PVX

Tổng Công ty cổ phần Xây lắp Dầu khí Việt Nam ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −22.90%, −3.38pp YoY

Price

1,800

Latest close

29 May 2026

P/E -27.69x

P/B 1.53x

EPS -65

BVPS 1,178

ROE -1.4%

ROA -0.1%

Profit Margin -0.3%

Asset Turnover 0.37x

Equity Mult. 12.11x

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

What Is Changing

On a TTM 2026Q1 basis, PVX is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,245bn
	                                
+79.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 5bn
	                                
−113.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    649.6%

Metric	2025	2024	2023	2022	2021
Revenue	2,210.9	1,213.0	1,189.7	1,782.9	2,032.3
Growth	+82%	+2%	-33%	-12%	—
Net Income	1.4	2.6	-265.2	2.9	38.8
Net Margin	0.06%	0.22%	-22.29%	0.16%	1.91%

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	338.7	913.0	465.5	527.8	306.0	419.3	298.3	227.4	255.2	207.9	224.4	363.8
Growth	-63%	+96%	-12%	+72%	-27%	+41%	+31%	-11%	+23%	-7%	-38%	—
Net Income	-8.7	30.7	-21.6	-5.6	2.4	88.5	-15.6	-35.8	-35.5	-55.7	-73.9	-36.4
Net Margin	-2.56%	3.37%	-4.64%	-1.06%	0.78%	21.11%	-5.24%	-15.75%	-13.92%	-26.80%	-32.94%	-9.99%

Drivers of PVX's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 76.4bn

Finance costs ↓ 8.4bn

Administrative expenses ↑ 59.7bn

Other profit ↓ 39.1bn

Financial income ↓ 28.0bn

TTM

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

Gross profit ↑ 10.0bn

Financial income ↓ 21.7bn

Administrative expenses ↑ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.7% = 3.2% × 0.20 × 11.96

2026Q1 -1.0% = -0.2% × 0.37 × 12.11

ROE fell from 7.7% to -1.0% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: -0.2% -3.4pp Asset turnover: 0.37x +0.17x Leverage: 12.11x +0.15x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -0.23%, losing 3.4pp. The main pressure is SG&A / Revenue rose 0.1pp, outweighing the improvement in Gross margin rose 1.5pp (with lingering pressure from Other profit / Revenue fell 3.6pp and Net financial result / Revenue fell 1.3pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -0.23% −3.4pp

Gross Margin 5.78% +1.5pp

SG&A / Revenue 6.03% +0.1pp

Non-core / Revenue 0.23% −4.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 4.9pp, other income still accounts for 1028.5% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -0.9% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to -0.90%, rising 0.8pp. That translates to -0.90 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 1.51x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 -0.90% +0.8pp

NOPAT Margin -0.26% +0.6pp

Capital Turnover 3.48x +1.51x

Average Invested Capital 644.2bn +11.6bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 11.60x equity, net debt at 1.16x equity.

Inventory ended the period at 1,314.5bn, roughly 21.6% of total assets.

Over the last 12 months, working capital absorbed 102.4bn 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: −645.6bn

Inventories decreased → higher CFO: +539.1bn

Payables increased → higher CFO: +4.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 59.6 days versus the same period last year. The main moves came from DIO fell 311.6 days, DSO fell 208.3 days, and DPO fell 460.2 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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.

Working Capital Efficiency

Receivables 195.3 days −208.3 days

Inventory 291.4 days −311.6 days

Payables 530.4 days −460.2 days

Cash Conversion Cycle -43.6 days −59.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.16x and interest coverage only at -0.35x.

At present, short-term debt accounts for 98.6% of total debt, cash equals 38.5% of debt, and total debt stands at 888.3bn.

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 1.16x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.35x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.16x +1.65x

Interest Coverage -0.35x −0.13x

Cash / Debt 38.5% −97.9pp

Short-term Debt / Total Debt 98.6% +2.0pp

CFO / NI -0.49x −18.57x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 556.7bn in 2025, against investing cash flow of -760.8bn.

Post-investment cash flow was negative +204.1bn. Financing cash flow was positive +29.3bn.

CFO / net income was -0.49x.

Track how much investment can be funded internally from operating cash flow.

