HQC

Tư vấn Thương mại Dịch vụ Địa Ốc Hoàng Quân ·HOSE ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 224.79%, +196.84pp YoY

Price

2,810

Latest close

03 Jun 2026

P/E 21.95x

P/B 0.30x

EPS 128

BVPS 9,485

ROE 1.4%

ROA 0.8%

Profit Margin 224.8%

Asset Turnover 0.00x

Equity Mult. 1.74x

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

What Is Changing

On a TTM 2026Q1 basis, HQC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — 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 33bn
	                                
−72.0%YoY

	                            
	                                NET MARGIN
	                            
	                                    224.79%
	                                
+196.8ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 74bn
	                                
+125.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    75.7%

Metric	2025	2024	2023	2022	2021
Revenue	69.5	-66.6	292.6	275.9	279.0
Growth	-204%	-123%	+6%	-1%	—
Net Income	70.2	33.8	5.2	18.8	4.2
Net Margin	101.12%	-50.73%	1.76%	6.82%	1.49%

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	5.2	18.5	20.1	-10.8	48.9	54.9	8.8	5.0	13.4	63.9	83.7	103.2
Growth	-72%	-8%	-286%	-122%	-11%	+523%	+75%	-62%	-79%	-24%	-19%	—
Net Income	5.4	55.1	8.8	4.9	5.2	5.9	11.2	10.6	5.3	1.6	1.2	1.2
Net Margin	103.43%	298.13%	43.52%	-45.22%	10.55%	10.83%	126.87%	210.69%	39.24%	2.48%	1.43%	1.21%

Drivers of HQC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 74.6bn

Other profit ↑ 57.5bn

Finance costs ↓ 29.1bn

Financial income ↑ 4.5bn

Gross profit ↓ 115.6bn

Tax ↑ 9.3bn

TTM

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

Finance costs ↓ 13.4bn

Administrative expenses ↓ 12.8bn

Other profit ↑ 1.2bn

Associates income ↑ 0.2bn

Gross profit ↓ 19.5bn

Financial income ↓ 6.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.6% = 28.0% × 0.01 × 1.88

2026Q1 1.4% = 224.8% × 0.00 × 1.74

ROE rose from 0.6% to 1.4% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 224.8% +196.8pp Asset turnover: 0.00x -0.01x Leverage: 1.74x -0.14x

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 224.79%, rising 196.8pp. Core operating signals are improving as SG&A / Revenue fell 41.9pp are enough to offset pressure from Gross margin fell 111.3pp (with additional support from Other profit / Revenue rose 200.8pp and Net financial result / Revenue rose 100.5pp).

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 224.79% +196.8pp

Gross Margin -18.22% −111.3pp

SG&A / Revenue 26.39% −41.9pp

Non-core / Revenue 311.10% +301.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 111.6% of PBT and lifted net margin by 301.4pp — 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 0.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC stands at 0.26%, broadly flat versus the same period. That translates to 0.26 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 34.8pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 0.26% −0.1pp

NOPAT Margin 54.58% +34.8pp

Capital Turnover 0.00x −0.01x

Average Invested Capital 6,842.5bn −9.1bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.64x equity, net debt at 0.20x equity.

Development inventory ended the period at 1,471.2bn, about 16.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 62.7bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +588.4bn

Inventories increased → lower CFO: −128.6bn

Payables decreased → lower CFO: −397.1bn

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.20x and interest coverage only at 0.27x.

At present, short-term debt accounts for 65.7% of total debt, cash equals 2.5% of debt, and total debt stands at 1,140.7bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 0.27x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 65.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.20x −0.11x

Interest Coverage 0.27x +0.01x

Cash / Debt 2.5% +0.6pp

Short-term Debt / Total Debt 65.7% +31.1pp

CFO / NI -0.62x +25.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -129.0bn in 2025, against investing cash flow of 635.1bn.

Post-investment cash flow was positive +506.1bn. Financing cash flow was negative +512.5bn.

CFO / net income was -0.62x.

Track how much investment can be funded internally from operating cash flow.

