SMC

Đầu tư Thương mại SMC ·HOSE ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 3.85%, +9.59pp YoY

Price

11,150

Latest close

03 Jun 2026

P/E 3.70x

P/B 0.80x

EPS 3,015

BVPS 13,906

ROE 24.2%

ROA 4.9%

Profit Margin 3.6%

Asset Turnover 1.37x

Equity Mult. 4.98x

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

What Is Changing

On a TTM 2026Q1 basis, SMC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. 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 6,235bn
	                                
−27.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 240bn
	                                
+149.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    148.8%

Metric	2025	2024	2023	2022	2021
Revenue	7,010.3	8,924.2	13,701.6	23,181.6	21,312.2
Growth	-21%	-35%	-41%	+9%	—
Net Income	197.6	-286.7	-925.3	-651.8	903.1
Net Margin	2.82%	-3.21%	-6.75%	-2.81%	4.24%

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	1,072.5	1,638.1	1,571.2	1,953.1	1,846.8	2,176.9	2,276.5	2,239.9	2,229.5	3,212.3	3,141.0	3,290.8
Growth	-35%	+4%	-20%	+6%	-15%	-4%	+2%	+0%	-31%	+2%	-5%	—
Net Income	17.2	343.9	-77.8	-43.3	0.1	-293.5	-82.4	-114.1	179.4	-333.3	-178.1	-414.2
Net Margin	1.60%	21.00%	-4.95%	-2.22%	0.01%	-13.48%	-3.62%	-5.09%	8.05%	-10.38%	-5.67%	-12.59%

Drivers of SMC's profit

TTM

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

Other profit ↑ 402.8bn

Administrative expenses ↓ 305.5bn

TTM

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

Other profit ↑ 53.0bn

Associates income ↑ 12.0bn

Selling expenses ↓ 4.3bn

Administrative expenses ↓ 2.6bn

Finance costs ↑ 24.7bn

Gross profit ↓ 19.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -54.8% = -5.7% × 1.65 × 5.79

2026Q1 26.2% = 3.8% × 1.37 × 4.98

ROE rose from -54.8% to 26.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 3.8% +9.6pp Asset turnover: 1.37x -0.28x Leverage: 4.98x -0.82x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.85%, rising 9.6pp. Core operating signals are improving as SG&A / Revenue fell 3.9pp are enough to offset pressure from Gross margin fell 0.0pp (in addition, Other profit / Revenue rose 6.7pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

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

Profitability trend

Net Margin 3.85% +9.6pp

Gross Margin -0.28% −0.0pp

SG&A / Revenue -0.23% −3.9pp

Non-core / Revenue 4.87% +6.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 148.8% of PBT and lifted net margin by 6.2pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 27.5 days.

Is capital being deployed efficiently?

ROIC expanded to -4.05%, rising 12.2pp. That translates to -4.05 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.2pp, with capital turnover fell 0.49x; while invested capital contracted by 331bn.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently -4.05% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -4.05% +12.2pp

NOPAT Margin -1.88% +4.2pp

Capital Turnover 2.16x −0.49x

Average Invested Capital 2,889.8bn −331.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 3.42x equity, net debt at 1.69x equity.

Over the last 12 months, working capital absorbed 197.5bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +82.3bn

Inventories decreased → higher CFO: +319.9bn

Payables decreased → lower CFO: −599.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 21.0 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 6.0 days, and DPO rose 16.9 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +1.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 69.2 days −6.0 days

Inventory 37.7 days +1.9 days

Payables 79.4 days +16.9 days

Cash Conversion Cycle 27.5 days −21.0 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.69x and interest coverage only at -0.82x.

At present, short-term debt accounts for 98.0% of total debt, cash equals 1.9% of debt, and total debt stands at 1,770.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.69x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.82x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.69x −1.03x

Interest Coverage -0.82x +1.65x

Cash / Debt 1.9% −4.8pp

Short-term Debt / Total Debt 98.0% +7.0pp

CFO / NI -1.95x −1.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -75.4bn in 2025, against investing cash flow of 408.8bn.

Post-investment cash flow was positive +333.3bn. Financing cash flow was negative +341.3bn.

CFO / net income was -1.95x.

After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of −433.7bn.

