PHC

Xây dựng Phục Hưng Holdings ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 1.56%, +1.23pp YoY

Price

4,810

Latest close

03 Jun 2026

P/E 10.08x

P/B 0.35x

EPS 477

BVPS 13,562

ROE 3.6%

ROA 0.7%

Profit Margin 1.5%

Asset Turnover 0.46x

Equity Mult. 5.18x

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

What Is Changing

On a TTM 2026Q1 basis, PHC is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,610bn
	                                
+1.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 25bn
	                                
+386.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.00x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,535.9	1,558.1	1,810.6	1,918.9	934.9
Growth	-1%	-14%	-6%	+105%	—
Net Income	22.5	4.8	8.4	19.8	55.0
Net Margin	1.47%	0.31%	0.46%	1.03%	5.88%

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	297.2	649.7	335.8	327.2	223.4	554.5	381.2	424.2	203.2	628.3	442.0	390.5
Growth	-54%	+93%	+3%	+46%	-60%	+45%	-10%	+109%	-68%	+42%	+13%	—
Net Income	3.6	13.2	7.3	1.1	1.3	1.0	2.1	0.8	0.9	2.5	3.0	0.8
Net Margin	1.20%	2.03%	2.16%	0.34%	0.56%	0.19%	0.55%	0.18%	0.45%	0.39%	0.68%	0.21%

Drivers of PHC's profit

TTM

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

Gross profit ↑ 34.2bn

Other profit ↑ 8.3bn

Tax ↓ 4.6bn

Finance costs ↑ 17.2bn

Administrative expenses ↑ 7.8bn

Minority interests ↑ 2.7bn

TTM

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

Gross profit ↑ 9.8bn

Administrative expenses ↑ 3.1bn

Finance costs ↑ 3.1bn

Minority interests ↑ 0.6bn

Other profit ↓ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.8% = 0.3% × 0.53 × 4.52

2026Q1 3.7% = 1.6% × 0.46 × 5.18

ROE rose from 0.8% to 3.7% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 1.6% +1.2pp Asset turnover: 0.46x -0.07x Leverage: 5.18x +0.66x

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 edged up to 1.56%, rising 1.2pp. Core operating signals are improving as Gross margin rose 2.0pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Other profit / Revenue rose 0.5pp added support while Net financial result / Revenue fell 1.1pp remained a drag).

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

Profitability trend

Net Margin 1.56% +1.2pp

Gross Margin 7.92% +2.0pp

SG&A / Revenue 4.67% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.0% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 1.01%, rising 0.7pp. That translates to 1.01 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.9pp, with capital turnover broadly stable; with invested capital easing up by 82bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 1.01% +0.7pp

NOPAT Margin 1.26% +0.9pp

Capital Turnover 0.80x −0.02x

Average Invested Capital 2,018.4bn +81.6bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 4.44x equity, net debt at 2.04x equity.

Inventory ended the period at 859.1bn, roughly 23.1% of total assets.

Over the last 12 months, working capital absorbed 99.9bn 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: −152.1bn

Inventories increased → lower CFO: −529.8bn

Payables increased → higher CFO: +582.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 33.9 days versus the same period last year. The main moves came from DIO rose 70.6 days, DSO fell 23.3 days, and DPO rose 13.4 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 306.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +70.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 230.6 days −23.3 days

Inventory 234.3 days +70.6 days

Payables 158.6 days +13.4 days

Cash Conversion Cycle 306.3 days +33.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.04x and interest coverage only at 0.42x.

At present, short-term debt accounts for 93.7% of total debt, cash equals 9.6% of debt, and total debt stands at 1,552.2bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.04x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.42x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.04x +0.11x

Interest Coverage 0.42x −0.00x

Cash / Debt 9.6% +6.7pp

Short-term Debt / Total Debt 93.7% +2.4pp

CFO / NI -4.00x +0.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 27.7bn in 2025, against investing cash flow of -53.6bn.

Post-investment cash flow was negative +25.9bn. Financing cash flow was positive +2.3bn.

CFO / net income was -4.00x.

