SGI

Đầu tư SGI Holdings ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −1.12%, −7.48pp YoY

Price

11,400

Latest close

01 Jun 2026

P/E -10.17x

P/B 0.31x

EPS -1,121

BVPS 36,713

ROE -3.0%

ROA -1.4%

Profit Margin -3.5%

Asset Turnover 0.41x

Equity Mult. 2.09x

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

What Is Changing

On a TTM 2026Q1 basis, SGI is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,419bn
	                                
+36.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 27bn
	                                
−124.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    1524.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	2,392.3	1,569.3	1,287.2	1,639.0	1,453.3
Growth	+52%	+22%	-21%	+13%	—
Net Income	76.7	2.2	166.2	295.9	122.3
Net Margin	3.20%	0.14%	12.91%	18.05%	8.42%

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	517.7	777.9	577.0	546.1	490.0	601.6	367.1	307.6	292.9	346.7	361.3	354.7
Growth	-33%	+35%	+6%	+11%	-19%	+64%	+19%	+5%	-16%	-4%	+2%	—
Net Income	-55.0	5.7	37.8	-15.6	48.9	26.3	23.8	13.3	-55.8	40.7	36.6	79.1
Net Margin	-10.62%	0.74%	6.55%	-2.86%	9.97%	4.37%	6.49%	4.32%	-19.04%	11.73%	10.13%	22.31%

Drivers of SGI's profit

TTM

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

Financial income ↑ 48.6bn

Gross profit ↑ 26.5bn

Tax ↓ 25.3bn

Selling expenses ↑ 82.2bn

Finance costs ↑ 79.6bn

Minority interests ↑ 34.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Minority interests ↓ 17.9bn

Tax ↓ 16.4bn

Finance costs ↑ 43.7bn

Gross profit ↓ 22.9bn

Selling expenses ↑ 19.0bn

Administrative expenses ↑ 16.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.0% = 6.4% × 0.35 × 1.78

2026Q1 -1.0% = -1.1% × 0.41 × 2.09

ROE fell from 4.0% to -1.0% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: -1.1% -7.5pp Asset turnover: 0.41x +0.06x Leverage: 2.09x +0.31x

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 -1.12%, losing 7.5pp. The main pressure is Gross margin fell 3.7pp, outweighing the improvement in SG&A / Revenue fell 0.9pp (with lingering pressure from Net financial result / Revenue fell 4.2pp and Other profit / Revenue fell 1.2pp).

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 -1.12% −7.5pp

Gross Margin 14.10% −3.7pp

SG&A / Revenue 19.67% −0.9pp

Non-core / Revenue 6.00% −5.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 5.4pp, financial result still accounts for 1663.1% of PBT — earnings durability should be monitored in coming periods.

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 -1.39%, losing 4.0pp. That translates to -1.39 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 8.6pp, outweighing the movement in capital turnover; while invested capital rose by 577bn.

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

Watchpoints

ROIC remains low

ROIC is currently -1.39% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -1.39% −4.0pp

NOPAT Margin -2.67% −8.6pp

Capital Turnover 0.52x +0.09x

Average Invested Capital 4,646.3bn +576.7bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.23x equity, net debt at 0.72x equity.

Over the last 12 months, working capital released 114.8bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +172.8bn

Inventories decreased → higher CFO: +21.3bn

Payables decreased → lower CFO: −79.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.3 days versus the same period last year. The main moves came from DIO fell 4.8 days, DSO fell 2.1 days, and DPO rose 12.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 64.1 days −2.1 days

Inventory 56.6 days −4.8 days

Payables 40.1 days +12.4 days

Cash Conversion Cycle 80.6 days −19.3 days

Is financial risk significant?

Leverage is safe but FCF is negative at 177.0bn due to capex of 79.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 0.08x.

At present, short-term debt accounts for 99.0% of total debt, cash equals 16.7% of debt, and total debt stands at 2,382.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.08x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.72x +0.11x

Interest Coverage 0.08x −0.57x

Cash / Debt 16.7% −12.8pp

Short-term Debt / Total Debt 99.0% +5.1pp

CFO / NI 1.16x +1.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 50.9bn in 2025, against investing cash flow of -205.6bn.

Post-investment cash flow was negative +154.6bn. Financing cash flow was positive +287.7bn.

CFO / net income was 1.16x.

