LTG

Tập đoàn Lộc Trời ·UPCOM ·2024Q1

▲▲ Improving positively

Cash generation is recovering CFO/NPAT −788 bn, +1250 bn YoY

Price

5,600

Latest close

29 May 2026

P/E 2.47x

P/B 0.19x

EPS 2,264

BVPS 29,520

ROE 8.3%

ROA 2.2%

Profit Margin 1.4%

Asset Turnover 1.56x

Equity Mult. 3.78x

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

What Is Changing

On a TTM 2024Q1 basis, LTG is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 17,808bn
	                                
+50.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 250bn
	                                
+72.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.67x
	                                
negative cash flow vs profit

Metric	2023	2022	2021	2020
Revenue	16,088.1	11,690.6	10,224.1	7,505.8
Growth	+38%	+14%	+36%	—
Net Income	16.5	411.6	421.9	368.9
Net Margin	0.10%	3.52%	4.13%	4.91%

Metric	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	3,848.7	5,819.8	4,461.1	3,678.0	2,452.2	3,062.0	2,736.1	3,547.3	2,345.3	3,110.1	1,992.4	2,724.9
Growth	-34%	+30%	+21%	+50%	-20%	+12%	-23%	+51%	-25%	+56%	-27%	—
Net Income	-95.3	247.8	-327.1	424.7	-81.2	208.8	63.8	-46.3	184.0	159.7	31.2	47.3
Net Margin	-2.48%	4.26%	-7.33%	11.55%	-3.31%	6.82%	2.33%	-1.31%	7.85%	5.14%	1.57%	1.74%

Drivers of LTG's profit

TTM

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

Gross profit ↑ 578.4bn

Associates income ↑ 332.3bn

Other profit ↑ 61.4bn

Finance costs ↑ 399.8bn

Administrative expenses ↑ 296.2bn

Selling expenses ↑ 98.8bn

TTM

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

Other profit ↑ 45.5bn

Associates income ↑ 19.2bn

Selling expenses ↓ 14.8bn

Administrative expenses ↓ 9.3bn

Finance costs ↑ 41.6bn

Financial income ↓ 28.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q1 4.6% = 1.2% × 1.22 × 3.09

2024Q1 8.3% = 1.4% × 1.56 × 3.78

ROE rose from 4.6% to 8.3% — all three components improved, with leverage contributing the most.

Net margin: 1.4% +0.2pp Asset turnover: 1.56x +0.34x Leverage: 3.78x +0.69x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.40%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.40% +0.2pp

Gross Margin 13.74% −2.1pp

SG&A / Revenue 9.39% −1.4pp

TTM YoY · 2023Q1 -> 2024Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 2.25%, rising 0.4pp. That translates to 2.25 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.40x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital rose by 1,500bn.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Watchpoints

ROIC remains low

ROIC is currently 2.25% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.25% +0.4pp

NOPAT Margin 1.15% −0.0pp

Capital Turnover 1.96x +0.40x

Average Invested Capital 9,094.3bn +1,500.4bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.74x equity, net debt at 2.09x equity.

Inventory ended the period at 1,969.4bn, roughly 17.2% of total assets.

Over the last 12 months, working capital absorbed 1,085.1bn 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: −1,934.2bn

Inventories increased → lower CFO: −98.9bn

Payables increased → higher CFO: +947.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 34.9 days, DSO rose 26.0 days, and DPO rose 9.7 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 141.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +26.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 108.1 days +26.0 days

Inventory 66.4 days −34.9 days

Payables 32.6 days +9.7 days

Cash Conversion Cycle 141.9 days −18.6 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.09x and interest coverage only at 0.31x.

At present, short-term debt accounts for 98.7% of total debt, cash equals 1.7% of debt, and total debt stands at 6,327.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.09x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.31x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.09x +0.16x

Interest Coverage 0.31x −0.08x

Cash / Debt 1.7% −4.9pp

Short-term Debt / Total Debt 98.7% +0.1pp

CFO / NI -2.67x +9.43x

TTM YoY · 2023Q1 -> 2024Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -2,942.3bn in 2023, against investing cash flow of 234.0bn.

