NKG

Thép Nam Kim ·HOSE ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 0.48%, −2.77pp YoY

Price

13,650

Latest close

03 Jun 2026

P/E 39.63x

P/B 0.80x

EPS 344

BVPS 17,108

ROE 2.0%

ROA 1.0%

Profit Margin 1.1%

Asset Turnover 0.92x

Equity Mult. 1.99x

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

What Is Changing

On a TTM 2026Q1 basis, NKG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 13,979bn
	                                
−28.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 153bn
	                                
−58.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    59.4%

Metric	2025	2024	2023	2022	2021
Revenue	14,808.1	20,609.0	18,596.0	23,071.2	28,173.4
Growth	-28%	+11%	-19%	-18%	—
Net Income	197.1	453.0	117.4	-124.7	2,225.3
Net Margin	1.33%	2.20%	0.63%	-0.54%	7.90%

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	3,261.4	3,136.5	3,773.1	3,808.5	4,090.1	4,469.1	5,188.3	5,660.5	5,291.1	4,459.2	4,262.1	5,500.0
Growth	+4%	-17%	-1%	-7%	-8%	-14%	-8%	+7%	+19%	+5%	-23%	—
Net Income	21.5	-9.3	49.5	91.6	65.4	18.4	64.8	219.6	150.1	22.4	23.7	125.4
Net Margin	0.66%	-0.30%	1.31%	2.40%	1.60%	0.41%	1.25%	3.88%	2.84%	0.50%	0.56%	2.28%

Drivers of NKG's profit

TTM

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

Selling expenses ↓ 499.8bn

Finance costs ↓ 112.7bn

Other profit ↑ 105.0bn

Tax ↓ 51.9bn

Gross profit ↓ 920.6bn

Financial income ↓ 57.3bn

TTM

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

Selling expenses ↓ 66.9bn

Financial income ↑ 50.1bn

Tax ↓ 12.7bn

Finance costs ↓ 10.0bn

Gross profit ↓ 178.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.6% = 1.9% × 1.43 × 2.08

2026Q1 2.0% = 1.1% × 0.92 × 1.99

ROE fell from 5.6% to 2.0% — all three components weakened, with asset turnover being the main drag.

Net margin: 1.1% -0.8pp Asset turnover: 0.92x -0.50x Leverage: 1.99x -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 narrowed to 1.10%, falling 0.8pp. The main pressure is Gross margin fell 3.5pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (with additional support from Other profit / Revenue rose 0.8pp and Net financial result / Revenue rose 0.2pp).

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

Profitability trend

Net Margin 1.10% −0.8pp

Gross Margin 4.34% −3.5pp

SG&A / Revenue 3.49% −1.6pp

Non-core / Revenue 0.47% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 59.4% of PBT and lifted net margin by 1.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 0.48%, losing 2.8pp. That translates to 0.48 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.4pp and capital turnover fell 0.65x, while invested capital rose by 1,782bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 0.48% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.48% −2.8pp

NOPAT Margin 0.45% −1.4pp

Capital Turnover 1.08x −0.65x

Average Invested Capital 13,003.3bn +1,782.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.16x equity, net debt at 0.83x equity.

Inventory ended the period at 5,303.1bn, roughly 32.2% of total assets.

Over the last 12 months, working capital released 1,120.8bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −191.5bn

Inventories decreased → higher CFO: +1,509.4bn

Payables decreased → lower CFO: −197.2bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 20.8 days versus the same period last year. The main moves came from DIO rose 20.4 days, DSO fell 0.7 days, and DPO fell 1.1 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 154.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +20.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 32.1 days −0.7 days

Inventory 142.1 days +20.4 days

Payables 20.2 days −1.1 days

Cash Conversion Cycle 154.0 days +20.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2,071.9bn due to capex of 3,442.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.83x and interest coverage only at 0.24x.

