HDC

Phát triển Nhà Bà Rịa - Vũng Tàu ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 113.17%, +99.20pp YoY

Price

17,500

Latest close

03 Jun 2026

P/E 4.63x

P/B 1.17x

EPS 3,777

BVPS 14,996

ROE 25.9%

ROA 12.9%

Profit Margin 112.7%

Asset Turnover 0.11x

Equity Mult. 2.01x

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

What Is Changing

On a TTM 2026Q1 basis, HDC has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 606bn
	                                
+8.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 686bn
	                                
+776.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    86.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	456.5	546.2	665.5	1,298.0	1,357.3
Growth	-16%	-18%	-49%	-4%	—
Net Income	641.2	66.9	132.0	420.6	311.4
Net Margin	140.47%	12.25%	19.83%	32.40%	22.94%

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	248.7	175.3	102.0	80.2	99.0	165.1	124.6	171.5	85.3	191.5	168.2	129.1
Growth	+42%	+72%	+27%	-19%	-40%	+33%	-27%	+101%	-55%	+14%	+30%	—
Net Income	58.4	30.9	538.7	58.1	13.7	0.8	13.3	50.5	1.1	47.5	32.4	20.1
Net Margin	23.47%	17.65%	528.06%	72.44%	13.80%	0.47%	10.71%	29.44%	1.31%	24.83%	19.29%	15.57%

Drivers of HDC's profit

TTM

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

Financial income ↑ 849.6bn

Tax ↑ 154.5bn

TTM

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

Gross profit ↑ 97.3bn

Finance costs ↑ 27.8bn

Administrative expenses ↑ 9.6bn

Tax ↑ 7.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.7% = 14.0% × 0.12 × 2.30

2026Q1 26.0% = 113.2% × 0.11 × 2.01

ROE rose from 3.7% to 26.0% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 113.2% +99.2pp Asset turnover: 0.11x -0.00x Leverage: 2.01x -0.29x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 113.17%, rising 99.2pp. Despite pressure from Gross margin fell 11.3pp and SG&A / Revenue rose 8.2pp, the offset came from Net financial result / Revenue rose 132.9pp and Other profit / Revenue rose 6.7pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 113.17% +99.2pp

Gross Margin 31.98% −11.3pp

SG&A / Revenue 18.78% +8.2pp

Non-core / Revenue 123.54% +139.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 86.7% of PBT and lifted net margin by 139.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 16.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 16.32%, rising 13.4pp. That translates to 16.32 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 94.2pp, with capital turnover broadly stable; while invested capital rose by 477bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 16.32% +13.4pp

NOPAT Margin 113.53% +94.2pp

Capital Turnover 0.14x −0.01x

Average Invested Capital 4,216.1bn +476.8bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.07x equity, net debt at 0.53x equity.

Development inventory ended the period at 1,481.4bn, about 24.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 1,141.9bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +67.0bn

Inventories increased → lower CFO: −964.0bn

Payables decreased → lower CFO: −244.9bn

Is financial risk significant?

Leverage is safe but FCF is negative at 1,333.1bn due to capex of 13.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.53x and interest coverage at 7.88x.

At present, short-term debt accounts for 58.1% of total debt, cash equals 1.8% of debt, and total debt stands at 1,604.8bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 1.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.53x −0.16x

Interest Coverage 7.88x +5.57x

Cash / Debt 1.8% +1.1pp

Short-term Debt / Total Debt 58.1% −19.1pp

CFO / NI -1.93x −0.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1,016.8bn in 2025, against investing cash flow of 903.4bn.

Post-investment cash flow was negative +113.4bn. Financing cash flow was positive +601.9bn.

CFO / net income was -1.93x.

After spending +13.1bn on fixed-asset investment, the business generated trailing free cash flow of −1,333.1bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 1,320.1bn −1,191.5bn

