VGG

Tổng Công ty cổ phần May Việt Tiến ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 0.61x

Price

40,200

Latest close

02 Jun 2026

P/E 5.07x

P/B 0.70x

EPS 7,933

BVPS 57,621

ROE 17.3%

ROA 7.2%

Profit Margin 4.0%

Asset Turnover 1.79x

Equity Mult. 2.40x

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

What Is Changing

On a TTM 2026Q1 basis, VGG shows mild improvement in both revenue and margins, but the magnitude of change is narrow — margins have been expanding consistently over multiple periods. This signal only becomes convincing if the improvement widens in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 10,309bn
	                                
+1.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 441bn
	                                
+5.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	10,508.8	9,753.1	8,606.0	8,464.7	6,009.0
Growth	+8%	+13%	+2%	+41%	—
Net Income	445.6	363.6	191.1	177.3	87.0
Net Margin	4.24%	3.73%	2.22%	2.09%	1.45%

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	2,056.7	2,612.1	2,722.3	2,918.3	2,256.2	2,129.5	2,691.9	3,099.8	1,830.5	2,217.4	2,264.1	2,269.7
Growth	-21%	-4%	-7%	+29%	+6%	-21%	-13%	+69%	-17%	-2%	-0%	—
Net Income	94.2	116.6	124.5	105.5	95.1	101.0	120.6	102.8	28.6	56.0	50.8	56.0
Net Margin	4.58%	4.47%	4.57%	3.61%	4.22%	4.74%	4.48%	3.32%	1.56%	2.52%	2.24%	2.47%

Drivers of VGG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher associates income. Supporting and offsetting drivers:

Associates income ↑ 25.0bn

Financial income ↑ 22.2bn

Gross profit ↑ 16.6bn

Finance costs ↓ 8.7bn

Selling expenses ↑ 30.5bn

Other profit ↓ 11.5bn

TTM

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

Finance costs ↓ 9.1bn

Financial income ↑ 3.1bn

Gross profit ↓ 5.3bn

Selling expenses ↑ 4.9bn

Associates income ↓ 1.4bn

Minority interests ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 23.0% = 4.1% × 1.94 × 2.87

2026Q1 18.3% = 4.3% × 1.79 × 2.40

ROE fell from 23.0% to 18.3% — leverage weakened the most, though net margin still provided support.

Net margin: 4.3% +0.2pp Asset turnover: 1.79x -0.15x Leverage: 2.40x -0.48x

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 stands at 4.28%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 4.28% +0.2pp

Gross Margin 10.90% +0.0pp

SG&A / Revenue 7.58% +0.2pp

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 26.58%, losing 5.0pp. That translates to 26.58 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 1.63x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 358bn.

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

CAPITAL EFFICIENCY TREND

ROIC 26.58% −5.0pp

NOPAT Margin 4.26% +0.2pp

Capital Turnover 6.24x −1.63x

Average Invested Capital 1,651.5bn +358.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 1.40x equity, with a net cash position equivalent to 0.29x equity.

Inventory ended the period at 1,442.1bn, roughly 24.5% 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 8.2 days versus the same period last year. The main moves came from DIO rose 3.7 days, DSO fell 1.6 days, and DPO fell 6.2 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 +8.2 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +3.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 42.6 days −1.6 days

Inventory 77.4 days +3.7 days

Payables 88.8 days −6.2 days

Cash Conversion Cycle 31.1 days +8.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 242.4bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.29x and interest coverage at 7.72x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 11466.7% of debt, and total debt stands at 6.6bn.

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 -0.29x +0.05x

Interest Coverage 7.72x +1.42x

Cash / Debt 11466.7% +5406.4pp

Short-term Debt / Total Debt 100.0% +50.0pp

CFO / NI 0.61x −0.63x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 242.4bn in 2025, against investing cash flow of -116.8bn.

Post-investment cash flow was positive +125.7bn. Financing cash flow was negative +116.4bn.

CFO / net income was 0.61x.

After spending +61.8bn on fixed-asset investment, the business generated trailing free cash flow of +193.6bn.

