TMB

Kinh doanh Than Miền Bắc - Vinacomin ·HNX ·2025Q4

▼▼ Declining sharply

Capital efficiency remains weak ROE 0.83%, −1.94pp YoY

Price

51,700

Latest close

02 Jun 2026

P/E 10.23x

P/B 0.89x

EPS 5,056

BVPS 58,063

ROE 9.1%

ROA 2.1%

Profit Margin 0.3%

Asset Turnover 8.28x

Equity Mult. 4.39x

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

What Is Changing

On a TTM 2025Q4 basis, TMB is losing revenue quickly, though margins have not been hit proportionally yet. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 30,187bn
	                                
−27.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 76bn
	                                
−44.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    72.4%

Metric	2025	2024	2023	2022	2021
Revenue	30,187.2	41,775.8	37,113.2	24,839.0	11,028.9
Growth	-28%	+13%	+49%	+125%	—
Net Income	80.9	199.7	331.6	194.7	60.3
Net Margin	0.27%	0.48%	0.89%	0.78%	0.55%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	6,091.6	5,348.4	9,013.2	9,734.0	9,577.2	8,506.0	11,484.5	12,151.2	8,238.6	8,676.2	11,464.4	8,733.9
Growth	+14%	-41%	-7%	+2%	+13%	-26%	-5%	+47%	-5%	-24%	+31%	—
Net Income	8.0	-2.8	30.4	40.3	27.5	26.4	54.2	27.7	145.2	24.2	152.6	21.6
Net Margin	0.13%	-0.05%	0.34%	0.41%	0.29%	0.31%	0.47%	0.23%	1.76%	0.28%	1.33%	0.25%

Drivers of TMB's profit

TTM

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

Selling expenses ↓ 136.3bn

Finance costs ↓ 38.0bn

Tax ↓ 16.6bn

Other profit ↑ 12.6bn

Gross profit ↓ 260.1bn

TTM

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

Selling expenses ↓ 23.4bn

Finance costs ↓ 18.9bn

Tax ↓ 7.4bn

Administrative expenses ↓ 4.7bn

Gross profit ↓ 64.0bn

Financial income ↓ 6.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q4 17.8% = 0.3% × 10.54 × 5.19

2025Q4 9.1% = 0.3% × 8.28 × 4.39

ROE fell from 17.8% to 9.1% — asset turnover weakened the most.

Net margin: 0.3% -0.1pp Asset turnover: 8.28x -2.26x Leverage: 4.39x -0.80x

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 stands at 0.25%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.25% −0.1pp

Gross Margin 4.17% +0.5pp

SG&A / Revenue 3.76% +0.7pp

Non-core / Revenue -0.03% +0.1pp

TTM YoY · 2024Q4 -> 2025Q4

Watchpoints

Non-core sources is supporting margin

Margin support from non-core sources remains high (72.4% of PBT) — sustainability should be monitored.

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 0.83%, losing 1.9pp. That translates to 0.83 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 1.49x — capital is being absorbed faster than revenue is being generated; while invested capital contracted by 577bn.

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

Watchpoints

ROIC remains low

ROIC is currently 0.83% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.83% −1.9pp

NOPAT Margin 0.07% −0.1pp

Capital Turnover 12.00x −1.49x

Average Invested Capital 2,516.3bn −576.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.81x equity, net debt at 1.27x equity.

Inventory ended the period at 2,515.2bn, roughly 75.8% of total assets.

Over the last 12 months, working capital released 1,239.8bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +461.5bn

Inventories decreased → higher CFO: +402.3bn

Payables increased → higher CFO: +376.0bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 3.3 days versus the same period last year. The main moves came from DIO rose 8.4 days, DSO fell 1.7 days, and DPO rose 3.4 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.3 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +8.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 6.7 days −1.7 days

Inventory 33.8 days +8.4 days

Payables 9.3 days +3.4 days

Cash Conversion Cycle 31.1 days +3.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.27x and interest coverage only at 0.23x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.0% of debt, and total debt stands at 1,172.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.27x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.23x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.27x −1.60x

Interest Coverage 0.23x −0.46x

Cash / Debt 6.0% +5.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 16.13x +14.87x

TTM YoY · 2024Q4 -> 2025Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,223.6bn in 2025, against investing cash flow of -27.7bn.