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 46.1bn +797.9bn

Cash Capex — —

FCF TTM — —

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 196.8 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 0.27x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 224.79% after expanding 196.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 35.9% of PBT and CFO / net income currently at -0.62x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.27x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	147.4	345.7	322.6	333.2	346.8
Revenue Deductions	77.9	412.2	30.1	57.3	0.0
Net Revenue	69.5	-66.6	292.6	275.9	279.0
Cost of Goods Sold	55.8	-157.4	240.8	200.5	0.0
Gross Profit	13.7	90.9	51.8	75.4	72.8
Financial Income	121.5	100.9	3.2	21.1	16.9
Financial Expenses	95.8	117.7	4.8	17.0	-34.3
Interest Expense	80.9	87.7	4.6	16.2	-33.9
Share of Associates and Joint Ventures	2.1	0.7	0.0	0.0	0.0
Selling Expenses	6.1	5.7	5.7	21.1	-15.7
General and Administrative Expenses	-2.4	45.3	29.7	35.3	-31.3
Operating Profit	37.6	23.8	14.7	23.1	8.4
Other Income	72.3	19.8	9.3	16.7	0.0
Other Expenses	19.0	1.8	17.9	13.3	0.0
Other Profit	53.3	18.1	-8.6	3.5	-1.0
Profit Before Tax	90.9	41.8	6.2	26.5	7.4
Current Income Tax Expense	20.6	6.7	1.0	7.7	-3.2
Deferred Income Tax Expense	0.1	1.4	0.0	0.0	0.0
Net Income	70.2	33.8	5.2	18.8	4.2
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	70.2	33.7	5.2	18.8	4.2
Earnings per Share	122.00	58.00	11.00	39.00	8.74
Diluted EPS	121.81	58.53	10.82	39.46	8.74

