TV2

Tư vấn Xây dựng Điện 2 ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.72%, +4.98pp YoY

Price

28,300

Latest close

02 Jun 2026

P/E 15.91x

P/B 1.44x

EPS 1,779

BVPS 19,677

ROE 9.1%

ROA 3.9%

Profit Margin 9.6%

Asset Turnover 0.40x

Equity Mult. 2.35x

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

What Is Changing

On a TTM 2026Q1 basis, TV2 posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,250bn
	                                
−10.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 122bn
	                                
+83.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,334.6	1,336.2	1,061.3	1,322.1	3,629.1
Growth	-0%	+26%	-20%	-64%	—
Net Income	95.6	64.7	53.1	52.9	271.8
Net Margin	7.16%	4.84%	5.01%	4.00%	7.49%

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	244.0	536.7	253.8	215.8	299.9	443.8	291.5	362.4	238.5	580.8	211.0	145.0
Growth	-55%	+111%	+18%	-28%	-32%	+52%	-20%	+52%	-59%	+175%	+46%	—
Net Income	53.4	49.0	13.4	5.7	14.5	19.9	19.4	12.4	11.4	13.4	17.1	14.0
Net Margin	21.87%	9.12%	5.29%	2.66%	4.84%	4.49%	6.66%	3.43%	4.76%	2.31%	8.09%	9.66%

Drivers of TV2's profit

TTM

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

Other profit ↑ 21.1bn

Financial income ↑ 18.7bn

Deferred tax ↓ 12.8bn

Administrative expenses ↑ 18.3bn

Tax ↑ 18.1bn

Gross profit ↓ 8.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 18.2bn

Gross profit ↓ 6.3bn

Tax ↑ 6.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.0% = 4.7% × 0.66 × 1.60

2026Q1 9.2% = 9.7% × 0.40 × 2.35

ROE rose from 5.0% to 9.2% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 9.7% +5.0pp Asset turnover: 0.40x -0.25x Leverage: 2.35x +0.75x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.72%, rising 5.0pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 2.3pp (with additional support from Other profit / Revenue rose 1.7pp and Net financial result / Revenue rose 1.5pp).

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 9.72% +5.0pp

Gross Margin 15.45% +1.0pp

SG&A / Revenue 11.86% +2.3pp

Non-core / Revenue 4.11% +3.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (36.2% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 34.8 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 8.89%, rising 4.0pp. That translates to 8.89 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.5pp, with capital turnover broadly stable; while invested capital contracted by 172bn.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 8.89% +4.0pp

NOPAT Margin 8.16% +3.5pp

Capital Turnover 1.09x +0.03x

Average Invested Capital 1,147.4bn −171.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 1.34x equity, with a net cash position equivalent to 0.24x equity.

Over the last 12 months, working capital released 1,992.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −221.4bn

Inventories decreased → higher CFO: +42.7bn

Payables increased → higher CFO: +2,170.8bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 34.8 days versus the same period last year. The main moves came from DIO fell 2.2 days, DSO rose 25.0 days, and DPO fell 12.1 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 209.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +25.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 244.7 days +25.0 days

Inventory 29.8 days −2.2 days

Payables 64.9 days −12.1 days

Cash Conversion Cycle 209.6 days +34.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 933.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.24x and interest coverage at 15.86x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 265.8% of debt, and total debt stands at 190.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.24x −0.21x

Interest Coverage 15.86x +4.43x

Cash / Debt 265.8% +131.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 17.18x +15.70x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 933.2bn in 2025, against investing cash flow of -80.9bn.

Post-investment cash flow was positive +852.3bn. Financing cash flow was negative +125.5bn.

CFO / net income was 17.18x.

After spending +18.5bn on fixed-asset investment, the business generated trailing free cash flow of +2,045.6bn.