Cash Capex 13.1bn +10.8bn

FCF TTM −1,333.1bn −1,202.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 99.2 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 7.88x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 113.17% after expanding 99.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 86.4% of PBT and CFO / net income currently at -1.93x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.53x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	456.5	556.3	666.0	1,303.4	1,415.1
Revenue Deductions	—	10.0	0.6	5.4	0.0
Net Revenue	456.5	546.2	665.5	1,298.0	1,357.3
Cost of Goods Sold	360.0	325.9	367.9	818.8	0.0
Gross Profit	96.5	220.4	297.5	479.2	485.9
Financial Income	865.1	21.8	6.3	260.0	5.2
Financial Expenses	83.0	60.3	83.9	123.8	-42.3
Interest Expense	80.6	55.7	83.7	82.3	-41.8
Share of Associates and Joint Ventures	40.3	5.2	1.0	-7.4	1.5
Selling Expenses	23.5	17.5	17.3	23.0	-22.7
General and Administrative Expenses	80.3	39.6	40.7	47.4	-40.3
Operating Profit	815.1	130.0	163.0	537.7	387.2
Other Income	2.6	0.8	1.1	2.9	0.0
Other Expenses	4.4	41.1	0.2	0.2	0.0
Other Profit	-1.7	-40.3	0.9	2.6	3.6
Profit Before Tax	813.4	89.7	163.8	540.3	390.8
Current Income Tax Expense	171.7	25.9	35.3	119.2	-79.4
Deferred Income Tax Expense	0.4	-3.1	-3.5	0.5	0.0
Net Income	641.2	66.9	132.0	420.6	311.4
Non-controlling Interest	2.1	0.8	0.3	1.3	1.9
Profit Attributable to Parent	639.1	66.1	131.6	419.4	309.5
Earnings per Share	3,559.00	434.00	1,079.00	4,299.00	3,578.86
Diluted EPS	3,199.38	370.37	974.38	3,879.95	3,578.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,151.6	2,320.6	2,093.8	2,270.9	2,671.2
I. Cash and cash equivalents	498.8	10.3	12.9	11.5	61.7
1. Cash	498.8	10.3	12.9	11.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	4.2	4.6	4.6	71.6	0.0
1. Available for sale securities	4.2	4.2	4.2	111.4	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	-40.2	0.0
3. Held to maturity investments	—	0.4	0.4	0.4	0.0
III. Short-term receivables	1,162.7	927.5	932.0	1,088.7	731.0
1. Short-term trade accounts receivable	872.7	591.9	666.6	703.7	0.0
2. Short-term prepayments to suppliers	251.4	179.0	239.3	337.4	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	19.8	0.0	0.0	10.5	0.0
6. Other short-term receivables	29.8	163.3	32.5	43.8	0.0
7. Provision for short-term doubtful debts (*)	-11.0	-6.7	-6.4	-6.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,481.4	1,360.6	1,137.3	1,091.5	1,859.0
1. Inventories	1,481.7	1,360.9	1,137.6	1,091.8	0.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	0.0
V. Other short-term assets	4.5	17.5	7.1	7.6	10.0
1. Short-term prepayments	4.2	17.4	7.0	7.2	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.0	0.3	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,930.6	2,556.8	2,605.0	2,150.9	1,105.8
I. Long-term receivables	0.3	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	23.3
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.3	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	298.8	302.2	315.4	327.6	341.2
1. Tangible fixed assets	298.2	301.3	314.5	326.5	340.1
- Cost	434.9	425.4	424.4	423.5	0.0
- Accumulated depreciation	-136.7	-124.0	-109.9	-97.0	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	0.6	0.9	0.8	1.0	1.1
- Cost	1.9	1.9	1.7	1.7	0.0
- Accumulated depreciation	-1.3	-1.1	-0.9	-0.7	0.0
III. Investment properties	56.1	57.8	59.4	59.7	53.6
- Cost	74.5	74.5	74.5	73.1	0.0
- Accumulated depreciation	-18.4	-16.7	-15.1	-13.5	0.0