After spending +79.1bn on fixed-asset investment, the business generated trailing free cash flow of −177.0bn.

Cash Conversion

CFO TTM 97.9bn −44.5bn

Cash Capex 79.1bn +60.4bn

FCF TTM −177.0bn −104.9bn

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 7.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 1524.7%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.16x. Even so, net financial result still accounts for 1524.7% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at -1.12% after a 7.5pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,427.2	1,588.3	1,306.7	1,656.0	1,470.3
Revenue Deductions	34.9	19.0	19.4	17.0	0.0
Net Revenue	2,392.3	1,569.3	1,287.2	1,639.0	1,453.3
Cost of Goods Sold	2,032.3	1,294.2	1,035.5	1,285.2	0.0
Gross Profit	360.0	275.1	251.7	353.7	243.9
Financial Income	461.6	372.6	317.6	543.4	351.6
Financial Expenses	251.4	296.1	86.5	238.4	-126.4
Interest Expense	151.2	105.2	96.6	112.4	-54.8
Share of Associates and Joint Ventures	2.5	2.4	1.5	0.0	-0.0
Selling Expenses	174.4	102.9	70.9	63.5	-42.4
General and Administrative Expenses	266.4	247.0	191.7	259.5	-206.0
Operating Profit	131.9	4.1	221.7	335.8	220.8
Other Income	15.2	9.0	1.5	14.8	0.0
Other Expenses	14.9	3.0	6.7	9.4	0.0
Other Profit	0.3	6.0	-5.2	5.4	-1.1
Profit Before Tax	132.2	10.1	216.4	341.2	219.7
Current Income Tax Expense	27.9	25.8	41.3	55.5	-97.4
Deferred Income Tax Expense	27.6	-17.9	9.0	-10.3	0.0
Net Income	76.7	2.2	166.2	295.9	122.3
Non-controlling Interest	75.3	-5.5	47.4	-9.0	43.0
Profit Attributable to Parent	1.3	7.7	118.8	304.9	79.3
Earnings per Share	18.00	83.00	1,555.00	4,040.00	1,043.00
Diluted EPS	18.00	83.00	1,555.00	4,040.00	1,050.54

