TCM

Dệt may - Đầu tư - Thương mại Thành Công ·HOSE ·2026Q1

▼ Under pressure

Working capital is tied up too long in the operating cycle Working capital 134 days

Price

20,700

Latest close

02 Jun 2026

P/E 9.29x

P/B 0.94x

EPS 2,229

BVPS 21,911

ROE 10.8%

ROA 6.1%

Profit Margin 7.0%

Asset Turnover 0.87x

Equity Mult. 1.75x

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

What Is Changing

On a TTM 2026Q1 basis, TCM is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,644bn
	                                
−6.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 259bn
	                                
−12.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,644.4	3,810.5	3,324.8	4,337.4	3,535.4
Growth	-4%	+15%	-23%	+23%	—
Net Income	271.3	278.1	133.8	281.1	143.7
Net Margin	7.44%	7.30%	4.02%	6.48%	4.06%

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	1,010.1	858.1	902.4	873.0	1,010.9	925.0	1,104.6	846.7	934.1	814.6	919.3	714.5
Growth	+18%	-5%	+3%	-14%	+9%	-16%	+30%	-9%	+15%	-11%	+29%	—
Net Income	65.9	46.7	64.0	82.0	78.6	61.7	81.5	72.3	62.6	22.4	54.2	2.3
Net Margin	6.52%	5.45%	7.10%	9.39%	7.77%	6.67%	7.38%	8.54%	6.70%	2.74%	5.89%	0.32%

Drivers of TCM's profit

TTM

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

Tax ↓ 10.7bn

Administrative expenses ↓ 5.7bn

Gross profit ↓ 41.5bn

Other profit ↓ 7.3bn

TTM

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

Tax ↓ 3.3bn

Other profit ↑ 3.3bn

Gross profit ↓ 11.3bn

Selling expenses ↑ 4.5bn

Financial income ↓ 3.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.4% = 7.6% × 1.06 × 1.68

2026Q1 10.9% = 7.1% × 0.87 × 1.75

ROE fell from 13.4% to 10.9% — asset turnover weakened the most, though leverage still provided support.

Net margin: 7.1% -0.5pp Asset turnover: 0.87x -0.19x Leverage: 1.75x +0.07x

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 7.10%, falling 0.5pp. The main pressure comes from SG&A / Revenue rose 0.4pp and Gross margin fell 0.1pp (with lingering pressure from Other profit / Revenue fell 0.2pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 7.10% −0.5pp

Gross Margin 15.96% −0.1pp

SG&A / Revenue 7.91% +0.4pp

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 9.54%, losing 2.2pp. That translates to 9.54 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.23x, while invested capital rose by 240bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 9.54% −2.2pp

NOPAT Margin 7.06% −0.3pp

Capital Turnover 1.35x −0.23x

Average Invested Capital 2,696.5bn +240.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.70x equity, net debt at 0.12x equity.

Inventory ended the period at 987.3bn, roughly 23.7% of total assets.

Over the last 12 months, working capital released 106.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +155.4bn

Inventories increased → lower CFO: −30.1bn

Payables decreased → lower CFO: −18.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 12.2 days versus the same period last year. The main moves came from DIO rose 9.1 days, DSO rose 13.0 days, and DPO rose 9.9 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 134.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +13.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 65.8 days +13.0 days

Inventory 113.0 days +9.1 days

Payables 44.7 days +9.9 days

Cash Conversion Cycle 134.1 days +12.2 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.12x and interest coverage at 5.23x.

At present, short-term debt accounts for 84.5% of total debt, cash equals 72.7% of debt, and total debt stands at 1,073.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 84.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.12x −0.03x

Interest Coverage 5.23x −0.68x

Cash / Debt 72.7% +4.6pp

Short-term Debt / Total Debt 84.5% +1.6pp

CFO / NI 1.61x +1.46x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 235.0bn in 2025, against investing cash flow of -25.4bn.

Post-investment cash flow was positive +209.5bn. Financing cash flow was positive +42.1bn.

CFO / net income was 1.61x.

