MPC

Tập đoàn Thủy sản Minh Phú ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.18%, +4.26pp YoY

Price

15,800

Latest close

02 Jun 2026

P/E 8.13x

P/B 1.14x

EPS 1,943

BVPS 13,816

ROE 13.8%

ROA 7.0%

Profit Margin 4.1%

Asset Turnover 1.72x

Equity Mult. 1.97x

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

What Is Changing

On a TTM 2026Q1 basis, MPC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 17,697bn
	                                
+44.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 740bn
	                                
+8175.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.24x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	14,598.2	14,735.2	10,767.4	16,425.2	13,575.5
Growth	-1%	+37%	-34%	+21%	—
Net Income	532.0	-190.6	-105.1	832.2	658.6
Net Margin	3.64%	-1.29%	-0.98%	5.07%	4.85%

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	5,706.1	4,587.6	3,782.5	3,620.9	2,847.2	4,344.2	3,737.7	1,316.6	3,223.0	2,993.3	2,349.9	2,122.6
Growth	+24%	+21%	+4%	+27%	-34%	+16%	+184%	-59%	+8%	+27%	+11%	—
Net Income	214.6	132.4	228.2	164.9	17.7	-90.1	38.4	24.9	9.1	-26.1	10.2	-98.3
Net Margin	3.76%	2.88%	6.03%	4.56%	0.62%	-2.07%	1.03%	1.89%	0.28%	-0.87%	0.43%	-4.63%

Drivers of MPC's profit

TTM

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

Gross profit ↑ 1,243.6bn

Selling expenses ↑ 299.8bn

Administrative expenses ↑ 118.1bn

TTM

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

Gross profit ↑ 457.0bn

Selling expenses ↑ 212.1bn

Administrative expenses ↑ 33.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.2% = -0.1% × 1.30 × 1.81

2026Q1 14.1% = 4.2% × 1.72 × 1.97

ROE rose from -0.2% to 14.1% — all three components improved, with asset turnover contributing the most.

Net margin: 4.2% +4.3pp Asset turnover: 1.72x +0.41x Leverage: 1.97x +0.16x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 4.18%, rising 4.3pp. Core operating signals are improving as Gross margin rose 4.2pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 4.18% +4.3pp

Gross Margin 13.42% +4.2pp

SG&A / Revenue 7.50% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 119.9 days.

Is capital being deployed efficiently?

ROIC expanded to 9.00%, rising 9.2pp. That translates to 9.00 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.6pp and capital turnover rose 0.50x, while invested capital rose by 671bn — capital-return quality improved from both sides.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 9.00% +9.2pp

NOPAT Margin 4.53% +4.6pp

Capital Turnover 1.99x +0.50x

Average Invested Capital 8,900.5bn +671.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.09x equity, net debt at 0.84x equity.

Inventory ended the period at 4,923.7bn, roughly 43.9% of total assets.

Over the last 12 months, working capital absorbed 1,817.3bn 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: −1,095.1bn

Inventories increased → lower CFO: −2,062.6bn

Payables increased → higher CFO: +1,340.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 42.9 days versus the same period last year. The main moves came from DIO fell 33.1 days, DSO fell 4.8 days, and DPO rose 5.0 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 119.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 28.0 days −4.8 days

Inventory 107.8 days −33.1 days

Payables 15.8 days +5.0 days

Cash Conversion Cycle 119.9 days −42.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1,658.4bn due to capex of 763.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.84x and interest coverage at 3.62x.

At present, short-term debt accounts for 90.9% of total debt, cash equals 5.4% of debt, and total debt stands at 4,949.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 90.9% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 5.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.84x +0.31x

Interest Coverage 3.62x +3.27x

Cash / Debt 5.4% −3.6pp

Short-term Debt / Total Debt 90.9% −4.8pp

CFO / NI -1.24x −7.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -473.6bn in 2025, against investing cash flow of -546.6bn.

Post-investment cash flow was negative +1,020.2bn. Financing cash flow was positive +930.8bn.

CFO / net income was -1.24x.

After spending +763.1bn on fixed-asset investment, the business generated trailing free cash flow of −1,658.4bn.

