KHG

Tập đoàn Khải Hoàn Land ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 10.05%, −5.78pp YoY

Price

5,000

Latest close

05 Jun 2026

P/E 34.72x

P/B 0.42x

EPS 144

BVPS 11,799

ROE 1.2%

ROA 0.9%

Profit Margin 10.0%

Asset Turnover 0.09x

Equity Mult. 1.32x

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

What Is Changing

On a TTM 2026Q1 basis, KHG is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — the growth momentum has held across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 641bn
	                                
+71.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 64bn
	                                
+9.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    60.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	601.3	309.8	330.5	1,396.2	1,288.1
Growth	+94%	-6%	-76%	+8%	—
Net Income	68.7	54.6	25.4	442.5	413.5
Net Margin	11.43%	17.63%	7.67%	31.69%	32.10%

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	122.8	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	31.4	77.2	3.4
Growth	-48%	+74%	-7%	+46%	-12%	+65%	-23%	+146%	+17%	-59%	+2185%	—
Net Income	13.4	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3
Net Margin	10.91%	5.22%	13.43%	14.00%	15.29%	11.46%	20.62%	18.27%	35.26%	23.64%	15.93%	1341.05%

Drivers of KHG's profit

TTM

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

Gross profit ↑ 78.1bn

Other profit ↑ 4.8bn

Financial income ↓ 54.5bn

Finance costs ↑ 8.9bn

Administrative expenses ↑ 7.2bn

Selling expenses ↑ 6.4bn

TTM

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

Finance costs ↓ 18.2bn

Gross profit ↑ 8.2bn

Tax ↓ 0.7bn

Financial income ↓ 25.9bn

Selling expenses ↑ 1.7bn

Administrative expenses ↑ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.1% = 15.8% × 0.06 × 1.25

2026Q1 1.2% = 10.0% × 0.09 × 1.32

ROE is broadly flat at 1.2% — the components are offsetting one another.

Net margin: 10.0% -5.8pp Asset turnover: 0.09x +0.03x Leverage: 1.32x +0.08x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 10.05%, losing 5.8pp. SG&A / Revenue fell 8.0pp and Gross margin rose 5.3pp improved but not enough to offset the weakness in Net financial result / Revenue fell 22.5pp (Other profit / Revenue rose 1.7pp still added support).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 10.05% −5.8pp

Gross Margin 21.74% +5.3pp

SG&A / Revenue 16.17% −8.0pp

Non-core / Revenue 7.20% −20.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 20.8pp, financial result still accounts for 64.9% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 1.0% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC stands at 1.04%, broadly flat versus the same period. That translates to 1.04 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 7.1pp, but capital turnover broadly stable, while invested capital rose by 335bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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

CAPITAL EFFICIENCY TREND

ROIC 1.04% −0.0pp

NOPAT Margin 10.48% −7.1pp

Capital Turnover 0.10x +0.04x

Average Invested Capital 6,482.6bn +334.6bn

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 0.32x equity, net debt at 0.28x equity.

Over the last 12 months, working capital absorbed 217.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −232.4bn

Inventories increased → lower CFO: −51.4bn

Payables increased → higher CFO: +66.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 221.5 days versus the same period last year. The main moves came from DIO fell 110.6 days, DSO fell 113.1 days, and DPO fell 2.2 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 149.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 93.7 days −113.1 days

Inventory 71.3 days −110.6 days

Payables 15.2 days −2.2 days

Cash Conversion Cycle 149.8 days −221.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 441.1bn due to capex of 0.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.28x and interest coverage only at 0.60x.

At present, short-term debt accounts for 35.1% of total debt, cash equals 1.1% of debt, and total debt stands at 1,526.2bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 0.60x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 1.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.28x +0.11x

Interest Coverage 0.60x −0.03x

Cash / Debt 1.1% −14.0pp

Short-term Debt / Total Debt 35.1% −4.1pp

CFO / NI -6.83x +4.94x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -442.4bn in 2025, against investing cash flow of 139.3bn.

Post-investment cash flow was negative +303.1bn. Financing cash flow was positive +290.8bn.

