VCS

Vicostone ·HNX ·2026Q1

▼▼ Declining sharply

Working capital is tied up too long in the operating cycle Working capital 314 days

Price

38,300

Latest close

03 Jun 2026

P/E 10.03x

P/B 1.17x

EPS 3,819

BVPS 32,826

ROE 12.4%

ROA 10.4%

Profit Margin 16.9%

Asset Turnover 0.61x

Equity Mult. 1.20x

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

What Is Changing

On a TTM 2026Q1 basis, VCS is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,855bn
	                                
−9.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 653bn
	                                
−14.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4,128.9	4,322.1	4,353.9	5,660.3	7,070.1
Growth	-4%	-1%	-23%	-20%	—
Net Income	694.5	807.1	846.4	1,148.7	1,772.1
Net Margin	16.82%	18.67%	19.44%	20.29%	25.06%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	744.4	1,067.5	924.9	1,118.4	1,018.0	1,102.3	971.6	1,174.2	1,073.9	1,153.8	1,028.5	1,137.8
Growth	-30%	+15%	-17%	+10%	-8%	+13%	-17%	+9%	-7%	+12%	-10%	—
Net Income	123.4	185.2	134.6	210.1	164.6	189.2	161.9	251.2	204.7	236.9	194.9	224.4
Net Margin	16.58%	17.35%	14.55%	18.78%	16.17%	17.16%	16.67%	21.40%	19.07%	20.53%	18.95%	19.73%

Drivers of VCS's profit

TTM

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

Financial income ↑ 30.7bn

Gross profit ↓ 118.3bn

Selling expenses ↑ 21.6bn

Administrative expenses ↑ 11.6bn

TTM

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

Tax ↓ 7.4bn

Finance costs ↓ 7.4bn

Gross profit ↓ 28.7bn

Administrative expenses ↑ 12.1bn

Selling expenses ↑ 6.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.7% = 18.0% × 0.66 × 1.24

2026Q1 12.4% = 16.9% × 0.61 × 1.20

ROE fell from 14.7% to 12.4% — all three components weakened, with asset turnover being the main drag.

Net margin: 16.9% -1.0pp Asset turnover: 0.61x -0.05x Leverage: 1.20x -0.04x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 16.95%, falling 1.0pp. The main pressure comes from SG&A / Revenue rose 1.5pp and Gross margin fell 0.2pp (in addition, Net financial result / Revenue rose 1.2pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 16.95% −1.0pp

Gross Margin 26.36% −0.2pp

SG&A / Revenue 7.69% +1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 13.95%, losing 3.1pp. That translates to 13.95 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.8pp and capital turnover fell 0.14x, while invested capital rose by 269bn — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC 13.95% −3.1pp

NOPAT Margin 17.35% −0.8pp

Capital Turnover 0.80x −0.14x

Average Invested Capital 4,795.2bn +268.7bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.03x equity.

Inventory ended the period at 1,588.1bn, roughly 27.6% of total assets.

Over the last 12 months, working capital absorbed 72.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −128.0bn

Inventories decreased → higher CFO: +40.0bn

Payables increased → higher CFO: +16.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.5 days versus the same period last year. The main moves came from DIO fell 24.8 days, DSO rose 12.0 days, and DPO rose 2.8 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 313.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +12.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 118.6 days +12.0 days

Inventory 208.4 days −24.8 days

Payables 13.5 days +2.8 days

Cash Conversion Cycle 313.6 days −15.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 653.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.03x and interest coverage at 15.12x.

At present, short-term debt accounts for 84.3% of total debt, cash equals 123.2% of debt, and total debt stands at 648.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 84.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.03x +0.12x

Interest Coverage 15.12x +0.97x

Cash / Debt 123.2% −53.1pp

Short-term Debt / Total Debt 84.3% −12.9pp

CFO / NI 0.87x −1.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 653.3bn in 2025, against investing cash flow of 89.2bn.

Post-investment cash flow was positive +742.5bn. Financing cash flow was negative +1,238.5bn.

CFO / net income was 0.87x.

After spending +41.5bn on fixed-asset investment, the business generated trailing free cash flow of +528.6bn.