At present, short-term debt accounts for 66.6% of total debt, cash equals 8.6% of debt, and total debt stands at 6,971.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.24x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 66.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.83x +0.24x

Interest Coverage 0.24x −0.82x

Cash / Debt 8.6% −13.8pp

Short-term Debt / Total Debt 66.6% −30.6pp

CFO / NI 8.89x +6.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,326.9bn in 2025, against investing cash flow of -3,028.8bn.

Post-investment cash flow was negative +1,701.9bn. Financing cash flow was positive +2,149.9bn.

CFO / net income was 8.89x.

After spending +3,442.0bn on fixed-asset investment, the business generated trailing free cash flow of −2,071.9bn.

Cash Conversion

CFO TTM 1,370.2bn +606.7bn

Cash Capex 3,442.0bn +2,324.7bn

FCF TTM −2,071.9bn −1,718.0bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is -23.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.5%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.89x. Even so, net financial result still accounts for -23.5% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	14,899.2	20,707.5	18,621.2	23,128.3	28,206.1
Revenue Deductions	91.1	98.5	25.2	57.1	0.0
Net Revenue	14,808.1	20,609.0	18,596.0	23,071.2	28,173.4
Cost of Goods Sold	14,023.0	18,777.2	17,483.7	21,589.9	0.0
Gross Profit	785.2	1,831.8	1,112.3	1,481.4	4,269.9
Financial Income	214.2	340.6	230.4	302.9	199.2
Financial Expenses	317.8	477.1	426.2	503.0	-397.5
Interest Expense	219.6	207.8	292.7	262.5	-243.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	431.1	1,017.6	609.1	1,202.3	-1,398.0
General and Administrative Expenses	123.7	120.2	130.3	185.8	-122.7
Operating Profit	126.8	557.5	177.1	-106.8	2,550.9
Other Income	117.0	2.1	0.6	1.1	0.0
Other Expenses	2.9	1.4	0.4	1.2	0.0
Other Profit	114.1	0.7	0.2	-0.1	11.1
Profit Before Tax	240.8	558.2	177.3	-106.9	2,562.0
Current Income Tax Expense	46.5	106.7	60.8	0.0	-336.8
Deferred Income Tax Expense	-2.7	-1.5	-0.9	17.8	0.0
Net Income	197.1	453.0	117.4	-124.7	2,225.3
Non-controlling Interest	-0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	197.1	453.0	117.4	-124.7	2,225.3
Earnings per Share	452.00	1,434.00	446.00	-474.00	6,772.00
Diluted EPS	452.00	1,434.00	446.00	-474.00	10,188.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,702.8	10,202.4	9,322.6	10,414.9	12,219.0
I. Cash and cash equivalents	838.9	391.8	785.5	1,005.4	751.4
1. Cash	476.4	391.8	749.0	948.3	0.0
2. Cash equivalents	362.5	0.0	36.5	57.1	0.0
II. Short-term financial investments	834.9	247.1	289.6	251.6	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	834.9	247.1	289.6	251.6	0.0
III. Short-term receivables	1,423.4	1,942.9	1,926.7	1,516.7	1,905.1
1. Short-term trade accounts receivable	1,259.9	1,129.1	1,741.0	1,060.7	0.0
2. Short-term prepayments to suppliers	148.2	811.9	179.2	438.0	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	40.5	15.7	17.2	26.7	0.0
7. Provision for short-term doubtful debts (*)	-25.3	-13.8	-10.7	-8.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5,303.1	6,690.5	5,718.7	7,000.4	8,281.3
1. Inventories	5,408.7	6,820.8	5,849.0	7,337.3	0.0
2. Provision for decline in value of inventories	-105.6	-130.3	-130.3	-336.9	0.0
V. Other short-term assets	1,302.6	930.0	602.1	640.8	833.4
1. Short-term prepayments	29.6	29.4	16.6	16.8	0.0
2. Value added tax to be reclaimed	1,272.7	900.6	585.5	624.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	0.1	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)	6,791.1	3,316.7	2,912.8	3,045.9	3,163.7
I. Long-term receivables	1.3	1.3	0.0	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.3	1.3	0.0	2.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,804.7	2,021.3	2,358.8	2,588.3	2,770.7