Cash Conversion

CFO TTM 2,064.1bn +1,965.9bn

Cash Capex 18.5bn +6.4bn

FCF TTM +2,045.6bn +1,959.5bn

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 operating efficiency, with net margin improving 5.0 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.1%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 210 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.72% after expanding 5.0pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 17.18x. Even so, net financial result still accounts for 20.1% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 209.6 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,334.6	1,336.2	1,061.3	1,322.1	3,629.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,334.6	1,336.2	1,061.3	1,322.1	3,629.1
Cost of Goods Sold	1,135.8	1,144.2	852.2	1,136.2	0.0
Gross Profit	198.8	192.0	209.2	185.9	320.4
Financial Income	17.5	19.7	26.3	32.2	52.2
Financial Expenses	6.5	15.7	33.1	42.2	-10.1
Interest Expense	5.1	8.1	6.8	6.1	-5.7
Share of Associates and Joint Ventures	27.3	0.0	0.0	0.0	-0.0
Selling Expenses	3.2	5.5	1.7	-20.0	85.3
General and Administrative Expenses	144.1	112.4	136.6	149.2	-135.1
Operating Profit	89.9	78.1	64.0	46.6	312.7
Other Income	24.6	5.0	4.5	18.8	0.0
Other Expenses	3.2	3.0	3.0	2.0	0.0
Other Profit	21.4	1.9	1.5	16.8	25.0
Profit Before Tax	111.3	80.0	65.5	63.3	337.7
Current Income Tax Expense	24.0	15.0	12.8	10.2	-66.0
Deferred Income Tax Expense	-8.3	0.4	-0.5	0.3	0.0
Net Income	95.6	64.7	53.1	52.9	271.8
Non-controlling Interest	1.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	94.6	64.7	53.1	52.9	271.8
Earnings per Share	1,401.00	958.00	787.00	783.00	2,223.00
Diluted EPS	1,401.00	958.00	787.00	783.00	6,036.60

