ITA

Đầu tư và Công nghiệp Tân Tạo ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 22.97%, −16.04pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 79

BVPS 11,477

ROE 0.7%

ROA 0.6%

Profit Margin 22.4%

Asset Turnover 0.03x

Equity Mult. 1.19x

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

What Is Changing

On a TTM 2026Q1 basis, ITA is retaining some revenue, but margins are collapsing sharply. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 331bn
	                                
−7.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 76bn
	                                
−45.7%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.61x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	321.3	375.8	566.7	-1,545.2	936.5
Growth	-15%	-34%	-137%	-265%	—
Net Income	81.7	115.5	205.6	-257.9	295.3
Net Margin	25.43%	30.72%	36.28%	16.69%	31.53%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	76.8	77.9	86.0	90.1	67.3	149.2	70.9	71.4	243.6	181.1	81.3	61.5
Growth	-1%	-9%	-5%	+34%	-55%	+110%	-1%	-71%	+35%	+123%	+32%	—
Net Income	2.0	38.3	21.5	14.3	7.7	68.0	44.0	20.2	90.8	78.2	23.9	15.1
Net Margin	2.57%	49.14%	24.95%	15.84%	11.45%	45.59%	62.14%	28.27%	37.26%	43.21%	29.36%	24.61%

Drivers of ITA's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Administrative expenses ↓ 12.4bn

Finance costs ↑ 31.0bn

Other profit ↓ 28.5bn

Tax ↑ 7.1bn

Selling expenses ↑ 6.9bn

TTM

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

Gross profit ↑ 14.2bn

Administrative expenses ↓ 0.6bn

Other profit ↓ 15.5bn

Finance costs ↑ 2.3bn

Selling expenses ↑ 1.9bn

Tax ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 39.0% × 0.03 × 1.18

2026Q1 0.7% = 23.0% × 0.03 × 1.19

ROE fell from 1.3% to 0.7% — net margin weakened the most, though leverage still provided support.

Net margin: 23.0% -16.0pp Asset turnover: 0.03x -0.00x Leverage: 1.19x +0.01x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 22.97%, losing 16.0pp. Gross margin rose 4.1pp and SG&A / Revenue fell 0.0pp improved but not enough to offset the weakness in Net financial result / Revenue fell 9.1pp and Other profit / Revenue fell 8.3pp.

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 22.97% −16.0pp

Gross Margin 58.10% +4.1pp

SG&A / Revenue 19.38% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 0.8% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC narrowed to 0.81%, falling 0.4pp. That translates to 0.81 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 9.2pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC 0.81% −0.4pp

NOPAT Margin 26.59% −9.2pp

Capital Turnover 0.03x −0.00x

Average Invested Capital 10,859.6bn +310.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.19x equity, net debt at 0.01x equity.

Development inventory ended the period at 3,838.4bn, about 30.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 56.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +58.3bn

Inventories increased → lower CFO: −157.3bn

Payables increased → higher CFO: +42.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 2132.0 days versus the same period last year. The main moves came from DIO rose 1948.1 days, DSO rose 187.8 days, and DPO rose 3.8 days.

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

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 10627.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +187.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 763.9 days +187.8 days

Inventory 10190.4 days +1948.1 days

Payables 326.6 days +3.8 days

Cash Conversion Cycle 10627.7 days +2132.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 50.8bn due to capex of 5.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 7.83x.

At present, short-term debt accounts for 32.3% of total debt, cash equals 7.7% of debt, and total debt stands at 158.7bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 7.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.01x +0.00x

Interest Coverage 7.83x −0.97x

Cash / Debt 7.7% −16.7pp

Short-term Debt / Total Debt 32.3% −9.3pp

CFO / NI -0.61x +0.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -62.8bn in 2025, against investing cash flow of 9.4bn.

Post-investment cash flow was negative +53.4bn. Financing cash flow was positive +3.1bn.

CFO / net income was -0.61x.