Cash Conversion

CFO TTM 895.4bn −784.3bn

Cash Capex 763.1bn +399.8bn

FCF TTM −1,658.4bn −1,184.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.3 pp. The main risk still sits in leverage and liquidity, with interest coverage at 3.62x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.18% after expanding 4.3pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.84x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	14,632.6	14,763.9	10,912.2	16,483.3	13,610.0
Revenue Deductions	34.4	28.6	144.8	58.1	0.0
Net Revenue	14,598.2	14,735.2	10,767.4	16,425.2	13,575.5
Cost of Goods Sold	12,791.4	13,586.6	9,677.7	13,665.0	0.0
Gross Profit	1,806.8	1,148.7	1,089.7	2,760.2	1,944.6
Financial Income	106.0	93.6	97.9	221.2	103.6
Financial Expenses	238.9	239.0	248.9	360.9	-83.7
Interest Expense	146.6	143.1	140.6	85.4	-53.1
Share of Associates and Joint Ventures	7.8	18.2	37.6	31.8	24.0
Selling Expenses	720.9	795.8	735.7	1,351.6	-905.6
General and Administrative Expenses	318.6	310.1	297.2	366.5	-322.1
Operating Profit	642.2	-84.5	-56.6	934.3	760.7
Other Income	14.0	11.5	12.3	11.8	0.0
Other Expenses	72.1	57.5	51.2	5.8	0.0
Other Profit	-58.2	-46.0	-38.9	6.0	9.3
Profit Before Tax	584.0	-130.5	-95.5	940.3	777.2
Current Income Tax Expense	25.6	18.0	12.5	58.0	-118.6
Deferred Income Tax Expense	26.4	42.1	-3.0	50.2	0.0
Net Income	532.0	-190.6	-105.1	832.2	658.6
Non-controlling Interest	8.6	6.4	-6.9	9.6	14.8
Profit Attributable to Parent	523.5	-197.0	-98.2	822.6	643.8
Earnings per Share	1,260.00	-525.00	-310.00	1,954.00	3,165.00
Diluted EPS	1,305.11	-491.36	-245.61	2,057.07	3,219.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,566.1	6,176.3	6,890.4	7,561.3	7,174.5
I. Cash and cash equivalents	422.0	519.8	465.3	838.1	488.2
1. Cash	304.5	157.3	230.8	227.7	0.0
2. Cash equivalents	117.5	362.5	234.5	610.4	0.0
II. Short-term financial investments	6.4	15.3	55.9	49.8	0.0
1. Available for sale securities	5.5	8.8	8.8	8.8	0.0
2. Provision for diminution in value of available for sale securities (*)	-5.5	-5.6	-5.6	-5.6	0.0
3. Held to maturity investments	6.4	12.1	52.7	46.5	0.0
III. Short-term receivables	1,755.6	1,516.4	1,293.2	1,527.9	1,830.2
1. Short-term trade accounts receivable	1,532.2	1,414.7	1,080.9	1,237.5	0.0
2. Short-term prepayments to suppliers	262.1	133.2	260.3	324.2	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	81.2	85.3	75.8	90.1	0.0
7. Provision for short-term doubtful debts (*)	-119.9	-116.9	-123.9	-123.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4,923.7	3,934.3	4,966.7	5,047.3	4,461.9
1. Inventories	5,002.8	3,975.2	5,089.9	5,141.5	0.0
2. Provision for decline in value of inventories	-79.1	-41.0	-123.1	-94.2	0.0
V. Other short-term assets	458.4	190.6	109.2	98.2	83.7
1. Short-term prepayments	10.4	15.1	6.9	8.0	0.0
2. Value added tax to be reclaimed	377.1	151.1	78.8	62.1	0.0
3. Taxes and other receivables from state authorities	71.0	24.4	23.5	28.0	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)	3,638.6	3,360.5	3,318.1	3,076.6	2,387.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.1
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	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,976.9	1,988.1	1,486.4	1,611.9	1,326.5
1. Tangible fixed assets	1,840.0	1,848.1	1,342.0	1,461.4	1,173.2
- Cost	4,411.1	4,184.6	3,538.9	3,456.6	0.0
- Accumulated depreciation	-2,571.0	-2,336.5	-2,196.9	-1,995.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	136.8	140.0	144.5	150.5	153.3
- Cost	191.6	188.8	186.3	185.5	0.0
- Accumulated depreciation	-54.8	-48.8	-41.8	-35.0	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	1,333.7	1,012.4	1,412.5	997.1	561.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,333.7	1,012.4	1,412.5	997.1	0.0
V. Long-term financial investments	202.7	200.0	232.3	221.1	272.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	194.7	187.0	219.3	206.1	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	8.0	13.0	13.0	15.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	125.3	159.9	186.8	246.5	0.0
1. Long-term prepayments	114.2	153.0	179.1	231.8	0.0
2. Deferred income tax assets	11.0	7.0	7.7	14.6	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	224.9
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)	11,204.7	9,536.8	10,208.5	10,637.8	9,561.8
A. LIABILITIES (300=210+330)	5,844.1	4,623.9	4,751.3	4,852.7	4,067.7
I. Short -term liabilities	5,371.8	4,260.4	4,350.5	4,547.0	3,942.6
1. Short-term trade accounts payable	680.7	487.7	383.9	430.7	351.8
2. Short-term advances from customers	51.6	55.4	56.2	48.7	105.3