After spending +213.3bn on fixed-asset investment, the business generated trailing free cash flow of +199.4bn.

Cash Conversion

CFO TTM 412.7bn +370.4bn

Cash Capex 213.3bn −35.0bn

FCF TTM +199.4bn +405.4bn

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 1.61x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 134 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.61x.

Key risk: working capital remains tied up for too long, with cash cycle at 134.1 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,645.3	3,810.9	3,327.9	4,340.7	3,537.5
Revenue Deductions	0.8	0.5	3.1	3.4	0.0
Net Revenue	3,644.4	3,810.5	3,324.8	4,337.4	3,535.4
Cost of Goods Sold	3,051.5	3,193.8	2,826.1	3,627.1	0.0
Gross Profit	592.9	616.7	498.7	710.3	513.5
Financial Income	91.5	91.5	82.1	106.0	60.6
Financial Expenses	60.9	64.7	113.4	130.3	-51.3
Interest Expense	41.4	24.9	37.8	31.0	-19.2
Share of Associates and Joint Ventures	-0.1	0.0	1.0	8.0	7.2
Selling Expenses	146.0	154.3	146.9	177.8	-184.4
General and Administrative Expenses	138.4	149.8	136.9	169.8	-169.9
Operating Profit	339.0	339.4	184.5	346.3	175.7
Other Income	1.2	18.0	5.0	4.6	0.0
Other Expenses	1.7	7.0	0.7	0.6	0.0
Other Profit	-0.5	11.0	4.3	4.0	2.8
Profit Before Tax	338.5	350.4	188.8	350.3	178.5
Current Income Tax Expense	66.4	70.4	57.2	69.9	-34.8
Deferred Income Tax Expense	0.8	2.0	-2.2	-0.7	0.0
Net Income	271.3	278.1	133.8	281.1	143.7
Non-controlling Interest	2.2	2.0	1.9	1.7	1.1
Profit Attributable to Parent	269.1	276.1	131.9	279.3	142.5
Earnings per Share	2,161.00	2,548.00	1,211.00	2,898.00	1,997.13
Diluted EPS	2,161.00	2,548.00	1,211.00	2,898.00	1,997.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,811.0	2,690.0	2,130.8	2,166.7	2,351.3
I. Cash and cash equivalents	814.3	563.3	434.9	422.2	270.5
1. Cash	116.4	111.0	49.2	179.7	0.0
2. Cash equivalents	698.0	452.3	385.7	242.5	0.0
II. Short-term financial investments	375.9	533.1	312.8	203.6	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	375.9	533.1	312.8	203.6	0.0
III. Short-term receivables	510.9	555.6	329.0	254.7	287.9
1. Short-term trade accounts receivable	497.3	548.9	377.6	345.4	0.0
2. Short-term prepayments to suppliers	8.3	72.2	6.7	7.6	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	1.9	0.0
6. Other short-term receivables	10.4	10.1	15.9	9.3	0.0
7. Provision for short-term doubtful debts (*)	-5.2	-75.6	-71.1	-109.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	987.3	1,002.7	1,027.9	1,255.1	1,463.7
1. Inventories	1,006.9	1,031.4	1,052.6	1,282.7	0.0
2. Provision for decline in value of inventories	-19.5	-28.7	-24.7	-27.7	0.0
V. Other short-term assets	122.5	35.2	26.1	31.1	43.0
1. Short-term prepayments	6.7	4.3	3.3	5.6	0.0
2. Value added tax to be reclaimed	114.4	30.9	22.8	25.5	0.0
3. Taxes and other receivables from state authorities	1.4	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,360.2	1,205.5	1,148.6	1,310.3	1,255.1
I. Long-term receivables	0.2	0.4	0.4	2.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	0.2	0.4	0.4	2.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	988.0	1,024.8	960.9	1,037.0	927.7
1. Tangible fixed assets	760.4	845.5	755.6	736.6	644.9
- Cost	2,120.0	2,119.5	1,910.4	1,762.3	0.0
- Accumulated depreciation	-1,359.6	-1,274.0	-1,154.8	-1,025.8	0.0
2. Financial leased fixed assets	49.2	0.0	24.9	121.0	101.4
- Cost	55.9	0.0	45.5	155.6	0.0
- Accumulated depreciation	-6.7	0.0	-20.6	-34.6	0.0
3. Intangible fixed assets	178.5	179.3	180.4	179.4	181.4
- Cost	222.3	221.3	220.1	216.9	0.0
- Accumulated depreciation	-43.8	-42.0	-39.6	-37.5	0.0
III. Investment properties	2.2	2.3	2.4	2.5	2.5
- Cost	2.8	2.8	2.8	2.8	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-0.4	0.0
IV. Long-term assets in progress	63.3	65.9	41.0	47.5	138.0
1. Long-term production in progress	21.9	13.9	9.8	9.8	0.0
2. Construction in progress	41.4	52.1	31.2	37.7	0.0
V. Long-term financial investments	2.4	4.8	4.8	85.7	86.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.7	8.3	8.3	80.9	0.0
3. Investments in other entities	2.5	4.9	4.9	4.9	0.0
4. Provision for diminution in value of long-term investments	-6.9	-8.5	-8.5	-0.1	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	304.1	107.3	139.1	134.9	0.0
1. Long-term prepayments	292.5	94.8	124.6	125.1	0.0
2. Deferred income tax assets	11.6	12.5	14.5	9.8	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	100.3
