HSG

Tập đoàn Hoa Sen ·HOSE ·2026Q1

● Maintaining

Price

12,250

Latest close

03 Jun 2026

P/E 12.15x

P/B 0.67x

EPS 1,009

BVPS 18,320

ROE 5.6%

ROA 3.1%

Profit Margin 1.8%

Asset Turnover 1.70x

Equity Mult. 1.82x

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

What Is Changing

On a TTM 2026Q1 basis, HSG is in an offsetting state — revenue softened slightly but margins improved — margins have been expanding consistently over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 34,701bn
	                                
−14.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 626bn
	                                
+9.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	36,537.8	39,271.9	31,650.7	49,710.6	56,560.6
Growth	-7%	+24%	-36%	-12%	—
Net Income	735.0	514.7	30.1	251.3	4,379.1
Net Margin	2.01%	1.31%	0.09%	0.51%	7.74%

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	8,383.1	8,356.6	9,509.2	8,451.9	10,221.7	10,108.7	10,840.4	9,248.2	9,073.2	8,106.6	8,645.8	6,980.9
Growth	+0%	-12%	+13%	-17%	+1%	-7%	+17%	+2%	+12%	-6%	+24%	—
Net Income	62.4	84.7	273.8	205.4	165.5	-185.9	273.4	318.9	103.4	438.4	14.2	250.6
Net Margin	0.74%	1.01%	2.88%	2.43%	1.62%	-1.84%	2.52%	3.45%	1.14%	5.41%	0.16%	3.59%

Drivers of HSG's profit

TTM

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

Selling expenses ↓ 537.8bn

Other profit ↑ 41.6bn

Finance costs ↓ 13.7bn

Gross profit ↓ 259.6bn

Administrative expenses ↑ 157.2bn

Financial income ↓ 64.7bn

TTM

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

Selling expenses ↓ 190.7bn

Gross profit ↓ 266.8bn

Administrative expenses ↑ 26.3bn

Tax ↑ 10.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.2% = 1.4% × 2.09 × 1.76

2026Q1 5.6% = 1.8% × 1.70 × 1.82

ROE is broadly flat at 5.6% — the components are offsetting one another.

Net margin: 1.8% +0.4pp Asset turnover: 1.70x -0.40x Leverage: 1.82x +0.06x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.80%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 1.80% +0.4pp

Gross Margin 12.24% +1.1pp

SG&A / Revenue 10.41% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 3.42%, broadly flat versus the same period. That translates to 3.42 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.3pp, but capital turnover fell 0.58x, while invested capital rose by 1,396bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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

Watchpoints

ROIC remains low

ROIC is currently 3.42% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.42% −0.2pp

NOPAT Margin 1.61% +0.3pp

Capital Turnover 2.12x −0.58x

Average Invested Capital 16,347.1bn +1,395.9bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.67x equity, net debt at 0.46x equity.

Inventory ended the period at 8,203.7bn, roughly 43.3% of total assets.

Over the last 12 months, working capital released 1,458.5bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −95.6bn

Inventories decreased → higher CFO: +475.6bn

Payables increased → higher CFO: +1,078.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 21.5 days versus the same period last year. The main moves came from DIO rose 25.3 days, DSO rose 0.6 days, and DPO rose 4.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 112.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +0.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 16.8 days +0.6 days

Inventory 117.8 days +25.3 days

Payables 22.6 days +4.3 days

Cash Conversion Cycle 112.0 days +21.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 93.3bn due to capex of 2,840.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.46x and interest coverage at 2.43x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 14.0% of debt, and total debt stands at 6,143.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 14.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.46x +0.02x

Interest Coverage 2.43x +0.37x

Cash / Debt 14.0% −9.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 4.39x +5.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,685.2bn in 2025, against investing cash flow of -2,616.7bn.

Post-investment cash flow was positive +1,068.5bn. Financing cash flow was negative +1,242.4bn.

