PHR

Cao su Phước Hòa ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 36.57%, +4.54pp YoY

Price

68,500

Latest close

02 Jun 2026

P/E 14.11x

P/B 2.05x

EPS 4,853

BVPS 33,364

ROE 16.2%

ROA 11.3%

Profit Margin 35.7%

Asset Turnover 0.32x

Equity Mult. 1.44x

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

What Is Changing

On a TTM 2026Q1 basis, PHR is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — margins have been compressing consistently over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,952bn
	                                
+20.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 714bn
	                                
+37.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    41.1%

Metric	2025	2024	2023	2022	2021
Revenue	1,794.9	1,633.1	1,351.0	1,708.6	1,942.4
Growth	+10%	+21%	-21%	-12%	—
Net Income	496.9	483.0	661.3	925.7	577.7
Net Margin	27.69%	29.58%	48.95%	54.18%	29.74%

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	468.3	498.7	616.8	368.0	311.5	626.1	411.7	271.9	323.4	461.1	452.9	201.1
Growth	-6%	-19%	+68%	+18%	-50%	+52%	+51%	-16%	-30%	+2%	+125%	—
Net Income	285.1	70.2	264.5	94.0	102.8	242.0	104.2	70.3	78.4	158.5	144.4	127.4
Net Margin	60.87%	14.07%	42.89%	25.54%	33.00%	38.65%	25.30%	25.86%	24.26%	34.37%	31.87%	63.35%

Drivers of PHR's profit

TTM

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

Other profit ↑ 293.0bn

Gross profit ↑ 64.8bn

Tax ↑ 69.0bn

Administrative expenses ↑ 55.2bn

Deferred tax ↑ 26.8bn

TTM

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

Other profit ↑ 231.8bn

Tax ↑ 55.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.0% = 32.0% × 0.27 × 1.50

2026Q1 16.6% = 36.6% × 0.32 × 1.44

ROE rose from 13.0% to 16.6% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 36.6% +4.5pp Asset turnover: 0.32x +0.04x Leverage: 1.44x -0.05x

Is the profit sustainable?

Margins improved (+4.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 36.57%, rising 4.5pp. Despite pressure from Gross margin fell 1.4pp and SG&A / Revenue rose 0.8pp, the offset came from Other profit / Revenue rose 14.3pp (pressure remains from Net financial result / Revenue fell 2.8pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 36.57% +4.5pp

Gross Margin 26.51% −1.4pp

SG&A / Revenue 10.98% +0.8pp

Non-core / Revenue 25.91% +11.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 58.2% of PBT and lifted net margin by 11.5pp — 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 narrowed to 10.41%, falling 1.1pp. That translates to 10.41 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.08x, NOPAT margin narrowed 6.9pp still pulled ROIC lower, with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 10.41% −1.1pp

NOPAT Margin 21.53% −6.9pp

Capital Turnover 0.48x +0.08x

Average Invested Capital 4,037.3bn +11.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.46x equity, with a net cash position equivalent to 0.09x equity.

Over the last 12 months, working capital absorbed 15.1bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −287.2bn

Inventories decreased → higher CFO: +226.5bn

Payables increased → higher CFO: +45.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 33.4 days versus the same period last year. The main moves came from DIO fell 30.4 days, DSO fell 3.5 days, and DPO fell 0.4 days.

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

Working Capital Efficiency

Receivables 6.3 days −3.5 days

Inventory 81.9 days −30.4 days

Payables 6.9 days −0.4 days

Cash Conversion Cycle 81.3 days −33.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 615.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.09x and interest coverage at 15.15x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5927.0% of debt, and total debt stands at 6.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.09x −0.06x

Interest Coverage 15.15x −16.45x

Cash / Debt 5927.0% +5716.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.02x +0.46x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 615.8bn in 2025, against investing cash flow of -27.7bn.

Post-investment cash flow was positive +588.2bn. Financing cash flow was negative +327.8bn.

CFO / net income was 1.02x.

After spending +47.5bn on fixed-asset investment, the business generated trailing free cash flow of +662.2bn.