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)	4,171.2	3,895.5	3,279.4	3,477.1	3,606.4
A. LIABILITIES (300=210+330)	1,724.0	1,623.8	1,269.2	1,498.2	1,897.9
I. Short -term liabilities	1,512.9	1,518.3	1,173.4	1,311.9	1,757.4
1. Short-term trade accounts payable	402.1	478.5	265.3	176.4	553.9
2. Short-term advances from customers	69.4	48.6	46.8	59.2	69.0
3. Taxes and other payables to state authorities	20.1	18.9	18.3	14.4	0.0
4. Payable to employees	106.2	119.8	80.2	149.6	0.0
5. Short-term acrrued expenses	10.1	10.8	6.8	6.4	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	27.6	24.7	22.2	20.6	0.0
10. Short-term borrowings and financial leases	743.4	711.6	632.4	818.4	909.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	134.0	105.2	101.4	66.8	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	211.2	105.5	95.8	186.3	140.4
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	17.7	16.7	18.0	18.0	0.0
8. Long-term borrowings and financial leases	166.4	59.6	48.0	140.9	93.2
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	2.4	2.5	2.5	0.0	0.0
12. Provision for long-term liabilities	24.7	26.7	27.3	27.5	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)	2,447.2	2,271.7	2,010.1	1,978.9	1,708.5
I. Owner's equity	2,447.2	2,271.7	2,010.1	1,978.9	0.0
1. Owner's capital	1,121.4	1,019.6	927.0	820.5	1,708.5
- Common stock with voting right	1,121,392,050,000.00	1,019,554,820,000.00	926,977,140,000.00	820,471,270,000.00	713,608,080,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	22.7	22.7	22.7	22.7	22.7
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	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	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	209.2	227.5	293.0	342.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	76.0	75.8	75.6	75.4	0.0
11. Undistributed earnings after tax	1,012.5	921.5	687.7	714.0	466.4
- Accumulated retained earning at the end of the previous period	743.4	645.4	555.8	434.7	323.9
- Undistributed earnings in this period	269.1	276.1	131.9	279.3	142.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	11.3	10.6	10.1	9.6	8.8
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)	4,171.2	3,895.5	3,279.4	3,477.1	3,606.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	338.5	350.4	188.8	350.3	178.5
Depreciation of Fixed Assets and Investment Property	119.1	121.7	128.7	125.8	119.0
Provision (Increase)/Reversal	-9.5	7.9	-8.4	3.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.1	-3.4	2.4	-6.4	0.0
Gain/Loss from Investment Activities	-36.6	-38.6	-18.0	-31.8	0.0
Interest Expense	41.4	24.9	37.8	31.0	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	457.0	462.9	331.3	472.7	309.6
Increase/(Decrease) in Receivables	-55.3	-271.4	-52.6	32.5	0.0
Increase/(Decrease) in Inventory	24.5	21.2	230.1	206.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-67.3	283.1	3.3	-318.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	1.7	2.9	-28.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-40.4	-24.1	-37.8	-30.3	0.0
Corporate Income Tax Paid	-67.9	-69.9	-53.4	-54.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-15.3	-11.9	-9.9	-28.3	0.0
Net Cash Flow from Operating Activities	235.0	391.6	414.0	251.6	-89.1
Payments for Fixed Assets and Other Long-term Assets	-226.0	-237.2	-42.0	-126.9	-117.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	81.6	1.2	3.2	0.3
Loans and Purchases of Debt Instruments	-296.8	-218.7	-224.3	-429.1	-27.8
Receipts from Loan Repayments and Sale of Debt Instruments	454.6	0.0	115.1	517.9	4.7
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	9.1	0.0	56.7	1.0	0.0
Dividends and Interest Income Received	32.3	22.4	30.9	25.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-25.4	-352.0	-62.4	-8.6	-116.9
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	2,368.2	2,111.9	2,225.9	3,362.2	2,959.5
Repayment of Borrowings	-2,265.5	-2,019.9	-2,419.6	-3,430.2	-2,709.1
Repayment of Finance Leases	-9.0	-3.1	-87.1	-22.5	-30.5
Dividends Paid	-51.5	-0.7	-57.9	-0.4	-31.3
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	42.1	88.2	-338.8	-90.8	188.6
Net Cash Flow During the Period	251.6	127.8	12.8	152.2	11.4
Cash and Cash Equivalents at Beginning of Period	563.3	434.9	422.2	270.5	287.9
FX Difference from Revaluation	-0.6	0.6	-0.1	-0.5	-0.0
Cash and Cash Equivalents at End of Period	814.3	563.3	434.9	422.2	270.5