After spending +41.0bn on fixed-asset investment, the business generated trailing free cash flow of −137.5bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 96.6bn −66.5bn

Cash Capex 41.0bn +35.5bn

FCF TTM −137.5bn −102.0bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 19.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.42x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.56% after expanding 1.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.1% of PBT and CFO / net income currently at -4.00x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.42x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,535.9	1,558.1	1,810.6	1,927.8	934.9
Revenue Deductions	—	0.0	0.0	8.9	0.0
Net Revenue	1,535.9	1,558.1	1,810.6	1,918.9	934.9
Cost of Goods Sold	1,419.4	1,470.6	1,676.8	1,802.7	0.0
Gross Profit	116.5	87.5	133.8	116.2	84.9
Financial Income	34.1	38.8	6.2	17.1	62.6
Financial Expenses	57.5	45.8	70.3	52.4	-45.8
Interest Expense	55.0	43.4	68.7	51.0	-43.4
Share of Associates and Joint Ventures	0.3	2.1	1.1	2.1	2.4
Selling Expenses	—	0.0	0.0	0.0	-0.9
General and Administrative Expenses	71.3	65.4	58.6	62.0	-42.6
Operating Profit	22.0	17.2	12.2	21.0	60.5
Other Income	10.7	2.8	8.8	10.6	0.0
Other Expenses	4.2	4.8	9.6	7.9	0.0
Other Profit	6.5	-2.0	-0.8	2.7	6.2
Profit Before Tax	28.6	15.2	11.4	23.7	66.6
Current Income Tax Expense	6.0	10.4	3.0	3.8	-11.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	22.5	4.8	8.4	19.8	55.0
Non-controlling Interest	0.4	-0.1	-0.6	-0.4	0.4
Profit Attributable to Parent	22.1	4.9	9.0	20.3	54.5
Earnings per Share	437.00	96.00	177.00	400.00	2,101.00
Diluted EPS	436.80	96.15	177.06	399.93	1,075.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,054.7	2,559.7	2,468.3	2,013.3	1,886.6
I. Cash and cash equivalents	212.7	236.3	160.6	54.7	57.9
1. Cash	211.7	236.3	160.6	54.7	0.0
2. Cash equivalents	1.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	48.9	2.0	51.9	1.9	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	48.9	2.0	51.9	1.9	0.0
III. Short-term receivables	1,912.5	1,688.9	1,605.6	1,296.3	1,198.3
1. Short-term trade accounts receivable	1,132.0	1,191.0	1,236.5	916.0	0.0
2. Short-term prepayments to suppliers	630.2	345.5	189.1	99.1	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	158.7	160.2	186.4	287.8	0.0
7. Provision for short-term doubtful debts (*)	-8.3	-7.8	-6.5	-6.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	859.1	627.6	640.7	636.8	606.5
1. Inventories	859.1	627.6	640.7	636.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	21.5	4.9	9.5	23.5	22.1
1. Short-term prepayments	1.9	4.0	4.3	1.0	0.0
2. Value added tax to be reclaimed	12.0	0.9	0.4	15.2	0.0
3. Taxes and other receivables from state authorities	7.6	0.0	4.8	7.3	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)	668.2	680.6	703.7	696.1	577.3
I. Long-term receivables	0.3	0.9	0.6	0.0	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	0.3	0.9	0.6	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	332.3	344.4	326.2	336.7	345.5
1. Tangible fixed assets	330.3	339.6	322.8	336.5	344.9
- Cost	420.5	435.7	400.8	396.9	0.0
- Accumulated depreciation	-90.2	-96.2	-78.0	-60.4	0.0
2. Financial leased fixed assets	1.6	4.5	3.1	0.0	0.0
- Cost	1.8	5.2	3.4	0.0	0.0
- Accumulated depreciation	-0.2	-0.7	-0.3	0.0	0.0
3. Intangible fixed assets	0.5	0.3	0.3	0.2	0.6
- Cost	1.8	1.4	1.3	1.0	0.0
- Accumulated depreciation	-1.3	-1.1	-1.0	-0.9	0.0
III. Investment properties	98.2	67.0	69.2	71.4	73.5
- Cost	110.5	77.1	77.1	77.1	0.0
- Accumulated depreciation	-12.3	-10.1	-8.0	-5.8	0.0
IV. Long-term assets in progress	—	1.5	1.5	4.5	4.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	1.5	1.5	4.5	0.0
V. Long-term financial investments	216.0	244.8	270.4	245.9	140.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	215.7	209.5	206.2	190.1	0.0
3. Investments in other entities	0.0	0.0	8.9	8.9	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	0.3	35.3	55.3	46.9	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	21.4	22.0	35.9	37.7	0.0
1. Long-term prepayments	17.2	17.3	35.9	37.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	13.7
