TNG

Đầu tư và Thương mại TNG ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 0.93x

Price

18,700

Latest close

03 Jun 2026

P/E 5.72x

P/B 1.20x

EPS 3,272

BVPS 15,523

ROE 21.1%

ROA 6.0%

Profit Margin 4.5%

Asset Turnover 1.34x

Equity Mult. 3.51x

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

What Is Changing

On a TTM 2026Q1 basis, TNG is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,140bn
	                                
+15.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 409bn
	                                
+29.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	8,698.6	7,655.8	7,095.2	6,772.3	5,443.9
Growth	+14%	+8%	+5%	+24%	—
Net Income	393.1	314.8	219.4	293.0	232.3
Net Margin	4.52%	4.11%	3.09%	4.33%	4.27%

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	1,952.0	2,027.4	2,632.8	2,527.6	1,510.6	1,851.6	2,357.6	2,173.6	1,353.7	1,653.5	2,104.7	1,995.2
Growth	-4%	-23%	+4%	+67%	-18%	-21%	+8%	+61%	-18%	-21%	+5%	—
Net Income	60.3	111.6	117.0	120.4	43.3	74.6	111.1	86.4	41.9	56.5	69.5	54.9
Net Margin	3.09%	5.50%	4.45%	4.76%	2.87%	4.03%	4.71%	3.97%	3.09%	3.42%	3.30%	2.75%

Drivers of TNG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 58.6bn

Gross profit ↑ 58.1bn

Other profit ↑ 19.4bn

Tax ↑ 22.7bn

Financial income ↓ 18.0bn

TTM

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

Other profit ↑ 24.7bn

Gross profit ↑ 6.0bn

Administrative expenses ↓ 4.9bn

Finance costs ↑ 7.2bn

Selling expenses ↑ 6.8bn

Tax ↑ 4.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.9% = 4.0% × 1.35 × 3.13

2026Q1 21.1% = 4.5% × 1.34 × 3.51

ROE rose from 16.9% to 21.1% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 4.5% +0.5pp Asset turnover: 1.34x -0.01x Leverage: 3.51x +0.38x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 4.48%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 0.9pp are enough to offset pressure from Gross margin fell 1.4pp (with additional support from Net financial result / Revenue rose 0.9pp and Other profit / Revenue rose 0.2pp).

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

Profitability trend

Net Margin 4.48% +0.5pp

Gross Margin 13.81% −1.4pp

SG&A / Revenue 6.00% −0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 7.58%, rising 0.5pp. That translates to 7.58 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover broadly stable; while invested capital rose by 728bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 7.58% +0.5pp

NOPAT Margin 4.43% +0.3pp

Capital Turnover 1.71x −0.00x

Average Invested Capital 5,338.5bn +728.3bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.45x equity, net debt at 1.94x equity.

Inventory ended the period at 1,445.5bn, roughly 20.9% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 3.1 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO rose 0.3 days, and DPO fell 4.5 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 28.9 days +0.3 days

Inventory 79.2 days −1.7 days

Payables 35.6 days −4.5 days

Cash Conversion Cycle 72.5 days +3.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.94x and interest coverage only at 1.51x.

At present, short-term debt accounts for 71.8% of total debt, cash equals 9.4% of debt, and total debt stands at 4,271.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.94x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.51x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.94x +0.39x

Interest Coverage 1.51x +0.47x

Cash / Debt 9.4% +2.0pp

Short-term Debt / Total Debt 71.8% +10.7pp

CFO / NI 0.93x −1.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 419.2bn in 2025, against investing cash flow of -880.1bn.

Post-investment cash flow was negative +460.9bn. Financing cash flow was positive +332.8bn.

CFO / net income was 0.93x.

After spending +682.0bn on fixed-asset investment, the business generated trailing free cash flow of −301.1bn.