Cash Conversion

CFO TTM 432.3bn −416.3bn

Cash Capex 1.4bn −110.1bn

FCF TTM −433.7bn −306.2bn

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 capital efficiency remains weak remaining the main constraint, with ROIC at -4.1%. The next watchpoint is the earnings mix, when non-core contribution is -51.2%. The main offsetting support comes from operating efficiency, with net margin improving 9.6 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.85% after expanding 9.6pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -51.2% of PBT and CFO / net income currently at -1.95x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,011.9	8,925.5	13,703.6	23,187.5	21,313.4
Revenue Deductions	1.6	1.3	2.0	5.9	0.0
Net Revenue	7,010.3	8,924.2	13,701.6	23,181.6	21,312.2
Cost of Goods Sold	7,008.9	8,902.5	13,640.0	23,219.2	0.0
Gross Profit	1.4	21.7	61.6	-37.6	1,487.5
Financial Income	26.5	244.8	117.0	117.6	108.1
Financial Expenses	145.6	234.2	340.1	367.9	-186.5
Interest Expense	148.4	202.2	265.6	240.9	-160.4
Share of Associates and Joint Ventures	-1.1	-8.6	-6.0	5.9	36.5
Selling Expenses	68.9	93.0	122.8	209.8	-221.2
General and Administrative Expenses	-86.7	226.6	623.2	123.4	-123.8
Operating Profit	-101.0	-295.9	-913.6	-615.2	1,100.8
Other Income	418.9	138.6	47.0	32.3	0.0
Other Expenses	69.3	104.1	46.2	7.9	0.0
Other Profit	349.6	34.5	0.8	24.3	2.1
Profit Before Tax	248.6	-261.4	-912.8	-590.9	1,102.8
Current Income Tax Expense	59.8	24.6	12.1	15.3	-199.8
Deferred Income Tax Expense	-8.7	0.8	0.4	45.6	0.0
Net Income	197.6	-286.7	-925.3	-651.8	903.1
Non-controlling Interest	17.4	-17.1	-40.0	-72.8	27.7
Profit Attributable to Parent	180.1	-269.7	-885.3	-579.0	875.4
Earnings per Share	2,447.00	-3,663.00	-12,027.00	-8,760.00	14,369.00
Diluted EPS	1,223.00	-3,659.86	-12,027.00	-8,760.00	14,351.77