Cash Conversion

CFO TTM 709.7bn +433.3bn

Cash Capex 47.5bn −32.0bn

FCF TTM +662.2bn +465.3bn

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 4.5 pp. The next item to monitor is the earnings mix, when non-core contribution is 17.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 36.57% after expanding 4.5pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.02x. Even so, net financial result still accounts for 17.0% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,795.2	1,634.9	1,353.6	1,711.8	1,947.2
Revenue Deductions	0.3	1.8	2.6	3.2	0.0
Net Revenue	1,794.9	1,633.1	1,351.0	1,708.6	1,942.4
Cost of Goods Sold	1,290.8	1,210.6	1,024.0	1,307.1	0.0
Gross Profit	504.1	422.5	327.0	401.5	513.1
Financial Income	180.1	188.4	179.9	179.4	236.6
Financial Expenses	34.6	18.4	23.5	20.6	-25.8
Interest Expense	2.6	14.1	17.3	16.6	-19.7
Share of Associates and Joint Ventures	58.6	47.6	82.4	29.9	49.5
Selling Expenses	30.5	37.6	33.5	40.8	-32.0
General and Administrative Expenses	203.2	132.3	100.1	115.9	-109.8
Operating Profit	474.6	470.2	432.2	433.5	631.5
Other Income	138.8	79.6	364.7	716.8	0.0
Other Expenses	13.3	6.5	4.9	23.1	0.0
Other Profit	125.5	73.1	359.8	693.7	30.5
Profit Before Tax	600.1	543.3	792.0	1,127.2	662.1
Current Income Tax Expense	90.9	68.5	128.7	204.2	-84.3
Deferred Income Tax Expense	12.3	-8.2	2.0	-2.7	0.0
Net Income	496.9	483.0	661.3	925.7	577.7
Non-controlling Interest	18.7	23.0	41.6	40.3	35.9
Profit Attributable to Parent	478.2	460.0	619.7	885.4	541.9
Earnings per Share	3,243.00	3,115.00	4,309.00	6,265.00	3,850.00
Diluted EPS	3,529.44	3,395.22	4,573.54	6,534.66	3,999.09

