HNG

Nông nghiệp Quốc tế Hoàng Anh Gia Lai ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin −127.26%, +125.24pp YoY

Price

6,900

Latest close

02 Jun 2026

P/E -8.55x

P/B 6.43x

EPS -807

BVPS 1,073

ROE -65.1%

ROA -4.7%

Profit Margin -127.3%

Asset Turnover 0.04x

Equity Mult. 13.91x

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

What Is Changing

On a TTM 2026Q1 basis, HNG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — 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 704bn
	                                
+34.6%YoY

	                            
	                                NET MARGIN
	                            
	                                    −127.26%
	                                
+125.2ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 896bn
	                                
+32.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    78.6%

Metric	2025	2024	2023	2022	2021
Revenue	677.6	491.9	605.6	741.8	1,198.9
Growth	+38%	-19%	-18%	-38%	—
Net Income	-987.1	-1,281.9	-1,098.5	-3,576.4	-1,119.4
Net Margin	-145.67%	-260.59%	-181.39%	-482.13%	-93.37%

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	125.6	246.3	214.4	117.5	99.3	204.0	140.8	78.8	93.5	184.1	159.9	151.4
Growth	-49%	+15%	+83%	+18%	-51%	+45%	+79%	-16%	-49%	+15%	+6%	—
Net Income	-62.1	-601.2	-118.9	-113.4	-84.5	-730.7	-182.4	-322.7	-47.1	-603.9	-199.0	-128.3
Net Margin	-49.47%	-244.06%	-55.47%	-96.50%	-85.05%	-358.26%	-129.54%	-409.44%	-50.34%	-327.97%	-124.47%	-84.73%

Drivers of HNG's profit

TTM

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

Gross profit ↑ 787.1bn

Other profit ↓ 337.1bn

TTM

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

Associates income ↑ 10.2bn

Finance costs ↓ 5.9bn

Gross profit ↑ 5.4bn

Financial income ↑ 2.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -65.2% = -252.5% × 0.03 × 7.82

2026Q1 -65.1% = -127.3% × 0.04 × 13.91

ROE is broadly flat at -65.1% — the components are offsetting one another.

Net margin: -127.3% +125.2pp Asset turnover: 0.04x +0.00x Leverage: 13.91x +6.09x

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 -127.26%, rising 125.2pp. The main driver is Gross margin rose 144.7pp and SG&A / Revenue fell 1.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 8.3pp added support while Other profit / Revenue fell 30.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin -127.26% +125.2pp

Gross Margin 16.75% +144.7pp

SG&A / Revenue 5.28% −1.1pp

Non-core / Revenue -144.70% −21.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 21.9pp, other income still accounts for 114.7% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 448.0 days.

Is capital being deployed efficiently?

ROIC expanded to -1.62%, rising 6.7pp. That translates to -1.62 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 156.8pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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

Watchpoints

ROIC remains low

ROIC is currently -1.62% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -1.62% +6.7pp

NOPAT Margin -26.72% +156.8pp

Capital Turnover 0.06x +0.01x

Average Invested Capital 11,632.6bn +147.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 17.84x equity, net debt at 8.74x equity.

Inventory ended the period at 2,482.1bn, roughly 12.6% of total assets.

Over the last 12 months, working capital released 1,382.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −274.2bn

Inventories increased → lower CFO: −436.0bn

Payables increased → higher CFO: +2,092.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 446.0 days versus the same period last year. The main moves came from DIO rose 1042.4 days, DSO fell 648.2 days, and DPO rose 840.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 448.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +1042.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 41.6 days −648.2 days

Inventory 1561.0 days +1042.4 days

Payables 1154.5 days +840.2 days

Cash Conversion Cycle 448.0 days −446.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 8.74x and interest coverage only at -0.47x.

At present, short-term debt accounts for 92.1% of total debt, cash equals 1.0% of debt, and total debt stands at 10,497.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 8.74x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.47x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 8.74x +2.25x

Interest Coverage -0.47x +1.93x

Cash / Debt 1.0% +1.0pp

Short-term Debt / Total Debt 92.1% −2.7pp

CFO / NI -1.66x −1.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 914.7bn in 2025, against investing cash flow of -1,429.4bn.