IV. Long-term assets in progress	2,234.2	1,364.7	1,406.9	1,072.0	644.4
1. Long-term production in progress	2,229.9	1,362.0	1,405.3	1,070.4	0.0
2. Construction in progress	4.3	2.7	1.6	1.6	0.0
V. Long-term financial investments	194.5	825.2	819.9	686.6	23.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	181.1	811.7	806.5	673.2	0.0
3. Investments in other entities	13.5	13.5	13.5	13.5	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	146.6	6.9	3.4	5.1	0.0
1. Long-term prepayments	9.3	5.5	2.8	4.4	0.0
2. Deferred income tax assets	2.2	1.4	0.7	0.7	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	19.4
5. Goodwill	135.2	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)	6,082.2	4,877.4	4,698.9	4,421.8	3,777.0
A. LIABILITIES (300=210+330)	3,145.4	2,605.3	2,790.9	2,558.1	2,292.9
I. Short -term liabilities	1,916.5	2,142.0	2,061.1	1,588.0	1,469.2
1. Short-term trade accounts payable	81.5	212.4	255.5	137.1	167.6
2. Short-term advances from customers	372.9	273.9	171.6	94.1	199.9
3. Taxes and other payables to state authorities	174.8	36.9	178.2	247.6	0.0
4. Payable to employees	35.3	6.9	7.8	10.8	0.0
5. Short-term acrrued expenses	63.0	63.3	39.1	17.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.0	0.0	0.1	0.3
9. Other short-term payables	188.9	339.5	344.9	335.1	0.0
10. Short-term borrowings and financial leases	976.8	1,175.6	1,009.0	721.8	521.8
11. Provision for short-term liabilities	—	0.0	0.0	0.4	0.0
12.. Bonus and welfare fund	23.4	33.4	55.0	23.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,228.9	463.2	729.8	970.0	823.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	9.3	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	1.7	29.6	29.5	1.6	0.0
8. Long-term borrowings and financial leases	724.8	422.1	695.7	968.5	821.5
9. Convertible bonds	499.0	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	3.4	2.3	4.6	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,936.8	2,272.1	1,908.0	1,863.8	1,484.1
I. Owner's equity	2,936.8	2,272.1	1,908.0	1,863.8	0.0
1. Owner's capital	1,997.5	1,783.5	1,351.0	1,080.9	1,484.1
- Common stock with voting right	1,997,545,710,000.00	1,783,549,660,000.00	1,351,048,810,000.00	1,080,856,930,000.00	864,696,640,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	49.0	199.0	99.3	99.3	99.3
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	137.1	201.0	200.9	158.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	705.7	66.9	235.0	502.9	370.4
- Accumulated retained earning at the end of the previous period	66.7	0.9	103.4	83.5	61.0
- Undistributed earnings in this period	639.1	66.1	131.6	419.4	309.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	47.4	21.7	21.7	22.5	22.8
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)	6,082.2	4,877.4	4,698.9	4,421.8	3,777.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	813.4	89.7	163.8	540.3	307.4
Depreciation of Fixed Assets and Investment Property	16.4	16.1	16.1	16.2	11.6
Provision (Increase)/Reversal	4.3	0.3	-40.9	39.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-903.7	-23.3	-7.2	-1.4	0.0
Interest Expense	80.6	55.7	83.7	82.3	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	0.1	0.0	0.0
Operating Profit Before Changes in Working Capital	11.0	138.4	215.7	677.1	347.7
Increase/(Decrease) in Receivables	116.7	81.7	146.8	-316.5	0.0
Increase/(Decrease) in Inventory	-988.7	-180.1	-380.7	339.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-57.4	42.7	275.7	-393.4	0.0