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

Cash Conversion

CFO TTM 3.4bn −739.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 378.9%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 378.9% of PBT and CFO / net income currently at -0.49x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -22.90% after a 3.4pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,210.9	1,213.0	1,189.7	1,782.9	2,032.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,210.9	1,213.0	1,189.7	1,782.9	2,032.3
Cost of Goods Sold	2,081.7	1,161.3	1,284.2	1,652.4	0.0
Gross Profit	129.2	51.7	-94.4	130.5	-85.0
Financial Income	43.7	42.9	41.6	30.6	162.9
Financial Expenses	40.8	63.8	71.1	59.0	-58.2
Interest Expense	32.9	36.2	41.1	39.2	-49.2
Share of Associates and Joint Ventures	-3.1	-0.9	-0.8	0.0	6.7
Selling Expenses	5.2	2.1	0.4	0.4	-0.1
General and Administrative Expenses	129.6	74.1	126.1	94.2	-13.1
Operating Profit	-5.7	-46.3	-251.2	7.5	13.3
Other Income	22.0	62.9	7.4	8.1	0.0
Other Expenses	9.6	11.7	23.3	12.8	0.0
Other Profit	12.3	51.2	-15.9	-4.7	26.0
Profit Before Tax	6.6	4.8	-267.1	2.7	39.3
Current Income Tax Expense	1.1	2.1	0.0	0.7	-0.5
Deferred Income Tax Expense	4.0	0.1	-1.9	-0.9	0.0
Net Income	1.4	2.6	-265.2	2.9	38.8
Non-controlling Interest	5.5	-4.8	-105.6	-44.1	-20.6
Profit Attributable to Parent	-4.1	7.4	-159.6	47.0	59.4
Earnings per Share	-10.00	18.00	-399.00	118.00	148.00
Diluted EPS	-10.18	18.42	-399.06	117.53	148.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,967.5	4,611.7	4,715.4	5,170.1	5,137.2
I. Cash and cash equivalents	261.6	433.5	315.5	561.6	393.2
1. Cash	164.6	255.8	249.1	374.4	0.0
2. Cash equivalents	97.0	177.7	66.5	187.2	0.0
II. Short-term financial investments	298.2	254.5	311.1	271.3	0.0
1. Available for sale securities	14.9	14.9	14.9	14.9	0.0
2. Provision for diminution in value of available for sale securities (*)	-13.9	-13.9	-13.9	-13.9	0.0
3. Held to maturity investments	297.2	253.5	310.1	270.3	0.0
III. Short-term receivables	2,002.8	1,957.5	2,010.8	2,266.5	2,579.7
1. Short-term trade accounts receivable	1,598.7	1,663.3	1,778.6	2,048.6	0.0
2. Short-term prepayments to suppliers	614.5	570.2	580.6	583.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	53.1	0.0	0.0	0.0	0.0
5. Short-term loan receivables	355.7	355.7	355.7	356.3	0.0
6. Other short-term receivables	440.2	419.6	399.3	378.4	0.0
7. Provision for short-term doubtful debts (*)	-1,060.2	-1,052.0	-1,104.3	-1,100.9	0.0
8. Assets awaiting resolution	0.8	0.8	0.9	0.9	0.0
IV. Inventories	1,314.5	1,818.0	1,928.6	1,944.5	1,738.3
1. Inventories	1,453.4	1,937.8	2,073.8	2,107.0	0.0
2. Provision for decline in value of inventories	-138.9	-119.8	-145.2	-162.5	0.0
V. Other short-term assets	90.3	148.2	149.4	126.1	127.9
1. Short-term prepayments	1.3	3.4	2.1	4.4	0.0
2. Value added tax to be reclaimed	54.4	110.1	111.9	86.3	0.0
3. Taxes and other receivables from state authorities	34.6	34.6	35.4	35.4	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)	2,131.6	1,514.9	1,498.2	1,515.9	1,559.0
I. Long-term receivables	27.3	28.7	31.7	24.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	15.8
2. Long-term prepayments to suppliers	—	9.3	12.5	12.5	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	27.3	28.6	31.4	33.6	0.0
7. Provision for long-term doubtful debts	—	-9.1	-12.2	-21.4	0.0
II. Fixed assets	982.7	1,025.0	1,011.1	1,040.7	1,074.2
1. Tangible fixed assets	731.6	767.3	752.9	780.8	812.9
- Cost	1,618.0	1,627.0	1,648.5	1,632.2	0.0
- Accumulated depreciation	-886.4	-859.6	-895.6	-851.5	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	251.1	257.7	258.2	260.0	261.3
- Cost	269.7	284.4	284.4	288.9	0.0
- Accumulated depreciation	-18.6	-26.7	-26.2	-28.9	0.0
III. Investment properties	106.7	85.5	78.0	81.3	83.5
- Cost	135.4	111.1	101.1	108.7	0.0
- Accumulated depreciation	-28.7	-25.6	-23.2	-27.4	0.0
IV. Long-term assets in progress	134.6	138.5	136.7	137.3	145.7
1. Long-term production in progress	24.7	25.1	25.1	25.1	0.0
2. Construction in progress	109.9	113.5	111.7	112.2	0.0
V. Long-term financial investments	764.5	78.9	69.7	70.5	69.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	29.1	32.2	33.1	33.9	0.0
3. Investments in other entities	185.3	206.3	206.3	206.3	0.0
4. Provision for diminution in value of long-term investments	-159.6	-159.6	-169.7	-169.7	0.0
5. Held to maturity investments	709.7	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	115.8	158.2	171.0	161.4	0.0
1. Long-term prepayments	88.1	100.3	111.6	104.0	0.0