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	1,010.2	859.0	902.4	873.0	1,010.9	925.0	1,104.6	846.9	934.4	816.2	920.8	714.5
Revenue Deductions	0.1	0.8	—	—	—	0.0	0.0	0.2	0.2	1.6	1.5	0.0
Net Revenue	1,010.1	858.1	902.4	873.0	1,010.9	925.0	1,104.6	846.7	934.1	814.6	919.3	714.5
Cost of Goods Sold	857.6	721.8	770.0	712.6	847.2	786.3	936.6	694.0	776.9	685.3	780.7	619.2
Gross Profit	152.5	136.3	132.4	160.4	163.7	138.7	168.0	152.7	157.2	129.3	138.6	95.3
Financial Income	19.9	13.4	27.7	26.5	23.9	26.1	16.2	24.7	24.5	15.4	26.7	17.8
Financial Expenses	15.3	12.3	14.0	19.5	15.1	13.9	22.4	9.5	18.9	28.2	27.3	38.4
Interest Expense	10.0	9.8	10.8	19.5	8.4	7.5	5.8	5.1	6.5	8.6	9.2	9.5
Share of Associates and Joint Ventures	—	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	39.1	43.4	32.9	35.0	34.6	37.2	38.1	40.2	38.8	42.3	35.6	37.1
General and Administrative Expenses	38.1	36.2	33.3	30.1	38.8	28.6	36.8	39.1	45.3	41.2	35.0	23.5
Operating Profit	79.9	57.8	79.8	102.3	99.1	85.1	86.9	88.7	78.8	33.0	67.5	14.1
Other Income	2.2	0.6	0.2	0.2	0.3	-0.2	15.4	2.7	0.1	0.8	0.6	1.8
Other Expenses	0.0	0.2	0.1	0.1	1.3	6.6	0.1	0.2	0.2	0.1	0.1	0.3
Other Profit	2.2	0.3	0.1	0.1	-1.1	-6.8	15.3	2.5	-0.1	0.7	0.5	1.6
Profit Before Tax	82.1	58.1	79.8	102.5	98.1	78.3	102.2	91.2	78.7	33.6	67.9	15.7
Current Income Tax Expense	16.2	14.0	15.9	17.0	19.5	15.7	20.7	17.9	16.1	15.2	13.8	11.6
Deferred Income Tax Expense	—	-2.6	-0.1	3.5	—	1.0	0.0	1.0	0.0	-3.9	0.0	1.7
Net Income	65.9	46.7	64.0	82.0	78.6	61.7	81.5	72.3	62.6	22.4	54.2	2.3
Non-controlling Interest	0.2	0.7	0.7	0.5	0.3	0.7	0.4	0.9	0.5	0.6	0.4	0.4
Profit Attributable to Parent	65.7	46.0	63.3	81.4	78.3	60.9	81.1	71.4	62.2	21.7	53.8	1.9
Earnings per Share	528.00	410.38	564.58	726.12	768.03	597.54	795.35	700.60	631.00	234.29	655.31	23.01
Diluted EPS	528.00	410.38	564.58	726.12	768.03	2,548.00	795.35	700.60	631.00	234.29	655.31	23.01