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,692.2	2,813.7	3,981.9	6,272.9	7,036.9
I. Cash and cash equivalents	135.3	144.7	669.7	813.9	624.6
1. Cash	121.3	45.8	127.2	230.1	0.0
2. Cash equivalents	14.0	99.0	542.5	583.8	0.0
II. Short-term financial investments	491.8	503.6	488.6	686.7	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	491.8	503.6	488.6	686.7	0.0
III. Short-term receivables	1,432.9	1,236.0	1,647.7	2,931.9	2,851.9
1. Short-term trade accounts receivable	1,490.3	1,773.6	1,999.2	2,705.3	0.0
2. Short-term prepayments to suppliers	39.3	101.0	83.5	218.0	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	84.1	7.0	0.0
6. Other short-term receivables	82.4	24.6	34.2	52.0	0.0
7. Provision for short-term doubtful debts (*)	-179.2	-663.2	-553.3	-50.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	411.2	631.8	841.4	1,564.8	2,559.0
1. Inventories	421.0	650.3	854.8	1,663.5	0.0
2. Provision for decline in value of inventories	-9.8	-18.5	-13.4	-98.7	0.0
V. Other short-term assets	221.0	297.6	334.5	275.6	297.7
1. Short-term prepayments	1.6	37.0	8.9	12.0	0.0
2. Value added tax to be reclaimed	217.5	258.2	323.2	262.1	0.0
3. Taxes and other receivables from state authorities	1.9	2.3	2.4	1.5	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)	1,761.5	1,697.8	2,196.8	2,056.2	1,982.6
I. Long-term receivables	147.8	34.4	35.6	40.6	0.0
1. Long-term trade receivables	3.6	3.6	20.3	20.5	29.9
2. Long-term prepayments to suppliers	115.6	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	32.2	34.4	35.6	40.6	0.0
7. Provision for long-term doubtful debts	-3.6	-3.6	-20.3	-20.5	0.0
II. Fixed assets	865.9	1,202.3	1,451.4	1,218.7	999.0
1. Tangible fixed assets	543.2	825.5	1,012.0	740.5	648.5
- Cost	941.8	1,661.8	1,835.9	1,410.2	0.0
- Accumulated depreciation	-398.6	-836.3	-823.9	-669.7	0.0
2. Financial leased fixed assets	219.5	272.6	300.9	338.8	212.1
- Cost	298.5	339.8	347.9	448.6	0.0
- Accumulated depreciation	-79.0	-67.2	-47.0	-109.7	0.0
3. Intangible fixed assets	103.3	104.2	138.5	139.3	138.3
- Cost	112.5	113.4	147.0	147.0	0.0
- Accumulated depreciation	-9.3	-9.3	-8.6	-7.7	0.0
III. Investment properties	6.1	6.5	6.8	7.2	7.6
- Cost	9.1	9.1	9.1	9.1	0.0
- Accumulated depreciation	-3.0	-2.6	-2.2	-1.9	0.0
IV. Long-term assets in progress	316.6	0.6	50.0	95.5	317.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	316.6	0.6	50.0	95.5	0.0
V. Long-term financial investments	219.5	217.7	270.7	301.3	328.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	111.0	114.6	124.7	136.2	0.0
3. Investments in other entities	157.1	153.6	165.5	165.5	0.0
4. Provision for diminution in value of long-term investments	-54.6	-56.5	-26.5	-25.3	0.0
5. Held to maturity investments	6.0	6.0	7.0	25.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	205.5	236.2	382.3	393.0	0.0
1. Long-term prepayments	205.2	222.9	368.2	378.5	0.0
2. Deferred income tax assets	0.4	13.3	14.1	14.5	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	300.7
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)	4,453.7	4,511.4	6,178.7	8,329.1	9,019.6
A. LIABILITIES (300=210+330)	3,446.3	4,000.4	5,380.9	6,606.0	6,599.3