Post-investment cash flow was negative +2,708.2bn. Financing cash flow was positive +2,395.6bn.

CFO / net income was -2.67x.

After spending +121.4bn on fixed-asset investment, the business generated trailing free cash flow of −788.0bn.

Cash Conversion

CFO TTM 666.6bn +1,112.8bn

Cash Capex 121.4bn −137.7bn

FCF TTM −788.0bn +1,250.5bn

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 brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is 18.1%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.3%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 1,250.5bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.1% of PBT and CFO / net income currently at -2.67x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2023	2022	2021	2020
Revenue	16,517.2	11,893.0	10,449.4	7,709.8
Revenue Deductions	429.1	202.4	0.0	0.0
Net Revenue	16,088.1	11,690.6	10,224.1	7,505.8
Cost of Goods Sold	13,612.7	9,542.1	0.0	0.0
Gross Profit	2,475.4	2,148.5	1,962.7	1,659.7
Financial Income	227.3	162.0	58.9	23.3
Financial Expenses	960.1	492.2	-352.0	-215.9
Interest Expense	582.3	239.1	-154.1	-89.6
Share of Associates and Joint Ventures	0.5	0.0	0.2	1.8
Selling Expenses	977.8	885.1	-856.2	-671.7
General and Administrative Expenses	641.1	397.6	-359.5	-360.4
Operating Profit	124.2	535.5	454.3	436.8
Other Income	37.5	51.9	0.0	0.0
Other Expenses	11.8	29.9	0.0	0.0
Other Profit	25.7	22.1	77.4	15.8
Profit Before Tax	149.9	557.6	531.6	452.6
Current Income Tax Expense	123.6	143.8	-109.8	-83.7
Deferred Income Tax Expense	9.9	2.1	0.0	0.0
Net Income	16.5	411.6	421.9	368.9
Non-controlling Interest	-0.4	-0.8	0.5	3.0
Profit Attributable to Parent	16.9	412.4	421.3	365.9
Earnings per Share	143.00	4,350.00	4,444.00	3,859.00
Diluted EPS	143.00	4,350.00	5,227.80	4,540.43

