PTB

Phú Tài ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.20%, +1.09pp YoY

Price

39,700

Latest close

02 Jun 2026

P/E 5.15x

P/B 0.87x

EPS 7,714

BVPS 45,509

ROE 16.1%

ROA 9.1%

Profit Margin 7.0%

Asset Turnover 1.31x

Equity Mult. 1.77x

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

What Is Changing

On a TTM 2026Q1 basis, PTB 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. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,772bn
	                                
+16.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 560bn
	                                
+37.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	7,299.5	6,466.5	5,618.6	6,886.5	6,505.4
Growth	+13%	+15%	-18%	+6%	—
Net Income	514.8	376.3	259.5	502.4	526.3
Net Margin	7.05%	5.82%	4.62%	7.30%	8.09%

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	2,094.7	2,088.4	1,683.9	1,904.6	1,620.2	1,936.5	1,485.0	1,608.1	1,437.0	1,548.0	1,186.9	1,474.3
Growth	+0%	+24%	-12%	+18%	-16%	+30%	-8%	+12%	-7%	+30%	-19%	—
Net Income	154.0	132.8	140.1	132.9	117.0	93.7	82.1	114.0	89.9	52.2	77.5	106.6
Net Margin	7.35%	6.36%	8.32%	6.98%	7.22%	4.84%	5.53%	7.09%	6.26%	3.37%	6.53%	7.23%

Drivers of PTB's profit

TTM

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

Gross profit ↑ 323.6bn

Financial income ↑ 16.2bn

Selling expenses ↑ 90.3bn

Other profit ↓ 35.2bn

Administrative expenses ↑ 25.5bn

Tax ↑ 23.9bn

TTM

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

Gross profit ↑ 95.3bn

Other profit ↑ 4.3bn

Selling expenses ↑ 34.3bn

Finance costs ↑ 15.3bn

Tax ↑ 7.1bn

Administrative expenses ↑ 5.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.9% = 6.1% × 1.27 × 1.80

2026Q1 16.6% = 7.2% × 1.31 × 1.77

ROE rose from 13.9% to 16.6% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 7.2% +1.1pp Asset turnover: 1.31x +0.04x Leverage: 1.77x -0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 7.20%, rising 1.1pp. The main driver is Gross margin rose 1.4pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.5pp remained a drag).

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

Profitability trend

Net Margin 7.20% +1.1pp

Gross Margin 20.49% +1.4pp

SG&A / Revenue 11.44% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 4.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 12.14%, rising 2.7pp. That translates to 12.14 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.5pp, with capital turnover broadly stable; while invested capital rose by 584bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 12.14% +2.7pp

NOPAT Margin 7.31% +1.5pp

Capital Turnover 1.66x +0.04x

Average Invested Capital 4,677.4bn +584.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.91x equity, net debt at 0.43x equity.

Inventory ended the period at 1,783.6bn, roughly 27.9% of total assets.

Over the last 12 months, working capital absorbed 628.7bn 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: −282.8bn

Inventories increased → lower CFO: −363.0bn

Payables increased → higher CFO: +17.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 4.4 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 2.6 days, and DPO fell 7.0 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 109.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 43.0 days −2.6 days

Inventory 93.8 days +0.1 days

Payables 27.5 days −7.0 days

Cash Conversion Cycle 109.3 days +4.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 369.6bn due to capex of 501.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.43x and interest coverage at 6.51x.

At present, short-term debt accounts for 77.5% of total debt, cash equals 21.5% of debt, and total debt stands at 1,999.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 77.5% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 21.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.43x +0.09x

Interest Coverage 6.51x +1.23x

Cash / Debt 21.5% −5.6pp

Short-term Debt / Total Debt 77.5% −16.6pp

CFO / NI 0.24x −0.93x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 445.7bn in 2025, against investing cash flow of -477.8bn.

Post-investment cash flow was negative +32.0bn. Financing cash flow was positive +210.5bn.

CFO / net income was 0.24x.

After spending +501.7bn on fixed-asset investment, the business generated trailing free cash flow of −369.6bn.