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,110.4	1,331.5	1,609.9	2,098.1	3,575.1
I. Cash and cash equivalents	928.3	199.9	127.3	198.3	319.6
1. Cash	324.8	77.0	54.8	89.8	0.0
2. Cash equivalents	603.4	122.9	72.5	108.5	0.0
II. Short-term financial investments	182.5	103.0	145.0	146.0	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	182.5	103.0	145.0	146.0	0.0
III. Short-term receivables	935.3	839.5	1,241.3	1,628.5	2,694.2
1. Short-term trade accounts receivable	919.9	800.0	1,178.5	1,591.4	0.0
2. Short-term prepayments to suppliers	21.1	12.4	34.5	16.8	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	45.8	60.6	78.5	65.0	0.0
7. Provision for short-term doubtful debts (*)	-51.6	-33.6	-50.3	-44.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	56.7	156.0	72.4	84.0	301.0
1. Inventories	57.5	156.0	72.4	87.4	0.0
2. Provision for decline in value of inventories	-0.8	0.0	0.0	-3.4	0.0
V. Other short-term assets	7.6	33.2	23.9	41.4	66.2
1. Short-term prepayments	7.1	7.3	6.3	4.6	0.0
2. Value added tax to be reclaimed	0.5	25.6	17.5	36.8	0.0
3. Taxes and other receivables from state authorities	—	0.3	0.1	0.1	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)	869.4	841.0	851.1	890.6	851.8
I. Long-term receivables	0.5	2.3	2.1	2.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.0
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	0.5	2.3	2.1	2.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	396.6	428.4	444.5	466.2	444.1
1. Tangible fixed assets	261.9	291.0	305.2	323.6	295.2
- Cost	551.7	543.8	519.5	496.1	0.0
- Accumulated depreciation	-289.8	-252.8	-214.3	-172.5	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	134.7	137.5	139.4	142.6	148.9
- Cost	214.8	212.6	208.5	206.2	0.0
- Accumulated depreciation	-80.1	-75.1	-69.1	-63.6	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	5.2	5.1	14.7	14.5	40.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.2	5.1	14.7	14.5	0.0
V. Long-term financial investments	449.1	398.5	382.5	402.3	356.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	401.9	411.7	394.0	394.0	0.0
3. Investments in other entities	47.2	47.2	42.0	37.9	0.0
4. Provision for diminution in value of long-term investments	-0.0	-60.4	-53.6	-29.7	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	18.0	6.6	7.4	5.7	0.0
1. Long-term prepayments	8.7	6.1	6.5	5.4	0.0
2. Deferred income tax assets	9.3	0.5	0.9	0.4	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	8.8
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)	2,979.9	2,172.5	2,461.0	2,988.8	4,426.9
A. LIABILITIES (300=210+330)	1,704.0	863.5	1,127.3	1,632.4	3,050.7
I. Short -term liabilities	1,618.1	836.2	1,086.7	1,595.9	2,929.0
1. Short-term trade accounts payable	197.1	363.3	476.4	1,105.0	2,367.9
2. Short-term advances from customers	984.3	21.4	49.7	44.8	69.5
3. Taxes and other payables to state authorities	28.2	5.9	17.2	8.0	0.0
4. Payable to employees	215.5	122.6	159.9	116.3	0.0
5. Short-term acrrued expenses	36.5	46.9	26.6	49.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.8	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	3.2	0.4	0.4	0.0	2.3
9. Other short-term payables	7.8	55.4	69.3	60.6	0.0
10. Short-term borrowings and financial leases	81.2	141.0	206.8	124.1	136.3
11. Provision for short-term liabilities	21.9	22.8	27.0	31.0	0.0
12.. Bonus and welfare fund	42.4	56.5	53.4	55.7	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	85.9	27.3	40.6	36.5	121.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	2.2	2.2	2.2	2.2	2.2
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	60.8	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.7	1.6	1.5	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	17.3
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	21.1	23.5	36.8	34.1	0.0
13. Fund for technology development	—	0.0	0.0	0.1	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,275.9	1,309.0	1,333.7	1,356.3	1,376.2
I. Owner's equity	1,275.8	1,309.0	1,333.7	1,356.3	0.0
1. Owner's capital	675.3	675.3	675.3	675.3	1,376.2
- Common stock with voting right	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	450,181,410,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.9	4.9	4.9	4.9	4.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	12.6	12.6	12.6	12.6	12.6
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	0.0