Cash Conversion

CFO TTM 570.1bn −1,105.1bn

Cash Capex 41.5bn −123.4bn

FCF TTM +528.6bn −981.7bn

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 0.87x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 314 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.87x.

Key risk: working capital remains tied up for too long, with cash cycle at 313.6 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,147.6	4,345.2	4,363.0	5,679.4	7,108.2
Revenue Deductions	18.7	23.1	9.2	19.1	0.0
Net Revenue	4,128.9	4,322.1	4,353.9	5,660.3	7,070.1
Cost of Goods Sold	3,084.1	3,144.0	3,133.0	3,917.3	0.0
Gross Profit	1,044.8	1,178.1	1,220.9	1,743.0	2,462.5
Financial Income	141.6	102.5	102.6	98.2	62.1
Financial Expenses	60.6	62.4	101.4	137.5	-89.5
Interest Expense	46.4	34.6	56.6	50.4	-56.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	212.7	191.7	156.5	254.6	-272.1
General and Administrative Expenses	65.4	65.9	58.7	66.8	-47.3
Operating Profit	847.8	960.6	1,006.9	1,382.2	2,115.6
Other Income	0.6	0.9	0.7	3.5	0.0
Other Expenses	16.0	8.2	8.2	8.5	0.0
Other Profit	-15.4	-7.3	-7.5	-5.0	-18.2
Profit Before Tax	832.3	953.3	999.4	1,377.2	2,097.4
Current Income Tax Expense	138.4	147.4	154.1	228.5	-325.3
Deferred Income Tax Expense	-0.5	-1.1	-1.1	0.0	0.0
Net Income	694.5	807.1	846.4	1,148.7	1,772.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	694.5	807.1	846.4	1,148.7	1,772.1
Earnings per Share	4,065.00	4,824.00	5,041.00	6,425.00	9,890.00
Diluted EPS	4,065.00	5,044.51	5,041.00	6,425.00	11,075.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,803.9	5,473.4	5,515.8	5,541.1	5,829.1
I. Cash and cash equivalents	1,087.6	1,583.2	1,403.1	1,101.7	1,105.4
1. Cash	152.6	325.1	348.6	215.5	0.0
2. Cash equivalents	935.0	1,258.1	1,054.5	886.2	0.0
II. Short-term financial investments	588.0	670.0	47.7	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	588.0	670.0	47.7	0.0	0.0
III. Short-term receivables	1,371.1	1,328.7	1,217.0	1,750.0	2,448.5
1. Short-term trade accounts receivable	1,370.7	1,327.1	1,223.3	1,754.7	0.0
2. Short-term prepayments to suppliers	13.4	19.5	9.1	8.4	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	0.1	0.0
6. Other short-term receivables	10.2	5.7	3.1	3.5	0.0
7. Provision for short-term doubtful debts (*)	-23.2	-23.7	-18.5	-16.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,588.1	1,816.5	2,644.0	2,577.7	1,990.1
1. Inventories	1,659.2	1,854.1	2,662.0	2,594.6	0.0
2. Provision for decline in value of inventories	-71.1	-37.7	-18.0	-17.0	0.0
V. Other short-term assets	169.1	75.1	204.1	111.7	285.2
1. Short-term prepayments	5.2	3.4	3.7	6.1	0.0
2. Value added tax to be reclaimed	163.9	71.7	200.4	105.5	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	946.5	993.5	952.4	1,048.8	1,063.8
I. Long-term receivables	1.5	0.8	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	1.5	0.8	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	913.2	790.1	867.6	975.3	1,036.7
1. Tangible fixed assets	911.0	787.3	865.6	972.1	1,031.3
- Cost	2,502.1	2,243.8	2,192.9	2,169.3	0.0
- Accumulated depreciation	-1,591.1	-1,456.4	-1,327.2	-1,197.1	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	2.2	2.8	2.0	3.1	5.4
- Cost	32.6	32.3	30.2	28.5	0.0
- Accumulated depreciation	-30.4	-29.5	-28.2	-25.3	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	10.8	184.4	67.3	54.3	9.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.8	184.4	67.3	54.3	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	20.9	18.2	17.4	19.2	0.0
1. Long-term prepayments	15.9	13.6	14.0	16.8	0.0
2. Deferred income tax assets	5.1	4.6	3.5	2.4	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	17.4
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)	5,750.4	6,467.0	6,468.2	6,589.9	6,892.9