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)	2,898.5	2,811.0	2,813.8	2,979.3	2,935.8	2,690.0	2,538.5	2,382.8	2,108.5	2,130.8	2,098.4	2,151.2
I. Cash and cash equivalents	781.2	814.3	682.9	677.1	736.7	563.3	529.5	441.6	429.9	434.9	346.2	303.9
1. Cash	158.7	116.4	52.8	57.8	119.4	111.0	112.3	64.4	52.5	49.2	48.7	30.4
2. Cash equivalents	622.5	698.0	630.1	619.3	617.3	452.3	417.3	377.3	377.4	385.7	297.5	273.5
II. Short-term financial investments	455.9	375.9	375.4	375.4	373.2	533.1	531.5	415.4	363.6	312.8	307.6	307.6
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	455.9	375.9	375.4	375.4	373.2	533.1	531.5	415.4	363.6	312.8	307.6	307.6
III. Short-term receivables	607.1	510.9	831.0	868.2	882.4	555.6	526.2	395.9	373.7	329.0	404.8	272.8
1. Short-term trade accounts receivable	583.9	497.3	673.7	718.0	730.6	548.9	571.1	443.9	395.4	377.6	450.8	313.5
2. Short-term prepayments to suppliers	16.3	8.3	225.2	218.0	215.5	72.2	20.5	18.3	32.4	6.7	5.5	7.7
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	12.0	10.4	10.0	10.2	12.0	10.1	10.2	8.2	17.1	15.9	17.8	20.8
7. Provision for short-term doubtful debts (*)	-5.2	-5.2	-77.9	-77.9	-75.6	-75.6	-75.6	-74.4	-71.1	-71.1	-69.2	-69.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	949.4	987.3	847.3	992.9	901.7	1,002.7	890.3	1,035.5	896.3	1,027.9	1,020.1	1,225.1
1. Inventories	962.6	1,006.9	866.3	1,016.9	932.6	1,031.4	927.6	1,067.2	925.4	1,052.6	1,053.6	1,260.6
2. Provision for decline in value of inventories	-13.2	-19.5	-19.0	-24.1	-30.8	-28.7	-37.3	-31.7	-29.1	-24.7	-33.5	-35.5
V. Other short-term assets	104.9	122.5	77.2	65.7	41.8	35.2	61.0	94.4	45.0	26.1	19.7	41.8
1. Short-term prepayments	6.8	6.7	5.8	7.8	4.7	4.3	4.7	6.3	4.4	3.3	3.9	5.9
2. Value added tax to be reclaimed	96.8	114.4	71.2	57.9	37.2	30.9	56.3	88.1	40.5	22.8	15.8	35.9
3. Taxes and other receivables from state authorities	1.3	1.4	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,337.1	1,360.2	1,148.6	1,164.3	1,175.3	1,205.5	1,220.2	1,309.5	1,126.1	1,148.6	1,176.8	1,197.5
I. Long-term receivables	0.2	0.2	0.5	0.5	0.4	0.4	0.5	0.5	0.4	0.4	0.4	0.4
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	0.4	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.5	0.5	0.4	0.4	0.5	0.5	0.0	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	960.7	988.0	972.0	994.4	1,001.3	1,024.8	1,040.4	1,111.9	936.3	960.9	989.6	1,018.1
1. Tangible fixed assets	735.2	760.4	743.1	763.4	767.9	845.5	861.7	932.7	756.5	755.6	734.1	733.5
- Cost	2,076.1	—	—	—	—	2,119.5	2,109.8	2,157.6	1,957.5	1,910.4	1,848.8	1,813.1