CFO / net income was 4.39x.

After spending +2,840.8bn on fixed-asset investment, the business generated trailing free cash flow of −93.3bn.

Cash Conversion

CFO TTM 2,747.6bn +3,509.8bn

Cash Capex 2,840.8bn +1,904.5bn

FCF TTM −93.3bn +1,605.3bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 4.39x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.39x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	37,320.7	39,882.8	32,084.3	50,090.1	56,826.0
Revenue Deductions	782.9	610.9	433.6	379.5	0.0
Net Revenue	36,537.8	39,271.9	31,650.7	49,710.6	56,560.6
Cost of Goods Sold	32,017.8	35,008.2	28,590.0	44,771.9	0.0
Gross Profit	4,520.0	4,263.7	3,060.6	4,938.7	9,504.9
Financial Income	280.8	341.7	233.5	266.8	503.1
Financial Expenses	272.3	254.5	314.2	520.9	-598.4
Interest Expense	185.1	133.0	195.5	260.2	-338.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	3,108.9	3,344.7	2,476.9	3,832.6	-3,975.9
General and Administrative Expenses	665.7	495.6	407.0	522.2	-454.8
Operating Profit	754.0	510.6	96.1	329.8	4,978.9
Other Income	76.6	47.1	51.1	58.5	0.0
Other Expenses	5.3	6.5	1.2	7.1	0.0
Other Profit	71.3	40.6	49.9	51.4	0.9
Profit Before Tax	825.3	551.2	146.0	381.1	4,979.7
Current Income Tax Expense	107.4	83.6	64.7	94.1	-600.6
Deferred Income Tax Expense	-17.1	-47.1	51.3	35.7	0.0
Net Income	735.0	514.7	30.1	251.3	4,379.1
Non-controlling Interest	-0.0	0.0	0.1	-0.0	-0.0
Profit Attributable to Parent	735.0	514.6	30.0	251.3	4,379.1
Earnings per Share	1,137.00	802.00	47.00	405.00	8,873.94
Diluted EPS	1,137.00	802.00	48.72	420.26	8,873.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	11,715.7	14,174.4	11,274.8	9,835.0	15,114.2
I. Cash and cash equivalents	427.8	602.1	596.9	330.1	1,018.4
1. Cash	410.2	597.4	576.8	312.4	0.0
2. Cash equivalents	17.6	4.6	20.1	17.8	0.0
II. Short-term financial investments	88.2	30.6	26.2	8.7	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	88.2	30.6	26.2	8.7	0.0
III. Short-term receivables	2,188.4	2,985.4	2,322.2	1,452.1	2,677.6
1. Short-term trade accounts receivable	1,603.4	2,272.4	1,852.8	1,185.7	0.0
2. Short-term prepayments to suppliers	509.4	626.1	97.5	117.4	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	76.8	87.5	383.6	162.8	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-0.6	-11.8	-13.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8,203.7	9,712.4	7,628.6	7,395.3	10,212.3
1. Inventories	8,353.5	10,028.7	7,746.0	8,111.0	0.0
2. Provision for decline in value of inventories	-149.8	-316.3	-117.4	-715.7	0.0
V. Other short-term assets	807.6	843.8	701.0	648.7	1,192.9
1. Short-term prepayments	176.9	154.8	135.4	139.8	0.0
2. Value added tax to be reclaimed	518.9	560.5	437.0	372.8	0.0
3. Taxes and other receivables from state authorities	111.7	128.5	128.6	136.1	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)	7,237.4	5,391.3	6,090.5	7,190.4	7,818.0