Cash Conversion

CFO TTM 132.1bn −330.8bn

Cash Capex 501.7bn +194.1bn

FCF TTM −369.6bn −524.9bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. The residual risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.20% after expanding 1.1pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 369.6bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,300.1	6,466.8	5,618.8	6,889.2	6,508.4
Revenue Deductions	0.6	0.3	0.2	2.7	0.0
Net Revenue	7,299.5	6,466.5	5,618.6	6,886.5	6,505.4
Cost of Goods Sold	5,799.9	5,242.1	4,474.3	5,346.5	0.0
Gross Profit	1,499.6	1,224.3	1,144.2	1,540.0	1,453.5
Financial Income	84.6	77.1	30.0	44.6	61.3
Financial Expenses	91.1	96.3	143.5	170.7	-120.2
Interest Expense	77.6	78.0	116.8	110.9	-99.0
Share of Associates and Joint Ventures	1.1	1.0	-6.9	0.0	-0.0
Selling Expenses	563.2	496.9	439.3	562.7	-550.5
General and Administrative Expenses	284.8	264.3	248.7	232.7	-206.0
Operating Profit	646.2	444.9	335.9	618.6	638.2
Other Income	20.2	124.5	18.5	68.7	0.0
Other Expenses	33.3	97.4	31.6	73.3	0.0
Other Profit	-13.2	27.1	-13.1	-4.6	12.4
Profit Before Tax	633.0	472.0	322.8	614.0	650.5
Current Income Tax Expense	118.0	92.3	61.7	116.3	-124.2
Deferred Income Tax Expense	0.2	3.4	1.6	-4.7	0.0
Net Income	514.8	376.3	259.5	502.4	526.3
Non-controlling Interest	17.5	7.6	1.7	15.1	14.1
Profit Attributable to Parent	497.3	368.7	257.8	487.3	512.2
Earnings per Share	7,429.00	5,508.00	3,808.00	7,162.00	11,074.00
Diluted EPS	7,428.91	5,507.59	3,850.74	7,162.01	10,539.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,075.1	3,313.7	2,941.1	3,055.3	3,110.6
I. Cash and cash equivalents	655.3	470.9	428.3	272.1	135.9
1. Cash	584.5	287.8	277.9	270.0	0.0
2. Cash equivalents	70.8	183.0	150.4	2.1	0.0
II. Short-term financial investments	129.0	26.1	19.6	27.2	0.0
1. Available for sale securities	41.2	27.5	19.6	21.4	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.6	-1.4	0.0	-5.3	0.0
3. Held to maturity investments	90.5	0.0	0.0	11.1	0.0
III. Short-term receivables	1,278.2	1,221.4	881.1	792.7	929.5
1. Short-term trade accounts receivable	930.1	887.8	801.3	718.3	0.0
2. Short-term prepayments to suppliers	264.4	121.8	36.4	56.9	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	71.6	100.6	50.0	0.0	0.0
6. Other short-term receivables	102.9	177.9	47.5	28.0	0.0
7. Provision for short-term doubtful debts (*)	-90.8	-66.7	-54.1	-10.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,783.6	1,454.9	1,466.3	1,757.4	1,789.6
1. Inventories	1,784.8	1,454.9	1,471.6	1,761.8	0.0
2. Provision for decline in value of inventories	-1.1	0.0	-5.3	-4.3	0.0
V. Other short-term assets	228.9	140.4	145.8	205.9	201.9
1. Short-term prepayments	37.4	26.5	32.6	57.4	0.0
2. Value added tax to be reclaimed	184.8	113.1	112.5	148.5	0.0
3. Taxes and other receivables from state authorities	6.7	0.8	0.6	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,317.9	2,175.4	2,322.6	2,183.0	2,320.4
I. Long-term receivables	26.4	28.9	27.0	27.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	23.5
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	26.4	28.9	27.0	27.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,714.0	1,558.5	1,740.6	1,796.0	1,780.2
1. Tangible fixed assets	1,689.1	1,542.6	1,719.5	1,772.6	1,754.2
- Cost	3,688.9	3,350.4	3,364.4	3,332.5	0.0
- Accumulated depreciation	-1,999.8	-1,807.8	-1,644.9	-1,559.9	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	24.9	15.9	21.1	23.5	26.0
- Cost	47.0	36.0	46.8	46.8	0.0
- Accumulated depreciation	-22.1	-20.0	-25.6	-23.3	0.0
III. Investment properties	4.9	5.2	5.4	5.6	0.0
- Cost	5.7	5.7	5.7	5.7	0.0
- Accumulated depreciation	-0.8	-0.5	-0.3	-0.1	0.0
IV. Long-term assets in progress	43.7	73.2	13.9	38.3	183.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	43.7	73.2	13.9	38.3	0.0
V. Long-term financial investments	257.3	256.8	255.8	14.6	14.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	257.3	256.2	255.2	0.0	0.0
3. Investments in other entities	—	0.6	0.6	14.6	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	271.7	252.9	280.0	301.0	0.0
1. Long-term prepayments	244.4	242.0	264.9	282.8	0.0
2. Deferred income tax assets	2.4	2.0	3.1	3.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	12.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	319.0
5. Goodwill	24.9	8.8	0.0	15.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	6,393.0	5,489.1	5,263.8	5,238.3	5,430.9
A. LIABILITIES (300=210+330)	3,044.6	2,456.2	2,487.1	2,477.0	3,038.9