After spending +5.5bn on fixed-asset investment, the business generated trailing free cash flow of −50.8bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 45.3bn +83.2bn

Cash Capex 5.5bn +2.3bn

FCF TTM −50.8bn +80.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 15.8%. The main risk still sits in core profitability, with net margin down 16.0 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.8% of PBT and CFO / net income currently at -0.61x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 22.97% after a 16.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	321.3	510.0	576.4	607.8	936.5
Revenue Deductions	—	134.2	9.6	2,153.0	0.0
Net Revenue	321.3	375.8	566.7	-1,545.2	936.5
Cost of Goods Sold	143.2	169.4	247.2	-1,375.3	0.0
Gross Profit	178.0	206.5	319.6	-169.9	415.2
Financial Income	2.3	3.0	2.3	17.2	19.8
Financial Expenses	12.5	-15.1	4.6	-31.3	-17.2
Interest Expense	12.5	-14.8	3.6	1.1	-13.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-5.1
Selling Expenses	5.3	0.4	2.7	0.3	-1.6
General and Administrative Expenses	57.5	81.9	67.0	95.3	-59.3
Operating Profit	105.0	142.3	247.5	-217.0	351.8
Other Income	14.9	3.2	13.5	15.6	0.0
Other Expenses	15.2	5.6	2.7	13.4	0.0
Other Profit	-0.3	-2.3	10.8	2.1	7.3
Profit Before Tax	104.7	139.9	258.3	-214.9	359.0
Current Income Tax Expense	25.6	27.8	54.4	40.8	-63.7
Deferred Income Tax Expense	-2.6	-3.4	-1.7	2.1	0.0
Net Income	81.7	115.5	205.6	-257.9	295.3
Non-controlling Interest	1.8	1.7	3.7	2.5	3.6
Profit Attributable to Parent	79.9	113.8	202.0	-260.4	291.7
Earnings per Share	85.00	121.00	215.00	-277.00	309.61
Diluted EPS	85.00	121.00	215.20	-277.00	310.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,907.1	5,808.0	4,919.7	7,170.8	6,054.2
I. Cash and cash equivalents	4.8	55.1	50.9	17.6	233.2
1. Cash	4.8	48.1	50.9	17.6	0.0
2. Cash equivalents	—	7.0	0.0	0.0	0.0
II. Short-term financial investments	2.0	2.0	7.0	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	2.0	2.0	7.0	0.0	0.0
III. Short-term receivables	2,044.2	2,048.7	1,272.8	3,589.8	2,084.2
1. Short-term trade accounts receivable	659.9	744.8	396.0	483.3	0.0
2. Short-term prepayments to suppliers	424.4	395.7	386.9	439.2	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	—	11.8	11.8	11.8	0.0
6. Other short-term receivables	1,903.7	1,921.1	1,503.5	3,686.8	0.0
7. Provision for short-term doubtful debts (*)	-943.9	-1,024.7	-1,025.3	-1,031.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3,838.4	3,697.8	3,586.2	3,561.3	3,736.1
1. Inventories	3,898.8	3,758.2	3,646.6	3,621.7	0.0
2. Provision for decline in value of inventories	-60.4	-60.4	-60.4	-60.4	0.0
V. Other short-term assets	17.7	4.4	2.8	2.1	0.7
1. Short-term prepayments	0.3	0.7	1.4	0.2	0.0
2. Value added tax to be reclaimed	5.6	0.1	0.5	0.1	0.0
3. Taxes and other receivables from state authorities	11.8	3.6	0.8	1.9	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.1	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6,868.6	6,824.0	7,165.0	5,050.7	7,366.4
I. Long-term receivables	2,892.4	2,845.0	2,670.5	8.2	0.0
1. Long-term trade receivables	3.4	3.4	0.0	6.1	1,940.8
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	11.8	0.0	0.0	0.0	0.0
6. Other long-term receivables	2,877.2	2,841.6	2,670.5	2.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	147.7	155.0	153.6	158.9	140.3
1. Tangible fixed assets	135.3	137.4	135.5	139.4	128.7
- Cost	274.5	276.9	265.3	258.3	0.0
- Accumulated depreciation	-139.1	-139.5	-129.8	-118.9	0.0
