TDM

Nước Thủ Dầu Một ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 38.89%, −17.43pp YoY

Price

59,900

Latest close

03 Jun 2026

P/E 38.42x

P/B 2.47x

EPS 1,559

BVPS 24,215

ROE 7.3%

ROA 5.7%

Profit Margin 38.9%

Asset Turnover 0.15x

Equity Mult. 1.27x

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

What Is Changing

On a TTM 2026Q1 basis, TDM is retaining some revenue, but margins are collapsing sharply. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 484bn
	                                
−10.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 188bn
	                                
−37.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    42.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	506.1	544.4	532.6	478.9	417.0
Growth	-7%	+2%	+11%	+15%	—
Net Income	209.9	204.4	283.4	220.4	329.5
Net Margin	41.47%	37.55%	53.22%	46.02%	79.01%

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	78.3	242.2	64.0	99.9	100.0	144.6	106.4	187.2	106.2	191.7	106.8	133.0
Growth	-68%	+279%	-36%	-0%	-31%	+36%	-43%	+76%	-45%	+79%	-20%	—
Net Income	122.3	10.4	3.1	52.6	143.8	57.6	57.4	44.4	37.5	43.5	56.6	55.2
Net Margin	156.11%	4.28%	4.91%	52.66%	143.74%	39.82%	53.92%	23.71%	35.33%	22.68%	52.99%	41.53%

Drivers of TDM's profit

TTM

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

Financial income ↑ 19.1bn

Tax ↓ 14.1bn

Gross profit ↓ 130.8bn

Finance costs ↑ 15.0bn

TTM

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

Financial income ↑ 2.9bn

Tax ↓ 2.7bn

Gross profit ↓ 16.0bn

Finance costs ↑ 10.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.5% = 56.3% × 0.17 × 1.27

2026Q1 7.3% = 38.9% × 0.15 × 1.27

ROE fell from 12.5% to 7.3% — all three components weakened, with net margin being the main drag.

Net margin: 38.9% -17.4pp Asset turnover: 0.15x -0.03x Leverage: 1.27x -0.00x

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 38.89%, losing 17.4pp. The main pressure comes from Gross margin fell 21.7pp and SG&A / Revenue rose 0.7pp (with additional support from Net financial result / Revenue rose 2.5pp and Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 38.89% −17.4pp

Gross Margin 26.53% −21.7pp

SG&A / Revenue 3.39% +0.7pp

Non-core / Revenue 16.98% +2.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 42.6% of PBT and lifted net margin by 2.5pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 6.2% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 6.17%, losing 5.8pp. That translates to 6.17 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 17.4pp and capital turnover fell 0.05x, while invested capital expanded strongly by 530bn — pressure came from both operational efficiency and asset efficiency.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 6.17% −5.8pp

NOPAT Margin 38.95% −17.4pp

Capital Turnover 0.16x −0.05x

Average Invested Capital 3,059.8bn +529.9bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.31x equity, net debt at 0.23x equity.

Over the last 12 months, working capital released 23.7bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −73.3bn

Inventories decreased → higher CFO: +111.9bn

Payables decreased → lower CFO: −14.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 42.9 days versus the same period last year. The main moves came from DIO fell 67.4 days, DSO rose 17.7 days, and DPO fell 6.9 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 117.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +17.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 56.1 days +17.7 days

Inventory 69.6 days −67.4 days

Payables 7.9 days −6.9 days

Cash Conversion Cycle 117.7 days −42.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 0.3bn due to capex of 182.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.23x and interest coverage at 2.79x.

At present, short-term debt accounts for 23.1% of total debt, cash equals 8.7% of debt, and total debt stands at 678.9bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 8.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.23x +0.10x

Interest Coverage 2.79x −3.11x

Cash / Debt 8.7% −11.6pp

Short-term Debt / Total Debt 23.1% −13.4pp

CFO / NI 0.97x −0.67x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 139.8bn in 2025, against investing cash flow of -431.7bn.

Post-investment cash flow was negative +292.0bn. Financing cash flow was positive +164.6bn.

CFO / net income was 0.97x.

