RAL

Bóng đèn Phích nước Rạng Đông ·HOSE ·2026Q1

▼▼ Declining sharply

Working capital is tied up too long in the operating cycle Working capital 273 days

Price

85,700

Latest close

03 Jun 2026

P/E 5.36x

P/B 0.57x

EPS 16,003

BVPS 149,284

ROE 10.9%

ROA 4.5%

Profit Margin 5.7%

Asset Turnover 0.80x

Equity Mult. 2.39x

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

What Is Changing

On a TTM 2026Q1 basis, RAL is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,628bn
	                                
−6.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 377bn
	                                
−24.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	6,359.6	8,356.6	8,316.3	6,909.2	5,709.1
Growth	-24%	+0%	+20%	+21%	—
Net Income	361.1	593.1	584.3	485.8	398.1
Net Margin	5.68%	7.10%	7.03%	7.03%	6.97%

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	1,795.8	2,277.5	1,364.6	1,189.6	1,527.9	2,077.5	1,328.9	2,119.4	2,830.9	3,374.8	1,281.2	1,525.0
Growth	-21%	+67%	+15%	-22%	-26%	+56%	-37%	-25%	-16%	+163%	-16%	—
Net Income	116.6	109.6	80.8	69.8	100.9	182.7	76.6	137.3	194.7	194.5	96.9	110.4
Net Margin	6.49%	4.81%	5.92%	5.87%	6.60%	8.80%	5.77%	6.48%	6.88%	5.76%	7.56%	7.24%

Drivers of RAL's profit

TTM

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

Gross profit ↓ 109.7bn

Tax ↑ 16.9bn

TTM

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

Gross profit ↑ 125.7bn

Financial income ↑ 3.9bn

Selling expenses ↑ 95.0bn

Administrative expenses ↑ 11.2bn

Finance costs ↑ 4.9bn

Tax ↑ 2.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.1% = 7.1% × 0.83 × 2.58

2026Q1 10.9% = 5.7% × 0.80 × 2.39

ROE fell from 15.1% to 10.9% — all three components weakened, with leverage being the main drag.

Net margin: 5.7% -1.4pp Asset turnover: 0.80x -0.03x Leverage: 2.39x -0.18x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 5.69%, falling 1.4pp. The main pressure comes from SG&A / Revenue rose 1.0pp and Gross margin fell 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 5.69% −1.4pp

Gross Margin 23.50% −0.1pp

SG&A / Revenue 15.59% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 7.72%, losing 1.7pp. That translates to 7.72 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.4pp, outweighing the movement in capital turnover; with invested capital easing slightly by 458bn.

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

CAPITAL EFFICIENCY TREND

ROIC 7.72% −1.7pp

NOPAT Margin 5.68% −1.4pp

Capital Turnover 1.36x +0.04x

Average Invested Capital 4,873.6bn −458.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 1.39x equity, net debt at 0.27x equity.

Inventory ended the period at 2,231.9bn, roughly 27.4% of total assets.

Over the last 12 months, working capital released 1,139.4bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +554.1bn

Inventories decreased → higher CFO: +36.6bn

Payables increased → higher CFO: +548.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.1 days versus the same period last year. The main moves came from DIO rose 30.0 days, DSO fell 55.0 days, and DPO fell 18.9 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 273.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +30.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 178.4 days −55.0 days

Inventory 149.2 days +30.0 days

Payables 54.1 days −18.9 days

Cash Conversion Cycle 273.5 days −6.1 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.27x and interest coverage at 3.64x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 68.9% of debt, and total debt stands at 3,090.4bn.

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 0.27x −0.28x

Interest Coverage 3.64x −0.90x

Cash / Debt 68.9% +22.1pp

Short-term Debt / Total Debt 100.0% −0.0pp

CFO / NI 4.34x +3.24x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,467.7bn in 2025, against investing cash flow of -463.1bn.

Post-investment cash flow was positive +1,004.6bn. Financing cash flow was negative +722.2bn.

CFO / net income was 4.34x.

After spending +612.0bn on fixed-asset investment, the business generated trailing free cash flow of +1,024.9bn.

Cash Conversion

CFO TTM 1,636.9bn +1,089.0bn

Cash Capex 612.0bn +512.4bn

FCF TTM +1,024.9bn +576.6bn

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 earnings conversion is confirmed, with CFO/NI at 4.34x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 273 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.34x.