5. Goodwill	4.3	4.8	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,722.9	3,240.3	3,172.1	2,709.4	2,463.9
A. LIABILITIES (300=210+330)	3,039.2	2,579.1	2,502.5	2,042.4	1,771.9
I. Short -term liabilities	2,936.9	2,459.3	2,360.5	1,893.3	1,609.5
1. Short-term trade accounts payable	757.3	760.6	722.1	790.2	500.1
2. Short-term advances from customers	817.3	338.5	292.6	110.6	279.9
3. Taxes and other payables to state authorities	7.4	7.4	2.3	1.4	0.0
4. Payable to employees	21.6	15.0	14.8	11.0	0.0
5. Short-term acrrued expenses	0.4	0.3	0.5	0.5	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	0.2	3.3	0.0	2.9	0.0
9. Other short-term payables	10.4	29.0	45.1	49.5	0.0
10. Short-term borrowings and financial leases	1,322.5	1,302.6	1,283.0	925.6	777.7
11. Provision for short-term liabilities	0.1	0.3	0.5	0.9	0.0
12.. Bonus and welfare fund	-0.4	2.2	-0.4	0.6	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	102.3	119.9	142.0	149.1	162.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	101.9	119.5	142.0	149.1	162.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	0.4	0.4	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)	683.8	661.2	669.5	667.0	692.0
I. Owner's equity	683.8	661.2	669.5	667.0	0.0
1. Owner's capital	506.8	506.8	506.8	506.8	692.0
- Common stock with voting right	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	67.6	67.6	67.6	67.6	67.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	14.9	14.5	13.0	13.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	58.9	37.1	62.9	59.7	84.3
- Accumulated retained earning at the end of the previous period	36.8	32.2	53.9	39.5	29.8
- Undistributed earnings in this period	22.1	4.9	9.0	20.3	54.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	35.6	35.2	19.3	19.8	20.3
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)	3,722.9	3,240.3	3,172.1	2,709.4	2,463.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.6	15.2	11.4	23.7	66.6
Depreciation of Fixed Assets and Investment Property	21.4	21.3	21.9	22.8	8.2
Provision (Increase)/Reversal	0.3	1.0	-0.4	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-38.6	-41.6	-6.4	-20.8	0.0
Interest Expense	55.0	43.4	68.7	51.0	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	66.8	39.5	95.3	76.5	93.2
Increase/(Decrease) in Receivables	-208.0	-43.2	-273.1	-88.4	0.0
Increase/(Decrease) in Inventory	-231.4	13.0	-3.8	-27.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	460.7	72.5	110.7	140.3	0.0
Increase/(Decrease) in Prepaid Expenses	3.6	7.6	1.5	-23.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-55.0	-43.4	-68.7	-51.0	0.0
Corporate Income Tax Paid	-6.2	-7.8	-2.5	-5.9	0.0
Other Operating Receipts	—	0.5	0.0	0.0	0.0
Other Operating Payments	-2.6	-0.8	-1.0	-0.8	0.0
Net Cash Flow from Operating Activities	27.7	37.8	-141.7	19.4	-66.5
Payments for Fixed Assets and Other Long-term Assets	-42.0	-26.5	-12.8	-14.0	-68.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.8	1.3	3.6	5.9	1.2
Loans and Purchases of Debt Instruments	-46.7	0.0	-85.3	-67.0	-2.1
Receipts from Loan Repayments and Sale of Debt Instruments	35.0	70.0	26.9	35.0	81.2
Investments in Other Entities	-5.9	-1.2	-38.7	-85.7	-124.3
Proceeds from Investments in Other Entities	—	0.0	0.0	8.0	0.0
Dividends and Interest Income Received	0.2	6.5	3.6	1.2	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	-53.6	50.0	-102.7	-116.6	2.4
Proceeds from Equity Issuance and Capital Contributions	—	16,000,000,000.00	0.00	0.00	258,518,097,681.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,585.4	1,556.5	1,678.0	1,419.4	1,428.1
Repayment of Borrowings	-1,582.2	-1,557.6	-1,325.8	-1,284.8	-1,648.7
Repayment of Finance Leases	-0.9	-1.8	-1.9	0.0	0.0
Dividends Paid	-0.0	-25.3	-0.0	-40.5	-0.2
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	2.3	-12.2	350.3	94.1	37.7
Net Cash Flow During the Period	-23.6	75.6	105.9	-3.1	16.4
Cash and Cash Equivalents at Beginning of Period	236.3	160.6	54.7	57.9	84.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	212.7	236.3	160.6	54.7	57.9