8. Investment and development fund	403.8	390.8	380.2	380.2	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	176.3	225.3	260.7	283.2	447.5
- Accumulated retained earning at the end of the previous period	81.6	160.6	207.5	230.3	377.1
- Undistributed earnings in this period	94.6	64.7	53.1	52.9	70.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.1	0.1	0.1	0.1	0.1
1. Subsidized not-for-profit funds	0.1	0.1	0.1	0.1	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)	2,979.9	2,172.5	2,461.0	2,988.8	4,426.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	111.3	80.0	65.5	63.3	337.7
Depreciation of Fixed Assets and Investment Property	45.8	48.1	47.5	44.6	39.4
Provision (Increase)/Reversal	21.7	-27.5	24.7	11.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	0.4	0.5	3.9	0.0
Gain/Loss from Investment Activities	-44.2	-17.6	-23.1	-29.1	0.0
Interest Expense	5.1	8.1	6.8	6.1	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	140.0	91.6	122.0	100.4	218.1
Increase/(Decrease) in Receivables	-81.1	416.0	400.9	1,129.1	0.0
Increase/(Decrease) in Inventory	98.5	-83.6	15.0	212.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	828.5	-188.0	-654.7	-1,400.9	0.0
Increase/(Decrease) in Prepaid Expenses	-2.3	-0.6	-2.9	0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.2	-8.2	-8.9	-5.7	0.0
Corporate Income Tax Paid	-7.0	-17.5	-12.0	-25.4	0.0
Other Operating Receipts	—	0.0	0.1	0.1	0.0
Other Operating Payments	-38.1	-16.6	-9.1	-3.3	0.0
Net Cash Flow from Operating Activities	933.2	193.1	-149.7	8.1	-179.8
Payments for Fixed Assets and Other Long-term Assets	-13.7	-21.3	-20.5	-43.4	-173.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-206.5	-75.0	-78.0	-106.0	-417.5
Receipts from Loan Repayments and Sale of Debt Instruments	127.0	117.0	79.0	154.0	867.2
Investments in Other Entities	—	-22.9	-4.1	-75.6	-153.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	12.2	13.1	14.1	13.9	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	-80.9	11.0	-9.5	-57.1	152.1
Proceeds from Equity Issuance and Capital Contributions	1,980,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	239.4	313.2	310.4	291.8	652.0
Repayment of Borrowings	-299.2	-379.0	-223.6	-321.4	-571.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-67.7	-67.8	-0.1	-44.9	-35.2
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	-125.5	-133.5	86.7	-74.5	45.8
Net Cash Flow During the Period	726.9	70.6	-72.5	-123.4	19.2
Cash and Cash Equivalents at Beginning of Period	199.9	127.3	198.3	319.6	302.0
FX Difference from Revaluation	1.5	2.0	1.5	2.1	-0.5
Cash and Cash Equivalents at End of Period	928.3	199.9	127.3	198.3	319.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	244.0	536.7	253.8	215.8	299.9	443.8	291.5	362.4	238.5	580.8	211.0	145.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	244.0	536.7	253.8	215.8	299.9	443.8	291.5	362.4	238.5	580.8	211.0	145.0
Cost of Goods Sold	207.6	456.2	213.2	180.3	257.1	379.4	238.2	320.7	203.2	442.8	174.7	107.2
Gross Profit	36.5	80.5	40.7	35.5	42.8	64.3	53.3	41.7	35.3	138.0	36.3	37.8
Financial Income	20.9	6.9	5.5	2.8	2.8	7.0	4.2	3.4	5.6	8.2	7.5	5.8
Financial Expenses	2.4	1.8	2.1	1.3	2.0	0.3	2.1	2.5	2.4	26.1	3.2	2.3
Interest Expense	2.2	1.1	1.3	1.2	1.6	1.7	2.0	2.0	2.4	1.5	1.5	1.8
Share of Associates and Joint Ventures	29.3	5.2	4.5	6.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.1	0.9	0.7	0.2	1.4	1.5	0.7	2.2	1.1	1.6	0.1	0.1
General and Administrative Expenses	24.9	50.8	34.1	35.6	23.8	48.4	29.4	25.4	23.8	101.5	19.6	25.8
Operating Profit	58.4	39.1	13.8	7.8	18.3	21.0	25.3	14.9	13.7	16.9	20.9	15.4
Other Income	1.6	23.1	1.4	-0.6	0.0	3.4	0.0	0.7	0.1	2.3	0.4	1.8
Other Expenses	0.6	1.2	0.4	0.5	0.4	0.8	1.0	0.3	0.1	2.6	0.4	0.1
Other Profit	1.0	21.8	1.0	-1.1	-0.4	2.6	-1.0	0.4	0.1	-0.3	0.0	1.8
Profit Before Tax	59.4	60.9	14.8	6.7	18.0	23.7	24.3	15.4	13.8	16.6	21.0	17.2
Current Income Tax Expense	9.6	16.2	3.0	0.6	3.4	-0.3	5.3	2.9	2.5	3.2	3.9	3.2
Deferred Income Tax Expense	-3.6	-4.2	-1.6	0.3	0.0	4.0	-0.4	0.0	0.0	0.0	0.0	0.0
Net Income	53.4	49.0	13.4	5.7	14.5	19.9	19.4	12.4	11.4	13.4	17.1	14.0
Non-controlling Interest	0.4	0.3	0.2	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	53.0	48.6	13.2	5.3	14.5	19.9	19.4	12.4	11.4	13.4	17.1	14.0
Earnings per Share	784.61	720.43	195.59	78.58	215.00	295.03	287.44	184.04	168.00	199.11	252.73	207.46
Diluted EPS	784.61	720.43	195.59	78.58	214.81	295.03	287.44	184.04	168.29	199.11	252.73	207.46

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)	3,372.2	2,104.3	1,150.2	1,128.4	1,123.0	1,365.3	1,308.7	1,315.4	1,438.2	1,618.6	2,034.0	2,037.8
I. Cash and cash equivalents	505.2	928.3	252.4	196.7	164.8	199.9	113.7	132.9	229.5	127.3	209.2	177.5
1. Cash	317.8	324.8	99.8	72.2	68.0	77.0	60.2	63.1	57.6	54.8	81.2	69.0
2. Cash equivalents	187.4	603.4	152.6	124.5	96.8	122.9	53.5	69.8	171.9	72.5	128.0	108.5
II. Short-term financial investments	1,763.8	182.5	37.5	25.5	36.5	103.0	28.0	28.0	63.0	145.0	67.0	67.0
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	1,763.8	182.5	37.5	25.5	36.5	103.0	28.0	28.0	63.0	145.0	67.0	67.0
III. Short-term receivables	1,030.3	935.9	683.5	750.4	789.2	872.1	925.2	1,008.8	1,010.3	1,249.9	1,599.8	1,641.7
1. Short-term trade accounts receivable	933.4	920.8	650.2	708.1	743.2	800.0	873.9	965.4	939.5	1,178.5	1,497.0	1,567.6
2. Short-term prepayments to suppliers	110.5	21.1	8.5	22.0	15.4	45.6	27.3	34.9	59.5	34.5	53.0	38.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	38.0	45.8	63.9	60.1	66.9	60.6	56.9	57.8	60.8	87.2	91.3	76.1
7. Provision for short-term doubtful debts (*)	-51.6	-51.8	-39.0	-39.8	-36.4	-34.2	-32.9	-49.3	-49.5	-50.3	-41.5	-40.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	64.1	56.1	154.7	132.9	107.6	157.2	205.5	116.5	101.9	72.4	120.3	108.6
1. Inventories	64.9	56.8	154.7	132.9	107.6	157.2	205.5	116.5	101.9	72.4	120.3	108.6
2. Provision for decline in value of inventories	-0.8	-0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.8	1.6	22.0	22.8	25.0	33.1	36.3	29.1	33.5	23.9	37.7	43.1
1. Short-term prepayments	7.4	1.1	5.7	5.6	6.8	7.3	6.6	7.8	9.7	6.3	7.9	7.8
2. Value added tax to be reclaimed	1.3	0.5	16.3	17.2	18.0	25.6	29.8	21.3	15.3	17.5	29.7	29.4
3. Taxes and other receivables from state authorities	—	—	—	—	0.2	0.3	0.0	0.0	8.6	0.1	0.1	5.8
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)	900.9	873.9	865.1	848.9	828.3	841.0	847.3	858.1	867.1	850.6	872.2	875.7
I. Long-term receivables	0.6	0.5	1.2	2.0	2.2	2.3	2.3	2.3	2.1	2.1	2.1	2.0
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	0.6	0.5	1.2	2.0	2.2	2.3	2.3	2.3	2.1	2.1	2.1	2.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	394.6	396.6	403.8	407.1	416.9	428.4	436.9	443.7	448.5	444.5	448.5	454.0
1. Tangible fixed assets	261.5	261.9	269.8	272.5	280.9	291.0	298.1	304.2	307.5	305.2	308.3	312.8
- Cost	559.7	—	—	—	—	543.8	541.8	537.7	531.9	519.5	511.3	505.6
- Accumulated depreciation	-298.2	—	—	—	—	-252.8	-243.7	-233.5	-224.4	-214.3	-203.0	-192.7
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	133.0	134.7	133.9	134.6	136.0	137.5	138.8	139.5	141.0	139.4	140.2	141.2
- Cost	214.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-81.8	—	—	—	—	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	5.2	5.2	5.2	5.1	5.1	5.1	5.1	5.1	9.2	14.7	11.8	12.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.2	5.2	5.2	5.1	5.1	5.1	5.1	5.1	9.2	14.7	11.8	12.0
V. Long-term financial investments	478.4	451.0	445.8	429.4	398.5	398.5	392.7	400.1	400.1	382.5	402.3	402.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	431.2	403.8	398.6	382.1	411.7	411.7	411.7	411.7	411.7	394.0	394.0	394.0
3. Investments in other entities	47.2	47.2	47.2	47.2	47.2	47.2	43.7	42.0	42.0	42.0	37.9	37.9
4. Provision for diminution in value of long-term investments	-0.0	-0.0	—	—	-60.4	-60.4	-62.7	-53.6	-53.6	-53.6	-29.7	-29.7
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	22.1	20.6	9.0	5.3	5.6	6.6	10.4	6.9	7.2	6.9	7.5	5.4
1. Long-term prepayments	9.2	14.7	7.3	5.2	5.2	6.1	5.9	6.0	6.3	6.5	7.1	5.0
2. Deferred income tax assets	12.9	5.9	1.8	0.1	0.4	0.5	4.5	0.9	0.9	0.4	0.4	0.4
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,273.1	2,978.3	2,015.2	1,977.2	1,951.4	2,206.3	2,156.0	2,173.5	2,305.3	2,469.2	2,906.1	2,913.5
A. LIABILITIES (300=210+330)	2,944.4	1,640.1	726.0	713.4	627.9	897.2	866.9	905.3	960.2	1,135.6	1,586.0	1,610.5
I. Short -term liabilities	2,861.0	1,615.0	697.7	685.3	600.0	868.8	822.9	851.7	903.9	1,095.3	1,547.7	1,572.5
1. Short-term trade accounts payable	181.3	197.4	214.2	189.6	194.5	363.3	289.8	336.0	309.4	476.5	952.0	1,082.9
2. Short-term advances from customers	2,282.4	984.3	91.7	40.5	20.7	22.1	46.4	38.1	147.7	49.7	179.7	98.4
3. Dividends and profits payable	0.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	15.8	27.4	9.5	9.9	7.8	5.9	10.7	5.1	7.9	16.9	8.7	5.9
4. Payable to employees	74.5	215.8	68.0	66.7	73.4	122.6	80.5	59.0	63.4	159.9	22.9	24.5
5. Short-term acrrued expenses	42.5	36.7	73.9	79.1	68.4	46.9	45.4	36.6	32.2	26.6	61.6	40.5
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	3.2	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
9. Other short-term payables	10.4	7.5	75.4	117.6	51.7	88.4	113.3	112.3	44.5	77.9	136.2	132.6
10. Short-term borrowings and financial leases	190.0	81.2	89.7	97.9	122.6	141.0	138.9	177.4	226.8	206.8	97.5	97.2
11. Provision for short-term liabilities	26.5	21.9	21.8	23.2	21.2	21.6	37.5	26.1	27.0	27.2	29.5	29.5
12.. Bonus and welfare fund	34.1	42.4	53.0	60.5	39.5	56.5	60.1	60.8	44.7	53.4	59.3	60.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	83.4	25.1	28.4	28.1	27.9	28.5	44.0	53.6	56.3	40.4	38.3	37.9
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	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
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	60.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.7	1.7	1.7	1.6	1.6	1.6	1.1	1.4	1.4	1.5	1.5	1.5
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	9.6	14.6	0.0	0.0	0.0
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	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	19.3	21.1	24.3	24.3	24.1	24.7	40.6	40.3	38.0	36.6	34.4	34.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	1,328.7	1,338.2	1,289.2	1,263.9	1,323.5	1,309.0	1,289.1	1,268.1	1,345.1	1,333.6	1,320.2	1,303.1
I. Owner's equity	1,328.7	1,338.1	1,289.1	1,263.8	1,323.5	1,309.0	1,289.1	1,268.1	1,345.0	1,333.5	1,320.1	1,303.0
1. Owner's capital	675.3	675.3	675.3	675.3	675.3	675.3	675.3	675.3	675.3	675.3	675.3	675.3
- Common stock with voting right	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00	675,261,650,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	12.6	12.6	12.6	12.6	12.6	12.6	12.6	12.6	0.0	12.6	12.6	12.6
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	12,641,457,169.00	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	-0.5	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	403.8	403.8	403.8	403.8	390.8	390.8	390.8	390.8	380.2	380.2	380.2	380.2
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	229.3	238.6	189.9	164.8	239.8	225.3	205.4	184.4	272.0	260.5	247.1	230.0
- Accumulated retained earning at the end of the previous period	176.3	144.1	144.1	145.0	225.3	160.6	160.6	160.6	260.7	207.5	207.5	216.0
- Undistributed earnings in this period	53.0	94.4	45.8	19.8	14.5	64.7	44.8	23.8	11.4	53.0	39.6	14.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.4	3.0	2.6	2.4	—	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	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Subsidized not-for-profit funds	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,273.1	2,978.3	2,015.2	1,977.2	1,951.4	2,206.3	2,156.0	2,173.5	2,305.3	2,469.2	2,906.1	2,913.5

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
Profit Before Tax	59.4	59.0	14.8	19.5	18.0	23.7	24.3	18.3	13.8	16.6	21.0	17.2
Depreciation of Fixed Assets and Investment Property	11.5	11.9	11.1	11.3	11.5	13.1	11.6	11.7	11.7	12.7	11.5	11.5
Provision (Increase)/Reversal	2.8	16.4	-2.1	5.6	1.8	-32.9	12.0	-6.2	0.3	32.4	1.2	-6.0
FX Gain/Loss from Revaluation of Monetary Items	-1.3	0.0	0.7	-0.4	-0.0	0.9	-0.6	0.2	-0.1	-0.6	0.7	0.6
Gain/Loss from Investment Activities	-48.2	-10.2	-9.9	-21.7	-2.4	-6.8	-3.6	-3.3	-3.8	-7.2	-5.5	-5.2
Interest Expense	2.2	1.1	1.3	1.2	1.6	1.7	2.0	2.0	2.4	1.5	1.5	1.8
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	26.4	78.1	15.9	15.5	30.4	-0.3	45.7	22.6	24.2	55.5	30.4	19.9
Increase/(Decrease) in Receivables	-83.8	-249.0	73.3	38.0	56.5	58.5	90.4	4.4	229.2	415.2	-17.5	-8.1
Increase/(Decrease) in Inventory	-7.4	97.2	-21.8	-25.3	48.4	48.3	-89.0	-14.6	-29.6	48.1	-11.7	-17.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,138.9	989.6	23.3	19.1	-203.4	135.8	-7.9	-84.4	-197.5	-610.6	35.1	1.2
Increase/(Decrease) in Prepaid Expenses	-0.9	-2.8	-2.2	1.2	1.4	-1.0	1.4	2.2	-3.2	2.2	-3.5	1.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Interest Paid	-1.8	-1.0	-1.3	-1.3	-1.6	-1.7	-2.0	-2.3	-2.3	-1.3	-1.5	-2.2
Corporate Income Tax Paid	-16.7	-3.8	-2.1	0.0	-1.0	-8.9	-3.9	-2.5	-2.3	-6.6	0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.9	2.9	0.5
Other Operating Payments	-8.2	-16.6	-3.9	-2.6	-15.0	-2.2	-0.6	-5.8	-8.0	-3.8	-2.0	-2.7
Net Cash Flow from Operating Activities	1,046.6	891.7	81.2	44.7	-84.4	228.5	34.3	-80.3	10.5	-104.3	32.1	-6.2
Payments for Fixed Assets and Other Long-term Assets	-4.9	-5.2	-7.2	-1.2	-0.0	-4.7	-3.2	-4.1	-9.2	-11.8	-8.8	1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1,595.3	-167.5	-20.0	-10.5	-8.5	-75.0	0.0	0.0	0.0	-78.0	7.0	-7.0
Receipts from Loan Repayments and Sale of Debt Instruments	14.0	22.5	8.0	21.5	75.0	0.0	0.0	35.0	82.0	0.0	0.0	43.0
Investments in Other Entities	—	—	—	—	—	-3.5	-1.7	0.0	-17.6	-4.1	0.0	0.0
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	7.3	8.5	1.2	1.2	1.2	5.0	0.7	6.4	0.9	5.5	-1.8	8.6
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	-1,578.8	-141.6	-17.9	11.0	67.7	-78.2	-4.1	37.3	56.1	-88.4	-3.6	45.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	153.8	41.7	56.3	71.2	70.2	57.4	70.7	77.7	110.1	153.0	46.5	34.7
Repayment of Borrowings	-45.0	-50.1	-64.5	-95.9	-88.7	-55.3	-118.8	-132.1	-75.4	-42.2	-44.9	-45.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-67.5	0.0	-0.0	-0.2	-67.7	-0.0	-0.0	-0.0	0.0	-0.1	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	108.8	-73.9	-8.2	-24.7	-18.6	-65.6	-48.1	-54.4	34.6	110.8	1.6	-11.0
Net Cash Flow During the Period	-423.5	676.1	55.1	31.0	-35.3	84.7	-17.9	-97.4	101.3	-81.9	30.2	28.7
Cash and Cash Equivalents at Beginning of Period	928.3	252.4	196.7	164.8	199.9	127.3	127.3	127.3	127.3	198.3	198.3	198.3
FX Difference from Revaluation	0.4	1.5	1.7	1.1	0.1	1.6	-1.3	0.9	0.9	-0.0	1.6	0.2
Cash and Cash Equivalents at End of Period	505.2	928.3	252.4	196.7	164.8	199.9	113.7	132.9	229.5	127.3	209.2	177.5

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TV2

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