I. Long-term receivables	1,930.3	214.8	143.1	171.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	177.8
2. Long-term prepayments to suppliers	1,250.0	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	680.3	214.8	143.1	171.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4,121.7	4,110.7	5,019.6	5,958.8	6,407.6
1. Tangible fixed assets	3,901.4	3,914.6	4,832.6	5,754.6	6,192.0
- Cost	14,509.6	14,184.2	14,227.9	14,086.7	0.0
- Accumulated depreciation	-10,608.2	-10,269.7	-9,395.3	-8,332.1	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	220.3	196.2	186.9	204.2	215.6
- Cost	338.4	305.0	289.1	294.0	0.0
- Accumulated depreciation	-118.1	-108.9	-102.1	-89.7	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	764.7	663.6	530.5	603.5	742.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	764.7	663.6	530.5	603.5	0.0
V. Long-term financial investments	0.4	1.0	1.0	17.0	17.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.4	1.0	1.0	17.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	420.2	401.1	396.3	439.6	0.0
1. Long-term prepayments	263.2	261.1	303.5	295.4	0.0
2. Deferred income tax assets	157.1	139.9	92.8	144.1	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	473.2
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)	18,953.0	19,565.6	17,365.3	17,025.4	22,932.3
A. LIABILITIES (300=210+330)	7,614.4	8,648.7	6,585.1	6,141.8	11,643.2
I. Short -term liabilities	7,598.3	8,632.4	6,568.9	6,009.2	10,617.1
1. Short-term trade accounts payable	2,049.6	2,328.0	2,885.2	1,039.7	3,260.2
2. Short-term advances from customers	221.8	198.9	142.5	192.1	217.7
3. Taxes and other payables to state authorities	123.6	106.4	171.8	81.6	0.0
4. Payable to employees	99.0	94.5	70.9	86.4	0.0
5. Short-term acrrued expenses	505.8	351.2	162.5	297.2	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	172.5	153.9	51.1	35.0	0.0
10. Short-term borrowings and financial leases	4,403.9	5,364.1	2,936.3	4,070.5	4,955.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	22.1	35.4	148.5	206.7	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	16.1	16.3	16.2	132.7	1,026.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.7	0.7	0.7	0.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	116.5	1,011.5
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	15.4	15.6	15.5	15.4	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)	11,338.6	10,916.9	10,780.2	10,883.6	11,289.1
I. Owner's equity	11,338.6	10,916.9	10,780.2	10,883.6	0.0
1. Owner's capital	6,209.8	6,159.8	6,159.8	5,980.5	11,289.1
- Common stock with voting right	6,209,823,090,000.00	6,159,823,090,000.00	6,159,823,090,000.00	5,980,549,860,000.00	4,934,818,960,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	157.3	157.3	157.3	157.3	157.3
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	—	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	42.5	51.0	77.9	187.5	0.0