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,641.5	2,570.5	2,761.6	3,055.2	2,735.0
I. Cash and cash equivalents	450.9	190.4	145.8	165.8	139.2
1. Cash	205.8	170.0	69.5	75.0	0.0
2. Cash equivalents	245.1	20.4	76.3	90.8	0.0
II. Short-term financial investments	1,612.3	1,683.0	1,997.5	2,233.8	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	1,612.3	1,683.0	1,997.5	2,233.8	0.0
III. Short-term receivables	157.4	208.2	193.0	237.4	273.4
1. Short-term trade accounts receivable	26.4	82.3	57.7	60.0	0.0
2. Short-term prepayments to suppliers	79.4	71.4	72.8	73.5	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	55.8	59.2	68.4	108.5	0.0
7. Provision for short-term doubtful debts (*)	-4.2	-4.8	-5.9	-4.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	313.3	405.8	325.6	320.5	332.9
1. Inventories	313.7	406.0	325.8	322.9	0.0
2. Provision for decline in value of inventories	-0.4	-0.2	-0.2	-2.4	0.0
V. Other short-term assets	107.7	83.0	99.6	97.7	91.6
1. Short-term prepayments	0.9	5.2	1.6	1.3	0.0
2. Value added tax to be reclaimed	58.3	55.9	52.6	50.7	0.0
3. Taxes and other receivables from state authorities	48.5	21.9	45.4	45.7	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)	3,506.5	3,361.5	3,399.0	3,273.3	3,290.0
I. Long-term receivables	0.2	0.2	0.2	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,734.4	1,809.8	1,779.6	1,767.4	1,744.0
1. Tangible fixed assets	1,733.6	1,809.3	1,779.0	1,766.7	1,743.2
- Cost	3,038.0	2,951.3	2,761.2	2,625.6	0.0
- Accumulated depreciation	-1,304.4	-1,142.1	-982.2	-859.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.8	0.5	0.6	0.7	0.8
- Cost	1.9	1.5	1.4	1.4	0.0
- Accumulated depreciation	-1.1	-1.0	-0.8	-0.7	0.0
III. Investment properties	159.6	170.8	185.1	198.7	201.9
- Cost	265.2	262.0	261.6	259.2	0.0
- Accumulated depreciation	-105.7	-91.2	-76.5	-60.5	0.0
IV. Long-term assets in progress	478.3	465.7	486.6	520.8	532.6
1. Long-term production in progress	76.2	76.0	78.7	76.1	0.0
2. Construction in progress	402.2	389.8	407.8	444.7	0.0
V. Long-term financial investments	778.4	543.0	572.8	381.9	376.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	428.4	370.9	322.9	242.7	0.0
3. Investments in other entities	130.8	130.8	130.8	130.8	0.0
4. Provision for diminution in value of long-term investments	-28.5	0.0	0.0	0.0	0.0
5. Held to maturity investments	247.7	41.3	119.1	8.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	355.6	371.9	374.8	404.3	0.0
1. Long-term prepayments	331.8	337.2	345.8	376.4	0.0
2. Deferred income tax assets	23.8	34.7	29.0	27.9	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	435.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	6,148.0	5,931.9	6,160.5	6,328.5	6,025.0
A. LIABILITIES (300=210+330)	1,925.9	2,012.8	2,346.3	2,893.3	2,915.1
I. Short -term liabilities	520.4	604.4	882.9	1,293.9	1,188.9
1. Short-term trade accounts payable	40.3	46.4	47.0	77.0	50.1
2. Short-term advances from customers	53.0	3.5	7.7	27.0	45.4
3. Taxes and other payables to state authorities	28.0	44.0	35.4	113.3	0.0
4. Payable to employees	105.5	67.3	96.1	94.3	0.0
5. Short-term acrrued expenses	154.3	160.6	166.3	158.4	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	49.6	49.2	45.8	46.0	48.1
9. Other short-term payables	24.2	132.1	158.5	580.4	0.0
10. Short-term borrowings and financial leases	21.9	60.0	276.8	118.5	175.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	43.7	41.2	49.2	78.9	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	1,405.4	1,408.4	1,463.4	1,599.4	1,726.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	78.8	78.7	78.7	78.7	78.3