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,423.4	6,676.0	3,584.6	3,523.5	3,504.6
I. Cash and cash equivalents	35.7	42.1	28.1	32.4	29.9
1. Cash	35.7	42.1	28.1	32.4	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	3,870.3	5,236.6	2,952.3	2,904.5	2,875.7
1. Short-term trade accounts receivable	1,215.1	1,463.1	1,412.9	1,349.8	0.0
2. Short-term prepayments to suppliers	1,815.5	2,034.1	726.7	830.8	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	287.0	116.7	401.0	319.3	0.0
6. Other short-term receivables	565.3	1,666.5	448.6	441.5	0.0
7. Provision for short-term doubtful debts (*)	-12.6	-45.7	-37.6	-37.6	0.0
8. Assets awaiting resolution	—	1.9	0.7	0.7	0.0
IV. Inventories	1,471.2	1,347.5	590.8	571.0	580.1
1. Inventories	1,471.2	1,347.5	590.8	571.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	46.2	49.9	13.4	15.5	19.0
1. Short-term prepayments	—	0.0	0.2	0.2	0.0
2. Value added tax to be reclaimed	44.4	48.1	11.4	13.6	0.0
3. Taxes and other receivables from state authorities	1.7	1.7	1.7	1.7	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)	3,549.6	3,426.0	3,714.8	3,713.3	5,822.9
I. Long-term receivables	1,198.4	1,073.5	1,340.4	1,338.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,335.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	6.0	11.6	4.8	2.8	0.0
6. Other long-term receivables	1,192.4	1,061.9	1,335.5	1,335.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	1.9	2.6	3.3	3.9
1. Tangible fixed assets	0.1	1.6	2.2	2.7	3.2
- Cost	14.6	18.0	21.4	21.4	0.0
- Accumulated depreciation	-14.5	-16.3	-19.2	-18.6	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	0.2	0.3	0.4	0.5	0.7
- Cost	1.5	1.5	1.5	1.5	0.0
- Accumulated depreciation	-1.3	-1.2	-1.0	-0.9	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	1.4	1.6	1.0	1.0	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	1.6	1.0	1.0	0.0
V. Long-term financial investments	2,348.5	2,346.4	2,369.1	2,369.1	4,481.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,347.4	2,345.3	2,368.0	2,368.0	0.0
3. Investments in other entities	3.2	3.2	3.2	3.2	0.0
4. Provision for diminution in value of long-term investments	-2.1	-2.1	-2.1	-2.1	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	1.1	2.7	1.8	2.0	0.0
1. Long-term prepayments	0.9	2.5	0.2	0.4	0.0
2. Deferred income tax assets	0.2	0.2	1.6	1.6	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	1.6
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)	8,973.0	10,102.0	7,299.4	7,236.9	9,327.5
A. LIABILITIES (300=210+330)	3,509.1	4,708.3	2,934.9	2,877.5	4,986.9
I. Short -term liabilities	2,496.6	3,206.3	2,618.6	2,670.3	3,785.7
1. Short-term trade accounts payable	133.2	178.2	224.8	134.4	109.6
2. Short-term advances from customers	720.8	763.2	678.8	795.8	831.8
3. Taxes and other payables to state authorities	92.8	141.2	218.7	215.9	0.0
4. Payable to employees	11.4	6.0	4.9	6.5	0.0
5. Short-term acrrued expenses	422.4	521.0	596.4	532.6	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	392.2	979.6	830.7	970.0	0.0
10. Short-term borrowings and financial leases	720.8	614.1	61.5	12.4	13.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.9	2.8	2.8	2.7	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	1,012.6	1,502.1	316.3	207.1	1,201.2
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	249.9	107.8	0.0	0.0	0.0
7. Other long-term liabilities	251.7	264.2	316.3	206.5	0.0
8. Long-term borrowings and financial leases	510.9	1,130.1	0.0	0.7	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	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)	5,463.8	5,393.7	4,364.5	4,359.4	4,340.6
I. Owner's equity	5,463.8	5,393.7	4,364.5	4,359.4	0.0
1. Owner's capital	5,766.0	5,766.0	4,766.0	4,766.0	4,340.6
- Common stock with voting right	5,766,000,000,000.00	5,766,000,000,000.00	4,766,000,000,000.00	4,766,000,000,000.00	4,766,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-462.2	-462.2	-462.2	-462.2	-462.2