1. Tangible fixed assets	1,494.8	1,700.3	1,989.1	2,263.8	2,529.8
- Cost	5,105.2	5,084.1	5,012.4	4,926.8	0.0
- Accumulated depreciation	-3,610.4	-3,383.8	-3,023.3	-2,663.0	0.0
2. Financial leased fixed assets	—	0.0	37.4	41.6	0.0
- Cost	—	0.0	41.9	41.9	0.0
- Accumulated depreciation	—	0.0	-4.5	-0.3	0.0
3. Intangible fixed assets	309.9	321.0	332.3	282.9	240.9
- Cost	391.2	391.1	391.1	330.3	0.0
- Accumulated depreciation	-81.3	-70.1	-58.8	-47.4	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	4,443.0	285.8	312.0	219.7	176.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4,443.0	285.8	312.0	219.7	0.0
V. Long-term financial investments	0.6	524.5	3.2	8.2	8.2
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	0.6	524.5	3.2	8.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	541.4	483.7	238.8	227.4	0.0
1. Long-term prepayments	541.4	483.7	238.8	227.4	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	208.8
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)	16,493.9	13,519.1	12,235.4	13,460.8	15,382.6
A. LIABILITIES (300=210+330)	8,858.5	7,647.7	6,812.3	8,141.1	9,659.4
I. Short -term liabilities	6,568.3	7,620.9	6,784.0	8,108.9	9,601.5
1. Short-term trade accounts payable	1,470.1	855.9	1,631.4	2,544.3	4,879.1
2. Short-term advances from customers	192.0	78.9	147.0	258.3	582.7
3. Taxes and other payables to state authorities	104.8	180.4	59.6	15.8	0.0
4. Payable to employees	26.8	38.5	29.2	25.3	0.0
5. Short-term acrrued expenses	30.4	32.5	23.3	34.3	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	12.5	10.9	13.7	5.4	0.0
10. Short-term borrowings and financial leases	4,601.0	6,311.7	4,767.7	5,111.3	3,773.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	130.7	112.1	112.1	114.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,290.2	26.8	28.3	32.2	57.9
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	0.9	0.9	0.9	0.9	0.0
8. Long-term borrowings and financial leases	2,266.1	0.0	0.0	3.1	46.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	23.2	25.9	27.4	28.3	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)	7,635.4	5,871.4	5,423.1	5,319.7	5,723.2
I. Owner's equity	7,635.4	5,871.4	5,423.1	5,319.7	0.0
1. Owner's capital	4,475.7	3,159.3	2,632.8	2,632.8	5,723.2
- Common stock with voting right	4,475,708,810,000.00	3,159,319,780,000.00	2,632,778,060,000.00	2,632,778,060,000.00	2,183,985,680,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	522.4	259.4	785.9	785.9	785.9
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	205.3	191.7	185.8	185.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	98.5	89.4	87.1	87.1	0.0
11. Undistributed earnings after tax	2,318.6	2,171.6	1,731.5	1,628.0	2,636.2
- Accumulated retained earning at the end of the previous period	2,121.4	1,718.6	1,614.1	1,752.7	416.5
- Undistributed earnings in this period	197.1	453.0	117.4	-124.7	2,219.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	15.0	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)	16,493.9	13,519.1	12,235.4	13,460.8	15,382.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	240.8	558.2	177.3	-106.9	2,546.7
Depreciation of Fixed Assets and Investment Property	362.2	370.2	375.8	377.8	379.2
Provision (Increase)/Reversal	-13.3	3.1	-204.6	-80.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.2	35.1	-0.4	-2.4	0.0
Gain/Loss from Investment Activities	-200.5	-29.2	-18.8	-27.8	0.0
Interest Expense	219.6	207.8	292.7	262.5	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	613.0	1,145.2	622.0	422.2	3,603.9
Increase/(Decrease) in Receivables	-498.8	306.7	-481.7	562.5	0.0