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,219.0	3,470.1	3,429.8	2,948.8	3,022.8
I. Cash and cash equivalents	456.3	323.2	426.6	661.6	524.5
1. Cash	164.8	121.3	109.9	246.5	0.0
2. Cash equivalents	291.4	202.0	316.6	415.1	0.0
II. Short-term financial investments	1,825.5	1,029.6	574.6	419.5	0.0
1. Available for sale securities	765.0	750.0	583.8	411.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-37.4	-165.5	-14.2	-70.2	0.0
3. Held to maturity investments	1,097.9	445.0	5.0	78.5	0.0
III. Short-term receivables	2,534.8	1,714.4	2,174.6	1,658.9	1,742.5
1. Short-term trade accounts receivable	534.0	615.9	324.1	245.6	0.0
2. Short-term prepayments to suppliers	26.7	5.1	10.7	4.9	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	1,533.3	1,137.5	1,772.8	1,253.8	0.0
6. Other short-term receivables	543.8	31.0	119.6	205.3	0.0
7. Provision for short-term doubtful debts (*)	-103.0	-75.1	-52.7	-50.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	325.2	355.7	198.2	176.4	199.7
1. Inventories	327.5	356.9	198.3	176.5	0.0
2. Provision for decline in value of inventories	-2.4	-1.2	-0.1	-0.1	0.0
V. Other short-term assets	77.2	47.2	55.9	32.5	48.9
1. Short-term prepayments	10.9	8.4	4.9	6.9	0.0
2. Value added tax to be reclaimed	65.6	38.6	50.6	24.5	0.0
3. Taxes and other receivables from state authorities	0.7	0.2	0.4	1.1	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)	1,198.2	1,793.4	1,135.9	1,207.4	986.8
I. Long-term receivables	23.9	712.3	44.1	14.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	10.3
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	—	647.0	27.6	0.0	0.0
6. Other long-term receivables	23.9	65.3	16.5	14.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	576.3	567.9	611.7	664.8	709.0
1. Tangible fixed assets	532.6	481.8	506.5	529.5	550.5
- Cost	1,188.0	983.8	961.4	930.9	0.0
- Accumulated depreciation	-655.4	-502.0	-454.9	-401.4	0.0
2. Financial leased fixed assets	18.3	67.2	82.9	115.6	133.5
- Cost	56.5	157.7	157.7	179.4	0.0
- Accumulated depreciation	-38.2	-90.5	-74.8	-63.8	0.0
3. Intangible fixed assets	25.3	18.8	22.2	19.7	25.0
- Cost	87.9	74.0	72.1	65.1	0.0
- Accumulated depreciation	-62.5	-55.2	-49.8	-45.4	0.0
III. Investment properties	280.9	137.8	159.9	0.0	29.5
- Cost	291.9	143.0	161.0	0.0	0.0
- Accumulated depreciation	-11.0	-5.2	-1.1	0.0	0.0
IV. Long-term assets in progress	26.8	20.8	9.4	6.9	15.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	26.8	20.8	9.4	6.9	0.0
V. Long-term financial investments	65.3	180.3	152.8	335.2	90.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	115.1	81.0	95.3	0.0
3. Investments in other entities	65.3	65.3	71.8	234.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	5.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	225.0	174.2	158.1	186.5	0.0
1. Long-term prepayments	54.1	55.4	55.1	59.5	0.0
2. Deferred income tax assets	9.2	34.5	5.8	16.9	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	132.0
5. Goodwill	161.7	84.3	97.2	110.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	6,417.2	5,263.4	4,565.7	4,156.2	4,009.6
A. LIABILITIES (300=210+330)	3,542.7	2,481.1	1,709.1	1,439.1	1,744.3
I. Short -term liabilities	3,363.7	2,131.3	1,413.3	919.3	1,298.0
1. Short-term trade accounts payable	381.6	165.6	111.1	61.2	117.7
2. Short-term advances from customers	16.0	9.9	9.7	9.7	9.7
3. Taxes and other payables to state authorities	32.5	28.4	40.2	27.1	0.0
4. Payable to employees	79.7	78.8	80.4	117.6	0.0
5. Short-term acrrued expenses	43.8	31.2	30.4	29.6	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	0.0
9. Other short-term payables	409.0	91.0	14.2	12.6	0.0
10. Short-term borrowings and financial leases	2,372.3	1,697.7	1,098.7	633.0	983.0