After spending +182.6bn on fixed-asset investment, the business generated trailing free cash flow of −0.3bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 182.3bn −312.8bn

Cash Capex 182.6bn −32.9bn

FCF TTM −0.3bn −279.9bn

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 17.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 42.5%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 42.5% of PBT and CFO / net income currently at 0.97x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 38.89% after a 17.4pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	506.1	544.4	532.6	478.9	417.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	506.1	544.4	532.6	478.9	417.0
Cost of Goods Sold	361.6	286.8	291.8	230.0	0.0
Gross Profit	144.5	257.6	240.8	248.9	207.4
Financial Income	149.5	26.9	123.9	24.0	188.6
Financial Expenses	59.5	45.1	48.5	32.6	-40.1
Interest Expense	30.7	9.3	19.7	21.4	-29.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	15.7	14.2	14.2	10.3	-19.9
Operating Profit	218.7	225.2	302.0	230.1	336.0
Other Income	0.3	0.3	0.4	0.9	0.0
Other Expenses	0.5	0.2	0.3	0.1	0.0
Other Profit	-0.2	0.1	0.2	0.8	0.4
Profit Before Tax	218.5	225.3	302.2	231.0	336.4
Current Income Tax Expense	8.6	20.9	18.7	10.6	-6.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	209.9	204.4	283.4	220.4	329.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	209.9	204.4	283.4	220.4	329.5
Earnings per Share	1,748.00	1,741.00	2,608.00	2,028.00	3,161.00
Diluted EPS	1,889.12	1,858.25	2,834.50	2,203.91	3,294.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	443.0	657.5	505.3	296.6	245.2
I. Cash and cash equivalents	136.5	263.9	110.0	33.5	86.1
1. Cash	86.3	38.9	23.7	18.5	0.0
2. Cash equivalents	50.2	225.0	86.3	15.0	0.0
II. Short-term financial investments	27.5	156.9	40.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	27.5	156.9	40.0	0.0	0.0
III. Short-term receivables	266.4	156.5	351.2	195.3	100.7
1. Short-term trade accounts receivable	—	0.0	72.2	14.2	0.0
2. Short-term prepayments to suppliers	261.8	145.9	81.4	33.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	2.0	5.0	5.0	0.0	0.0
6. Other short-term receivables	2.6	5.6	192.6	147.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	11.8	77.3	2.1	60.6	40.9
1. Inventories	11.8	77.3	2.1	60.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	2.9	2.1	7.3	17.6
1. Short-term prepayments	0.7	0.2	2.1	0.6	0.0
2. Value added tax to be reclaimed	—	2.5	0.0	6.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.2	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)	2,953.1	2,366.2	2,098.1	2,107.8	2,160.4
I. Long-term receivables	123.9	0.0	0.0	0.0	0.0
1. Long-term trade receivables	123.9	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	586.8	695.9	649.7	724.6	856.6
1. Tangible fixed assets	541.0	648.5	600.8	674.1	804.6
- Cost	1,524.5	1,522.6	1,334.9	1,260.8	0.0
- Accumulated depreciation	-983.5	-874.1	-734.1	-586.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	45.8	47.3	48.9	50.4	52.0
- Cost	59.6	59.6	59.5	59.5	0.0
- Accumulated depreciation	-13.8	-12.2	-10.7	-9.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	21.1	7.5	60.0	52.8	5.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	21.1	7.5	60.0	52.8	0.0
V. Long-term financial investments	2,220.9	1,662.4	1,387.4	1,328.2	1,296.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,917.9	1,532.2	1,232.0	1,149.2	0.0
3. Investments in other entities	392.4	196.9	196.9	196.9	0.0
4. Provision for diminution in value of long-term investments	-89.5	-66.7	-41.5	-17.9	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	0.4	0.5	1.0	2.3	0.0
1. Long-term prepayments	0.4	0.5	1.0	2.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.3
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)	3,396.1	3,023.7	2,603.5	2,404.4	2,405.6
A. LIABILITIES (300=210+330)	811.3	505.4	566.8	363.6	558.0
I. Short -term liabilities	266.4	238.3	514.5	249.8	345.1
1. Short-term trade accounts payable	2.7	6.6	52.4	13.9	4.0
2. Short-term advances from customers	50.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	17.7	6.8	7.6	2.9	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	5.1	3.2	3.4	4.7	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	0.4	0.3	140.2	0.1	0.0
10. Short-term borrowings and financial leases	130.8	112.5	214.9	142.3	153.8
11. Provision for short-term liabilities	1.3	1.1	0.2	0.0	0.0
12.. Bonus and welfare fund	58.5	107.8	95.8	86.0	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	544.9	267.2	52.3	113.8	212.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	544.9	267.2	52.3	113.8	212.9