Item	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,346.4	6,271.0	6,063.5	5,361.0
I. Cash and cash equivalents	490.3	799.5	1,798.9	547.1
1. Cash	484.3	795.2	0.0	0.0
2. Cash equivalents	6.0	4.3	0.0	0.0
II. Short-term financial investments	126.8	130.9	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	126.8	130.9	0.0	0.0
III. Short-term receivables	6,637.1	3,105.1	1,665.3	1,808.7
1. Short-term trade accounts receivable	6,516.6	2,310.2	0.0	0.0
2. Short-term prepayments to suppliers	194.5	281.9	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	6.0	6.2	0.0	0.0
6. Other short-term receivables	410.4	804.2	0.0	0.0
7. Provision for short-term doubtful debts (*)	-490.5	-297.6	0.0	0.0
8. Assets awaiting resolution	0.0	0.1	0.0	0.0
IV. Inventories	1,969.4	2,112.8	2,358.3	2,500.8
1. Inventories	2,017.7	2,116.9	0.0	0.0
2. Provision for decline in value of inventories	-48.2	-4.1	0.0	0.0
V. Other short-term assets	122.8	122.6	107.4	154.8
1. Short-term prepayments	10.5	17.8	0.0	0.0
2. Value added tax to be reclaimed	109.1	103.2	0.0	0.0
3. Taxes and other receivables from state authorities	3.1	1.7	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)	2,121.6	2,460.3	1,832.4	1,560.6
I. Long-term receivables	62.5	499.8	0.0	0.0
1. Long-term trade receivables	0.0	0.0	22.7	0.0
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	1.2	459.0	0.0	0.0
6. Other long-term receivables	61.3	40.8	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	1,430.3	1,493.8	1,418.2	1,239.3
1. Tangible fixed assets	866.0	967.1	987.5	972.9
- Cost	2,228.8	2,190.6	0.0	0.0
- Accumulated depreciation	-1,362.7	-1,223.5	0.0	0.0
2. Financial leased fixed assets	214.1	191.1	100.3	0.0
- Cost	297.7	233.4	0.0	0.0
- Accumulated depreciation	-83.7	-42.3	0.0	0.0
3. Intangible fixed assets	350.2	335.6	330.4	266.4
- Cost	416.9	389.1	0.0	0.0
- Accumulated depreciation	-66.8	-53.5	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	251.6	254.4	124.9	121.7
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	251.6	254.4	0.0	0.0
V. Long-term financial investments	187.9	14.2	112.2	44.4
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	186.7	0.0	0.0	0.0
3. Investments in other entities	1.2	0.7	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	13.5	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	189.3	198.1	0.0	0.0
1. Long-term prepayments	174.7	173.3	0.0	0.0
2. Deferred income tax assets	13.1	23.0	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	154.5	155.2
5. Goodwill	1.5	1.8	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,468.0	8,731.3	7,896.0	6,921.6
A. LIABILITIES (300=210+330)	8,399.8	5,578.9	4,859.3	4,083.6
I. Short -term liabilities	8,311.7	5,471.0	4,789.1	4,064.9
1. Short-term trade accounts payable	1,054.0	514.5	489.9	1,440.8
2. Short-term advances from customers	29.9	32.0	108.2	70.0
3. Taxes and other payables to state authorities	182.2	151.2	0.0	0.0
4. Payable to employees	48.6	7.1	0.0	0.0
5. Short-term acrrued expenses	75.4	105.5	0.0	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	1.7	0.2	1.0	1.0
9. Other short-term payables	629.7	838.2	0.0	0.0
10. Short-term borrowings and financial leases	6,227.8	3,747.8	3,569.6	2,054.9
11. Provision for short-term liabilities	0.4	0.8	0.0	0.0
12.. Bonus and welfare fund	62.1	73.8	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	88.1	107.9	70.2	18.7
1. Long-term trade payables	0.0	0.0	0.0	1.7
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	0.3	0.0	0.0	0.0
7. Other long-term liabilities	1.2	1.2	0.0	0.0
8. Long-term borrowings and financial leases	79.7	99.4	56.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	7.0	7.4	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)	3,068.2	3,152.4	3,036.7	2,838.1
I. Owner's equity	3,068.2	3,152.4	0.0	0.0
1. Owner's capital	1,007.4	805.9	3,036.7	2,838.1
- Common stock with voting right	1,007,414,650,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00
- Preferred stock	0.00	0.00	0.00	0.00
2. Share premium	278.1	278.1	278.1	278.1
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	7.2	2.6	0.0	0.0
8. Investment and development fund	670.6	686.5	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	83.5	77.9	0.0	0.0
11. Undistributed earnings after tax	1,011.3	1,287.0	1,144.3	911.6
- Accumulated retained earning at the end of the previous period	994.4	882.7	723.0	552.0
- Undistributed earnings in this period	16.9	404.3	421.3	359.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	10.2	14.4	36.0	38.7
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)	11,468.0	8,731.3	7,896.0	6,921.6