11. Undistributed earnings after tax	4,913.0	4,532.7	4,369.0	4,542.2	5,925.9
- Accumulated retained earning at the end of the previous period	4,178.0	4,058.2	4,339.0	4,290.8	5,287.6
- Undistributed earnings in this period	735.0	474.5	30.0	251.3	638.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	16.0	16.1	16.1	16.0	15.9
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)	18,953.0	19,565.6	17,365.3	17,025.4	22,932.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	825.3	551.2	146.0	381.1	4,979.7
Depreciation of Fixed Assets and Investment Property	903.1	989.8	1,130.7	1,159.9	1,176.9
Provision (Increase)/Reversal	-166.0	198.1	-586.4	507.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	3.3	5.0	-1.8	-4.6	0.0
Gain/Loss from Investment Activities	-52.8	-19.5	-10.3	-26.1	0.0
Interest Expense	185.1	133.0	195.5	260.2	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	1,697.9	1,857.5	873.7	2,277.7	6,509.5
Increase/(Decrease) in Receivables	752.9	-343.7	-786.2	3,842.3	0.0
Increase/(Decrease) in Inventory	1,675.2	-2,282.7	354.6	4,445.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-112.5	-294.5	1,843.2	-6,956.0	0.0
Increase/(Decrease) in Prepaid Expenses	12.8	48.9	23.5	4.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-182.7	-132.6	-197.4	-267.3	0.0
Corporate Income Tax Paid	-92.4	-84.9	-54.1	-384.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-66.0	-183.0	-191.7	-117.0	0.0
Net Cash Flow from Operating Activities	3,685.2	-1,414.9	1,865.6	2,844.6	2,106.7
Payments for Fixed Assets and Other Long-term Assets	-2,622.8	-770.5	-373.8	-463.4	-390.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	60.1	48.9	22.4	27.7	0.8
Loans and Purchases of Debt Instruments	-86.2	-6.5	-20.6	0.0	-18.0
Receipts from Loan Repayments and Sale of Debt Instruments	29.2	2.0	19.1	19.3	15.0
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	3.0	2.2	3.0	8.1	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	-2,616.7	-723.8	-349.8	-408.4	-201.5
Proceeds from Equity Issuance and Capital Contributions	27,890,000,000.00	22,110,000,000.00	0.00	49,008,000,000.00	52,980,355,547.00
Share Repurchases	—	0.00	0.00	150,000,000.00	0.00
Proceeds from Borrowings	29,274.5	31,980.4	21,880.4	32,656.1	42,440.6
Repayment of Borrowings	-30,234.7	-29,552.7	-23,131.0	-35,355.5	-43,841.6
Repayment of Finance Leases	—	0.0	-0.0	0.0	-52.3
Dividends Paid	-310.1	-307.6	0.0	-0.4	-0.1
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	-1,242.4	2,142.3	-1,250.7	-2,650.7	-1,400.4
Net Cash Flow During the Period	-173.9	3.5	265.2	-214.5	525.6
Cash and Cash Equivalents at Beginning of Period	602.1	596.9	330.1	492.8	490.5
FX Difference from Revaluation	-0.3	1.7	1.5	51.8	23.1
Cash and Cash Equivalents at End of Period	427.8	602.1	596.9	330.1	1,018.4