3. Taxes and other payables to state authorities	17.0	22.5	15.6	41.2	0.0
4. Payable to employees	143.0	126.8	128.7	113.1	0.0
5. Short-term acrrued expenses	63.0	60.6	4.7	2.3	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	22.6	315.3	32.2	53.9	0.0
10. Short-term borrowings and financial leases	4,389.2	3,112.3	3,648.6	3,784.6	3,250.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.7	79.7	80.8	72.6	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	472.4	363.5	400.8	305.7	125.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	31.5	32.3	33.1	33.8	35.0
7. Other long-term liabilities	1.0	1.0	1.0	1.0	0.0
8. Long-term borrowings and financial leases	239.8	160.6	238.5	132.7	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	200.1	169.7	128.3	138.2	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)	5,360.6	4,912.8	5,457.2	5,785.2	5,494.2
I. Owner's equity	5,360.6	4,912.8	5,457.2	5,785.2	0.0
1. Owner's capital	4,010.9	4,009.4	3,998.9	3,998.9	5,494.2
- Common stock with voting right	4,010,930,000,000.00	4,009,383,000,000.00	3,998,873,000,000.00	3,998,873,000,000.00	2,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	292.1	292.3	292.4	292.4	2,297.4
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	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	191.7	173.1	153.2	143.4	0.0
8. Investment and development fund	0.6	121.7	103.3	120.5	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	726.6	183.9	775.5	1,088.6	813.6
- Accumulated retained earning at the end of the previous period	203.2	380.9	873.7	266.0	643.8
- Undistributed earnings in this period	523.5	-197.0	-98.2	822.6	169.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	138.7	132.4	133.9	141.4	135.2
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)	11,204.7	9,536.8	10,208.5	10,637.8	9,561.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	584.0	-130.5	-95.5	940.3	777.2
Depreciation of Fixed Assets and Investment Property	260.5	257.0	229.2	202.0	189.2
Provision (Increase)/Reversal	42.8	25.0	25.7	64.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.7	6.8	-1.0	-70.9	0.0
Gain/Loss from Investment Activities	-8.5	-25.2	-5.9	7.0	0.0
Interest Expense	146.6	143.1	140.6	85.4	0.0
Gain/Loss on Disposal of Fixed Assets	-4.0	0.0	-0.8	0.0	0.0
Interest Income and Dividends	-4.2	0.0	-11.5	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	-37.6	-65.0	0.0
Operating Profit Before Changes in Working Capital	1,016.5	276.3	243.3	1,162.9	957.8
Increase/(Decrease) in Receivables	-639.0	-352.7	236.1	191.3	0.0
Increase/(Decrease) in Inventory	-1,027.6	1,007.8	51.6	-477.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	342.9	247.6	-54.0	-120.5	0.0
Increase/(Decrease) in Prepaid Expenses	43.4	28.7	60.6	-11.5	0.0
Changes in Trading Securities	1.8	0.0	0.0	0.0	0.0
Interest Paid	-147.2	-142.5	-140.6	-85.4	0.0
Corporate Income Tax Paid	-23.0	-23.2	-30.4	-52.9	0.0
Other Operating Receipts	—	1.3	0.0	0.2	0.0
Other Operating Payments	-41.5	-33.2	-17.5	-31.2	0.0
Net Cash Flow from Operating Activities	-473.6	1,010.1	349.1	575.8	-707.0
Payments for Fixed Assets and Other Long-term Assets	-578.4	-387.7	-554.2	-867.9	-554.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.6	6.7	13.5	4.6	16.1
Loans and Purchases of Debt Instruments	-1.5	-2.9	-42.2	-423.6	-434.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	43.5	41.0	715.5	1,259.0
Investments in Other Entities	—	-4.0	-3.0	0.0	-36.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	13.2	46.4	36.6	84.3	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	12.5	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	-546.6	-298.0	-508.3	-487.2	325.8
Proceeds from Equity Issuance and Capital Contributions	1,420,444,444.00	10,380,000,000.00	0.00	0.00	49,000,000.00
Share Repurchases	—	0.00	0.00	-321,900,000.00	6,013,100,000.00
Proceeds from Borrowings	13,786.9	12,415.8	10,617.9	15,322.7	13,517.9
Repayment of Borrowings	-12,426.8	-13,037.1	-10,649.8	-14,561.9	-13,360.2
Repayment of Finance Leases	-392.4	-7.9	-163.4	-31.1	0.0
Dividends Paid	-35.2	-33.8	-42.9	-467.9	-401.6
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	-3.1	0.0	-2.8	0.0	0.0
Net Cash Flow from Financing Activities	930.8	-652.6	-241.0	261.6	-237.8
Net Cash Flow During the Period	-89.5	59.5	-400.2	350.2	-205.2
Cash and Cash Equivalents at Beginning of Period	519.8	465.3	838.1	488.2	1,119.9
FX Difference from Revaluation	-8.3	-5.1	27.4	-0.3	-12.6
Cash and Cash Equivalents at End of Period	422.0	519.8	465.3	838.1	488.2