Item	2023	2022	2021	2020
Profit Before Tax	149.9	557.6	531.6	452.6
Depreciation of Fixed Assets and Investment Property	238.8	217.4	191.5	164.8
Provision (Increase)/Reversal	237.0	-21.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-3.8	-2.5	0.0	0.0
Gain/Loss from Investment Activities	-33.5	-61.8	0.0	0.0
Interest Expense	582.3	239.1	0.0	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	1,170.7	928.7	840.7	723.5
Increase/(Decrease) in Receivables	-3,778.8	-1,472.4	0.0	0.0
Increase/(Decrease) in Inventory	99.2	264.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	377.5	529.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	6.0	-26.2	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-568.3	-228.7	0.0	0.0
Corporate Income Tax Paid	-144.1	-113.9	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-104.5	-97.5	0.0	0.0
Net Cash Flow from Operating Activities	-2,942.3	-216.3	28.1	874.2
Payments for Fixed Assets and Other Long-term Assets	-119.0	-327.2	-267.2	-127.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.3	2.2	16.4	6.0
Loans and Purchases of Debt Instruments	-76.1	-499.2	-176.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	551.7	135.6	18.2	-501.4
Investments in Other Entities	-186.7	-37.8	41.1	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	59.8	35.8	0.0	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	234.0	-690.6	-356.9	-450.9
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	47,000,000.00	1,605,000,000.00
Share Repurchases	0.00	0.00	0.00	0.00
Proceeds from Borrowings	15,098.1	8,347.7	6,763.1	4,297.8
Repayment of Borrowings	-12,634.8	-8,195.8	-5,289.1	-4,210.8
Repayment of Finance Leases	-64.9	-54.9	0.0	0.0
Dividends Paid	-2.9	-191.6	-112.3	-92.0
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	2,395.6	-94.6	1,361.7	-3.5
Net Cash Flow During the Period	-312.6	-1,001.5	1,229.2	151.3
Cash and Cash Equivalents at Beginning of Period	799.5	1,798.9	767.1	126.7
FX Difference from Revaluation	3.4	2.1	-1.1	0.5
Cash and Cash Equivalents at End of Period	490.3	799.5	1,798.9	547.1

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	3,874.1	6,076.8	4,551.2	3,748.1	2,483.6	3,078.1	2,849.5	3,594.7	2,370.7	3,190.9	2,062.1	2,766.5
Revenue Deductions	25.5	257.0	90.1	70.1	31.3	16.2	113.4	47.4	25.4	0.0	0.0	0.0
Net Revenue	3,848.7	5,819.8	4,461.1	3,678.0	2,452.2	3,062.0	2,736.1	3,547.3	2,345.3	3,110.1	1,992.4	2,724.9
Cost of Goods Sold	3,602.6	4,297.3	4,308.8	3,151.7	2,179.4	2,329.4	2,244.5	3,175.6	1,792.6	0.0	0.0	0.0
Gross Profit	246.1	1,522.5	152.2	526.3	272.8	732.6	491.6	371.6	552.7	666.6	353.9	349.6
Financial Income	32.9	111.4	4.2	49.4	61.7	164.5	2.0	7.8	17.3	19.4	18.9	14.2
Financial Expenses	188.6	310.5	268.2	231.4	147.0	224.6	110.7	116.5	70.0	-104.7	-80.4	-56.5
Interest Expense	126.9	144.2	164.2	168.4	105.5	63.8	66.0	53.9	38.1	-43.0	-40.6	-38.7
Share of Associates and Joint Ventures	19.2	-13.8	0.0	326.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Selling Expenses	137.1	525.2	164.9	135.8	151.9	287.2	186.4	238.7	174.4	-310.6	-172.6	-182.3
General and Administrative Expenses	104.8	424.3	51.3	128.4	114.1	106.6	103.8	88.0	101.2	-146.4	-65.8	-75.2
Operating Profit	-132.2	360.2	-327.9	407.0	-78.5	278.8	92.7	-63.8	224.3	124.3	54.1	49.6
Other Income	49.0	-3.4	7.6	29.5	3.9	11.6	9.1	11.2	22.5	0.0	0.0	0.0
Other Expenses	2.1	9.2	1.8	1.5	2.6	17.6	6.8	2.4	3.2	0.0	0.0	0.0
Other Profit	46.8	-12.7	5.8	28.0	1.3	-6.0	2.4	8.8	19.3	55.8	2.7	14.9
Profit Before Tax	-85.4	347.6	-322.2	435.0	-77.2	272.7	95.1	-55.0	243.6	180.1	56.8	64.5
Current Income Tax Expense	8.6	94.3	4.9	6.3	4.5	62.7	31.4	-10.6	60.0	-20.4	-25.6	-17.2
Deferred Income Tax Expense	1.2	5.5	0.0	4.0	-0.4	1.3	-0.1	1.9	-0.4	0.0	0.0	0.0
Net Income	-95.3	247.8	-327.1	424.7	-81.2	208.8	63.8	-46.3	184.0	159.7	31.2	47.3
Non-controlling Interest	0.3	1.2	0.3	-1.2	-0.7	-0.8	-0.1	-0.4	0.5	-1.1	-0.5	0.3
Profit Attributable to Parent	-95.6	246.6	-327.4	425.8	-80.5	209.6	63.9	-46.0	183.5	160.8	31.7	47.1
Earnings per Share	-815.00	2,040.00	-3,452.00	4,491.00	-849.00	2,210.00	674.00	-485.00	1,935.00	1,696.00	334.00	496.00
Diluted EPS	-948.82	2,447.65	-4,061.98	5,283.46	-998.87	2,600.66	793.01	-570.21	2,276.43	1,994.88	392.94	584.06