2. Financial leased fixed assets	9.9	14.0	14.4	15.8	8.0
- Cost	14.5	18.7	18.0	18.7	0.0
- Accumulated depreciation	-4.6	-4.7	-3.6	-2.9	0.0
3. Intangible fixed assets	2.5	3.6	3.6	3.7	3.6
- Cost	8.2	9.5	9.5	9.5	0.0
- Accumulated depreciation	-5.6	-5.9	-5.8	-5.8	0.0
III. Investment properties	297.1	322.8	350.3	369.8	448.1
- Cost	624.8	624.8	624.8	608.2	0.0
- Accumulated depreciation	-327.7	-302.0	-274.5	-238.4	0.0
IV. Long-term assets in progress	3,326.6	3,286.8	3,194.5	3,210.1	1,484.4
1. Long-term production in progress	3,283.7	3,243.7	3,155.5	3,154.4	0.0
2. Construction in progress	43.0	43.2	39.1	55.7	0.0
V. Long-term financial investments	118.9	118.9	779.4	1,289.0	3,338.6
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	131.1	131.1	943.3	1,452.4	0.0
4. Provision for diminution in value of long-term investments	-12.2	-12.2	-163.9	-163.4	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	85.8	95.4	16.7	14.7	0.0
1. Long-term prepayments	13.9	14.5	16.7	14.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	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	14.1
5. Goodwill	71.9	80.9	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	12,775.6	12,632.0	12,084.7	12,221.4	13,420.6
A. LIABILITIES (300=210+330)	2,007.1	1,946.7	1,783.0	2,125.4	2,362.1
I. Short -term liabilities	1,357.9	1,271.4	1,245.5	1,968.3	1,784.4
1. Short-term trade accounts payable	123.1	150.9	164.4	185.4	209.3
2. Short-term advances from customers	267.5	195.0	150.1	419.4	231.4
3. Taxes and other payables to state authorities	24.9	28.7	52.6	62.4	0.0
4. Payable to employees	4.6	1.6	1.6	1.7	0.0
5. Short-term acrrued expenses	678.5	677.4	677.8	679.6	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	11.6	10.1	12.5	6.8	9.0
9. Other short-term payables	186.1	148.8	148.0	589.1	0.0
10. Short-term borrowings and financial leases	61.6	58.7	38.3	23.9	23.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	649.2	675.3	537.6	157.1	577.7
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	493.7	516.9	427.5	43.0	0.0
8. Long-term borrowings and financial leases	63.1	62.9	6.0	8.4	113.3
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	91.7	94.5	103.0	104.7	0.0
12. Provision for long-term liabilities	0.8	1.0	1.1	1.1	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)	10,768.5	10,687.4	10,301.6	10,096.0	11,058.5
I. Owner's equity	10,768.5	10,687.4	10,301.6	10,096.0	0.0
1. Owner's capital	9,384.6	9,384.6	9,384.6	9,384.6	11,058.5
- Common stock with voting right	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	307.4	307.4	307.4	307.4	307.4
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	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	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	9.0	9.0	9.0	9.0	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	761.3	681.9	568.1	366.2	1,326.2
- Accumulated retained earning at the end of the previous period	681.3	568.1	366.2	626.5	1,034.5
- Undistributed earnings in this period	79.9	113.8	202.0	-260.4	291.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	309.8	308.1	36.1	32.4	34.7
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)	12,775.6	12,634.1	12,084.7	12,221.4	13,420.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	104.7	139.9	258.3	-214.9	359.0
Depreciation of Fixed Assets and Investment Property	25.0	38.4	47.7	36.8	35.8
Provision (Increase)/Reversal	—	-152.4	-6.0	34.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	—	110.4	-2.2	-17.1	0.0