11. Provision for short-term liabilities	0.1	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	28.6	28.6	28.6	28.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	179.0	349.8	295.7	519.8	446.3
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	—	26.5	1.3	1.2	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	0.2	1.0	0.0	0.0
8. Long-term borrowings and financial leases	88.9	235.2	216.4	439.3	367.8
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	84.0	81.7	70.9	73.1	0.0
12. Provision for long-term liabilities	5.8	6.2	6.2	6.3	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)	2,874.6	2,782.3	2,856.6	2,717.1	2,265.3
I. Owner's equity	2,874.6	2,782.3	2,856.6	2,717.1	0.0
1. Owner's capital	754.6	754.6	754.6	754.6	2,265.3
- Common stock with voting right	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	224.7	225.1	225.1	225.1	225.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	84.6	84.6	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	10.8	10.8	10.8	10.8	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	994.3	1,030.2	1,247.3	1,155.2	817.0
- Accumulated retained earning at the end of the previous period	993.0	1,022.5	1,128.5	850.3	738.2
- Undistributed earnings in this period	1.3	7.7	118.8	304.9	78.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	805.5	677.0	618.8	571.4	457.8
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)	6,417.2	5,263.4	4,565.7	4,156.2	4,009.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	132.2	10.1	216.4	341.2	219.7
Depreciation of Fixed Assets and Investment Property	95.0	85.5	92.0	80.6	78.5
Provision (Increase)/Reversal	-121.6	178.9	-53.3	31.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.2	1.0	3.8	7.7	0.0
Gain/Loss from Investment Activities	-205.2	-217.4	-225.3	-463.9	0.0
Interest Expense	151.2	105.2	96.6	112.4	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	53.8	163.4	130.2	109.4	298.0
Increase/(Decrease) in Receivables	183.8	-275.3	42.8	16.3	0.0
Increase/(Decrease) in Inventory	118.0	-158.6	-21.8	23.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-71.7	51.5	40.9	-33.3	0.0
Increase/(Decrease) in Prepaid Expenses	1.1	-0.9	6.4	24.0	0.0
Changes in Trading Securities	-15.0	-166.2	-172.6	42.3	0.0
Interest Paid	-168.3	-79.2	-102.9	-107.6	0.0
Corporate Income Tax Paid	-50.8	-39.7	-27.6	-51.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-3.0	0.0	0.0
Net Cash Flow from Operating Activities	50.9	-505.1	-107.6	22.9	117.0
Payments for Fixed Assets and Other Long-term Assets	-71.5	-34.0	-208.1	-34.4	-37.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	18.8	17.6	2.7	16.9	0.0
Loans and Purchases of Debt Instruments	-51,293.7	-13,561.0	-10,348.2	-3,570.7	-2,305.1
Receipts from Loan Repayments and Sale of Debt Instruments	51,055.4	13,137.0	9,880.0	3,649.7	1,556.0
Investments in Other Entities	-103.8	-31.7	-32.4	-306.6	0.0
Proceeds from Investments in Other Entities	—	7.4	227.1	441.5	0.0
Dividends and Interest Income Received	189.2	255.6	134.9	199.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-205.6	-209.2	-344.0	396.2	-541.9
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	6,306.9	3,431.5	2,545.9	2,168.5	2,276.2
Repayment of Borrowings	-6,001.4	-2,803.1	-2,277.8	-2,431.5	-1,957.9
Repayment of Finance Leases	-17.8	-16.9	-28.7	-18.6	-19.8
Dividends Paid	—	-0.0	-22.6	0.0	-33.7
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	287.7	611.4	216.7	-281.6	264.9
Net Cash Flow During the Period	133.1	-102.9	-234.9	137.5	348.4
Cash and Cash Equivalents at Beginning of Period	323.2	426.6	661.6	524.5	684.6
FX Difference from Revaluation	-0.1	0.0	-0.1	-0.5	0.0
Cash and Cash Equivalents at End of Period	456.3	323.7	426.6	661.6	524.5