Post-investment cash flow was positive +1,196.0bn. Financing cash flow was negative +1,143.9bn.

CFO / net income was 16.13x.

After spending +29.9bn on fixed-asset investment, the business generated trailing free cash flow of +1,193.8bn.

Cash Conversion

CFO TTM 1,223.6bn +1,052.8bn

Cash Capex 29.9bn +12.7bn

FCF TTM +1,193.8bn +1,040.2bn

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 0.8%. The next watchpoint is the earnings mix, when non-core contribution is -79.9%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 1,040.2bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 16.13x. Even so, net financial result still accounts for -79.9% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	30,187.2	41,775.8	37,113.2	24,839.0	11,028.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	30,187.2	41,775.8	37,113.2	24,839.0	11,028.9
Cost of Goods Sold	28,923.4	40,193.8	35,602.9	23,820.9	0.0
Gross Profit	1,263.9	1,582.0	1,510.3	1,018.1	644.1
Financial Income	43.8	80.2	10.0	92.6	0.1
Financial Expenses	136.2	208.0	131.0	169.9	-35.0
Interest Expense	128.1	174.2	60.8	54.7	-30.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1,055.9	1,183.8	926.7	656.4	-490.8
General and Administrative Expenses	77.7	76.8	85.2	67.2	-41.3
Operating Profit	37.8	193.6	377.5	217.2	77.2
Other Income	85.2	75.8	43.6	27.6	0.0
Other Expenses	1.5	3.0	6.4	1.0	0.0
Other Profit	83.7	72.8	37.2	26.6	-0.2
Profit Before Tax	121.5	266.4	414.7	243.8	77.1
Current Income Tax Expense	40.6	66.8	83.1	49.1	-16.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	80.9	199.7	331.6	194.7	60.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	80.9	199.7	331.6	194.7	60.3
Earnings per Share	5,393.00	13,310.00	22,108.00	12,981.00	4,018.00
Diluted EPS	5,393.00	13,310.01	22,108.00	12,981.02	4,018.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,201.8	3,941.4	3,854.9	2,174.9	916.6
I. Cash and cash equivalents	69.8	17.8	27.5	40.0	13.8
1. Cash	69.8	17.8	27.5	40.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	601.1	1,031.3	986.9	124.1	103.5
1. Short-term trade accounts receivable	152.7	1,012.9	957.6	99.9	0.0
2. Short-term prepayments to suppliers	1.4	7.1	0.7	0.3	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	435.8	14.3	31.6	27.0	0.0
7. Provision for short-term doubtful debts (*)	-3.0	-3.0	-3.0	-3.0	0.0
8. Assets awaiting resolution	14.2	0.0	0.0	0.0	0.0
IV. Inventories	2,515.2	2,844.0	2,757.4	2,001.0	759.8
1. Inventories	2,515.2	2,917.5	2,757.4	2,001.0	0.0
2. Provision for decline in value of inventories	—	-73.5	0.0	0.0	0.0
V. Other short-term assets	15.7	48.3	83.1	9.8	39.5
1. Short-term prepayments	10.4	8.4	5.4	1.8	0.0
2. Value added tax to be reclaimed	4.0	37.0	74.1	5.9	0.0
3. Taxes and other receivables from state authorities	1.3	2.9	3.6	2.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	118.2	101.2	88.6	94.0	93.1
I. Long-term receivables	3.3	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	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	3.3	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	67.3	47.5	43.8	83.1	83.6
1. Tangible fixed assets	65.7	44.6	41.1	42.9	41.3
- Cost	201.3	187.1	179.3	177.6	0.0
- Accumulated depreciation	-135.7	-142.4	-138.2	-134.8	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	1.7	2.9	2.7	40.3	42.3
- Cost	5.9	5.9	4.6	50.5	0.0
- Accumulated depreciation	-4.3	-3.0	-1.9	-10.3	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	8.1	9.9	1.8	0.4	0.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.1	9.9	1.8	0.4	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	39.5	43.7	42.9	10.4	0.0
1. Long-term prepayments	39.5	43.7	42.9	10.4	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	9.1
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)	3,319.9	4,042.5	3,943.4	2,268.8	1,009.7
A. LIABILITIES (300=210+330)	2,448.8	3,197.5	3,247.7	1,818.3	724.9
I. Short -term liabilities	2,448.8	3,197.5	3,247.7	1,818.3	724.9
1. Short-term trade accounts payable	775.2	699.6	593.6	683.9	211.4
2. Short-term advances from customers	6.0	29.3	53.9	82.6	35.6
3. Taxes and other payables to state authorities	38.2	91.6	47.9	50.7	0.0
4. Payable to employees	34.4	30.6	35.8	34.4	0.0
5. Short-term acrrued expenses	1.3	5.9	4.6	5.8	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	394.1	0.0	0.0	0.0	0.0
9. Other short-term payables	4.9	30.3	63.7	947.4	0.0