Increase/(Decrease) in Inventory	1,412.1	-971.8	1,488.2	1,364.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	126.3	-763.3	-1,044.8	-2,757.3	0.0
Increase/(Decrease) in Prepaid Expenses	10.3	-12.3	-11.3	-21.8	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-220.5	-203.9	-292.7	-275.9	0.0
Corporate Income Tax Paid	-107.0	-53.4	-7.4	-118.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-8.6	-7.3	-3.8	-4.1	0.0
Net Cash Flow from Operating Activities	1,326.9	-560.0	268.6	-827.9	-317.7
Payments for Fixed Assets and Other Long-term Assets	-3,430.8	-884.4	-130.2	-211.2	-140.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	369.8	1.0	0.0	13.1	0.0
Loans and Purchases of Debt Instruments	-992.3	-811.8	-40.2	-87.3	-135.6
Receipts from Loan Repayments and Sale of Debt Instruments	933.3	340.1	15.0	294.7	87.1
Investments in Other Entities	—	0.0	0.0	0.0	-138.4
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	91.3	15.1	9.7	23.5	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	-3,028.8	-1,340.1	-145.7	32.9	-304.1
Proceeds from Equity Issuance and Capital Contributions	1,594,384,836,000.00	0.00	0.00	10,000,000,000.00	340,288,800,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	15,491.8	20,726.0	18,142.1	20,747.4	20,974.8
Repayment of Borrowings	-14,936.3	-19,215.8	-18,450.7	-19,479.4	-20,113.6
Repayment of Finance Leases	—	-3.1	-33.8	-9.2	-46.7
Dividends Paid	—	0.0	0.0	-219.4	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	2,149.9	1,507.1	-342.4	1,049.4	1,154.8
Net Cash Flow During the Period	448.0	-393.0	-219.5	254.3	60.3
Cash and Cash Equivalents at Beginning of Period	391.8	785.5	1,005.4	751.4	219.2
FX Difference from Revaluation	-0.9	-0.7	-0.4	-0.4	-0.7
Cash and Cash Equivalents at End of Period	838.9	391.8	785.5	1,005.4	751.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	3,277.8	3,174.5	3,789.4	3,827.1	4,108.3	4,498.9	5,208.8	5,683.5	5,316.2	4,466.0	4,268.4	5,506.7
Revenue Deductions	16.4	38.0	16.3	18.6	18.2	29.8	20.6	23.0	25.1	6.8	6.4	6.7
Net Revenue	3,261.4	3,136.5	3,773.1	3,808.5	4,090.1	4,469.1	5,188.3	5,660.5	5,291.1	4,459.2	4,262.1	5,500.0
Cost of Goods Sold	3,176.2	3,064.6	3,593.0	3,538.5	3,826.9	4,168.3	4,736.6	5,148.6	4,723.8	4,186.0	4,057.1	5,003.6
Gross Profit	85.2	71.8	180.1	270.0	263.3	300.8	451.7	511.9	567.3	273.2	205.0	496.3
Financial Income	96.7	54.9	52.3	60.4	46.6	101.6	59.7	113.6	65.7	43.4	79.0	50.6
Financial Expenses	54.4	45.6	64.1	143.7	64.4	168.1	118.0	69.9	121.0	88.5	84.5	125.6
Interest Expense	47.2	48.7	54.7	59.9	56.3	67.4	48.8	43.1	48.5	59.5	60.0	79.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	71.3	76.1	82.5	134.3	138.2	191.8	282.7	251.3	291.7	175.3	137.5	213.7
General and Administrative Expenses	31.0	32.4	26.6	34.3	30.5	27.0	27.9	32.6	32.7	22.9	32.2	40.7
Operating Profit	25.1	-27.3	59.2	18.1	76.8	15.6	82.6	271.7	187.6	29.9	29.7	166.9
Other Income	0.1	16.6	0.1	95.6	4.7	0.9	0.1	0.9	0.2	0.5	0.1	0.0
Other Expenses	0.1	0.7	0.4	1.4	0.4	0.9	0.5	0.0	0.0	0.0	0.0	0.3
Other Profit	0.1	15.9	-0.3	94.2	4.3	0.1	-0.5	0.9	0.2	0.4	0.1	-0.3
Profit Before Tax	25.2	-11.4	58.9	112.3	81.1	15.6	82.2	272.6	187.8	30.3	29.8	166.7
Current Income Tax Expense	4.2	-1.3	9.6	21.3	16.8	-2.2	17.8	53.2	37.9	8.1	11.2	41.5
Deferred Income Tax Expense	-0.5	-0.7	-0.3	-0.6	-1.2	-0.6	-0.5	-0.2	-0.2	-0.2	-5.0	-0.2
Net Income	21.5	-9.3	49.5	91.6	65.4	18.4	64.8	219.6	150.1	22.4	23.7	125.4
Non-controlling Interest	-0.9	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	22.3	-9.3	49.5	91.6	65.4	18.4	64.8	219.6	150.1	22.4	23.7	125.4
Earnings per Share	49.90	-20.82	110.67	204.65	146.13	58.29	246.31	834.23	570.16	85.27	89.87	476.28
Diluted EPS	49.90	-20.82	110.67	204.65	146.13	58.29	246.31	834.23	570.16	85.27	89.87	476.28