Key risk: working capital remains tied up for too long, with cash cycle at 273.5 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,441.2	8,413.9	8,330.3	6,927.6	5,719.8
Revenue Deductions	81.6	57.3	13.9	18.3	0.0
Net Revenue	6,359.6	8,356.6	8,316.3	6,909.2	5,709.1
Cost of Goods Sold	4,910.2	6,446.4	6,311.1	5,074.6	0.0
Gross Profit	1,449.4	1,910.2	2,005.3	1,834.7	1,681.7
Financial Income	21.6	25.6	14.1	20.3	5.9
Financial Expenses	113.6	116.4	116.2	100.3	-55.0
Interest Expense	104.8	83.7	107.8	68.4	-52.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	811.6	1,067.5	1,126.0	996.7	-920.5
General and Administrative Expenses	133.1	117.4	159.0	147.1	-210.1
Operating Profit	412.7	634.5	618.2	610.9	502.0
Other Income	0.6	0.5	0.2	0.2	0.0
Other Expenses	0.0	4.8	0.2	2.3	0.0
Other Profit	0.6	-4.3	0.0	-2.1	-0.4
Profit Before Tax	413.2	630.2	618.2	608.8	501.6
Current Income Tax Expense	52.1	37.1	34.0	123.0	-103.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	361.1	593.1	584.3	485.8	398.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	361.1	593.1	584.3	485.8	398.1
Earnings per Share	15,336.00	25,187.00	25,124.00	25,564.00	33,346.71
Diluted EPS	15,336.42	25,186.90	24,812.55	21,171.33	32,971.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,432.7	7,842.1	7,310.9	6,287.0	4,859.2
I. Cash and cash equivalents	1,851.2	1,573.0	802.4	796.0	950.1
1. Cash	1,851.2	1,573.0	802.4	796.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	3,146.1	4,363.9	5,220.5	4,525.0	3,213.7
1. Short-term trade accounts receivable	2,868.0	4,295.9	5,049.5	4,358.0	0.0
2. Short-term prepayments to suppliers	311.3	112.5	217.5	166.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	105.7	92.4	113.3	168.4	0.0
7. Provision for short-term doubtful debts (*)	-138.9	-136.9	-159.8	-167.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,231.9	1,772.5	1,267.3	961.9	693.0
1. Inventories	2,231.9	1,772.5	1,267.3	961.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	203.5	132.7	20.7	4.1	2.4
1. Short-term prepayments	2.5	4.3	2.7	2.0	0.0
2. Value added tax to be reclaimed	196.8	125.2	17.1	0.0	0.0
3. Taxes and other receivables from state authorities	4.1	3.2	1.0	2.1	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)	703.5	466.8	440.8	429.5	414.7
I. Long-term receivables	2.3	1.4	1.3	1.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.2
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	2.3	1.4	1.3	1.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	369.6	315.7	309.7	301.1	287.7
1. Tangible fixed assets	282.3	231.9	223.6	227.7	217.7
- Cost	1,250.0	1,120.8	1,029.8	958.8	0.0
- Accumulated depreciation	-967.7	-888.9	-806.2	-731.2	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	87.4	83.8	86.0	73.4	70.0
- Cost	162.3	143.8	133.5	108.9	0.0
- Accumulated depreciation	-75.0	-60.0	-47.5	-35.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	327.3	145.6	124.8	122.9	122.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	327.3	145.6	124.8	122.9	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.2	4.1	5.0	4.2	0.0
1. Long-term prepayments	4.2	4.1	5.0	4.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.6
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)	8,136.1	8,308.9	7,751.7	6,716.5	5,273.9
A. LIABILITIES (300=210+330)	4,737.5	5,005.3	4,777.4	4,094.8	3,905.0
I. Short -term liabilities	4,736.6	5,004.5	4,776.6	4,094.0	3,904.1
1. Short-term trade accounts payable	814.7	681.3	899.2	1,018.5	833.9
2. Short-term advances from customers	36.5	37.2	19.3	15.2	19.2
3. Taxes and other payables to state authorities	21.5	24.1	27.8	81.7	0.0