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	528.0	791.0	584.3	555.5	495.2	606.7	371.0	312.3	297.8	352.1	368.5	358.3
Revenue Deductions	10.3	13.0	7.3	9.4	5.2	5.1	3.9	4.7	4.9	5.4	7.2	3.6
Net Revenue	517.7	777.9	577.0	546.1	490.0	601.6	367.1	307.6	292.9	346.7	361.3	354.7
Cost of Goods Sold	450.3	669.2	505.4	452.8	399.8	487.8	314.5	249.8	243.9	271.9	299.3	294.5
Gross Profit	67.4	108.7	71.6	93.3	90.3	113.8	52.6	57.8	49.1	74.7	62.0	60.3
Financial Income	113.3	110.0	154.5	83.4	120.3	75.0	141.3	76.0	85.1	76.0	87.1	95.8
Financial Expenses	104.6	66.9	48.3	81.8	60.9	33.9	73.8	53.4	136.6	23.6	35.9	26.5
Interest Expense	38.2	38.0	39.5	39.2	34.5	31.6	22.0	24.9	26.3	28.1	25.7	27.8
Share of Associates and Joint Ventures	—	—	—	0.8	1.7	-0.7	1.5	0.5	0.5	-0.3	1.1	0.8
Selling Expenses	48.9	60.4	44.3	39.9	29.9	34.2	26.1	21.0	21.7	21.9	17.9	16.5
General and Administrative Expenses	72.7	68.0	77.9	63.9	56.6	82.0	70.0	44.4	45.5	49.1	48.9	18.8
Operating Profit	-46.0	23.4	55.5	-8.0	64.8	37.9	25.6	15.6	-69.2	56.0	47.4	95.1
Other Income	0.4	3.0	2.3	0.9	9.1	1.4	0.4	6.2	1.0	0.2	0.6	0.4
Other Expenses	6.1	3.7	7.7	3.6	3.9	1.4	0.3	0.6	0.7	1.4	1.2	0.9
Other Profit	-5.7	-0.7	-5.3	-2.7	5.2	0.1	0.1	5.6	0.3	-1.2	-0.6	-0.6
Profit Before Tax	-51.7	22.7	50.2	-10.7	70.0	38.0	25.7	21.2	-68.9	54.8	46.8	94.5
Current Income Tax Expense	0.8	-14.4	17.0	8.1	17.2	8.8	5.9	4.8	6.4	18.7	10.1	8.1
Deferred Income Tax Expense	2.5	31.3	-4.6	-3.1	4.0	2.8	-4.1	3.1	-19.5	-4.6	0.1	7.3
Net Income	-55.0	5.7	37.8	-15.6	48.9	26.3	23.8	13.3	-55.8	40.7	36.6	79.1
Non-controlling Interest	-3.9	10.6	44.6	6.2	13.9	10.2	4.0	-5.1	-14.5	10.9	7.0	20.9
Profit Attributable to Parent	-51.1	-4.9	-6.8	-21.8	34.9	16.1	19.8	18.4	-41.2	29.7	29.6	58.3
Earnings per Share	-677.00	-65.00	-90.00	-289.00	463.00	213.00	262.00	243.00	-547.00	386.00	384.00	772.00
Diluted EPS	-677.00	-65.00	-90.00	-289.00	463.00	213.07	262.00	243.00	-547.00	386.00	384.00	772.00