Increase/(Decrease) in Prepaid Expenses	9.4	-13.1	1.8	8.3	0.0
Changes in Trading Securities	—	0.0	107.2	-101.9	0.0
Interest Paid	-72.3	-55.6	-83.7	-82.3	0.0
Corporate Income Tax Paid	-25.2	-123.8	-86.6	-19.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-10.3	-23.2	-15.7	-25.5	0.0
Net Cash Flow from Operating Activities	-1,016.8	-133.0	180.5	86.2	-257.8
Payments for Fixed Assets and Other Long-term Assets	-12.6	-2.2	-3.9	-19.5	-20.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.4	12.9	0.5
Loans and Purchases of Debt Instruments	-19.8	-1.0	-5.5	-10.9	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.4	1.0	16.0	0.0	50.0
Investments in Other Entities	-14.1	-78.4	-204.2	-758.9	-30.0
Proceeds from Investments in Other Entities	939.0	0.0	0.2	290.0	0.0
Dividends and Interest Income Received	10.3	19.3	4.4	4.5	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	903.4	-61.4	-192.6	-482.0	-50.0
Proceeds from Equity Issuance and Capital Contributions	—	299,564,110,000.00	0.00	0.00	26,715,892,061.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,034.4	1,070.0	892.7	1,164.3	982.0
Repayment of Borrowings	-1,431.6	-1,177.0	-878.3	-817.4	-668.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1.0	-0.8	-1.0	-1.3	-1.1
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	601.9	191.7	13.5	345.6	339.7
Net Cash Flow During the Period	488.5	-2.6	1.4	-50.1	6.7
Cash and Cash Equivalents at Beginning of Period	10.3	12.9	11.5	61.7	29.9
FX Difference from Revaluation	-0.0	-0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	498.8	10.3	12.9	11.5	61.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	257.2	175.3	102.0	80.2	99.0	165.1	134.6	171.5	85.3	191.5	168.7	129.1
Revenue Deductions	8.5	—	—	—	—	0.0	10.0	0.0	0.0	0.0	0.6	0.0
Net Revenue	248.7	175.3	102.0	80.2	99.0	165.1	124.6	171.5	85.3	191.5	168.2	129.1
Cost of Goods Sold	114.9	143.1	84.8	69.6	62.5	101.0	67.2	87.2	70.6	93.1	92.7	84.8
Gross Profit	133.8	32.2	17.2	10.7	36.5	64.1	57.3	84.3	14.7	98.4	75.5	44.4
Financial Income	0.2	90.2	700.3	71.8	2.9	0.4	2.8	6.8	11.9	2.6	0.7	2.8
Financial Expenses	39.3	29.8	20.3	21.3	11.5	15.2	13.5	22.7	8.9	26.6	22.5	13.3
Interest Expense	39.3	29.8	19.1	20.2	11.5	15.2	13.5	18.2	8.8	10.2	29.1	26.8
Share of Associates and Joint Ventures	3.5	8.5	5.8	23.3	2.7	-0.8	1.4	8.8	-5.4	0.6	0.0	3.2
Selling Expenses	5.6	9.1	5.8	4.3	4.4	4.9	3.3	5.3	3.3	4.8	4.1	4.3
General and Administrative Expenses	19.2	35.0	21.8	13.1	9.6	11.6	10.1	10.2	8.5	11.7	9.0	9.8
Operating Profit	73.4	57.1	675.3	67.0	16.5	32.0	34.6	61.7	0.5	58.4	40.7	23.0
Other Income	0.0	0.1	0.3	0.7	0.8	0.8	0.0	0.0	0.0	0.0	0.2	0.7
Other Expenses	0.2	1.0	2.6	0.0	0.8	25.4	15.3	0.1	0.3	0.0	0.1	0.1
Other Profit	-0.2	-1.0	-2.3	0.7	0.0	-24.6	-15.3	-0.1	-0.3	0.0	0.1	0.7
Profit Before Tax	73.1	56.1	673.1	67.7	16.5	7.4	19.4	61.7	0.1	58.4	40.8	23.7
Current Income Tax Expense	10.6	24.7	134.1	10.1	2.8	8.7	4.5	9.1	3.6	14.4	8.3	3.6
Deferred Income Tax Expense	4.1	0.5	0.3	-0.5	0.1	-2.1	1.6	2.0	-4.6	-3.5	0.0	0.0
Net Income	58.4	30.9	538.7	58.1	13.7	0.8	13.3	50.5	1.1	47.5	32.4	20.1
Non-controlling Interest	1.0	1.1	0.8	0.2	0.1	0.6	0.3	0.2	-0.2	0.7	-0.0	0.1
Profit Attributable to Parent	57.4	29.9	537.9	57.9	13.6	0.2	13.1	50.3	1.3	46.9	32.5	20.0
Earnings per Share	287.14	149.49	3,015.85	324.46	76.16	1.08	73.33	324.28	9.77	346.82	240.47	147.75
Diluted EPS	287.14	149.49	3,015.85	324.46	76.16	1.08	73.33	324.28	9.77	346.82	240.47	147.75