A. LIABILITIES (300=210+330)	617.7	1,357.3	1,482.4	1,721.2	2,018.7
I. Short -term liabilities	523.5	1,326.6	1,440.7	1,628.1	1,872.4
1. Short-term trade accounts payable	178.9	182.8	118.3	80.3	252.3
2. Short-term advances from customers	17.2	15.4	15.1	7.0	7.3
3. Taxes and other payables to state authorities	28.2	102.6	114.4	55.6	0.0
4. Payable to employees	10.8	8.4	11.1	8.3	0.0
5. Short-term acrrued expenses	2.6	4.3	1.7	2.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	4.8	4.9	4.9	7.9	0.0
10. Short-term borrowings and financial leases	241.6	934.9	1,064.5	1,341.3	1,479.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	39.5	73.4	110.8	125.3	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	94.2	30.7	41.7	93.1	146.3
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	91.9	28.8	39.9	93.1	146.3
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	2.2	1.9	1.8	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)	5,132.7	5,109.6	4,985.8	4,868.7	4,874.2
I. Owner's equity	5,132.7	5,109.6	4,985.8	4,868.7	0.0
1. Owner's capital	1,600.0	1,600.0	1,600.0	1,600.0	4,874.2
- Common stock with voting right	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	81.0	87.7	89.0	89.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	18.6	18.6	18.6	18.6	0.0
11. Undistributed earnings after tax	3,432.8	3,403.1	3,278.0	3,160.9	3,166.4
- Accumulated retained earning at the end of the previous period	3,386.2	3,264.5	3,096.5	2,976.7	2,034.3
- Undistributed earnings in this period	46.6	138.6	181.6	184.3	1,132.1
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)	5,750.4	6,467.0	6,468.2	6,589.9	6,892.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	832.3	953.3	999.4	1,377.2	2,097.4
Depreciation of Fixed Assets and Investment Property	140.4	132.1	135.8	129.5	128.0
Provision (Increase)/Reversal	33.3	25.0	4.8	22.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.2	11.6	3.0	24.7	0.0
Gain/Loss from Investment Activities	-79.5	-41.0	-25.9	-21.5	0.0
Interest Expense	46.4	34.6	56.6	50.4	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	968.6	1,115.7	1,173.8	1,582.2	2,285.0
Increase/(Decrease) in Receivables	-126.3	14.5	437.7	808.7	0.0
Increase/(Decrease) in Inventory	194.9	807.9	-67.4	-597.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.8	49.2	37.6	-189.5	0.0
Increase/(Decrease) in Prepaid Expenses	-5.6	0.4	5.3	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-47.4	-34.6	-57.6	-48.5	0.0
Corporate Income Tax Paid	-214.7	-155.8	-96.1	-250.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-97.4	-80.7	-103.8	-113.2	0.0
Net Cash Flow from Operating Activities	653.3	1,716.6	1,329.4	1,191.8	1,094.6
Payments for Fixed Assets and Other Long-term Assets	-68.0	-160.0	-31.4	-60.9	-41.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.1	0.0	0.1
Loans and Purchases of Debt Instruments	-1,356.0	-1,050.0	-47.7	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,438.0	427.7	0.1	60.0	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	75.1	37.6	25.9	21.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	89.2	-744.6	-53.0	20.9	-26.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	527,700,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,104.0	1,401.4	2,015.4	2,560.4	2,826.1
Repayment of Borrowings	-2,734.2	-1,552.9	-2,350.4	-2,752.1	-2,935.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-608.2	-639.8	-640.6	-959.0	-642.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,238.5	-791.4	-975.6	-1,150.8	-750.5
Net Cash Flow During the Period	-496.0	180.5	300.9	61.9	-119.7
Cash and Cash Equivalents at Beginning of Period	1,583.2	1,403.1	1,101.7	1,045.4	790.3
FX Difference from Revaluation	0.4	-0.4	0.5	-5.6	-2.5
Cash and Cash Equivalents at End of Period	1,087.6	1,583.2	1,403.1	1,101.7	1,105.4