Interest Expense	12.5	-18.6	3.6	1.1	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	142.2	117.7	301.3	-160.1	431.8
Increase/(Decrease) in Receivables	36.8	-561.3	62.8	952.8	0.0
Increase/(Decrease) in Inventory	-180.6	-199.8	-24.9	-1,568.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	57.5	619.2	-315.3	87.9	0.0
Increase/(Decrease) in Prepaid Expenses	1.0	3.0	-3.3	1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-87.0	-45.9	-2.5	-73.2	0.0
Corporate Income Tax Paid	-32.9	-69.6	-55.0	-58.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-5.2	0.0
Net Cash Flow from Operating Activities	-62.8	-136.9	-37.0	-823.5	517.0
Payments for Fixed Assets and Other Long-term Assets	-3.0	-5.3	-24.7	-21.2	-43.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	54.1	0.1
Loans and Purchases of Debt Instruments	-12.0	-110.0	83.3	-141.1	-4.2
Receipts from Loan Repayments and Sale of Debt Instruments	22.0	108.0	1.0	141.0	0.0
Investments in Other Entities	—	0.0	0.0	-15.3	-156.2
Proceeds from Investments in Other Entities	—	70.8	0.0	678.9	0.0
Dividends and Interest Income Received	2.3	2.4	2.1	17.1	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	9.4	66.0	61.8	713.5	-201.9
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	90.1	123.2	37.9	20.7	-149.6
Repayment of Borrowings	-81.3	-39.9	-25.9	-118.7	-14.2
Repayment of Finance Leases	-5.7	-6.0	-3.4	-6.1	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	3.1	77.3	8.6	-104.1	-163.7
Net Cash Flow During the Period	-50.3	6.4	33.3	-214.1	211.3
Cash and Cash Equivalents at Beginning of Period	55.1	50.9	17.6	231.7	81.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.8	57.3	50.9	17.6	233.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	76.8	77.9	86.0	90.1	67.3	149.2	70.9	77.2	243.6	186.1	81.3	66.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	5.8	0.0	5.1	0.0	4.6
Net Revenue	76.8	77.9	86.0	90.1	67.3	149.2	70.9	71.4	243.6	181.1	81.3	61.5
Cost of Goods Sold	30.3	41.6	31.1	35.6	35.0	54.4	40.5	35.0	101.5	72.9	40.6	33.0
Gross Profit	46.5	36.3	54.9	54.6	32.3	94.7	30.4	36.4	142.1	108.2	40.7	28.6
Financial Income	0.0	0.0	0.0	2.1	0.1	2.3	0.0	0.3	0.2	0.0	2.0	0.0
Financial Expenses	3.9	3.6	3.6	3.7	1.6	2.6	-20.9	0.4	0.9	-1.6	0.9	0.9
Interest Expense	3.4	3.6	3.6	3.7	1.6	2.7	-20.9	1.0	0.9	0.9	0.9	0.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.9	4.3	0.3	0.7	0.1	0.1	0.1	0.1	0.2	2.4	0.1	0.1
General and Administrative Expenses	30.5	-28.9	22.1	33.2	31.1	19.3	3.0	15.9	26.4	14.6	15.3	10.9
Operating Profit	10.2	57.4	28.9	19.1	-0.3	75.0	48.3	20.4	114.8	92.9	26.5	16.6
Other Income	0.9	0.5	0.2	0.9	13.3	0.3	0.8	2.0	4.0	3.7	2.9	2.5
Other Expenses	3.1	12.8	1.2	1.2	0.1	2.3	0.7	0.6	2.2	0.0	0.2	0.3
Other Profit	-2.2	-12.2	-1.0	-0.3	13.2	-2.0	0.1	1.5	1.8	3.7	2.7	2.2
Profit Before Tax	7.9	45.1	27.9	18.8	12.9	73.0	48.4	21.9	116.6	96.6	29.2	18.8
Current Income Tax Expense	6.2	8.6	6.7	4.8	5.5	6.0	4.5	3.3	26.2	18.6	5.6	4.1
Deferred Income Tax Expense	-0.2	-1.8	-0.3	-0.3	-0.3	-1.0	-0.2	-1.6	-0.4	-0.2	-0.4	-0.5
Net Income	2.0	38.3	21.5	14.3	7.7	68.0	44.0	20.2	90.8	78.2	23.9	15.1
Non-controlling Interest	0.5	0.3	0.5	0.5	0.4	0.6	0.3	0.4	1.7	1.2	0.4	0.4
Profit Attributable to Parent	1.5	37.9	21.0	13.8	7.3	67.4	43.7	19.8	89.1	77.0	23.5	14.8
Earnings per Share	2.00	40.00	22.00	15.00	8.00	72.00	47.00	21.00	95.00	82.00	25.00	16.00
Diluted EPS	2.00	40.00	22.00	15.00	8.00	72.00	46.61	21.07	94.94	82.05	25.05	15.73