Cash Conversion

CFO TTM 380.9bn −228.0bn

Cash Capex 682.0bn +627.6bn

FCF TTM −301.1bn −855.7bn

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 0.93x. The main risk still sits in leverage and liquidity, with interest coverage at 1.51x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.93x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.51x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,698.6	7,655.8	7,095.2	6,772.3	5,446.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	8,698.6	7,655.8	7,095.2	6,772.3	5,443.9
Cost of Goods Sold	7,459.4	6,473.9	6,114.9	5,772.8	0.0
Gross Profit	1,239.2	1,181.9	980.3	999.5	774.5
Financial Income	110.7	125.1	98.5	121.1	60.1
Financial Expenses	315.7	371.1	325.8	301.7	-169.9
Interest Expense	212.2	184.4	192.4	159.5	-134.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	101.3	110.5	101.0	78.3	-86.6
General and Administrative Expenses	457.9	424.5	360.1	368.0	-289.7
Operating Profit	475.0	400.9	292.0	372.6	288.4
Other Income	23.0	1.5	3.0	4.0	0.0
Other Expenses	13.4	11.9	23.9	17.9	0.0
Other Profit	9.7	-10.4	-20.9	-13.8	-7.4
Profit Before Tax	484.7	390.5	271.1	358.8	281.0
Current Income Tax Expense	92.3	76.4	54.0	65.8	-48.7
Deferred Income Tax Expense	-0.7	-0.7	-2.4	0.0	0.0
Net Income	393.1	314.8	219.4	293.0	232.3
Non-controlling Interest	—	0.0	1.8	0.0	-0.0
Profit Attributable to Parent	393.1	314.8	217.6	293.0	232.3
Earnings per Share	3,179.00	2,568.00	1,917.00	2,881.00	2,949.00
Diluted EPS	3,053.61	2,567.87	1,917.05	2,787.32	2,505.53