Cash Conversion

CFO TTM 255.4bn −246.1bn

Cash Capex 61.8bn +31.5bn

FCF TTM +193.6bn −277.6bn

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 0.61x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.61x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,510.9	9,756.4	8,606.8	8,468.4	6,010.6
Revenue Deductions	2.1	3.3	0.9	3.7	0.0
Net Revenue	10,508.8	9,753.1	8,606.0	8,464.7	6,009.0
Cost of Goods Sold	9,380.3	8,699.0	7,786.4	7,540.4	0.0
Gross Profit	1,128.5	1,054.1	819.6	924.3	522.9
Financial Income	131.5	115.9	122.3	125.4	67.1
Financial Expenses	77.0	84.7	72.4	117.2	-25.2
Interest Expense	0.9	3.8	0.6	0.0	-0.0
Share of Associates and Joint Ventures	119.9	74.4	29.5	22.7	13.0
Selling Expenses	488.2	458.5	444.4	442.4	-216.4
General and Administrative Expenses	288.1	275.3	237.7	297.0	-261.2
Operating Profit	526.7	426.0	216.9	215.8	100.1
Other Income	3.6	4.8	14.2	5.2	0.0
Other Expenses	0.3	0.4	0.3	2.4	0.0
Other Profit	3.3	4.4	14.0	2.9	3.1
Profit Before Tax	530.0	430.4	230.9	218.7	103.2
Current Income Tax Expense	84.4	66.7	39.7	41.4	-16.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	445.6	363.6	191.1	177.3	87.0
Non-controlling Interest	22.2	12.6	-0.1	3.2	3.3
Profit Attributable to Parent	423.4	351.0	191.2	174.1	83.6
Earnings per Share	8,074.00	6,613.00	3,486.00	3,096.00	160.00
Diluted EPS	9,600.79	7,958.59	4,335.79	3,947.14	1,896.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,597.4	4,077.1	3,724.5	4,404.6	3,225.4
I. Cash and cash equivalents	809.6	802.2	495.1	376.3	522.3
1. Cash	484.2	444.2	313.8	218.6	0.0
2. Cash equivalents	325.4	358.0	181.3	157.6	0.0
II. Short-term financial investments	120.0	9.6	27.0	275.2	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	120.0	9.6	27.0	275.2	0.0
III. Short-term receivables	1,916.4	1,582.6	1,836.3	1,761.5	1,299.7
1. Short-term trade accounts receivable	1,813.5	1,464.2	1,661.2	1,458.9	0.0
2. Short-term prepayments to suppliers	102.0	109.1	128.9	237.9	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	—	8.0	41.2	54.0	0.0
6. Other short-term receivables	7.6	5.0	6.9	11.2	0.0
7. Provision for short-term doubtful debts (*)	-6.7	-3.7	-2.0	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,442.1	1,494.6	1,153.5	1,702.9	744.9
1. Inventories	1,447.1	1,513.8	1,169.2	1,705.6	0.0
2. Provision for decline in value of inventories	-5.0	-19.2	-15.7	-2.7	0.0
V. Other short-term assets	309.3	188.2	212.7	288.8	213.9
1. Short-term prepayments	2.4	1.4	1.3	1.2	0.0
2. Value added tax to be reclaimed	306.1	186.1	210.5	227.8	0.0
3. Taxes and other receivables from state authorities	0.7	0.6	0.9	59.8	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)	1,279.7	1,214.9	1,236.1	1,286.4	1,261.0
I. Long-term receivables	80.3	72.8	75.0	50.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	48.3
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	80.3	72.8	75.0	50.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	572.6	597.4	666.5	743.9	618.9
1. Tangible fixed assets	572.2	596.7	666.4	743.3	617.6
- Cost	2,059.1	2,033.4	2,048.1	2,071.1	0.0
- Accumulated depreciation	-1,487.0	-1,436.7	-1,381.7	-1,327.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.7	0.1	0.6	1.3
- Cost	14.3	14.3	13.7	14.6	0.0
- Accumulated depreciation	-13.8	-13.6	-13.5	-14.0	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	3.2	8.2	0.3	0.3	63.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	8.2	0.3	0.3	0.0
V. Long-term financial investments	591.4	504.5	457.5	447.4	484.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	556.8	469.8	416.1	406.6	0.0
3. Investments in other entities	34.6	49.7	49.7	49.2	0.0
4. Provision for diminution in value of long-term investments	—	-15.1	-8.4	-8.4	0.0
5. Held to maturity investments	—	0.1	0.1	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	32.2	32.1	36.8	44.0	0.0
1. Long-term prepayments	32.2	32.1	36.8	44.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	46.2
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)	5,877.1	5,292.1	4,960.6	5,691.1	4,486.5
A. LIABILITIES (300=210+330)	3,430.3	3,112.6	2,957.5	3,730.9	2,599.8