2. Deferred income tax assets	14.8	18.8	19.2	17.3	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	12.9	39.1	40.1	40.1	170.5
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)	6,099.0	6,126.6	6,213.6	6,686.0	6,696.2
A. LIABILITIES (300=210+330)	5,615.1	5,597.5	5,687.0	5,880.3	5,848.8
I. Short -term liabilities	5,435.3	5,393.5	5,503.2	5,690.1	5,640.1
1. Short-term trade accounts payable	3,086.5	3,254.9	3,340.5	3,326.2	3,196.6
2. Short-term advances from customers	257.8	232.2	213.7	192.9	190.1
3. Taxes and other payables to state authorities	101.2	125.2	122.2	126.0	0.0
4. Payable to employees	74.1	48.7	58.8	56.1	0.0
5. Short-term acrrued expenses	575.9	453.2	451.8	609.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	3.2	6.2	3.2	2.9	2.3
9. Other short-term payables	598.7	582.5	587.7	576.0	0.0
10. Short-term borrowings and financial leases	736.1	694.8	729.4	801.1	855.9
11. Provision for short-term liabilities	5.9	0.0	0.0	2.6	0.0
12.. Bonus and welfare fund	-4.3	-4.3	-4.3	-2.9	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	179.9	204.0	183.8	190.2	208.8
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	115.5	115.5	71.3	71.4	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	49.2	50.8	52.4	53.9	55.5
7. Other long-term liabilities	3.2	2.9	1.6	1.7	0.0
8. Long-term borrowings and financial leases	12.0	24.0	38.0	50.6	62.9
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	—	10.8	20.5	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)	483.9	529.0	526.6	805.6	847.4
I. Owner's equity	483.9	529.0	526.6	805.6	0.0
1. Owner's capital	4,000.0	4,000.0	4,000.0	4,000.0	847.4
- Common stock with voting right	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.8	6.8	6.8	6.8	6.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	22.7	22.7	22.7	22.7	3.1
5. Treasury shares	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	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	150.9	150.9	150.9	150.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.2	0.2	0.2	2.2	0.0
11. Undistributed earnings after tax	-4,026.2	-3,998.4	-4,005.3	-3,840.6	-3,891.5
- Accumulated retained earning at the end of the previous period	-4,022.1	-4,005.8	-3,845.7	-3,887.6	-3,950.9
- Undistributed earnings in this period	-4.1	7.4	-159.6	47.0	59.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	329.5	346.8	351.4	463.7	576.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,099.0	6,126.6	6,213.6	6,686.0	6,696.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.6	4.8	-267.1	2.7	39.3
Depreciation of Fixed Assets and Investment Property	39.4	39.8	44.0	47.7	64.1
Provision (Increase)/Reversal	11.2	-100.6	-17.8	-23.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.7	-4.2	0.3	8.2	0.0
Gain/Loss from Investment Activities	-20.0	-15.7	-24.2	-22.6	0.0
Interest Expense	32.9	36.2	41.1	39.2	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	0.0
Operating Profit Before Changes in Working Capital	68.4	-39.7	-223.8	51.9	-187.5
Increase/(Decrease) in Receivables	18.6	126.7	223.4	247.6	0.0
Increase/(Decrease) in Inventory	462.1	125.4	24.1	-233.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-27.5	-69.0	-160.2	157.6	0.0
Increase/(Decrease) in Prepaid Expenses	13.6	10.0	-5.3	-4.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.1	-4.0	-27.8	0.0
Corporate Income Tax Paid	-0.0	-0.5	0.0	-0.8	0.0
Other Operating Receipts	25.4	1.2	4.3	13.5	0.0
Other Operating Payments	-2.6	-1.2	-3.9	-14.6	0.0
Net Cash Flow from Operating Activities	556.7	151.8	-145.5	189.3	154.6
Payments for Fixed Assets and Other Long-term Assets	3.8	-74.9	-0.9	-5.4	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	16.7	0.0	6.9	1.9
Loans and Purchases of Debt Instruments	-820.6	-248.3	-69.3	-35.0	-224.7
Receipts from Loan Repayments and Sale of Debt Instruments	48.9	304.9	30.1	71.1	6.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	4.3	0.0
Dividends and Interest Income Received	6.4	12.2	23.7	11.7	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	-760.8	10.6	-16.4	53.7	229.7
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	90.6	100.1	146.5	402.2	616.4
Repayment of Borrowings	-61.2	-148.8	-230.8	-469.6	-889.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	29.3	-48.7	-84.2	-67.5	-273.4
Net Cash Flow During the Period	-174.8	113.8	-246.1	175.6	189.8
Cash and Cash Equivalents at Beginning of Period	433.5	315.5	561.6	389.6	282.3
FX Difference from Revaluation	2.9	4.2	0.0	-3.5	-0.0
Cash and Cash Equivalents at End of Period	261.6	433.5	315.5	561.6	393.2