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,368.3	2,637.6	2,259.8	2,607.5	2,025.8
I. Cash and cash equivalents	317.2	444.6	283.8	512.5	13.5
1. Cash	317.2	250.6	60.5	103.7	0.0
2. Cash equivalents	—	193.9	223.3	408.8	0.0
II. Short-term financial investments	466.6	260.0	15.0	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	466.6	260.0	15.0	0.0	0.0
III. Short-term receivables	1,012.7	740.2	774.9	558.6	726.6
1. Short-term trade accounts receivable	996.2	690.6	697.0	470.8	0.0
2. Short-term prepayments to suppliers	2.1	2.8	0.8	1.2	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	19.7	51.4	77.8	89.1	0.0
7. Provision for short-term doubtful debts (*)	-5.2	-4.6	-0.6	-2.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,445.5	1,074.4	1,038.7	1,280.0	1,159.3
1. Inventories	1,499.2	1,093.8	1,053.8	1,304.5	0.0
2. Provision for decline in value of inventories	-53.7	-19.4	-15.1	-24.5	0.0
V. Other short-term assets	126.3	118.5	147.5	256.4	126.4
1. Short-term prepayments	27.5	30.6	25.4	25.5	0.0
2. Value added tax to be reclaimed	98.8	70.3	110.8	213.3	0.0
3. Taxes and other receivables from state authorities	—	17.6	11.3	17.5	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,541.2	3,179.2	2,970.6	2,684.3	2,341.7
I. Long-term receivables	10.7	10.7	10.7	10.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	21.1
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	10.7	10.7	10.7	10.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,716.1	2,117.2	2,184.9	1,812.4	1,471.5
1. Tangible fixed assets	2,456.4	1,960.8	2,022.9	1,790.9	1,447.0
- Cost	4,166.4	3,479.6	3,377.8	2,962.2	0.0
- Accumulated depreciation	-1,710.0	-1,518.8	-1,354.9	-1,171.2	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	259.7	156.3	161.9	21.4	24.5
- Cost	308.9	197.9	196.8	47.4	0.0
- Accumulated depreciation	-49.1	-41.6	-34.8	-26.0	0.0
III. Investment properties	304.1	300.2	325.0	32.1	62.9
- Cost	320.2	310.1	329.7	32.9	0.0
- Accumulated depreciation	-16.0	-9.9	-4.7	-0.9	0.0
IV. Long-term assets in progress	174.5	458.7	282.3	684.0	671.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	174.5	458.7	282.3	684.0	0.0
V. Long-term financial investments	140.0	140.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	140.8	140.8	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	-0.8	-0.8	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	195.7	152.5	167.7	145.2	0.0
1. Long-term prepayments	193.5	151.0	165.3	145.2	0.0
2. Deferred income tax assets	2.2	1.5	2.4	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	114.8
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)	6,909.5	5,816.9	5,230.4	5,291.8	4,367.4
A. LIABILITIES (300=210+330)	4,907.1	3,924.5	3,375.5	3,641.0	2,904.7
I. Short -term liabilities	3,817.8	2,751.0	2,545.1	2,924.5	2,446.5
1. Short-term trade accounts payable	862.1	776.7	476.7	658.4	684.3
2. Short-term advances from customers	3.6	7.3	9.0	32.9	4.4
3. Taxes and other payables to state authorities	64.9	34.4	25.3	18.4	0.0
4. Payable to employees	418.5	256.9	81.1	154.7	0.0
5. Short-term acrrued expenses	22.6	21.4	54.5	43.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	7.4	1.9	3.9	4.4	3.8
9. Other short-term payables	17.5	16.0	22.1	14.3	0.0
10. Short-term borrowings and financial leases	2,371.0	1,606.7	1,819.3	1,961.0	1,621.7
11. Provision for short-term liabilities	0.5	0.4	0.0	0.0	0.0
12.. Bonus and welfare fund	49.5	29.1	53.1	37.3	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	1,089.3	1,173.5	830.4	716.5	458.1
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	133.0	80.4	8.4	1.8	1.1
7. Other long-term liabilities	—	0.0	0.8	0.0	0.0
8. Long-term borrowings and financial leases	956.3	1,093.1	821.2	714.7	457.0
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)	2,002.4	1,892.4	1,854.9	1,650.8	1,462.8
I. Owner's equity	2,002.4	1,892.4	1,854.9	1,650.8	0.0
1. Owner's capital	1,287.3	1,226.0	1,135.2	1,051.2	1,462.8
- Common stock with voting right	1,287,312,660,000.00	1,226,012,060,000.00	1,135,230,020,000.00	1,051,177,580,000.00	926,987,790,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	41.0	41.0	41.0	41.0	41.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.1	0.1	0.1	0.1	0.1
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	290.8	290.8	270.8	212.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	112.3	112.3	102.3	72.8	0.0
11. Undistributed earnings after tax	271.0	222.3	172.9	250.9	232.8
- Accumulated retained earning at the end of the previous period	3.6	5.6	0.7	0.1	0.0
- Undistributed earnings in this period	267.4	216.7	172.2	250.9	232.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	132.7	22.6	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)	6,909.5	5,816.9	5,230.4	5,291.8	4,367.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	484.7	390.5	271.1	358.8	0.0
Depreciation of Fixed Assets and Investment Property	249.9	235.1	221.0	194.9	0.0
Provision (Increase)/Reversal	34.9	8.3	-11.2	3.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	13.2	27.7	-29.7	-23.5	0.0
Gain/Loss from Investment Activities	-20.8	3.6	-0.3	-3.4	0.0
Interest Expense	212.2	184.4	192.4	159.5	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	974.1	849.5	643.3	689.6	0.0
Increase/(Decrease) in Receivables	-268.8	26.3	-107.2	45.3	0.0
Increase/(Decrease) in Inventory	-405.3	-164.5	255.1	-123.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	476.4	327.4	-10.6	40.1	0.0
Increase/(Decrease) in Prepaid Expenses	-39.4	-22.2	-48.5	-35.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-212.3	-181.6	-192.0	-157.2	0.0
Corporate Income Tax Paid	-61.8	-67.7	-48.2	-63.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-43.7	-20.9	-11.1	-13.4	0.0
Net Cash Flow from Operating Activities	419.2	746.2	480.7	381.5	-23.3
Payments for Fixed Assets and Other Long-term Assets	-689.4	-254.1	-711.8	-471.0	-546.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.5	4.1	2.0	1.1	0.0
Loans and Purchases of Debt Instruments	-206.6	-245.0	-15.0	0.0	-110.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	210.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.4	0.0	0.0	0.0
Dividends and Interest Income Received	13.4	0.4	0.0	2.7	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	-880.1	-494.2	-724.8	-467.2	-446.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	83,850,000,000.00	72,526,070,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	7,809.3	6,983.5	5,842.3	5,624.4	4,967.7
Repayment of Borrowings	-7,203.7	-6,931.0	-5,823.2	-4,995.9	-4,487.9
Repayment of Finance Leases	—	0.0	0.0	0.0	-101.4
Dividends Paid	-272.8	-143.5	-87.5	-116.2	-29.6
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	332.8	-91.0	15.5	584.8	348.7
Net Cash Flow During the Period	-128.1	161.0	-228.6	499.1	-38.4
Cash and Cash Equivalents at Beginning of Period	444.6	283.3	512.5	13.5	132.6
FX Difference from Revaluation	0.7	0.2	-0.1	-0.1	1.7
Cash and Cash Equivalents at End of Period	317.2	444.6	283.8	512.5	13.5