I. Short -term liabilities	2,659.2	2,351.6	2,352.4	2,310.1	2,654.9
1. Short-term trade accounts payable	554.1	516.5	499.0	417.8	619.6
2. Short-term advances from customers	109.5	68.9	45.8	31.2	110.1
3. Taxes and other payables to state authorities	93.5	57.3	46.4	108.7	0.0
4. Payable to employees	127.9	114.5	95.0	96.6	0.0
5. Short-term acrrued expenses	95.2	31.2	19.8	16.8	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	0.2
9. Other short-term payables	33.8	27.4	27.6	107.6	0.0
10. Short-term borrowings and financial leases	1,576.1	1,470.9	1,553.4	1,475.9	1,609.3
11. Provision for short-term liabilities	3.3	2.2	2.2	6.7	0.0
12.. Bonus and welfare fund	65.7	62.9	63.2	48.9	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	385.4	104.6	134.6	166.9	384.0
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	0.3	0.4	0.4	0.5	0.0
8. Long-term borrowings and financial leases	359.1	81.5	115.5	151.7	360.5
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	6.7	6.1	3.7	2.1	0.0
12. Provision for long-term liabilities	19.4	16.6	14.9	12.6	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	3,348.4	3,032.9	2,776.7	2,761.3	2,392.0
I. Owner's equity	3,348.4	3,032.9	2,776.7	2,761.3	0.0
1. Owner's capital	669.4	669.4	669.4	680.4	2,392.0
- Common stock with voting right	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	680,384,030,000.00	485,994,410,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	23.6	23.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1,765.2	1,648.1	1,635.9	1,488.0	1,273.4
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	—	0.0	0.0	2.4	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	772.6	585.8	418.2	492.9	536.8
- Accumulated retained earning at the end of the previous period	279.6	217.1	160.5	75.8	35.7
- Undistributed earnings in this period	493.0	368.7	257.8	417.0	501.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	141.1	129.6	53.2	74.0	70.3
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)	6,393.0	5,489.1	5,263.8	5,238.3	5,430.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	633.0	472.0	322.8	614.0	650.5
Depreciation of Fixed Assets and Investment Property	254.5	248.4	240.9	278.9	274.5
Provision (Increase)/Reversal	30.3	10.3	37.8	8.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-8.4	-11.3	0.6	1.9	0.0
Gain/Loss from Investment Activities	-21.5	-22.9	-5.0	-33.4	0.0
Interest Expense	77.6	78.0	116.8	111.4	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	59.8	0.0
Operating Profit Before Changes in Working Capital	965.6	774.5	713.9	1,040.6	1,007.9
Increase/(Decrease) in Receivables	-123.4	-261.3	-83.1	100.8	0.0
Increase/(Decrease) in Inventory	-329.8	16.6	284.7	91.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	158.0	69.0	70.3	-267.3	0.0
Increase/(Decrease) in Prepaid Expenses	-19.0	28.1	37.4	-5.9	0.0
Changes in Trading Securities	-13.7	-7.8	1.7	34.3	0.0
Interest Paid	-76.8	-77.8	-116.1	-111.1	0.0
Corporate Income Tax Paid	-89.0	-85.0	-115.7	-125.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-26.2	-20.0	-14.5	-21.7	0.0
Net Cash Flow from Operating Activities	445.7	436.3	778.5	735.1	122.4
Payments for Fixed Assets and Other Long-term Assets	-470.9	-224.8	-172.4	-283.2	-480.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	31.2	82.9	27.4	83.7	52.0
Loans and Purchases of Debt Instruments	-90.5	-50.6	-63.4	-11.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	29.0	0.0	24.4	0.0	100.0
Investments in Other Entities	—	0.0	-240.0	0.0	-4.2
Proceeds from Investments in Other Entities	—	0.0	6.1	0.0	0.0
Dividends and Interest Income Received	23.4	5.4	4.8	1.4	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	-477.8	-187.2	-412.9	-209.3	-323.4
Proceeds from Equity Issuance and Capital Contributions	—	72,000,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	-57,068,977,185.00	0.00	0.00
Proceeds from Borrowings	5,748.4	4,749.3	4,265.6	4,833.5	5,345.5
Repayment of Borrowings	-5,365.8	-4,867.0	-4,211.7	-5,185.5	-5,081.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-172.1	-167.5	-205.5	-36.8	-100.3
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	210.5	-213.1	-208.6	-388.7	164.2
Net Cash Flow During the Period	178.4	36.0	156.9	137.0	-1.2
Cash and Cash Equivalents at Beginning of Period	470.9	428.3	272.1	135.9	167.8
FX Difference from Revaluation	6.0	6.5	-0.6	-0.8	4.9
Cash and Cash Equivalents at End of Period	655.3	470.9	428.3	272.1	135.9