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	338.7	913.0	465.5	527.8	306.0	419.3	298.3	227.4	255.2	207.9	224.4	363.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	338.7	913.0	465.5	527.8	306.0	419.3	298.3	227.4	255.2	207.9	224.4	363.8
Cost of Goods Sold	310.1	849.2	449.5	506.4	287.4	409.6	280.7	220.1	244.8	216.3	250.8	413.6
Gross Profit	28.7	63.8	16.0	21.3	18.6	9.8	17.7	7.3	10.3	-8.4	-26.4	-49.7
Financial Income	4.5	10.6	3.3	15.4	26.2	9.9	16.8	8.8	7.3	6.3	14.6	13.5
Financial Expenses	9.6	8.8	10.0	12.6	9.4	-0.1	14.6	25.5	24.3	12.1	29.3	4.8
Interest Expense	8.3	8.0	7.7	9.0	8.2	8.7	8.6	9.8	9.6	9.5	10.7	13.1
Share of Associates and Joint Ventures	-1.4	—	—	-0.2	-2.8	0.0	0.0	0.0	-0.9	0.0	0.0	-0.8
Selling Expenses	0.7	0.9	1.3	1.8	1.1	1.4	0.6	0.0	0.1	0.2	0.1	0.1
General and Administrative Expenses	32.2	38.7	29.3	30.4	30.9	-21.5	33.4	28.0	27.7	34.8	33.0	23.8
Operating Profit	-10.7	26.0	-21.4	-8.3	0.6	39.9	-14.1	-37.4	-35.4	-49.2	-74.2	-65.6
Other Income	6.1	14.4	0.7	4.6	2.3	56.9	2.1	2.5	1.2	1.6	3.5	30.0
Other Expenses	4.0	6.4	0.9	1.9	0.4	6.3	3.5	1.9	1.8	8.6	3.9	1.3
Other Profit	2.1	8.0	-0.1	2.6	1.9	50.6	-1.5	0.6	-0.6	-7.0	-0.3	28.6
Profit Before Tax	-8.7	34.0	-21.6	-5.7	2.4	90.5	-15.6	-36.8	-36.0	-56.2	-74.5	-36.9
Current Income Tax Expense	0.0	1.0	0.0	0.1	0.0	2.1	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	2.2	—	-0.2	—	-0.1	0.1	-1.0	-0.5	-0.5	-0.6	-0.6
Net Income	-8.7	30.7	-21.6	-5.6	2.4	88.5	-15.6	-35.8	-35.5	-55.7	-73.9	-36.4
Non-controlling Interest	-0.8	1.0	-2.4	3.9	0.2	1.7	-1.9	-1.6	-3.0	-14.8	-17.8	-40.1
Profit Attributable to Parent	-7.9	29.8	-19.2	-9.6	2.2	86.8	-13.7	-34.2	-32.5	-40.9	-56.1	3.7
Earnings per Share	-20.00	27.00	-48.00	-24.00	6.00	217.00	-34.00	-86.00	-81.00	-102.00	-140.00	9.00
Diluted EPS	-19.72	74.49	-47.99	-23.92	5.50	216.97	-34.34	-85.42	-81.25	-102.27	-140.36	9.35