Post-investment cash flow was negative +514.7bn. Financing cash flow was positive +485.7bn.

CFO / net income was -1.66x.

After spending +1,756.5bn on fixed-asset investment, the business generated trailing free cash flow of −272.5bn.

Cash Conversion

CFO TTM 1,484.0bn +824.6bn

Cash Capex 1,756.5bn +672.7bn

FCF TTM −272.5bn +151.9bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 125.2 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at -1.6%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -127.26% after expanding 125.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 36.0% of PBT and CFO / net income currently at -1.66x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	677.6	491.9	605.6	741.8	1,198.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	677.6	491.9	605.6	741.8	1,198.9
Cost of Goods Sold	526.2	927.6	1,269.9	1,712.6	0.0
Gross Profit	151.4	-435.7	-664.3	-970.8	-421.5
Financial Income	77.3	86.1	36.1	76.5	142.6
Financial Expenses	419.1	319.9	343.6	333.7	-572.8
Interest Expense	415.3	312.9	325.4	308.5	-302.6
Share of Associates and Joint Ventures	39.3	24.7	34.9	36.8	19.4
Selling Expenses	16.2	12.2	26.8	21.4	-175.5
General and Administrative Expenses	26.1	26.5	96.7	95.3	-134.7
Operating Profit	-193.3	-683.5	-1,060.4	-1,307.9	-1,142.5
Other Income	31.5	18.9	23.6	130.8	0.0
Other Expenses	817.8	617.0	73.6	2,388.5	0.0
Other Profit	-786.2	-598.1	-50.0	-2,257.7	-156.3
Profit Before Tax	-979.6	-1,281.6	-1,110.4	-3,565.5	-1,298.8
Current Income Tax Expense	—	0.2	0.9	1.0	179.4
Deferred Income Tax Expense	7.5	0.1	-12.8	9.9	0.0
Net Income	-987.1	-1,281.9	-1,098.5	-3,576.4	-1,119.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-987.1	-1,281.9	-1,098.5	-3,576.4	-1,119.4
Earnings per Share	-890.00	-1,156.00	-991.00	-3,226.00	-1,010.00
Diluted EPS	-890.00	-1,156.00	-991.00	-3,226.00	-1,009.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,120.7	2,474.5	2,658.8	3,039.1	2,848.6
I. Cash and cash equivalents	40.9	69.8	76.0	27.8	29.9
1. Cash	40.9	69.8	76.0	27.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	470.3	364.8	600.6	1,255.2	1,187.7
1. Short-term trade accounts receivable	107.5	115.1	277.0	838.8	0.0
2. Short-term prepayments to suppliers	189.2	128.3	277.2	111.0	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	119.4	0.0
6. Other short-term receivables	173.8	165.3	115.6	273.2	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-43.8	-69.3	-87.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,482.1	1,937.4	1,880.8	1,662.4	1,556.6
1. Inventories	2,507.0	2,017.1	1,942.1	1,685.1	0.0
2. Provision for decline in value of inventories	-24.9	-79.7	-61.3	-22.7	0.0
V. Other short-term assets	127.4	102.4	101.4	93.7	74.4
1. Short-term prepayments	11.8	10.0	0.8	5.6	0.0
2. Value added tax to be reclaimed	114.5	91.7	100.3	87.8	0.0
3. Taxes and other receivables from state authorities	1.1	0.6	0.3	0.3	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)	16,557.3	14,221.0	11,437.0	9,630.7	11,168.4
I. Long-term receivables	2,123.1	2,034.6	909.9	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.5
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	2,107.8	2,034.6	909.9	0.0	0.0
6. Other long-term receivables	15.3	0.0	0.0	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5,690.3	5,348.9	5,585.2	5,247.5	5,882.8
1. Tangible fixed assets	5,682.3	5,340.3	5,576.1	5,237.9	5,872.8
- Cost	9,440.3	8,543.5	8,348.9	7,437.2	0.0
- Accumulated depreciation	-3,758.0	-3,203.1	-2,772.8	-2,199.2	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	8.0	8.6	9.1	9.6	10.0
- Cost	12.3	12.1	11.8	11.5	0.0
- Accumulated depreciation	-4.3	-3.5	-2.7	-2.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	8,233.9	6,330.6	4,435.3	3,888.9	4,796.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8,233.9	6,330.6	4,435.3	3,888.9	0.0
V. Long-term financial investments	356.3	338.0	339.4	330.7	320.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	356.3	338.0	339.4	330.7	0.0
3. Investments in other entities	2.6	2.6	2.6	2.6	0.0
4. Provision for diminution in value of long-term investments	-2.6	-2.6	-2.6	-2.6	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	153.7	169.0	167.2	163.5	0.0