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)	2,674.9	3,154.0	3,071.5	2,323.5	2,298.0	2,320.7	2,345.6	2,589.6	2,271.1	2,093.8	2,351.7	2,368.6
I. Cash and cash equivalents	29.2	498.8	280.3	14.5	10.8	10.3	22.6	315.0	33.3	12.9	9.4	10.5
1. Cash	29.2	498.8	280.3	14.5	10.8	10.3	22.6	315.0	33.3	12.9	9.4	10.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	24.0	4.2	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	88.0	83.3
1. Available for sale securities	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	111.4	113.4
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-23.8	-30.5
3. Held to maturity investments	19.8	—	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
III. Short-term receivables	1,150.0	1,164.8	1,346.0	874.5	884.8	927.6	932.0	949.2	943.1	932.0	1,101.4	1,113.4
1. Short-term trade accounts receivable	877.9	873.9	877.9	523.0	548.9	591.9	595.8	630.4	628.3	666.6	700.0	703.0
2. Short-term prepayments to suppliers	248.4	251.8	214.5	147.8	150.9	179.0	299.3	279.9	287.8	239.3	353.2	360.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	19.8	—	—	—	0.0	0.0	1.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	34.6	29.8	262.4	210.3	191.7	163.3	44.0	45.1	33.3	32.5	54.6	56.6
7. Provision for short-term doubtful debts (*)	-11.0	-10.5	-8.8	-6.7	-6.7	-6.7	-7.0	-7.2	-6.4	-6.4	-6.4	-6.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,466.9	1,481.4	1,433.1	1,407.7	1,379.3	1,360.6	1,343.5	1,302.8	1,282.5	1,137.3	1,145.6	1,154.5
1. Inventories	1,467.2	1,481.7	1,433.4	1,408.0	1,379.6	1,360.9	1,343.8	1,303.1	1,282.8	1,137.6	1,145.9	1,154.8
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	4.8	4.9	7.5	22.3	18.5	17.6	42.9	18.0	7.6	7.1	7.4	6.8
1. Short-term prepayments	3.8	4.6	5.4	20.9	17.9	17.6	42.9	17.8	7.3	7.0	7.1	6.8
2. Value added tax to be reclaimed	0.8	0.1	2.0	1.3	0.3	0.1	0.0	0.1	0.2	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	0.1	0.1	0.2	0.0	0.0	0.1	0.1	0.0	0.2	0.1
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)	3,052.9	2,930.2	2,332.9	2,578.6	2,587.3	2,555.5	2,539.3	2,513.5	2,482.2	2,604.6	2,188.4	2,177.8
I. Long-term receivables	0.3	0.3	0.0	0.0	0.0	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	0.3	0.3	0.0	0.0	0.0	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	295.1	298.9	299.1	295.9	298.7	302.2	304.5	308.1	311.8	315.4	319.0	320.8
1. Tangible fixed assets	294.5	298.2	298.4	295.2	297.9	301.3	303.8	307.4	311.0	314.5	318.1	319.9
- Cost	434.9	—	—	—	—	425.4	424.4	424.4	424.4	424.4	424.3	422.5
- Accumulated depreciation	-140.4	—	—	—	—	-124.0	-120.5	-117.0	-113.4	-109.9	-106.2	-102.7
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	0.6	0.6	0.7	0.8	0.8	0.9	0.7	0.7	0.8	0.8	0.9	0.9
- Cost	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	55.7	56.1	56.5	57.0	57.4	57.8	58.2	58.6	59.0	59.4	58.4	58.8
- Cost	74.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2,262.6	2,234.2	1,666.2	1,407.4	1,384.2	1,364.7	1,345.3	1,316.7	1,290.0	1,406.9	1,105.6	1,092.9
1. Long-term production in progress	2,257.9	2,229.9	1,662.3	1,403.8	1,381.5	1,362.0	1,342.6	1,314.0	1,288.4	1,405.3	1,104.0	1,091.3
2. Construction in progress	4.7	4.3	3.9	3.7	2.7	2.7	2.7	2.7	1.6	1.6	1.6	1.6
V. Long-term financial investments	298.0	194.5	301.0	808.9	840.5	824.0	824.8	823.3	814.6	819.5	701.5	701.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	284.5	181.1	287.6	795.4	827.0	810.5	811.3	809.9	801.1	806.1	688.1	688.0
3. Investments in other entities	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5
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	141.2	146.2	10.0	9.4	6.5	6.8	6.5	6.8	6.9	3.4	3.8	3.7