4. Payable to employees	67.9	127.0	56.7	58.0	0.0
5. Short-term acrrued expenses	232.2	119.6	335.4	408.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	136.7	119.6	103.2	95.7	0.0
10. Short-term borrowings and financial leases	2,939.3	3,549.4	3,102.8	2,297.7	2,293.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	487.9	346.3	232.2	118.7	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	0.8	0.8	0.8	0.8	0.8
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	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.8	0.8	0.8	0.8	0.8
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	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)	3,398.7	3,303.6	2,974.3	2,621.7	1,369.0
I. Owner's equity	3,398.7	3,303.6	2,974.3	2,621.7	0.0
1. Owner's capital	235.5	235.5	235.5	229.5	1,369.0
- Common stock with voting right	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	229,474,190,000.00	120,750,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,077.6	1,077.6	1,077.6	1,077.6	175.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	1,063.1	866.5	674.6	531.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	720.2	589.7	461.2	354.3	0.0
11. Undistributed earnings after tax	302.3	534.2	525.4	428.5	398.1
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	302.3	534.2	525.4	428.5	398.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,136.1	8,308.9	7,751.7	6,716.5	5,273.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	413.2	630.2	618.2	608.8	501.6
Depreciation of Fixed Assets and Investment Property	106.9	98.9	95.1	97.3	97.0
Provision (Increase)/Reversal	2.0	-22.9	-7.6	10.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.2	-8.7	1.9	-0.7	0.0
Gain/Loss from Investment Activities	-1.7	-1.5	-6.7	-10.9	0.0
Interest Expense	104.8	83.7	107.8	68.4	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	0.0	0.0
Operating Profit Before Changes in Working Capital	629.4	779.6	808.7	773.4	733.7
Increase/(Decrease) in Receivables	1,264.6	784.6	-703.8	-1,209.6	0.0
Increase/(Decrease) in Inventory	-459.4	-505.3	-305.4	-268.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	191.3	-375.6	-200.0	139.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.7	-0.7	-1.4	-1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-106.3	-75.7	-107.2	-68.3	0.0
Corporate Income Tax Paid	-46.9	-37.6	-72.2	-114.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.7	-23.8	-8.0	-180.8	0.0
Net Cash Flow from Operating Activities	1,467.7	545.6	-589.2	-930.6	-31.5
Payments for Fixed Assets and Other Long-term Assets	-464.8	-141.3	-105.8	-113.2	-209.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.3	0.1	0.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-300.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	300.0	0.0
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	1.1	1.1	6.8	12.6	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	-463.1	-139.8	-98.9	-100.5	-207.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	6,000,000,000.00	1,011,260,990,829.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,040.4	4,561.3	4,198.6	4,057.0	3,144.4
Repayment of Borrowings	-4,650.4	-4,114.7	-3,393.4	-4,046.2	-2,904.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-112.1	-82.5	-116.2	-144.9	-30.2
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	-722.2	364.1	694.9	877.2	209.9
Net Cash Flow During the Period	282.5	769.9	6.8	-153.9	126.6
Cash and Cash Equivalents at Beginning of Period	1,573.0	802.4	796.0	950.1	979.4
FX Difference from Revaluation	-4.2	0.6	-0.3	-0.3	0.0
Cash and Cash Equivalents at End of Period	1,851.2	1,573.0	802.4	796.0	950.1