I. Short -term liabilities	3,380.0	3,741.3	5,007.0	5,992.5	6,122.0
1. Short-term trade accounts payable	1,197.0	1,451.4	2,009.8	2,676.4	2,122.7
2. Short-term advances from customers	52.9	60.6	65.9	113.9	60.7
3. Taxes and other payables to state authorities	97.7	29.9	19.5	14.6	0.0
4. Payable to employees	4.7	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	8.8	10.4	29.8	27.1	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	1.3	0.4	0.0	0.4	237.6
9. Other short-term payables	1.5	9.0	190.2	149.1	0.0
10. Short-term borrowings and financial leases	2,013.3	2,173.5	2,685.5	3,004.1	3,137.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.7	6.1	6.4	6.9	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	66.3	259.1	373.9	613.6	477.3
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	—	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	0.1	0.2	0.3	0.4	0.5
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	35.9	217.1	331.8	571.4	472.4
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	30.4	41.8	41.8	41.8	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)	1,007.4	511.1	797.8	1,723.1	2,420.3
I. Owner's equity	1,007.4	511.1	797.8	1,723.1	0.0
1. Owner's capital	736.8	736.8	736.8	736.8	2,420.3
- Common stock with voting right	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	609,946,910,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	253.1	253.1	253.1	253.1	253.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.7
5. Treasury shares	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	372.8	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	40.5	-438.5	-168.9	343.6	1,081.8
- Accumulated retained earning at the end of the previous period	-139.6	-168.9	343.6	922.6	215.5
- Undistributed earnings in this period	180.1	-269.7	-512.5	-579.0	866.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	-22.3	-39.6	-22.6	17.4	90.9
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)	4,453.7	4,511.4	6,178.7	8,329.1	9,019.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	248.6	-261.4	-912.8	-590.9	1,102.8
Depreciation of Fixed Assets and Investment Property	89.9	73.6	106.7	134.0	96.0
Provision (Increase)/Reversal	-178.5	128.3	418.6	11.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.5	10.6	-1.2	-10.1	0.0
Gain/Loss from Investment Activities	-415.9	-355.4	-79.4	-73.1	0.0
Interest Expense	148.5	202.2	265.6	240.9	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	-107.8	-202.1	-202.5	-287.5	1,392.3
Increase/(Decrease) in Receivables	149.4	-23.2	761.4	-35.0	0.0
Increase/(Decrease) in Inventory	416.1	204.5	808.7	999.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-372.0	-132.7	-658.2	59.6	0.0
Increase/(Decrease) in Prepaid Expenses	19.7	117.1	13.4	-6.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-149.7	-155.2	-269.0	-239.6	0.0
Corporate Income Tax Paid	-27.8	-9.4	-11.8	-76.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.3	-0.4	-0.4	-13.7	0.0
Net Cash Flow from Operating Activities	-75.4	-201.2	441.6	400.2	-767.6
Payments for Fixed Assets and Other Long-term Assets	-2.1	126.6	-249.2	-160.2	-606.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	380.8	212.7	32.7	74.4	-0.0