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)	8,957.5	9,702.8	9,706.2	10,521.6	10,190.7	10,202.4	10,945.8	10,109.8	10,097.7	9,428.5	9,278.8	9,214.0
I. Cash and cash equivalents	601.1	838.9	348.1	522.6	1,287.4	391.8	540.0	498.7	560.8	785.5	820.2	1,084.4
1. Cash	597.6	476.4	325.6	260.1	207.4	391.8	485.5	498.7	560.8	749.0	785.5	949.9
2. Cash equivalents	3.5	362.5	22.5	262.5	1,080.0	0.0	54.5	0.0	0.0	36.5	34.6	134.5
II. Short-term financial investments	1,233.9	834.9	1,106.9	1,106.3	253.9	247.1	419.0	274.0	216.5	289.6	269.4	396.1
1. Available for sale securities	—	—	202.2	202.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	120.2
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,233.9	834.9	904.6	904.0	253.9	247.1	418.9	274.0	216.5	289.6	269.4	275.8
III. Short-term receivables	1,963.4	1,423.4	1,976.4	1,620.9	1,834.5	1,942.9	2,561.4	2,813.8	2,652.6	2,032.6	1,909.6	1,885.6
1. Short-term trade accounts receivable	1,176.9	1,259.9	1,758.8	1,284.9	1,285.5	1,129.1	1,940.0	2,184.1	2,210.6	1,740.8	1,607.4	1,578.6
2. Short-term prepayments to suppliers	534.0	148.2	199.7	315.2	260.2	811.9	623.8	632.1	446.3	287.6	287.8	281.4
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	—	—	—	16.2	275.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	277.8	40.5	38.1	24.8	31.3	15.7	11.9	11.8	8.8	14.9	24.4	35.7
7. Provision for short-term doubtful debts (*)	-25.3	-25.3	-20.2	-20.2	-17.5	-13.8	-14.3	-14.3	-13.1	-10.7	-10.0	-10.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	4,344.6	5,303.1	5,048.8	6,127.1	5,869.3	6,690.5	6,576.8	5,743.1	5,829.7	5,718.7	5,640.3	5,228.9
1. Inventories	4,450.2	5,408.7	5,139.2	6,217.4	5,959.6	6,820.8	6,707.2	5,873.4	5,960.1	5,849.0	5,796.6	5,385.3
2. Provision for decline in value of inventories	-105.6	-105.6	-90.3	-90.3	-90.3	-130.3	-130.3	-130.3	-130.3	-130.3	-156.4	-156.4
V. Other short-term assets	814.5	1,302.6	1,226.1	1,144.8	945.6	930.0	848.6	780.3	838.0	602.1	639.4	619.1
1. Short-term prepayments	26.7	29.6	29.6	29.8	26.8	29.4	20.3	17.7	22.8	16.6	14.7	10.9
2. Value added tax to be reclaimed	787.4	1,272.7	1,196.2	1,114.7	918.5	900.6	828.3	762.6	815.1	585.5	624.6	608.1
3. Taxes and other receivables from state authorities	0.4	0.3	0.3	0.3	0.3	0.0	0.0	0.0	0.1	0.1	0.1	0.1
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)	7,091.1	6,791.1	6,766.9	5,957.8	4,025.3	3,316.7	2,836.3	2,789.1	2,895.1	2,806.7	2,884.3	2,965.0
I. Long-term receivables	1.3	1.3	1.3	1.3	1.3	1.3	1.2	1.2	0.0	2.3	2.3	2.3