I. Short -term liabilities	3,396.4	3,062.4	2,920.1	3,687.5	2,571.0
1. Short-term trade accounts payable	2,090.7	1,860.1	1,739.6	2,480.8	1,369.8
2. Short-term advances from customers	217.8	202.9	190.1	176.8	142.2
3. Taxes and other payables to state authorities	33.7	24.8	19.0	20.1	0.0
4. Payable to employees	499.1	427.7	375.6	402.7	0.0
5. Short-term acrrued expenses	18.5	13.0	38.8	38.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.0	1.1	1.2	3.1	6.6
9. Other short-term payables	29.1	55.6	62.1	82.4	0.0
10. Short-term borrowings and financial leases	6.6	6.4	6.1	13.4	70.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	499.9	470.8	487.6	469.5	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	33.8	50.2	37.4	43.3	28.8
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	1.8
7. Other long-term liabilities	7.6	7.5	2.7	2.7	0.0
8. Long-term borrowings and financial leases	—	6.4	12.2	17.8	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	26.3	36.4	22.5	22.9	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)	2,446.9	2,179.5	2,003.1	1,960.2	1,886.6
I. Owner's equity	2,446.9	2,179.5	2,003.1	1,960.2	0.0
1. Owner's capital	441.0	441.0	441.0	441.0	1,886.6
- Common stock with voting right	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	24.5	24.5	24.5	24.5	24.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.7	1.7	1.7	1.7	1.7
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	836.7	793.7	764.4	737.7	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	1,005.3	798.8	662.2	645.3	592.7
- Accumulated retained earning at the end of the previous period	645.5	525.6	509.1	511.5	534.2
- Undistributed earnings in this period	359.7	273.2	153.1	133.9	58.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	137.8	119.8	109.4	109.9	107.4
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)	5,877.1	5,292.1	4,960.6	5,691.1	4,486.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	530.0	430.4	230.9	218.7	0.0
Depreciation of Fixed Assets and Investment Property	82.9	92.7	115.0	112.6	0.0
Provision (Increase)/Reversal	-21.3	0.9	14.1	-5.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	3.8	-4.1	0.0	-58.1	0.0
Gain/Loss from Investment Activities	-137.4	-92.5	-56.5	-50.0	0.0
Interest Expense	0.9	3.8	0.6	0.0	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	459.0	431.1	304.1	218.0	0.0
Increase/(Decrease) in Receivables	-471.8	245.3	-27.2	-524.9	0.0
Increase/(Decrease) in Inventory	66.7	-344.6	536.4	-958.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	308.5	173.2	-771.7	1,173.9	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	4.6	7.1	1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.9	-3.8	-0.6	0.0	0.0
Corporate Income Tax Paid	-78.8	-60.6	-43.2	-33.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-39.1	-26.5	-16.5	-41.1	0.0
Net Cash Flow from Operating Activities	242.4	418.7	-11.6	-164.8	114.9
Payments for Fixed Assets and Other Long-term Assets	-62.3	-22.1	-45.4	-127.1	-150.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	3.4	5.8	4.0	0.7
Loans and Purchases of Debt Instruments	-282.3	-329.7	-24.4	-159.0	-318.0
Receipts from Loan Repayments and Sale of Debt Instruments	178.4	380.8	283.5	326.4	338.9
Investments in Other Entities	—	0.0	-1.3	-2.8	-12.7
Proceeds from Investments in Other Entities	—	0.0	2.6	0.0	0.0
Dividends and Interest Income Received	48.0	35.7	33.2	73.6	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	-116.8	68.1	254.1	115.0	-87.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	53.1	245.8	108.6	71.6	70.2
Repayment of Borrowings	-59.3	-251.9	-122.0	-110.7	-10.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-110.2	-176.4	-110.2	-52.9	-176.0
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	-116.4	-182.5	-123.6	-92.0	-115.8
Net Cash Flow During the Period	9.2	304.3	118.9	-141.8	37.4
Cash and Cash Equivalents at Beginning of Period	802.2	495.1	376.3	522.3	609.9
FX Difference from Revaluation	-1.8	2.9	-0.1	-4.2	0.6
Cash and Cash Equivalents at End of Period	809.6	802.2	495.1	376.3	522.3