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	5,727.6	4,598.2	3,789.3	3,629.3	2,856.4	4,347.7	3,716.4	1,350.4	3,238.2	3,030.3	2,366.8	2,199.8
Revenue Deductions	21.5	10.6	6.8	8.4	9.2	3.5	-21.3	33.8	15.1	37.0	16.9	77.2
Net Revenue	5,706.1	4,587.6	3,782.5	3,620.9	2,847.2	4,344.2	3,737.7	1,316.6	3,223.0	2,993.3	2,349.9	2,122.6
Cost of Goods Sold	4,996.9	3,954.8	3,182.0	3,188.9	2,594.9	3,959.8	3,344.9	1,215.2	2,933.1	2,671.3	2,019.1	1,999.7
Gross Profit	709.3	632.8	600.5	432.0	252.3	384.4	392.8	101.4	289.9	322.0	330.8	122.9
Financial Income	26.9	11.3	26.8	36.8	31.1	8.6	32.5	37.0	26.8	21.0	12.4	37.7
Financial Expenses	67.9	61.3	44.5	76.7	56.4	72.3	70.2	26.3	68.1	76.8	50.2	53.9
Interest Expense	37.0	44.1	38.6	33.9	30.0	40.6	37.4	14.1	37.7	39.5	30.6	32.8
Share of Associates and Joint Ventures	—	2.2	—	5.6	—	0.0	-26.5	0.0	0.0	0.0	21.7	0.0
Selling Expenses	323.3	261.3	239.9	153.8	111.2	312.2	188.6	66.6	218.6	204.0	181.6	133.5
General and Administrative Expenses	98.8	112.7	69.8	68.6	64.9	73.0	71.8	22.0	79.9	75.7	74.5	67.0
Operating Profit	246.2	211.0	273.1	175.2	50.9	-64.5	68.2	23.5	-49.9	-13.5	58.6	-93.9
Other Income	6.2	5.0	2.9	2.6	-0.0	2.7	-0.3	1.5	6.6	3.5	1.7	0.5
Other Expenses	23.0	25.7	25.6	11.3	9.5	10.7	13.3	0.2	22.2	2.0	-1.0	1.8
Other Profit	-16.9	-20.6	-22.7	-8.7	-9.6	-8.0	-13.7	1.3	-15.7	1.6	2.7	-1.3
Profit Before Tax	229.4	190.4	250.4	166.6	41.3	-72.5	54.6	24.9	-49.6	-12.0	61.3	-95.3
Current Income Tax Expense	18.3	47.1	14.0	-2.3	11.1	5.6	4.3	0.0	2.7	1.4	5.5	3.0
Deferred Income Tax Expense	-3.6	11.0	8.2	3.9	12.6	12.1	11.8	0.0	-61.4	12.7	45.7	0.0
Net Income	214.6	132.4	228.2	164.9	17.7	-90.1	38.4	24.9	9.1	-26.1	10.2	-98.3
Non-controlling Interest	6.6	0.6	5.0	4.1	—	3.7	5.4	0.0	-3.1	-2.7	-0.8	-1.0
Profit Attributable to Parent	208.0	131.8	223.1	160.9	17.7	-93.9	33.0	24.9	12.2	-23.4	11.0	-97.3
Earnings per Share	519.00	329.00	556.00	539.00	44.00	-235.00	83.00	62.20	30.00	-59.00	27.00	-243.00
Diluted EPS	518.60	328.54	556.35	401.22	44.11	-234.76	82.64	62.20	30.50	-58.54	27.40	-243.25