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	1,266.5	1,312.1	1,338.4	1,373.6	1,404.4
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	41.8	145.6	241.8
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	3.0	1.7	4.5	1.5	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	57.1	15.9	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)	4,222.2	3,919.1	3,814.2	3,435.2	3,110.0
I. Owner's equity	4,221.8	3,918.4	3,814.2	3,434.8	0.0
1. Owner's capital	1,355.0	1,355.0	1,355.0	1,355.0	3,109.5
- Common stock with voting right	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	21.2	21.2
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	335.7	285.3	202.7	156.1	0.0
8. Investment and development fund	1,474.5	1,372.2	1,299.5	1,251.9	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	838.9	706.6	767.6	499.9	292.4
- Accumulated retained earning at the end of the previous period	399.5	284.6	183.8	193.0	27.9
- Undistributed earnings in this period	439.4	422.1	583.8	306.9	264.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	196.5	178.0	168.1	150.7	120.5
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.4	0.7	0.1	0.4	0.5
1. Subsidized not-for-profit funds	-0.2	-0.1	0.1	0.4	0.0
2. Funds invested in fixed assets	0.6	0.8	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,148.0	5,931.9	6,160.5	6,328.5	6,025.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	600.1	543.3	792.0	1,127.2	662.1
Depreciation of Fixed Assets and Investment Property	152.9	140.2	137.9	124.2	119.1
Provision (Increase)/Reversal	62.6	11.9	-0.9	14.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.4	-0.8	0.0	0.0
Gain/Loss from Investment Activities	-229.1	-229.3	-326.6	-211.4	0.0
Interest Expense	2.6	14.1	17.3	16.6	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	0.1	0.0	0.1	-6.6	0.0
Operating Profit Before Changes in Working Capital	589.1	479.9	619.0	1,064.3	515.8
Increase/(Decrease) in Receivables	26.0	-6.9	4.3	27.8	0.0
Increase/(Decrease) in Inventory	92.1	-84.2	-5.5	13.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.1	-57.9	-63.3	-191.9	0.0
Increase/(Decrease) in Prepaid Expenses	9.7	5.0	30.2	37.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.6	-16.0	-17.0	-15.0	0.0
Corporate Income Tax Paid	-97.4	-59.7	-206.9	-105.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-33.2	-35.7	-58.7	-50.5	0.0
Net Cash Flow from Operating Activities	615.8	224.4	302.0	780.1	235.9
Payments for Fixed Assets and Other Long-term Assets	-58.8	-64.8	-74.3	-126.7	-104.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.3	76.4	27.6	33.3
Loans and Purchases of Debt Instruments	-1,648.9	-1,564.8	-1,679.1	-2,071.8	-1,758.6
Receipts from Loan Repayments and Sale of Debt Instruments	1,513.5	1,957.0	1,804.8	1,758.2	1,952.1
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	165.7	193.3	213.8	181.8	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	-27.7	521.2	341.6	-230.9	326.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	106.9	229.3	318.6	386.9	185.2
Repayment of Borrowings	-145.0	-487.4	-267.6	-547.8	-400.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-289.7	-443.4	-714.4	-361.6	-636.2
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	-327.8	-701.5	-663.4	-522.5	-851.1
Net Cash Flow During the Period	260.4	44.0	-19.9	26.6	5.7
Cash and Cash Equivalents at Beginning of Period	190.4	145.8	165.8	139.2	428.0
FX Difference from Revaluation	0.1	0.5	-0.1	-0.0	-0.2
Cash and Cash Equivalents at End of Period	450.9	190.4	145.8	165.8	139.2