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
Revenue	1,815.6	2,325.7	1,373.4	1,201.2	1,540.9	2,101.1	1,345.8	2,129.6	2,837.5	3,383.8	1,282.0	1,526.8
Revenue Deductions	19.8	48.2	8.8	11.6	13.0	23.5	16.9	10.2	6.7	9.1	0.8	1.9
Net Revenue	1,795.8	2,277.5	1,364.6	1,189.6	1,527.9	2,077.5	1,328.9	2,119.4	2,830.9	3,374.8	1,281.2	1,525.0
Cost of Goods Sold	1,341.9	1,805.0	991.3	931.8	1,199.6	1,560.2	944.5	1,682.1	2,259.7	2,697.2	966.5	1,099.6
Gross Profit	454.0	472.6	373.3	257.7	328.2	517.3	384.4	437.3	571.2	677.6	314.6	425.4
Financial Income	6.4	1.4	9.5	8.2	2.5	12.5	2.3	6.1	4.7	4.0	3.3	1.9
Financial Expenses	29.3	34.8	27.3	27.1	24.4	33.8	40.6	20.0	20.1	29.3	24.2	31.2
Interest Expense	28.9	26.6	27.2	26.8	24.3	23.4	20.8	17.8	19.8	26.0	23.3	30.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	265.4	276.0	235.8	129.4	170.3	262.4	242.2	236.3	326.7	400.4	161.9	227.9
General and Administrative Expenses	34.1	36.2	28.0	28.5	22.9	36.9	17.4	43.6	21.3	44.7	29.5	52.6
Operating Profit	131.6	127.0	91.7	80.9	113.1	196.7	86.6	143.5	207.7	207.2	102.4	115.6
Other Income	—	—	0.5	0.1	0.0	0.4	0.0	0.2	0.0	0.0	0.2	0.8
Other Expenses	—	0.0	—	—	—	0.4	4.5	0.0	0.0	0.0	0.2	0.0
Other Profit	—	-0.0	0.5	0.1	0.0	-0.0	-4.5	0.2	0.0	0.0	0.0	0.8
Profit Before Tax	131.6	127.0	92.1	81.0	113.1	196.7	82.1	143.6	207.7	207.2	102.4	116.3
Current Income Tax Expense	15.0	17.4	11.3	11.2	12.2	14.0	5.5	6.3	13.1	12.7	5.5	5.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	116.6	109.6	80.8	69.8	100.9	182.7	76.6	137.3	194.7	194.5	96.9	110.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	116.6	109.6	80.8	69.8	100.9	182.7	76.6	137.3	194.7	194.5	96.9	110.4
Earnings per Share	4,951.00	4,654.00	3,433.00	2,965.00	4,284.00	7,761.00	3,254.00	5,830.00	8,267.00	8,261.00	4,115.00	4,687.00
Diluted EPS	4,950.65	4,653.52	3,433.32	2,965.29	4,284.37	7,760.70	3,253.60	5,829.53	8,266.80	8,260.82	4,114.54	4,687.46