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)	8,126.3	7,385.0	6,885.7	5,974.5	5,185.7	7,331.2	7,860.7	3,188.9	6,870.6	7,701.3	7,208.6	6,401.8
I. Cash and cash equivalents	269.1	422.0	267.6	239.6	263.5	395.8	239.9	40.5	465.3	414.6	273.2	139.4
1. Cash	250.1	304.5	267.6	234.1	180.5	319.8	232.9	40.5	230.8	283.6	240.0	139.4
2. Cash equivalents	19.0	117.5	—	5.5	83.0	76.0	7.0	0.0	234.5	131.0	33.2	0.0
II. Short-term financial investments	11.4	6.4	10.4	6.3	12.5	19.1	15.8	3.2	50.9	126.2	64.8	66.0
1. Available for sale securities	5.5	5.5	5.5	5.5	5.5	8.8	8.8	8.8	8.8	8.8	8.8	8.8
2. Provision for diminution in value of available for sale securities (*)	-5.5	-5.5	-5.5	-5.5	-4.1	-5.6	-5.6	-5.6	-5.6	-5.6	-5.6	-5.6
3. Held to maturity investments	11.4	6.4	10.4	6.3	11.1	15.9	12.6	0.0	47.7	123.0	61.5	62.8
III. Short-term receivables	1,895.4	1,570.0	1,641.3	1,303.7	1,256.4	1,722.7	1,671.5	950.5	1,279.4	1,375.5	1,145.7	1,342.2
1. Short-term trade accounts receivable	1,593.3	1,476.1	1,456.8	1,167.9	1,117.9	1,595.0	1,555.9	753.7	1,080.8	1,241.7	976.0	934.4
2. Short-term prepayments to suppliers	315.0	137.2	232.3	182.4	159.9	166.5	168.5	37.9	260.3	182.7	223.7	413.7
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	110.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	107.0	76.7	70.8	72.0	95.5	85.2	71.1	49.0	62.1	74.9	69.9	117.9
7. Provision for short-term doubtful debts (*)	-119.9	-119.9	-118.6	-118.6	-116.9	-124.0	-124.0	0.0	-123.9	-123.9	-123.9	-123.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5,477.0	4,779.6	4,580.7	4,191.4	3,452.6	4,997.6	5,775.6	2,159.1	4,966.7	5,650.9	5,607.5	4,740.7
1. Inventories	5,556.3	4,863.5	4,630.0	4,244.6	3,493.7	5,012.4	5,817.8	2,176.3	5,089.9	5,735.8	5,700.1	4,816.8
2. Provision for decline in value of inventories	-79.2	-83.9	-49.2	-53.2	-41.1	-14.8	-42.3	-17.2	-123.1	-84.9	-92.6	-76.0
V. Other short-term assets	473.4	607.0	385.6	233.5	200.7	196.0	157.9	35.5	108.2	134.0	117.4	113.5
1. Short-term prepayments	18.7	11.4	22.4	15.8	16.8	14.8	14.1	3.9	5.9	11.5	13.2	13.4
2. Value added tax to be reclaimed	356.1	377.1	303.2	165.3	159.6	158.5	120.3	30.0	78.8	93.8	80.6	74.5
3. Taxes and other receivables from state authorities	98.7	218.6	60.1	52.4	24.3	22.6	23.5	1.5	23.5	28.8	23.6	25.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,878.6	3,629.8	3,464.7	3,412.5	3,395.2	3,320.2	3,337.7	4,468.5	3,324.1	3,272.0	3,224.1	3,100.5
I. Long-term receivables	—	—	—	—	—	0.0	0.0	-9.5	0.0	0.0	0.0	1.3
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	-9.5	0.0	0.0	0.0	0.0
II. Fixed assets	1,976.3	1,915.5	1,874.5	1,917.8	1,971.4	1,941.2	1,995.6	226.2	1,486.4	1,502.3	1,539.2	1,581.6