10. Short-term borrowings and financial leases	1,172.2	2,286.2	2,419.9	0.0	424.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	22.5	24.1	28.4	13.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	871.1	845.0	695.8	450.5	284.8
I. Owner's equity	871.1	845.0	695.8	450.5	0.0
1. Owner's capital	150.0	150.0	150.0	150.0	284.8
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	2.8	5.2	6.8	8.0	9.4
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	277.4	215.1	114.0	54.3	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	440.9	474.7	425.0	238.2	90.8
- Accumulated retained earning at the end of the previous period	360.0	275.1	93.4	43.5	30.5
- Undistributed earnings in this period	80.9	199.7	331.6	194.7	60.3
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)	3,319.9	4,042.5	3,943.4	2,268.8	1,009.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	121.5	266.4	414.7	243.8	77.1
Depreciation of Fixed Assets and Investment Property	7.9	5.4	5.5	7.7	7.9
Provision (Increase)/Reversal	-73.5	73.5	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.6	-9.6	-45.0	0.0
Gain/Loss from Investment Activities	-2.2	-0.4	-0.6	-0.7	0.0
Interest Expense	128.1	174.2	60.8	54.7	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	181.9	519.8	470.8	260.5	114.7
Increase/(Decrease) in Receivables	461.5	-6.5	-932.6	8.5	0.0
Increase/(Decrease) in Inventory	402.3	-160.2	-756.4	-1,241.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	376.0	100.2	-995.0	1,528.3	0.0
Increase/(Decrease) in Prepaid Expenses	2.2	4.3	-28.2	6.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-128.6	-175.8	-58.0	-50.3	0.0
Corporate Income Tax Paid	-49.2	-81.6	-86.4	-21.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-22.4	-30.9	-15.0	-12.0	0.0
Net Cash Flow from Operating Activities	1,223.6	169.4	-2,400.7	479.4	815.7
Payments for Fixed Assets and Other Long-term Assets	-29.9	-15.8	-2.3	-7.4	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.9	0.0	0.2	0.4	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.4	0.4	0.3	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	-27.7	-15.4	-1.7	-6.7	-2.5
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	11,612.0	16,421.2	9,703.7	3,777.2	1,570.0
Repayment of Borrowings	-12,726.0	-16,554.8	-7,283.8	-4,201.2	-2,370.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-30.0	-30.0	-29.9	-22.6	-14.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,143.9	-163.6	2,389.9	-446.6	-815.3
Net Cash Flow During the Period	52.0	-9.7	-12.5	26.2	-16.5
Cash and Cash Equivalents at Beginning of Period	17.8	27.5	40.0	13.8	16.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	69.8	17.8	27.5	40.0	13.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	6,091.6	5,348.4	9,013.2	9,734.0	9,577.2	8,506.0	11,484.5	12,151.2	8,238.6	8,676.2	11,464.4	8,733.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	6,091.6	5,348.4	9,013.2	9,734.0	9,577.2	8,506.0	11,484.5	12,151.2	8,238.6	8,676.2	11,464.4	8,733.9
Cost of Goods Sold	5,790.7	5,121.3	8,628.6	9,388.4	9,212.2	8,236.9	11,062.3	11,689.0	7,843.6	8,404.4	10,919.2	8,478.0
Gross Profit	300.9	227.2	384.6	345.6	364.9	269.1	422.3	462.2	395.1	271.9	545.2	256.0
Financial Income	0.7	7.2	13.9	22.0	7.4	38.6	-7.1	7.3	-23.9	9.6	12.2	12.2
Financial Expenses	24.7	37.4	40.9	33.2	43.5	34.4	53.2	43.1	-22.5	69.4	56.0	28.1
Interest Expense	24.5	37.3	36.6	29.6	43.5	50.4	37.2	43.1	-62.5	52.8	45.7	24.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	240.8	212.6	316.1	286.6	264.2	250.3	299.3	378.6	221.7	187.2	312.8	202.8
General and Administrative Expenses	33.1	11.6	16.0	17.2	37.8	11.4	12.0	15.6	31.4	18.5	15.9	11.2
Operating Profit	3.0	-27.2	25.5	30.6	26.8	11.5	50.7	32.2	140.6	6.3	172.6	26.0
Other Income	11.1	33.0	17.6	23.5	17.4	29.6	21.2	7.7	38.5	35.1	16.1	3.8
Other Expenses	0.1	0.9	0.4	0.2	3.4	0.3	1.0	0.2	-5.5	5.8	0.2	0.5
Other Profit	10.9	32.1	17.2	23.4	14.1	29.3	20.2	7.5	44.0	29.3	15.9	3.3
Profit Before Tax	13.9	4.9	42.7	54.0	40.8	40.8	70.9	39.7	184.6	35.5	188.5	29.3
Current Income Tax Expense	6.0	7.8	12.4	13.7	13.4	14.4	16.6	11.9	39.4	11.3	35.9	7.7
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.0	-2.8	30.4	40.3	27.5	26.4	54.2	27.7	145.2	24.2	152.6	21.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.0	-2.8	30.4	40.3	27.5	26.4	54.2	27.7	145.2	24.2	152.6	21.6
Earnings per Share	531.00	-188.00	2,024.00	2,689.00	1,830.00	1,760.00	3,616.00	1,848.00	9,677.00	1,616.00	10,174.00	1,443.00
Diluted EPS	531.43	-187.66	2,023.58	2,689.45	1,830.23	1,760.23	3,615.79	1,848.50	9,677.30	1,616.16	10,174.19	1,442.98