1. Long-term prepayments	64.3	72.1	70.2	59.4	0.0
2. Deferred income tax assets	89.4	96.9	97.0	104.2	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	169.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	19,678.0	16,695.5	14,095.8	12,669.8	14,017.0
A. LIABILITIES (300=210+330)	18,633.4	15,059.9	11,840.1	9,635.4	8,018.3
I. Short -term liabilities	16,543.3	14,304.2	9,609.4	7,327.7	4,874.9
1. Short-term trade accounts payable	1,066.7	1,283.1	501.7	297.4	550.8
2. Short-term advances from customers	3,552.0	1,993.8	1,555.8	715.9	128.8
3. Taxes and other payables to state authorities	14.4	13.5	12.5	11.2	0.0
4. Payable to employees	43.3	43.9	46.5	47.1	0.0
5. Short-term acrrued expenses	1,998.5	1,215.3	1,126.2	614.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	174.1	142.8	156.1	113.6	0.0
10. Short-term borrowings and financial leases	9,694.5	9,611.8	6,210.7	5,528.5	3,317.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	2,090.1	755.7	2,230.7	2,307.7	3,143.4
1. Long-term trade payables	952.8	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	223.2	221.7	33.9	261.8	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	160.4	195.7	173.7	206.1	0.0
8. Long-term borrowings and financial leases	753.8	338.3	2,023.0	1,819.8	2,547.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	20.0	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)	1,044.6	1,635.6	2,255.7	3,034.5	5,998.7
I. Owner's equity	1,044.6	1,635.6	2,255.7	3,034.5	0.0
1. Owner's capital	11,085.5	11,085.5	11,085.5	11,085.5	5,998.7
- Common stock with voting right	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1
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	-839.7	-1,235.9	-1,897.9	-2,217.7	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	-10,371.3	-9,384.1	-8,102.1	-7,003.5	-3,426.5
- Accumulated retained earning at the end of the previous period	-9,384.3	-8,102.2	-7,003.6	-3,427.0	-2,307.1
- Undistributed earnings in this period	-987.1	-1,281.9	-1,098.5	-3,576.4	-1,119.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	19,678.0	16,695.5	14,095.8	12,669.8	14,017.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	-979.6	-1,281.6	-1,110.4	-3,565.5	-1,298.8
Depreciation of Fixed Assets and Investment Property	531.2	563.4	510.1	522.9	419.4
Provision (Increase)/Reversal	-98.4	-7.0	20.7	46.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-67.4	-66.3	-12.2	9.2	0.0
Gain/Loss from Investment Activities	419.8	276.9	-0.7	2,268.2	0.0
Interest Expense	415.3	312.9	325.4	308.5	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	220.9	-201.6	-267.1	-410.6	-445.2
Increase/(Decrease) in Receivables	-578.8	379.8	528.6	36.5	0.0
Increase/(Decrease) in Inventory	-452.3	-28.3	-257.0	-2.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,808.8	810.8	939.4	129.6	0.0
Increase/(Decrease) in Prepaid Expenses	7.2	-14.0	-27.8	-34.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-90.5	-370.2	-352.7	-216.4	0.0
Corporate Income Tax Paid	-0.4	-0.3	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	0.0	0.0	0.0
Net Cash Flow from Operating Activities	914.7	575.9	563.4	-497.7	-1,148.3
Payments for Fixed Assets and Other Long-term Assets	-1,445.7	-965.8	-576.4	-668.2	-532.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.5	-0.6	2.1
Loans and Purchases of Debt Instruments	-4.6	-1,309.2	-782.0	-119.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	602.0
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	21.0	26.3	0.1	0.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,429.4	-2,248.7	-1,357.8	-787.8	2,769.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,276.1	4,525.9	3,090.6	3,482.3	3,613.4
Repayment of Borrowings	-790.4	-2,859.3	-2,248.0	-2,199.0	-5,231.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	485.7	1,666.7	842.5	1,283.3	-1,618.0
Net Cash Flow During the Period	-29.0	-6.1	48.2	-2.1	-11.9
Cash and Cash Equivalents at Beginning of Period	69.8	76.0	27.8	29.9	26.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	40.9	69.8	76.0	27.8	29.9