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)	4,892.1	5,219.0	5,453.2	4,974.0	3,960.9	3,471.5	2,716.3	2,815.4	3,098.1	3,430.3	3,319.1	3,365.5
I. Cash and cash equivalents	398.2	456.3	748.9	670.4	715.0	322.9	311.0	665.7	440.2	433.2	547.4	435.7
1. Cash	196.0	164.8	387.0	470.0	239.5	120.9	107.2	105.5	143.3	121.6	135.0	147.2
2. Cash equivalents	202.2	291.4	361.9	200.4	475.5	202.0	203.8	560.2	296.8	311.6	412.4	288.6
II. Short-term financial investments	3,272.5	1,825.5	1,781.3	1,573.1	1,406.6	1,029.6	639.3	484.3	510.5	574.6	489.6	435.9
1. Available for sale securities	650.5	765.0	915.6	847.8	689.9	750.0	583.4	610.5	612.4	583.8	515.8	428.8
2. Provision for diminution in value of available for sale securities (*)	-61.9	-37.4	-167.8	-179.7	-170.7	-165.5	-179.6	-138.9	-111.6	-14.2	-26.2	-25.8
3. Held to maturity investments	2,683.9	1,097.9	1,033.5	905.0	887.4	445.0	235.5	12.7	9.7	5.0	0.0	32.8
III. Short-term receivables	795.6	2,534.8	2,460.5	2,315.7	1,495.7	1,716.1	1,401.4	1,373.3	1,894.9	2,168.5	2,039.4	2,243.1
1. Short-term trade accounts receivable	451.7	534.0	453.1	611.5	397.4	617.1	294.5	342.3	243.1	324.2	308.6	512.7
2. Short-term prepayments to suppliers	19.3	26.7	23.2	15.5	8.9	5.3	12.7	9.4	13.7	10.7	6.5	6.8
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	0.5	0.4
5. Short-term loan receivables	—	1,533.3	1,612.1	1,307.4	1,133.4	1,137.5	1,071.3	965.7	1,480.4	1,768.4	1,653.6	1,532.0
6. Other short-term receivables	442.2	543.8	482.6	484.0	31.1	31.7	70.0	108.0	209.7	117.9	122.0	242.5
7. Provision for short-term doubtful debts (*)	-117.6	-103.0	-110.5	-102.8	-75.1	-75.1	-47.2	-51.9	-51.9	-52.7	-51.6	-51.3
8. Assets awaiting resolution	—	—	—	—	—	-0.4	0.0	0.0	0.0	0.0	-0.1	0.0
IV. Inventories	344.1	325.2	388.3	339.7	288.9	355.8	315.8	248.4	198.3	198.1	186.8	208.6
1. Inventories	354.5	327.5	391.3	342.9	290.1	357.0	315.9	248.5	198.4	198.2	186.8	208.6
2. Provision for decline in value of inventories	-10.4	-2.4	-3.1	-3.2	-1.2	-1.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
V. Other short-term assets	81.6	77.2	74.1	75.1	54.7	47.2	48.8	43.7	54.3	55.9	55.9	42.3
1. Short-term prepayments	15.2	10.9	10.7	13.1	11.0	8.3	8.2	9.2	7.4	4.9	7.5	10.4
2. Value added tax to be reclaimed	66.1	65.6	62.8	61.4	43.6	38.6	40.4	34.1	46.2	50.6	48.3	31.8
3. Taxes and other receivables from state authorities	0.3	0.7	0.6	0.6	0.2	0.2	0.2	0.3	0.6	0.4	0.1	0.1
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)	1,155.6	1,198.2	1,245.1	1,270.7	1,707.4	1,792.7	1,767.2	1,755.5	1,267.0	1,135.7	1,123.5	1,028.8
I. Long-term receivables	26.4	23.9	23.9	30.4	632.4	712.3	672.1	659.0	171.1	36.3	16.3	8.6
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	550.2	647.0	633.0	636.9	151.2	27.6	0.0	0.0
6. Other long-term receivables	26.4	23.9	23.9	30.4	82.2	65.3	39.1	22.1	20.0	8.6	16.3	8.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	594.6	576.3	588.2	605.1	573.1	567.9	580.2	589.5	598.5	611.7	621.9	635.1
1. Tangible fixed assets	570.8	532.6	506.3	517.6	485.0	481.8	489.3	494.2	498.0	506.5	514.2	508.9
- Cost	1,279.8	—	—	—	—	983.8	979.8	972.9	964.8	961.4	957.0	934.7
- Accumulated depreciation	-709.1	—	—	—	—	-502.0	-490.5	-478.7	-466.8	-454.9	-442.8	-425.7
2. Financial leased fixed assets	—	18.3	55.4	59.4	63.3	67.2	71.1	75.1	79.0	82.9	87.3	105.1
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	23.8	25.3	26.4	28.1	24.8	18.8	19.8	20.2	21.5	22.2	20.3	21.0
- Cost	88.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-64.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	252.8	280.9	134.7	135.8	136.8	137.8	138.9	139.9	158.6	159.9	156.8	0.0
- Cost	265.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	15.1	26.8	177.7	169.4	11.3	20.8	12.8	10.1	7.0	9.4	9.1	7.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	15.1	26.8	177.7	169.4	11.3	20.8	12.8	10.1	7.0	9.4	9.1	7.4
V. Long-term financial investments	47.1	65.3	65.3	65.3	182.0	180.2	180.9	179.4	153.3	152.9	153.0	202.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	116.8	114.9	115.6	114.1	81.5	81.1	97.2	96.1