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)	7,632.9	7,376.3	7,314.2	7,346.3	7,621.8	7,814.7	8,197.8	7,963.0	8,372.5	7,342.8	7,134.0	7,028.9
I. Cash and cash equivalents	2,130.7	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	1,268.0	1,140.8	1,268.7	802.4	920.2	828.0
1. Cash	2,130.7	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	1,268.0	1,140.8	1,268.7	802.4	920.2	828.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3,257.9	3,089.8	3,253.8	3,313.7	3,730.3	4,336.5	5,091.6	5,420.7	5,640.9	5,252.3	4,755.0	5,173.7
1. Short-term trade accounts receivable	2,940.6	2,882.7	3,184.8	3,239.8	3,539.3	4,295.9	4,956.7	5,238.4	5,481.3	5,049.5	4,561.3	5,044.3
2. Short-term prepayments to suppliers	223.5	88.5	23.5	1.2	104.7	59.8	86.5	197.9	203.1	249.4	233.3	167.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	230.0	240.0	166.4	198.4	214.3	117.6	185.3	131.7	110.5	113.3	120.6	126.9
7. Provision for short-term doubtful debts (*)	-136.3	-121.4	-120.9	-125.7	-128.0	-136.9	-136.9	-147.3	-154.0	-159.8	-160.3	-165.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,053.9	2,231.9	2,202.9	2,243.3	2,090.4	1,772.5	1,740.8	1,323.6	1,428.4	1,267.3	1,451.5	1,023.3
1. Inventories	2,053.9	2,231.9	2,202.9	2,243.3	2,090.4	1,772.5	1,740.8	1,323.6	1,428.4	1,267.3	1,451.5	1,023.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	190.4	203.5	192.1	193.1	156.5	132.7	97.5	77.9	34.6	20.7	7.3	3.9
1. Short-term prepayments	3.9	2.5	3.3	4.8	1.6	4.3	5.1	6.4	3.0	2.7	2.6	2.5
2. Value added tax to be reclaimed	181.4	196.8	185.1	173.6	151.7	125.2	89.4	68.8	26.9	17.2	3.7	0.5
3. Taxes and other receivables from state authorities	5.2	4.1	3.8	14.8	3.3	3.2	3.0	2.7	4.7	0.9	0.9	0.9
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)	843.4	703.5	610.5	546.8	467.6	466.8	460.5	466.6	467.3	440.8	440.4	432.0
I. Long-term receivables	2.0	2.3	2.3	1.3	1.3	1.4	1.4	1.3	1.3	1.3	1.4	1.3
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.0	2.3	2.3	1.3	1.3	1.4	1.4	1.3	1.3	1.3	1.4	1.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	363.6	369.6	373.3	351.6	311.8	315.7	318.3	335.6	336.3	309.7	310.8	302.9
1. Tangible fixed assets	278.5	282.3	290.7	268.2	230.2	231.9	233.1	248.0	248.7	223.6	224.1	232.0
- Cost	1,238.1	—	—	—	—	1,120.8	1,103.8	1,097.0	1,075.8	1,029.8	1,009.7	1,005.9
- Accumulated depreciation	-959.7	—	—	—	—	-888.9	-870.7	-849.0	-827.1	-806.2	-785.6	-774.0
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	85.1	87.4	82.6	83.4	81.5	83.8	85.2	87.5	87.5	86.0	86.6	70.9
- Cost	163.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-78.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	474.4	327.3	229.9	189.1	150.3	145.6	136.5	124.8	124.7	124.8	124.5	123.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	474.4	327.3	229.9	189.1	150.3	145.6	136.5	124.8	124.7	124.8	124.5	123.8
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	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	3.5	4.2	4.9	4.8	4.1	4.1	4.3	4.9	5.1	5.0	3.7	4.0
1. Long-term prepayments	3.5	4.2	4.9	4.8	4.1	4.1	4.3	4.9	5.1	5.0	3.7	4.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	8,476.3	8,079.8	7,924.7	7,893.1	8,089.3	8,281.5	8,658.3	8,429.5	8,839.9	7,783.6	7,574.4	7,460.9
A. LIABILITIES (300=210+330)	4,961.1	4,681.1	4,635.6	4,626.0	4,684.9	4,979.7	5,539.3	5,328.2	5,670.9	4,809.3	4,794.6	4,719.2
I. Short -term liabilities	4,960.2	4,680.3	4,634.8	4,625.2	4,684.0	4,978.9	5,538.5	5,327.4	5,670.1	4,808.5	4,793.8	4,718.3
1. Short-term trade accounts payable	935.6	754.5	418.0	483.7	568.3	671.4	1,026.6	899.7	1,586.7	931.1	1,001.6	1,003.4
2. Short-term advances from customers	63.8	51.2	46.0	33.3	36.9	37.2	27.0	31.0	36.3	19.3	19.8	19.9
3. Dividends and profits payable	40.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	16.9	21.5	21.9	20.8	13.5	25.9	10.8	12.9	19.0	27.8	12.4	52.7
4. Payable to employees	69.9	67.9	86.7	69.9	62.8	127.0	57.7	52.8	42.6	56.7	50.9	54.5
5. Short-term acrrued expenses	146.8	242.8	139.9	72.1	46.5	119.6	223.6	264.9	210.6	335.4	223.1	315.8
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	110.9	115.2	160.4	67.8	101.0	102.2	95.0	51.3	55.8	103.2	85.5	50.9
10. Short-term borrowings and financial leases	3,089.5	2,939.3	3,273.0	3,387.0	3,511.4	3,549.4	3,749.8	3,641.0	3,489.8	3,102.8	3,167.6	2,987.8
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	486.1	487.9	488.9	490.6	343.6	346.3	347.9	373.9	229.3	232.2	233.0	233.2
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	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)	3,515.3	3,398.7	3,289.1	3,267.1	3,404.4	3,301.8	3,119.0	3,101.3	3,168.9	2,974.3	2,779.8	2,741.7
I. Owner's equity	3,515.3	3,398.7	3,289.1	3,267.1	3,404.4	3,301.8	3,119.0	3,101.3	3,168.9	2,974.3	2,779.8	2,741.7
1. Owner's capital	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5	235.5
- Common stock with voting right	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00	235,474,190,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6	1,077.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,063.1	1,063.1	1,063.1	1,063.1	866.5	866.5	866.5	866.5	674.6	674.6	674.6	674.6
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	720.2	720.2	720.2	720.2	589.7	589.7	589.7	589.7	461.2	461.2	461.2	461.2
11. Undistributed earnings after tax	418.8	302.3	192.7	170.7	635.1	532.4	349.7	331.9	720.1	525.4	330.9	292.9
- Accumulated retained earning at the end of the previous period	302.3	—	—	—	534.2	0.0	0.0	0.0	525.4	0.0	0.0	0.0
- Undistributed earnings in this period	116.6	302.3	192.7	170.7	100.9	532.4	349.7	331.9	194.7	525.4	330.9	292.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	8,476.3	8,079.8	7,924.7	7,893.1	8,089.3	8,281.5	8,658.3	8,429.5	8,839.9	7,783.6	7,574.4	7,460.9