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	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	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	6.8	6.6	6.5	6.4	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	133.2	63.2	54.2	49.2	30.4
- Accumulated retained earning at the end of the previous period	62.9	29.5	49.0	30.4	26.3
- Undistributed earnings in this period	70.2	33.7	5.2	18.8	4.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	20.1	20.1	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)	8,973.0	10,102.0	7,299.4	7,236.9	9,327.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	90.9	41.8	6.2	26.5	7.4
Depreciation of Fixed Assets and Investment Property	0.4	0.7	0.7	0.7	1.0
Provision (Increase)/Reversal	-33.1	8.1	-0.0	2.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-139.8	-99.6	-1.1	-18.0	0.0
Interest Expense	80.9	87.7	4.6	16.2	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	-0.7	38.7	10.3	28.1	45.6
Increase/(Decrease) in Receivables	786.2	-1,086.7	-30.8	-21.7	0.0
Increase/(Decrease) in Inventory	-123.8	19.0	-19.8	9.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-691.5	-501.4	13.6	3.6	0.0
Increase/(Decrease) in Prepaid Expenses	1.5	-1.7	0.2	-0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-93.1	-109.2	-9.2	-9.6	0.0
Corporate Income Tax Paid	-7.7	-70.0	-1.1	-0.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-129.0	-1,711.3	-36.7	8.3	168.8
Payments for Fixed Assets and Other Long-term Assets	—	-0.5	0.0	-0.9	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	22.9	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-87.7	-87.8	-28.4	-157.8	-144.4
Receipts from Loan Repayments and Sale of Debt Instruments	382.5	386.7	11.2	151.6	286.4
Investments in Other Entities	—	-392.3	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	1.2	0.0
Dividends and Interest Income Received	317.4	25.2	1.1	0.2	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	635.1	-68.7	-16.1	-5.6	141.9
Proceeds from Equity Issuance and Capital Contributions	—	1,000,000,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	67.1	861.3	48.5	0.7	0.0
Repayment of Borrowings	-579.6	-64.2	0.0	-0.7	-310.0
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	-512.5	1,797.1	48.5	-0.1	-310.0
Net Cash Flow During the Period	-6.4	17.1	-4.3	2.6	-3.4
Cash and Cash Equivalents at Beginning of Period	42.1	24.9	32.4	29.9	29.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	35.7	42.1	28.1	32.4	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	15.0	28.9	33.6	22.0	72.8	137.1	13.8	321.0	38.1	69.9	121.7	106.9
Revenue Deductions	9.8	10.4	13.5	32.8	23.9	82.2	4.9	315.9	24.7	5.9	37.9	3.7
Net Revenue	5.2	18.5	20.1	-10.8	48.9	54.9	8.8	5.0	13.4	63.9	83.7	103.2
Cost of Goods Sold	1.7	16.0	14.2	7.1	26.0	22.3	7.4	-47.5	9.2	50.4	74.8	84.5
Gross Profit	3.5	2.5	5.9	-17.9	23.0	32.6	1.5	52.5	4.2	13.6	9.0	18.7
Financial Income	15.8	56.0	14.5	28.8	22.1	29.4	40.7	18.4	14.9	0.8	1.1	0.6
Financial Expenses	4.9	32.1	8.0	37.2	18.4	36.5	20.7	35.7	11.2	1.9	1.9	0.5
Interest Expense	4.9	32.0	8.0	37.2	18.4	36.5	17.7	35.6	11.1	1.9	1.8	0.4
Share of Associates and Joint Ventures	0.3	0.2	3.6	0.0	0.1	0.4	-0.0	0.1	0.1	0.0	0.0	0.0
Selling Expenses	2.2	2.1	2.4	1.6	0.7	1.7	1.7	1.2	0.7	0.7	0.8	0.7
General and Administrative Expenses	8.2	-19.2	7.6	3.7	21.0	22.1	7.8	24.1	4.7	6.8	6.9	9.3
Operating Profit	4.3	43.7	5.9	-31.6	5.1	2.1	12.0	10.1	2.6	4.9	0.5	8.8
Other Income	4.6	26.9	4.3	38.7	3.7	5.6	3.3	22.6	3.4	2.5	3.4	2.4
Other Expenses	2.1	1.8	0.1	0.9	2.5	0.2	1.1	19.3	0.1	5.4	2.3	9.7
Other Profit	2.5	25.1	4.2	37.8	1.3	5.4	2.2	3.3	3.3	-2.9	1.0	-7.4
Profit Before Tax	6.7	68.8	10.2	6.2	6.4	7.5	14.1	13.4	5.9	1.9	1.5	1.4
Current Income Tax Expense	1.4	13.7	1.4	1.3	1.3	1.5	2.9	2.7	0.7	0.4	0.3	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.4	55.1	8.8	4.9	5.2	5.9	11.2	10.6	5.3	1.6	1.2	1.2
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.4	55.1	8.8	4.9	5.2	5.9	11.2	10.6	5.2	1.6	1.2	1.2
Earnings per Share	9.00	96.00	15.00	8.00	9.00	10.00	19.00	18.39	9.10	3.32	2.52	2.61
Diluted EPS	9.36	95.53	15.18	8.49	8.94	10.29	19.40	18.39	9.10	3.32	2.52	2.61