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,822.0	9,275.3	9,725.8	9,262.6	8,317.2	6,269.2	7,526.9	7,128.7	6,582.2	6,063.5	6,343.4	6,676.6
I. Cash and cash equivalents	105.6	490.3	928.2	440.4	414.3	799.5	806.2	766.2	1,187.2	1,798.9	571.5	803.0
1. Cash	101.1	484.3	923.8	433.7	409.1	795.2	761.9	633.7	1,179.7	0.0	0.0	0.0
2. Cash equivalents	4.5	6.0	4.4	6.7	5.2	4.4	44.4	132.6	7.6	0.0	0.0	0.0
II. Short-term financial investments	120.5	126.8	110.9	112.7	124.1	130.9	134.0	35.3	35.3	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
3. Held to maturity investments	120.5	126.8	110.9	112.7	124.1	130.9	134.0	35.3	35.3	0.0	0.0	0.0
III. Short-term receivables	6,622.0	6,565.3	5,722.6	5,851.7	4,891.8	3,107.6	2,967.4	3,306.7	2,456.2	1,665.3	1,449.9	1,446.7
1. Short-term trade accounts receivable	6,472.2	6,476.3	5,098.2	5,420.7	4,076.3	2,328.6	2,053.2	2,378.6	1,231.5	0.0	0.0	0.0
2. Short-term prepayments to suppliers	230.9	194.5	491.2	355.6	680.3	281.9	387.8	420.9	787.7	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Short-term loan receivables	6.0	6.0	6.4	6.1	13.3	6.2	6.6	0.3	1.1	0.0	0.0	0.0
6. Other short-term receivables	402.5	452.4	403.6	407.0	429.7	788.0	812.9	807.2	744.2	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-490.1	-563.9	-277.9	-338.4	-308.4	-297.6	-293.2	-300.5	-308.5	0.0	0.0	0.0
8. Assets awaiting resolution	0.4	0.0	1.0	0.8	0.7	0.5	0.1	0.2	0.2	0.0	0.0	0.0
IV. Inventories	2,816.5	1,970.2	2,825.1	2,714.7	2,742.0	2,108.8	3,459.7	2,874.7	2,767.5	2,358.3	4,119.6	4,210.4
1. Inventories	2,844.3	2,017.7	2,828.0	2,721.8	2,745.5	2,112.9	3,460.1	2,879.8	2,768.5	0.0	0.0	0.0
2. Provision for decline in value of inventories	-27.9	-47.5	-2.9	-7.1	-3.4	-4.1	-0.4	-5.1	-1.0	0.0	0.0	0.0
V. Other short-term assets	157.5	122.7	139.1	143.1	145.0	122.3	159.5	145.8	135.9	107.4	163.4	177.6
1. Short-term prepayments	27.5	10.5	18.5	24.6	33.1	18.4	21.3	23.7	27.5	0.0	0.0	0.0
2. Value added tax to be reclaimed	121.0	109.1	111.7	109.7	104.9	103.2	134.6	119.6	106.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	9.1	3.1	8.9	8.9	7.0	0.7	3.6	2.5	2.5	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,090.5	2,435.0	2,455.4	2,920.9	2,619.6	2,459.1	1,985.7	1,954.0	1,884.0	1,832.4	1,800.5	1,786.4
I. Long-term receivables	64.7	62.5	59.1	535.1	533.9	499.9	27.9	30.7	28.2	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	22.7	21.3	16.4
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
5. Long-term loan receivables	2.1	1.2	1.2	484.2	483.0	459.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	62.5	61.3	57.8	50.8	50.9	40.9	27.9	30.7	28.2	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,386.6	1,427.1	1,427.6	1,413.5	1,444.4	1,493.8	1,533.8	1,453.8	1,411.9	1,418.2	1,399.4	1,410.6