- Accumulated depreciation	-1,341.0	—	—	—	—	-1,274.0	-1,248.0	-1,224.9	-1,201.1	-1,154.8	-1,114.8	-1,079.6
2. Financial leased fixed assets	47.4	49.2	51.0	52.8	54.7	0.0	0.0	0.0	0.0	24.9	77.5	106.0
- Cost	55.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	178.2	178.5	177.8	178.2	178.7	179.3	178.7	179.2	179.8	180.4	178.0	178.5
- Cost	222.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-44.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.2	2.2	2.3	2.3	2.3	2.3	2.3	2.3	2.4	2.4	2.4	2.4
- Cost	2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	68.5	63.3	64.9	58.2	60.0	65.9	62.8	54.8	43.6	41.0	37.0	31.4
1. Long-term production in progress	21.9	21.9	21.9	16.5	16.4	13.9	13.9	13.9	9.8	9.8	9.8	9.8
2. Construction in progress	46.6	41.4	43.0	41.7	43.6	52.1	48.9	41.0	33.8	31.2	27.2	21.6
V. Long-term financial investments	2.4	2.4	2.4	4.8	4.8	4.8	4.8	4.8	4.8	4.8	13.1	13.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.7	6.7	6.7	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3
3. Investments in other entities	2.5	2.5	2.5	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
4. Provision for diminution in value of long-term investments	-6.9	-6.9	-6.9	-8.5	-8.5	-8.5	-8.5	-8.5	-8.5	-8.5	-0.1	-0.1
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	303.1	304.1	106.6	104.1	106.5	107.3	109.3	135.1	138.6	139.1	134.3	132.1
1. Long-term prepayments	291.5	292.5	97.6	95.1	94.0	94.8	95.9	121.6	124.1	124.6	126.2	124.0
2. Deferred income tax assets	11.6	11.6	9.0	9.0	12.5	12.5	13.5	13.5	14.5	14.5	8.1	8.1
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)	4,235.6	4,171.2	3,962.4	4,143.6	4,111.1	3,895.5	3,758.7	3,692.3	3,234.6	3,279.4	3,275.3	3,348.7
A. LIABILITIES (300=210+330)	1,778.6	1,724.0	1,562.0	1,807.2	1,811.7	1,623.8	1,548.6	1,563.7	1,161.8	1,269.2	1,287.5	1,415.1
I. Short -term liabilities	1,566.6	1,512.9	1,373.3	1,616.8	1,578.3	1,518.3	1,471.9	1,486.1	1,061.6	1,173.4	1,153.3	1,278.9
1. Short-term trade accounts payable	379.1	402.1	255.3	406.3	370.7	478.5	450.9	550.5	252.3	265.3	170.8	222.2
2. Short-term advances from customers	45.7	69.4	37.4	43.6	38.2	48.6	37.4	43.7	35.7	46.8	35.8	32.6
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	20.8	20.1	20.8	21.0	24.5	18.9	22.9	19.9	22.7	18.3	16.2	13.7
4. Payable to employees	45.4	106.2	86.1	78.0	60.1	119.8	92.2	65.7	41.7	80.2	70.4	62.9
5. Short-term acrrued expenses	16.4	10.1	14.3	10.0	16.9	10.8	18.4	10.8	12.5	6.8	11.6	7.8
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	22.1	27.6	23.2	22.6	74.3	24.7	23.8	21.8	21.6	22.2	26.7	25.2