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	297.2	649.7	335.8	327.2	223.4	554.5	381.2	424.2	203.2	628.3	442.0	390.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	297.2	649.7	335.8	327.2	223.4	554.5	381.2	424.2	203.2	628.3	442.0	390.5
Cost of Goods Sold	260.5	625.7	299.3	296.8	196.5	544.9	355.2	393.4	176.6	588.9	406.5	356.9
Gross Profit	36.7	23.9	36.5	30.4	26.9	9.6	26.0	30.8	26.7	39.5	35.5	33.5
Financial Income	0.6	31.5	1.0	0.7	0.6	29.1	0.6	3.5	0.6	0.9	1.8	0.8
Financial Expenses	12.6	23.4	12.1	12.5	9.5	8.2	8.3	17.4	11.9	18.0	20.2	20.5
Interest Expense	12.2	22.6	11.0	12.2	9.2	7.2	7.2	17.1	11.7	17.5	20.1	19.5
Share of Associates and Joint Ventures	—	-0.1	-0.0	0.1	0.5	1.2	0.0	0.3	0.5	1.1	0.0	0.4
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	19.2	22.7	17.8	15.5	16.1	19.6	15.9	15.9	14.6	17.3	14.1	13.7
Operating Profit	5.5	9.2	7.6	3.2	2.4	12.2	2.5	1.4	1.3	6.1	3.0	0.6
Other Income	0.2	7.7	1.7	0.2	1.4	1.1	1.2	0.5	0.1	1.7	2.1	3.9
Other Expenses	1.1	0.8	0.6	1.2	1.8	2.8	1.3	0.7	0.2	4.9	1.0	3.0
Other Profit	-1.0	6.8	1.1	-1.0	-0.4	-1.7	-0.0	-0.2	-0.1	-3.2	1.1	0.9
Profit Before Tax	4.5	16.1	8.7	2.2	1.9	10.5	2.4	1.2	1.2	2.9	4.1	1.6
Current Income Tax Expense	1.0	2.9	1.4	1.1	0.7	9.4	0.3	0.4	0.3	0.4	1.1	0.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.6	13.2	7.3	1.1	1.3	1.0	2.1	0.8	0.9	2.5	3.0	0.8
Non-controlling Interest	0.1	0.9	0.5	-0.6	-0.4	-0.0	-0.6	-0.6	-0.1	0.2	0.1	-0.6
Profit Attributable to Parent	3.4	12.2	6.7	1.7	1.7	1.1	2.7	1.4	1.0	2.3	2.9	1.4
Earnings per Share	68.00	242.00	133.00	34.00	33.00	21.00	53.00	28.00	20.00	45.00	58.00	27.00
Diluted EPS	67.90	241.61	133.05	33.73	33.45	20.85	53.30	27.55	19.89	45.46	57.67	27.30