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)	4,011.2	3,967.5	4,591.1	4,546.8	4,535.3	4,682.4	4,554.7	4,795.1	4,727.8	4,750.4	4,649.3	4,812.1
I. Cash and cash equivalents	342.1	261.6	791.5	1,064.8	976.3	432.2	266.9	278.1	298.7	306.3	353.7	349.9
1. Cash	178.3	164.6	687.0	960.2	830.3	255.6	202.9	222.9	251.2	249.1	286.5	230.4
2. Cash equivalents	163.8	97.0	104.6	104.6	146.0	176.6	63.9	55.2	47.5	57.3	67.2	119.5
II. Short-term financial investments	399.3	298.2	315.0	272.1	277.2	255.6	250.6	314.7	307.0	320.3	326.3	280.5
1. Available for sale securities	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9	14.9
2. Provision for diminution in value of available for sale securities (*)	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9	-13.9
3. Held to maturity investments	667.5	297.2	314.0	271.0	276.2	254.6	249.6	313.6	305.9	319.3	325.3	279.5
4. Provision for short-term investments held to maturity (*)	-269.2	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	1,881.5	2,002.8	1,526.2	1,324.9	1,291.7	2,018.3	2,060.8	2,152.6	2,114.1	2,047.6	2,014.6	2,210.7
1. Short-term trade accounts receivable	1,465.0	1,598.7	1,216.2	1,027.2	937.5	1,668.8	1,792.0	1,878.0	1,829.1	1,728.0	1,723.9	1,924.8
2. Short-term prepayments to suppliers	704.0	614.5	589.9	565.6	564.8	609.6	572.4	579.1	568.9	580.5	574.1	589.6
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	41.3	53.1	4.6	5.6	65.4	13.5	42.4	37.8	65.5	58.1	33.5	34.6
5. Short-term loan receivables	—	355.7	355.7	355.7	355.7	355.7	355.7	355.7	355.7	355.7	356.3	356.3
6. Other short-term receivables	461.3	440.2	420.1	421.6	420.1	420.4	403.8	401.5	398.5	429.1	427.7	404.4
7. Provision for short-term doubtful debts (*)	-790.9	-1,060.2	-1,061.2	-1,051.7	-1,052.5	-1,050.6	-1,106.4	-1,100.3	-1,104.4	-1,104.7	-1,101.7	-1,099.8
8. Assets awaiting resolution	0.8	0.8	0.8	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9	0.9
IV. Inventories	1,291.8	1,314.5	1,822.3	1,745.5	1,839.3	1,828.1	1,827.5	1,901.1	1,860.0	1,926.7	1,810.9	1,820.0
1. Inventories	1,430.0	1,453.4	1,952.2	1,866.9	1,947.9	1,947.9	1,950.5	2,019.1	2,009.8	2,071.9	1,943.9	2,007.4
2. Provision for decline in value of inventories	-138.2	-138.9	-130.0	-121.4	-108.6	-119.8	-123.0	-118.0	-149.8	-145.2	-133.0	-187.4
V. Other short-term assets	96.5	90.3	136.1	139.5	150.7	148.2	149.0	148.8	148.2	149.4	143.8	151.0
1. Short-term prepayments	2.5	1.3	1.6	2.3	3.2	3.4	2.9	1.9	2.4	2.1	1.8	3.4
2. Value added tax to be reclaimed	59.3	54.4	99.9	102.5	112.5	110.1	110.8	111.4	110.2	111.9	106.6	99.7
3. Taxes and other receivables from state authorities	34.7	34.6	34.5	34.7	35.0	34.6	35.4	35.4	35.6	35.4	35.4	35.4
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	12.5
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,123.2	2,131.6	1,436.1	1,449.6	1,473.8	1,510.9	1,478.5	1,469.5	1,497.4	1,509.6	1,545.1	1,542.7
I. Long-term receivables	23.3	27.3	27.3	27.8	28.4	28.7	29.3	29.8	31.1	31.7	32.3	32.9
