1,029.1	958.6	1,817.4	1,535.6	1,122.6	1,037.7	1,076.8	1,115.3	797.2
Cost of Goods Sold	1,024.1	1,403.5	1,089.8	937.9	865.0	1,671.3	1,361.4	1,026.4	942.2	997.7	1,050.6	740.7
Gross Profit	73.4	109.9	59.7	91.2	93.6	146.1	174.2	96.2	95.5	79.2	64.7	56.4
Financial Income	0.1	0.1	0.1	0.5	0.6	0.2	0.1	0.2	0.2	0.0	0.5	0.0
Financial Expenses	13.1	11.0	9.2	11.2	6.0	7.8	5.0	5.0	5.1	4.7	5.6	9.2
Interest Expense	13.1	11.0	9.2	11.2	6.0	7.8	5.0	5.0	5.1	4.7	5.6	9.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	57.5	60.5	58.8	54.0	52.0	66.4	55.5	49.2	37.1	43.3	27.7	37.1
General and Administrative Expenses	35.2	34.7	36.4	33.7	32.4	32.4	27.1	22.6	21.6	11.0	28.8	14.6
Operating Profit	-32.3	3.9	-44.5	-7.2	3.7	39.8	86.7	19.7	31.8	20.2	3.0	-4.5
Other Income	52.4	38.2	20.4	24.8	19.1	36.0	26.6	8.9	9.2	7.9	7.5	9.0
Other Expenses	0.0	2.1	0.0	0.0	0.1	0.0	0.1	0.2	0.1	0.2	0.5	0.0
Other Profit	52.4	36.1	20.3	24.7	19.0	36.0	26.5	8.7	9.1	7.8	7.0	9.0
Profit Before Tax	20.1	40.0	-24.2	17.5	22.7	75.8	113.2	28.4	40.9	28.0	10.1	4.5
Current Income Tax Expense	4.9	3.6	1.3	5.7	6.2	14.3	23.0	7.1	10.5	7.4	1.7	1.9
Deferred Income Tax Expense	—	-1.7	0.2	1.5	0.0	1.9	0.0	-0.7	-1.4	-2.0	-0.0	-0.2
Net Income	15.3	38.1	-25.8	10.3	16.5	59.5	90.3	22.0	31.8	22.5	8.3	2.7
Non-controlling Interest	10.4	5.0	2.3	14.7	11.4	25.9	28.7	14.5	9.5	0.6	0.8	1.0
Profit Attributable to Parent	4.8	33.0	-28.1	-4.4	5.1	33.7	61.6	7.5	22.2	21.8	7.6	1.7
Earnings per Share	45.00	284.00	-285.00	-41.00	48.00	313.00	573.00	70.00	238.00	237.00	84.00	24.00
Diluted EPS	45.00	284.00	-285.00	-41.00	48.00	1,163.00	573.00	70.00	238.00	237.00	81.00	19.00

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)	2,183.0	1,981.8	1,402.0	1,380.0	1,576.8	1,315.7	1,572.0	1,086.1	1,210.0	1,071.8	880.7	640.4
I. Cash and cash equivalents	125.3	93.4	117.7	97.0	128.2	261.8	218.3	130.1	113.5	120.2	53.4	65.5
1. Cash	106.1	91.4	111.7	91.0	123.2	151.8	218.3	121.1	90.2	107.1	53.4	49.9
2. Cash equivalents	19.2	2.0	6.0	6.0	5.0	110.0	0.0	9.0	23.2	13.1	0.0	15.6
II. Short-term financial investments	11.8	11.0	8.5	5.0	5.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	11.8	11.0	8.5	5.0	5.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	513.8	353.5	411.1	303.1	390.0	340.3	487.4	272.7	366.8	212.8	207.4	149.4
1. Short-term trade accounts receivable	279.5	193.4	219.1	136.5	156.1	123.6	239.5	146.4	217.8	93.8	97.6	79.6
2. Short-term prepayments to suppliers	49.1	8.7	72.0	71.1	78.3	77.8	33.2	44.4	43.2	38.0	20.0	11.9
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	186.2	152.5	121.0	96.5	156.6	139.9	215.8	82.8	106.8	82.1	90.9	59.0
7. Provision for short-term doubtful debts (*)	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.1	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,459.6	1,457.1	812.2	912.5	976.0	660.8	800.7	636.4	690.1	696.1	582.7	404.2
1. Inventories	1,465.0	1,462.6	817.7	917.9	981.5	666.3	806.2	641.9	695.5	702.5	588.9	409.7
2. Provision for decline in value of inventories	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-6.3	-6.1	-5.5
V. Other short-term assets	72.5	66.7	52.5	62.4	77.6	49.8	65.5	47.0	39.6	42.6	37.2	21.3
1. Short-term prepayments	16.0	12.2	11.0	12.2	11.5	12.5	8.2	8.6	6.9	5.5	9.8	13.2
2. Value added tax to be reclaimed	55.2	53.4	41.0	49.5	65.6	37.2	57.0	37.9	31.8	36.6	27.2	7.6
3. Taxes and other receivables from state authorities	1.3	1.2	0.6	0.7	0.5	0.1	0.3	0.6	0.9	0.6	0.2	0.4
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)	774.1	495.3	958.0	1,046.8	1,076.6	1,091.4	930.4	909.3	892.5	934.5	959.6	975.2
I. Long-term receivables	13.0	6.6	6.5	6.4	6.2	6.2	6.1	5.8	6.1	4.8	4.1	4.1