Loans and Purchases of Debt Instruments	-665.9	46.1	-915.3	-1,332.1	-679.2
Receipts from Loan Repayments and Sale of Debt Instruments	673.3	72.5	1,095.3	1,343.7	540.8
Investments in Other Entities	—	0.0	0.0	0.0	-515.6
Proceeds from Investments in Other Entities	—	109.7	0.0	0.0	0.0
Dividends and Interest Income Received	22.6	283.6	80.2	71.2	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	408.8	851.2	43.8	-3.0	-1,114.3
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	5,530.0	6,738.0	9,554.5	14,856.5	14,057.4
Repayment of Borrowings	-5,816.7	-7,872.3	-10,117.3	-14,974.5	-12,702.7
Repayment of Finance Leases	-54.7	-40.7	-67.3	-58.1	-32.3
Dividends Paid	—	0.0	0.0	-30.5	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	-341.3	-1,175.1	-630.1	-206.6	1,322.4
Net Cash Flow During the Period	-8.0	-525.2	-144.7	190.6	24.4
Cash and Cash Equivalents at Beginning of Period	143.3	669.7	813.9	624.6	1,183.4
FX Difference from Revaluation	0.0	0.2	0.5	-1.2	0.7
Cash and Cash Equivalents at End of Period	135.3	144.7	669.7	813.9	624.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,072.6	1,639.2	1,571.9	1,953.3	1,847.3	2,177.3	2,276.6	2,240.1	2,230.2	3,212.4	3,142.2	3,290.9
Revenue Deductions	0.0	1.1	0.6	0.2	0.6	0.3	0.1	0.2	0.7	0.2	1.2	0.1
Net Revenue	1,072.5	1,638.1	1,571.2	1,953.1	1,846.8	2,176.9	2,276.5	2,239.9	2,229.5	3,212.3	3,141.0	3,290.8
Cost of Goods Sold	1,049.7	1,629.0	1,573.4	2,000.3	1,804.0	2,186.0	2,266.2	2,307.0	2,161.9	3,163.5	3,182.4	3,377.5
Gross Profit	22.8	9.1	-2.2	-47.1	42.7	-9.1	10.3	-67.1	67.6	48.8	-41.4	-86.7
Financial Income	4.7	6.8	5.9	8.5	5.7	7.9	10.3	13.0	326.6	30.1	24.7	37.6
Financial Expenses	44.8	35.1	37.0	67.9	20.1	65.8	47.8	78.3	154.8	78.6	86.1	90.8
Interest Expense	31.7	34.2	36.8	30.2	44.1	41.6	71.8	49.3	56.6	57.8	66.1	73.4
Share of Associates and Joint Ventures	8.5	3.3	-1.9	0.9	-3.6	-8.3	0.0	1.3	0.0	-3.4	0.0	-2.7
Selling Expenses	13.6	15.6	16.6	19.1	17.9	20.7	24.1	26.2	26.0	29.5	30.9	35.5
General and Administrative Expenses	20.4	-195.0	29.7	65.8	23.0	146.3	28.8	28.4	26.8	326.4	33.4	214.1
Operating Profit	-42.9	163.5	-81.6	-190.7	-16.1	-242.2	-80.0	-185.6	186.6	-359.0	-167.0	-392.2
Other Income	78.9	261.5	8.1	322.8	21.7	8.2	11.4	172.3	2.9	43.6	4.6	5.8
Other Expenses	9.3	38.7	7.8	153.1	5.1	59.4	13.8	75.7	10.0	14.0	15.8	15.2
Other Profit	69.6	222.8	0.4	169.6	16.6	-51.2	-2.3	96.6	-7.1	29.6	-11.2	-9.3
Profit Before Tax	26.8	386.3	-81.2	-21.0	0.5	-293.4	-82.3	-89.0	179.5	-329.4	-178.2	-401.6
Current Income Tax Expense	11.3	42.4	-3.4	22.6	—	0.0	0.0	24.8	0.0	4.0	-0.0	-8.2
Deferred Income Tax Expense	-1.7	-0.1	0.0	-0.3	0.4	0.1	0.1	0.3	0.1	-0.0	0.0	20.8
Net Income	17.2	343.9	-77.8	-43.3	0.1	-293.5	-82.4	-114.1	179.4	-333.3	-178.1	-414.2
Non-controlling Interest	-1.4	-2.0	-1.7	23.1	-1.8	-2.0	-3.8	-7.4	-3.9	-3.5	-14.2	-22.4
Profit Attributable to Parent	18.6	345.9	-76.1	-66.4	1.9	-291.5	-78.6	-106.7	183.3	-329.9	-164.0	-391.7
Earnings per Share	252.00	4,699.00	-1,034.00	-902.00	26.00	-3,961.00	-1,068.00	-1,450.00	2,490.00	-4,477.00	-2,225.00	-5,317.00
Diluted EPS	252.09	4,694.78	-1,033.42	-901.47	25.62	-3,957.00	-1,067.20	-1,448.11	2,487.83	-4,477.19	-2,225.27	-5,316.84