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,911.9	5,907.1	5,834.9	5,798.8	5,806.5	5,642.3	5,612.7	5,604.9	4,919.7	5,178.6	5,170.4	5,250.9
I. Cash and cash equivalents	12.3	4.8	11.1	4.2	34.9	65.3	102.2	14.4	50.9	28.1	9.2	10.6
1. Cash	12.3	4.8	11.1	4.2	5.9	43.3	102.2	14.4	50.9	28.1	9.2	10.6
2. Cash equivalents	—	—	—	—	29.0	22.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	2.0	2.0	2.0	2.0	2.0	3.0	0.0	0.0	7.0	7.0	0.0	1.0
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	2.0	2.0	2.0	2.0	2.0	3.0	0.0	0.0	7.0	7.0	0.0	1.0
III. Short-term receivables	2,000.6	2,044.2	2,007.9	2,012.8	2,021.3	1,893.4	1,923.0	2,005.8	1,272.8	1,499.8	1,556.0	1,658.1
1. Short-term trade accounts receivable	607.5	659.9	707.4	706.1	736.2	808.8	801.4	880.8	396.0	442.9	430.5	580.6
2. Short-term prepayments to suppliers	438.0	424.4	396.8	390.5	373.1	417.2	429.8	440.4	386.9	388.7	444.6	446.3
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	—	—	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8
6. Other short-term receivables	1,899.0	1,903.7	1,916.6	1,929.1	1,924.8	1,665.1	1,689.5	1,694.2	1,503.5	1,687.4	1,700.4	1,643.8
7. Provision for short-term doubtful debts (*)	-943.9	-943.9	-1,024.7	-1,024.7	-1,024.7	-1,009.5	-1,009.5	-1,021.3	-1,025.3	-1,031.1	-1,031.4	-1,024.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,881.0	3,838.4	3,794.2	3,756.9	3,738.1	3,670.3	3,585.9	3,581.3	3,586.2	3,637.3	3,594.4	3,576.8
1. Inventories	3,941.4	3,898.8	3,854.6	3,817.3	3,798.5	3,730.7	3,646.3	3,641.7	3,646.6	3,697.7	3,654.8	3,637.2
2. Provision for decline in value of inventories	-60.4	-60.4	-60.4	-60.4	-60.4	-60.4	-60.4	-60.4	-60.4	-60.4	-60.4	-60.4
V. Other short-term assets	16.1	17.7	19.8	22.9	10.2	10.2	1.6	3.4	2.8	6.4	10.9	4.4
1. Short-term prepayments	4.5	0.3	0.4	0.4	0.4	0.3	0.1	0.2	1.4	5.0	9.8	1.8
2. Value added tax to be reclaimed	4.5	5.6	3.4	1.7	2.3	0.1	0.1	0.8	0.5	0.1	0.1	0.4
3. Taxes and other receivables from state authorities	7.0	11.8	16.0	20.8	7.5	9.8	1.4	2.4	0.8	1.3	0.9	2.3
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	0.1	0.1	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)	6,882.4	6,868.6	6,865.7	6,862.5	6,853.2	6,640.0	6,631.7	6,537.3	7,165.0	7,009.7	7,038.7	7,061.8
I. Long-term receivables	2,896.6	2,892.4	2,873.9	2,867.0	2,852.9	2,835.0	2,815.4	2,706.1	2,670.5	2,509.4	2,114.1	2,119.1
1. Long-term trade receivables	40.8	3.4	3.4	3.4	—	0.0	0.0	0.0	0.0	0.0	1.5	3.8
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	—	11.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2,855.8	2,877.2	2,870.5	2,863.6	2,852.9	2,835.0	2,815.4	2,706.1	2,670.5	2,509.4	2,112.6	2,122.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-7.0
II. Fixed assets	148.3	147.7	152.2	154.8	158.2	155.0	158.2	157.6	153.6	154.8	156.6	157.6
1. Tangible fixed assets	136.3	135.3	138.5	140.7	143.6	136.9	138.4	140.1	135.5	137.8	138.1	138.6
- Cost	278.3	—	—	—	—	273.7	272.2	271.1	265.3	265.8	262.3	260.1
- Accumulated depreciation	-142.0	—	—	—	—	-136.7	-133.8	-131.0	-129.8	-128.0	-124.2	-121.5
2. Financial leased fixed assets	9.5	9.9	10.2	10.6	11.0	14.5	16.2	14.0	14.4	13.4	14.9	15.4
- Cost	14.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.5	2.5	3.5	3.5	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.7
- Cost	8.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	291.2	297.1	303.2	309.6	316.2	329.6	336.4	343.3	350.3	357.5	356.4	363.0
- Cost	624.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-333.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3,337.7	3,326.6	3,326.6	3,321.6	3,312.6	3,185.9	3,185.9	3,194.0	3,194.5	3,195.9	3,195.7	3,209.0