1. Tangible fixed assets	1,839.9	1,778.6	1,738.3	1,780.4	1,832.9	1,800.2	1,852.5	209.7	1,342.0	1,356.2	1,391.7	1,432.4
- Cost	4,467.0	—	—	—	—	4,168.5	4,164.7	634.5	3,538.9	3,510.5	3,493.2	3,481.3
- Accumulated depreciation	-2,627.0	—	—	—	—	-2,368.3	-2,312.1	-424.8	-2,196.9	-2,154.2	-2,101.5	-2,048.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	136.4	136.8	136.2	137.4	138.5	141.0	143.1	16.5	144.5	146.1	147.6	149.2
- Cost	192.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-56.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,579.4	1,395.2	1,266.9	1,147.5	1,095.8	992.0	938.6	78.9	1,412.5	1,348.2	1,246.6	1,058.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,579.4	1,395.2	1,266.9	1,147.5	1,095.8	992.0	938.6	78.9	1,412.5	1,348.2	1,246.6	1,058.6
V. Long-term financial investments	195.0	202.7	200.5	205.5	186.8	215.0	215.0	4,138.5	237.3	221.3	218.3	221.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	5,386.6	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	187.0	194.7	192.5	192.5	173.8	202.0	202.0	3.9	219.3	203.3	203.3	206.1
3. Investments in other entities	—	—	—	—	—	0.0	0.0	16.5	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	-1,268.5	0.0	0.0	0.0	0.0
5. Held to maturity investments	8.0	8.0	8.0	13.0	13.0	13.0	13.0	0.0	18.0	18.0	15.0	15.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	128.0	116.3	122.8	141.6	141.1	172.0	188.5	34.4	187.8	200.1	219.9	237.8
1. Long-term prepayments	118.0	111.6	116.3	135.1	139.4	166.5	183.0	34.4	180.1	190.0	209.0	223.2
2. Deferred income tax assets	10.0	4.7	6.4	6.5	1.7	5.5	5.5	0.0	7.7	10.1	10.9	14.6
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	12,004.9	11,014.8	10,350.4	9,387.0	8,580.9	10,651.4	11,198.4	7,657.4	10,194.7	10,973.3	10,432.7	9,502.3
A. LIABILITIES (300=210+330)	6,463.3	5,641.2	5,003.4	4,238.6	3,656.0	5,293.3	5,696.8	2,229.2	4,737.5	5,354.0	4,760.6	3,830.2
I. Short -term liabilities	5,791.0	5,165.8	4,596.0	3,910.9	3,333.6	4,921.5	5,289.1	2,228.8	4,336.7	4,915.1	4,344.7	3,459.5
1. Short-term trade accounts payable	1,050.3	454.9	501.5	409.5	277.3	380.3	613.1	272.6	383.8	500.0	427.1	374.6
2. Short-term advances from customers	103.4	28.5	126.3	96.4	16.9	122.3	165.4	169.1	56.2	61.0	79.3	43.7
3. Taxes and other payables to state authorities	16.6	60.9	22.4	11.3	31.3	45.7	29.1	2.6	15.6	19.8	6.5	10.3
4. Payable to employees	40.3	141.0	101.4	68.5	35.3	97.0	87.5	8.4	128.7	80.3	27.9	16.7
5. Short-term acrrued expenses	66.1	66.4	44.3	43.5	42.0	9.6	10.6	2.2	4.7	8.3	6.9	3.8
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	67.5	20.2	33.1	31.0	67.8	67.8	36.2	20.5	18.4	81.2	65.5	66.7