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	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)	2,584.8	2,518.2	2,036.6	2,040.8	1,847.6
I. Owner's equity	2,584.8	2,518.2	2,036.6	2,040.8	0.0
1. Owner's capital	1,111.0	1,100.0	1,000.0	1,000.0	1,847.6
- Common stock with voting right	1,111,000,003,750.00	1,100,000,003,750.00	1,000,000,003,750.00	1,000,000,003,750.00	1,000,000,003,750.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	613.7	597.6	397.8	397.8	397.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	480.0	447.3	376.5	321.4	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	380.0	373.2	262.4	321.6	210.6
- Accumulated retained earning at the end of the previous period	170.2	168.8	118.9	101.2	1.1
- Undistributed earnings in this period	209.9	204.4	143.4	220.4	209.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,396.1	3,023.7	2,603.5	2,404.4	2,405.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	218.5	225.3	302.2	231.0	336.4
Depreciation of Fixed Assets and Investment Property	111.0	141.6	148.9	145.4	129.9
Provision (Increase)/Reversal	22.9	26.2	23.7	7.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	4.5	9.2	0.0	0.0	0.0
Gain/Loss from Investment Activities	-149.5	-26.9	-123.9	-24.4	0.0
Interest Expense	30.7	9.3	19.7	21.4	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	238.1	384.7	370.6	380.9	317.7
Increase/(Decrease) in Receivables	-118.8	255.6	-94.6	-168.5	0.0
Increase/(Decrease) in Inventory	65.4	-75.2	58.5	-59.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	63.0	-5.3	51.4	1.8	0.0
Increase/(Decrease) in Prepaid Expenses	-0.5	2.3	-0.3	-1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-27.7	-9.6	-20.2	-18.7	0.0
Corporate Income Tax Paid	-14.1	-18.9	-17.0	-10.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-65.7	-10.7	-7.8	-5.2	0.0
Net Cash Flow from Operating Activities	139.8	523.0	340.8	119.4	345.4
Payments for Fixed Assets and Other Long-term Assets	-134.0	-242.8	-139.3	-13.5	-57.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.4	0.0
Loans and Purchases of Debt Instruments	-204.2	-116.9	-45.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	336.6	0.0	0.0	0.0	0.0
Investments in Other Entities	-581.1	-300.1	-82.8	-39.0	-79.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	150.9	27.6	121.8	110.8	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	-431.7	-632.2	-145.4	58.6	-35.7
Proceeds from Equity Issuance and Capital Contributions	27,072,222,222.00	299,846,338,889.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	578.7	481.0	316.7	109.2	90.3
Repayment of Borrowings	-287.2	-377.7	-305.6	-219.8	-246.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-154.0	-140.0	-130.0	-120.0	-120.0
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	164.6	263.2	-118.9	-230.6	-276.5
Net Cash Flow During the Period	-127.4	153.9	76.5	-52.6	58.4
Cash and Cash Equivalents at Beginning of Period	263.9	110.0	33.5	86.1	52.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	136.5	263.9	110.0	33.5	86.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	78.3	242.2	64.0	99.9	100.0	144.6	106.4	187.2	106.2	191.7	106.8	133.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	78.3	242.2	64.0	99.9	100.0	144.6	106.4	187.2	106.2	191.7	106.8	133.0
Cost of Goods Sold	43.7	208.3	51.7	52.2	49.4	62.9	58.5	108.1	57.3	121.9	57.5	58.5
Gross Profit	34.6	33.9	12.3	47.7	50.6	81.7	47.9	79.1	48.9	69.9	49.4	74.4
Financial Income	111.2	5.4	9.8	25.9	108.3	4.5	18.3	2.1	2.0	8.1	19.4	2.2
Financial Expenses	16.5	22.9	15.8	14.7	6.2	18.2	1.3	29.2	4.9	26.2	4.8	11.9
Interest Expense	10.6	11.6	11.2	6.4	1.5	2.2	1.2	2.0	3.9	5.5	4.6	6.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	4.9	4.9	3.6	2.9	4.2	4.1	3.1	2.8	4.2	4.1	2.9	3.3
Operating Profit	124.3	11.6	2.7	56.0	148.4	64.0	61.8	49.2	41.8	47.6	61.1	61.4
Other Income	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.1
Other Expenses	0.5	0.1	0.0	0.0	0.4	0.2	0.0	0.0	0.0	0.0	0.3	0.0
Other Profit	-0.4	0.0	0.1	0.1	-0.4	-0.1	0.1	0.1	0.1	0.2	-0.2	0.1
Profit Before Tax	123.9	11.6	2.8	56.1	148.1	63.9	61.9	49.3	41.9	47.8	60.9	61.4
Current Income Tax Expense	1.6	1.2	-0.3	3.4	4.3	6.3	4.5	4.9	4.4	4.3	4.3	6.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	122.3	10.4	3.1	52.6	143.8	57.6	57.4	44.4	37.5	43.5	56.6	55.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	122.3	10.4	3.1	52.6	143.8	57.6	57.4	44.4	37.5	43.5	56.6	55.2
Earnings per Share	1,013.00	83.00	23.00	440.00	1,202.00	482.00	482.00	372.00	339.00	400.00	521.00	508.00
Diluted EPS	1,100.55	93.24	28.28	478.33	1,306.95	523.54	521.46	403.53	341.07	434.94	566.19	552.14