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	468.9	499.0	616.8	368.0	311.5	627.9	411.7	271.9	323.4	463.4	452.9	201.1
Revenue Deductions	0.5	0.3	—	—	—	1.8	0.0	0.0	0.0	2.3	0.0	0.0
Net Revenue	468.3	498.7	616.8	368.0	311.5	626.1	411.7	271.9	323.4	461.1	452.9	201.1
Cost of Goods Sold	351.2	342.3	471.1	269.8	209.0	416.3	328.9	214.4	250.9	373.0	304.1	153.9
Gross Profit	117.1	156.4	145.6	98.1	102.5	209.7	82.8	57.5	72.5	88.1	148.8	47.2
Financial Income	28.5	32.0	92.8	28.6	26.7	77.1	46.7	34.9	29.5	44.1	35.6	60.1
Financial Expenses	1.4	29.8	1.3	1.2	2.3	2.3	4.9	6.8	4.4	7.6	3.4	7.5
Interest Expense	0.1	0.6	0.4	0.7	0.8	1.1	3.3	5.7	4.0	4.6	3.3	4.7
Share of Associates and Joint Ventures	13.0	21.7	-6.0	32.0	22.7	-7.9	21.1	21.3	21.5	22.4	25.2	9.1
Selling Expenses	7.5	10.0	7.6	5.3	6.5	14.5	9.8	4.8	8.3	10.9	10.1	4.2
General and Administrative Expenses	28.9	91.6	26.4	36.9	30.0	55.5	20.5	22.7	20.6	34.8	26.0	20.3
Operating Profit	120.8	78.7	197.2	115.2	113.1	206.7	115.3	79.5	90.1	101.2	170.2	84.4
Other Income	233.1	4.6	122.1	11.3	0.8	64.4	2.3	4.0	0.4	88.0	0.6	70.2
Other Expenses	0.8	3.9	2.1	6.8	0.3	2.7	1.5	2.3	0.2	2.4	0.8	0.5
Other Profit	232.3	0.7	120.1	4.5	0.5	61.7	0.8	1.7	0.2	85.6	-0.2	69.7
Profit Before Tax	353.1	79.4	317.2	119.7	113.6	268.3	116.1	81.1	90.3	186.8	170.0	154.1
Current Income Tax Expense	69.2	7.9	42.9	22.0	13.3	34.9	13.1	11.8	9.3	25.8	29.0	24.0
Deferred Income Tax Expense	-1.1	1.3	9.7	3.7	-2.5	-8.6	-1.2	-1.0	2.6	2.5	-3.3	2.7
Net Income	285.1	70.2	264.5	94.0	102.8	242.0	104.2	70.3	78.4	158.5	144.4	127.4
Non-controlling Interest	5.8	2.7	5.1	3.7	7.2	8.5	5.9	5.7	5.4	7.2	23.1	5.7
Profit Attributable to Parent	279.3	67.5	259.4	90.3	95.6	233.5	98.3	64.6	73.1	151.3	121.3	121.7
Earnings per Share	2,061.00	211.00	1,914.00	667.00	705.00	1,442.00	726.00	477.00	539.00	1,117.00	895.00	898.00
Diluted EPS	2,061.19	497.93	1,914.67	666.33	705.31	1,722.97	725.29	476.95	539.32	1,116.52	894.99	898.03