1. Tangible fixed assets	825.4	862.8	873.3	904.1	931.0	967.1	993.9	999.1	981.0	987.5	984.2	988.3
- Cost	2,224.3	2,224.7	2,199.2	2,186.3	2,199.0	2,190.6	2,179.4	2,145.6	2,115.0	0.0	0.0	0.0
- Accumulated depreciation	-1,398.9	-1,361.9	-1,325.9	-1,282.2	-1,268.0	-1,223.5	-1,185.4	-1,146.4	-1,133.9	0.0	0.0	0.0
2. Financial leased fixed assets	218.7	214.1	219.2	180.9	181.5	191.1	200.9	110.7	101.0	100.3	102.5	100.9
- Cost	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
3. Intangible fixed assets	342.5	350.2	335.1	328.5	331.9	335.6	339.0	344.0	329.8	330.4	312.8	321.5
- Cost	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	254.8	251.6	256.9	257.9	250.2	254.4	249.3	210.9	191.4	124.9	131.7	109.8
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	254.8	251.6	256.9	257.9	250.2	254.4	249.3	210.9	191.4	0.0	0.0	0.0
V. Long-term financial investments	207.1	503.2	515.7	512.9	193.1	14.2	6.7	100.7	100.4	112.2	100.2	100.2
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	206.0	502.0	514.5	511.8	184.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	1.2	1.2	1.2	1.2	0.7	0.7	0.7	0.7	0.4	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	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	7.5	13.5	6.0	100.0	100.0	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	175.8	189.1	194.5	199.7	196.3	195.0	166.1	156.0	150.0	0.0	0.0	0.0
1. Long-term prepayments	163.9	174.7	174.7	180.4	172.9	171.8	141.6	132.4	124.5	0.0	0.0	0.0
2. Deferred income tax assets	11.9	14.4	19.8	19.4	23.4	23.2	24.5	23.6	25.5	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	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	0.0	154.5	147.9	149.4
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	1.5	1.5	1.6	1.7	1.7	1.8	1.8	1.9	2.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,912.5	11,710.3	12,181.2	12,183.5	10,936.8	8,728.3	9,512.7	9,082.8	8,466.2	7,896.0	8,143.9	8,463.1
A. LIABILITIES (300=210+330)	8,938.6	8,395.8	9,110.9	8,791.6	7,869.9	5,575.3	6,565.2	6,202.9	5,249.2	4,859.3	5,263.2	5,596.9
I. Short -term liabilities	8,849.8	8,306.8	9,008.9	8,703.2	7,774.5	5,464.2	6,418.3	6,134.9	5,181.0	4,789.1	5,188.2	5,520.7
1. Short-term trade accounts payable	2,075.8	1,054.1	669.1	900.2	671.3	514.5	1,811.0	881.7	577.4	489.9	744.8	1,342.9
2. Short-term advances from customers	45.8	29.9	58.8	61.3	65.0	30.2	48.9	53.3	64.1	108.2	92.6	94.8
3. Taxes and other payables to state authorities	129.4	168.6	40.2	63.4	26.3	150.3	88.9	61.7	84.7	0.0	0.0	0.0
4. Payable to employees	30.7	48.6	4.5	4.6	12.7	7.1	30.8	22.7	17.3	0.0	0.0	0.0
5. Short-term acrrued expenses	52.8	60.3	58.2	106.9	153.4	104.6	71.5	197.4	231.1	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.3	23.1	4.0	20.7	0.3	0.2	0.3	0.5	0.8	1.0	0.3	0.4