10. Short-term borrowings and financial leases	4,497.3	4,389.2	3,755.9	3,236.5	2,791.3	4,130.2	4,277.2	1,722.4	3,648.6	4,079.5	3,669.0	2,876.9
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	-50.6	4.7	11.1	14.3	71.8	68.6	70.1	31.0	80.8	85.0	62.6	66.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	672.2	475.4	407.4	327.7	322.3	371.8	407.7	0.4	400.8	438.9	415.9	370.8
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	29.4	31.5	30.4	31.9	31.5	32.7	32.7	0.0	33.1	33.4	33.4	33.8
7. Other long-term liabilities	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.0	1.0	1.0	1.0	1.0
8. Long-term borrowings and financial leases	451.7	239.8	182.2	109.1	126.7	186.4	234.3	0.0	238.5	212.3	201.3	197.8
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	190.1	203.1	193.9	185.7	163.2	151.8	139.7	0.4	128.3	192.1	180.1	138.2
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)	5,541.7	5,373.6	5,347.0	5,148.4	4,924.9	5,358.1	5,501.6	5,428.2	5,457.2	5,619.3	5,672.1	5,672.0
I. Owner's equity	5,541.7	5,373.6	5,347.0	5,148.4	4,924.9	5,358.1	5,501.6	5,428.2	5,457.2	5,619.3	5,672.1	5,672.0
1. Owner's capital	4,010.9	4,010.9	4,010.9	4,009.4	4,009.4	3,998.9	3,998.9	3,998.9	3,998.9	3,998.9	3,998.9	3,998.9
- Common stock with voting right	4,010,930,000,000.00	4,010,930,000,000.00	4,010,930,000,000.00	4,009,383,000,000.00	4,009,383,000,000.00	3,998,873,000,000.00	3,998,873,000,000.00	3,998,873,000,000.00	3,998,873,000,000.00	3,998,873,000,000.00	3,998,873,000,000.00	3,998,873,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	292.1	292.1	292.1	292.3	292.3	292.4	292.4	292.4	292.4	292.4	292.4	292.4
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	—	—	—	—	—	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	167.9	191.6	194.6	187.7	175.4	164.4	175.1	0.0	153.2	147.1	138.6	138.0
8. Investment and development fund	-4.1	0.6	11.5	22.3	113.8	46.7	78.5	5.5	103.3	118.9	102.2	112.6
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	—	—	79.8	—	79.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	929.5	738.6	618.6	502.1	121.8	718.0	815.7	1,131.4	776.2	927.9	1,002.3	991.3
- Accumulated retained earning at the end of the previous period	721.5	205.1	323.6	323.6	104.1	775.5	775.5	1,106.6	0.0	1,037.6	1,088.6	991.3
- Undistributed earnings in this period	208.0	533.5	295.0	178.5	17.7	-57.5	7.2	24.9	0.0	-109.7	-86.3	0.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	145.3	139.8	139.4	134.6	132.4	137.8	141.0	0.0	133.2	134.2	137.7	138.9
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)	12,004.9	11,014.8	10,350.4	9,387.0	8,580.9	10,651.4	11,198.4	7,657.4	10,194.7	10,973.3	10,432.7	9,502.3