1. Long-term production in progress	3,294.8	3,283.7	3,283.7	3,278.5	3,269.5	3,147.3	3,147.4	3,155.5	3,155.5	3,154.9	3,154.6	3,154.6
2. Construction in progress	43.0	43.0	43.0	43.2	43.2	38.6	38.5	38.5	39.1	41.1	41.1	54.4
V. Long-term financial investments	130.7	118.9	118.9	118.9	118.9	118.9	118.9	118.9	779.4	779.4	1,197.6	1,197.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	131.1	131.1	131.1	131.1	131.1	131.1	131.1	131.1	943.3	943.3	1,361.0	1,361.0
4. Provision for diminution in value of long-term investments	-12.2	-12.2	-12.2	-12.2	-12.2	-12.2	-12.2	-12.2	-163.9	-163.9	-163.4	-163.4
5. Held to maturity investments	11.8	—	—	—	—	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	77.7	85.8	90.8	90.5	94.4	15.5	17.0	17.4	16.7	12.7	18.2	15.4
1. Long-term prepayments	8.1	13.9	14.4	14.1	15.8	15.6	17.0	17.4	16.7	12.7	18.2	15.4
2. Deferred income tax assets	—	—	—	—	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	69.6	71.9	76.4	76.4	78.6	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)	12,794.3	12,775.6	12,700.6	12,661.3	12,659.7	12,282.2	12,244.5	12,142.2	12,084.7	12,188.3	12,209.1	12,312.6
A. LIABILITIES (300=210+330)	2,023.9	2,007.1	1,970.4	1,952.6	1,965.3	1,848.4	1,878.7	1,820.4	1,783.0	1,977.5	2,074.2	2,201.5
I. Short -term liabilities	1,319.7	1,357.9	1,322.6	1,306.2	1,278.8	1,326.8	1,351.4	1,389.0	1,245.5	1,827.9	1,923.6	2,048.1
1. Short-term trade accounts payable	120.9	123.1	125.7	124.7	127.2	236.6	201.2	212.7	164.4	170.2	160.4	156.9
2. Short-term advances from customers	252.1	267.5	244.6	229.4	243.9	161.5	202.4	150.1	150.1	288.8	397.4	502.2
3. Taxes and other payables to state authorities	16.3	24.9	23.9	22.2	16.7	24.6	52.8	55.4	52.6	37.5	41.0	54.0
4. Payable to employees	1.4	4.6	0.1	1.9	0.2	0.3	0.3	0.3	1.6	0.6	0.3	0.4
5. Short-term acrrued expenses	676.8	678.5	679.0	677.5	676.2	679.5	678.7	740.1	677.8	678.3	680.5	679.6
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	10.9	11.6	0.8	4.7	9.1	13.9	7.4	10.2	12.5	12.5	6.9	6.8
9. Other short-term payables	190.0	186.1	186.1	181.7	146.0	151.8	151.2	177.7	148.0	608.2	609.6	623.5
10. Short-term borrowings and financial leases	51.2	61.6	62.2	64.1	59.4	58.6	57.2	42.3	38.3	31.7	27.5	24.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	704.1	649.2	647.8	646.4	686.4	521.6	527.3	431.5	537.6	149.5	150.5	153.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	504.7	493.7	483.5	477.5	508.1	357.0	358.2	324.0	427.5	39.2	38.9	40.6
8. Long-term borrowings and financial leases	107.5	63.1	69.9	74.2	83.3	68.5	72.0	5.1	6.0	5.8	6.7	7.5
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	91.2	91.7	93.5	93.7	94.0	95.1	96.1	101.4	103.0	103.4	103.8	104.2
12. Provision for long-term liabilities	0.8	0.8	1.0	1.0	1.0	1.0	1.0	1.1	1.1	1.1	1.1	1.1
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)	10,770.5	10,768.5	10,730.2	10,708.8	10,694.5	10,433.8	10,365.8	10,321.8	10,301.6	10,210.8	10,135.0	10,111.1
I. Owner's equity	10,770.5	10,768.5	10,730.2	10,708.8	10,694.5	10,433.8	10,365.8	10,321.8	10,301.6	10,210.8	10,135.0	10,111.1
1. Owner's capital	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6	9,384.6
- Common stock with voting right	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00	9,384,636,070,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	307.4	307.4	307.4	307.4	307.4	307.4	307.4	307.4	307.4	307.4	307.4	307.4
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	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00	-3,673,910,000.00