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	125.6	246.3	214.4	117.5	99.3	204.0	140.8	78.8	93.5	184.1	159.9	151.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	125.6	246.3	214.4	117.5	99.3	204.0	140.8	78.8	93.5	184.1	159.9	151.4
Cost of Goods Sold	86.1	182.4	208.0	109.4	65.2	589.3	187.4	350.2	98.5	611.3	260.4	188.2
Gross Profit	39.5	63.9	6.4	8.1	34.1	-385.4	-46.6	-271.4	-5.0	-427.1	-100.5	-36.8
Financial Income	4.6	1.2	31.3	43.0	1.9	74.1	4.7	39.0	24.2	11.4	7.1	11.3
Financial Expenses	93.2	41.2	134.5	131.0	99.1	97.7	117.1	86.5	67.0	86.2	87.6	88.1
Interest Expense	93.1	40.5	132.9	130.5	98.7	96.0	62.2	83.8	62.7	81.6	81.9	86.2
Share of Associates and Joint Ventures	15.0	35.7	2.3	-3.5	4.8	3.3	10.2	2.1	9.1	12.4	7.5	4.1
Selling Expenses	3.5	6.2	5.8	2.7	1.5	4.4	2.7	1.9	3.2	7.2	6.3	7.5
General and Administrative Expenses	3.9	7.0	3.3	4.9	3.5	7.0	5.0	7.5	4.0	38.4	17.8	22.3
Operating Profit	-41.5	46.4	-103.6	-91.0	-63.4	-417.2	-156.5	-326.2	-46.0	-535.1	-197.6	-139.2
Other Income	0.4	3.1	2.0	25.1	1.4	16.2	0.5	1.3	0.9	1.0	1.2	21.3
Other Expenses	20.9	645.6	15.4	47.3	22.2	330.6	27.4	0.6	1.4	67.7	1.8	9.9
Other Profit	-20.5	-642.5	-13.4	-22.2	-20.9	-314.4	-26.9	0.7	-0.5	-66.7	-0.6	11.5
Profit Before Tax	-62.0	-596.1	-117.0	-113.1	-84.3	-731.6	-183.4	-325.5	-46.5	-601.8	-198.2	-127.7
Current Income Tax Expense	—	—	—	—	—	0.2	0.1	0.1	0.1	0.4	0.3	0.0
Deferred Income Tax Expense	0.2	5.1	2.0	0.2	0.2	-1.1	-1.1	-2.9	0.5	1.8	0.5	0.6
Net Income	-62.1	-601.2	-118.9	-113.4	-84.5	-730.7	-182.4	-322.7	-47.1	-603.9	-199.0	-128.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-62.1	-601.2	-118.9	-113.4	-84.5	-730.7	-182.4	-322.7	-47.1	-603.9	-199.0	-128.3
Earnings per Share	-56.00	-542.00	-107.00	-102.00	-76.00	-659.00	-165.00	-291.00	-42.00	-545.00	-179.00	-116.00
Diluted EPS	-56.00	-542.00	-107.00	-102.00	-76.00	-1,152.00	-165.00	-291.00	-42.00	-545.00	-179.00	-116.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,338.2	3,066.1	2,843.6	3,065.5	2,714.4	2,497.8	2,575.1	2,475.2	3,163.8	2,704.0	3,825.4	3,329.7
I. Cash and cash equivalents	107.7	40.9	6.2	18.0	3.3	69.8	108.0	16.1	6.2	76.0	16.5	7.8
1. Cash	107.7	40.9	6.2	18.0	3.3	69.8	108.0	16.1	6.2	76.0	16.5	7.8
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	378.7	470.3	304.2	484.0	416.9	364.9	245.5	239.6	1,965.4	600.8	1,489.3	1,095.8
1. Short-term trade accounts receivable	7.1	107.5	4.9	190.0	153.2	115.1	89.0	75.2	1,823.1	277.0	500.9	487.9
2. Short-term prepayments to suppliers	188.9	189.2	135.1	134.3	117.9	128.3	104.9	124.3	99.8	277.2	483.7	144.5
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	404.9	393.4
6. Other short-term receivables	182.9	173.8	164.2	159.7	189.6	165.3	123.0	111.5	111.8	115.6	187.4	157.4
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	—	—	-43.8	-43.8	-71.4	-71.4	-69.3	-69.0	-87.6	-87.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
IV. Inventories	2,717.0	2,421.5	2,415.2	2,451.2	2,188.7	1,961.1	2,130.9	2,105.3	1,085.2	1,925.5	2,222.2	2,130.0
1. Inventories	2,743.2	2,502.1	2,495.8	2,531.2	2,268.5	2,040.8	2,145.3	2,318.2	1,118.9	1,945.5	2,253.6	2,144.0