1. Long-term prepayments	8.5	8.9	8.5	7.9	5.1	5.4	5.9	6.1	6.2	2.8	3.1	3.1
2. Deferred income tax assets	0.9	2.2	1.4	1.4	1.4	1.4	0.7	0.7	0.7	0.7	0.7	0.7
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	131.7	135.2	—	—	—	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)	5,727.8	6,084.1	5,404.4	4,902.1	4,885.3	4,876.2	4,884.9	5,103.1	4,753.3	4,698.5	4,540.1	4,546.4
A. LIABILITIES (300=210+330)	2,732.2	3,147.2	2,523.0	2,559.4	2,599.5	2,605.3	2,614.8	2,846.3	2,844.2	2,790.9	2,640.5	2,679.2
I. Short -term liabilities	1,553.2	1,918.4	1,723.5	2,205.2	2,197.3	2,142.7	2,098.0	2,260.0	2,195.6	2,088.9	1,752.2	1,662.3
1. Short-term trade accounts payable	63.8	82.5	83.3	222.4	199.8	212.4	239.6	247.9	244.0	255.5	114.7	118.5
2. Short-term advances from customers	281.5	374.0	293.3	346.3	323.7	273.9	224.2	222.4	238.4	171.6	166.1	179.4
3. Taxes and other payables to state authorities	14.2	174.8	148.4	15.6	6.8	36.9	31.5	98.3	162.2	178.2	273.7	259.2
4. Payable to employees	6.4	35.4	6.7	5.9	5.1	6.9	5.1	5.2	4.9	7.8	5.0	2.9
5. Short-term acrrued expenses	53.6	141.1	61.2	65.4	67.2	63.3	64.3	53.2	36.4	39.1	30.3	27.8
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	0.1	0.1	166.9	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	180.0	110.6	70.6	406.4	339.3	340.2	330.2	347.1	344.3	372.7	367.2	356.5
10. Short-term borrowings and financial leases	932.9	976.8	868.7	1,117.8	1,225.0	1,175.6	1,167.1	1,247.4	1,122.7	1,009.0	739.2	660.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
12.. Bonus and welfare fund	20.6	23.1	24.3	25.3	30.4	33.4	36.1	38.4	42.7	55.0	56.0	56.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,179.0	1,228.8	799.5	354.3	402.2	462.6	516.7	586.3	648.6	701.9	888.3	1,017.0
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	—	—	10.6	10.6	9.3	9.3	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	1.6	1.7	29.5	29.5	29.6	28.9	29.4	29.4	29.4	1.6	1.5	1.5
8. Long-term borrowings and financial leases	671.9	1,223.8	757.2	312.3	361.0	422.1	483.8	554.9	619.2	695.7	886.8	1,015.5
9. Convertible bonds	499.1	—	—	—	—	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	6.3	3.4	2.2	1.9	2.4	2.3	3.6	2.0	0.0	4.6	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)	2,995.6	2,936.9	2,881.3	2,342.7	2,285.7	2,270.9	2,270.2	2,256.8	1,909.1	1,907.6	1,899.6	1,867.2
I. Owner's equity	2,995.6	2,936.9	2,881.3	2,342.7	2,285.7	2,270.9	2,270.2	2,256.8	1,909.1	1,907.6	1,899.6	1,867.2
1. Owner's capital	1,997.5	1,997.5	1,783.5	1,783.5	1,783.5	1,783.5	1,783.5	1,551.0	1,351.0	1,351.0	1,351.0	1,351.0
- Common stock with voting right	1,997,545,710,000.00	1,997,545,710,000.00	1,783,549,660,000.00	1,783,549,660,000.00	1,783,549,660,000.00	1,783,549,660,000.00	1,783,549,660,000.00	1,550,951,250,000.00	1,351,048,810,000.00	1,351,048,810,000.00	1,351,048,810,000.00	1,351,048,810,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	49.0	49.0	199.0	199.0	199.0	199.0	199.0	199.0	99.3	99.3	99.3	99.3
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	137.1	137.1	201.1	51.1	201.0	201.0	201.0	201.0	200.9	200.9	200.9	200.9
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	763.1	705.9	676.0	288.1	80.5	65.8	65.6	285.1	236.4	234.6	227.3	194.8
- Accumulated retained earning at the end of the previous period	705.7	66.7	66.7	216.7	66.9	0.9	0.9	233.5	235.0	103.4	142.9	142.9
- Undistributed earnings in this period	57.4	639.2	609.3	71.5	13.6	64.9	64.7	51.6	1.3	131.3	84.4	51.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	48.8	47.4	21.7	20.9	21.7	21.7	21.1	20.8	21.5	21.7	21.0	21.0
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)	5,727.8	6,084.1	5,404.4	4,902.1	4,885.3	4,876.2	4,884.9	5,103.1	4,753.3	4,698.5	4,540.1	4,546.4