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)	5,459.7	5,424.0	6,341.4	6,043.6	6,483.9	6,041.1	5,757.5	5,712.1	6,281.7	3,584.8	3,607.5	3,580.5
I. Cash and cash equivalents	28.0	35.7	27.3	32.8	31.4	42.1	40.9	44.8	55.4	28.3	26.8	27.9
1. Cash	28.0	35.7	27.3	32.8	31.4	42.1	40.9	44.8	55.4	28.3	26.8	27.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	678.9	—	—	—	—	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	678.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3,201.2	3,869.7	4,843.9	4,524.5	5,021.8	4,602.2	4,329.7	4,323.9	4,799.4	2,952.5	3,022.8	2,981.1
1. Short-term trade accounts receivable	1,208.3	1,230.6	1,369.8	1,162.5	1,409.5	1,467.0	1,457.8	1,526.5	1,453.3	1,413.2	1,384.0	1,396.8
2. Short-term prepayments to suppliers	1,831.3	1,815.5	1,888.8	1,879.9	1,903.3	2,036.9	2,020.8	1,955.0	1,921.8	726.7	843.7	838.8
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	—	286.0	93.2	100.1	102.7	116.7	437.1	417.3	417.3	400.0	383.2	336.0
6. Other short-term receivables	174.3	550.2	1,529.8	1,420.8	1,650.5	1,026.4	451.0	462.0	1,043.8	449.5	448.7	446.4
7. Provision for short-term doubtful debts (*)	-12.6	-12.6	-38.9	-40.0	-45.4	-45.6	-37.6	-37.6	-37.6	-37.6	-37.6	-37.6
8. Assets awaiting resolution	—	—	1.2	1.2	1.2	0.7	0.7	0.7	0.7	0.7	0.7	0.7
IV. Inventories	1,505.9	1,472.4	1,410.6	1,428.4	1,377.2	1,347.0	1,341.7	1,301.7	1,390.8	590.6	544.0	556.0
1. Inventories	1,505.9	1,472.4	1,410.6	1,428.4	1,377.2	1,347.0	1,341.7	1,301.7	1,390.8	590.6	544.0	556.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	45.6	46.2	59.6	57.9	53.5	49.8	45.2	41.6	36.1	13.4	13.9	15.5
1. Short-term prepayments	—	—	0.2	0.4	0.6	0.0	0.1	0.2	0.7	0.2	0.4	0.2
2. Value added tax to be reclaimed	43.9	44.4	57.6	57.5	52.9	48.1	43.4	39.7	33.6	11.4	11.7	13.6
3. Taxes and other receivables from state authorities	1.7	1.7	1.7	—	—	1.7	1.7	1.7	1.7	1.7	1.7	1.7
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)	3,549.7	3,551.4	3,530.6	3,832.3	3,436.7	4,095.5	4,698.4	4,666.5	4,086.5	3,714.8	3,714.5	3,714.2
I. Long-term receivables	11.1	1,198.4	1,175.6	1,480.1	1,084.3	1,712.0	2,316.6	2,290.5	1,711.8	1,340.4	1,340.0	1,339.3
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	—	6.0	18.8	11.7	11.6	11.6	11.8	12.5	12.3	4.8	4.5	3.0
6. Other long-term receivables	11.1	1,192.4	1,156.8	1,468.4	1,072.6	1,700.4	2,304.8	2,278.0	1,699.5	1,335.5	1,335.5	1,336.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.1	0.2	1.6	1.7	1.8	1.9	2.1	2.8	2.4	2.6	2.8	2.9
1. Tangible fixed assets	0.0	0.1	1.4	1.5	1.6	1.6	1.8	1.9	2.0	2.2	2.3	2.4
- Cost	14.6	—	—	—	—	21.4	21.4	21.4	21.4	21.4	21.4	21.4
- Accumulated depreciation	-14.6	—	—	—	—	-19.7	-19.6	-19.4	-19.3	-19.2	-19.0	-18.9
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	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.9	0.4	0.4	0.5	0.5
- Cost	1.5	—	—	—	—	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	—	—	—	—	—	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	1.4	1.4	1.6	1.6	1.6	1.6	1.6	1.0	1.0	1.0	1.0	1.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.9	0.9	0.9
2. Construction in progress	1.4	1.4	1.6	1.6	1.6	1.6	1.6	1.0	1.0	0.2	0.2	0.2
V. Long-term financial investments	3,536.1	2,350.2	2,350.0	2,346.5	2,346.5	2,377.4	2,376.9	2,369.3	2,369.2	2,369.1	2,369.1	2,369.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,347.7	2,349.1	2,349.0	2,345.4	2,345.4	2,376.3	2,375.8	2,368.2	2,368.1	2,368.0	2,368.0	2,368.0
3. Investments in other entities	1,184.6	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
4. Provision for diminution in value of long-term investments	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1