CFO / net income was -6.83x.

After spending +0.6bn on fixed-asset investment, the business generated trailing free cash flow of −441.1bn.

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

Cash Conversion

CFO TTM 440.5bn +255.5bn

Cash Capex 0.6bn −1.0bn

FCF TTM −441.1bn +256.6bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 5.8 pp. The next watchpoint is the earnings mix, when non-core contribution is 60.7%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 60.7% of PBT and CFO / net income currently at -6.83x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 10.05% after a 5.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	601.3	309.8	404.3	1,425.5	1,288.1
Revenue Deductions	—	0.0	73.8	29.3	0.0
Net Revenue	601.3	309.8	330.5	1,396.2	1,288.1
Cost of Goods Sold	487.8	264.4	302.8	870.3	0.0
Gross Profit	113.5	45.4	27.7	525.9	581.5
Financial Income	160.4	252.5	282.8	384.9	79.8
Financial Expenses	80.4	133.8	122.8	140.6	-68.3
Interest Expense	70.1	120.1	116.8	120.3	-53.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	64.9	53.7	120.0	127.9	-37.5
General and Administrative Expenses	37.6	32.4	32.4	57.2	-39.8
Operating Profit	91.0	78.0	35.3	585.1	515.8
Other Income	2.0	2.8	2.0	1.4	0.0
Other Expenses	5.5	10.7	3.0	32.3	0.0
Other Profit	-3.6	-7.9	-1.1	-30.8	1.5
Profit Before Tax	87.4	70.1	34.2	554.3	517.3
Current Income Tax Expense	18.7	15.5	8.8	111.8	-103.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	68.7	54.6	25.4	442.5	413.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	68.7	54.6	25.4	442.5	413.5
Earnings per Share	153.00	122.00	56.00	1,106.00	2,298.00
Diluted EPS	152.88	121.54	56.43	984.50	1,296.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,959.2	1,726.2	1,860.3	2,179.4	2,216.4
I. Cash and cash equivalents	94.7	107.0	50.1	195.7	563.8
1. Cash	94.7	107.0	50.1	95.7	0.0
2. Cash equivalents	—	0.0	0.0	100.0	0.0
II. Short-term financial investments	20.3	21.1	20.0	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	20.3	21.1	20.0	0.0	0.0
III. Short-term receivables	1,726.4	1,456.6	1,552.7	1,514.2	1,258.4
1. Short-term trade accounts receivable	95.7	202.6	242.6	510.9	0.0
2. Short-term prepayments to suppliers	369.4	298.0	301.3	270.6	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	234.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,026.8	956.0	1,008.8	732.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	113.8	124.9	210.6	461.5	389.9
1. Inventories	113.8	124.9	210.6	461.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.0	16.5	26.8	8.0	4.3
1. Short-term prepayments	1.8	6.0	1.6	8.0	0.0
2. Value added tax to be reclaimed	2.2	9.3	25.3	0.0	0.0
3. Taxes and other receivables from state authorities	—	1.2	0.0	0.0	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)	5,035.3	4,865.0	4,530.4	4,865.2	4,239.6
I. Long-term receivables	4,624.4	4,601.9	4,288.3	4,648.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4,026.2
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	—	0.0	490.0	490.0	0.0
6. Other long-term receivables	4,624.4	4,601.9	3,798.3	4,158.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.6	0.6	0.8	0.2
1. Tangible fixed assets	0.2	0.5	0.4	0.8	0.2
- Cost	4.4	4.6	4.1	4.1	0.0
- Accumulated depreciation	-4.2	-4.1	-3.7	-3.3	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	—	0.1	0.2	0.0	0.0
- Cost	0.6	0.6	0.6	0.3	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-0.3	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	218.4	215.1	212.8	212.8	212.6
1. Long-term production in progress	4.5	2.1	0.8	0.8	0.0