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	—	—	—	8.2	8.2	9.3	9.4	9.4	9.9	12.5	12.5	12.5
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	23.3	27.3	27.3	27.7	28.2	28.6	29.0	29.5	30.8	31.4	32.0	32.6
7. Provision for long-term doubtful debts	—	—	—	-8.0	-8.0	-9.1	-9.1	-9.1	-9.6	-12.2	-12.2	-12.2
II. Fixed assets	973.6	982.7	991.7	1,000.4	1,015.9	1,020.3	982.0	991.8	1,001.1	1,011.1	1,020.2	1,014.9
1. Tangible fixed assets	722.4	731.6	740.3	749.0	758.6	762.9	724.2	734.3	743.2	752.9	761.6	755.5
- Cost	1,612.7	—	—	—	—	1,625.1	1,628.6	1,642.9	1,647.2	1,648.5	1,654.7	1,626.7
- Accumulated depreciation	-890.3	—	—	—	—	-862.2	-904.4	-908.5	-904.0	-895.6	-893.1	-871.2
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	251.1	251.1	251.4	251.4	257.3	257.5	257.8	257.5	257.9	258.2	258.6	259.4
- Cost	269.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	106.1	106.7	83.8	84.9	83.7	85.5	95.1	74.8	92.5	78.0	77.4	92.6
- Cost	135.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-29.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	146.0	134.6	136.7	136.7	138.5	138.5	141.0	136.5	136.7	136.7	136.7	122.0
1. Long-term production in progress	36.0	24.7	24.7	24.7	25.1	25.1	25.1	25.1	25.1	25.1	25.1	25.1
2. Construction in progress	109.9	109.9	112.1	112.1	113.5	113.5	115.9	111.5	111.7	111.7	111.7	97.0
V. Long-term financial investments	763.1	764.5	75.8	75.8	76.1	78.9	68.8	68.8	68.8	81.0	81.0	81.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	27.7	29.1	29.1	29.1	29.4	32.2	32.2	32.2	32.2	33.1	33.1	33.1
3. Investments in other entities	185.3	185.3	206.3	206.3	206.3	206.3	206.3	206.3	206.3	206.3	206.3	206.3
4. Provision for diminution in value of long-term investments	-159.6	-159.6	-159.6	-159.6	-159.6	-159.6	-169.7	-169.7	-169.7	-158.4	-158.4	-158.4
5. Held to maturity investments	709.7	709.7	—	—	—	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	111.2	115.8	120.8	123.9	131.3	158.9	162.3	167.7	167.2	171.1	197.5	199.3
1. Long-term prepayments	85.0	88.1	90.9	92.0	95.9	100.3	103.8	107.9	108.3	111.6	138.5	141.0
2. Deferred income tax assets	13.2	14.8	17.0	19.0	18.8	19.5	19.4	20.7	19.7	19.3	18.8	18.1
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	12.9	12.9	12.9	12.9	16.6	39.1	39.1	39.1	39.1	40.1	40.1	40.1
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)	6,134.4	6,099.0	6,027.2	5,996.4	6,009.2	6,193.3	6,033.2	6,264.7	6,225.2	6,260.0	6,194.5	6,354.8
A. LIABILITIES (300=210+330)	5,663.1	5,615.1	5,545.2	5,488.4	5,477.8	5,669.2	5,591.6	5,809.4	5,734.1	5,692.1	5,556.7	5,655.2
I. Short -term liabilities	5,488.0	5,435.3	5,360.3	5,285.2	5,274.0	5,469.9	5,415.1	5,632.2	5,549.6	5,515.0	5,373.7	5,478.4
1. Short-term trade accounts payable	2,982.9	3,086.5	3,064.1	3,207.9	3,164.0	3,325.0	3,292.2	3,382.0	3,337.1	3,339.7	3,320.0	3,342.9
2. Short-term advances from customers	367.3	257.8	222.1	224.0	220.7	232.3	215.3	216.0	211.9	220.0	194.4	189.1