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	1.3	1.3	1.3	1.3	1.3	1.3	1.2	1.2	0.0	2.3	2.3	2.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,711.4	1,804.7	1,789.4	1,870.7	1,936.8	2,021.3	2,107.2	2,180.7	2,268.0	2,358.8	2,450.4	2,495.5
1. Tangible fixed assets	1,404.3	1,494.8	1,476.8	1,555.3	1,618.6	1,700.3	1,783.3	1,854.0	1,938.5	1,989.1	2,076.5	2,117.8
- Cost	5,105.6	—	—	—	—	5,084.1	5,080.3	5,062.2	5,057.9	5,012.4	5,009.0	4,960.4
- Accumulated depreciation	-3,701.4	—	—	—	—	-3,383.8	-3,296.9	-3,208.2	-3,119.3	-3,023.3	-2,932.5	-2,842.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	37.4	38.4	39.5
- 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	307.1	309.9	312.6	315.4	318.2	321.0	323.9	326.7	329.5	332.3	335.5	338.2
- Cost	391.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-84.1	—	—	—	—	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	4,851.4	4,443.0	3,902.0	3,010.3	1,097.1	531.1	486.2	376.6	373.5	203.6	203.7	238.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4,851.4	4,443.0	3,902.0	3,010.3	1,097.1	531.1	486.2	376.6	373.5	203.6	203.7	238.2
V. Long-term financial investments	0.6	0.6	513.6	515.5	518.1	524.5	0.0	3.2	18.2	3.2	3.2	3.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	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	0.6	0.6	513.6	515.5	518.1	524.5	0.0	3.2	18.2	3.2	3.2	3.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	526.3	541.4	560.5	559.9	471.9	238.4	241.7	227.5	235.4	238.8	224.7	225.8
1. Long-term prepayments	526.3	541.4	560.5	559.9	471.9	238.4	241.7	227.5	235.4	238.8	224.7	225.8
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)	16,048.6	16,493.9	16,473.0	16,479.4	14,216.0	13,519.1	13,782.1	12,898.9	12,992.7	12,235.2	12,163.0	12,179.0
A. LIABILITIES (300=210+330)	8,391.7	8,858.4	8,839.5	8,898.8	6,699.8	7,647.7	7,929.1	7,110.8	7,419.6	6,812.1	6,747.6	6,797.2
I. Short -term liabilities	6,042.7	6,568.2	6,765.8	7,484.9	6,518.0	7,620.9	7,901.7	7,082.9	7,391.5	6,783.8	6,733.9	6,768.4
1. Short-term trade accounts payable	850.3	1,470.1	1,434.4	1,608.6	628.5	855.9	1,300.9	1,821.6	1,454.5	1,631.4	1,738.7	1,688.6
2. Short-term advances from customers	308.1	192.0	103.0	97.0	79.8	78.9	105.3	110.2	116.6	146.8	142.7	272.8
3. Taxes and other payables to state authorities	44.4	104.7	95.1	95.2	26.2	180.4	237.1	145.5	134.4	59.6	91.9	77.8
4. Payable to employees	33.9	26.8	26.7	24.8	26.8	38.5	25.1	23.4	25.7	29.2	20.0	18.7
5. Short-term acrrued expenses	33.5	30.4	56.4	47.6	44.2	32.5	64.6	65.3	87.8	23.3	39.5	58.0