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	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	10.5	4.1	4.0	3.9	3.8	3.8	3.6	3.4	3.6	2.3	1.7	1.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	419.9	365.6	339.6	421.8	446.4	463.6	372.2	353.7	341.0	381.3	407.3	417.7
1. Tangible fixed assets	382.7	328.5	328.9	411.1	435.7	452.9	361.5	342.9	330.1	370.4	396.3	406.7
- Cost	597.6	—	—	—	—	641.6	544.9	519.8	509.1	549.9	576.8	581.6
- Accumulated depreciation	-214.9	—	—	—	—	-188.7	-183.5	-176.9	-179.0	-179.5	-180.5	-174.9
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	37.2	37.1	10.6	10.7	10.7	10.7	10.8	10.8	10.9	10.9	11.0	11.0
- Cost	45.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	542.2	542.2	542.2	541.9	469.2	469.2	469.2	469.2	469.2	469.2
- 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	30.5	30.5	1.2	1.2	1.2	1.9	7.6	7.1	1.8	1.2	1.2	1.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	30.5	30.5	1.2	1.2	1.2	1.9	7.6	7.1	1.8	1.2	1.2	1.2
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	310.7	92.7	68.4	75.1	80.5	77.8	75.3	73.5	17.0	17.8	14.7	17.2
1. Long-term prepayments	28.3	20.8	24.2	28.1	30.5	26.9	19.7	15.1	12.9	13.6	11.8	14.2
2. Deferred income tax assets	3.6	3.6	3.4	3.4	3.6	1.8	3.7	3.7	4.1	4.2	3.0	3.0
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	278.8	68.2	40.9	43.6	46.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	49.2	51.9	54.7	57.5	60.2	63.0	65.8
TOTAL ASSETS (280=100+200)	2,957.0	2,477.1	2,360.0	2,426.8	2,653.4	2,407.1	2,502.4	1,995.5	2,102.5	2,006.3	1,840.3	1,615.6
A. LIABILITIES (300=210+330)	1,510.8	1,109.0	1,001.6	1,040.2	1,161.7	916.4	1,148.7	770.6	868.8	842.3	712.7	460.5
I. Short -term liabilities	1,237.3	1,108.5	999.5	1,038.3	1,161.1	915.9	1,148.1	769.9	867.4	839.4	709.1	456.1
1. Short-term trade accounts payable	215.9	61.2	163.9	106.2	115.9	99.3	66.1	73.7	54.6	44.7	39.0	41.2
2. Short-term advances from customers	58.2	38.7	62.4	42.5	43.2	63.3	47.9	40.6	55.5	54.9	92.9	70.8
3. Dividends and profits payable	1.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	12.6	21.9	17.0	14.7	14.8	43.7	41.0	14.8	14.1	10.6	5.9	9.5
4. Payable to employees	22.5	27.1	24.3	20.1	18.0	30.0	26.5	19.1	16.3	18.5	17.7	14.9
5. Short-term acrrued expenses	6.8	2.9	4.9	3.0	6.1	1.5	6.5	3.2	8.7	1.2	9.7	8.1
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	43.1	5.6	5.6	6.5	24.0	8.0	17.6	10.4	13.8	9.5	23.4	9.3
10. Short-term borrowings and financial leases	876.7	950.7	718.5	844.8	938.7	669.7	942.0	607.8	704.2	699.6	520.1	301.9
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	0.4	0.5	3.0	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	273.5	0.5	2.1	1.8	0.5	0.5	0.5	0.7	1.4	2.9	3.6	4.4
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	273.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	1.0
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	0.3	0.3	1.9	1.6	0.3	0.3	0.3	0.3	1.0	2.5	3.3	3.4
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)	1,446.2	1,368.1	1,358.4	1,386.7	1,491.8	1,490.7	1,353.8	1,224.9	1,233.8	1,164.0	1,127.5	1,155.2
I. Owner's equity	1,446.2	1,368.1	1,358.4	1,386.7	1,491.8	1,490.7	1,353.8	1,224.9	1,233.8	1,164.0	1,127.5	1,155.2
1. Owner's capital	1,074.4	1,074.4	1,074.4	1,074.4	1,074.4	1,074.4	1,074.4	1,074.4	934.3	934.3	899.3	719.4
- Common stock with voting right	1,074,396,810,000.00	1,074,396,810,000.00	1,074,396,810,000.00	1,074,396,810,000.00	1,074,396,810,000.00	1,074,396,810,000.00	1,074,396,810,000.00	1,074,396,810,000.00	934,275,650,000.00	934,275,650,000.00	899,275,650,000.00	719,434,340,000.00
- 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	30.5	30.5	30.5	30.5