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)	520.6	443.0	616.0	823.1	626.4	657.5	758.3	748.6	959.1	505.3	492.1	457.5
I. Cash and cash equivalents	58.7	136.5	54.6	137.6	80.8	263.9	327.3	355.4	511.9	110.0	75.2	87.0
1. Cash	13.5	86.3	9.4	48.4	11.8	38.9	239.8	239.1	315.9	23.7	5.2	7.0
2. Cash equivalents	45.2	50.2	45.2	89.2	69.0	225.0	87.5	116.3	196.0	86.3	70.0	80.0
II. Short-term financial investments	27.3	27.5	221.2	203.6	112.7	156.9	90.0	10.0	0.0	40.0	34.0	28.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	27.3	27.5	221.2	203.6	112.7	156.9	90.0	10.0	0.0	40.0	34.0	28.0
III. Short-term receivables	421.9	266.4	169.4	312.5	304.6	156.5	294.6	336.0	355.2	351.2	321.1	281.3
1. Short-term trade accounts receivable	5.7	—	—	9.0	35.2	0.0	17.5	101.1	78.1	72.2	41.0	14.3
2. Short-term prepayments to suppliers	301.4	261.8	152.7	296.0	152.6	145.9	123.3	81.2	81.3	81.4	83.2	75.4
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	—	2.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	0.0
6. Other short-term receivables	114.8	2.6	11.6	2.5	111.8	5.6	148.8	148.7	190.7	192.6	191.9	191.6
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	11.9	11.8	165.1	164.8	123.8	77.3	45.8	44.1	85.6	2.1	60.5	60.1
1. Inventories	11.9	11.8	165.1	164.8	123.8	77.3	45.8	44.1	85.6	2.1	60.5	60.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.7	5.8	4.8	4.5	2.9	0.6	3.1	6.4	2.1	1.4	1.1
1. Short-term prepayments	0.3	0.7	1.2	3.2	0.3	0.2	0.6	1.0	1.4	2.1	1.4	1.1
2. Value added tax to be reclaimed	0.3	—	0.0	1.3	4.0	2.5	0.0	1.9	4.6	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	4.5	0.2	0.2	0.2	0.0	0.2	0.4	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)	2,933.6	2,953.1	2,808.1	2,481.1	2,506.7	2,366.2	2,183.4	2,179.7	2,073.9	2,098.1	2,043.1	2,043.1
I. Long-term receivables	107.9	123.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	107.9	123.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	568.0	586.8	612.1	640.0	667.8	695.9	541.5	577.0	613.3	649.7	615.1	651.5
1. Tangible fixed assets	522.6	541.0	565.9	593.5	620.8	648.5	493.8	528.9	564.8	600.8	565.9	601.9
- Cost	1,524.9	—	—	—	—	1,522.6	1,336.3	1,335.2	1,335.1	1,334.9	1,261.1	1,261.0
- Accumulated depreciation	-1,002.2	—	—	—	—	-874.1	-842.5	-806.4	-770.2	-734.1	-695.3	-659.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	45.4	45.8	46.2	46.6	47.0	47.3	47.7	48.1	48.5	48.9	49.2	49.6
- Cost	59.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	40.2	21.1	14.9	11.7	9.5	7.5	167.6	158.9	62.9	60.0	65.1	56.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	40.2	21.1	14.9	11.7	9.5	7.5	167.6	158.9	62.9	60.0	65.1	56.9
V. Long-term financial investments	2,216.4	2,220.9	2,180.7	1,828.7	1,829.1	1,662.4	1,473.6	1,443.0	1,396.8	1,387.4	1,361.5	1,333.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,917.9	1,917.9	1,870.2	1,537.0	1,532.3	1,532.2	1,328.1	1,305.9	1,241.3	1,232.0	1,187.1	1,158.8
3. Investments in other entities	392.4	392.4	389.4	366.4	366.4	196.9	196.9	196.9	196.9	196.9	196.9	196.9