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	2,094.7	2,088.4	1,683.9	1,904.6	1,620.2	1,936.7	1,485.0	1,608.1	1,437.1	1,548.0	1,186.9	1,474.4
Revenue Deductions	—	—	0.1	—	0.0	0.2	0.0	0.0	0.1	0.1	0.1	0.1
Net Revenue	2,094.7	2,088.4	1,683.9	1,904.6	1,620.2	1,936.5	1,485.0	1,608.1	1,437.0	1,548.0	1,186.9	1,474.3
Cost of Goods Sold	1,651.9	1,691.2	1,322.5	1,513.6	1,272.7	1,626.4	1,198.2	1,283.6	1,133.9	1,257.3	924.6	1,147.2
Gross Profit	442.8	397.2	361.4	391.0	347.5	310.1	286.8	324.5	303.0	290.7	262.3	327.1
Financial Income	15.5	23.6	23.2	31.8	14.0	29.1	10.3	24.4	13.2	8.3	12.1	5.3
Financial Expenses	34.9	29.9	20.8	20.8	19.6	20.8	28.2	22.9	24.5	31.5	43.1	32.8
Interest Expense	23.9	23.1	17.8	19.3	17.4	17.7	18.5	19.5	22.5	26.9	27.7	29.7
Share of Associates and Joint Ventures	-0.1	-0.1	0.6	2.0	1.2	0.1	-0.3	-0.1	1.2	-6.9	0.0	0.1
Selling Expenses	165.0	152.8	129.8	149.9	130.7	148.0	106.4	122.1	120.4	127.0	85.0	110.5
General and Administrative Expenses	68.7	81.0	56.4	85.6	63.3	86.0	57.7	59.2	60.7	51.6	45.4	61.2
Operating Profit	189.6	157.0	178.2	168.4	149.2	84.5	104.4	144.6	111.8	81.9	100.9	128.1
Other Income	2.4	7.4	1.9	5.4	5.5	114.7	2.1	4.6	3.1	6.4	4.1	2.3
Other Expenses	2.2	3.0	9.0	12.6	9.6	76.6	4.2	10.9	5.6	17.8	10.5	6.3
Other Profit	0.2	4.4	-7.1	-7.2	-4.1	38.1	-2.1	-6.3	-2.6	-11.4	-6.4	-4.1
Profit Before Tax	189.8	161.3	171.1	161.2	145.1	122.6	102.3	138.3	109.2	70.5	94.4	124.0
Current Income Tax Expense	36.3	28.3	30.9	28.0	29.2	26.2	20.2	24.0	18.9	18.5	17.0	17.0
Deferred Income Tax Expense	-0.5	0.2	0.1	0.2	-1.0	2.7	-0.1	0.3	0.4	-0.2	-0.1	0.4
Net Income	154.0	132.8	140.1	132.9	117.0	93.7	82.1	114.0	89.9	52.2	77.5	106.6
Non-controlling Interest	4.2	5.4	4.2	4.7	3.9	2.0	2.5	3.3	0.8	0.5	0.9	0.7
Profit Attributable to Parent	149.8	127.4	135.9	128.2	113.0	91.7	79.6	110.7	89.2	51.7	76.6	105.9
Earnings per Share	1,864.00	1,904.00	2,030.00	1,916.00	1,688.00	1,370.00	1,189.00	1,654.00	1,332.00	773.00	1,184.00	1,557.00
Diluted EPS	1,864.38	1,903.82	2,029.68	1,915.78	1,688.28	1,370.00	1,189.11	1,653.60	1,332.25	772.90	1,144.32	1,556.81