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
Revenue	8,610.1	8,496.5	9,755.4	8,663.0	10,407.3	10,223.3	10,986.2	9,481.4	9,249.6	8,235.2	8,825.4	7,081.8
Revenue Deductions	227.1	139.9	246.3	211.1	185.6	114.6	145.8	233.2	176.4	128.6	179.6	100.9
Net Revenue	8,383.1	8,356.6	9,509.2	8,451.9	10,221.7	10,108.7	10,840.4	9,248.2	9,073.2	8,106.6	8,645.8	6,980.9
Cost of Goods Sold	7,444.6	7,335.6	8,296.3	7,376.0	9,016.3	9,260.1	9,503.5	8,131.2	8,123.5	7,034.7	7,753.7	6,077.1
Gross Profit	938.5	1,021.0	1,212.9	1,075.9	1,205.3	848.6	1,336.9	1,117.0	949.7	1,071.9	892.1	903.7
Financial Income	39.1	56.0	61.1	120.4	43.4	128.7	30.6	138.6	43.8	115.3	12.7	73.1
Financial Expenses	69.4	68.4	60.0	68.4	75.0	97.8	64.5	42.6	49.6	61.4	64.2	74.7
Interest Expense	52.2	47.1	42.6	45.3	49.2	39.6	39.3	28.8	25.3	35.9	54.6	57.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	657.8	734.0	790.6	738.0	848.6	908.9	900.9	799.9	735.0	551.9	720.5	535.7
General and Administrative Expenses	169.1	183.3	168.7	170.2	142.8	149.0	129.1	113.3	104.3	75.4	115.5	99.9
Operating Profit	81.3	91.2	254.7	219.7	182.3	-178.3	273.0	299.7	104.6	498.4	4.7	266.6
Other Income	17.3	23.2	36.7	7.8	7.4	4.4	15.6	14.6	13.3	6.0	7.6	35.3
Other Expenses	2.2	3.2	1.1	0.2	0.7	2.1	1.4	1.1	2.7	0.7	0.1	4.4
Other Profit	15.1	19.9	35.6	7.6	6.7	2.3	14.2	13.5	10.6	5.3	7.5	30.9
Profit Before Tax	96.4	111.2	290.3	227.3	189.0	-175.9	287.3	313.2	115.2	503.7	12.2	297.5
Current Income Tax Expense	34.9	31.5	26.8	23.7	24.3	14.5	21.6	26.2	21.4	22.5	22.9	11.5
Deferred Income Tax Expense	-0.9	-4.9	-10.2	-1.9	-0.8	-4.5	-7.7	-31.9	-9.6	42.8	-24.8	35.5
Net Income	62.4	84.7	273.8	205.4	165.5	-185.9	273.4	318.9	103.4	438.4	14.2	250.6
Non-controlling Interest	-0.1	-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	62.4	84.7	273.8	205.4	165.5	-185.9	273.4	318.9	103.4	438.4	14.1	250.6
Earnings per Share	100.49	136.39	440.87	330.81	266.56	-301.78	443.85	517.65	167.78	711.66	23.66	419.00
Diluted EPS	100.49	136.39	440.87	330.81	266.56	802.00	443.85	517.65	167.78	711.66	23.66	419.00

