VNE

Tổng Công ty cổ phần Xây dựng Điện Việt Nam ·HOSE ·2025Q4

▲ Showing improvement

Operating efficiency is improving Net margin 8.24%, +42.81pp YoY

Price

3,050

Latest close

15 Jun 2026

P/E 3.82x

P/B 0.34x

EPS 799

BVPS 9,087

ROE 8.3%

ROA 2.1%

Profit Margin 12.7%

Asset Turnover 0.16x

Equity Mult. 4.01x

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

What Is Changing

On a TTM 2025Q4 basis, VNE posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 516bn
	                                
−20.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 43bn
	                                
+118.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.49x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	516.5	700.6	1,057.7	2,132.9	1,999.0
Growth	-26%	-34%	-50%	+7%	—
Net Income	42.2	-265.8	-28.5	10.1	7.3
Net Margin	8.17%	-37.94%	-2.70%	0.47%	0.36%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	280.0	94.4	76.2	65.9	225.3	164.2	96.9	164.3	410.4	172.3	224.1	250.9
Growth	+197%	+24%	+16%	-71%	+37%	+69%	-41%	-60%	+138%	-23%	-11%	—
Net Income	196.7	-49.7	-81.0	-23.5	-126.0	-33.1	-67.3	1.5	0.8	0.1	-5.4	2.8
Net Margin	70.24%	-52.63%	-106.33%	-35.59%	-55.91%	-20.18%	-69.45%	0.89%	0.19%	0.03%	-2.40%	1.11%

Drivers of VNE's profit

TTM

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

Financial income ↑ 123.5bn

Administrative expenses ↓ 63.9bn

Gross profit ↑ 53.5bn

Finance costs ↓ 31.6bn

TTM

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

Financial income ↑ 125.0bn

Gross profit ↑ 112.1bn

Administrative expenses ↓ 52.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q4 -25.0% = -34.6% × 0.19 × 3.87

2025Q4 5.4% = 8.2% × 0.16 × 4.01

ROE rose from -25.0% to 5.4% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 8.2% +42.8pp Asset turnover: 0.16x -0.02x Leverage: 4.01x +0.13x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.24%, rising 42.8pp. The main driver is SG&A / Revenue fell 10.2pp and Gross margin rose 10.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 23.7pp added support while Other profit / Revenue fell 2.5pp remained a drag).

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 8.24% +42.8pp

Gross Margin 9.30% +10.1pp

SG&A / Revenue -1.58% −10.2pp

TTM YoY · 2024Q4 -> 2025Q4

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 2.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 2.23%, rising 10.6pp. That translates to 2.23 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 42.6pp, with capital turnover broadly stable; while invested capital contracted by 269bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 2.23% +10.6pp

NOPAT Margin 9.84% +42.6pp

Capital Turnover 0.23x −0.03x

Average Invested Capital 2,279.2bn −269.0bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 2.83x equity, net debt at 1.73x equity.

Over the last 12 months, working capital released 357.0bn 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: −97.2bn

Inventories decreased → higher CFO: +73.2bn

Payables increased → higher CFO: +380.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 8.9 days versus the same period last year. The main moves came from DIO rose 4.0 days, DSO rose 56.2 days, and DPO rose 51.4 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 455.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +56.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 478.4 days +56.2 days

Inventory 268.4 days +4.0 days

Payables 291.8 days +51.4 days

Cash Conversion Cycle 455.0 days +8.9 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.73x and interest coverage only at 0.41x.

At present, short-term debt accounts for 62.2% of total debt, cash equals 1.1% of debt, and total debt stands at 1,440.3bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.73x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.41x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.73x −0.29x

Interest Coverage 0.41x +1.77x

Cash / Debt 1.1% −0.7pp

Short-term Debt / Total Debt 62.2% −3.3pp

CFO / NI -0.49x −0.37x

TTM YoY · 2024Q4 -> 2025Q4

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -32.4bn in 2025, against investing cash flow of 13.4bn.