10. Short-term borrowings and financial leases	907.5	743.4	800.8	894.8	895.8	711.6	719.4	661.8	577.9	632.4	718.3	805.7
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	128.9	134.0	135.4	140.6	97.8	105.2	106.9	111.8	97.2	101.4	103.5	108.7
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	212.0	211.2	188.7	190.4	233.4	105.5	76.8	77.7	100.3	95.8	134.2	136.2
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 taxes and other payables to the government	16.6	—	—	—	—	—	—	—	—	—	—	—
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	1.1	17.7	16.7	16.7	16.7	16.7	16.7	16.7	18.0	18.0	18.0	18.0
8. Long-term borrowings and financial leases	166.4	166.4	145.4	145.4	184.7	59.6	32.0	32.0	48.0	48.0	88.0	90.9
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	2.4	2.4	2.4	2.5	2.5	2.5	2.5	2.5	2.5	2.5	0.0	0.0
12. Provision for long-term liabilities	25.5	24.7	24.2	25.7	29.5	26.7	25.5	26.4	31.7	27.3	28.2	27.3
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,457.1	2,447.2	2,400.4	2,336.4	2,299.4	2,271.7	2,210.1	2,128.6	2,072.8	2,010.1	1,987.8	1,933.6
I. Owner's equity	2,457.1	2,447.2	2,400.4	2,336.4	2,299.4	2,271.7	2,210.1	2,128.6	2,072.8	2,010.1	1,987.8	1,933.6
1. Owner's capital	1,121.4	1,121.4	1,121.4	1,121.4	1,019.6	1,019.6	1,019.6	1,019.6	927.0	927.0	820.5	820.5
- Common stock with voting right	1,121,392,050,000.00	1,121,392,050,000.00	1,121,392,050,000.00	1,121,392,050,000.00	1,019,554,820,000.00	1,019,554,820,000.00	1,019,554,820,000.00	1,019,554,820,000.00	926,977,140,000.00	926,977,140,000.00	820,471,270,000.00	820,471,270,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7
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	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00	-5,939,990,000.00
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	209.2	209.2	209.2	209.2	227.5	227.5	227.5	227.5	293.0	293.0	399.5	399.5
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	76.0	76.0	76.0	76.0	75.8	75.8	75.8	75.8	75.6	75.6	75.6	75.6
11. Undistributed earnings after tax	1,022.1	1,012.5	966.5	903.2	948.9	921.5	860.6	779.5	749.9	687.7	666.0	612.2
- Accumulated retained earning at the end of the previous period	956.5	743.4	743.4	743.4	870.6	645.4	645.4	645.4	687.7	555.8	555.8	555.8
- Undistributed earnings in this period	65.7	269.1	223.0	159.7	78.3	276.1	215.1	134.1	62.2	131.9	110.2	56.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	11.5	11.3	10.6	9.9	10.9	10.6	9.9	9.5	10.6	10.1	9.5	9.1
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)	4,235.6	4,171.2	3,962.4	4,143.6	4,111.1	3,895.5	3,758.7	3,692.3	3,234.6	3,279.4	3,275.3	3,348.7