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	11.8	12.5	12.1	11.7	6.7	10.9	11.6	11.1	9.5	13.7	13.2	13.7
10. Short-term borrowings and financial leases	4,646.3	4,601.0	4,907.4	5,468.0	5,594.1	6,311.7	6,044.4	4,791.7	5,450.9	4,767.7	4,575.3	4,526.0
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	114.3	130.7	130.8	132.1	111.9	112.1	112.7	114.0	112.0	112.1	112.6	113.0
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	2,349.1	2,290.2	2,073.7	1,413.8	181.8	26.8	27.4	27.9	28.1	28.3	13.7	28.7
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
8. Long-term borrowings and financial leases	2,325.5	2,266.1	2,048.9	1,388.8	156.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	22.7	23.2	23.9	24.1	24.7	25.9	26.5	27.0	27.2	27.4	12.8	27.8
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)	7,656.9	7,635.5	7,633.5	7,580.6	7,516.2	5,871.4	5,853.0	5,788.1	5,573.2	5,423.1	5,415.4	5,381.8
I. Owner's equity	7,656.9	7,635.5	7,633.5	7,580.6	7,516.2	5,871.4	5,853.0	5,788.1	5,573.2	5,423.1	5,415.4	5,381.8
1. Owner's capital	4,475.7	4,475.7	4,475.7	4,475.7	4,475.7	3,159.3	2,632.8	2,632.8	2,632.8	2,632.8	2,632.8	2,632.8
- Common stock with voting right	4,475,708,810,000.00	4,475,708,810,000.00	4,475,708,810,000.00	4,475,708,810,000.00	4,475,708,810,000.00	3,159,319,780,000.00	2,632,778,060,000.00	2,632,778,060,000.00	2,632,778,060,000.00	2,632,778,060,000.00	2,632,778,060,000.00	2,632,778,060,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	522.4	522.4	522.4	522.4	522.4	259.4	785.9	785.9	785.9	785.9	785.9	785.9
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	205.3	205.3	205.3	205.3	191.7	191.7	191.7	191.7	185.8	185.8	185.8	185.8
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	98.5	98.5	98.5	98.5	89.4	89.4	89.4	89.4	87.1	87.1	87.1	87.1
11. Undistributed earnings after tax	2,340.9	2,318.6	2,328.0	2,278.7	2,237.0	2,171.6	2,153.1	2,088.3	1,881.6	1,731.5	1,723.8	1,690.2
- Accumulated retained earning at the end of the previous period	2,318.6	2,121.4	2,121.4	2,121.7	2,171.6	1,718.6	1,718.6	1,718.6	1,731.5	1,614.1	1,614.1	1,614.1
- Undistributed earnings in this period	22.3	197.2	206.5	157.0	65.4	453.0	434.6	369.7	150.1	117.4	109.7	76.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	14.1	15.0	3.7	—	—	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)	16,048.6	16,493.9	16,473.0	16,479.4	14,216.0	13,519.1	13,782.1	12,898.9	12,992.7	12,235.2	12,163.0	12,179.0