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	745.8	1,078.2	926.3	1,124.3	1,018.9	1,122.0	973.3	1,175.2	1,074.7	1,162.9	1,028.5	1,137.8
Revenue Deductions	1.4	10.7	1.4	5.8	0.8	19.7	1.7	1.0	0.8	9.1	0.0	0.1
Net Revenue	744.4	1,067.5	924.9	1,118.4	1,018.0	1,102.3	971.6	1,174.2	1,073.9	1,153.8	1,028.5	1,137.8
Cost of Goods Sold	527.3	792.3	698.8	820.8	772.2	815.6	707.2	836.8	784.3	813.0	737.3	821.1
Gross Profit	217.1	275.2	226.2	297.6	245.9	286.7	264.4	337.4	289.6	340.7	291.1	316.7
Financial Income	19.8	38.5	29.5	50.3	23.4	24.8	15.8	43.3	18.6	23.7	31.2	28.5
Financial Expenses	6.4	15.1	17.5	14.3	13.7	16.3	20.9	13.6	11.5	21.6	39.1	21.3
Interest Expense	5.1	14.1	13.4	10.2	8.7	8.8	7.6	7.7	10.4	13.5	14.0	15.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	49.8	54.6	53.9	60.7	43.6	51.2	52.0	50.6	37.8	44.5	38.9	38.8
General and Administrative Expenses	26.2	14.4	19.4	17.6	14.0	19.6	14.8	17.4	14.0	15.0	12.9	18.4
Operating Profit	154.7	229.5	164.9	255.4	198.0	224.4	192.4	299.0	244.8	283.3	231.5	266.6
Other Income	0.0	0.3	0.1	0.1	0.1	0.1	0.3	0.3	0.2	0.1	0.2	0.2
Other Expenses	5.2	6.1	4.1	4.0	1.8	1.8	3.5	1.4	1.4	1.9	2.1	3.6
Other Profit	-5.2	-5.9	-3.9	-3.9	-1.8	-1.7	-3.2	-1.1	-1.3	-1.9	-1.9	-3.4
Profit Before Tax	149.5	223.7	161.0	251.5	196.2	222.6	189.2	297.9	243.6	281.5	229.5	263.2
Current Income Tax Expense	24.0	39.0	27.4	40.5	31.4	32.9	27.1	48.8	38.5	44.5	34.6	39.7
Deferred Income Tax Expense	2.1	-0.5	-1.1	0.9	0.2	0.5	0.2	-2.2	0.3	0.1	-0.0	-0.9
Net Income	123.4	185.2	134.6	210.1	164.6	189.2	161.9	251.2	204.7	236.9	194.9	224.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	123.4	185.2	134.6	210.1	164.6	189.2	161.9	251.2	204.7	236.9	194.9	224.4
Earnings per Share	727.00	1,092.00	794.00	1,206.00	972.00	1,133.00	959.00	1,505.00	1,227.00	1,416.00	1,149.00	1,339.00
Diluted EPS	727.00	1,092.00	794.00	1,206.00	972.00	4,824.00	1,012.19	1,505.00	1,227.00	1,416.00	1,149.00	1,339.00