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	82.1	58.1	79.8	102.5	98.1	78.3	102.2	91.2	78.7	33.6	67.9	15.7
Depreciation of Fixed Assets and Investment Property	28.3	29.0	29.3	30.2	30.7	30.9	32.0	28.8	30.0	32.1	32.2	32.3
Provision (Increase)/Reversal	-5.5	1.9	-8.2	-8.2	5.0	-7.6	5.9	0.6	8.9	0.4	-1.1	-6.5
FX Gain/Loss from Revaluation of Monetary Items	-0.5	3.2	4.6	-2.4	-1.3	-5.8	8.4	-13.1	7.1	-18.7	9.4	9.3
Gain/Loss from Investment Activities	-10.6	-8.0	-14.6	-7.0	-7.0	-4.3	-22.6	-2.7	-8.9	-4.3	-11.5	5.8
Interest Expense	10.0	9.8	10.8	12.5	8.4	7.5	5.8	5.1	6.5	8.6	9.2	9.5
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	103.8	94.0	101.7	127.6	133.8	99.1	131.6	109.9	122.3	51.8	106.1	66.2
Increase/(Decrease) in Receivables	-79.4	211.5	26.0	-2.7	-290.1	3.3	-98.8	-75.4	-62.4	65.1	-112.0	55.6
Increase/(Decrease) in Inventory	44.2	-140.5	150.6	-84.4	98.8	-103.8	139.6	-141.8	127.2	1.0	207.0	-95.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-109.6	187.1	-143.5	47.5	-158.4	116.6	43.4	148.0	-63.0	102.1	-33.3	20.0
Increase/(Decrease) in Prepaid Expenses	0.9	4.0	-0.5	-4.3	0.4	1.3	0.4	0.7	-0.7	2.2	-0.2	-1.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.8	-9.7	-10.6	-11.9	-8.2	-7.1	-5.6	-5.1	-6.3	-8.5	-9.2	-9.7
Corporate Income Tax Paid	-15.3	-15.3	-16.5	-19.2	-16.9	-20.3	-17.5	-20.5	-11.6	-13.5	-11.1	-13.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-5.1	-1.3	-5.3	-1.3	-7.5	-2.7	-3.9	-1.1	-4.2	-2.1	-5.2	-1.4
Net Cash Flow from Operating Activities	-70.4	329.7	102.0	51.3	-248.0	86.5	189.2	14.7	101.3	198.1	142.1	19.1
Payments for Fixed Assets and Other Long-term Assets	-2.8	-174.5	-16.2	-19.8	-15.5	-75.3	-124.2	-33.3	-4.4	-3.3	-11.5	-20.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.8	0.3	0.1	0.0	0.9	0.5	79.7	1.3	0.0	0.2	0.0	0.3
Loans and Purchases of Debt Instruments	-110.0	-164.7	0.0	-130.1	-2.0	0.0	-120.2	-49.3	-49.3	-5.2	0.0	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	30.0	164.7	-0.5	127.7	162.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.2	-0.2	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	9.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	56.7
Dividends and Interest Income Received	9.7	7.6	9.4	6.8	8.6	2.4	7.5	3.6	8.9	6.3	11.5	6.5
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	-71.4	-166.6	1.9	-15.4	154.6	-72.1	-157.5	-77.7	-44.7	-2.0	-0.0	42.1
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	743.3	453.8	601.5	489.9	822.9	304.4	491.1	651.0	665.4	474.3	531.5	599.1
Repayment of Borrowings	-576.5	-481.0	-695.2	-533.4	-555.9	-284.8	-432.8	-578.4	-723.9	-550.1	-622.4	-587.5
Repayment of Finance Leases	-2.7	-2.7	-2.7	-2.7	-0.9	0.0	0.0	0.0	-3.1	-31.6	-8.8	-25.4
Dividends Paid	-56.0	-0.0	-0.0	-51.5	—	-0.7	0.0	0.0	0.0	0.0	-0.0	-57.9
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	108.1	-30.0	-96.4	-97.6	266.2	18.9	58.3	72.6	-61.6	-107.4	-99.8	-71.7
Net Cash Flow During the Period	-33.6	133.1	7.5	-61.7	172.7	33.2	90.1	9.6	-5.0	88.8	42.3	-10.5
Cash and Cash Equivalents at Beginning of Period	814.3	682.9	677.1	736.7	563.3	434.9	434.9	434.9	434.9	422.2	422.2	422.2
FX Difference from Revaluation	0.5	-0.6	1.1	2.8	0.6	0.6	-2.2	2.2	0.0	-0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	781.2	814.3	682.9	677.1	736.7	563.3	529.5	441.6	429.9	434.9	346.2	303.9

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TCM

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