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	1,952.0	2,027.4	2,632.8	2,527.6	1,510.6	1,851.6	2,357.6	2,173.6	1,353.7	1,653.5	2,104.7	1,995.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,952.0	2,027.4	2,632.8	2,527.6	1,510.6	1,851.6	2,357.6	2,173.6	1,353.7	1,653.5	2,104.7	1,995.2
Cost of Goods Sold	1,716.1	1,718.6	2,273.1	2,169.4	1,280.8	1,575.8	2,017.0	1,815.4	1,150.6	1,399.9	1,814.6	1,757.0
Gross Profit	235.9	308.8	359.8	358.2	229.9	275.8	340.6	358.2	203.1	253.7	290.1	238.1
Financial Income	23.2	28.1	35.5	30.0	23.0	35.1	52.8	24.0	16.1	18.1	28.8	29.7
Financial Expenses	85.9	72.8	75.4	97.5	78.7	89.3	98.5	123.7	62.2	89.4	93.4	71.8
Interest Expense	71.0	67.4	71.3	78.9	52.4	55.0	64.5	63.9	52.4	64.6	68.1	60.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	21.4	23.3	34.9	28.8	14.6	21.7	36.9	32.1	18.2	23.5	39.3	24.1
General and Administrative Expenses	101.0	87.9	137.1	113.7	105.9	104.3	118.9	111.6	85.9	81.3	98.8	92.6
Operating Profit	50.8	152.9	147.8	148.3	53.7	95.6	139.0	114.7	52.8	77.6	87.4	79.3
Other Income	25.2	16.2	3.7	2.6	0.2	2.4	0.1	0.1	0.8	0.5	0.3	0.2
Other Expenses	0.7	34.7	5.2	1.7	0.4	7.6	1.2	7.8	1.8	7.6	2.4	10.1
Other Profit	24.5	-18.5	-1.5	0.9	-0.2	-5.2	-1.1	-7.7	-1.0	-7.1	-2.0	-9.9
Profit Before Tax	75.4	134.4	146.3	149.1	53.5	90.4	138.0	107.1	51.9	70.5	85.4	69.4
Current Income Tax Expense	15.1	22.8	29.3	29.1	10.2	15.8	26.9	20.7	10.0	14.0	15.9	14.5
Deferred Income Tax Expense	—	—	—	-0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	60.3	111.6	117.0	120.4	43.3	74.6	111.1	86.4	41.9	56.5	69.5	54.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	60.3	111.6	117.0	120.4	43.3	74.6	111.1	86.4	41.9	56.5	69.5	54.9
Earnings per Share	468.00	867.00	955.00	982.00	353.00	608.00	906.00	761.00	369.00	498.00	612.00	522.00
Diluted EPS	468.27	866.85	954.67	982.22	353.33	608.21	906.26	760.95	368.90	498.09	589.87	522.49

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)	3,707.2	3,385.9	3,328.4	3,546.5	2,862.2	2,620.0	2,311.5	2,931.2	2,615.2	2,124.8	2,401.2	2,776.5
I. Cash and cash equivalents	401.6	317.2	150.6	268.2	234.5	644.6	258.8	238.1	251.1	298.8	465.5	348.9
1. Cash	201.6	317.2	150.6	63.2	29.5	250.6	65.1	14.6	27.8	60.5	183.9	47.2
2. Cash equivalents	200.0	—	—	205.0	205.0	393.9	193.7	223.5	223.3	238.3	281.6	301.7
II. Short-term financial investments	488.2	466.6	466.6	260.0	260.0	60.0	45.0	15.0	15.0	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
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	488.2	466.6	466.6	260.0	260.0	60.0	45.0	15.0	15.0	0.0	0.0	0.0
III. Short-term receivables	910.4	1,030.3	1,300.9	1,265.5	667.8	740.2	912.4	1,123.0	782.8	790.4	913.2	923.6
1. Short-term trade accounts receivable	829.2	1,013.7	1,288.7	1,234.0	619.6	690.6	852.6	1,070.2	620.6	701.7	794.8	838.2
2. Short-term prepayments to suppliers	69.5	2.1	4.0	7.9	11.1	2.8	4.3	5.6	7.4	11.5	24.4	3.7
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	4.5	0.0
6. Other short-term receivables	16.9	19.7	27.2	39.9	41.7	51.4	60.2	51.8	155.5	77.8	89.8	84.2
7. Provision for short-term doubtful debts (*)	-5.2	-5.2	-19.0	-16.3	-4.6	-4.6	-4.6	-4.6	-0.6	-0.6	-0.3	-2.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,805.3	1,445.5	1,200.9	1,557.0	1,541.5	1,060.4	896.1	1,343.9	1,390.3	888.2	839.3	1,350.5
1. Inventories	1,858.0	1,503.0	1,224.5	1,580.5	1,558.7	1,087.5	914.7	1,361.3	1,404.9	903.3	853.8	1,369.2
2. Provision for decline in value of inventories	-52.7	-57.5	-23.6	-23.5	-17.2	-27.1	-18.5	-17.5	-14.6	-15.1	-14.6	-18.8
V. Other short-term assets	101.8	126.3	209.4	195.7	158.4	114.8	199.1	211.2	175.9	147.5	183.1	153.5
1. Short-term prepayments	27.6	27.5	21.5	28.4	31.5	27.0	22.2	26.4	25.7	25.4	21.8	26.4
2. Value added tax to be reclaimed	74.2	98.8	180.1	159.5	117.2	70.3	158.7	169.3	140.8	110.8	152.2	113.4
3. Taxes and other receivables from state authorities	—	—	7.9	7.9	9.7	17.6	18.2	15.5	9.4	11.3	9.2	13.8
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)	3,789.4	3,540.7	3,373.9	3,254.6	3,289.8	3,192.4	2,945.2	2,963.6	2,960.0	3,126.6	2,988.6	2,862.8
I. Long-term receivables	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7
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	0.0	0.0	0.0	0.0
6. Other long-term receivables	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,767.7	2,716.1	2,507.6	2,422.5	2,094.6	2,077.7	2,082.5	2,096.0	2,169.5	2,193.0	2,183.9	1,860.4
1. Tangible fixed assets	2,513.3	2,456.3	2,287.0	2,220.0	1,932.4	1,921.4	1,924.6	1,930.5	1,988.4	2,031.1	2,037.6	1,736.7
- Cost	4,220.2	—	—	—	—	3,438.0	3,396.9	3,349.0	3,398.0	3,386.4	3,338.6	2,985.5
- Accumulated depreciation	-1,706.9	—	—	—	—	-1,516.6	-1,472.4	-1,418.4	-1,409.6	-1,355.3	-1,300.9	-1,248.8
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	254.3	259.7	220.7	202.5	162.2	156.3	158.0	165.5	181.1	161.9	146.3	123.7
- Cost	305.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-51.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	302.4	304.1	305.9	306.5	298.5	300.2	306.0	331.1	378.9	325.0	292.8	299.7
- Cost	320.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-17.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	210.4	174.5	249.5	234.1	565.2	458.7	271.6	265.7	289.4	432.8	383.7	479.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	210.4	174.5	249.5	234.1	565.2	458.7	271.6	265.7	289.4	432.8	383.7	479.4
V. Long-term financial investments	280.0	140.0	140.0	140.0	140.0	140.0	140.0	140.0	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
2. Investments in associates, joint-ventures	280.8	140.8	140.8	140.8	140.8	140.8	140.8	140.8	0.0	1.2	1.2	0.8
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	0.0	-1.2	-1.2	-0.8
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	218.3	195.4	160.2	140.8	180.7	205.1	134.4	120.1	111.6	165.2	117.6	212.6
1. Long-term prepayments	216.0	173.1	138.0	139.0	179.2	187.5	124.4	108.6	109.2	123.3	107.3	116.4
2. Deferred income tax assets	2.2	1.9	1.9	1.9	1.5	1.1	1.1	0.7	2.4	0.4	0.4	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	—	20.4	20.4	—	—	16.4	8.9	10.7	0.0	41.5	9.9	96.2
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)	7,496.6	6,926.6	6,702.3	6,801.1	6,152.0	5,812.4	5,256.7	5,894.8	5,575.2	5,251.4	5,389.8	5,639.3
A. LIABILITIES (300=210+330)	5,498.3	4,925.4	4,748.3	4,966.3	4,265.3	3,919.1	3,389.1	4,090.0	3,719.8	3,390.2	3,603.5	3,968.2
I. Short -term liabilities	4,030.8	3,818.5	3,626.7	3,941.9	2,944.6	2,745.6	2,569.8	3,291.1	2,864.2	2,556.3	2,816.8	3,244.6
1. Short-term trade accounts payable	749.0	862.1	804.3	761.8	788.3	776.7	495.9	872.2	683.5	477.4	619.0	770.8
2. Short-term advances from customers	3.4	3.6	29.9	7.4	38.5	7.3	31.1	4.4	23.2	19.0	47.5	17.1
3. Taxes and other payables to state authorities	20.2	65.1	66.3	50.7	18.1	31.6	54.5	28.7	14.9	24.2	36.4	30.5
4. Payable to employees	123.6	418.5	399.6	234.0	120.3	256.9	197.7	99.8	80.9	82.2	81.1	71.0
5. Short-term acrrued expenses	20.9	22.6	20.3	20.9	14.6	21.4	17.7	28.9	23.0	54.5	57.3	26.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	6.4	7.8	4.5	2.9	2.1	1.9	1.8	2.8	4.1	3.9	5.4	1.8
9. Other short-term payables	16.3	17.5	25.2	15.0	15.1	16.0	26.5	26.4	23.4	22.8	20.2	19.5
10. Short-term borrowings and financial leases	3,065.5	2,371.0	2,218.3	2,762.9	1,926.8	1,606.7	1,705.7	2,185.5	1,961.3	1,819.0	1,890.3	2,245.4
11. Provision for short-term liabilities	0.5	0.5	0.4	0.4	0.4	0.4	0.2	0.2	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	25.0	49.5	58.0	85.9	20.3	26.7	38.8	42.4	49.8	53.1	59.5	62.1
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	1,467.5	1,106.9	1,121.5	1,024.4	1,320.7	1,173.5	819.3	798.8	855.6	834.0	786.7	723.7
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	261.6	150.6	152.4	106.1	90.8	80.4	71.6	67.1	6.1	12.5	0.8	62.7
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	3.6	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,205.8	956.3	969.1	918.3	1,229.8	1,093.1	747.7	731.7	845.9	821.5	785.8	661.0
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)	1,998.3	2,001.3	1,954.0	1,834.8	1,886.7	1,893.3	1,867.6	1,804.9	1,855.4	1,861.1	1,786.3	1,671.1
I. Owner's equity	1,998.3	2,001.3	1,954.0	1,834.8	1,886.7	1,893.3	1,867.6	1,804.9	1,855.4	1,861.1	1,786.3	1,671.1
1. Owner's capital	1,287.3	1,287.3	1,226.0	1,226.0	1,226.0	1,226.0	1,226.0	1,135.2	1,135.2	1,135.2	1,178.1	1,051.2
- Common stock with voting right	1,287,312,660,000.00	1,287,312,660,000.00	1,226,012,060,000.00	1,226,012,060,000.00	1,226,012,060,000.00	1,226,012,060,000.00	1,226,012,060,000.00	1,135,230,020,000.00	1,135,230,020,000.00	1,135,230,020,000.00	1,178,080,020,000.00	1,051,177,580,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	290.8	290.8	290.8	290.8	290.8	290.8	290.8	290.8	270.8	270.8	270.8	270.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	112.3	112.3	112.3	112.3	112.3	112.3	112.3	112.3	102.3	102.3	102.3	102.3
11. Undistributed earnings after tax	266.9	269.9	283.9	164.7	216.6	223.2	197.5	225.5	173.8	178.5	170.5	182.6
- Accumulated retained earning at the end of the previous period	206.6	3.6	3.6	3.6	173.3	5.6	5.6	96.4	131.5	0.7	0.7	84.7
- Undistributed earnings in this period	60.3	266.3	280.4	161.1	43.3	217.6	191.9	129.2	42.3	177.8	169.8	97.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	132.3	133.4	23.7	23.2
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)	7,496.6	6,926.6	6,702.3	6,801.1	6,152.0	5,812.4	5,256.7	5,894.8	5,575.2	5,251.4	5,389.8	5,639.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	281.2	—	203.5	—	0.0	-160.3	160.3	0.0	271.1	-125.2	125.2
Depreciation of Fixed Assets and Investment Property	—	128.7	—	121.2	—	0.0	-116.9	116.9	0.0	221.0	-107.0	107.0
Provision (Increase)/Reversal	—	19.1	—	15.8	—	0.0	-6.1	6.1	0.0	-11.2	5.7	-5.7
FX Gain/Loss from Revaluation of Monetary Items	—	-7.1	—	20.2	—	0.0	-13.3	13.3	0.0	-29.7	-3.2	3.2
Gain/Loss from Investment Activities	—	-7.2	—	-13.6	—	0.0	-5.9	5.9	0.0	-0.3	0.7	-0.7
Interest Expense	—	109.4	—	102.8	—	0.0	-96.5	96.5	0.0	192.4	-101.0	101.0
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	—	524.1	—	449.9	—	0.0	-399.0	399.0	0.0	643.3	-330.0	330.0
Increase/(Decrease) in Receivables	—	330.8	—	-599.6	—	0.0	445.7	-445.7	0.0	-107.2	249.2	-249.2
Increase/(Decrease) in Inventory	—	85.3	—	-490.6	—	0.0	447.0	-447.0	0.0	255.1	63.5	-63.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	262.4	—	214.0	—	0.0	-395.1	395.1	0.0	-10.6	-61.6	61.6
Increase/(Decrease) in Prepaid Expenses	—	-39.4	—	0.0	—	0.0	13.8	-13.8	0.0	-48.5	4.8	-4.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-109.5	—	-102.7	—	0.0	97.3	-97.3	0.0	-192.0	101.8	-101.8
Corporate Income Tax Paid	-60.5	-23.4	-8.1	0.0	-30.3	-38.3	2.0	-7.6	-21.8	-24.5	-7.8	0.0
Other Operating Receipts	138.1	—	—	—	—	890.9	255.5	-118.8	118.9	-314.1	314.1	-104.7
Other Operating Payments	-101.4	198.7	-235.5	68.8	-75.8	-208.4	-257.1	69.0	-79.2	347.0	-353.7	68.7
Net Cash Flow from Operating Activities	-595.2	763.5	221.9	-9.3	-556.9	764.1	506.4	-104.7	-144.4	573.4	-44.6	312.4
Payments for Fixed Assets and Other Long-term Assets	-41.0	-611.6	349.7	-379.2	-48.4	-0.0	19.0	-25.0	-14.1	-610.4	209.0	-293.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	2.5	—	0.0	0.1	1.9	0.0	0.1	0.6	-0.6
Loans and Purchases of Debt Instruments	—	-1.6	—	-205.0	—	0.0	30.0	-30.0	0.0	-15.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-0.4	0.4	0.0	0.0	0.0	0.0
Investments in Other Entities	-140.0	—	—	—	—	0.0	0.0	0.0	0.0	0.4	-0.4	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.4	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	9.1	—	4.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-181.0	-791.2	537.0	-566.4	-59.4	-185.0	19.6	-53.1	-13.7	-751.4	335.7	-368.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	41,000,000,000.00	42,850,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,338.9	2,029.4	1,894.5	2,124.0	1,761.4	1,334.7	1,900.3	1,658.6	1,471.1	1,553.8	1,543.7	1,453.6
Repayment of Borrowings	-1,376.2	-1,890.6	-2,385.5	-1,694.5	-1,233.1	-1,419.4	-2,177.2	-1,587.0	-1,256.7	-1,690.2	-1,624.7	-1,455.5
Repayment of Finance Leases	-37.8	—	-107.6	—	-73.1	-74.8	-149.4	43.6	-43.6	137.1	-137.1	48.2
Dividends Paid	-64.4	-125.7	0.0	-98.1	-49.0	-49.0	-49.0	0.0	-45.4	-45.4	0.0	-0.5
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	860.5	193.7	-671.6	404.5	406.1	-208.6	-475.3	115.2	125.4	-3.7	-175.4	45.8
Net Cash Flow During the Period	84.3	166.0	87.2	-171.2	-210.1	370.5	50.7	-42.5	-32.7	-181.7	115.7	-10.6
Cash and Cash Equivalents at Beginning of Period	317.2	150.6	63.2	234.5	444.6	298.3	283.3	283.3	283.8	512.5	512.5	512.5
FX Difference from Revaluation	—	0.7	0.1	-0.1	—	0.3	0.1	-0.0	0.0	-0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	401.6	317.2	150.6	63.2	234.5	644.6	258.8	208.1	251.1	283.8	465.5	349.8

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TNG

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