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)	5,175.1	4,803.9	5,989.4	5,607.5	5,472.7	5,475.0	5,489.3	5,202.8	5,496.2	5,515.8	5,465.6	5,660.0
I. Cash and cash equivalents	798.5	1,087.6	2,006.5	1,846.7	1,772.9	1,584.7	1,467.4	1,566.2	1,590.4	1,403.1	1,048.8	1,236.6
1. Cash	123.5	152.6	398.3	283.1	335.8	326.6	644.3	334.9	524.8	348.6	78.0	85.0
2. Cash equivalents	675.0	935.0	1,608.2	1,563.6	1,437.1	1,258.1	823.0	1,231.3	1,065.6	1,054.5	970.8	1,151.6
II. Short-term financial investments	1,383.5	588.0	868.0	768.0	768.0	670.0	670.0	380.0	47.7	47.7	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	1,383.5	588.0	868.0	768.0	768.0	670.0	670.0	380.0	47.7	47.7	0.0	0.0
III. Short-term receivables	1,269.6	1,371.1	1,355.0	1,433.2	1,265.1	1,328.7	1,314.1	1,119.2	1,286.5	1,217.0	1,552.2	1,463.6
1. Short-term trade accounts receivable	1,253.4	1,370.7	1,342.9	1,429.2	1,252.2	1,327.1	1,208.1	1,069.5	1,238.8	1,223.3	1,556.1	1,465.0
2. Short-term prepayments to suppliers	28.0	13.4	29.5	21.3	27.3	19.5	118.3	67.1	63.2	9.1	12.7	15.1
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	0.1	0.1
6. Other short-term receivables	11.5	10.2	8.4	8.5	9.3	5.7	7.0	1.9	2.9	3.1	3.2	3.2
7. Provision for short-term doubtful debts (*)	-23.2	-23.2	-25.8	-25.8	-23.7	-23.7	-19.3	-19.3	-18.5	-18.5	-19.8	-19.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,530.2	1,588.1	1,611.2	1,461.8	1,603.7	1,816.5	1,953.9	2,077.1	2,342.4	2,644.0	2,699.0	2,734.7
1. Inventories	1,601.3	1,659.2	1,672.0	1,522.6	1,641.3	1,854.1	1,990.0	2,113.3	2,360.4	2,662.0	2,719.5	2,755.3
2. Provision for decline in value of inventories	-71.1	-71.1	-60.9	-60.9	-37.7	-37.7	-36.1	-36.1	-18.0	-18.0	-20.5	-20.5
V. Other short-term assets	193.2	169.1	148.8	97.9	63.1	75.1	84.0	60.2	229.3	204.1	165.7	225.1
1. Short-term prepayments	7.6	5.2	6.0	6.6	5.6	3.4	4.1	5.4	5.9	3.7	4.0	6.8
2. Value added tax to be reclaimed	185.5	163.9	130.0	91.2	57.4	71.7	79.8	54.8	223.3	200.4	161.7	218.3
3. Taxes and other receivables from state authorities	0.1	—	12.8	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	914.1	946.5	968.4	987.5	997.7	993.5	917.9	928.0	928.5	952.4	971.8	1,000.3
I. Long-term receivables	1.5	1.5	1.5	1.5	0.8	0.8	0.8	0.8	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
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	1.5	1.5	1.5	1.5	0.8	0.8	0.8	0.8	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	881.4	913.2	942.5	812.3	760.4	790.1	775.1	807.4	837.5	867.6	898.9	930.5
1. Tangible fixed assets	879.5	911.0	940.3	810.0	757.8	787.3	772.0	804.1	833.9	865.6	896.2	927.0
- Cost	2,508.0	—	—	—	—	2,243.8	2,196.1	2,196.0	2,193.7	2,192.9	2,191.6	2,190.6
- Accumulated depreciation	-1,628.5	—	—	—	—	-1,456.4	-1,424.1	-1,392.0	-1,359.8	-1,327.2	-1,295.4	-1,263.6
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	1.9	2.2	2.2	2.4	2.6	2.8	3.1	3.3	3.6	2.0	2.7	3.5
- Cost	32.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-30.6	—	—	—	—	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	12.1	10.8	5.6	156.2	217.4	184.4	123.1	101.5	74.6	67.3	55.5	51.5
1. Long-term production in progress	—	—	—	—	—	184.4	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	12.1	10.8	5.6	156.2	217.4	0.0	123.1	101.5	74.6	67.3	55.5	51.5