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	214.6	125.7	256.2	160.8	41.3	-72.5	40.9	24.9	-49.6	-12.0	61.3	-95.3
Depreciation of Fixed Assets and Investment Property	65.9	63.1	64.3	65.4	67.7	65.3	115.3	9.8	57.4	57.5	57.2	57.2
Provision (Increase)/Reversal	0.1	32.8	-11.1	22.4	-1.3	-84.5	-8.7	-15.0	37.5	-7.5	13.8	-18.2
FX Gain/Loss from Revaluation of Monetary Items	-15.3	-0.8	-2.4	2.1	0.4	-1.1	-0.4	-0.1	-2.1	6.4	8.6	-13.9
Gain/Loss from Investment Activities	4.0	-7.2	4.7	1.6	-7.5	30.8	-15.1	3.6	18.6	-2.4	-22.1	0.0
Interest Expense	-37.0	143.6	-60.9	63.9	—	40.6	97.8	-30.8	37.7	39.5	30.6	32.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.7	-14.7	14.1	1.1	-0.9	-1.0	0.0
Interest Income and Dividends	—	-1.6	—	-2.5	—	1.4	-1.4	0.0	-11.5	3.3	-3.3	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	1.0	0.0	0.0	-37.6	0.0	-1.3	1.3
Operating Profit Before Changes in Working Capital	232.4	246.6	355.8	283.5	130.6	-18.4	213.6	6.4	51.5	83.9	144.0	-36.1
Increase/(Decrease) in Receivables	-200.7	-338.8	-473.0	-82.6	255.4	-132.1	-354.2	-79.4	267.3	-393.6	173.1	189.2
Increase/(Decrease) in Inventory	-553.5	-372.8	-356.4	-779.9	481.5	862.5	-552.2	-232.8	631.5	-19.2	-885.4	324.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	380.9	624.7	-276.4	611.2	-616.6	-285.0	133.9	229.1	-130.6	116.5	130.1	-169.9
Increase/(Decrease) in Prepaid Expenses	-11.7	14.1	12.2	5.3	11.9	5.2	-0.8	0.3	15.9	23.1	14.4	7.2
Changes in Trading Securities	—	—	—	—	—	0.0	14.1	-14.1	0.0	0.0	0.0	0.0
Interest Paid	37.0	-44.7	-38.0	-34.5	-30.0	-40.6	-67.0	0.0	-37.7	-39.5	-30.6	-32.8
Corporate Income Tax Paid	-28.8	-13.6	0.8	-6.4	-3.9	2.9	-6.8	0.0	-4.5	3.5	-6.9	-22.6
Other Operating Receipts	—	—	—	—	—	-0.1	15.4	-15.4	0.0	-1.6	1.6	0.0
Other Operating Payments	-61.1	-2.4	-29.5	6.2	-15.8	-1.7	-10.5	0.0	23.1	-29.1	2.9	-14.4
Net Cash Flow from Operating Activities	-205.4	111.7	-803.1	1.4	216.4	392.8	-614.5	-105.8	816.5	-255.9	-456.8	245.2
Payments for Fixed Assets and Other Long-term Assets	-321.6	-240.9	-68.6	-132.0	-136.9	-44.7	-175.1	-6.6	-269.4	25.6	-216.9	-93.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	7.5	—	0.1	—	-1.0	0.7	0.3	8.2	0.9	4.4	0.0
Loans and Purchases of Debt Instruments	-5.0	13.3	-13.3	12.5	-14.0	-22.9	17.3	-19.1	315.5	-301.6	4.3	-60.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	-3.9	9.0	-0.0	15.0	19.5	-9.1	51.1	-229.1	229.1	-3.0	44.0
Investments in Other Entities	—	—	—	—	—	0.0	74.9	-74.9	-3.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	-8.1	—	13.1	28.4	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	69.6	9.9	-9.5	12.8	—	-1.5	-22.8	54.7	5.5	0.6	30.5	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	-257.0	-213.6	-83.0	-127.2	-122.8	-22.2	-114.1	5.5	-172.4	-45.3	-180.8	-109.8
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	3,884.6	2,851.3	4,709.5	3,626.9	2,599.1	4,385.1	5,247.6	1,216.4	3,279.8	2,371.1	2,761.6	2,205.3
Repayment of Borrowings	-3,553.3	-2,156.8	72.5	-3,203.7	30.0	-4,580.0	-4,467.9	-1,371.7	-3,683.6	-1,955.8	-1,973.3	-3,037.1
Repayment of Finance Leases	—	-99.7	—	-292.7	—	-34.4	-0.4	0.0	-163.4	2.8	-2.8	0.0
Dividends Paid	—	-20.1	—	-15.2	—	18.2	-24.8	0.0	-42.9	18.3	-18.3	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	-2.8	0.0	0.0	0.0
Net Cash Flow from Financing Activities	331.3	263.7	901.5	115.3	-349.7	-211.1	754.5	-155.3	-612.8	436.5	767.1	-831.8
Net Cash Flow During the Period	-131.1	161.8	15.4	-10.5	-256.1	159.5	25.9	-255.6	31.3	135.2	129.6	-696.3
Cash and Cash Equivalents at Beginning of Period	422.0	267.6	239.6	263.5	519.8	465.3	465.3	295.6	838.1	838.1	838.1	838.1
FX Difference from Revaluation	-21.8	-8.3	-0.9	-13.5	-0.1	-3.6	3.8	0.5	19.4	6.2	4.3	-2.4
Cash and Cash Equivalents at End of Period	269.1	422.0	267.6	239.6	263.5	395.8	239.9	40.5	465.3	414.6	273.2	139.4

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MPC

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