2. Construction in progress	213.8	212.9	212.0	212.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	192.3	47.5	28.6	2.7	0.0
1. Long-term prepayments	192.3	47.5	28.6	2.7	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	0.7
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)	6,994.5	6,591.2	6,390.7	7,044.6	6,456.0
A. LIABILITIES (300=210+330)	1,704.9	1,371.4	1,225.5	1,904.8	1,758.6
I. Short -term liabilities	908.8	780.4	984.9	1,903.9	1,196.2
1. Short-term trade accounts payable	7.5	22.1	65.3	239.6	426.9
2. Short-term advances from customers	1.6	0.3	24.1	23.9	0.1
3. Taxes and other payables to state authorities	21.9	16.4	25.7	165.9	0.0
4. Payable to employees	9.0	10.6	12.0	5.2	0.0
5. Short-term acrrued expenses	33.5	34.1	52.0	362.8	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	307.0	254.4	40.9	98.6	0.0
10. Short-term borrowings and financial leases	528.3	442.6	765.0	1,007.9	98.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	796.1	590.9	240.6	0.9	562.4
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	0.5	0.5	0.6	0.9	0.0
8. Long-term borrowings and financial leases	795.6	590.5	240.0	0.0	559.9
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)	5,289.6	5,219.8	5,165.2	5,139.8	4,697.4
I. Owner's equity	5,289.6	5,219.8	5,165.2	5,139.8	0.0
1. Owner's capital	4,494.4	4,494.4	4,494.4	4,494.4	4,697.4
- Common stock with voting right	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	3,188,175,470,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	13.1	13.1	13.1	13.1	937.6
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	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	782.2	712.4	657.8	632.4	571.6
- Accumulated retained earning at the end of the previous period	713.5	657.8	632.4	190.0	158.1
- Undistributed earnings in this period	68.7	54.6	25.4	442.5	413.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,994.5	6,591.2	6,390.7	7,044.6	6,456.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	87.4	70.1	34.2	554.3	517.3
Depreciation of Fixed Assets and Investment Property	0.3	0.5	0.4	0.3	0.1
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-160.4	-252.5	-282.8	-384.9	0.0
Interest Expense	70.1	133.8	120.6	138.3	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-2.6	-48.0	-127.5	308.0	496.5
Increase/(Decrease) in Receivables	-323.1	-42.6	379.4	-842.3	0.0
Increase/(Decrease) in Inventory	8.7	84.4	250.8	-66.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	43.2	94.4	-572.7	-197.1	0.0
Increase/(Decrease) in Prepaid Expenses	-78.7	-23.3	-19.5	-1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-72.6	-120.4	-114.6	-116.4	0.0
Corporate Income Tax Paid	-17.2	-5.5	-116.9	-104.8	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	-442.4	-61.1	-321.0	-1,020.3	-2,491.2
Payments for Fixed Assets and Other Long-term Assets	-0.5	-1.4	-0.3	-1.1	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1,664.7	-317.2	-860.0	0.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,637.7	189.0	717.5	2.0	0.0
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	166.8	219.6	322.8	306.0	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	139.3	89.9	180.0	306.9	70.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	2,525,799,205,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	874.2	443.2	240.0	699.4	297.0
Repayment of Borrowings	-583.4	-415.2	-244.5	-354.1	0.0
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	290.8	28.0	-4.5	345.3	2,822.8
Net Cash Flow During the Period	-12.3	56.8	-145.6	-368.1	450.6
Cash and Cash Equivalents at Beginning of Period	107.0	50.1	195.7	563.8	161.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	94.7	107.0	50.1	195.7	563.8