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	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0
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	762.8	761.3	723.3	702.4	688.6	699.0	631.6	587.9	568.1	479.1	404.4	380.9
- Accumulated retained earning at the end of the previous period	761.3	681.3	681.3	681.3	681.3	568.1	568.1	568.1	366.2	366.2	366.2	366.2
- Undistributed earnings in this period	1.5	79.9	42.0	21.0	7.3	130.9	63.5	19.8	202.0	112.9	38.3	14.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	310.3	309.8	309.5	309.0	308.5	37.4	36.8	36.5	36.1	34.4	33.2	32.8
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)	12,794.3	12,775.6	12,700.6	12,661.3	12,659.7	12,282.2	12,244.5	12,142.2	12,084.7	12,188.3	12,209.1	12,312.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	7.9	45.1	27.9	18.8	12.9	73.0	48.4	21.9	116.6	96.6	26.3	18.8
Depreciation of Fixed Assets and Investment Property	9.1	-3.3	9.2	9.9	9.2	9.6	10.1	8.7	9.4	10.6	17.9	9.8
Provision (Increase)/Reversal	—	—	—	—	—	-56.4	0.0	-111.2	-6.2	-2.6	2.8	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	—	—	—	—	—	-223.0	111.6	0.0	-0.1	-0.0	-2.1	0.0
Interest Expense	3.4	3.6	3.6	3.7	1.6	2.7	-20.9	1.0	0.9	0.9	0.9	0.9
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	20.5	45.4	40.7	32.4	23.7	-194.1	149.1	-79.7	120.5	105.4	45.8	29.5
Increase/(Decrease) in Receivables	80.8	-20.2	11.2	-13.5	59.3	-208.9	-80.9	-97.3	243.9	-144.6	49.8	-86.3
Increase/(Decrease) in Inventory	-42.7	-44.3	-42.5	-27.8	-66.0	-76.3	-4.6	4.9	51.1	-44.8	-15.7	-15.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-17.3	44.3	24.0	-8.2	-2.6	514.1	-77.2	141.7	-482.4	242.2	-149.6	74.5
Increase/(Decrease) in Prepaid Expenses	1.5	0.6	-0.3	1.7	-1.0	1.2	0.4	0.6	-0.4	1.6	-4.6	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-61.7	-26.6	-18.5	0.0	-41.9	13.4	-33.8	-15.9	-1.5	0.7	-1.5	-0.2
Corporate Income Tax Paid	-3.8	-1.4	-1.6	-18.2	-11.7	-34.1	-9.7	-1.4	-2.3	-28.9	-19.0	-4.8
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	-22.7	-2.1	13.1	-33.6	-40.2	15.3	-56.6	-47.0	-71.1	131.6	-94.9	-2.6
Payments for Fixed Assets and Other Long-term Assets	-3.8	3.1	0.0	-4.8	-1.3	-0.2	-1.1	-0.7	-0.8	-17.7	-2.8	-3.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-12.0	—	—	—	-97.0	-2.0	0.0	90.3	-7.0	1.0	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	12.0	0.0	10.0	—	72.0	0.0	9.0	1.0	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	64.4	0.0	0.0	-91.3	91.3	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	2.1	0.1	2.4	0.3	0.0	0.0	0.0	2.1	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	-3.8	3.2	0.0	7.3	-1.1	-22.8	61.6	8.4	90.6	-116.1	91.6	-4.3
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	95.7	19.2	12.3	-4.5	63.1	9.7	91.8	13.0	13.4	8.9	8.9	6.7
Repayment of Borrowings	-59.2	-25.9	-17.1	0.0	-38.2	-8.0	-8.0	-9.9	-6.6	-5.6	-7.0	-6.8
Repayment of Finance Leases	-2.5	-0.7	-1.3	0.0	-3.7	-8.3	-1.1	-0.9	-3.4	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	34.0	-7.4	-6.2	-4.5	21.2	-6.6	82.7	2.2	3.3	3.4	1.9	-0.1
Net Cash Flow During the Period	7.5	-6.3	6.9	-30.8	-20.2	-14.1	87.8	-36.5	22.8	18.9	-1.4	-7.0
Cash and Cash Equivalents at Beginning of Period	4.8	11.1	4.2	34.9	55.1	28.1	50.9	50.9	17.6	17.6	17.6	17.6
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	12.3	4.8	11.1	4.2	34.9	65.3	102.2	14.4	50.9	28.1	9.2	10.6

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ITA

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