Post-investment cash flow was negative +19.1bn. Financing cash flow was positive +6.7bn.

CFO / net income was -0.49x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 32.4bn −59.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 42.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 26.7%. The main risk still sits in leverage and liquidity, with interest coverage at 0.41x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.24% after expanding 42.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 26.7% of PBT and CFO / net income currently at -0.49x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.41x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	516.5	700.6	1,057.7	2,132.9	1,999.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	516.5	700.6	1,057.7	2,132.9	1,999.0
Cost of Goods Sold	468.4	705.5	898.6	1,999.8	0.0
Gross Profit	48.1	-4.8	159.1	133.1	92.7
Financial Income	125.6	1.3	8.5	12.7	5.1
Financial Expenses	129.6	170.2	129.1	109.7	-34.0
Interest Expense	102.4	160.3	123.7	101.8	-36.9
Share of Associates and Joint Ventures	0.2	0.2	0.2	4.9	0.6
Selling Expenses	0.2	0.4	0.3	0.4	-0.6
General and Administrative Expenses	-8.4	87.6	57.1	19.9	-53.9
Operating Profit	52.4	-261.4	-18.7	20.6	9.9
Other Income	4.2	4.8	1.1	1.8	0.0
Other Expenses	15.3	2.3	2.1	3.7	0.0
Other Profit	-11.1	2.6	-1.0	-1.9	-0.3
Profit Before Tax	41.3	-258.9	-19.7	18.7	9.6
Current Income Tax Expense	0.6	1.1	10.9	7.7	-2.3
Deferred Income Tax Expense	-1.5	5.8	-2.1	0.9	0.0
Net Income	42.2	-265.8	-28.5	10.1	7.3
Non-controlling Interest	-23.2	-11.0	-10.4	-4.4	1.6
Profit Attributable to Parent	65.4	-254.8	-18.1	14.5	5.7
Earnings per Share	798.00	-3,105.00	-221.00	177.00	69.00
Diluted EPS	723.67	-2,817.10	-200.33	177.00	62.52