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)	3,043.2	2,643.1	2,575.0	2,693.4	2,541.3	2,572.8	2,664.2	2,686.4	2,692.7	2,762.1	2,645.0	2,758.7
I. Cash and cash equivalents	411.1	450.9	481.4	274.7	199.7	190.4	164.6	75.9	129.6	145.8	143.2	185.3
1. Cash	266.0	205.8	165.7	85.5	114.6	170.0	153.2	75.9	89.6	69.5	73.2	44.7
2. Cash equivalents	145.1	245.1	315.8	189.3	85.1	20.4	11.4	0.0	40.0	76.3	70.0	140.6
II. Short-term financial investments	1,967.5	1,612.3	1,408.5	1,651.4	1,652.1	1,683.0	1,892.7	2,011.0	2,001.1	1,997.5	1,884.3	1,928.7
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	1,967.5	1,612.3	1,408.5	1,651.4	1,652.1	1,683.0	1,892.7	2,011.0	2,001.1	1,997.5	1,884.3	1,928.7
III. Short-term receivables	361.7	158.0	305.2	173.9	153.3	199.8	197.2	196.1	202.0	193.1	216.4	241.3
1. Short-term trade accounts receivable	40.0	26.5	46.9	25.3	27.7	82.3	53.5	35.9	59.3	58.1	49.4	42.3
2. Short-term prepayments to suppliers	78.1	79.6	75.4	74.2	73.4	71.5	75.9	72.5	73.9	73.0	71.9	74.3
3. Short-term inter-company receivables	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	247.8	56.3	187.3	79.2	57.0	50.7	73.1	92.9	73.9	68.2	99.4	129.2
7. Provision for short-term doubtful debts (*)	-4.2	-4.5	-4.4	-4.9	-4.9	-4.7	-5.3	-5.2	-5.1	-6.2	-4.4	-4.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	195.1	312.9	297.0	476.8	447.8	416.6	296.9	269.3	270.5	322.2	297.4	247.2
1. Inventories	195.5	313.3	297.2	477.0	448.0	416.8	297.1	269.5	270.7	324.6	299.8	249.6
2. Provision for decline in value of inventories	-0.4	-0.4	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-2.4	-2.4	-2.4
V. Other short-term assets	107.9	109.0	82.9	116.6	88.4	83.0	112.7	134.1	89.4	103.6	103.7	156.2
1. Short-term prepayments	1.4	0.9	1.8	35.7	5.8	5.2	30.9	29.3	7.9	5.6	28.4	82.6
2. Value added tax to be reclaimed	58.8	58.3	58.3	58.9	57.6	55.9	54.1	54.2	53.3	52.6	52.1	50.2
3. Taxes and other receivables from state authorities	47.7	49.8	22.8	21.9	25.0	21.9	27.7	50.6	28.2	45.4	23.2	23.4
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)	3,413.6	3,518.5	3,592.1	3,375.4	3,379.9	3,370.8	3,377.5	3,308.2	3,297.1	3,398.8	3,404.5	3,229.9
I. Long-term receivables	20.6	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	4.9	—	—	—	—	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	15.7	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	1,733.8	1,753.5	1,805.4	1,814.9	1,809.8	1,712.7	1,745.2	1,762.9	1,779.6	1,793.1	1,780.5
1. Tangible fixed assets	1,710.7	1,733.0	1,753.0	1,805.0	1,814.5	1,809.3	1,712.2	1,744.6	1,762.4	1,779.0	1,792.5	1,779.8
- Cost	3,057.6	—	—	—	—	2,951.3	2,807.0	2,805.9	2,783.3	2,761.2	2,743.8	2,684.8
- Accumulated depreciation	-1,346.9	—	—	—	—	-1,142.1	-1,094.8	-1,061.2	-1,020.9	-982.2	-951.3	-905.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.7	0.8	0.4	0.4	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6
- Cost	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	25.8	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	25.8	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	158.0	159.6	162.1	163.6	167.2	170.8	174.1	177.7	181.4	185.1	187.8	191.4
- Cost	267.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-109.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	478.7	478.3	481.4	478.2	470.9	466.3	512.7	502.4	493.6	486.4	476.2	455.5
1. Long-term production in progress	76.2	76.2	76.1	76.0	76.0	76.0	79.3	79.2	79.2	78.7	76.1	76.1
2. Construction in progress	402.5	402.2	405.3	402.1	394.9	390.3	433.5	423.2	414.4	407.7	400.0	379.4
V. Long-term financial investments	660.2	790.9	839.7	561.5	555.4	551.3	608.5	513.1	487.6	572.7	581.9	406.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	441.4	441.0	420.8	426.0	394.6	379.3	387.2	366.1	344.4	322.9	300.5	275.3
3. Investments in other entities	130.8	130.8	129.8	129.8	129.8	130.8	130.8	130.8	130.8	130.8	130.8	130.8
4. Provision for diminution in value of long-term investments	-28.5	-28.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	116.5	247.7	289.1	5.7	31.0	41.3	90.6	16.3	12.4	119.1	150.6	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	359.0	355.6	355.2	366.5	371.2	372.4	369.3	369.5	371.3	374.8	365.2	396.2