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,201.8	4,118.6	5,453.6	5,513.3	3,872.9	7,838.1	4,702.8	5,376.8	3,848.7	3,293.0	4,019.3	4,174.1
I. Cash and cash equivalents	69.8	34.4	33.4	29.9	17.8	20.4	32.7	41.1	27.5	62.4	22.8	161.1
1. Cash	69.8	34.4	33.4	29.9	17.8	20.4	32.7	41.1	27.5	62.4	22.8	161.1
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	601.1	349.3	1,298.9	1,891.6	967.0	2,200.5	1,183.3	2,269.9	986.9	1,235.4	1,627.6	859.5
1. Short-term trade accounts receivable	152.7	316.8	1,279.8	1,885.3	949.9	2,174.4	1,180.2	2,240.0	957.6	1,200.3	1,598.6	860.6
2. Short-term prepayments to suppliers	1.4	16.5	1.6	6.4	4.0	13.9	2.1	27.0	0.7	4.2	3.2	0.9
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	435.8	4.8	20.5	3.0	16.1	15.2	4.0	6.0	31.6	33.9	28.8	1.0
7. Provision for short-term doubtful debts (*)	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0
8. Assets awaiting resolution	14.2	14.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,515.1	3,611.3	4,002.1	3,513.0	2,840.3	5,395.9	3,369.9	2,994.7	2,755.1	1,985.0	2,315.5	3,008.4
1. Inventories	2,515.1	3,611.3	4,007.6	3,519.0	2,840.3	5,395.9	3,369.9	2,994.7	2,755.1	1,985.0	2,315.5	3,008.4
2. Provision for decline in value of inventories	—	-0.0	-5.5	-6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	15.7	123.6	119.3	78.8	47.8	221.3	116.9	71.1	79.2	10.3	53.4	145.1
1. Short-term prepayments	10.4	6.1	7.7	4.0	7.9	6.9	2.1	3.0	1.4	2.8	4.4	1.2
2. Value added tax to be reclaimed	4.0	87.5	110.2	71.4	37.0	213.1	62.4	35.5	74.1	4.1	47.0	141.9
3. Taxes and other receivables from state authorities	1.3	30.0	1.3	3.4	2.9	1.4	52.4	32.6	3.6	3.4	1.9	2.0
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	118.2	108.6	109.9	112.8	101.2	86.9	88.0	86.4	92.2	84.9	87.3	90.3
I. Long-term receivables	3.3	7.6	7.6	7.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.3	7.6	7.6	7.6	0.0	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	0.0
II. Fixed assets	67.3	56.8	58.7	59.4	47.5	42.8	44.0	42.6	79.3	78.4	79.7	81.4
1. Tangible fixed assets	65.7	54.8	56.4	56.8	44.6	39.5	40.4	40.1	41.1	39.7	40.4	41.6
- Cost	—	—	—	—	187.1	181.0	180.7	179.3	179.3	178.0	177.6	177.6
- Accumulated depreciation	—	—	—	—	-142.4	-141.4	-140.3	-139.2	-138.2	-138.3	-137.2	-136.0
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.7	2.0	2.3	2.6	2.9	3.3	3.6	2.5	38.2	38.7	39.2	39.7
- Cost	—	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	8.1	4.6	2.8	3.6	9.9	2.3	2.2	1.9	1.8	0.5	0.4	0.4
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	8.1	4.6	2.8	3.6	9.9	2.3	2.2	1.9	1.8	0.5	0.4	0.4
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	39.5	39.6	40.8	42.2	43.7	41.8	41.8	42.0	11.1	6.0	7.2	8.5
1. Long-term prepayments	39.5	39.6	40.8	42.2	43.7	41.8	41.8	42.0	11.1	6.0	7.2	8.5