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)	3,264.1	3,063.3	2,614.3	2,538.1	2,404.1	2,550.0	2,318.9	2,278.9	2,264.9	2,471.0	2,228.1	2,187.8
I. Cash and cash equivalents	148.6	212.7	94.9	35.0	37.8	236.3	18.9	71.4	34.7	160.6	19.9	26.9
1. Cash	148.6	211.7	63.9	15.0	37.8	236.3	18.9	71.4	34.7	160.6	19.9	26.9
2. Cash equivalents	—	1.0	31.0	20.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	45.1	48.7	15.9	10.4	10.2	2.0	2.0	2.0	1.9	52.2	2.2	2.2
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	45.1	48.7	15.9	10.4	10.2	2.0	2.0	2.0	1.9	52.2	2.2	2.2
III. Short-term receivables	1,807.5	1,919.0	1,720.9	1,693.2	1,660.5	1,686.7	1,577.4	1,496.7	1,565.6	1,606.2	1,582.5	1,502.5
1. Short-term trade accounts receivable	926.6	1,132.0	1,048.6	1,095.6	1,107.4	1,189.3	1,111.1	1,018.5	1,094.8	1,238.1	1,211.0	1,108.7
2. Short-term prepayments to suppliers	717.6	640.6	548.0	479.3	388.9	344.6	292.3	290.4	314.6	189.3	160.7	170.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	171.5	154.7	132.0	126.0	172.0	160.2	180.5	194.2	162.6	185.3	217.3	229.6
7. Provision for short-term doubtful debts (*)	-8.3	-8.3	-7.8	-7.8	-7.8	-7.4	-6.5	-6.5	-6.5	-6.5	-6.5	-6.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,216.4	861.7	770.6	786.7	686.6	620.0	712.1	694.3	650.0	642.3	612.4	641.3
1. Inventories	1,216.4	861.7	770.6	786.7	686.6	620.0	712.1	694.3	650.0	642.3	612.4	641.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	46.5	21.2	12.1	12.8	9.0	5.0	8.5	14.5	12.6	9.7	11.1	14.9
1. Short-term prepayments	1.8	1.6	1.6	2.3	2.9	4.0	2.0	3.4	3.7	4.5	4.8	0.4
2. Value added tax to be reclaimed	37.1	12.0	5.5	6.5	4.9	0.9	0.8	5.4	4.0	0.4	0.6	3.0
3. Taxes and other receivables from state authorities	7.6	7.6	4.9	4.1	1.2	0.1	5.7	5.7	4.9	4.8	5.7	11.6
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)	652.1	668.4	699.4	668.5	677.4	680.6	683.8	694.8	682.1	700.7	650.3	658.5
I. Long-term receivables	0.3	0.3	0.3	0.3	0.3	0.9	0.6	0.6	0.6	0.6	0.6	0.6
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.3	0.3	0.3	0.3	0.3	0.9	0.6	0.6	0.6	0.6	0.6	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	328.8	332.3	333.9	338.8	339.7	312.2	314.0	318.1	321.6	326.2	322.7	327.2
1. Tangible fixed assets	326.9	330.3	332.1	336.9	337.7	307.4	310.8	314.8	318.2	322.8	319.4	323.9
- Cost	421.8	—	—	—	—	401.2	400.7	401.0	401.1	400.8	393.9	393.6
- Accumulated depreciation	-94.9	—	—	—	—	-93.9	-89.9	-86.2	-82.9	-78.0	-74.5	-69.8
2. Financial leased fixed assets	1.5	1.6	1.6	1.7	1.7	4.5	2.8	2.9	3.0	3.1	3.1	3.2
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.5	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.3	0.1	0.1
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	81.2	98.2	98.7	65.9	66.5	67.0	67.6	68.1	68.6	69.2	69.7	70.3
- Cost	94.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	1.5	1.5	3.9	1.5	1.5	1.5	1.5	1.5	1.5	4.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	1.5	1.5	3.9	1.5	1.5	1.5	1.5	1.5	1.5	4.5
V. Long-term financial investments	216.0	216.2	248.3	245.5	245.4	244.8	243.7	243.6	251.0	270.1	222.3	222.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	215.7	215.9	213.0	210.1	210.0	209.5	208.3	208.3	206.8	206.2	166.5	166.5
3. Investments in other entities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.9	8.9	8.9	8.9
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	0.3	0.3	35.3	35.3	35.3	35.3	35.3	35.3	35.3	55.0	46.9	46.9