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,755.1	1,563.1	1,968.4	2,217.8	1,660.9
I. Cash and cash equivalents	15.8	28.1	49.9	158.8	74.4
1. Cash	10.8	19.2	38.7	115.1	0.0
2. Cash equivalents	5.0	9.0	11.3	43.7	0.0
II. Short-term financial investments	0.8	9.1	25.5	61.6	0.0
1. Available for sale securities	2.2	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.4	-0.0	-0.0	-0.0	0.0
3. Held to maturity investments	—	9.1	25.5	61.6	0.0
III. Short-term receivables	1,315.5	1,004.9	1,166.6	1,308.0	1,208.6
1. Short-term trade accounts receivable	659.7	696.8	810.1	912.6	0.0
2. Short-term prepayments to suppliers	64.8	151.0	163.7	207.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	12.8	0.2	0.2	11.0	0.0
6. Other short-term receivables	579.9	204.3	209.6	193.0	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-47.4	-17.1	-15.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	307.1	380.3	558.1	506.3	163.2
1. Inventories	307.1	380.3	558.1	506.4	0.0
2. Provision for decline in value of inventories	—	-0.0	-0.1	-0.1	0.0
V. Other short-term assets	115.9	140.6	168.4	183.2	163.1
1. Short-term prepayments	4.3	0.1	0.2	0.4	0.0
2. Value added tax to be reclaimed	110.5	140.3	168.1	182.6	0.0
3. Taxes and other receivables from state authorities	1.1	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)	1,394.4	1,617.5	1,786.0	1,792.8	1,821.9
I. Long-term receivables	7.8	7.3	7.5	7.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.8	7.3	7.5	7.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	691.5	761.6	828.7	890.0	321.4
1. Tangible fixed assets	663.1	730.2	796.8	857.7	288.8
- Cost	988.9	1,042.0	1,068.9	1,069.9	0.0
- Accumulated depreciation	-325.8	-311.8	-272.0	-212.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	28.5	31.4	31.8	32.2	32.7
- Cost	33.9	36.5	36.5	36.5	0.0
- Accumulated depreciation	-5.4	-5.1	-4.7	-4.3	0.0
III. Investment properties	—	102.4	226.2	226.2	225.9
- Cost	—	102.4	226.2	226.2	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	615.3	672.0	666.6	592.2	1,177.7
1. Long-term production in progress	—	79.9	79.9	78.9	0.0
2. Construction in progress	615.3	592.1	586.7	513.3	0.0
V. Long-term financial investments	49.0	39.7	38.9	58.6	77.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	11.2	7.2	6.0	0.0
3. Investments in other entities	51.3	30.8	30.8	31.2	0.0
4. Provision for diminution in value of long-term investments	-2.3	-2.3	-2.3	-2.2	0.0
5. Held to maturity investments	—	0.0	3.2	23.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.8	34.5	18.2	18.6	0.0
1. Long-term prepayments	19.4	24.5	2.0	4.5	0.0
2. Deferred income tax assets	8.7	7.2	12.9	10.8	0.0
3. Long-term equipment, supplies, spare parts	2.7	2.9	3.2	3.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	19.4
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)	3,149.5	3,180.5	3,754.4	4,010.6	3,482.9
A. LIABILITIES (300=210+330)	2,327.7	2,449.0	2,747.8	2,976.3	2,461.7
I. Short -term liabilities	1,733.6	1,867.9	2,001.2	2,203.2	2,255.3
1. Short-term trade accounts payable	316.2	364.4	469.7	645.8	606.9
2. Short-term advances from customers	167.8	188.9	314.1	348.9	250.8
3. Taxes and other payables to state authorities	3.8	12.8	17.0	9.1	0.0
4. Payable to employees	18.6	24.6	17.1	18.5	0.0
5. Short-term acrrued expenses	286.4	195.4	83.1	56.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	41.1	47.1	28.9	31.9	0.0