4. Provision for diminution in value of long-term investments	-93.9	-89.5	-78.9	-74.7	-69.6	-66.7	-51.4	-59.8	-41.5	-41.5	-22.6	-22.6
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	0.9	0.4	0.4	0.6	0.3	0.5	0.6	0.8	0.9	1.0	1.4	1.6
1. Long-term prepayments	0.9	0.4	0.4	0.6	0.3	0.5	0.6	0.8	0.9	1.0	1.4	1.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,454.2	3,396.1	3,424.0	3,304.2	3,133.1	3,023.7	2,941.6	2,928.4	3,033.0	2,603.5	2,535.2	2,500.6
A. LIABILITIES (300=210+330)	763.9	811.3	849.6	760.0	641.5	505.4	481.0	532.7	681.7	566.8	402.1	424.1
I. Short -term liabilities	241.7	266.4	256.0	315.5	388.3	238.3	208.7	314.1	450.4	514.5	335.5	343.3
1. Short-term trade accounts payable	6.6	2.7	4.9	6.1	8.8	6.6	6.0	19.3	13.9	52.4	5.9	6.8
2. Short-term advances from customers	—	50.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.4	17.7	0.2	3.7	19.6	6.8	6.3	5.2	5.4	7.6	6.4	7.6
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	9.6	5.1	8.6	3.2	0.6	3.2	0.5	3.7	1.7	3.4	1.3	1.9
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
9. Other short-term payables	0.9	0.4	0.4	37.3	154.3	0.3	0.3	0.2	140.2	140.2	0.2	0.1
10. Short-term borrowings and financial leases	156.7	130.8	183.1	206.1	145.3	112.5	87.4	177.2	180.0	214.9	225.8	230.2
11. Provision for short-term liabilities	1.1	1.3	—	—	0.8	1.1	0.0	0.0	0.2	0.2	0.0	0.3
12.. Bonus and welfare fund	63.3	58.5	58.8	59.1	59.1	107.8	108.3	108.5	109.0	95.8	96.0	96.4
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	522.1	544.9	593.6	444.5	253.1	267.2	272.3	218.6	231.3	52.3	66.6	80.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	522.1	544.9	593.6	444.5	253.1	267.2	272.3	218.6	231.3	52.3	66.6	80.8
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,690.3	2,584.8	2,574.5	2,544.2	2,491.6	2,518.2	2,460.6	2,395.7	2,351.3	2,036.6	2,133.1	2,076.5
I. Owner's equity	2,690.3	2,584.8	2,574.5	2,544.2	2,491.6	2,518.2	2,460.6	2,395.7	2,351.3	2,036.6	2,133.1	2,076.5
1. Owner's capital	1,111.0	1,111.0	1,111.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,100.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,111,000,003,750.00	1,111,000,003,750.00	1,111,000,003,750.00	1,100,000,003,750.00	1,100,000,003,750.00	1,100,000,003,750.00	1,100,000,003,750.00	1,100,000,003,750.00	1,100,000,003,750.00	1,000,000,003,750.00	1,000,000,003,750.00	1,000,000,003,750.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	613.7	613.7	613.7	597.6	597.6	597.6	597.6	597.6	597.6	397.8	397.8	397.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	515.7	480.0	480.0	480.0	480.0	447.3	447.3	447.3	447.3	376.5	376.5	376.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	449.8	380.0	369.7	366.5	313.9	373.2	315.6	250.7	206.3	262.4	358.9	302.2
- Accumulated retained earning at the end of the previous period	117.7	170.2	170.2	170.2	170.2	168.8	168.8	168.8	168.8	118.9	118.9	118.9
- Undistributed earnings in this period	332.2	209.9	199.5	196.4	143.8	204.4	146.8	81.9	37.5	143.4	240.0	183.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,454.2	3,396.1	3,424.0	3,304.2	3,133.1	3,023.7	2,941.6	2,928.4	3,033.0	2,603.5	2,535.2	2,500.6