5. Held to maturity investments	6.0	—	—	—	—	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	1.0	1.2	1.8	2.4	2.6	2.7	1.2	2.8	2.0	1.8	1.6	1.9
1. Long-term prepayments	0.8	0.9	1.6	2.2	2.3	2.5	1.0	1.2	0.4	0.2	0.0	0.3
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	1.6	1.6	1.6	1.6	1.6
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)	9,009.4	8,975.3	9,872.0	9,875.9	9,920.6	10,136.7	10,455.9	10,378.6	10,368.2	7,299.7	7,322.0	7,294.7
A. LIABILITIES (300=210+330)	3,540.2	3,508.4	4,460.1	4,472.2	4,521.8	4,711.9	5,037.1	4,978.2	4,978.4	2,935.3	2,959.1	2,933.1
I. Short -term liabilities	2,897.4	2,495.8	3,478.1	2,950.4	3,015.5	3,326.7	3,052.4	3,071.1	3,194.4	2,616.1	2,653.1	2,724.4
1. Short-term trade accounts payable	114.7	133.2	177.8	177.6	176.2	179.7	180.4	208.5	218.7	222.7	170.0	149.4
2. Short-term advances from customers	836.8	720.8	812.3	766.6	736.4	767.2	807.3	804.2	726.5	678.8	707.7	782.5
3. Taxes and other payables to state authorities	93.1	93.1	85.0	78.0	77.1	141.2	136.2	137.5	136.3	219.0	222.4	223.9
4. Payable to employees	14.1	11.4	9.9	7.2	5.4	6.0	5.6	6.0	5.6	4.9	5.0	6.2
5. Short-term acrrued expenses	427.9	421.9	396.4	445.5	453.4	520.7	599.6	665.7	899.2	596.4	596.5	563.7
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	659.1	391.6	917.3	896.7	964.9	977.9	1,163.0	1,146.6	1,106.7	830.7	890.7	938.0
10. Short-term borrowings and financial leases	748.8	720.8	1,076.6	575.8	599.3	731.2	157.4	99.7	98.7	60.9	57.9	57.9
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	2.9	2.9	2.9	2.9	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
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	642.9	1,012.6	982.0	1,521.8	1,506.3	1,385.1	1,984.7	1,907.1	1,784.0	319.1	306.0	208.7
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	67.1	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	248.9	249.9	100.5	104.7	107.8	107.8	73.3	66.3	0.0	0.0	0.0	0.0
7. Other long-term liabilities	2.1	251.7	261.1	263.6	262.1	264.3	521.1	570.9	550.0	318.5	305.4	208.0
8. Long-term borrowings and financial leases	391.8	510.9	620.4	1,153.5	1,136.4	1,013.1	1,390.3	1,269.9	1,167.0	0.7	0.7	0.7
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)	5,469.2	5,466.9	5,411.8	5,403.6	5,398.8	5,424.8	5,418.8	5,400.4	5,389.8	4,364.4	4,362.8	4,361.6
I. Owner's equity	5,469.2	5,466.9	5,411.8	5,403.6	5,398.8	5,424.8	5,418.8	5,400.4	5,389.8	4,364.4	4,362.8	4,361.6
1. Owner's capital	5,766.0	5,766.0	5,766.0	5,766.0	5,766.0	5,766.0	5,766.0	5,766.0	5,766.0	4,766.0	4,766.0	4,766.0
- Common stock with voting right	5,766,000,000,000.00	5,766,000,000,000.00	5,766,000,000,000.00	5,766,000,000,000.00	5,766,000,000,000.00	5,766,000,000,000.00	5,766,000,000,000.00	5,766,000,000,000.00	5,766,000,000,000.00	4,766,000,000,000.00	4,766,000,000,000.00	4,766,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-462.2	-462.2	-462.2	-462.2	-462.2	-462.2	-462.2	-462.2	-462.2	-462.2	-462.2	-462.2
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	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00	-7,260,000.00
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	6.8	6.8	6.8	6.8	6.6	6.6	6.6	6.6	6.5	6.5	6.5	6.5
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	138.6	136.3	81.2	73.0	68.4	94.3	88.4	70.0	59.4	54.1	52.5	51.3
- Accumulated retained earning at the end of the previous period	133.2	63.1	63.1	62.9	63.2	61.8	61.8	54.1	54.2	49.0	49.0	49.0
- Undistributed earnings in this period	5.4	73.2	18.1	10.1	5.2	32.6	26.6	15.8	5.2	5.1	3.5	2.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1	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)	9,009.4	8,975.3	9,872.0	9,875.9	9,920.6	10,136.7	10,455.9	10,378.6	10,368.2	7,299.7	7,322.0	7,294.7