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
Revenue	2,057.2	2,612.4	2,722.8	2,918.8	2,256.9	2,130.5	2,692.9	3,100.5	1,831.2	2,217.4	2,264.2	2,270.1
Revenue Deductions	0.5	0.3	0.6	0.5	0.6	0.9	1.0	0.7	0.7	0.0	0.1	0.5
Net Revenue	2,056.7	2,612.1	2,722.3	2,918.3	2,256.2	2,129.5	2,691.9	3,099.8	1,830.5	2,217.4	2,264.1	2,269.7
Cost of Goods Sold	1,817.7	2,295.0	2,454.0	2,619.4	2,011.9	1,854.0	2,394.7	2,810.3	1,666.7	2,002.6	2,054.7	2,046.1
Gross Profit	239.0	317.1	268.3	298.8	244.3	275.6	297.2	289.5	163.8	214.8	209.5	223.5
Financial Income	27.3	25.2	38.2	44.4	24.1	31.1	9.3	48.4	29.5	49.1	13.2	13.5
Financial Expenses	8.1	13.5	17.1	29.1	17.2	7.1	12.5	39.8	26.5	35.5	0.0	0.8
Interest Expense	—	0.5	0.5	—	—	0.3	2.0	1.5	0.0	0.0	0.0	0.1
Share of Associates and Joint Ventures	24.1	43.9	29.9	16.1	25.6	26.6	19.9	16.9	0.0	17.3	7.9	6.3
Selling Expenses	107.3	147.8	109.8	128.4	102.5	130.5	105.9	124.0	95.4	131.0	111.6	117.0
General and Administrative Expenses	63.2	88.5	61.3	74.6	63.2	92.4	64.7	66.7	38.7	53.7	63.0	61.1
Operating Profit	111.7	136.4	148.2	127.2	111.1	103.4	143.4	124.3	32.7	60.9	55.9	64.4
Other Income	0.1	1.5	0.3	0.5	1.3	11.9	1.0	0.1	2.4	0.8	7.4	6.0
Other Expenses	—	0.2	0.0	—	0.1	0.5	0.0	0.0	0.0	0.1	0.2	0.0
Other Profit	0.1	1.3	0.3	0.5	1.2	11.4	1.0	0.1	2.4	0.7	7.2	6.0
Profit Before Tax	111.8	137.7	148.5	127.7	112.3	114.8	144.4	124.4	35.1	61.6	63.1	70.4
Current Income Tax Expense	17.6	21.1	24.0	22.2	17.1	13.8	23.8	21.6	6.5	5.7	12.4	14.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	94.2	116.6	124.5	105.5	95.1	101.0	120.6	102.8	28.6	56.0	50.8	56.0
Non-controlling Interest	4.4	8.2	5.5	5.4	3.1	6.5	3.3	2.4	0.0	1.9	-1.1	-1.3
Profit Attributable to Parent	89.9	108.5	119.0	100.1	92.0	94.5	117.3	100.4	28.6	54.1	51.9	57.3
Earnings per Share	1,740.00	2,030.00	2,295.00	1,868.00	1,789.00	1,755.00	2,228.00	1,893.00	648.80	999.00	946.00	1,036.00
Diluted EPS	2,037.57	2,459.36	2,697.73	2,269.52	2,086.13	2,141.82	2,659.93	2,276.64	648.80	1,226.41	1,176.94	1,298.65