2. Provision for decline in value of inventories	-26.1	-80.7	-80.6	-80.1	-79.7	-79.7	-14.5	-212.9	-33.7	-20.0	-31.4	-14.0
V. Other short-term assets	134.8	133.5	118.0	112.3	105.5	102.0	90.7	114.1	107.0	101.7	97.5	96.2
1. Short-term prepayments	12.7	11.8	13.3	11.7	8.8	10.0	4.2	4.8	4.4	0.8	0.4	1.1
2. Value added tax to be reclaimed	120.9	120.6	103.8	99.9	95.9	91.7	86.2	109.1	102.3	100.5	96.8	94.8
3. Taxes and other receivables from state authorities	1.2	1.1	0.9	0.8	0.7	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	17,512.4	16,816.7	16,292.7	15,462.7	14,680.6	14,203.0	13,372.8	13,073.7	11,083.2	11,439.8	10,318.4	9,785.7
I. Long-term receivables	21.3	2,123.1	2,117.9	2,086.6	2,042.1	2,034.6	1,804.7	1,403.2	213.5	909.9	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	—	2,107.8	2,110.4	2,079.6	2,037.5	2,034.6	1,804.7	1,403.2	213.5	909.9	0.0	0.0
6. Other long-term receivables	21.3	15.3	7.6	7.0	4.6	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	5,441.4	5,304.9	5,496.0	5,529.7	5,255.5	5,467.3	5,443.1	5,682.9	5,683.8	5,588.1	5,550.1	5,445.0
1. Tangible fixed assets	5,433.6	5,296.9	5,487.8	5,521.4	5,247.1	5,458.7	5,434.6	5,673.9	5,674.8	5,579.0	5,541.0	5,435.9
- Cost	9,282.9	—	—	—	—	8,772.8	8,657.8	8,858.5	8,649.5	8,348.9	8,178.6	7,874.1
- Accumulated depreciation	-3,849.3	—	—	—	—	-3,314.1	-3,223.2	-3,184.5	-2,974.7	-2,769.9	-2,637.6	-2,438.3
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	7.9	8.0	8.2	8.3	8.4	8.6	8.6	8.9	9.0	9.1	9.2	9.2
- Cost	12.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	527.5	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	527.5	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	267.2	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	260.3	—	—	—	—	—	—	—	—	—	—	—
- Cost	328.9	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-68.6	—	—	—	—	—	—	—	—	—	—	—
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	8,887.8	8,878.7	8,197.0	7,342.3	6,873.1	6,189.6	5,619.9	5,463.1	4,669.6	4,435.2	4,272.8	3,834.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8,887.8	8,878.7	8,197.0	7,342.3	6,873.1	6,189.6	5,619.9	5,463.1	4,669.6	4,435.2	4,272.8	3,834.6
V. Long-term financial investments	2,482.6	356.3	320.6	339.2	342.7	338.0	334.7	350.6	348.5	339.4	327.0	345.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	371.3	356.3	320.6	339.2	342.7	338.0	334.7	350.6	348.5	339.4	327.0	345.6
3. Investments in other entities	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
4. Provision for diminution in value of long-term investments	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6	-2.6
5. Held to maturity investments	2,111.3	—	—	—	—	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	151.8	153.7	161.2	164.9	167.2	173.5	170.3	174.0	167.7	167.2	168.4	160.4
1. Long-term prepayments	62.5	64.3	66.6	68.4	70.5	72.1	70.0	74.6	71.2	70.2	69.6	65.5
2. Deferred income tax assets	89.3	89.4	94.5	96.5	96.7	101.4	100.3	99.4	96.5	97.0	98.8	94.8
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	20,850.6	19,882.8	19,136.3	18,528.2	17,395.0	16,700.8	15,947.8	15,548.9	14,247.0	14,143.7	14,143.8	13,115.4