3. Dividends and profits payable	40.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	96.5	101.2	105.6	111.9	108.3	125.7	118.5	118.9	124.7	121.8	113.5	113.9
4. Payable to employees	39.2	74.1	63.8	61.9	52.7	48.8	62.5	61.1	64.0	60.1	52.0	47.0
5. Short-term acrrued expenses	488.4	575.9	630.2	421.1	459.1	454.8	436.6	465.4	451.6	450.0	403.6	435.3
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	10.7	3.2	3.1	4.8	5.7	6.2	6.5	9.4	9.5	3.2	2.9	2.8
9. Other short-term payables	584.7	598.7	576.7	576.2	575.8	586.5	591.5	632.2	591.1	587.2	579.6	576.6
10. Short-term borrowings and financial leases	876.3	736.1	693.2	681.7	691.9	694.8	696.4	751.4	763.9	729.4	703.9	759.8
11. Provision for short-term liabilities	5.9	5.9	5.9	—	—	0.0	0.0	0.0	0.0	7.9	7.9	15.3
12.. Bonus and welfare fund	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.2	-4.2
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	175.1	179.9	184.9	203.2	203.8	199.3	176.4	177.2	184.6	177.1	183.0	176.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	115.5	115.5	115.5	115.5	115.5	115.5	71.1	71.3	71.3	71.3	71.4	71.4
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	45.2	49.2	49.5	49.9	50.4	50.8	51.2	51.6	52.0	52.4	52.8	53.1
7. Other long-term liabilities	2.4	3.2	3.0	3.0	3.1	3.0	2.8	2.8	2.8	2.8	1.7	1.7
8. Long-term borrowings and financial leases	12.0	12.0	12.0	24.0	24.0	24.0	31.0	31.0	38.0	38.0	44.5	50.5
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	—	—	4.8	10.8	10.8	5.9	20.4	20.5	20.5	12.6	12.6	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	471.3	483.9	481.9	508.0	531.4	524.2	441.6	455.3	491.1	567.9	637.8	699.7
I. Owner's equity	471.3	483.9	481.9	508.0	531.4	524.2	441.6	455.3	491.1	567.9	637.8	699.7
1. Owner's capital	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0	4,000.0
- Common stock with voting right	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00	4,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7
5. Treasury shares	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00	-29,720,195.00
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	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9	150.9
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	2.2	2.2
11. Undistributed earnings after tax	-4,043.9	-4,026.2	-4,041.3	-4,014.8	-3,996.2	-4,001.5	-4,084.3	-4,074.5	-4,040.3	-3,964.1	-3,917.9	-3,870.6
- Accumulated retained earning at the end of the previous period	-4,036.0	-4,022.1	-4,007.5	-4,007.5	-3,998.4	-4,007.5	-4,003.5	-4,007.8	-4,007.8	-3,845.7	-3,840.4	-3,849.4
- Undistributed earnings in this period	-7.9	-4.1	-33.9	-7.4	2.2	6.0	-80.8	-66.7	-32.5	-118.4	-77.5	-21.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	334.6	329.5	342.7	342.3	347.0	345.1	345.3	349.2	350.9	351.5	373.2	387.8
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)	6,134.4	6,099.0	6,027.2	5,996.4	6,009.2	6,193.3	6,033.2	6,264.7	6,225.2	6,260.0	6,194.5	6,354.8