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
Profit Before Tax	6.7	65.6	10.2	8.7	6.4	7.5	14.1	13.1	5.9	1.8	1.5	1.5
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Provision (Increase)/Reversal	—	-26.3	-0.0	-6.5	-0.3	8.0	0.0	0.0	0.0	-0.0	0.0	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	-15.9	-71.5	-17.9	-50.2	-0.1	-0.4	0.0	-14.4	-14.3	5.1	-5.7	8.3
Interest Expense	4.9	24.1	8.0	30.4	18.4	36.5	17.7	29.0	11.1	1.9	1.8	0.4
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	-4.2	-8.0	0.4	-17.5	24.5	51.7	32.0	27.8	2.9	8.9	-2.1	10.4
Increase/(Decrease) in Receivables	-10.5	771.8	-10.4	-162.5	187.3	-1.2	-17.2	-105.2	-1,027.5	24.3	7.4	-70.9
Increase/(Decrease) in Inventory	-34.6	-60.6	22.2	-55.6	-29.8	-5.2	-39.9	89.0	-19.1	-46.8	10.1	15.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	128.3	-492.3	26.6	-59.7	-166.1	-549.3	-78.3	-131.9	234.2	-7.4	6.9	5.2
Increase/(Decrease) in Prepaid Expenses	0.1	0.8	0.3	0.8	-0.5	-1.4	0.3	-0.2	-0.5	0.1	0.0	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-12.3	-28.4	-11.2	-23.4	-30.1	-27.4	-31.7	-38.8	-11.3	-6.5	2.8	4.3
Corporate Income Tax Paid	—	-6.7	0.4	—	-1.4	0.0	-0.5	-0.5	-69.0	-7.3	6.2	-7.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	66.7	176.7	26.9	-316.5	-16.2	-532.7	-135.3	-159.8	-890.3	-34.6	31.3	-42.1
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	-0.5	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	22.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-26.3	-0.2	-0.2	-79.8	-7.4	-16.7	-29.7	-36.2	-5.1	33.1	-36.3	-13.2
Receipts from Loan Repayments and Sale of Debt Instruments	27.4	0.0	0.0	361.0	21.5	337.2	10.7	38.8	0.0	-1.2	3.8	4.9
Investments in Other Entities	—	—	—	—	—	0.0	-392.3	400.0	-400.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	-7.7	7.7	0.0	0.0	0.0
Dividends and Interest Income Received	15.7	274.4	0.0	43.0	—	0.0	0.0	12.3	11.7	1.1	-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	392.3	-392.3	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	16.7	297.1	-0.2	324.2	14.0	320.5	-19.0	14.4	-385.7	33.0	-32.4	-8.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	1,000,000,000,000.00	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	1.5	18.8	4.4	20.5	23.3	804.6	158.1	139.8	315.7	3.0	0.0	45.5
Repayment of Borrowings	-92.6	-484.2	-36.6	-26.9	-31.9	-591.2	-7.8	-4.9	-12.4	0.0	0.0	0.0
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	-91.1	-465.3	-32.2	-6.4	-8.5	213.4	150.4	134.8	1,303.3	3.0	0.0	45.5
Net Cash Flow During the Period	-7.6	8.4	-5.5	1.3	-10.6	1.1	-3.9	-10.6	27.3	1.4	-1.2	-4.9
Cash and Cash Equivalents at Beginning of Period	35.7	27.3	32.8	31.4	42.1	28.1	28.1	28.1	28.1	32.4	32.4	32.4
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	28.0	35.7	27.3	32.8	31.4	42.1	40.9	44.8	55.4	28.1	26.8	27.9

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