A. LIABILITIES (300=210+330)	19,661.4	18,830.2	17,535.2	16,862.3	15,834.5	15,060.0	14,088.8	13,162.1	11,759.8	11,837.9	11,244.9	10,320.7
I. Short -term liabilities	17,526.8	15,746.8	16,582.5	15,889.3	14,897.0	11,549.8	12,494.7	10,016.7	9,143.9	9,607.5	10,054.9	8,317.3
1. Short-term trade accounts payable	1,337.8	1,263.5	1,946.3	1,603.8	1,418.6	1,283.1	973.9	826.3	634.3	501.7	348.1	472.2
2. Short-term advances from customers	4,106.1	2,580.2	2,938.6	2,837.1	2,251.0	1,993.8	1,761.4	1,374.0	912.8	1,555.8	1,453.9	805.1
3. Taxes and other payables to state authorities	14.4	14.4	14.3	14.0	14.0	13.6	12.8	13.1	1.7	12.4	11.9	11.2
4. Payable to employees	42.4	43.3	36.6	34.0	34.1	43.9	57.1	34.3	39.2	46.4	51.5	24.4
5. Short-term acrrued expenses	2,175.4	1,998.5	1,805.8	1,587.4	1,415.1	1,215.3	1,269.0	1,398.8	1,252.6	1,126.2	1,100.4	808.1
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	178.4	174.1	167.7	162.2	154.7	142.8	149.5	160.4	44.1	154.4	147.9	134.8
10. Short-term borrowings and financial leases	9,672.3	9,672.9	9,673.1	9,650.9	9,609.6	6,857.3	8,271.0	6,209.7	6,259.1	6,210.7	6,941.3	6,061.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2,134.6	3,083.4	952.8	972.9	937.5	3,510.2	1,594.1	3,145.5	2,615.9	2,230.4	1,189.9	2,003.4
1. Long-term trade payables	950.2	952.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	971.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	199.9	223.2	227.0	235.2	221.0	221.7	0.0	33.9	33.9	33.9	65.7	256.9
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	159.5	160.4	160.4	159.3	197.0	195.7	184.1	183.6	38.6	173.5	221.6	207.5
8. Long-term borrowings and financial leases	825.0	775.4	565.3	578.4	519.5	3,092.8	1,410.0	2,927.9	2,543.3	2,023.0	902.6	1,539.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	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)	1,189.2	1,052.6	1,601.1	1,665.9	1,560.5	1,640.8	1,859.0	2,386.8	2,487.2	2,305.8	2,899.0	2,794.7
I. Owner's equity	1,189.2	1,052.6	1,601.1	1,665.9	1,560.5	1,640.8	1,859.0	2,386.8	2,487.2	2,305.8	2,899.0	2,794.7
1. Owner's capital	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5	11,085.5
- Common stock with voting right	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00	11,085,538,950,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1	1,170.1
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	-633.0	-839.7	-892.6	-1,007.8	-1,226.6	-1,236.0	-1,748.7	-1,397.0	-1,619.2	-1,896.2	-1,907.1	-2,216.7
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	-10,433.4	-10,363.3	-9,762.0	-9,581.9	-9,468.6	-9,378.8	-8,648.0	-8,471.9	-8,149.2	-8,053.7	-7,449.6	-7,244.3
- Accumulated retained earning at the end of the previous period	-10,371.3	-9,384.3	-9,384.1	-9,384.1	-9,384.1	-8,102.2	-8,102.1	-8,102.1	-8,102.1	-7,003.6	-7,003.5	-7,003.5
- Undistributed earnings in this period	-62.1	-979.1	-377.8	-197.8	-84.5	-1,276.6	-545.9	-369.8	-47.1	-1,050.0	-446.1	-240.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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)	20,850.6	19,882.8	19,136.3	18,528.2	17,395.0	16,700.8	15,947.8	15,548.9	14,247.0	14,143.7	14,143.8	13,115.4