9. Other short-term payables	230.6	632.9	636.4	595.7	564.7	838.2	229.6	227.6	50.7	0.0	0.0	0.0
10. Short-term borrowings and financial leases	6,246.4	6,226.9	7,468.4	6,869.8	6,253.6	3,744.5	4,055.5	4,600.4	4,110.5	3,569.6	3,802.5	3,547.3
11. Provision for short-term liabilities	0.4	0.4	0.8	0.8	0.8	0.8	0.7	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	36.8	62.1	68.5	79.9	26.4	73.8	81.2	89.5	44.4	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
II. Long-term liabilities	88.8	89.0	102.0	88.4	95.3	111.2	146.9	68.0	68.2	70.2	75.0	76.2
1. Long-term trade payables	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.2	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	80.9	80.6	93.5	79.7	86.8	102.6	137.9	57.7	54.4	56.0	60.1	59.4
9. Convertible bonds	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	6.6	7.0	7.1	7.2	7.3	7.4	7.9	9.2	12.6	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	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	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,973.9	3,314.5	3,070.4	3,391.9	3,066.9	3,153.0	2,947.5	2,879.9	3,216.9	3,036.7	2,880.6	2,866.2
I. Owner's equity	2,973.9	3,314.5	3,070.4	3,391.9	3,066.9	3,153.0	2,947.5	2,879.9	3,216.9	0.0	0.0	0.0
1. Owner's capital	1,007.4	1,007.4	805.9	805.9	805.9	805.9	805.9	805.9	805.9	3,036.7	2,880.6	2,866.2
- Common stock with voting right	1,007,414,650,000.00	1,007,414,650,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00	805,933,400,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	278.1	278.1	278.1	278.1	278.1	278.1	278.1	278.1	278.1	278.1	278.1	278.1
3. Convertible bond option	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
7. Foreign exchange differences	11.0	7.2	7.9	3.2	1.9	2.6	3.8	1.9	0.2	0.0	0.0	0.0
8. Investment and development fund	670.6	670.6	670.6	670.6	686.5	686.5	689.9	689.9	707.9	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	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	81.7	83.5	84.2	84.3	74.4	77.9	76.6	76.7	64.1	0.0	0.0	0.0
11. Undistributed earnings after tax	914.7	1,257.6	1,214.8	1,541.2	1,206.5	1,287.6	1,078.0	1,012.1	1,324.3	1,144.3	983.6	951.9
- Accumulated retained earning at the end of the previous period	1,011.3	992.1	1,195.9	1,195.9	1,287.0	882.7	882.7	882.7	1,140.8	723.0	723.0	723.0
- Undistributed earnings in this period	-96.6	265.5	18.9	345.3	-80.5	404.9	195.3	129.3	183.5	421.3	260.6	228.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	10.5	10.2	9.0	8.7	13.6	14.4	15.2	15.3	36.5	36.0	37.0	37.5
14. Financial reserves	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11,912.5	11,710.3	12,181.2	12,183.5	10,936.8	8,728.3	9,512.7	9,082.8	8,466.2	7,896.0	8,143.9	8,463.1