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)	4,765.0	4,597.4	4,566.7	4,597.1	4,243.3	4,076.8	4,068.0	4,512.2	4,251.6	3,723.7	4,022.5	3,832.3
I. Cash and cash equivalents	752.4	809.6	661.6	477.5	779.7	691.2	637.0	123.0	445.3	495.1	704.4	267.5
1. Cash	298.9	484.2	231.8	256.8	487.5	444.2	404.3	110.0	258.4	313.8	567.2	229.4
2. Cash equivalents	453.5	325.4	429.8	220.7	292.1	247.0	232.7	13.1	186.9	181.3	137.2	38.1
II. Short-term financial investments	374.0	120.0	282.4	257.4	214.7	120.6	105.2	323.7	213.4	27.0	9.5	9.5
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	374.0	120.0	282.4	257.4	214.7	120.6	105.2	323.7	213.4	27.0	9.5	9.5
III. Short-term receivables	1,277.7	1,916.4	1,771.8	1,627.1	1,314.2	1,582.3	1,820.2	1,948.2	1,474.7	1,835.1	1,625.3	1,703.0
1. Short-term trade accounts receivable	1,187.4	1,813.5	1,646.7	1,512.7	1,219.0	1,464.2	1,658.0	1,767.4	1,246.7	1,661.2	1,412.1	1,446.2
2. Short-term prepayments to suppliers	93.0	102.0	123.7	107.9	87.7	109.1	130.5	142.1	179.6	128.9	162.0	182.2
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	—	—	0.6	2.0	7.0	8.0	28.1	32.4	46.5	41.2	41.5	44.8
6. Other short-term receivables	3.9	7.6	4.4	8.1	4.1	4.7	5.5	8.3	3.9	5.8	10.1	30.3
7. Provision for short-term doubtful debts (*)	-6.7	-6.7	-3.6	-3.6	-3.7	-3.7	-2.0	-2.0	-2.0	-2.0	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,136.8	1,442.1	1,544.4	1,932.7	1,732.6	1,494.6	1,306.2	1,857.9	1,895.7	1,153.6	1,423.2	1,646.2
1. Inventories	2,141.8	1,447.1	1,551.4	1,939.6	1,751.9	1,513.8	1,330.7	1,882.4	1,911.4	1,169.2	1,430.7	1,653.8
2. Provision for decline in value of inventories	-5.0	-5.0	-6.9	-6.9	-19.2	-19.2	-24.5	-24.5	-15.7	-15.7	-7.6	-7.6
V. Other short-term assets	224.2	309.3	306.5	302.5	202.2	188.2	199.3	259.3	222.5	213.0	260.1	206.1
1. Short-term prepayments	2.4	2.4	3.2	2.9	2.6	1.4	2.4	2.3	0.9	1.3	2.1	2.5
2. Value added tax to be reclaimed	220.9	306.1	303.3	299.6	199.6	186.1	196.8	256.9	221.6	210.5	230.5	165.6
3. Taxes and other receivables from state authorities	0.9	0.7	0.0	0.0	0.0	0.6	0.2	0.2	0.0	1.3	27.5	37.9
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)	1,302.4	1,275.3	1,257.7	1,233.2	1,229.8	1,213.5	1,215.6	1,215.8	780.2	1,234.2	1,253.9	1,273.4
I. Long-term receivables	81.2	80.3	78.8	72.4	72.7	72.8	73.0	73.3	85.4	75.0	74.4	74.4
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	10.4	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	81.2	80.3	78.8	72.4	72.7	72.8	73.0	73.3	75.0	75.0	74.4	74.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	573.6	572.6	560.1	576.5	587.6	597.4	608.6	626.9	447.6	666.5	686.4	710.8
1. Tangible fixed assets	573.2	572.2	559.6	576.0	587.0	596.7	608.2	626.5	447.6	666.4	686.2	710.5
- Cost	2,074.1	—	—	—	—	2,033.4	2,041.0	2,042.9	1,466.6	2,048.1	2,052.3	2,075.5
- Accumulated depreciation	-1,500.9	—	—	—	—	-1,436.7	-1,432.8	-1,416.4	-1,019.0	-1,381.7	-1,366.1	-1,365.0
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	0.4	0.5	0.4	0.5	0.6	0.7	0.3	0.4	0.0	0.1	0.2	0.3
- Cost	14.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.9	—	—	—	—	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	—	3.2	12.9	7.4	8.2	8.2	0.7	0.6	0.0	0.3	0.3	0.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	3.2	12.9	7.4	8.2	8.2	0.7	0.6	0.0	0.3	0.3	0.3
V. Long-term financial investments	615.7	587.0	575.5	546.1	530.0	503.0	499.8	480.6	217.1	455.7	454.6	447.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	50.5	0.0	0.0	0.0