10. Short-term borrowings and financial leases	896.5	1,031.5	1,066.2	1,087.3	658.7
11. Provision for short-term liabilities	—	0.0	1.3	1.6	0.0
12.. Bonus and welfare fund	3.2	3.3	3.8	4.0	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	594.1	581.1	746.6	773.0	206.4
1. Long-term trade payables	41.0	27.9	0.6	168.0	162.9
2. Long-term advances from customers	8.7	8.7	8.7	8.7	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	543.7	543.2	735.8	595.3	42.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.6	1.3	1.5	1.0	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)	821.8	731.6	1,006.6	1,034.3	1,021.2
I. Owner's equity	821.8	731.6	1,006.6	1,034.3	0.0
1. Owner's capital	904.3	904.3	904.3	904.3	1,021.2
- Common stock with voting right	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.0	2.0	2.0	2.5	2.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	6.3	7.1	7.1	7.1	7.1
5. Treasury shares	-85,679,712,989.00	-87,901,059,743.00	-87,627,513,743.00	-88,867,037,290.00	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	15.9	15.4	16.8	16.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.3	0.2	0.2	0.2	0.0
11. Undistributed earnings after tax	-26.6	-129.0	124.5	142.6	128.2
- Accumulated retained earning at the end of the previous period	-107.9	125.7	142.7	128.2	122.6
- Undistributed earnings in this period	81.4	-254.8	-18.1	14.5	5.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	5.1	19.4	39.3	49.7	51.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,149.5	3,180.5	3,754.4	4,010.6	3,482.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	-258.9	-258.9	-19.7	18.7	9.6
Depreciation of Fixed Assets and Investment Property	58.2	61.5	60.3	73.7	30.7
Provision (Increase)/Reversal	-43.8	30.2	1.4	-45.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.1	1.4	1.1	4.8	0.0
Gain/Loss from Investment Activities	-109.3	11.6	-8.4	-6.8	0.0
Interest Expense	—	160.3	123.7	101.8	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	-352.7	6.0	158.4	146.4	70.5
Increase/(Decrease) in Receivables	-97.2	106.8	141.5	-90.2	0.0
Increase/(Decrease) in Inventory	73.2	139.0	-52.7	-345.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	380.9	-140.7	-369.4	-455.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	-22.7	2.8	2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-31.8	-44.2	-110.0	-97.0	0.0
Corporate Income Tax Paid	-5.7	-6.3	-1.3	-10.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.4	0.0	-1.3	0.0
Net Cash Flow from Operating Activities	-32.4	37.3	-230.8	-850.7	-0.2
Payments for Fixed Assets and Other Long-term Assets	-0.2	-5.6	-72.4	-48.6	-162.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	13.5	110.5	0.1	0.3	0.1
Loans and Purchases of Debt Instruments	—	0.0	-111.3	-43.2	-245.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	18.3	178.8	52.4	44.3
Investments in Other Entities	—	0.0	-0.7	-1.0	0.0
Proceeds from Investments in Other Entities	—	3.1	0.3	0.0	0.0
Dividends and Interest Income Received	0.0	0.3	8.1	8.0	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	13.4	126.7	2.9	-32.2	-360.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	752,122,000.00	3,250,000,000.00	19,350,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	45.5	316.8	1,795.5	2,673.8	1,347.8