3. Investments in other entities	50.8	65.3	65.3	65.3	65.3	65.3	65.3	65.3	71.8	71.8	50.8	50.8
4. Provision for diminution in value of long-term investments	-3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	0.1	—	0.0	0.0	0.0	0.0	0.0	5.0	55.5
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	219.5	225.0	255.2	264.7	171.8	173.8	182.4	177.6	84.4	68.3	66.1	71.6
1. Long-term prepayments	53.6	54.1	52.6	54.0	54.9	55.4	56.2	57.9	59.3	55.1	59.5	56.6
2. Deferred income tax assets	9.8	9.2	35.3	37.7	35.7	34.0	38.6	29.0	25.2	5.4	6.5	7.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	7.9	0.0	7.9
5. Goodwill	156.1	161.7	167.3	172.9	81.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	84.3	87.6	90.8	94.0	97.2	100.4	103.6
TOTAL ASSETS (280=100+200)	6,047.7	6,417.2	6,698.2	6,244.7	5,668.3	5,264.2	4,483.5	4,570.9	4,365.1	4,566.0	4,442.6	4,394.3
A. LIABILITIES (300=210+330)	3,277.1	3,542.7	3,853.6	3,373.0	2,837.1	2,483.6	1,652.2	1,756.3	1,564.2	1,713.7	1,608.4	1,596.8
I. Short -term liabilities	3,158.6	3,363.7	3,644.5	3,155.3	2,595.0	2,131.3	1,406.9	1,522.3	1,297.1	1,419.2	1,263.6	1,212.8
1. Short-term trade accounts payable	322.9	381.6	382.5	325.0	133.4	165.9	157.2	64.3	86.9	111.2	95.5	54.5
2. Short-term advances from customers	13.9	16.0	23.1	18.6	9.8	9.9	9.8	9.8	9.8	9.7	10.4	9.7
3. Dividends and profits payable	2.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	9.7	32.5	58.0	38.8	24.3	30.5	26.1	17.0	16.4	43.4	27.8	17.8
4. Payable to employees	45.6	79.7	62.1	54.9	51.3	81.0	60.8	50.7	48.6	75.8	74.7	44.3
5. Short-term acrrued expenses	22.9	43.8	44.6	41.6	56.9	29.1	48.1	44.7	37.1	37.2	37.3	34.9
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	0.1	0.0	0.0	0.0
9. Other short-term payables	354.5	409.0	348.8	370.2	17.3	91.3	8.3	8.3	16.4	14.6	16.3	14.2
10. Short-term borrowings and financial leases	2,358.1	2,372.3	2,696.6	2,277.4	2,273.4	1,694.9	1,068.1	1,298.6	1,053.2	1,098.7	972.8	986.7
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	—	0.0	0.0	0.2	0.0	0.1	0.1	22.0
12.. Bonus and welfare fund	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6
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	118.5	179.0	209.2	217.7	242.1	352.3	245.3	234.0	267.2	294.6	344.8	384.0
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	—	—	—	—	—	26.5	0.0	0.0	1.8	1.3	0.7	0.2
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	0.7	0.3	0.3	0.2	0.2	0.2	0.7	0.8	1.1	1.0	0.1	0.0
8. Long-term borrowings and financial leases	24.0	88.9	124.1	125.7	148.6	238.0	155.1	149.3	187.2	215.7	262.2	301.4
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	88.1	84.0	78.8	85.7	86.9	81.4	83.1	77.7	70.8	70.5	76.3	76.8
12. Provision for long-term liabilities	5.8	5.8	6.0	6.1	6.4	6.2	6.4	6.2	6.3	6.1	5.5	5.6
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)	2,770.5	2,874.6	2,844.6	2,871.7	2,831.2	2,780.6	2,831.2	2,814.6	2,800.9	2,852.3	2,834.2	2,797.6
I. Owner's equity	2,770.5	2,874.6	2,844.6	2,871.7	2,831.2	2,780.6	2,831.2	2,814.6	2,800.9	2,852.3	2,834.2	2,797.6
1. Owner's capital	754.6	754.6	754.6	754.6	754.6	754.6	754.6	754.6	754.6	754.6	754.6	754.6
- Common stock with voting right	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00	754,647,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	224.7	224.7	225.1	225.1	225.1	225.1	225.1	225.1	225.1	225.1	225.1	225.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	84.6	84.6	84.6	84.6	84.6	84.6	84.6	84.6	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	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8
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	895.2	994.3	999.2	1,037.2	1,065.1	1,029.3	1,090.1	1,076.6	1,206.1	1,244.2	1,237.1	1,204.8
- Accumulated retained earning at the end of the previous period	946.3	993.0	993.0	1,024.1	1,030.2	1,022.5	1,099.4	1,099.4	1,247.3	1,128.5	1,151.2	1,151.2