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,319.9	4,227.2	5,563.5	5,626.1	3,974.1	7,925.0	4,790.8	5,463.2	3,940.9	3,378.0	4,106.6	4,264.4
A. LIABILITIES (300=210+330)	2,449.0	3,364.2	4,702.6	4,740.7	3,183.3	7,169.9	4,070.0	4,741.4	3,206.8	2,789.1	3,541.7	3,792.2
I. Short -term liabilities	2,449.0	3,364.2	4,702.6	4,740.7	3,183.3	7,169.9	4,070.0	4,741.4	3,206.8	2,789.1	3,541.7	3,792.2
1. Short-term trade accounts payable	775.2	342.3	848.3	1,265.3	699.8	392.2	970.2	687.2	593.5	271.3	393.4	1,656.6
2. Short-term advances from customers	6.0	116.3	69.1	63.3	29.3	133.3	75.2	127.1	50.5	130.6	164.7	163.6
3. Taxes and other payables to state authorities	38.1	12.3	20.8	18.6	81.0	22.9	29.8	37.3	57.5	53.6	55.4	5.9
4. Payable to employees	34.6	55.4	51.9	29.4	30.6	109.9	72.5	90.7	33.1	76.7	103.4	38.3
5. Short-term acrrued expenses	1.3	14.2	20.6	24.4	4.7	27.5	27.5	34.2	4.6	43.6	31.9	14.0
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	394.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.9	7.9	8.4	17.3	27.6	58.3	13.5	16.8	19.4	15.6	2,288.4	1,433.1
10. Short-term borrowings and financial leases	1,172.2	2,787.4	3,654.8	3,313.4	2,286.2	6,386.3	2,823.4	3,732.4	2,419.9	2,167.7	469.5	474.9
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	17.2	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	22.5	28.5	28.6	9.1	24.1	39.4	40.7	15.7	28.4	29.9	35.1	5.9
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	870.9	863.0	860.9	885.4	790.7	755.1	720.8	721.8	734.1	588.9	564.9	472.2
I. Owner's equity	870.9	863.0	860.9	885.4	790.7	755.1	720.8	721.8	734.1	588.9	564.9	472.2
1. Owner's capital	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	2.8	3.4	4.0	4.6	5.2	5.7	6.1	6.5	6.8	7.1	7.4	7.7
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	-1.7	0.0	0.0	0.0	0.0
8. Investment and development fund	277.4	276.8	276.2	215.7	215.1	214.6	214.1	114.3	114.0	113.7	113.4	54.6
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	440.8	432.8	430.7	515.1	420.5	384.9	350.5	452.7	463.3	318.1	294.2	259.8
- Accumulated retained earning at the end of the previous period	360.0	360.0	360.0	474.7	276.7	268.6	268.6	425.0	119.9	119.9	119.9	238.2
- Undistributed earnings in this period	80.7	72.8	70.7	40.3	143.7	116.3	82.0	27.7	343.4	198.2	174.3	21.6
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,319.9	4,227.2	5,563.5	5,626.1	3,974.1	7,925.0	4,790.8	5,463.2	3,940.9	3,378.0	4,106.6	4,264.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	14.2	4.9	48.4	54.0	40.8	40.8	80.1	39.7	161.7	35.5	188.2	29.3
Depreciation of Fixed Assets and Investment Property	2.2	2.0	2.0	1.8	1.4	1.5	1.3	1.3	0.5	1.6	1.7	1.7