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	122.8	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	33.1	119.2	35.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	1.7	42.0	31.8
Net Revenue	122.8	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	31.4	77.2	3.4
Cost of Goods Sold	93.3	211.0	97.8	99.9	79.0	98.0	54.3	80.9	31.3	18.1	65.9	0.3
Gross Profit	29.6	25.6	37.8	46.5	21.4	15.9	14.7	9.3	5.5	13.3	11.3	3.1
Financial Income	33.2	50.8	51.9	56.7	59.1	59.0	63.8	65.2	64.6	56.4	55.0	109.1
Financial Expenses	18.4	36.9	38.1	49.5	36.6	33.2	31.1	33.1	33.8	33.4	29.2	26.3
Interest Expense	17.8	37.6	34.1	32.4	30.9	27.5	28.2	30.7	31.7	31.3	28.6	25.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	15.7	13.9	17.5	13.4	14.0	12.9	14.1	13.1	13.5	16.2	14.1	19.4
General and Administrative Expenses	11.3	9.8	11.8	10.3	10.0	9.1	9.0	7.9	6.4	8.3	7.5	8.9
Operating Profit	17.2	15.8	22.3	30.1	19.9	19.6	24.3	20.5	16.3	11.7	15.5	57.6
Other Income	0.0	0.1	1.4	0.2	0.4	0.9	1.7	0.2	0.0	0.7	0.2	0.1
Other Expenses	0.4	0.2	0.8	3.7	0.8	3.5	7.1	0.0	0.1	1.1	0.2	1.0
Other Profit	-0.4	-0.2	0.6	-3.5	-0.4	-2.6	-5.4	0.2	-0.0	-0.4	-0.1	-0.9
Profit Before Tax	16.8	15.7	22.9	26.6	19.4	17.0	18.9	20.7	16.2	11.3	15.4	56.8
Current Income Tax Expense	3.4	3.3	4.6	6.1	4.1	3.9	4.6	4.2	3.3	3.9	3.1	11.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.4	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.4	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3
Earnings per Share	30.00	27.00	41.00	46.00	34.00	29.00	32.00	36.00	29.00	17.00	27.00	101.00
Diluted EPS	29.82	27.46	40.53	45.59	34.17	29.03	31.66	36.67	28.82	16.51	27.36	100.79