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)	1,953.6	2,689.9	2,478.1	2,679.9	2,961.6	2,813.7	3,197.2	3,279.3	3,544.1	3,896.6	4,578.5	5,357.6
I. Cash and cash equivalents	34.1	135.3	185.8	177.2	159.4	144.7	158.7	285.1	277.4	669.7	402.2	967.0
1. Cash	34.1	121.3	101.8	96.2	44.4	45.8	95.3	234.6	223.2	127.2	151.7	214.5
2. Cash equivalents	—	14.0	84.0	81.0	115.0	99.0	63.4	50.5	54.2	542.5	250.5	752.5
II. Short-term financial investments	384.3	491.8	553.5	576.2	503.6	503.6	498.6	490.5	389.8	483.1	506.5	504.7
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	384.3	491.8	553.5	576.2	503.6	503.6	498.6	490.5	389.8	483.1	506.5	504.7
III. Short-term receivables	724.8	1,447.9	851.4	1,104.2	1,312.7	1,236.0	1,427.8	1,467.5	1,604.8	1,561.3	2,045.7	2,227.5
1. Short-term trade accounts receivable	849.7	1,490.3	1,154.0	1,252.5	1,507.9	1,773.6	1,900.9	1,948.4	1,988.2	1,914.2	2,108.4	2,354.3
2. Short-term prepayments to suppliers	27.1	39.4	25.9	150.4	146.0	101.0	59.9	49.0	61.8	83.5	76.8	37.8
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	0.0	0.0
5. Short-term loan receivables	—	—	—	-137.3	—	0.0	0.0	0.0	84.1	84.1	81.1	7.0
6. Other short-term receivables	27.2	97.4	69.9	212.0	24.0	24.6	25.7	27.0	24.0	32.8	31.9	59.7
7. Provision for short-term doubtful debts (*)	-179.2	-179.1	-398.5	-373.4	-365.1	-663.2	-558.7	-556.9	-553.3	-553.3	-252.5	-231.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	573.1	407.2	615.9	566.5	705.8	631.8	814.6	745.8	956.6	840.3	1,256.1	1,308.9
1. Inventories	581.9	422.0	627.3	577.2	711.1	650.3	818.6	796.4	971.6	850.2	1,281.0	1,332.1
2. Provision for decline in value of inventories	-8.8	-14.8	-11.3	-10.7	-5.3	-18.5	-4.0	-50.6	-15.0	-9.9	-24.9	-23.2
V. Other short-term assets	237.3	207.7	271.4	255.8	280.1	297.6	297.5	290.4	315.5	342.2	368.0	349.5
1. Short-term prepayments	3.4	1.8	3.6	6.1	7.5	37.0	9.9	17.5	9.3	16.5	19.0	19.1
2. Value added tax to be reclaimed	231.9	204.0	265.7	248.8	270.4	258.2	285.2	270.7	303.8	323.2	346.4	326.9
3. Taxes and other receivables from state authorities	1.9	1.9	2.1	0.9	2.2	2.3	2.4	2.3	2.4	2.4	2.5	3.5
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,294.3	1,763.7	1,893.2	1,925.3	1,920.3	1,697.8	1,878.5	1,913.6	1,925.5	2,195.8	2,186.4	2,236.2
I. Long-term receivables	725.8	148.1	189.0	188.9	277.0	34.4	33.9	34.4	35.1	37.1	39.9	41.4
1. Long-term trade receivables	3.6	3.6	3.6	3.6	3.6	3.6	20.3	20.3	20.3	20.3	20.3	20.3
2. Long-term prepayments to suppliers	693.6	115.6	156.5	—	—	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	32.1	32.5	32.6	188.9	277.0	34.4	33.9	34.4	35.1	37.1	39.9	41.4
7. Provision for long-term doubtful debts	-3.6	-3.6	-3.6	-3.6	-3.6	-3.6	-20.3	-20.3	-20.3	-20.3	-20.3	-20.3
II. Fixed assets	838.3	865.5	989.1	1,009.5	1,176.7	1,202.3	1,321.0	1,348.9	1,373.5	1,451.5	1,236.4	1,272.1
1. Tangible fixed assets	522.2	542.7	660.5	675.4	826.5	825.5	937.9	959.4	944.0	989.3	752.5	775.7
- Cost	881.0	—	—	—	—	1,661.8	1,791.8	1,791.9	1,789.0	1,791.7	1,518.3	1,515.8
- Accumulated depreciation	-358.8	—	—	—	—	-836.3	-853.9	-832.6	-845.0	-802.4	-765.8	-740.2
2. Financial leased fixed assets	212.9	219.5	224.9	230.3	246.3	272.6	278.8	285.0	291.2	323.7	345.4	357.6
- Cost	295.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-82.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	103.1	103.3	103.7	103.8	103.9	104.2	104.3	104.5	138.3	138.5	138.6	138.8
- Cost	112.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	6.0	6.1	6.2	6.3	6.4	6.5	6.6	6.7	6.8	6.8	6.9	7.0
- Cost	9.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	320.9	316.6	279.3	279.1	0.3	0.6	0.4	0.4	52.3	50.0	244.7	240.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	320.9	316.6	279.3	279.1	0.3	0.6	0.4	0.4	52.3	50.0	244.7	240.2
V. Long-term financial investments	201.1	218.5	216.1	223.3	235.8	217.7	250.5	252.2	181.2	275.6	280.6	293.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	119.5	110.8	107.5	109.4	114.6	114.6	119.3	121.0	124.7	124.5	128.0	128.0