2. Investments in associates, joint-ventures	581.0	552.4	540.9	511.5	495.4	468.3	458.4	439.2	153.6	414.3	414.5	407.1
3. Investments in other entities	34.6	34.6	34.6	34.6	49.7	49.7	49.7	49.7	49.7	49.7	48.4	49.2
4. Provision for diminution in value of long-term investments	—	—	—	—	-15.1	-15.1	-8.4	-8.4	-36.7	-8.4	-8.4	-8.4
5. Held to maturity investments	0.1	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	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	31.9	32.3	30.5	30.8	31.4	32.1	33.5	34.4	30.1	36.8	38.3	40.0
1. Long-term prepayments	31.9	32.3	30.5	30.8	31.4	32.1	33.5	34.4	30.1	36.8	38.3	40.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	6,067.4	5,872.7	5,824.3	5,830.3	5,473.2	5,290.3	5,283.5	5,728.0	5,031.8	4,957.9	5,276.4	5,105.6
A. LIABILITIES (300=210+330)	3,526.3	3,430.4	3,436.0	3,566.1	3,198.6	3,112.1	3,129.3	3,753.4	3,651.1	2,962.5	3,326.8	3,231.2
I. Short -term liabilities	3,493.1	3,401.2	3,385.6	3,515.6	3,148.3	3,076.0	3,091.2	3,715.5	3,613.5	2,925.1	3,283.1	3,188.1
1. Short-term trade accounts payable	2,385.9	2,090.7	2,045.5	2,206.5	2,085.2	1,860.1	1,774.9	2,245.9	2,636.6	1,738.6	2,062.0	1,976.8
2. Short-term advances from customers	218.3	217.8	224.7	228.0	198.3	202.9	205.9	212.8	193.6	190.1	196.3	185.8
3. Taxes and other payables to state authorities	23.9	33.7	75.4	67.6	22.9	24.8	67.4	32.4	11.5	17.8	64.5	43.1
4. Payable to employees	329.1	503.6	430.4	389.9	314.5	427.8	424.4	350.7	189.9	376.2	347.2	315.9
5. Short-term acrrued expenses	24.1	18.5	12.9	13.0	11.8	26.9	34.4	41.3	6.5	46.9	47.4	43.5
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	1.0	1.0	1.0	1.0	1.0	1.1	1.2	1.2	1.3	1.2	1.2	1.6
9. Other short-term payables	25.9	29.1	48.6	51.4	51.7	55.3	71.8	58.8	52.1	61.8	72.6	81.2
10. Short-term borrowings and financial leases	6.6	6.6	59.5	59.2	6.4	6.4	44.6	241.9	131.1	6.1	12.0	32.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	478.3	500.2	487.6	499.2	456.4	470.8	466.6	530.5	391.0	486.4	479.9	507.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	33.2	29.2	50.5	50.4	50.3	36.1	38.1	37.9	37.7	37.4	43.7	43.1
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	7.8	7.6	7.5	7.5	7.5	7.4	3.2	2.7	2.7	2.7	2.7	2.7
8. Long-term borrowings and financial leases	—	—	6.6	6.6	6.4	6.4	12.4	12.7	12.5	12.2	18.3	17.8
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	25.4	21.7	36.4	36.4	36.4	22.3	22.5	22.5	22.5	22.5	22.7	22.7
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,541.1	2,442.3	2,388.3	2,264.3	2,274.6	2,178.2	2,154.2	1,974.6	1,380.7	1,995.5	1,949.6	1,874.4
I. Owner's equity	2,541.1	2,442.3	2,388.3	2,264.3	2,274.6	2,178.2	2,154.2	1,974.6	1,380.7	1,995.5	1,949.6	1,874.4
1. Owner's capital	441.0	441.0	441.0	441.0	441.0	441.0	441.0	441.0	441.0	441.0	441.0	441.0
- Common stock with voting right	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00	441,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	24.5	24.5	24.5	24.5	24.5	24.5	24.5	24.5	24.5	24.5	24.5	24.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
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	836.7	836.9	830.9	830.9	793.7	793.7	790.7	790.7	703.2	764.4	763.8	763.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,095.1	1,000.5	956.3	837.8	890.8	797.5	780.8	605.1	210.3	654.6	611.1	534.7
- Accumulated retained earning at the end of the previous period	1,005.3	645.5	645.8	645.8	798.8	525.6	525.6	490.4	181.7	509.1	509.1	474.4