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)	1,925.7	1,996.7	1,808.5	1,719.3	1,830.5	1,726.0	1,522.0	1,456.3	1,780.6	1,524.8	2,180.1	2,080.4
I. Cash and cash equivalents	16.8	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	70.1	264.6	46.6
1. Cash	16.8	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	50.1	264.6	39.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	20.0	0.0	7.6
II. Short-term financial investments	70.5	20.3	21.1	21.1	21.1	21.1	20.0	20.0	20.0	0.0	0.0	1,810.3
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	612.7
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	263.2
3. Held to maturity investments	70.5	20.3	21.1	21.1	21.1	21.1	20.0	20.0	20.0	0.0	0.0	934.4
III. Short-term receivables	1,716.8	1,759.1	1,663.6	1,558.7	1,557.6	1,456.6	1,275.7	1,192.6	1,491.7	1,217.2	1,680.2	0.0
1. Short-term trade accounts receivable	90.8	115.3	172.7	207.0	238.7	202.6	232.7	200.7	184.7	279.6	604.3	0.0
2. Short-term prepayments to suppliers	312.4	302.9	327.2	324.3	323.3	298.0	238.6	238.7	301.0	301.3	303.5	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,313.7	1,340.9	1,163.8	1,027.3	995.7	956.0	804.4	753.2	1,006.0	636.3	772.4	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	113.8	113.8	63.3	63.3	82.2	124.9	182.4	205.0	228.9	210.6	205.9	220.2
1. Inventories	113.8	113.8	63.3	63.3	82.2	124.9	182.4	205.0	228.9	210.6	205.9	220.2
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	7.7	8.8	3.5	1.8	5.8	16.4	14.6	21.1	25.7	26.8	29.3	3.4
1. Short-term prepayments	2.7	6.6	3.5	1.8	3.4	5.8	1.0	1.3	0.8	1.6	1.8	3.4
2. Value added tax to be reclaimed	3.2	2.2	0.0	0.0	0.7	9.3	13.2	19.8	24.9	25.3	27.5	0.0
3. Taxes and other receivables from state authorities	1.8	—	—	—	1.8	1.2	0.3	0.0	0.0	0.0	0.0	0.0
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)	5,342.9	4,993.5	5,075.8	5,099.4	4,860.5	4,867.8	4,868.9	4,874.7	4,528.1	4,975.9	4,781.9	4,750.7
I. Long-term receivables	4,845.3	4,729.9	4,815.6	4,838.9	4,599.2	4,601.9	4,602.1	4,605.9	4,287.9	4,733.8	4,538.6	4,535.6
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	490.0	490.0	490.0	490.0	490.0
6. Other long-term receivables	4,845.3	4,729.9	4,815.6	4,838.9	4,599.2	4,601.9	4,602.1	4,115.9	3,797.9	4,243.8	4,048.6	4,045.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.2	0.2	0.3	0.3	0.6	0.6	0.4	0.5	0.6	0.8	0.6
1. Tangible fixed assets	0.2	0.2	0.2	0.3	0.3	0.5	0.5	0.3	0.4	0.4	0.5	0.6
- Cost	4.4	—	—	—	—	4.6	4.4	4.1	4.1	4.1	4.1	4.1
- Accumulated depreciation	-4.3	—	—	—	—	-4.1	-3.9	-3.8	-3.7	-3.7	-3.6	-3.5
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	—	—	—	—	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.0
- Cost	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	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	237.2	218.4	218.6	217.2	216.5	215.1	1.5	213.1	212.8	212.8	212.8	212.8
1. Long-term production in progress	22.9	4.5	4.5	3.9	3.2	2.1	1.5	1.1	0.8	0.8	0.8	0.8
2. Construction in progress	214.3	213.8	214.0	213.3	213.3	212.9	0.0	212.0	212.0	212.0	212.0	212.0
V. Long-term financial investments	—	—	—	—	—	0.0	212.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	212.0	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	—	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	260.2	45.0	41.3	43.0	44.4	50.3	52.7	55.3	26.8	28.6	29.7	1.6
1. Long-term prepayments	260.2	45.0	41.3	43.0	44.4	50.3	52.7	55.3	26.8	28.6	29.7	1.6
2. Deferred income tax assets	—	—	—	—	—	0.0	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	—	—	—	—	—	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)	7,268.6	6,990.2	6,884.3	6,818.7	6,691.0	6,593.8	6,390.9	6,331.0	6,308.8	6,500.7	6,961.9	6,831.1
A. LIABILITIES (300=210+330)	1,965.5	1,703.9	1,610.4	1,563.0	1,455.8	1,371.9	1,182.0	1,136.4	1,130.6	1,237.0	1,705.6	1,589.3
I. Short -term liabilities	974.7	907.8	943.9	899.0	798.3	823.0	691.4	645.8	890.0	996.4	1,465.0	1,588.7
1. Short-term trade accounts payable	22.3	7.5	9.2	7.9	19.6	22.1	15.8	16.1	10.3	65.3	532.8	247.3
2. Short-term advances from customers	1.2	1.6	1.6	1.1	1.1	0.3	41.0	33.0	26.2	24.1	19.0	23.4
3. Taxes and other payables to state authorities	19.6	22.8	32.6	18.0	22.1	16.9	14.8	13.9	25.9	50.3	74.8	156.0
4. Payable to employees	5.7	7.1	12.7	7.9	8.9	10.6	7.0	9.2	5.7	12.0	4.8	5.8
5. Short-term acrrued expenses	39.6	33.5	40.0	35.7	37.6	34.1	50.1	38.8	37.9	38.9	36.4	308.2
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	350.5	307.0	314.0	300.7	284.8	254.4	144.6	104.5	44.5	40.9	25.4	65.1
10. Short-term borrowings and financial leases	535.8	528.3	533.9	527.8	424.2	484.6	418.1	430.2	739.4	765.0	771.7	782.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	990.8	796.1	666.5	664.0	657.5	548.9	490.6	490.6	240.6	240.6	240.6	0.6
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	0.4	0.5	0.5	0.4	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.6
8. Long-term borrowings and financial leases	990.4	795.6	666.0	663.6	657.0	548.4	490.0	490.0	240.0	240.0	240.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,303.0	5,286.3	5,273.9	5,255.7	5,235.2	5,221.9	5,208.9	5,194.6	5,178.2	5,263.7	5,256.3	5,241.8
I. Owner's equity	5,303.0	5,286.3	5,273.9	5,255.7	5,235.2	5,221.9	5,208.9	5,194.6	5,178.2	5,263.7	5,256.3	5,241.8
1. Owner's capital	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4
- Common stock with voting right	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00	4,494,352,050,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	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
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	795.6	778.9	766.5	748.3	727.8	714.5	701.5	687.2	670.8	756.3	748.9	734.4
- Accumulated retained earning at the end of the previous period	782.2	712.4	712.4	712.4	712.4	657.8	657.8	657.8	657.8	632.4	632.4	632.4
- Undistributed earnings in this period	13.4	66.4	54.1	35.8	15.4	56.7	43.7	29.4	13.0	123.9	116.5	102.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,268.6	6,990.2	6,884.3	6,818.7	6,691.0	6,593.8	6,390.9	6,331.0	6,308.8	6,500.7	6,961.9	6,831.1