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	-8.7	34.0	-21.6	-8.2	2.4	90.5	-15.6	-36.1	-36.0	-97.4	-74.5	-95.1
Depreciation of Fixed Assets and Investment Property	10.2	10.3	8.9	9.2	10.9	10.2	9.0	10.7	10.7	0.9	20.7	22.3
Provision (Increase)/Reversal	7.1	3.1	7.3	4.4	-3.7	-65.4	13.9	-33.2	9.2	-65.4	42.5	5.2
FX Gain/Loss from Revaluation of Monetary Items	-0.5	0.1	-0.0	11.1	-12.9	8.0	-0.9	0.4	9.2	-14.4	13.1	1.6
Gain/Loss from Investment Activities	-5.4	-4.3	-10.3	3.4	-8.8	-12.6	-20.9	0.9	-7.1	91.9	-102.7	-13.4
Interest Expense	8.3	8.0	7.7	9.0	8.2	8.7	8.6	9.8	9.6	5.6	10.7	24.8
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	-0.5	—	—	—	—	-0.4	0.6	0.0	-0.0	8.9	-8.9	0.0
Operating Profit Before Changes in Working Capital	10.5	51.3	-7.9	30.3	-5.3	39.0	-5.4	-47.5	-4.5	-70.0	-99.1	-54.7
Increase/(Decrease) in Receivables	17.7	-469.8	-189.4	-4.0	681.9	56.5	92.4	-30.4	-58.8	-6.7	196.6	33.5
Increase/(Decrease) in Inventory	55.8	493.6	-86.8	76.6	-21.3	1.3	39.6	19.1	42.9	-69.1	-0.7	93.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-83.5	36.3	58.3	-7.0	-115.1	116.2	-147.6	62.0	-26.0	78.3	-34.9	-203.5
Increase/(Decrease) in Prepaid Expenses	-3.3	2.5	1.8	4.6	4.8	2.8	2.7	1.2	3.0	26.6	4.0	-36.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.3	1.0	-2.5	0.4	-0.5	-1.2	-3.6	-1.7	4.3	-2.2	-6.1
Corporate Income Tax Paid	-0.2	-0.0	—	—	-0.0	0.0	0.0	0.0	-0.5	0.0	0.0	0.0
Other Operating Receipts	1.1	—	—	—	—	0.0	1.0	-0.2	1.0	-0.2	3.7	0.8
Other Operating Payments	-5.1	-0.6	-1.0	-0.4	-0.6	-0.0	-0.9	-0.0	-0.9	3.9	-3.9	-3.9
Net Cash Flow from Operating Activities	-7.5	135.6	-222.5	97.7	545.9	215.3	-19.2	0.6	-45.5	-32.9	63.4	-176.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	5.7	-3.9	2.0	-40.6	-1.1	-5.1	-15.1	0.6	-1.2	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.7	0.0	-0.2	0.2	0.7	3.5	-1.2	2.5	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-56.4	-721.5	-35.8	-40.5	-22.8	-10.0	-14.2	-5.0	-16.4	-45.8	29.7	-53.2
Receipts from Loan Repayments and Sale of Debt Instruments	44.8	22.4	-21.5	43.4	4.6	5.0	68.5	9.5	18.1	16.0	14.1	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	-1.0	1.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.6	-9.2	11.0	2.2	2.5	1.2	1.5	6.5	2.3	8.3	1.2	14.2
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	-7.3	-708.4	-40.8	1.5	-13.0	-40.9	53.4	7.3	-10.1	-20.9	43.8	-39.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	158.1	73.6	-1.0	12.3	5.7	13.8	23.1	20.2	43.0	55.1	20.0	71.4
Repayment of Borrowings	-17.9	1.4	0.5	-22.4	-1.4	-22.4	-78.2	-39.6	-8.6	-36.2	-81.8	-112.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	140.1	42.9	-0.5	-10.1	-2.9	-8.6	-55.1	-19.4	34.4	18.9	-61.8	-41.4
Net Cash Flow During the Period	125.4	-529.9	-263.8	89.1	529.9	165.9	-20.8	-11.5	-21.2	-34.8	45.4	-256.7
Cash and Cash Equivalents at Beginning of Period	216.3	791.5	1,055.4	976.3	433.5	315.5	315.5	315.5	315.5	561.6	561.6	561.6
FX Difference from Revaluation	0.5	2.9	2.9	2.9	12.9	-0.5	-0.1	0.6	4.3	-3.3	2.2	1.1
Cash and Cash Equivalents at End of Period	342.1	261.6	791.5	1,055.4	976.3	432.2	266.9	287.8	298.7	315.5	353.7	306.0

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PVX

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Cash Flow