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
Profit Before Tax	123.9	11.6	2.8	56.1	148.1	63.9	61.9	57.7	41.9	47.8	60.9	61.4
Depreciation of Fixed Assets and Investment Property	19.1	26.7	28.0	28.1	28.1	32.0	36.5	36.5	36.5	39.2	36.6	36.6
Provision (Increase)/Reversal	4.2	11.9	4.1	4.4	2.5	16.5	0.0	9.8	0.0	19.1	-0.3	4.9
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	3.0	1.5	0.6	0.0	8.5	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-111.2	-5.4	-9.8	-25.9	-108.3	-4.5	-18.3	-2.1	-2.0	-8.1	-19.4	-96.0
Interest Expense	10.6	11.6	11.2	6.4	1.5	2.2	1.2	2.0	3.9	5.5	4.6	6.3
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	46.6	56.4	36.3	71.9	73.4	110.6	81.3	112.5	80.4	103.4	82.4	13.2
Increase/(Decrease) in Receivables	8.6	-118.8	4.6	32.3	-36.9	158.9	85.4	22.5	-11.2	-30.8	-26.9	40.5
Increase/(Decrease) in Inventory	-0.0	153.2	-0.3	-41.0	-46.5	-31.4	-1.7	41.5	-83.5	58.5	-0.4	0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-61.0	64.2	-0.3	-17.8	17.0	0.1	64.7	-63.8	-6.4	48.0	-1.1	7.0
Increase/(Decrease) in Prepaid Expenses	-0.1	0.4	2.3	-3.2	0.1	0.4	0.6	0.5	0.8	-0.4	-0.1	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.6	-15.3	-6.2	-3.7	-2.4	1.5	-4.2	-1.8	-5.1	-3.5	-4.3	-5.9
Corporate Income Tax Paid	-0.9	0.0	-3.4	-4.3	-6.3	-4.5	-5.7	-4.4	-4.3	-4.3	-6.2	-3.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-11.9	-0.3	-0.3	-0.0	-65.1	-0.5	-0.3	-0.4	-9.6	-0.2	-0.3	-0.2
Net Cash Flow from Operating Activities	-24.2	139.7	32.6	34.2	-66.7	235.2	220.0	106.6	-38.8	170.7	43.0	50.9
Payments for Fixed Assets and Other Long-term Assets	-59.3	-117.4	-3.4	-2.4	-10.7	-50.0	-128.6	-26.1	-38.1	-66.3	-16.3	-40.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-139.9	-17.6	-46.7	—	-26.9	-80.0	-10.0	0.0	-6.0	-11.0	-8.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.2	292.4	—	—	44.2	-40.0	0.0	0.0	40.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	-204.0	-22.2	-64.5	-9.3	-44.9	-28.3	-3.6
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	14.7	1.5	132.4	2.5	3.0	18.7	1.7	4.1	6.5	19.5	95.4
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	-56.8	43.2	-231.7	-109.7	-133.6	-317.9	-212.1	-99.0	-3.2	-110.7	-36.1	43.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	299,846,338,889.00	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	19.9	19.0	185.6	318.8	55.4	56.9	93.6	29.4	301.2	21.7	23.5	20.7
Repayment of Borrowings	-16.7	-120.0	-59.6	-69.4	-38.1	-37.5	-129.7	-53.5	-157.0	-46.9	-42.2	-165.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-36.9	-117.1	—	0.0	0.0	-140.0	0.0	0.0	0.0	-130.0
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	3.2	-101.0	116.1	132.3	17.2	19.4	-36.1	-164.1	444.0	-25.2	-18.7	-275.0
Net Cash Flow During the Period	-77.9	81.9	-83.0	56.7	-183.1	-63.4	-28.1	-156.5	401.9	34.8	-11.8	-181.1
Cash and Cash Equivalents at Beginning of Period	136.6	54.6	137.6	80.8	263.9	110.0	110.0	110.0	110.0	33.5	33.5	33.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	58.7	136.5	54.6	137.6	80.8	263.9	327.3	355.4	511.9	110.0	75.2	87.0

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TDM

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