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	—	—	—	—	—	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	30.1	25.2	-8.5	22.1	134.1	129.0	95.3	33.8	163.9	150.2	149.4	357.6
- Accumulated retained earning at the end of the previous period	25.3	19.6	18.9	21.4	129.0	4.0	4.0	4.0	141.7	115.6	136.6	352.4
- Undistributed earnings in this period	4.8	5.6	-27.4	0.7	5.1	125.0	91.3	29.7	22.2	34.6	12.8	5.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	341.7	268.5	292.5	290.1	283.2	287.3	184.1	116.7	105.1	49.0	48.3	47.6
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)	2,957.0	2,477.1	2,360.0	2,426.8	2,653.4	2,407.1	2,502.4	1,995.5	2,102.5	2,006.3	1,840.3	1,615.6

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
Profit Before Tax	20.1	40.0	-24.2	17.5	22.7	75.8	113.2	28.4	40.9	28.0	10.1	4.5
Depreciation of Fixed Assets and Investment Property	18.7	17.4	16.9	17.4	17.1	15.8	13.9	13.6	13.3	14.1	14.2	15.6
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	-0.1	-0.9	0.2	0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-5.5	-1.4	-2.9	-4.0	-2.9	-1.2	-1.9	-1.8	-1.8	-0.2	-3.2
Interest Expense	13.1	11.0	9.2	11.2	6.0	7.8	5.0	5.0	5.1	4.7	5.6	9.2
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	50.7	62.9	0.4	43.3	41.9	96.4	130.9	45.1	56.7	45.1	30.4	26.1
Increase/(Decrease) in Receivables	-168.6	-18.3	-66.3	102.5	-78.4	167.5	-228.1	83.0	-150.7	-17.0	-77.2	99.7
Increase/(Decrease) in Inventory	24.3	-58.0	100.3	63.6	-315.2	139.9	-164.3	53.7	6.9	-113.6	-179.2	290.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	208.6	-177.2	84.3	-14.6	-14.5	78.1	62.5	6.9	44.2	-22.2	0.7	-55.2
Increase/(Decrease) in Prepaid Expenses	-7.1	9.5	5.2	1.6	1.2	-11.3	-3.9	-3.0	-0.8	2.5	5.8	1.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.1	-11.0	-9.2	-11.2	-6.0	-7.8	-5.0	-5.0	-5.1	-4.7	-5.6	-9.2
Corporate Income Tax Paid	-17.4	-0.0	-0.6	-3.3	-41.4	-8.9	-0.2	-17.2	6.1	-34.5	31.3	-62.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-2.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	77.3	-194.7	114.1	181.8	-412.4	453.9	-208.1	163.5	-42.8	-144.3	-193.8	291.0
Payments for Fixed Assets and Other Long-term Assets	-24.3	-120.3	-16.4	-44.9	-73.1	-189.6	-57.4	-61.5	-62.5	-118.7	-68.8	-8.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	58.8	60.9	52.7	55.5	84.5	54.3	22.2	39.4	93.7	136.4	67.8	110.2
Loans and Purchases of Debt Instruments	-0.8	-2.5	-3.5	-2.0	—	-3.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	0.1	0.5	0.6	0.2	0.1	0.2	0.2	0.0	0.5	0.0
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	33.8	-61.7	32.9	9.0	11.9	-138.0	-35.1	-21.8	31.4	17.7	-0.5	102.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	14,000,000,000.00	0.00	-180,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	751.4	1,606.1	850.5	733.7	770.4	1,204.0	1,350.7	801.0	783.8	980.3	1,099.5	412.9
Repayment of Borrowings	-825.4	-1,374.0	-976.8	-825.6	-503.4	-1,476.4	-1,016.4	-897.4	-779.2	-800.9	-881.3	-644.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-5.2	0.0	0.0	-130.2	-0.0	0.0	-2.8	-28.7	0.0	0.0	-36.0	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	-79.2	232.1	-126.3	-222.1	267.0	-272.4	331.4	-125.1	4.6	193.4	182.3	-411.6
Net Cash Flow During the Period	31.9	-24.2	20.7	-31.3	-133.6	43.5	88.2	16.6	-6.8	66.8	-12.1	-18.5
Cash and Cash Equivalents at Beginning of Period	93.4	117.7	97.0	128.2	261.8	120.2	120.2	120.2	120.2	160.5	160.5	160.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	125.3	93.4	117.7	97.0	128.2	261.8	218.3	130.1	113.5	120.2	53.4	65.5

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