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Profit Before Tax	-86.4	113.7	-322.2	435.5	-77.2	272.3	95.1	-53.5	243.6	180.1	56.8	64.5
Depreciation of Fixed Assets and Investment Property	62.1	61.9	60.0	59.0	57.9	59.0	58.6	69.8	30.0	54.6	49.4	43.7
Provision (Increase)/Reversal	-20.7	257.5	-64.6	33.8	10.2	13.6	-12.6	-7.7	-14.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	3.5	-46.3	58.9	0.9	-17.2	-67.4	39.8	22.4	2.6	0.0	0.0	0.0
Gain/Loss from Investment Activities	-62.7	321.6	5.8	-345.8	-15.2	-43.9	-3.4	-8.9	-5.6	0.0	0.0	0.0
Interest Expense	126.9	144.2	164.2	168.4	105.5	81.0	66.0	53.9	38.1	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	22.6	852.6	-98.0	351.9	64.2	314.7	243.4	76.1	294.4	270.0	105.7	155.8
Increase/(Decrease) in Receivables	12.4	-1,152.6	199.0	-993.0	-1,832.2	-145.4	344.9	-808.1	-863.8	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-826.7	810.4	-106.2	23.6	-628.6	1,343.2	-580.3	-111.3	-387.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	536.5	463.5	-276.7	224.7	-33.9	-526.9	807.3	251.2	-2.7	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-6.3	8.1	11.7	-13.0	-0.9	-11.0	-5.0	2.4	-12.7	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-134.4	-140.7	-173.6	-159.2	-94.8	-75.5	-65.0	-54.0	-34.2	0.0	0.0	0.0
Corporate Income Tax Paid	-11.1	-5.9	-2.6	-2.9	-132.6	-3.8	-4.7	-5.0	-100.3	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-27.1	-13.1	-17.5	-23.1	-50.9	-18.0	-17.5	-21.5	-40.5	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-434.0	822.2	-463.8	-590.9	-2,709.7	877.3	723.1	-670.1	-1,146.7	1,711.2	-441.9	-297.8
Payments for Fixed Assets and Other Long-term Assets	-19.8	-46.4	-43.8	-11.4	-17.4	-2.2	-78.5	-161.0	-85.6	-65.4	-55.8	-64.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	57.4	0.8	2.0	1.5	0.0	0.3	1.4	0.1	0.5	5.7	2.8	1.4
Loans and Purchases of Debt Instruments	-0.9	-13.5	-6.4	-6.1	-50.1	-489.3	-0.2	-9.0	-0.6	-99.1	-0.5	-70.6
Receipts from Loan Repayments and Sale of Debt Instruments	6.3	-2.0	498.1	23.7	31.9	26.3	-1.5	0.5	110.3	0.0	7.6	10.6
Investments in Other Entities	0.0	-1.3	0.0	-0.5	-184.9	2.4	0.0	-40.0	-0.2	0.0	41.1	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.2	9.6	1.0	11.3	37.9	24.1	-0.2	8.9	3.1	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	44.2	-52.8	450.9	18.6	-182.6	-438.6	-79.1	-200.4	27.5	-153.2	-41.2	-85.1
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-5,000,000.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,561.7	2,795.6	4,512.9	3,020.0	4,769.7	1,569.7	1,783.0	1,844.6	3,150.3	699.8	2,418.0	989.0
Repayment of Borrowings	-4,540.3	-3,991.5	-3,987.0	-2,397.4	-2,258.9	-1,790.9	-2,412.4	-1,382.6	-2,609.9	-939.3	-2,180.2	-1,428.0
Repayment of Finance Leases	-20.8	-11.1	-24.6	-29.2	0.0	-54.9	16.3	-16.3	0.0	0.0	15.5	-15.5
Dividends Paid	0.0	0.0	-2.9	0.0	0.0	-159.8	-1.7	-0.7	-29.4	-89.3	0.0	-23.0
Other Financing Receipts	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.5	-1,207.0	498.4	593.4	2,510.8	-435.9	-614.8	445.0	511.0	-328.8	253.3	-477.5
Net Cash Flow During the Period	-389.3	-437.6	485.5	21.0	-381.5	2.8	29.3	-425.4	-608.2	1,229.2	-229.7	-860.4
Cash and Cash Equivalents at Beginning of Period	490.3	799.5	799.5	799.5	799.5	1,798.9	1,798.9	1,798.9	1,798.9	571.5	803.0	1,661.1
FX Difference from Revaluation	4.5	-0.2	2.3	5.1	-3.8	-9.5	8.9	6.2	-3.5	-1.7	-1.8	2.3
Cash and Cash Equivalents at End of Period	105.6	490.3	928.2	440.4	414.3	799.5	806.2	768.0	1,187.2	1,798.9	571.5	803.0

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LTG

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