- Undistributed earnings in this period	-51.1	1.3	6.2	13.1	34.9	6.8	-9.3	-22.9	-41.2	115.7	85.9	53.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	800.6	805.5	770.3	759.3	691.0	676.2	666.0	662.9	604.2	617.5	606.6	602.3
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)	6,047.7	6,417.2	6,698.2	6,244.7	5,668.3	5,264.2	4,483.5	4,570.9	4,365.1	4,566.0	4,442.6	4,394.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-51.7	22.7	50.2	-10.7	70.0	38.0	25.7	15.8	-68.9	56.1	46.8	94.5
Depreciation of Fixed Assets and Investment Property	26.6	27.1	24.3	22.5	21.2	21.0	21.4	21.5	21.6	22.9	25.4	22.1
Provision (Increase)/Reversal	24.1	-139.8	-3.9	16.7	5.5	14.3	36.1	27.5	96.8	-10.4	0.9	-19.4
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.4	1.0	3.7	-2.0	-0.8	0.4	1.8	0.4	3.0	-1.2	3.4
Gain/Loss from Investment Activities	-50.5	-79.5	-49.4	-20.7	-55.5	9.2	-115.9	-50.9	-57.4	-217.6	104.2	-66.4
Interest Expense	38.2	38.0	39.5	39.2	34.5	31.6	22.0	24.9	26.3	24.0	25.7	27.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-13.2	-132.0	61.6	50.6	73.6	113.4	-10.3	40.5	18.9	-121.9	201.9	62.0
Increase/(Decrease) in Receivables	190.0	-77.4	115.4	-55.2	201.0	-306.1	59.6	-52.1	-10.4	-33.3	173.0	-138.3
Increase/(Decrease) in Inventory	-29.9	63.8	-48.5	35.9	66.8	-41.1	-65.5	-52.0	-0.1	-11.4	21.8	7.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-112.5	83.1	-47.1	-2.9	-104.8	178.9	109.2	-20.0	-38.3	5.2	77.6	-31.5
Increase/(Decrease) in Prepaid Expenses	-3.8	-2.1	4.0	-1.1	0.3	0.7	2.7	-0.4	-6.7	7.0	0.0	-0.6
Changes in Trading Securities	114.5	—	—	—	—	-166.7	27.1	1.9	-28.6	-68.0	-87.1	101.7
Interest Paid	-55.8	-17.4	-42.3	-52.1	-56.6	-24.6	-23.3	-30.3	-30.1	-18.3	-33.8	-32.0
Corporate Income Tax Paid	-24.7	-24.5	-1.7	2.2	-26.8	-3.1	-0.1	-3.8	-34.4	-0.1	0.0	-2.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.1	1.3	-0.2	-1.1	—	-1.5	0.0	-0.0	0.0	0.0	0.0	-3.0
Net Cash Flow from Operating Activities	64.7	45.5	-26.5	-181.7	213.6	-250.2	99.3	-116.1	-129.7	-240.9	353.5	-36.5
Payments for Fixed Assets and Other Long-term Assets	-23.9	-22.5	-10.4	-22.2	-16.4	21.5	-10.4	-13.4	0.0	-9.6	-180.9	-11.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.4	18.1	0.6	-0.8	0.9	-36.3	0.0	17.6	0.0	1.0	0.0	1.7
Loans and Purchases of Debt Instruments	-11,043.6	-13,232.6	-31,437.1	-3,735.1	-2,888.8	6,784.1	-468.5	-7,414.0	-55.7	-6,463.7	-38.3	-3,914.8
Receipts from Loan Repayments and Sale of Debt Instruments	10,975.9	13,247.1	31,004.0	4,257.1	2,547.3	-7,073.8	144.0	7,439.9	219.9	6,316.8	0.0	3,563.2
Investments in Other Entities	—	—	—	—	—	-1.8	0.0	-32.1	0.0	-4.1	-1.1	-27.2
Proceeds from Investments in Other Entities	14.5	—	—	—	—	-0.5	0.0	7.0	0.0	161.0	0.0	66.2
Dividends and Interest Income Received	44.2	-22.9	91.0	75.0	46.1	3.9	101.9	134.7	51.8	60.7	32.7	19.7
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	-20.5	24.4	-389.2	470.1	-310.8	-302.8	-233.0	139.7	216.0	62.0	-187.6	-302.8
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	2,015.9	2,620.5	428.6	1,115.9	2,141.9	1,728.6	638.8	796.4	267.1	1,641.4	-54.2	-1,457.1
Repayment of Borrowings	-2,095.3	-2,983.5	-0.4	-1,381.6	-1,635.9	-1,020.6	-855.6	-590.3	-335.5	-1,541.9	0.0	1,695.6
Repayment of Finance Leases	—	0.3	-9.3	8.1	-16.9	-4.2	-4.2	-4.2	-4.2	-18.7	0.0	8.6
Dividends Paid	-37.8	—	—	-75.3	—	-138.8	0.0	0.0	0.0	-22.6	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	-117.2	-362.6	494.3	-333.0	489.1	564.9	-221.0	201.9	-72.7	58.2	-54.2	247.1
Net Cash Flow During the Period	-73.0	-292.7	78.6	-44.6	391.8	11.8	-354.7	225.5	13.6	-120.7	111.7	-92.2
Cash and Cash Equivalents at Beginning of Period	471.3	748.9	670.4	715.0	323.2	426.6	426.6	426.6	426.6	661.6	661.6	661.6
FX Difference from Revaluation	-0.1	-0.1	-0.1	-0.0	-0.0	0.0	-0.0	0.0	-0.0	-0.1	-0.1	0.4
Cash and Cash Equivalents at End of Period	398.2	456.3	748.9	670.4	715.0	322.9	311.0	665.7	440.2	426.6	547.4	435.7

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SGI

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