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)	13,455.5	11,705.9	12,416.6	12,205.1	14,472.0	14,164.6	14,221.6	16,374.3	12,957.0	11,264.6	10,125.4	10,374.6
I. Cash and cash equivalents	858.3	427.8	706.4	391.4	1,497.4	602.1	472.9	369.6	1,685.5	596.9	713.1	325.5
1. Cash	795.3	410.2	695.5	378.3	1,468.8	597.4	462.4	357.8	1,673.3	576.8	697.4	309.8
2. Cash equivalents	62.9	17.6	11.0	13.1	28.6	4.6	10.5	11.8	12.2	20.1	15.7	15.7
II. Short-term financial investments	66.8	81.2	77.2	57.0	31.3	30.6	30.6	24.4	24.2	26.2	25.6	25.6
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	66.8	81.2	77.2	57.0	31.3	30.6	30.6	24.4	24.2	26.2	25.6	25.6
III. Short-term receivables	2,186.9	2,189.0	2,910.8	3,018.9	2,359.7	2,985.8	2,422.0	2,673.2	2,415.1	2,327.6	2,416.4	2,171.8
1. Short-term trade accounts receivable	1,593.0	1,603.4	2,424.1	2,073.5	1,592.9	2,272.4	2,047.2	2,338.0	1,993.1	1,852.8	2,128.1	1,577.1
2. Short-term prepayments to suppliers	519.0	509.4	412.5	686.8	672.7	626.5	286.8	133.8	230.5	103.0	128.3	440.1
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	76.1	76.8	74.8	259.2	94.6	87.5	89.8	203.1	203.3	383.6	171.3	165.8
7. Provision for short-term doubtful debts (*)	-1.2	-0.6	-0.6	-0.6	-0.6	-0.6	-1.7	-1.7	-11.8	-11.8	-11.2	-11.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9,440.0	8,198.8	8,042.3	8,026.9	9,749.1	9,702.2	10,157.8	11,918.6	8,025.3	7,612.9	6,248.8	7,007.0
1. Inventories	9,589.8	8,348.6	8,213.1	8,197.8	10,065.4	10,036.5	10,369.9	12,143.4	8,142.8	7,735.5	6,460.4	7,192.8
2. Provision for decline in value of inventories	-149.8	-149.8	-170.8	-170.9	-316.3	-334.2	-212.2	-224.8	-117.4	-122.6	-211.6	-185.8
V. Other short-term assets	903.5	809.1	679.9	711.0	834.6	843.8	1,138.3	1,388.6	806.9	701.1	721.5	844.7
1. Short-term prepayments	188.8	177.2	166.8	182.2	159.7	154.8	148.0	141.5	119.1	135.4	131.8	149.5
2. Value added tax to be reclaimed	626.7	518.9	384.6	399.6	546.5	560.5	861.4	1,117.5	559.2	437.0	453.3	555.3
3. Taxes and other receivables from state authorities	88.0	112.9	128.4	129.2	128.4	128.5	128.9	129.7	128.5	128.7	136.5	139.9
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	7,602.8	7,243.7	6,723.0	5,342.5	5,328.2	5,396.9	5,501.4	5,601.9	5,841.4	6,082.8	6,401.2	6,630.3
I. Long-term receivables	1,882.4	1,930.3	1,443.7	209.6	213.3	214.8	220.7	120.2	133.7	143.1	149.2	153.4
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	1,050.0	1,250.0	900.0	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	832.4	680.3	543.7	209.6	213.3	214.8	220.7	120.2	133.7	143.1	149.2	153.4
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,185.1	4,120.7	3,891.6	4,017.7	3,971.0	4,110.7	4,282.8	4,515.6	4,763.8	5,019.6	5,224.8	5,473.5
1. Tangible fixed assets	3,894.0	3,900.5	3,700.2	3,824.6	3,776.3	3,914.6	4,096.9	4,328.1	4,574.8	4,832.6	5,034.5	5,268.4
- Cost	14,680.1	—	—	—	14,198.9	14,184.2	14,147.2	14,181.3	14,207.2	14,227.9	14,179.4	14,146.4
- Accumulated depreciation	-10,786.0	—	—	—	-10,422.5	-10,269.7	-10,050.3	-9,853.2	-9,632.4	-9,395.3	-9,144.9	-8,878.0
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	291.1	220.3	191.4	193.1	194.6	196.2	186.0	187.4	189.0	186.9	190.3	205.1
- Cost	411.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-120.3	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	1,081.8	764.7	937.7	693.0	718.7	663.6	582.6	541.3	537.4	530.5	596.3	596.7
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,081.8	764.7	937.7	693.0	718.7	663.6	582.6	541.3	537.4	530.5	596.3	596.7
V. Long-term financial investments	—	7.4	7.4	7.0	0.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	7.4	7.4	7.0	0.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	453.5	420.5	442.6	415.2	425.2	406.7	414.3	423.8	405.5	388.7	429.8	405.7