Provision (Increase)/Reversal	-0.0	0.0	-73.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	43.3	-43.6	22.6	-22.3	-8.0	-38.6	7.4	-7.2	24.0	-23.1	-10.5	0.0
Gain/Loss from Investment Activities	-2.2	0.3	-0.3	—	0.0	0.2	-0.1	-0.1	-0.2	-0.1	-0.2	-0.1
Interest Expense	24.5	37.3	36.6	29.6	43.5	50.4	37.2	43.1	-62.5	52.8	45.7	24.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	82.0	0.9	35.8	63.2	77.7	54.3	125.8	76.8	123.4	66.8	224.9	55.8
Increase/(Decrease) in Receivables	-133.3	941.7	556.0	-902.9	1,408.0	-1,116.9	1,039.8	-1,273.2	177.9	434.1	-673.3	-871.2
Increase/(Decrease) in Inventory	1,096.1	396.3	-421.1	-669.0	2,555.6	-2,026.1	-375.2	-237.3	-772.4	330.1	693.2	-1,007.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	680.6	-442.3	-393.2	530.8	117.0	-424.0	220.5	196.2	236.6	-2,429.1	-351.7	1,549.2
Increase/(Decrease) in Prepaid Expenses	-4.2	2.9	-2.4	5.9	5.2	-4.8	1.1	3.3	-31.7	2.8	-1.9	2.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-85.9	22.7	-36.9	-28.4	-46.1	-48.2	-38.3	-43.1	45.7	-47.4	-32.1	-24.2
Corporate Income Tax Paid	-16.5	—	-10.0	-22.7	-22.2	-12.4	-7.4	-39.6	-16.5	-25.9	-4.6	-39.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-10.9	10.9	0.0
Other Operating Payments	-1.2	—	-36.2	15.0	15.4	3.6	-32.7	18.1	-15.0	8.4	-8.4	0.0
Net Cash Flow from Operating Activities	1,671.3	868.6	-308.1	-1,008.1	4,110.6	-3,574.4	933.5	-1,298.9	-252.0	-1,671.1	-142.9	-334.7
Payments for Fixed Assets and Other Long-term Assets	-20.2	-1.9	-0.4	-7.3	-13.7	1.7	-5.1	-0.1	-1.9	-0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.0	1.7	0.1	0.1	-0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.0	-0.1	0.3	0.6	-0.4	0.2	0.0	0.4	-0.2	0.2	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-20.1	-0.2	-0.4	-6.9	-13.1	1.3	-5.0	-0.1	-1.3	-0.6	0.2	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	266.0	1,736.2	5,081.9	4,527.9	615.4	7,341.8	3,242.8	5,221.2	2,921.9	3,776.7	1,811.1	1,194.0
Repayment of Borrowings	-1,881.1	-2,603.7	-4,740.5	-3,500.7	-4,715.5	-3,778.9	-4,151.8	-3,908.7	-2,669.7	-2,078.5	-1,816.6	-719.1
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.6	0.0	-29.4	—	0.0	-2.1	-27.9	0.0	-0.1	-20.6	9.8	-19.1
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-1,615.7	-867.4	312.0	1,027.2	-4,100.1	3,560.8	-936.9	1,312.6	252.1	1,677.6	4.4	455.9
Net Cash Flow During the Period	35.4	1.0	3.5	12.2	-2.6	-12.4	-8.3	13.6	-1.2	5.9	-138.3	121.2
Cash and Cash Equivalents at Beginning of Period	34.4	33.4	29.9	17.8	27.5	27.5	27.5	27.5	40.0	40.0	40.0	40.0
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	-33.7	33.7	0.0	0.0
Cash and Cash Equivalents at End of Period	69.8	34.4	33.4	29.9	17.8	20.4	32.7	41.1	27.5	62.4	22.8	161.1

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TMB

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