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	73.1	56.1	673.1	67.7	16.5	7.4	19.4	61.7	0.1	58.8	40.8	23.7
Depreciation of Fixed Assets and Investment Property	4.2	4.3	4.1	4.0	4.0	4.0	4.0	4.1	4.0	4.1	4.0	4.0
Provision (Increase)/Reversal	—	2.1	2.2	-0.0	-0.0	-0.3	-0.2	0.9	0.0	-23.8	-7.1	-13.9
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-3.6	-98.0	-705.2	-95.0	-5.5	0.8	-4.1	-13.7	-6.3	-3.6	-0.5	-6.2
Interest Expense	39.3	29.8	19.1	20.2	11.5	15.2	13.5	18.2	8.8	10.2	29.1	26.8
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	0.1	0.0	0.0
Operating Profit Before Changes in Working Capital	113.0	-5.7	-6.7	-3.1	26.5	27.1	32.6	71.0	6.6	45.8	66.3	34.5
Increase/(Decrease) in Receivables	-7.5	-34.4	99.4	9.5	42.3	-28.8	71.0	-34.2	74.5	168.3	10.3	23.0
Increase/(Decrease) in Inventory	-13.5	-615.9	-283.9	-50.6	-38.2	-36.6	-69.2	-46.0	-28.3	-293.0	-3.7	-34.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-153.9	218.2	-387.4	78.1	33.6	76.9	-80.6	34.0	12.9	161.0	8.4	58.7
Increase/(Decrease) in Prepaid Expenses	1.3	0.4	14.9	-5.8	-0.1	25.9	-24.9	-10.4	-3.7	0.4	-0.3	1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	107.2	2.0	-2.0
Interest Paid	-44.4	-23.3	-14.6	-23.0	-11.5	-15.2	-15.0	-16.7	-8.8	-10.2	-23.5	-32.4
Corporate Income Tax Paid	-168.5	-0.1	0.0	-2.6	-22.5	-3.5	-35.1	-67.0	-18.2	-73.2	-2.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.8	-0.9	-1.0	-5.3	-3.1	-2.7	-2.3	-5.9	-12.4	-0.9	-0.9	-6.9
Net Cash Flow from Operating Activities	-276.2	-461.7	-579.3	-2.8	27.1	43.0	-123.5	-75.1	22.6	105.4	56.5	42.1
Payments for Fixed Assets and Other Long-term Assets	-0.5	-3.6	-7.2	-1.8	-0.1	-1.2	0.1	-1.1	0.0	-1.5	-1.8	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	-0.0	-19.8	0.0	-0.0	—	0.0	1.0	-1.0	0.0	-5.5	5.5	-5.5
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.4	—	—	—	0.0	0.0	0.0	0.0	5.5	-5.5	5.5
Investments in Other Entities	-100.0	—	—	—	—	-1.0	-26.0	-2.0	-49.4	-180.2	-9.0	-15.0
Proceeds from Investments in Other Entities	4.6	0.0	739.2	199.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Dividends and Interest Income Received	0.0	3.6	3.8	0.0	2.8	0.0	7.6	0.0	11.7	1.2	3.2	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	-95.9	105.6	649.4	163.3	-14.9	-2.2	-17.3	-4.1	-37.7	-180.5	-7.6	-14.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	301,564,110,000.00	-2,000,000,000.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	454.9	816.5	726.2	250.6	241.1	335.0	216.1	317.2	201.7	323.9	103.3	182.8
Repayment of Borrowings	-552.4	-241.8	-530.4	-406.4	-252.9	-388.2	-367.6	-256.8	-164.5	-245.2	-153.5	-211.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-1.0	—	0.0	0.0	-0.8	0.0	0.0	0.0	-1.0
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	-97.6	574.6	195.8	-156.8	-11.7	-53.1	-151.5	361.2	35.1	78.7	-50.1	-29.2
Net Cash Flow During the Period	-469.7	218.5	265.8	3.7	0.5	-12.3	-292.4	282.0	20.0	3.6	-1.2	-1.6
Cash and Cash Equivalents at Beginning of Period	498.8	280.3	14.5	10.8	10.3	12.9	12.9	12.9	13.3	11.5	11.5	11.5
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	29.2	498.8	280.3	14.5	10.8	10.3	22.6	315.0	33.3	12.9	9.4	10.5

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