1. Long-term prepayments	295.6	262.9	290.0	272.6	284.5	261.1	273.2	289.5	303.1	303.5	301.8	302.2
2. Deferred income tax assets	157.9	157.6	152.6	142.6	140.7	145.6	141.1	134.3	102.4	85.2	128.0	103.5
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	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	0.0
5. Goodwill	—	—	—	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	21,058.3	18,949.5	19,139.7	17,547.7	19,800.2	19,561.5	19,722.9	21,976.3	18,798.4	17,347.4	16,526.6	17,004.9
A. LIABILITIES (300=210+330)	9,682.0	7,614.4	7,884.0	6,236.6	8,679.9	8,649.1	8,614.7	10,816.5	7,927.9	6,568.9	6,159.6	6,612.1
I. Short -term liabilities	9,665.0	7,598.3	7,867.2	6,219.7	8,663.7	8,632.9	8,598.5	10,800.4	7,911.6	6,552.7	6,142.1	6,594.6
1. Short-term trade accounts payable	2,398.9	2,049.6	1,970.0	1,744.0	1,367.9	2,328.5	1,777.0	3,800.2	2,225.3	2,886.9	998.5	2,178.8
2. Short-term advances from customers	216.9	221.8	160.0	239.2	154.1	198.9	249.5	281.7	391.6	142.5	134.1	223.6
3. Taxes and other payables to state authorities	234.4	123.6	73.8	130.2	90.3	106.4	107.9	90.5	66.0	171.7	77.0	131.1
4. Payable to employees	110.7	99.0	94.0	81.1	103.7	94.5	82.9	70.4	81.7	70.9	67.7	60.0
5. Short-term acrrued expenses	501.2	505.8	504.5	435.8	339.9	351.2	354.6	302.7	257.5	144.7	302.5	156.3
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	26.8	172.5	408.2	43.1	168.4	153.9	31.7	37.9	128.1	51.1	25.4	68.9
10. Short-term borrowings and financial leases	6,143.2	4,403.9	4,630.4	3,532.4	6,410.0	5,364.1	5,944.1	6,164.2	4,684.4	2,936.3	4,370.0	3,577.7
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	32.9	22.1	26.3	14.0	29.3	35.4	50.8	52.9	76.9	148.5	167.0	198.2
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	17.0	16.1	16.9	16.9	16.3	16.3	16.2	16.2	16.2	16.2	17.4	17.5
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	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	0.0
12. Provision for long-term liabilities	16.3	15.4	16.1	16.1	15.6	15.6	15.5	15.5	15.5	15.5	16.7	16.8
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	11,376.3	11,335.1	11,255.6	11,311.1	11,120.3	10,912.4	11,108.3	11,159.7	10,870.6	10,778.5	10,367.1	10,392.9
I. Owner's equity	11,376.3	11,335.1	11,255.6	11,311.1	11,120.3	10,912.4	11,108.3	11,159.7	10,870.6	10,778.5	10,367.1	10,392.9
1. Owner's capital	6,209.8	6,209.8	6,209.8	6,209.8	6,209.8	6,159.8	6,159.8	6,159.8	6,159.8	6,159.8	5,980.5	5,980.5
- Common stock with voting right	6,209,823,090,000.00	6,209,823,090,000.00	6,209,823,090,000.00	6,209,823,090,000.00	6,209,823,090,000.00	6,159,823,090,000.00	6,159,823,090,000.00	6,159,823,090,000.00	6,159,823,090,000.00	6,159,823,090,000.00	5,980,549,860,000.00	5,980,549,860,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3	157.3
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	52.2	42.5	47.5	32.9	47.5	51.0	61.0	47.9	65.0	77.9	104.9	150.3
11. Undistributed earnings after tax	4,941.0	4,909.5	4,824.8	4,894.9	4,689.5	4,528.1	4,714.0	4,778.6	4,472.4	4,367.4	4,108.3	4,088.7
- Accumulated retained earning at the end of the previous period	4,878.6	4,178.0	4,178.0	4,523.9	4,523.9	4,058.2	4,058.2	4,366.2	4,369.0	4,339.0	4,518.3	4,518.3
- Undistributed earnings in this period	62.4	731.5	646.8	371.0	165.5	469.9	655.8	412.4	103.4	28.3	-410.1	-429.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	16.0	16.0	16.2	16.2	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	21,058.3	18,949.5	19,139.7	17,547.7	19,800.2	19,561.5	19,722.9	21,976.3	18,798.4	17,347.4	16,526.6	17,004.9