1. Long-term prepayments	334.1	331.8	330.6	332.2	334.0	337.2	343.8	344.9	345.3	345.8	336.8	371.1
2. Deferred income tax assets	24.9	23.8	24.6	34.3	37.2	35.2	25.5	24.6	26.0	29.0	28.4	25.2
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)	6,456.9	6,161.5	6,167.1	6,068.7	5,921.1	5,943.7	6,041.7	5,994.6	5,989.7	6,161.0	6,049.5	5,988.6
A. LIABILITIES (300=210+330)	1,936.0	1,904.2	1,934.6	2,067.3	1,858.6	2,012.2	1,948.2	2,005.8	2,089.9	2,344.9	2,340.0	2,484.2
I. Short -term liabilities	519.0	517.4	562.3	686.4	469.1	619.6	543.3	559.5	635.4	881.5	805.9	924.9
1. Short-term trade accounts payable	36.7	40.1	37.4	45.9	17.8	46.5	26.8	64.8	29.1	47.7	47.4	50.4
2. Short-term advances from customers	42.0	53.0	74.0	36.2	54.6	3.5	22.5	15.0	28.1	7.7	15.5	59.4
3. Dividends and profits payable	1.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	69.1	24.8	110.5	53.5	26.1	44.5	28.5	12.9	9.4	35.4	99.3	77.7
4. Payable to employees	69.4	105.5	48.7	32.8	35.7	80.2	47.2	37.0	30.8	95.3	27.7	19.7
5. Short-term acrrued expenses	196.5	154.3	165.1	169.3	159.9	160.6	166.0	162.5	166.3	166.3	168.3	154.3
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	51.0	49.6	50.6	52.6	49.7	49.2	50.1	49.9	48.6	45.8	48.1	46.9
9. Other short-term payables	22.9	24.5	24.5	203.1	20.0	133.8	27.0	25.0	25.7	158.0	287.8	350.5
10. Short-term borrowings and financial leases	6.9	21.9	45.0	85.0	95.0	60.0	166.3	179.6	279.4	276.8	96.5	139.0
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	22.8	43.7	6.5	8.0	10.1	41.2	8.9	12.9	18.0	48.4	15.2	27.0
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	1,417.0	1,386.8	1,372.3	1,380.9	1,389.5	1,392.6	1,404.9	1,446.3	1,454.5	1,463.4	1,534.1	1,559.3
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	78.8	78.8	78.8	78.8	78.7	78.7	78.7	78.7	78.7	78.7	78.7	78.7
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	1,257.9	1,266.5	1,275.1	1,283.7	1,293.2	1,312.1	1,313.3	1,320.8	1,327.2	1,338.4	1,344.0	1,356.1
7. Other long-term liabilities	20.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	11.1	44.7	44.4	41.8	109.9	122.9
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	3.0	3.0	2.5	2.5	1.7	1.7	1.7	2.0	4.1	4.5	1.5	1.5
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	57.1	38.5	15.9	15.9	15.9	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)	4,520.8	4,257.4	4,232.5	4,001.4	4,062.5	3,931.5	4,093.5	3,988.7	3,899.9	3,816.0	3,709.5	3,504.4
I. Owner's equity	4,520.8	4,257.0	4,229.7	3,998.8	4,062.5	3,930.8	4,096.1	3,991.8	3,900.4	3,816.0	3,712.0	3,507.3
1. Owner's capital	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0	1,355.0
- Common stock with voting right	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00	1,354,991,980,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2
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	349.5	335.7	333.9	354.3	326.6	285.3	233.1	232.9	212.1	202.7	191.8	136.1
8. Investment and development fund	1,474.5	1,474.5	1,466.1	1,494.3	1,372.2	1,372.2	1,372.2	1,372.2	1,299.5	1,299.5	1,299.5	1,299.5
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	1,118.3	874.1	851.3	585.3	802.2	716.5	929.8	831.5	839.4	769.4	659.6	533.7
- Accumulated retained earning at the end of the previous period	839.0	399.5	385.6	399.4	706.6	285.1	693.8	693.8	766.3	183.8	188.7	184.1
- Undistributed earnings in this period	279.3	474.6	465.7	185.9	95.6	431.4	236.0	137.7	73.1	585.6	470.9	349.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	202.3	196.5	202.2	188.7	185.3	180.6	184.8	178.9	173.2	168.1	184.9	161.8
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.4	2.7	2.6	-0.0	0.7	-2.7	-3.1	-0.6	0.1	-2.5	-2.9
1. Subsidized not-for-profit funds	—	-0.2	2.1	1.9	-0.7	-0.1	-3.4	-3.1	-0.6	0.1	-2.5	-2.9
2. Funds invested in fixed assets	—	0.6	0.7	0.7	0.7	0.8	0.8	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)	6,456.9	6,161.5	6,167.1	6,068.7	5,921.1	5,943.7	6,041.7	5,994.6	5,989.7	6,161.0	6,049.5	5,988.6

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	353.1	48.8	317.2	120.5	113.6	268.3	116.1	81.1	90.3	184.2	170.0	154.1
Depreciation of Fixed Assets and Investment Property	40.9	31.2	44.7	40.4	36.5	34.6	38.0	36.7	35.2	42.9	27.5	33.8
Provision (Increase)/Reversal	—	62.6	-0.1	—	0.1	16.0	-6.9	7.8	-0.8	-0.7	-0.2	0.2
FX Gain/Loss from Revaluation of Monetary Items	0.5	1.2	2.0	-2.3	-0.9	0.1	-1.1	1.7	-0.9	-0.3	-2.9	4.3
Gain/Loss from Investment Activities	-41.3	-40.7	-84.5	-57.1	-46.8	-66.5	-67.2	-54.9	-49.0	-65.1	-60.7	-137.3
Interest Expense	0.1	0.6	0.4	0.7	0.8	1.1	3.3	5.7	4.0	4.6	3.3	4.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.1	-0.1	0.1	0.0	0.0
Operating Profit Before Changes in Working Capital	353.3	103.7	279.9	102.2	103.3	253.5	82.2	78.2	78.7	165.7	137.0	59.7
Increase/(Decrease) in Receivables	-259.3	120.0	-148.7	0.9	53.8	-9.7	5.8	-6.7	11.6	-57.5	29.4	30.4
Increase/(Decrease) in Inventory	92.4	-16.6	179.8	-29.1	-42.0	-119.8	-25.1	-1.5	54.7	-28.6	-50.2	16.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.0	-13.6	47.5	18.7	-20.4	12.4	-13.3	15.5	-81.3	3.9	33.9	-50.9
Increase/(Decrease) in Prepaid Expenses	-2.8	-0.4	35.5	-28.0	2.7	32.3	-3.2	-18.4	-5.7	17.7	88.5	-40.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.6	-0.5	-0.7	-0.8	-1.5	-2.9	-7.5	-4.0	-4.4	-3.4	-4.6
Corporate Income Tax Paid	-28.3	-53.3	-0.6	-9.4	-34.2	-23.5	-1.5	-7.0	-27.8	-22.4	-81.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-18.6	1.9	-9.9	1.5	-26.7	6.8	-1.3	-3.0	-35.3	-1.2	0.5	-13.6
Net Cash Flow from Operating Activities	129.5	141.1	383.0	56.1	35.7	150.5	40.7	49.5	-9.0	73.1	154.8	-2.8
Payments for Fixed Assets and Other Long-term Assets	-5.9	-31.8	-4.7	-5.1	-17.2	-39.6	-11.5	-11.2	-6.5	-5.3	-37.2	-23.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.6	0.1	-0.1	0.2	0.3	-7.8	8.0	0.0	0.6	1.4	74.5
Loans and Purchases of Debt Instruments	-563.6	-507.2	-579.2	-171.1	-391.4	-664.9	-587.3	-226.9	-170.2	-695.5	-704.8	-135.8
Receipts from Loan Repayments and Sale of Debt Instruments	392.4	345.0	538.8	197.1	432.6	923.9	631.3	213.2	273.2	613.9	598.5	392.8
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	23.1	32.3	104.9	8.2	20.3	84.0	69.8	15.5	23.9	68.3	62.2	73.9
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	-153.9	-161.1	59.9	29.0	44.5	303.7	94.5	-1.4	120.4	-18.0	-79.9	381.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-182,452,375,929.00	182,452,375,929.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	6.9	15.0	30.0	55.0	60.0	51.1	30.0	89.3	563.9	-354.1	0.0
Repayment of Borrowings	-15.0	0.1	-55.0	0.0	-20.0	-176.7	-97.2	-132.0	-88.5	280.6	-430.7	-88.5
Repayment of Finance Leases	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	12.4	-195.0	-1.3	-105.8	-312.4	-0.0	-0.1	-128.3	-714.4	485.4	-210.1
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	-15.3	-10.7	-235.0	-11.3	-70.8	-429.1	-46.1	-102.1	-127.5	-52.4	-116.9	-298.6
Net Cash Flow During the Period	-39.6	-30.6	207.9	73.8	9.3	25.1	89.1	-54.0	-16.1	2.7	-42.0	80.3
Cash and Cash Equivalents at Beginning of Period	450.9	481.4	274.7	199.7	190.4	145.8	145.8	145.8	145.8	165.8	165.8	165.8
FX Difference from Revaluation	-0.2	0.1	—	1.2	-0.0	0.7	-0.3	0.3	-0.1	-0.1	-0.0	0.1
Cash and Cash Equivalents at End of Period	411.1	450.9	481.4	274.7	199.7	190.4	164.6	75.9	129.6	145.8	143.2	185.3

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PHR

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