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	-62.0	-604.1	-117.0	-174.2	-84.3	-731.6	-183.4	-319.0	-46.5	-650.2	-198.2	-138.5
Depreciation of Fixed Assets and Investment Property	118.3	145.4	119.4	136.3	130.0	159.1	124.0	142.8	133.2	153.0	116.9	126.0
Provision (Increase)/Reversal	1.3	-55.5	0.3	-43.2	0.1	37.6	-184.7	167.6	-27.5	11.5	7.5	11.8
FX Gain/Loss from Revaluation of Monetary Items	-4.3	3.1	-26.2	-42.7	-1.7	-73.9	55.8	-30.5	-17.6	-1.3	-2.6	-9.3
Gain/Loss from Investment Activities	-15.1	423.3	-2.2	-1.3	0.0	301.7	-0.1	-0.0	-0.0	-0.0	-0.4	-0.2
Interest Expense	93.1	53.2	132.9	130.5	98.7	96.0	62.2	92.1	62.7	81.6	81.9	98.2
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	131.3	-34.6	107.3	5.4	142.9	-211.0	-126.2	52.9	104.3	-405.4	5.2	87.9
Increase/(Decrease) in Receivables	221.6	-671.7	319.2	-143.4	-83.0	-184.6	158.9	831.8	-397.2	404.8	-334.5	385.8
Increase/(Decrease) in Inventory	-234.8	25.1	-26.4	-200.0	-251.0	107.4	169.4	-1,152.6	823.8	311.5	-101.4	-284.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	620.9	911.6	-78.7	638.6	337.2	270.9	381.7	572.7	-415.5	156.3	540.5	-17.8
Increase/(Decrease) in Prepaid Expenses	2.2	5.5	1.8	-1.8	1.7	-8.9	1.7	-2.3	-4.6	-4.8	-10.9	-7.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-36.9	-37.9	-12.1	-27.7	-12.7	-20.1	-296.9	-20.0	-33.3	-182.4	-65.3	-86.7
Corporate Income Tax Paid	-0.1	-0.2	-0.1	-0.1	—	-0.2	-0.1	-0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	—	-0.1	0.0	-0.1	0.1	-0.1	0.1	-0.1	0.1
Net Cash Flow from Operating Activities	704.2	197.9	310.8	271.1	134.9	-46.6	288.3	282.7	77.5	280.1	33.5	77.3
Payments for Fixed Assets and Other Long-term Assets	-688.4	-374.0	-345.4	-348.7	-377.6	-65.3	-314.4	-326.5	-259.4	-107.1	-218.8	-177.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-4.6	—	—	-158.2	-459.2	-260.0	-431.9	-506.9	0.0	-219.4
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	0.0	20.9	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	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	-688.3	-374.0	-329.1	-348.7	-377.5	-223.4	-773.6	-586.5	-691.2	-613.4	-218.8	-396.5
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	72.4	495.9	243.0	95.0	442.2	1,581.1	1,468.0	520.0	956.8	1,376.5	796.6	736.7
Repayment of Borrowings	-21.5	-285.1	-236.5	-2.7	-266.1	-1,349.3	-890.9	-206.3	-412.8	-983.6	-602.6	-421.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	50.9	210.8	6.5	92.3	176.1	231.8	577.1	313.7	544.0	392.9	194.0	315.0
Net Cash Flow During the Period	66.8	34.7	-11.8	14.7	-66.5	-38.2	91.8	9.9	-69.8	59.5	8.7	-4.1
Cash and Cash Equivalents at Beginning of Period	40.9	6.2	18.0	3.3	69.8	76.0	76.0	76.0	76.0	27.8	27.8	27.8
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	107.7	40.9	6.2	18.0	3.3	69.8	108.0	16.1	6.2	76.0	16.5	7.8

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HNG

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