Repayment of Borrowings	-38.8	-502.7	-1,677.2	-1,709.5	-1,053.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.0
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	6.7	-185.9	119.1	967.6	313.3
Net Cash Flow During the Period	-12.4	-21.8	-108.8	84.7	-131.1
Cash and Cash Equivalents at Beginning of Period	28.1	49.9	158.8	74.1	121.8
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	15.8	28.1	49.9	158.8	74.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	280.0	94.4	76.2	65.9	225.3	164.2	96.9	164.3	410.4	172.3	224.1	250.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	280.0	94.4	76.2	65.9	225.3	164.2	96.9	164.3	410.4	172.3	224.1	250.9
Cost of Goods Sold	235.1	78.6	105.6	49.1	292.4	147.1	87.8	128.8	358.8	134.2	171.7	210.2
Gross Profit	44.9	15.8	-29.4	16.8	-67.1	17.1	9.1	35.6	51.6	38.1	52.4	40.7
Financial Income	125.3	0.2	0.0	0.1	0.3	1.1	0.1	0.5	2.5	0.7	2.7	2.3
Financial Expenses	16.8	43.7	38.5	30.6	36.7	36.4	64.5	23.5	28.7	27.0	44.0	28.1
Interest Expense	8.6	29.2	37.8	30.4	20.3	36.4	63.3	23.5	27.7	26.9	43.7	28.1
Share of Associates and Joint Ventures	2.1	-1.9	0.2	0.1	-0.3	0.2	0.2	0.1	-0.2	0.0	0.2	0.1
Selling Expenses	0.0	0.1	—	0.2	0.2	0.1	0.1	0.0	0.0	0.0	0.2	0.0
General and Administrative Expenses	-34.9	8.2	8.9	9.4	17.5	14.9	12.5	10.7	17.0	11.2	15.9	11.5
Operating Profit	190.4	-37.9	-76.6	-23.3	-121.5	-33.1	-67.7	2.0	8.3	0.5	-4.9	3.5
Other Income	3.8	0.1	0.3	0.0	2.0	1.2	0.8	0.2	0.7	0.0	0.4	0.0
Other Expenses	1.5	12.1	1.5	0.2	0.3	0.7	0.5	0.5	1.8	0.0	0.1	0.1
Other Profit	2.3	-12.0	-1.2	-0.2	1.7	0.5	0.3	-0.3	-1.1	-0.0	0.2	-0.0
Profit Before Tax	192.7	-49.9	-77.8	-23.4	-119.8	-32.6	-67.4	1.7	7.1	0.5	-4.6	3.5
Current Income Tax Expense	-0.4	-0.2	1.1	—	0.5	0.3	-0.2	0.2	6.0	0.4	0.3	0.8
Deferred Income Tax Expense	-3.6	0.0	2.1	0.0	5.6	0.2	0.0	0.0	0.3	0.1	0.5	-0.1
Net Income	196.7	-49.7	-81.0	-23.5	-126.0	-33.1	-67.3	1.5	0.8	0.1	-5.4	2.8
Non-controlling Interest	-3.5	-3.2	-15.2	-1.3	-6.3	-1.2	0.6	-1.1	-6.2	-1.1	-2.6	-0.3
Profit Attributable to Parent	200.2	-46.5	-65.8	-22.1	-119.7	-31.9	-67.9	2.6	7.0	1.1	-2.8	3.1
Earnings per Share	2,440.00	-568.00	-803.00	-270.00	-1,461.00	-390.00	-828.00	31.00	86.00	14.00	-34.00	37.00
Diluted EPS	2,213.92	-568.00	-803.00	-270.00	-2,676.00	-390.00	-828.00	31.00	86.00	14.00	-34.00	37.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,755.1	1,549.2	1,546.6	1,542.7	1,593.7	1,705.7	1,768.4	1,812.9	1,982.4	1,838.6	1,919.0	1,975.5
I. Cash and cash equivalents	15.8	31.3	30.2	28.6	28.1	26.0	21.6	28.9	53.5	94.8	116.5	104.0
1. Cash	10.8	26.3	22.3	23.7	23.2	21.1	12.8	19.1	42.5	74.6	87.7	69.3
2. Cash equivalents	5.0	5.0	7.9	5.0	4.9	4.9	8.8	9.8	11.0	20.1	28.8	34.7
II. Short-term financial investments	0.8	9.1	9.1	9.1	9.1	10.1	21.1	24.1	21.9	36.9	114.7	131.7
1. Available for sale securities	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.9	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.4	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
3. Held to maturity investments	—	9.1	9.1	9.1	9.1	10.1	21.1	24.1	21.9	36.9	113.7	131.7
III. Short-term receivables	1,315.5	1,007.9	990.4	975.5	1,035.1	998.1	988.6	1,072.2	1,170.3	940.4	923.3	973.2
1. Short-term trade accounts receivable	659.7	653.6	647.7	651.7	694.1	649.9	634.8	709.6	811.1	572.7	594.8	651.7
2. Short-term prepayments to suppliers	64.8	151.4	150.6	152.5	146.0	154.4	163.5	172.9	165.2	185.3	147.9	150.9
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	12.8	0.2	0.2	0.2	0.2	0.2	1.2	0.2	0.2	0.2	18.4	0.5
6. Other short-term receivables	579.9	250.1	239.2	218.5	209.9	208.4	205.0	206.3	210.2	198.4	177.9	185.9
7. Provision for short-term doubtful debts (*)	-1.6	-47.4	-47.4	-47.4	-15.1	-14.8	-15.9	-16.8	-16.5	-16.3	-15.8	-15.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	307.1	361.8	376.2	388.0	380.7	521.8	581.8	518.7	568.5	590.2	584.5	582.0
1. Inventories	307.1	361.8	376.2	388.0	381.8	521.8	581.8	518.8	568.6	590.3	584.6	582.1
2. Provision for decline in value of inventories	—	-0.0	-0.0	-0.0	-1.1	-0.0	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1
V. Other short-term assets	115.9	139.1	140.7	141.5	140.6	149.7	155.4	169.0	168.3	176.5	180.1	184.5
1. Short-term prepayments	4.3	0.4	0.3	0.5	0.1	0.2	0.2	1.8	0.2	0.8	1.1	2.1
2. Value added tax to be reclaimed	110.5	137.6	139.5	140.5	140.3	149.4	155.2	167.2	168.0	175.6	178.9	182.3
3. Taxes and other receivables from state authorities	1.1	1.1	0.9	0.4	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,394.4	1,590.1	1,599.7	1,609.0	1,617.4	1,632.2	1,647.4	1,774.9	1,782.5	1,760.4	1,778.8	1,780.7
I. Long-term receivables	7.8	7.3	7.3	7.3	7.3	7.7	7.9	7.5	7.7	7.7	7.7	7.4
1. Long-term trade receivables	—	—	—	—	0.0	0.4	0.4	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.8	7.3	7.3	7.3	7.3	7.3	7.5	7.5	7.7	7.7	7.7	7.4
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	691.5	716.8	731.7	746.7	761.9	777.1	792.0	812.4	828.7	847.0	858.9	877.5
1. Tangible fixed assets	663.1	685.7	700.5	715.3	730.5	745.5	760.4	780.6	796.8	815.1	826.9	845.3
- Cost	—	—	—	—	1,042.0	1,045.3	1,049.9	1,067.7	1,068.9	1,070.5	1,069.5	1,070.3
- Accumulated depreciation	—	—	—	—	-311.6	-299.8	-289.5	-287.0	-272.0	-255.4	-242.6	-225.0
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	28.5	31.2	31.3	31.4	31.4	31.5	31.6	31.7	31.8	31.9	32.0	32.1
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	102.4	102.4	102.4	102.4	102.4	102.4	226.2	226.2	226.2	226.2	226.2
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	615.3	697.2	688.6	679.6	671.9	664.0	684.2	675.6	665.3	624.0	609.7	593.0
1. Long-term production in progress	—	80.8	80.0	79.9	79.9	79.9	79.9	79.9	79.9	79.8	79.8	79.1
2. Construction in progress	615.3	616.4	608.5	599.8	592.1	584.1	604.4	595.7	585.4	544.2	529.9	513.8
V. Long-term financial investments	49.0	37.7	39.9	39.8	39.7	40.0	44.0	35.8	38.6	38.8	59.6	58.7
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	9.3	11.5	11.3	11.2	11.5	15.5	7.3	6.8	7.0	6.9	6.1
3. Investments in other entities	51.3	30.8	30.8	30.8	30.8	30.8	30.8	30.8	30.8	30.8	31.2	31.2
4. Provision for diminution in value of long-term investments	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.2	-2.2	-2.2	-2.2
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	3.2	3.2	23.7	23.7
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.8	28.7	29.8	33.3	34.2	41.0	16.9	17.4	16.0	16.7	16.7	17.9
1. Long-term prepayments	19.4	20.8	21.9	23.3	24.5	25.7	1.1	1.5	2.0	2.3	3.0	3.7
2. Deferred income tax assets	8.7	5.0	5.1	7.1	6.9	12.5	12.9	12.9	10.8	11.1	10.4	10.9
3. Long-term equipment, supplies, spare parts	2.7	2.8	2.8	2.9	2.9	2.9	2.9	3.0	3.2	3.2	3.2	3.2
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,149.5	3,139.3	3,146.4	3,151.7	3,211.1	3,337.9	3,415.8	3,587.8	3,764.9	3,599.1	3,697.8	3,756.2
A. LIABILITIES (300=210+330)	2,327.7	2,562.2	2,519.2	2,443.6	2,445.4	2,446.2	2,485.4	2,579.7	2,729.5	2,564.5	2,666.4	2,719.1
I. Short -term liabilities	1,733.6	1,983.7	1,961.7	1,885.3	1,863.1	1,844.0	1,863.3	1,783.0	1,987.9	1,771.2	1,806.3	1,946.1
1. Short-term trade accounts payable	316.2	362.9	361.4	341.2	362.7	321.8	287.8	348.7	471.8	306.4	306.2	403.2
2. Short-term advances from customers	167.8	180.2	185.4	190.1	187.1	198.4	219.3	265.6	312.2	336.2	342.4	350.0
3. Taxes and other payables to state authorities	3.8	6.7	6.9	6.7	12.8	11.6	10.4	11.6	13.3	8.1	8.5	8.7
4. Payable to employees	18.6	20.9	19.0	19.4	24.3	21.2	17.7	13.3	17.1	15.7	14.8	9.8
5. Short-term acrrued expenses	286.4	287.8	248.6	208.4	194.6	178.9	166.3	97.5	64.7	60.0	81.9	44.1
6. Short-term inter-company payables	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	41.1	60.1	56.7	55.8	46.8	41.3	28.3	10.9	31.8	19.0	10.5	24.6
10. Short-term borrowings and financial leases	896.5	1,062.0	1,080.4	1,060.4	1,031.5	1,066.2	1,128.8	1,030.5	1,071.9	1,020.5	1,036.8	1,100.3
11. Provision for short-term liabilities	—	—	—	—	0.0	1.3	1.3	1.3	1.3	1.4	1.3	1.6
12.. Bonus and welfare fund	3.2	3.2	3.2	3.2	3.3	3.3	3.4	3.6	3.8	3.9	3.9	3.8
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	594.1	578.4	557.5	558.3	582.3	602.2	622.1	796.8	741.6	793.3	860.1	773.0
1. Long-term trade payables	41.0	28.1	27.8	27.5	29.0	27.9	34.8	34.8	0.8	0.4	168.9	168.0
2. Long-term advances from customers	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	543.7	540.7	520.0	520.7	543.2	564.2	577.0	751.8	730.6	783.0	681.7	595.2
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.6	0.9	1.0	1.3	1.5	1.5	1.5	1.4	1.5	1.2	0.8	1.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	821.8	577.1	627.1	708.1	765.7	891.6	930.4	1,008.1	1,035.4	1,034.6	1,031.4	1,037.1
I. Owner's equity	821.8	577.1	627.1	708.1	765.7	891.6	930.4	1,008.1	1,035.4	1,034.6	1,031.4	1,037.1
1. Owner's capital	904.3	904.3	904.3	904.3	904.3	904.3	904.3	904.3	904.3	904.3	904.3	904.3
- Common stock with voting right	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00	904,329,530,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.5	2.5	2.5	2.5
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	6.3	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
5. Treasury shares	-85,679,712,989.00	-87,901,059,743.00	-87,901,059,743.00	-87,901,059,743.00	-87,901,059,743.00	-87,901,059,743.00	-87,627,513,743.00	-87,627,513,743.00	-88,867,037,290.00	-88,867,037,290.00	-88,867,037,290.00	-88,867,037,290.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	15.9	15.4	15.4	15.4	15.4	15.4	15.4	16.8	16.8	16.8	16.8	16.8
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
11. Undistributed earnings after tax	-26.6	-263.8	-217.0	-151.2	-95.1	24.6	59.1	127.1	153.7	146.7	142.6	145.7
- Accumulated retained earning at the end of the previous period	-107.9	-129.0	-129.0	-129.0	124.5	124.5	124.4	124.5	142.3	142.3	142.3	142.6
- Undistributed earnings in this period	81.4	-134.8	-87.9	-22.1	-219.6	-100.0	-65.3	2.6	11.4	4.4	0.2	3.1
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	5.1	-0.3	2.9	18.1	19.6	25.9	29.9	38.2	39.6	45.8	46.8	49.4
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,149.5	3,139.3	3,146.4	3,151.7	3,211.1	3,337.9	3,415.8	3,587.8	3,764.9	3,599.1	3,697.8	3,756.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-107.5	-49.9	-78.1	-23.4	-119.8	-32.6	-72.1	1.7	-21.4	0.5	-2.3	3.5
Depreciation of Fixed Assets and Investment Property	13.2	14.9	15.1	15.0	15.1	14.7	15.4	15.6	15.8	12.8	18.7	12.9
Provision (Increase)/Reversal	-43.8	0.3	-0.3	-0.0	1.1	2.3	-2.4	-0.0	1.4	-0.4	0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	—	0.9	—	0.0	-1.3	1.3	0.0	1.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-109.1	-0.1	-0.0	-0.1	-0.5	-2.0	0.2	-0.5	-2.8	-0.7	-2.6	-2.3
Interest Expense	—	29.2	34.3	30.4	20.3	36.4	69.2	23.5	27.2	26.9	41.6	28.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	11.1	-11.1	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-339.9	-6.5	-28.2	21.9	-83.8	28.7	0.6	40.3	21.3	39.0	55.8	42.2
Increase/(Decrease) in Receivables	-96.0	-12.9	-17.5	29.3	-106.3	-84.7	104.3	91.9	-95.6	-139.6	193.4	183.3
Increase/(Decrease) in Inventory	54.7	14.3	11.9	-7.7	139.9	-60.6	57.6	39.3	31.2	-7.6	-0.6	-75.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	388.8	13.8	2.9	-24.7	55.6	224.5	-192.4	-138.5	29.7	-19.7	-310.5	-68.9
Increase/(Decrease) in Prepaid Expenses	-2.5	1.0	1.6	0.7	1.3	-24.6	2.1	-1.1	0.9	0.7	2.0	-0.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-28.6	2.2	13.2	-18.7	-24.8	-0.7	-18.7	-7.6	-46.5	-22.2	-17.0	-24.3
Corporate Income Tax Paid	0.5	0.7	-1.7	-5.3	-0.1	-0.0	-0.5	-5.6	-0.2	-0.7	-0.1	-0.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4	-0.4
Other Operating Payments	15.6	-15.6	1.5	-1.6	6.3	-14.3	-0.2	-0.3	-1.6	1.6	-0.3	0.3
Net Cash Flow from Operating Activities	-7.3	-2.9	-16.3	-6.0	-12.0	68.3	-47.2	18.4	-60.8	-148.5	-76.9	55.4
Payments for Fixed Assets and Other Long-term Assets	0.8	—	-1.0	—	-0.0	17.4	-8.8	-8.8	-40.7	-15.6	-16.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	13.5	0.0	—	—	70.5	48.8	0.7	0.0	0.0	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	-1.3	1.1	-1.1	39.6	-142.7	136.3	-144.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	2.1	10.8	7.1	0.9	166.9	-70.2	81.2
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	5.6	0.0	-6.3	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	3.8	0.5	0.0	-2.0	1.3	1.1	0.0
Dividends and Interest Income Received	-0.1	0.1	0.0	0.0	-0.1	0.2	-0.0	0.3	1.8	3.6	0.6	2.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	13.2	1.1	-0.9	0.0	70.4	71.1	4.2	-2.5	5.3	13.3	45.5	-61.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	752,122,000.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	-87.0	36.4	53.0	43.1	64.1	-80.4	181.0	79.1	795.7	290.2	348.7	360.9
Repayment of Borrowings	65.6	-33.4	-34.2	-36.7	-120.3	-54.6	-145.4	-116.0	-785.8	-218.9	-262.7	-409.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-21.4	3.0	18.7	6.4	-56.2	-134.9	35.6	-36.9	10.7	71.3	86.0	-48.9
Net Cash Flow During the Period	-15.5	1.1	1.5	0.5	2.2	4.4	-7.3	-21.0	-44.8	-63.9	54.6	-54.7
Cash and Cash Equivalents at Beginning of Period	31.3	30.2	28.6	28.1	49.9	49.9	49.9	49.9	158.8	158.8	158.8	158.8
FX Difference from Revaluation	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.8	31.3	30.2	28.6	28.1	26.0	21.6	28.9	49.9	94.8	158.7	104.0

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VNE

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