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	25.8	21.4	16.8	16.6	21.7	54.2	56.5	63.0	38.8	33.1	33.6	33.7
1. Long-term prepayments	21.6	17.2	12.4	12.1	17.1	49.4	56.5	63.0	38.8	33.1	33.6	33.7
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	4.2	4.3	4.4	4.5	4.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	4.8	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,916.2	3,731.7	3,313.7	3,206.6	3,081.5	3,230.5	3,002.7	2,973.7	2,947.0	3,171.7	2,878.4	2,846.3
A. LIABILITIES (300=210+330)	3,228.9	3,047.6	2,642.9	2,543.0	2,419.1	2,569.3	2,318.5	2,291.6	2,276.5	2,502.1	2,211.2	2,182.2
I. Short -term liabilities	3,130.9	2,944.2	2,536.4	2,432.2	2,304.0	2,449.2	2,182.4	2,157.7	2,133.8	2,364.8	2,071.8	2,039.0
1. Short-term trade accounts payable	647.0	760.8	603.6	652.0	640.9	750.2	576.2	537.3	544.2	722.2	682.7	644.2
2. Short-term advances from customers	999.6	807.8	568.8	457.5	417.6	339.3	320.1	289.4	404.8	292.6	120.5	124.4
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	5.1	7.1	4.7	3.4	4.4	7.0	3.7	2.1	2.4	2.3	4.0	2.6
4. Payable to employees	15.2	25.3	6.5	10.4	9.9	17.7	9.8	9.2	9.7	14.8	9.3	8.5
5. Short-term acrrued expenses	0.4	0.4	0.5	0.5	0.4	0.3	0.2	0.2	0.5	0.5	0.7	1.4
6. Short-term inter-company payables	—	—	0.5	—	—	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	0.2	0.2	1.0	1.7	0.5	0.5	0.0	0.2	0.2	0.0	0.0	2.3
9. Other short-term payables	9.6	19.6	22.7	34.6	22.6	29.0	39.5	52.9	18.9	44.6	73.1	80.4
10. Short-term borrowings and financial leases	1,454.6	1,323.3	1,328.1	1,270.9	1,206.4	1,302.7	1,230.6	1,263.3	1,153.2	1,287.7	1,180.8	1,174.3
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	0.1	0.3	0.3	0.3	0.3	0.5	0.6	0.6
12.. Bonus and welfare fund	-1.6	-0.4	-0.2	1.1	1.2	2.2	2.1	2.8	-0.6	-0.4	0.0	0.2
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	98.0	103.5	106.5	110.8	115.0	120.2	136.0	133.9	142.7	137.3	139.4	143.2
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	—	—	—	—	—	0.0	0.0	0.0	4.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	97.6	103.1	106.1	110.4	114.7	119.8	135.7	133.5	138.7	137.3	139.4	143.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	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)	687.3	684.0	670.9	663.6	662.5	661.2	684.2	682.1	670.5	669.6	667.1	664.1
I. Owner's equity	687.3	684.0	670.9	663.6	662.5	661.2	684.2	682.1	670.5	669.6	667.1	664.1
1. Owner's capital	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8	506.8
- Common stock with voting right	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00	506,819,270,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6	67.6
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	14.9	14.9	14.9	14.9	14.5	14.5	14.5	14.5	13.0	13.0	13.0	13.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	62.4	59.2	46.9	40.2	38.8	37.1	36.0	34.4	63.9	62.9	60.6	57.7
- Accumulated retained earning at the end of the previous period	58.9	36.8	36.8	36.8	37.1	32.2	32.2	32.2	62.9	53.9	53.9	53.9
- Undistributed earnings in this period	3.4	22.4	10.2	3.4	1.7	4.9	3.9	2.2	1.0	9.1	6.7	3.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	35.7	35.6	34.7	34.2	34.8	35.2	59.2	58.8	19.2	19.3	19.1	19.0
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)	3,916.2	3,731.7	3,313.7	3,206.6	3,081.5	3,230.5	3,002.7	2,973.7	2,947.0	3,171.7	2,878.4	2,846.3