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
Profit Before Tax	96.4	116.4	290.3	229.6	189.0	-165.7	287.3	314.5	115.2	497.9	12.2	303.3
Depreciation of Fixed Assets and Investment Property	230.6	228.1	224.4	222.9	227.7	232.3	240.7	251.2	265.5	275.7	276.1	284.1
Provision (Increase)/Reversal	0.8	-21.0	0.0	-144.9	0.0	103.1	-0.0	94.9	0.0	-94.8	25.7	-447.9
FX Gain/Loss from Revaluation of Monetary Items	—	4.3	—	-1.0	0.0	5.0	4.1	-4.1	0.0	-1.8	10.2	-10.2
Gain/Loss from Investment Activities	-9.1	-11.1	-29.9	-6.5	-5.4	2.4	-8.3	-7.8	-5.8	-0.2	-1.2	-4.6
Interest Expense	52.2	47.1	42.6	46.2	49.2	39.6	39.3	28.8	25.3	35.9	54.6	57.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	371.0	362.7	528.5	346.3	460.5	216.6	563.1	677.5	400.2	712.7	377.6	181.8
Increase/(Decrease) in Receivables	-191.1	1,131.1	-563.8	-471.8	657.4	247.8	405.6	-786.1	-210.9	270.4	-412.9	-375.7
Increase/(Decrease) in Inventory	-1,236.3	-140.4	-13.1	1,865.4	-36.7	341.2	1,762.1	-3,989.3	-396.7	-1,285.6	738.2	-576.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	201.3	-63.1	499.2	441.1	-989.7	603.1	-1,989.5	1,485.6	-393.8	1,923.6	-992.2	-245.8
Increase/(Decrease) in Prepaid Expenses	-23.8	23.9	17.3	-5.8	-22.6	9.2	10.4	25.4	3.9	-26.1	24.1	40.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-53.1	-44.6	-42.6	-46.2	-49.2	-39.9	-39.4	-27.7	-25.6	-37.0	-54.7	-57.7
Corporate Income Tax Paid	-12.0	-31.0	-18.7	-21.3	-21.5	-21.5	-26.9	-11.9	-24.6	-22.1	-12.9	-7.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-13.8	-9.3	-8.5	-29.9	-18.3	-25.5	-19.3	-112.8	-25.5	-45.4	-76.6	-28.2
Net Cash Flow from Operating Activities	-957.8	1,229.2	398.3	2,077.9	-20.2	1,331.1	666.2	-2,739.3	-672.9	1,490.4	-409.5	-1,069.2
Payments for Fixed Assets and Other Long-term Assets	-384.1	-1,293.7	-881.4	-281.6	-166.0	-649.4	-48.2	-72.8	-0.1	-178.4	13.3	-158.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.4	15.9	30.9	6.4	6.8	3.6	18.9	15.4	11.1	3.6	2.8	9.2
Loans and Purchases of Debt Instruments	-8.8	-25.9	-21.8	-37.9	-0.6	-0.0	-6.3	-0.2	-0.0	-0.6	-3.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	30.5	22.0	1.2	5.1	1.0	0.0	0.0	0.0	2.0	0.0	3.0	0.1
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.9	0.9	0.8	0.6	0.6	0.2	1.2	0.3	0.6	0.9	0.3	0.5
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-351.1	-1,280.9	-870.2	-307.3	-158.3	-645.7	-34.4	-57.2	13.5	-174.5	16.3	-148.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	22,110,000,000.00	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	0.00
Proceeds from Borrowings	6,550.3	6,562.9	7,816.5	5,682.3	9,212.7	7,463.4	7,921.1	8,883.1	7,712.8	5,622.4	7,602.9	5,650.0
Repayment of Borrowings	-4,810.9	-6,789.5	-6,718.5	-8,560.0	-8,166.8	-8,043.4	-8,141.2	-7,403.3	-5,964.7	-7,056.1	-6,810.5	-4,766.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Dividends Paid	-0.0	-0.1	-310.0	0.0	-0.0	-0.0	-307.5	-0.1	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	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	1,739.3	-226.6	788.0	-2,877.6	1,073.8	-557.9	-527.6	1,479.7	1,748.1	-1,433.7	792.4	884.0
Net Cash Flow During the Period	430.4	-278.3	316.1	-1,107.0	895.3	127.5	104.2	-1,316.8	1,088.7	-117.7	399.2	-333.6
Cash and Cash Equivalents at Beginning of Period	427.8	706.4	391.4	1,497.4	602.1	596.9	596.9	596.9	596.9	330.1	330.1	330.1
FX Difference from Revaluation	—	-0.3	—	1.0	0.0	1.7	-0.9	0.9	0.0	1.5	-11.7	11.7
Cash and Cash Equivalents at End of Period	858.3	427.8	706.4	391.4	1,497.4	602.1	472.9	369.6	1,685.5	596.9	713.1	325.5

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HSG

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