V. Long-term financial investments	—	—	—	—	—	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
2. Investments in associates, joint-ventures	—	—	—	—	—	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
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.1	20.9	18.8	17.4	19.1	18.2	18.9	18.2	16.4	17.4	17.4	18.3
1. Long-term prepayments	16.1	15.9	14.2	13.9	14.7	13.6	13.8	12.9	13.3	14.0	13.8	14.7
2. Deferred income tax assets	3.0	5.1	4.6	3.5	4.4	4.6	5.1	5.3	3.1	3.5	3.6	3.6
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)	6,089.2	5,750.4	6,957.8	6,595.0	6,470.4	6,468.5	6,407.2	6,130.8	6,424.7	6,468.2	6,437.4	6,660.4
A. LIABILITIES (300=210+330)	837.1	617.7	1,699.1	1,467.2	1,214.8	1,358.9	1,162.9	1,048.1	1,273.2	1,482.4	1,346.4	1,761.5
I. Short -term liabilities	732.9	523.5	1,592.2	1,432.8	1,184.1	1,328.1	1,136.0	1,015.7	1,244.8	1,440.7	1,291.4	1,695.0
1. Short-term trade accounts payable	106.7	178.9	125.4	163.2	102.8	182.8	113.0	109.4	80.9	118.3	62.9	146.8
2. Short-term advances from customers	15.9	17.2	20.8	15.5	12.9	15.4	9.1	18.2	18.6	15.1	9.6	7.9
3. Dividends and profits payable	2.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	24.9	28.2	7.4	73.0	31.5	102.6	79.3	51.5	40.5	114.4	79.3	80.3
4. Payable to employees	18.4	10.8	11.0	9.3	11.4	8.4	8.3	8.7	8.8	11.1	7.4	7.2
5. Short-term acrrued expenses	1.7	2.6	6.8	7.7	5.6	4.3	1.9	1.3	1.3	1.7	0.2	0.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.7	4.8	3.0	5.5	2.8	4.9	2.8	5.1	3.0	4.9	2.3	4.4
10. Short-term borrowings and financial leases	546.4	241.6	1,376.8	1,115.8	977.0	936.4	830.6	715.3	976.8	1,064.5	1,016.8	1,316.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.8
12.. Bonus and welfare fund	14.9	39.5	41.1	42.7	40.0	73.4	91.0	106.3	114.9	110.8	112.9	129.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	104.2	94.2	106.9	34.4	30.7	30.7	26.9	32.3	28.4	41.7	55.0	66.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	101.9	91.9	104.6	32.1	28.8	28.8	25.1	30.5	26.6	39.9	53.2	66.5
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	2.2	2.2	2.3	2.3	1.9	1.9	1.8	1.8	1.8	1.8	1.8	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)	5,252.2	5,132.7	5,258.7	5,127.8	5,255.6	5,109.6	5,244.3	5,082.7	5,151.5	4,985.8	5,091.0	4,898.8
I. Owner's equity	5,252.2	5,132.7	5,258.7	5,127.8	5,255.6	5,109.6	5,244.3	5,082.7	5,151.5	4,985.8	5,091.0	4,898.8
1. Owner's capital	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0	1,600.0
- Common stock with voting right	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00	1,600,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	79.0	81.0	82.6	84.1	86.0	87.7	88.6	89.0	89.0	89.0	89.0	89.0
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	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6
11. Undistributed earnings after tax	3,554.4	3,432.8	3,557.2	3,424.9	3,550.8	3,403.1	3,536.8	3,374.9	3,443.7	3,278.0	3,383.2	3,191.0
- Accumulated retained earning at the end of the previous period	3,430.9	3,386.2	3,386.2	3,386.2	3,386.2	3,264.5	3,264.5	3,238.9	3,238.9	3,096.5	3,096.5	3,096.5
- Undistributed earnings in this period	123.4	46.6	171.0	38.7	164.6	138.6	272.3	136.0	204.7	181.6	286.7	94.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,089.2	5,750.4	6,957.8	6,595.0	6,470.4	6,468.5	6,407.2	6,130.8	6,424.7	6,468.2	6,437.4	6,660.4