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	4.5	15.8	8.7	2.2	1.9	10.5	2.4	1.2	1.2	2.8	4.1	1.6
Depreciation of Fixed Assets and Investment Property	5.3	5.4	5.5	5.3	5.2	4.8	4.8	4.0	5.6	5.5	5.6	5.3
Provision (Increase)/Reversal	—	0.5	0.0	0.0	-0.2	0.0	0.0	-0.1	-0.2	-0.1	-0.0	-0.3
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.6	-35.8	-0.9	-0.8	-1.0	-30.8	-1.3	-3.9	-1.1	-2.3	-1.9	-0.9
Interest Expense	12.2	22.6	11.0	12.2	9.2	7.2	7.2	17.1	11.7	17.6	20.1	19.8
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	-0.4	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	21.4	8.5	24.2	19.0	15.2	-8.5	12.7	18.3	17.1	23.5	27.8	25.5
Increase/(Decrease) in Receivables	80.3	-169.2	-37.8	-25.4	24.4	-103.1	-78.2	109.1	36.1	-22.9	-72.6	-194.2
Increase/(Decrease) in Inventory	-357.3	-88.5	-6.0	-78.0	-58.9	92.2	3.3	-65.3	-9.4	-28.3	28.9	-29.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	63.9	406.4	47.0	64.7	-57.3	192.3	58.1	-118.7	-92.7	185.6	30.6	72.1
Increase/(Decrease) in Prepaid Expenses	-4.2	-4.0	0.7	5.6	1.3	0.3	-13.2	-2.8	-2.3	1.2	-4.3	4.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-12.2	-22.6	-11.0	-12.2	-9.2	-7.2	-7.2	-17.1	-11.7	-17.6	-20.1	-19.8
Corporate Income Tax Paid	-1.9	-2.8	-0.1	-2.0	-1.2	-6.8	-0.3	-0.5	-0.1	-2.0	-0.5	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.2	-0.2	-1.3	-0.0	-1.0	-0.2	-0.4	-0.0	-0.2	-0.5	-0.1	-0.1
Net Cash Flow from Operating Activities	-211.1	127.4	15.6	-28.5	-86.8	159.1	-25.2	-77.1	-63.1	139.1	-10.3	-141.4
Payments for Fixed Assets and Other Long-term Assets	-1.4	-4.8	-11.2	-23.5	-2.5	-2.7	-0.4	0.0	-0.5	-8.7	-0.5	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	16.5	5.8	—	—	—	0.8	0.8	0.2	0.0	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	—	12.1	-50.1	-0.5	-8.2	-0.0	-0.0	0.0	0.0	-85.0	0.0	-0.3
Receipts from Loan Repayments and Sale of Debt Instruments	3.8	-10.0	45.0	—	—	0.0	0.0	0.0	70.0	26.9	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-1.2	0.0	-38.7	0.0	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
Dividends and Interest Income Received	0.3	0.1	-0.0	0.2	0.0	2.3	2.2	1.3	0.7	2.3	0.0	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	19.1	0.2	-8.2	-34.9	-10.7	0.4	2.6	0.3	70.2	-103.2	-0.4	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	1,800,000,000.00	752,000,000.00	8,500,000,000.00	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	641.2	502.8	350.3	373.6	358.6	366.8	346.4	522.0	321.7	519.2	250.8	449.1
Repayment of Borrowings	-513.2	-512.6	-297.1	-313.2	-459.3	-310.0	-376.7	-416.6	-454.3	-414.0	-246.6	-293.5
Repayment of Finance Leases	-0.1	-0.1	-0.1	-0.1	-0.4	-0.6	-0.4	-0.4	-0.4	-0.4	-0.4	-1.1
Dividends Paid	—	0.0	0.0	-0.0	—	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	127.9	-9.9	53.0	60.2	-101.1	58.0	-30.0	113.5	-133.1	104.8	3.8	154.4
Net Cash Flow During the Period	-64.1	117.7	60.4	-3.2	-198.5	217.4	-52.6	36.8	-126.0	140.7	-7.0	12.8
Cash and Cash Equivalents at Beginning of Period	212.7	94.9	34.5	37.8	236.3	160.6	160.6	160.6	160.6	54.7	54.7	54.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	148.6	212.7	94.9	34.5	37.8	236.3	18.9	71.5	34.7	160.6	19.9	26.9

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PHC

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Cash Flow