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)	4,108.5	4,077.7	3,529.3	3,496.7	3,187.0	3,244.9	2,938.6	2,743.7	2,765.1	2,983.1	2,750.4	2,913.5
I. Cash and cash equivalents	429.3	741.6	606.8	837.5	389.2	470.9	228.7	341.1	299.4	428.3	169.1	225.8
1. Cash	367.1	584.5	443.8	605.7	284.0	287.8	218.5	249.5	258.0	277.9	131.1	201.9
2. Cash equivalents	62.2	157.1	163.0	231.7	105.2	183.0	10.1	91.6	41.4	150.4	38.0	24.0
II. Short-term financial investments	274.3	41.1	44.0	33.9	24.6	26.1	26.4	29.4	23.7	19.6	19.5	39.8
1. Available for sale securities	58.0	41.2	45.6	35.6	26.0	27.5	27.2	30.2	23.7	19.6	19.5	19.7
2. Provision for diminution in value of available for sale securities (*)	-3.4	-2.6	-1.7	-1.7	-1.4	-1.4	-0.9	-0.9	0.0	0.0	0.0	-2.9
3. Held to maturity investments	219.8	2.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	23.0
III. Short-term receivables	1,402.3	1,281.6	1,004.1	1,019.8	1,209.6	1,153.5	973.1	857.0	900.1	923.3	761.8	805.6
1. Short-term trade accounts receivable	996.4	931.9	787.9	749.0	835.9	887.8	722.8	774.9	828.1	801.3	665.5	697.8
2. Short-term prepayments to suppliers	357.6	266.1	114.0	139.3	176.3	121.8	83.6	48.2	35.0	36.4	30.0	43.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	71.8	76.6	81.6	97.1	100.6	102.2	50.0	50.0	50.0	50.0	50.0
6. Other short-term receivables	140.6	102.7	100.3	121.6	169.2	110.0	123.2	41.1	43.6	47.1	25.6	23.1
7. Provision for short-term doubtful debts (*)	-92.3	-90.8	-74.7	-71.8	-68.9	-66.7	-58.7	-57.2	-56.7	-11.5	-9.3	-9.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,768.4	1,784.4	1,674.0	1,445.6	1,406.3	1,454.2	1,554.8	1,338.0	1,351.6	1,466.3	1,605.8	1,609.0
1. Inventories	1,769.6	1,785.6	1,674.8	1,446.1	1,406.6	1,454.2	1,554.8	1,339.9	1,357.4	1,471.6	1,610.2	1,613.3
2. Provision for decline in value of inventories	-1.1	-1.1	-0.8	-0.6	-0.3	0.0	0.0	-1.9	-5.8	-5.3	-4.3	-4.3
V. Other short-term assets	234.1	228.9	200.5	160.1	157.3	140.3	155.7	178.3	190.3	145.6	194.2	233.3
1. Short-term prepayments	37.5	37.4	30.1	30.8	27.8	26.5	31.3	33.7	36.2	32.6	40.4	45.3
2. Value added tax to be reclaimed	195.5	184.8	163.7	128.3	128.5	113.1	123.2	144.0	151.4	112.5	153.7	188.0
3. Taxes and other receivables from state authorities	1.2	6.7	6.6	0.9	1.0	0.6	1.2	0.6	2.7	0.5	0.1	0.0
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)	2,437.1	2,319.6	2,339.5	2,224.8	2,175.5	2,243.2	2,235.4	2,352.5	2,383.4	2,323.1	2,371.2	2,212.6
I. Long-term receivables	28.2	26.4	28.7	30.4	29.5	96.5	57.0	31.7	27.8	27.5	26.4	25.5
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	—	—	—	0.4	—	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	28.2	26.4	28.7	30.0	29.5	96.5	57.0	31.7	27.8	27.5	26.4	25.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,652.5	1,714.0	1,745.9	1,662.3	1,526.3	1,558.5	1,629.9	1,664.8	1,695.1	1,740.6	1,776.6	1,688.2
1. Tangible fixed assets	1,628.4	1,689.1	1,728.7	1,644.6	1,508.1	1,542.6	1,610.3	1,644.7	1,674.5	1,719.5	1,754.9	1,665.9
- Cost	3,690.1	—	—	—	—	3,335.8	3,407.8	3,388.2	3,369.8	3,364.4	3,355.5	3,216.4
- Accumulated depreciation	-2,061.7	—	—	—	—	-1,793.2	-1,797.5	-1,743.5	-1,695.3	-1,644.9	-1,600.6	-1,550.5
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	24.1	24.9	17.2	17.7	18.2	15.9	19.6	20.1	20.6	21.1	21.7	22.3
- Cost	47.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	4.9	4.9	5.0	5.0	5.1	5.2	5.2	5.3	5.3	5.4	5.4	5.5
- Cost	5.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	227.4	43.7	37.7	19.1	103.8	73.2	19.5	17.1	17.9	13.9	17.3	144.2
1. Long-term production in progress	—	—	—	—	—	73.2	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	227.4	43.7	37.7	19.1	103.8	0.0	19.5	17.1	17.9	13.9	17.3	144.2
V. Long-term financial investments	257.1	258.9	259.0	259.0	257.2	256.8	256.7	364.7	365.0	255.8	262.6	65.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	257.1	257.3	257.4	256.8	256.6	256.2	256.1	364.1	364.4	255.2	262.0	64.8
3. Investments in other entities	—	—	—	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	—	1.6	1.6	1.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	267.0	271.7	263.2	248.9	253.5	253.1	267.1	268.9	272.2	268.0	270.1	270.3
1. Long-term prepayments	240.3	244.4	238.2	239.1	242.5	242.0	254.3	255.4	258.0	265.0	268.1	268.3
2. Deferred income tax assets	2.9	2.4	2.7	2.6	3.0	2.2	3.2	3.1	3.0	3.1	2.1	2.0
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	11.2	0.0	0.0	0.0
5. Goodwill	23.9	24.9	22.4	7.3	8.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	8.8	9.6	10.4	0.0	11.9	12.7	13.5
TOTAL ASSETS (280=100+200)	6,545.7	6,397.3	5,868.8	5,721.5	5,362.5	5,488.1	5,174.0	5,096.2	5,148.4	5,306.2	5,121.6	5,126.1
A. LIABILITIES (300=210+330)	2,890.1	3,049.4	2,636.3	2,626.4	2,283.7	2,454.8	2,218.9	2,228.1	2,383.3	2,495.1	2,358.9	2,379.6
I. Short -term liabilities	2,413.8	2,656.4	2,272.3	2,470.9	2,175.0	2,340.0	2,094.2	2,100.8	2,231.4	2,363.2	2,262.0	2,025.3
1. Short-term trade accounts payable	440.6	556.6	551.9	464.9	491.8	516.5	479.3	456.6	525.6	499.0	408.8	372.6
2. Short-term advances from customers	77.1	111.3	79.5	72.5	79.5	68.9	122.7	35.6	36.8	45.8	42.7	35.2
3. Dividends and profits payable	3.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	88.9	91.8	97.2	118.4	42.6	56.1	62.3	41.6	25.5	54.4	64.7	45.3
4. Payable to employees	82.6	130.4	128.1	125.3	84.3	114.4	93.4	91.9	74.1	95.0	81.1	81.8
5. Short-term acrrued expenses	76.2	95.2	39.1	38.0	35.4	31.2	19.6	24.7	22.0	19.8	21.0	20.9
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	39.2	33.8	30.3	150.5	29.0	27.1	32.6	29.8	30.4	27.6	22.3	42.6
10. Short-term borrowings and financial leases	1,550.7	1,568.6	1,281.8	1,430.8	1,354.1	1,460.7	1,221.5	1,354.4	1,460.3	1,556.2	1,553.8	1,358.0
11. Provision for short-term liabilities	3.1	3.3	2.1	2.2	2.2	2.2	2.2	2.2	2.2	2.2	6.6	6.6
12.. Bonus and welfare fund	52.1	65.4	62.3	68.4	56.1	62.9	60.6	64.1	54.4	63.2	61.0	62.2
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	476.3	392.9	364.0	155.5	108.7	114.8	124.7	127.3	151.9	131.9	96.9	354.3
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	—	—	—	—	—	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	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	449.2	366.6	338.2	130.6	84.9	91.7	103.3	106.4	132.1	112.8	79.3	337.6
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	6.7	6.7	6.8	6.6	6.1	6.1	4.5	4.5	4.1	3.7	2.9	2.9
12. Provision for long-term liabilities	20.1	19.4	18.7	18.0	17.3	16.6	16.6	16.0	15.3	14.9	14.2	13.3
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)	3,655.6	3,347.9	3,232.4	3,095.0	3,078.8	3,033.4	2,955.1	2,868.0	2,765.1	2,811.2	2,762.7	2,746.5
I. Owner's equity	3,655.6	3,347.9	3,232.4	3,095.0	3,078.8	3,033.4	2,955.1	2,868.0	2,765.1	2,811.2	2,762.7	2,746.5
1. Owner's capital	803.3	669.4	669.4	669.4	669.4	669.4	669.4	669.4	669.4	669.4	669.4	680.4
- Common stock with voting right	803,260,840,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	669,384,030,000.00	680,384,030,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	-0.2	-0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	23.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1,765.2	1,765.2	1,729.9	1,729.9	1,648.1	1,648.1	1,674.2	1,674.2	1,635.9	1,635.9	1,636.0	1,671.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.4
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	916.0	771.6	693.9	560.6	628.3	586.3	480.0	467.3	406.0	452.6	404.4	316.9
- Accumulated retained earning at the end of the previous period	727.3	270.9	307.0	252.5	519.9	159.3	200.3	265.4	313.5	158.6	162.4	154.1
- Undistributed earnings in this period	188.7	500.7	386.9	308.1	108.5	427.0	279.6	201.9	92.5	293.9	242.0	162.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	144.4	141.9	139.5	135.3	133.0	129.6	131.5	57.1	53.9	53.3	52.9	52.0
14. Financial reserves	26.7	—	—	—	—	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)	6,545.7	6,397.3	5,868.8	5,721.5	5,362.5	5,488.1	5,174.0	5,096.2	5,148.4	5,306.2	5,121.6	5,126.1

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	189.8	158.1	171.7	158.0	145.1	122.6	102.3	137.9	109.2	27.8	94.4	124.0
Depreciation of Fixed Assets and Investment Property	69.5	71.2	63.6	59.6	60.1	61.9	62.3	63.6	60.7	61.5	59.7	49.1
Provision (Increase)/Reversal	3.0	19.2	3.8	4.1	3.2	8.6	0.3	-1.9	3.4	42.1	-1.7	-2.2
FX Gain/Loss from Revaluation of Monetary Items	-0.0	4.6	-2.4	-8.8	-1.7	-6.0	3.3	-3.5	-1.0	0.6	-1.5	1.5
Gain/Loss from Investment Activities	-4.2	0.3	-8.6	-10.6	-2.6	-12.8	-3.6	-3.9	-2.6	5.9	-4.5	-3.4
Interest Expense	23.9	23.1	17.8	19.3	17.4	17.7	18.5	19.4	22.5	26.9	27.7	29.6
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	282.0	276.6	245.9	221.6	221.5	191.9	183.1	211.5	192.2	164.9	174.0	198.6
Increase/(Decrease) in Receivables	-136.9	-229.4	-76.4	159.9	22.5	-186.2	-36.8	15.3	-60.6	-121.9	69.5	27.2
Increase/(Decrease) in Inventory	15.2	-110.0	-228.7	-39.5	48.4	100.5	-214.6	17.2	114.2	138.6	3.2	74.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-184.6	117.6	-11.7	95.7	-43.7	23.8	101.8	-39.6	0.3	100.2	36.8	-66.5
Increase/(Decrease) in Prepaid Expenses	3.1	-18.7	1.4	0.8	-2.5	16.5	3.6	4.8	3.1	10.7	5.0	14.9
Changes in Trading Securities	-16.9	—	—	—	—	-0.2	3.0	-6.6	-4.0	-0.1	0.2	6.5
Interest Paid	-22.2	-22.7	-17.5	-19.0	-17.5	-17.0	-18.7	-19.5	-22.6	-24.9	-28.7	-31.2
Corporate Income Tax Paid	-68.9	-39.1	-4.8	-3.2	-41.8	-35.1	-2.9	-6.6	-40.4	-28.6	-2.3	-1.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-7.1	-7.9	-6.1	-1.2	-10.9	-1.0	-2.2	-0.8	-10.2	-1.3	-1.3	-1.7
Net Cash Flow from Operating Activities	-136.2	-29.2	-107.9	405.5	177.4	93.4	16.3	175.8	171.9	237.4	256.4	220.6
Payments for Fixed Assets and Other Long-term Assets	-141.9	-153.8	-93.8	-112.2	-111.1	-131.0	-3.9	-61.6	-27.5	-21.4	-35.2	-40.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.7	-2.2	4.2	4.8	24.4	63.0	1.6	5.1	9.7	-2.7	21.0	-7.9
Loans and Purchases of Debt Instruments	-57.7	-88.9	0.0	-1.6	—	1.6	7.8	-60.0	0.0	0.0	0.0	-61.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.0	5.0	15.5	3.5	0.0	0.0	0.0	0.0	13.0	0.0	11.4
Investments in Other Entities	—	—	—	—	—	0.1	0.9	108.0	-108.0	0.0	-197.5	-42.5
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.1	5.0	2.1
Dividends and Interest Income Received	1.0	6.4	11.6	2.7	2.7	2.2	0.4	3.6	0.7	-0.6	3.6	1.6
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	-195.9	-233.5	-73.0	-90.8	-80.5	-64.1	6.8	-4.9	-125.0	-12.6	-203.0	-136.7
Proceeds from Equity Issuance and Capital Contributions	160,599,457,000.00	—	—	—	—	0.00	0.00	72,000,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-110,000,000.00	-56,958,977,185.00	0.00
Proceeds from Borrowings	1,302.1	1,437.4	1,590.4	1,478.7	1,241.8	1,569.6	1,058.5	1,052.2	1,070.2	897.3	1,257.2	573.0
Repayment of Borrowings	-1,358.5	-1,122.3	-1,537.5	-1,351.0	-1,355.2	-1,342.0	-1,122.5	-1,255.7	-1,146.7	-862.1	-1,319.7	-471.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-2.4	-102.7	0.0	-66.9	-8.7	-67.1	0.0	-100.3	-0.1	-2.1	-136.2
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	104.1	312.7	-49.7	127.8	-180.3	218.9	-131.1	-131.6	-176.8	35.0	-121.6	-34.6
Net Cash Flow During the Period	-228.0	50.0	-230.7	442.5	-83.3	248.2	-107.9	39.3	-129.9	259.8	-68.2	49.3
Cash and Cash Equivalents at Beginning of Period	655.3	606.8	837.5	389.2	470.9	428.3	428.3	428.3	428.3	272.1	272.1	272.1
FX Difference from Revaluation	2.0	6.0	7.5	7.5	1.7	-6.0	-5.2	3.0	1.0	-0.6	1.5	-1.5
Cash and Cash Equivalents at End of Period	429.3	655.3	606.8	837.5	389.2	470.9	228.7	341.8	299.4	428.3	169.1	235.8

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