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	25.2	-11.4	58.9	112.3	81.1	15.6	82.2	272.6	187.8	30.3	29.8	166.7
Depreciation of Fixed Assets and Investment Property	93.8	91.7	90.2	90.3	89.9	90.6	91.6	93.6	94.4	95.0	93.7	93.2
Provision (Increase)/Reversal	—	20.3	0.0	2.7	-36.3	-0.5	0.0	1.2	2.4	-25.4	0.0	12.9
FX Gain/Loss from Revaluation of Monetary Items	1.8	-5.8	-0.3	-8.4	18.7	29.4	-17.7	-12.1	35.5	-4.3	-15.6	19.1
Gain/Loss from Investment Activities	-76.5	6.1	-65.2	-118.4	-23.0	-17.9	-4.2	-9.8	2.8	-4.7	-5.9	-4.3
Interest Expense	47.2	48.7	54.7	59.9	56.3	67.4	48.8	43.1	48.5	59.5	60.0	79.9
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	91.5	149.7	138.2	138.5	186.6	184.7	200.5	388.6	371.4	150.5	162.0	367.5
Increase/(Decrease) in Receivables	144.0	327.0	-819.7	157.2	-163.2	742.3	170.8	-273.6	-316.8	-90.4	-44.9	-230.3
Increase/(Decrease) in Inventory	958.5	-269.5	1,093.0	-272.5	861.2	-113.6	-833.8	86.7	-111.0	-52.4	-411.4	1,237.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-625.5	74.9	-192.8	546.2	-302.0	-541.0	-451.2	945.3	-709.2	-146.7	-97.7	352.7
Increase/(Decrease) in Prepaid Expenses	18.0	358.8	-0.4	-362.6	14.5	-5.7	-16.8	13.1	-2.8	-16.0	-2.7	12.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	120.2	-120.2
Interest Paid	-46.9	-48.3	-55.0	-64.8	-52.4	-67.4	-48.8	-43.1	-48.5	-59.5	-60.0	-79.9
Corporate Income Tax Paid	-46.5	0.0	-0.3	0.0	-106.7	0.0	0.0	0.0	-53.4	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-16.4	-0.4	-1.2	-2.5	-4.4	-0.6	-1.3	-5.2	-0.1	-0.5	-0.4	-1.2
Net Cash Flow from Operating Activities	476.8	794.4	161.8	-62.8	433.6	198.7	-980.5	1,111.9	-870.5	-215.0	-334.8	1,538.9
Payments for Fixed Assets and Other Long-term Assets	-293.2	-860.0	-476.1	-1,812.7	-281.9	-215.5	-136.2	-483.7	-65.1	-3.3	-14.1	-10.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	364.7	5.0	0.3	0.0	0.7	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-970.9	-55.8	-1.0	-137.1	-798.5	-551.6	-195.4	-771.4	706.6	-12.4	-3.6	-4.3
Receipts from Loan Repayments and Sale of Debt Instruments	371.8	638.7	18.8	-247.6	523.4	200.0	53.6	-231.0	317.5	5.0	10.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	71.9	45.7	16.9	11.6	17.1	4.2	3.7	0.1	3.8	-5.2	6.8	3.8
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	-820.4	-231.4	-441.4	-1,821.1	-534.9	-562.7	-274.3	-1,485.3	962.8	-15.9	-0.9	-10.7
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	2,843.1	3,594.9	3,345.2	4,561.7	3,990.0	4,739.9	6,159.8	5,560.9	4,265.4	4,553.9	4,611.9	3,878.1
Repayment of Borrowings	-2,737.9	-3,677.6	-3,243.4	-3,442.9	-4,572.4	-4,523.5	-4,863.6	-5,250.0	-4,578.8	-4,351.1	-4,531.7	-4,972.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	-3.1	-6.1	-9.2	-9.2
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	105.2	-71.4	105.5	1,118.8	997.0	216.4	1,296.2	311.0	-316.5	196.7	71.0	-1,103.9
Net Cash Flow During the Period	-238.4	491.6	-174.2	-765.0	895.6	-147.6	41.3	-62.5	-224.2	-34.2	-264.7	424.2
Cash and Cash Equivalents at Beginning of Period	838.9	348.1	522.6	1,287.4	391.8	785.5	785.5	785.5	785.5	1,005.4	1,005.4	1,005.4
FX Difference from Revaluation	0.7	-0.9	-0.1	0.2	-0.0	-0.5	-0.0	0.3	-0.5	-0.5	0.5	-0.1
Cash and Cash Equivalents at End of Period	601.1	838.9	348.1	522.6	1,287.4	391.8	540.0	498.7	560.8	785.5	820.2	1,084.4

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NKG

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