3. Investments in other entities	130.1	157.1	157.1	157.1	157.1	153.6	157.1	157.1	75.9	165.5	165.5	165.5
4. Provision for diminution in value of long-term investments	-54.5	-55.4	-54.6	-49.2	-42.0	-56.5	-33.0	-33.0	-26.5	-26.5	-24.8	-24.6
5. Held to maturity investments	6.0	6.0	6.0	6.0	6.0	6.0	7.0	7.0	7.0	12.0	12.0	25.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	202.2	208.8	213.5	218.1	224.1	236.2	266.0	271.1	276.8	374.9	377.8	381.6
1. Long-term prepayments	201.9	205.7	210.5	215.1	219.8	222.9	252.6	257.4	262.8	360.9	363.9	367.5
2. Deferred income tax assets	0.3	3.1	3.0	3.0	4.3	13.3	13.4	13.7	14.0	13.9	13.9	14.1
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	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)	4,247.9	4,453.6	4,371.3	4,605.1	4,881.9	4,511.4	5,075.7	5,192.9	5,469.6	6,092.5	6,764.9	7,593.8
A. LIABILITIES (300=210+330)	3,223.3	3,458.7	3,720.3	3,838.5	4,071.9	4,000.4	4,271.1	4,329.8	4,492.4	5,288.7	5,627.7	6,264.0
I. Short -term liabilities	3,158.7	3,267.7	3,500.4	3,618.8	3,816.1	3,741.3	3,974.3	4,032.0	4,155.5	4,715.7	5,007.2	5,631.9
1. Short-term trade accounts payable	1,237.4	1,197.0	1,282.7	1,335.3	1,484.0	1,451.4	1,454.6	1,483.3	1,452.1	1,924.8	2,541.5	2,583.1
2. Short-term advances from customers	69.0	52.9	59.2	67.4	120.0	60.6	123.9	57.6	92.2	65.9	81.3	101.5
3. Taxes and other payables to state authorities	100.9	99.6	24.0	51.1	29.7	29.9	29.7	29.8	4.9	13.0	9.4	9.1
4. Payable to employees	—	4.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	9.9	7.3	14.6	12.8	11.3	10.4	15.5	12.2	16.0	29.4	23.5	33.4
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	2.8	1.7	0.4	0.6	14.2	0.4	0.4	2.1	4.2	0.0	15.3	48.7
9. Other short-term payables	1.1	1.8	0.9	0.4	-0.2	9.0	188.5	189.7	150.1	192.9	195.8	161.5
10. Short-term borrowings and financial leases	1,735.0	1,900.1	2,115.9	2,148.4	2,153.8	2,173.5	2,155.4	2,251.4	2,429.5	2,483.4	2,134.0	2,688.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	2.7	2.7	2.8	3.3	6.1	6.1	6.1	6.4	6.4	6.5	6.6
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	64.5	191.0	219.9	219.7	255.9	259.1	296.8	297.8	337.0	573.0	620.5	632.1
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	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.3
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	35.8	149.1	178.0	177.7	213.9	217.1	254.8	255.8	294.9	530.9	578.4	576.7
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	28.6	41.8	41.8	41.8	41.8	41.8	41.8	41.8	41.8	41.8	41.8	55.0
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)	1,024.6	994.9	651.0	766.6	810.0	511.1	804.6	863.1	977.2	803.8	1,137.1	1,329.8
I. Owner's equity	1,024.6	994.9	651.0	766.6	810.0	511.1	804.6	863.1	977.2	803.8	1,137.1	1,329.8
1. Owner's capital	736.8	736.8	736.8	736.8	736.8	736.8	736.8	736.8	736.8	736.8	736.8	736.8
- Common stock with voting right	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00	736,785,870,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	253.1	253.1	253.1	253.1	253.1	253.1	253.1	253.1	253.1	253.1	253.1	253.1
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	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00	-717,500,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	372.8	372.8
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	59.1	27.8	-318.1	-204.2	-137.7	-438.5	-147.0	-92.3	14.4	-162.9	-205.8	-27.3
- Accumulated retained earning at the end of the previous period	40.5	-139.6	-139.6	-139.6	-139.6	-168.9	-168.9	-168.9	-168.9	343.6	343.6	343.6
- Undistributed earnings in this period	18.6	167.4	-178.5	-64.5	1.9	-269.7	21.9	76.6	183.3	-506.5	-549.4	-370.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	-23.7	-22.1	-20.1	-18.4	-41.5	-39.6	-37.7	-33.9	-26.5	-22.6	-19.1	-4.9
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)	4,247.9	4,453.6	4,371.3	4,605.1	4,881.9	4,511.4	5,075.7	5,192.9	5,469.6	6,092.5	6,764.9	7,593.8