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
Profit Before Tax	131.6	127.0	92.1	81.0	113.1	196.7	82.1	143.6	207.7	207.2	102.4	116.3
Depreciation of Fixed Assets and Investment Property	27.0	27.4	27.7	31.2	20.6	21.8	28.4	25.1	23.6	23.4	22.8	23.8
Provision (Increase)/Reversal	2.6	18.0	-4.8	-2.3	-8.9	-0.0	-10.4	-4.9	-7.6	-0.5	-5.0	-2.2
FX Gain/Loss from Revaluation of Monetary Items	-3.0	11.4	-2.3	-4.0	-0.9	-8.7	11.0	-0.5	-2.7	3.3	-0.9	-2.7
Gain/Loss from Investment Activities	-0.3	-0.9	-0.2	-0.4	-0.3	-0.3	-0.2	-0.3	-0.4	-2.1	-2.5	-0.4
Interest Expense	28.9	26.6	27.2	26.8	24.3	23.4	20.8	17.8	19.8	26.0	23.3	30.1
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	186.9	209.5	139.7	132.3	147.9	232.9	131.7	180.8	240.5	257.3	140.1	164.8
Increase/(Decrease) in Receivables	-94.4	1,619.6	-1,310.8	339.8	616.0	719.0	329.7	175.9	-428.2	-478.4	444.8	16.7
Increase/(Decrease) in Inventory	178.0	-29.0	40.4	-152.8	-317.9	-31.7	-417.1	104.7	-161.1	184.3	-428.2	86.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	77.6	-997.9	1,430.7	38.3	-279.8	-352.4	119.2	-609.4	508.9	42.5	-123.1	-347.6
Increase/(Decrease) in Prepaid Expenses	-0.7	1.6	1.3	-3.9	2.7	1.1	1.8	-3.2	-0.4	-1.3	0.1	-0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-28.8	-27.5	-27.0	-27.6	-24.2	-33.5	-43.5	-19.5	-18.5	-22.8	-29.1	-24.6
Corporate Income Tax Paid	-17.4	-17.7	-11.8	-5.2	-12.2	-9.1	-2.7	-13.1	-12.7	-0.8	-16.3	-4.2
Other Operating Receipts	0.4	—	—	—	—	0.8	0.5	-0.2	0.2	-0.0	0.0	-0.0
Other Operating Payments	-3.7	9.6	-12.3	0.0	-4.0	-1.8	-40.1	-1.5	-2.8	-6.0	4.9	-6.8
Net Cash Flow from Operating Activities	297.8	756.5	260.9	321.7	128.7	525.2	79.5	-185.5	125.9	-25.2	-6.7	-115.8
Payments for Fixed Assets and Other Long-term Assets	-168.9	-238.7	6.3	-210.7	-21.7	-32.5	-14.8	-30.6	-51.4	-2.8	-51.4	-39.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.5	0.1	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	0.3	-1.9	2.5	12.5	12.5	-4.0	4.7	2.2	2.5	-1.3
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	-168.6	-238.4	7.0	-212.5	-19.2	-19.8	-2.3	-34.6	-46.7	-0.5	-48.8	-41.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	6,000,000,000.00	-6,000,000,000.00	6,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,042.9	1,081.5	899.7	1,132.0	927.1	1,224.5	954.1	1,165.3	1,217.4	1,203.5	950.9	935.6
Repayment of Borrowings	-892.7	-1,415.2	-1,037.5	-1,232.6	-965.1	-1,424.9	-845.2	-1,014.2	-830.4	-1,301.2	-738.3	-941.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	5.6	-59.0	-58.7	—	0.0	-58.9	-58.9	0.0	0.0	-58.9	-57.4
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	150.2	-328.1	-196.8	-159.3	-38.0	-200.4	50.0	92.3	387.1	-91.7	147.8	-57.2
Net Cash Flow During the Period	279.4	190.0	71.1	-50.1	71.5	304.9	127.2	-127.8	466.3	-117.5	92.2	-214.3
Cash and Cash Equivalents at Beginning of Period	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	802.4	802.4	802.4	802.4	796.0	796.0	796.0
FX Difference from Revaluation	—	-4.2	—	1.9	—	0.0	0.1	-0.1	0.0	-0.3	-0.0	0.0
Cash and Cash Equivalents at End of Period	2,130.7	1,851.2	1,665.4	1,596.2	1,644.5	1,573.0	1,268.0	1,140.8	1,268.7	802.4	920.2	828.0

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RAL

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