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	16.8	18.5	22.9	26.6	19.4	17.0	18.9	20.7	16.2	-111.8	15.4	59.5
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	—	—	—	—	—	0.0	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	-33.2	7.3	-51.9	-56.7	-59.1	-59.0	-63.8	-65.2	-64.6	16.6	-55.0	-109.1
Interest Expense	17.8	-27.3	26.4	40.0	31.0	21.7	30.3	34.8	32.1	33.1	30.3	24.7
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	1.5	-1.4	-2.6	10.0	-8.6	-20.1	-14.5	-9.6	-16.1	-62.0	-9.1	-24.8
Increase/(Decrease) in Receivables	-24.4	105.9	-121.3	-192.5	-115.1	-153.5	-719.4	133.9	82.1	543.7	-5.8	-93.1
Increase/(Decrease) in Inventory	-18.4	-50.5	-0.6	18.2	41.6	56.9	21.9	23.9	-18.3	-4.7	59.0	-54.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	50.4	158.1	-146.3	3.9	27.6	76.4	48.6	51.8	-69.5	-430.1	-40.6	-30.3
Increase/(Decrease) in Prepaid Expenses	-68.9	-87.4	0.1	2.9	5.7	-2.4	2.9	-29.0	2.5	-0.3	-24.9	1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.3	-164.1	154.1	-37.5	-25.0	-37.1	-22.1	-24.1	-35.1	-29.1	-22.3	-39.0
Corporate Income Tax Paid	—	-0.6	0.0	-15.3	-1.3	0.0	-3.8	-1.7	-0.1	-25.0	-88.3	-0.1
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	-73.1	-40.2	-116.7	-210.5	-75.1	-79.9	-686.3	145.3	-54.5	-7.5	-132.1	-240.2
Payments for Fixed Assets and Other Long-term Assets	-0.4	0.5	-0.6	-0.1	-0.3	-1.1	-0.1	-0.3	0.0	0.0	-0.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-416.2	-1,122.2	—	-542.5	—	-1.1	802.5	-310.5	-2.0	-760.0	2.0	-100.0
Receipts from Loan Repayments and Sale of Debt Instruments	176.5	1,155.2	—	482.5	—	0.0	-129.0	127.0	2.0	390.0	-2.0	329.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	33.0	-19.5	31.5	70.9	83.9	34.8	36.7	101.0	44.3	169.7	121.6	1.4
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	-207.2	-46.0	90.9	10.8	83.7	32.6	710.1	-82.8	44.3	-200.3	121.3	230.9
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	242.5	352.1	36.5	163.7	322.0	185.2	0.0	250.0	0.0	0.0	238.0	0.0
Repayment of Borrowings	-40.1	-228.2	-28.0	-53.5	-273.8	-60.3	-12.1	-309.2	-25.6	-6.7	-9.2	-15.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	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	202.4	124.0	8.5	110.2	48.2	124.9	-12.1	-59.2	-25.6	-6.7	228.8	-15.1
Net Cash Flow During the Period	-77.9	37.7	-17.3	-89.4	56.7	77.6	11.7	3.3	-35.8	-214.5	218.0	-24.4
Cash and Cash Equivalents at Beginning of Period	94.7	57.0	74.3	163.7	107.0	50.1	50.1	50.1	50.1	195.7	195.7	195.7
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	16.8	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	50.1	264.6	46.6

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KHG

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