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	26.8	388.2	-81.2	-58.9	0.5	-293.4	-82.3	-65.1	179.5	-329.0	-178.2	-429.1
Depreciation of Fixed Assets and Investment Property	8.6	23.3	18.3	56.5	-8.1	-11.2	27.8	34.0	23.0	-2.0	33.7	43.7
Provision (Increase)/Reversal	-1.2	-212.6	3.2	48.8	-17.8	125.8	-24.0	25.0	1.5	290.9	-9.8	236.1
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-1.3	0.0	-9.8	10.6	0.0	10.2	-10.2	10.6	-13.6	11.6	-11.6
Gain/Loss from Investment Activities	-53.2	-257.6	-3.0	-134.7	-20.5	-8.9	-13.0	-339.8	6.3	-5.3	-24.4	-36.3
Interest Expense	31.7	34.3	36.8	33.3	44.1	41.6	71.8	32.2	56.6	46.0	66.1	70.4
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	12.5	-25.8	-25.9	-64.7	8.8	-146.1	-9.5	-324.0	277.6	-13.0	-101.1	-126.8
Increase/(Decrease) in Receivables	-28.0	-214.2	383.0	-58.4	39.0	121.4	-273.0	284.3	-156.0	-220.1	453.2	342.1
Increase/(Decrease) in Inventory	-160.8	396.9	-66.6	150.4	-64.7	168.3	-17.4	170.4	-116.8	426.2	119.0	459.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.9	-199.6	-105.3	-333.8	266.7	-986.5	1,403.9	42.7	-592.8	-298.2	-375.1	-209.0
Increase/(Decrease) in Prepaid Expenses	1.5	7.3	6.5	6.7	-0.9	2.6	9.8	-0.3	105.0	5.8	5.1	2.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-10.2	-33.1	-41.6	-44.2	-30.9	-39.9	-21.5	-36.1	-57.6	-301.1	182.1	-75.6
Corporate Income Tax Paid	4.7	-27.8	—	—	—	0.0	0.0	-7.4	-1.9	-2.6	-0.0	7.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-0.1	-0.5	-2.8	-0.0	0.0	-573.0	572.6	-319.7	319.5	-230.3
Net Cash Flow from Operating Activities	-141.6	-96.3	150.1	-344.5	215.3	-880.3	1,092.3	-443.4	30.1	-722.8	602.6	169.8
Payments for Fixed Assets and Other Long-term Assets	-0.6	-0.4	-0.2	2.6	-4.1	129.8	0.0	-14.2	11.0	34.9	-55.3	-145.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	80.3	91.2	1.5	267.5	20.6	0.0	0.0	214.0	-1.4	32.7	-10.9	11.0
Loans and Purchases of Debt Instruments	96.0	-28.3	-283.3	-109.7	-244.5	386.5	-39.5	-278.9	-22.0	297.6	-703.5	-66.0
Receipts from Loan Repayments and Sale of Debt Instruments	133.3	236.6	153.6	82.7	200.3	-379.8	158.3	14.6	279.3	148.3	295.5	404.4
Investments in Other Entities	27.0	—	—	—	—	0.0	0.0	-179.1	179.1	-65.0	65.0	24.3
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	136.7	-27.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	-1.2	11.2	-1.5	14.0	15.8	39.3	205.5	23.0	-8.7	31.9	40.5
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	335.8	298.0	-117.1	253.5	-25.6	152.3	158.2	98.7	442.0	439.7	-377.3	268.6
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	2,068.7	1,311.3	1,315.0	2,823.9	79.8	2,453.3	459.3	2,074.3	1,751.0	2,836.4	1,387.7	2,445.8
Repayment of Borrowings	-2,352.1	-1,557.8	-1,321.4	-2,693.7	-243.8	-1,730.4	-1,833.1	-1,704.8	-2,604.0	-2,253.5	-2,191.5	-2,565.3
Repayment of Finance Leases	-12.1	-5.7	-18.0	-31.0	—	-8.9	-2.9	-16.3	-12.5	-30.7	1.6	-24.8
Dividends Paid	—	—	—	—	-9.9	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	-295.5	-252.1	-24.3	109.0	-173.9	714.0	-1,376.7	353.2	-865.5	552.2	-802.1	-144.3
Net Cash Flow During the Period	-101.3	-50.5	8.6	18.1	15.8	-14.0	-126.3	8.6	-393.5	269.1	-576.8	294.1
Cash and Cash Equivalents at Beginning of Period	135.3	185.8	177.2	159.4	143.3	669.7	669.7	669.7	669.7	813.9	813.9	813.9
FX Difference from Revaluation	0.1	0.0	0.1	0.1	0.3	-0.0	-0.0	-0.9	1.1	-1.7	1.2	1.0
Cash and Cash Equivalents at End of Period	34.1	135.3	185.8	177.2	159.4	144.7	158.7	285.1	277.4	669.7	402.2	977.9

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SMC

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