- Undistributed earnings in this period	89.9	355.0	310.6	192.1	92.0	271.9	255.2	114.6	28.6	145.5	102.1	60.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	142.1	137.8	133.9	128.3	123.0	119.9	115.6	111.6	0.0	109.3	107.5	108.8
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)	6,067.4	5,872.7	5,824.3	5,830.3	5,473.2	5,290.3	5,283.5	5,728.0	5,031.8	4,957.9	5,276.4	5,105.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	290.6	—	239.5	—	0.0	-169.9	169.9	0.0	230.9	-95.5	95.5
Depreciation of Fixed Assets and Investment Property	—	40.7	—	42.1	—	0.0	-48.7	48.7	0.0	115.0	-62.4	62.4
Provision (Increase)/Reversal	—	-8.9	—	-12.4	—	0.0	-8.8	8.8	0.0	14.1	-4.6	4.6
FX Gain/Loss from Revaluation of Monetary Items	—	3.6	—	0.3	—	0.0	6.5	-6.5	0.0	0.0	-0.6	0.6
Gain/Loss from Investment Activities	—	-89.2	—	-48.2	—	0.0	36.1	-36.1	0.0	-56.5	13.5	-13.5
Interest Expense	—	0.9	—	—	—	0.0	-1.5	1.5	0.0	0.6	-0.6	0.6
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	—	237.8	—	221.3	—	0.0	-186.3	186.3	0.0	304.1	-150.3	150.3
Increase/(Decrease) in Receivables	—	-311.6	—	-160.2	—	0.0	162.9	-162.9	0.0	-27.2	-116.1	116.1
Increase/(Decrease) in Inventory	—	492.5	—	-425.8	—	0.0	713.1	-713.1	0.0	536.4	-51.8	51.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-35.3	—	343.8	—	0.0	-503.3	503.3	0.0	-771.7	555.3	-555.3
Increase/(Decrease) in Prepaid Expenses	—	-1.0	—	-0.2	—	0.0	-1.5	1.5	0.0	7.1	-2.7	2.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.9	—	—	—	0.0	1.5	-1.5	0.0	-0.6	0.6	-0.6
Corporate Income Tax Paid	-24.4	-44.3	-16.9	0.0	-17.6	-40.9	-0.8	-10.7	-8.2	-22.7	-5.0	-0.0
Other Operating Receipts	222.0	—	—	—	—	208.4	368.1	-104.3	104.3	-484.9	484.9	-133.1
Other Operating Payments	-151.7	292.0	-300.4	87.0	-117.7	-148.5	-340.3	60.5	-70.5	339.0	-343.8	98.3
Net Cash Flow from Operating Activities	200.8	87.8	224.1	-257.2	187.8	139.0	486.9	-312.2	96.7	-195.2	445.8	-144.4
Payments for Fixed Assets and Other Long-term Assets	-10.5	-33.8	-14.6	-2.9	-11.0	-12.5	-0.8	-5.9	0.0	-5.3	0.0	-12.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	0.2	0.7	0.1	0.6	0.1	2.6	0.0	0.0	4.0	1.8
Loans and Purchases of Debt Instruments	—	-32.2	—	-250.1	—	0.0	309.4	-309.4	0.0	-24.4	7.9	-7.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	162.6	—	15.8	—	0.0	-21.4	21.4	0.0	283.5	-279.9	279.9
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.3	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	2.6	0.0	0.0
Dividends and Interest Income Received	3.6	38.6	5.9	1.7	1.7	22.4	5.3	4.0	4.4	22.2	1.4	2.0
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	-261.0	166.4	-39.4	-31.5	-212.4	22.2	227.4	-70.0	-212.9	2.0	8.7	-2.5
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	—	-0.2	0.4	53.0	—	0.0	10.3	110.7	124.8	0.0	0.0	22.5
Repayment of Borrowings	—	-59.3	—	—	—	-44.6	-207.4	0.0	0.0	-11.9	-20.8	-84.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-44.1	0.0	-66.2	—	-66.2	0.0	-110.2	0.0	0.0	0.0	-110.2
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	—	-103.6	0.4	-13.2	—	-110.7	-197.1	0.5	124.8	-11.9	-20.8	-172.6
Net Cash Flow During the Period	-60.2	150.6	185.1	-301.9	-24.6	50.5	517.2	-381.7	8.7	-205.0	433.7	-319.5
Cash and Cash Equivalents at Beginning of Period	809.6	661.6	477.5	779.7	802.2	495.1	495.1	495.1	434.8	376.3	376.3	376.3
FX Difference from Revaluation	3.0	-1.8	0.8	1.7	2.0	3.7	-3.2	-0.8	1.8	-4.3	3.3	2.1
Cash and Cash Equivalents at End of Period	752.4	809.6	661.6	477.5	779.7	691.2	637.0	123.0	445.3	495.1	704.4	267.4

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VGG

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