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	149.5	223.7	161.0	251.5	196.2	222.6	189.2	297.9	243.6	281.5	229.5	263.2
Depreciation of Fixed Assets and Investment Property	37.7	38.2	35.5	33.9	32.8	32.7	32.5	33.8	33.0	33.8	34.1	34.0
Provision (Increase)/Reversal	—	7.6	0.0	25.7	—	6.0	0.0	19.0	0.0	-3.9	0.0	8.7
FX Gain/Loss from Revaluation of Monetary Items	-0.9	0.1	5.9	-11.5	1.4	5.2	9.1	1.6	-4.3	-7.7	8.4	1.6
Gain/Loss from Investment Activities	-13.5	-25.1	-19.8	-20.8	-13.8	-13.8	-14.8	-6.3	-6.0	-4.8	-8.3	-6.9
Interest Expense	5.1	14.1	13.4	10.2	8.7	8.8	7.6	7.7	10.4	13.5	14.0	15.4
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	178.0	258.5	195.8	289.0	225.2	261.5	223.7	353.8	276.8	312.4	277.8	315.9
Increase/(Decrease) in Receivables	83.5	-52.6	37.6	-196.6	85.2	-104.5	-145.8	360.6	-86.0	287.8	50.6	269.1
Increase/(Decrease) in Inventory	57.9	12.8	-149.4	118.7	212.8	135.9	123.2	247.2	301.6	57.5	35.8	-86.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-64.7	40.4	-30.5	70.8	-99.5	91.3	-31.4	5.7	-24.2	56.2	-164.1	64.5
Increase/(Decrease) in Prepaid Expenses	-2.8	-2.2	0.2	-0.3	-3.4	0.9	0.3	0.7	-1.6	0.1	3.7	6.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.2	-17.3	-12.0	-9.0	-9.1	-8.2	-7.0	-7.7	-11.4	-12.6	-14.0	-15.4
Corporate Income Tax Paid	-25.6	-9.3	-103.4	-0.0	-102.0	-6.9	0.0	-38.5	-110.4	-8.4	-34.5	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-25.4	-13.9	-19.9	-33.2	-30.4	-12.7	-24.4	-21.5	-22.2	-29.2	-14.4	-39.9
Net Cash Flow from Operating Activities	195.7	216.5	-81.5	239.4	278.9	357.4	138.6	900.3	322.5	663.9	140.8	514.0
Payments for Fixed Assets and Other Long-term Assets	-12.4	-6.8	-10.4	-11.8	-38.9	-35.9	-63.0	-27.1	-36.3	-1.8	-5.7	-11.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.1	—	0.0	0.0	0.1	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-1,083.0	-100.0	-488.0	-380.0	-388.0	-380.0	-290.0	-380.0	0.0	-47.7	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	287.5	380.0	388.0	380.0	290.0	380.0	0.0	47.7	0.0	0.1	0.0	0.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	12.1	23.3	19.9	20.6	11.3	15.5	9.7	6.4	6.0	5.0	8.2	6.9
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	-795.9	296.5	-90.5	8.8	-125.6	-20.4	-343.3	-352.9	-30.3	-44.5	2.6	-4.3
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	473.5	287.3	819.6	538.5	458.6	385.3	374.1	341.4	300.5	533.0	552.5	473.3
Repayment of Borrowings	-160.4	-1,432.6	-484.8	-395.8	-421.1	-294.0	-257.6	-594.8	-405.0	-481.4	-881.5	-413.3
Repayment of Finance Leases	—	—	—	—	—	0.0	320.1	-320.1	0.0	0.0	0.0	0.0
Dividends Paid	-2.1	-285.2	-2.8	-317.9	-2.3	-317.1	-322.7	2.1	-2.1	-317.2	-2.2	-317.1
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	310.9	-1,430.5	332.0	-175.2	35.2	-225.8	113.9	-571.4	-106.6	-265.5	-331.3	-257.2
Net Cash Flow During the Period	-289.2	-917.6	160.0	73.0	188.5	111.1	-90.8	-24.0	185.7	353.9	-187.9	252.5
Cash and Cash Equivalents at Beginning of Period	1,087.6	2,006.5	1,846.7	1,772.9	1,583.2	1,403.1	1,403.1	1,403.1	1,403.1	1,101.7	1,101.7	1,101.7
FX Difference from Revaluation	0.1	0.4	1.7	2.0	1.2	6.2	-8.0	-0.2	1.6	0.3	0.0	1.4
Cash and Cash Equivalents at End of Period	798.5	1,087.6	2,006.5	1,846.7	1,772.9	1,584.7	1,467.4	1,566.2	1,590.4	1,403.1	1,048.8	1,236.6

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VCS

What Is Changing

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Balance Sheet ●

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow