VNG

Du lịch Thành Thành Công ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 1.69%, +1.27pp YoY

Price

6,770

Latest close

02 Jun 2026

P/E 52.89x

P/B 0.60x

EPS 128

BVPS 11,227

ROE 1.1%

ROA 0.3%

Profit Margin 1.7%

Asset Turnover 0.17x

Equity Mult. 3.87x

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

What Is Changing

On a TTM 2026Q1 basis, VNG is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 735bn
	                                
+4.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
+320.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -32.63x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	759.1	709.4	742.7	619.0	183.2
Growth	+7%	-4%	+20%	+238%	—
Net Income	6.5	1.6	3.4	3.3	3.1
Net Margin	0.86%	0.23%	0.46%	0.53%	1.70%

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	160.2	219.0	179.6	175.9	150.8	146.2	185.4	222.4	160.3	230.7	207.9	164.3
Growth	-27%	+22%	+2%	+17%	+3%	-21%	-17%	+39%	-31%	+11%	+27%	—
Net Income	-41.1	41.9	59.7	-48.2	-44.0	42.3	-41.7	46.3	-45.3	0.9	1.3	7.8
Net Margin	-25.65%	19.14%	33.26%	-27.38%	-29.16%	28.93%	-22.47%	20.81%	-28.26%	0.37%	0.63%	4.75%

Drivers of VNG's profit

TTM

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

Gross profit ↑ 76.5bn

Finance costs ↓ 47.5bn

Associates income ↑ 4.7bn

Administrative expenses ↓ 4.1bn

Financial income ↓ 117.5bn

Selling expenses ↑ 9.1bn

TTM

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

Gross profit ↑ 18.8bn

Associates income ↑ 1.9bn

Finance costs ↑ 11.9bn

Selling expenses ↑ 4.1bn

Financial income ↓ 1.1bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.3% = 0.4% × 0.18 × 3.70

2026Q1 1.1% = 1.7% × 0.17 × 3.87

ROE rose from 0.3% to 1.1% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 1.7% +1.3pp Asset turnover: 0.17x -0.00x Leverage: 3.87x +0.17x

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 edged up to 1.69%, rising 1.3pp. The main driver is Gross margin rose 9.4pp and SG&A / Revenue fell 0.0pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 9.5pp and Other profit / Revenue fell 0.5pp).

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

Profitability trend

Net Margin 1.69% +1.3pp

Gross Margin 34.69% +9.4pp

SG&A / Revenue 17.49% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 0.40%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 0.40% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.40% —

NOPAT Margin 2.03% —

Capital Turnover 0.20x −0.01x

Average Invested Capital 3,690.3bn +245.7bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.91x equity, net debt at 2.52x equity.

Over the last 12 months, working capital absorbed 167.6bn 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: −244.7bn

Inventories decreased → higher CFO: +3.1bn

Payables increased → higher CFO: +73.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 5.1 days versus the same period last year. The main moves came from DIO rose 0.8 days, DSO rose 3.2 days, and DPO fell 1.1 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +3.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 47.5 days +3.2 days

Inventory 7.7 days +0.8 days

Payables 86.2 days −1.1 days

Cash Conversion Cycle -31.0 days +5.1 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 2.52x and interest coverage only at 0.20x.

At present, short-term debt accounts for 29.7% of total debt, cash equals 0.5% of debt, and total debt stands at 2,771.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.52x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.20x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.52x +0.25x

Interest Coverage 0.20x +0.05x

Cash / Debt 0.5% −1.2pp

Short-term Debt / Total Debt 29.7% +1.3pp

CFO / NI -32.63x −132.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -70.1bn in 2025, against investing cash flow of -231.6bn.

Post-investment cash flow was negative +301.7bn. Financing cash flow was negative +233.7bn.

CFO / net income was -32.63x.

After spending +176.7bn on fixed-asset investment, the business generated trailing free cash flow of −582.8bn.

Cash Conversion

CFO TTM 406.1bn −762.2bn

Cash Capex 176.7bn +43.0bn

FCF TTM −582.8bn −805.2bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 1.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.0%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.69% after expanding 1.3pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.0% of PBT and CFO / net income currently at -32.63x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	759.2	709.4	742.7	619.0	183.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	759.1	709.4	742.7	619.0	183.2
Cost of Goods Sold	519.9	507.2	486.3	416.8	0.0
Gross Profit	239.2	202.3	256.4	202.2	-25.9
Financial Income	178.8	291.7	78.9	63.2	192.8
Financial Expenses	242.0	312.0	200.3	134.2	-72.3
Interest Expense	236.8	251.7	181.6	116.2	-65.9
Share of Associates and Joint Ventures	0.3	-3.4	11.0	-4.0	-8.7
Selling Expenses	46.8	47.5	29.3	28.6	-14.1
General and Administrative Expenses	81.7	87.8	92.6	82.9	-68.4
Operating Profit	47.9	43.4	24.1	15.6	3.4
Other Income	0.9	6.3	2.0	2.0	0.0
Other Expenses	8.6	10.9	3.2	3.1	0.0
Other Profit	-7.7	-4.6	-1.1	-1.1	2.9
Profit Before Tax	40.2	38.8	22.9	14.5	6.3
Current Income Tax Expense	31.2	37.8	20.1	13.0	-3.1
Deferred Income Tax Expense	2.4	-0.7	-0.6	-1.7	0.0
Net Income	6.5	1.6	3.4	3.3	3.1
Non-controlling Interest	-0.0	-0.8	0.1	0.6	1.2
Profit Attributable to Parent	6.6	2.4	3.3	2.6	1.9
Earnings per Share	67.00	25.00	34.00	27.00	20.00
Diluted EPS	67.00	25.00	34.00	27.00	19.52

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,319.2	1,571.7	778.5	731.6	627.3
I. Cash and cash equivalents	9.9	545.2	91.1	77.5	15.2
1. Cash	9.9	37.5	70.6	26.9	0.0
2. Cash equivalents	—	507.8	20.5	50.6	0.0
II. Short-term financial investments	275.8	12.3	12.0	0.0	0.0
1. Available for sale securities	275.8	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	—	12.3	12.0	0.0	0.0
III. Short-term receivables	906.3	912.6	560.4	630.8	596.7
1. Short-term trade accounts receivable	201.6	304.7	112.0	37.7	0.0
2. Short-term prepayments to suppliers	255.6	144.4	108.4	245.0	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	168.5	98.7	85.8	72.7	0.0
6. Other short-term receivables	286.8	370.7	260.0	282.2	0.0
7. Provision for short-term doubtful debts (*)	-6.1	-5.8	-5.8	-6.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	9.2	7.5	9.1	9.7	6.8
1. Inventories	9.2	7.5	9.1	9.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	118.0	94.0	105.8	13.6	8.6
1. Short-term prepayments	5.3	3.3	11.3	2.7	0.0
2. Value added tax to be reclaimed	112.7	90.7	94.5	10.8	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	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)	3,116.3	2,972.7	3,131.5	2,115.6	1,664.5
I. Long-term receivables	84.8	299.3	94.7	100.4	0.0
1. Long-term trade receivables	—	0.0	0.0	11.6	20.1
2. Long-term prepayments to suppliers	—	0.0	0.0	4.6	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	31.9	42.0	42.0	66.3	0.0
6. Other long-term receivables	52.8	257.3	52.7	18.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,792.6	1,811.4	2,063.2	889.2	917.3
1. Tangible fixed assets	1,657.4	1,687.5	1,863.7	687.0	708.7
- Cost	2,186.0	2,153.3	2,375.1	1,148.5	0.0
- Accumulated depreciation	-528.6	-465.9	-511.5	-461.5	0.0
2. Financial leased fixed assets	3.4	3.9	0.0	3.4	3.9
- Cost	4.1	4.1	0.0	4.9	0.0
- Accumulated depreciation	-0.6	-0.2	0.0	-1.5	0.0
3. Intangible fixed assets	131.7	120.1	199.5	198.8	204.7
- Cost	170.1	155.0	244.2	237.2	0.0
- Accumulated depreciation	-38.4	-34.9	-44.6	-38.4	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	485.9	412.0	359.3	610.1	290.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	485.9	412.0	359.3	610.1	0.0
V. Long-term financial investments	719.0	391.2	523.4	477.3	391.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	233.2	232.8	307.1	317.3	0.0
3. Investments in other entities	483.6	157.0	218.3	165.4	0.0
4. Provision for diminution in value of long-term investments	-2.0	-2.0	-2.0	-5.4	0.0
5. Held to maturity investments	4.3	3.5	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	33.9	58.7	90.9	38.6	0.0
1. Long-term prepayments	30.6	52.1	78.3	24.5	0.0
2. Deferred income tax assets	1.7	4.1	3.8	3.4	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	45.4
5. Goodwill	1.5	2.4	8.8	10.8	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,435.4	4,544.4	3,910.0	2,847.2	2,291.8
A. LIABILITIES (300=210+330)	3,302.3	3,420.7	2,790.9	1,731.5	1,179.4
I. Short -term liabilities	1,381.7	1,550.9	718.0	596.2	647.7
1. Short-term trade accounts payable	88.0	132.4	99.1	53.7	39.2
2. Short-term advances from customers	131.4	50.6	58.8	66.7	35.4
3. Taxes and other payables to state authorities	90.1	63.5	63.5	55.9	0.0
4. Payable to employees	11.3	3.7	11.8	1.8	0.0
5. Short-term acrrued expenses	47.5	53.4	48.4	31.5	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	6.0	1.0	6.1	1.6	1.6
9. Other short-term payables	113.7	106.9	56.7	74.7	0.0
10. Short-term borrowings and financial leases	893.6	1,139.5	373.5	310.0	489.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.2	0.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,920.6	1,869.8	2,072.9	1,135.3	531.7
1. Long-term trade payables	—	12.5	56.2	0.0	0.0
2. Long-term advances from customers	4.4	4.6	4.9	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	1.4	1.4	1.4	1.4	0.0
7. Other long-term liabilities	65.1	51.1	128.1	95.8	0.0
8. Long-term borrowings and financial leases	1,842.9	1,790.0	1,853.4	1,009.0	498.6
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	6.8	10.2	29.0	29.1	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,133.2	1,123.6	1,119.1	1,115.7	1,112.3
I. Owner's equity	1,133.2	1,123.6	1,119.1	1,115.7	0.0
1. Owner's capital	972.8	972.8	972.8	972.8	1,112.3
- Common stock with voting right	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	106.5	106.5	106.5	106.5	106.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	18.6	18.6	18.6	18.6	18.6
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.1	0.1	0.1	0.0
8. Investment and development fund	6.7	6.7	6.7	6.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.4	1.4	1.4	1.4	0.0
11. Undistributed earnings after tax	27.1	13.0	10.7	7.3	4.7
- Accumulated retained earning at the end of the previous period	20.1	10.7	7.3	4.7	2.8
- Undistributed earnings in this period	7.0	2.4	3.3	2.6	1.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.2	4.6	2.5	2.4	1.8
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)	4,435.4	4,544.4	3,910.0	2,847.2	2,291.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	40.2	0.0	22.9	14.5	6.3
Depreciation of Fixed Assets and Investment Property	81.3	89.9	59.3	42.2	44.6
Provision (Increase)/Reversal	0.3	-0.0	-3.8	4.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-76.4	-238.0	-78.0	-60.3	0.0
Interest Expense	236.8	251.7	181.6	116.2	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	282.2	142.4	182.0	117.2	-65.9
Increase/(Decrease) in Receivables	33.8	-37.6	-167.7	-88.8	0.0
Increase/(Decrease) in Inventory	-1.6	0.7	0.6	-2.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	158.7	-59.4	-41.5	303.8	0.0
Increase/(Decrease) in Prepaid Expenses	19.5	31.7	-62.4	4.5	0.0
Changes in Trading Securities	-275.8	0.0	0.0	0.0	0.0
Interest Paid	-248.8	-252.5	-147.9	-112.3	0.0
Corporate Income Tax Paid	-38.2	-19.9	-13.1	-1.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.2	-0.3	0.0	0.0
Net Cash Flow from Operating Activities	-70.1	-194.8	-250.1	220.4	-261.6
Payments for Fixed Assets and Other Long-term Assets	-157.8	-131.5	-675.4	-428.0	-5.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	1.9	3.1	6.2	0.0
Loans and Purchases of Debt Instruments	-363.4	-470.9	-54.7	-40.3	-74.8
Receipts from Loan Repayments and Sale of Debt Instruments	359.3	432.5	53.9	7.8	72.9
Investments in Other Entities	-159.7	-409.8	-274.9	-175.0	-190.0
Proceeds from Investments in Other Entities	62.9	517.1	290.8	123.9	0.0
Dividends and Interest Income Received	26.5	6.9	13.0	16.1	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	-231.6	-53.8	-644.1	-489.3	19.5
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	1,829.5	1,766.9	1,677.4	1,470.3	649.8
Repayment of Borrowings	-2,062.5	-1,062.2	-769.5	-1,138.0	-497.2
Repayment of Finance Leases	-0.6	-2.0	0.0	-1.2	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.5
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	-233.7	702.7	907.9	331.1	152.2
Net Cash Flow During the Period	-535.4	454.1	13.6	62.3	2.8
Cash and Cash Equivalents at Beginning of Period	545.2	91.1	77.5	15.2	105.1
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.9	545.2	91.1	77.5	15.2

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	160.2	219.0	179.6	175.9	150.8	146.2	185.4	222.4	160.3	230.7	207.9	164.3
Revenue Deductions	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	160.2	219.0	179.6	175.9	150.8	146.2	185.4	222.4	160.3	230.7	207.9	164.3
Cost of Goods Sold	105.0	116.9	126.0	132.0	114.3	119.8	145.4	147.1	125.8	126.5	136.7	127.1
Gross Profit	55.3	102.1	53.7	43.9	36.5	26.5	40.1	75.4	34.5	104.2	71.2	37.2
Financial Income	3.3	65.8	105.2	4.0	4.4	210.3	4.6	76.6	5.2	23.7	12.1	42.9
Financial Expenses	66.5	67.2	56.5	65.3	54.6	128.6	55.2	64.6	57.3	81.2	46.3	41.3
Interest Expense	62.1	66.0	57.7	63.9	53.3	76.4	52.1	62.3	55.0	63.1	43.4	36.9
Share of Associates and Joint Ventures	1.4	3.7	-2.3	-2.1	-0.5	6.6	-3.7	-6.5	0.8	1.6	0.7	6.5
Selling Expenses	13.5	21.7	11.5	7.8	9.3	19.0	10.0	7.0	6.4	11.4	7.2	8.5
General and Administrative Expenses	20.7	16.9	20.4	16.1	20.3	23.4	21.1	13.4	21.0	25.4	27.6	20.3
Operating Profit	-40.7	65.8	68.2	-43.3	-43.7	72.4	-45.4	60.5	-44.2	11.4	3.0	16.5
Other Income	0.2	0.8	0.5	0.5	0.0	3.4	0.1	1.7	0.1	0.9	0.1	0.9
Other Expenses	0.5	3.5	4.7	1.7	0.3	3.9	4.8	0.7	1.2	0.6	0.4	1.8
Other Profit	-0.3	-2.7	-4.1	-1.2	-0.2	-0.4	-4.7	1.1	-1.1	0.3	-0.2	-0.9
Profit Before Tax	-41.0	63.2	64.1	-44.5	-44.0	71.9	-50.1	61.5	-45.3	11.7	2.8	15.6
Current Income Tax Expense	0.1	21.4	6.9	3.8	—	29.9	-8.2	15.7	0.0	11.0	1.5	8.1
Deferred Income Tax Expense	-0.0	-0.2	-2.6	-0.2	—	-0.2	-0.2	-0.5	0.0	-0.1	-0.1	-0.3
Net Income	-41.1	41.9	59.7	-48.2	-44.0	42.3	-41.7	46.3	-45.3	0.9	1.3	7.8
Non-controlling Interest	-0.0	0.0	-0.0	0.0	-0.0	0.0	-0.6	-0.1	-0.2	0.4	-0.2	0.1
Profit Attributable to Parent	-41.1	41.9	59.8	-48.2	-44.0	42.3	-41.1	46.4	-45.1	0.5	1.5	7.7
Earnings per Share	-422.00	431.00	614.00	-495.00	-452.00	435.00	-423.00	477.00	-463.00	5.00	15.00	79.00
Diluted EPS	-422.14	430.88	614.30	-495.11	-451.92	434.69	-422.56	476.57	-463.38	5.06	15.20	79.47

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)	1,197.7	1,313.6	1,081.7	1,153.3	1,111.2	1,585.3	924.1	1,026.6	780.9	767.2	659.3	730.5
I. Cash and cash equivalents	14.9	9.9	15.3	47.8	44.4	45.2	33.9	43.2	40.0	90.3	74.3	52.0
1. Cash	14.9	9.9	15.3	40.0	22.6	37.5	26.3	32.6	19.4	70.8	37.7	15.4
2. Cash equivalents	—	—	—	7.8	21.8	7.8	7.6	10.6	20.5	19.5	36.6	36.6
II. Short-term financial investments	479.9	275.8	280.5	269.3	281.8	512.0	12.0	15.0	12.0	12.0	0.0	0.0
1. Available for sale securities	275.8	275.8	280.5	269.3	269.3	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	204.1	0.0	0.0	0.0	12.5	512.0	12.0	15.0	12.0	12.0	0.0	0.0
III. Short-term receivables	584.2	900.2	673.0	720.9	678.6	925.9	778.3	866.5	623.6	558.2	471.1	626.6
1. Short-term trade accounts receivable	116.8	194.5	67.5	58.6	74.5	310.4	216.6	300.3	96.6	111.9	38.9	138.2
2. Short-term prepayments to suppliers	273.1	255.9	241.6	322.2	207.3	131.8	130.9	100.5	98.0	105.1	105.5	177.6
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	—	168.5	82.2	87.5	103.8	97.8	92.5	86.0	127.6	84.9	68.5	52.2
6. Other short-term receivables	200.5	287.0	287.5	258.5	298.8	391.6	344.0	385.5	307.2	261.6	263.3	263.7
7. Provision for short-term doubtful debts (*)	-6.1	-5.8	-5.8	-5.8	-5.8	-5.8	-5.8	-5.8	-5.8	-5.3	-5.2	-5.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8.6	9.2	13.0	15.5	11.7	7.5	9.5	9.2	8.2	9.1	10.1	8.0
1. Inventories	8.6	9.2	13.0	15.5	11.7	7.5	9.5	9.2	8.2	9.1	10.1	8.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	110.1	118.6	99.9	99.7	94.6	94.5	90.5	92.7	97.2	97.5	103.9	43.9
1. Short-term prepayments	6.1	5.5	5.5	3.8	3.7	3.4	3.5	4.1	4.3	3.7	5.2	4.8
2. Value added tax to be reclaimed	104.0	113.1	94.3	95.9	90.8	91.1	87.0	88.4	92.7	93.8	98.6	39.1
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,146.7	3,119.1	3,037.5	2,963.8	2,941.9	2,975.2	3,043.6	2,954.4	3,131.0	3,131.4	3,101.9	2,373.9
I. Long-term receivables	21.2	84.8	84.7	84.8	95.9	107.0	166.4	106.8	106.7	95.6	99.6	95.6
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	—	31.9	31.9	32.0	32.0	42.9	42.9	42.9	42.9	42.9	46.9	42.9
6. Other long-term receivables	21.2	52.8	52.7	52.8	63.9	64.1	123.5	63.9	63.8	52.7	52.7	52.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,772.9	1,794.2	1,752.7	1,773.2	1,793.8	1,811.1	2,022.0	2,038.0	2,054.3	2,063.2	2,105.9	880.9
1. Tangible fixed assets	1,639.0	1,659.0	1,614.8	1,634.2	1,653.5	1,687.0	1,820.2	1,834.3	1,852.9	1,860.7	1,908.5	682.0
- Cost	2,187.3	—	—	—	—	2,152.9	2,390.1	2,383.6	2,383.8	2,370.2	2,401.0	1,160.2
- Accumulated depreciation	-548.3	—	—	—	—	-465.9	-569.9	-549.3	-531.0	-509.5	-492.5	-478.2
2. Financial leased fixed assets	3.3	3.4	3.5	3.6	3.8	3.9	4.0	4.1	0.0	2.9	3.1	3.2
- Cost	4.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	130.6	131.8	134.3	135.4	136.5	120.2	197.8	199.6	201.4	199.5	194.4	195.7
- Cost	170.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-39.5	—	—	—	—	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	508.1	485.1	441.7	432.7	415.9	415.9	399.6	394.9	361.0	357.9	332.9	937.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	508.1	485.1	441.7	432.7	415.9	415.9	399.6	394.9	361.0	357.9	332.9	937.9
V. Long-term financial investments	816.3	718.3	714.6	625.5	583.0	582.2	382.8	335.4	524.2	523.2	521.6	420.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	234.5	232.5	228.7	230.2	232.3	232.3	225.7	230.5	307.9	306.9	305.3	326.0
3. Investments in other entities	548.5	483.6	483.6	393.0	348.9	348.9	157.0	107.0	218.3	218.3	216.3	99.4
4. Provision for diminution in value of long-term investments	-3.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.8	-2.0	-2.0	-2.0	0.0	-4.9
5. Held to maturity investments	36.2	4.3	4.3	4.3	3.8	3.0	3.0	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	28.1	36.7	43.8	47.6	53.3	59.1	72.8	79.2	76.5	82.8	32.6	29.1
1. Long-term prepayments	24.9	30.4	37.3	40.9	46.3	51.9	60.7	66.8	71.9	78.2	28.1	24.7
2. Deferred income tax assets	1.8	4.8	4.8	4.8	4.8	4.8	4.7	4.6	4.6	4.6	4.5	4.4
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	1.4	1.5	1.7	1.9	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2.4	7.3	7.8	8.3	8.8	9.3	9.8
TOTAL ASSETS (280=100+200)	4,344.4	4,432.7	4,119.2	4,117.1	4,053.0	4,560.5	3,967.7	3,981.0	3,911.9	3,898.7	3,761.2	3,104.3
A. LIABILITIES (300=210+330)	3,252.3	3,302.1	3,030.4	3,085.7	2,973.4	3,436.8	2,882.8	2,860.9	2,838.1	2,779.7	2,643.1	1,987.5
I. Short -term liabilities	1,234.9	1,309.7	1,071.3	1,186.2	1,057.2	1,576.1	1,347.8	809.4	718.2	764.4	642.0	653.8
1. Short-term trade accounts payable	97.3	102.6	92.0	88.8	116.9	151.8	124.5	123.5	97.3	157.9	95.5	84.7
2. Short-term advances from customers	111.7	111.7	51.8	153.6	61.9	67.9	60.7	44.8	47.7	51.4	69.2	62.6
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	80.1	90.9	52.1	61.4	59.0	63.1	27.1	57.4	49.4	63.3	47.6	45.2
4. Payable to employees	7.5	14.1	8.6	9.1	8.6	2.7	9.7	9.6	11.7	11.5	11.9	9.8
5. Short-term acrrued expenses	38.9	47.4	41.1	40.9	35.4	53.8	44.1	51.0	57.0	47.7	51.0	33.8
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	7.0	6.0	3.2	3.1	1.4	1.0	7.5	6.2	6.3	6.1	7.2	3.6
9. Other short-term payables	69.0	77.4	67.6	65.3	66.2	53.4	63.1	58.3	66.7	50.7	41.0	77.7
10. Short-term borrowings and financial leases	823.0	859.6	754.8	764.0	707.9	1,182.6	1,011.2	458.5	382.1	375.8	318.3	336.1
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.3
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	2,017.4	1,992.4	1,959.1	1,899.5	1,916.2	1,860.7	1,535.0	2,051.6	2,119.9	2,015.2	2,001.1	1,333.8
1. Long-term trade payables	—	—	12.0	—	12.5	0.0	19.6	25.1	25.1	0.0	72.5	0.0
2. Long-term advances from customers	4.3	4.4	4.5	4.5	4.6	4.6	4.7	4.7	4.8	4.9	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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
7. Other long-term liabilities	56.5	99.1	99.2	96.5	97.8	96.9	118.5	118.6	117.5	128.1	128.0	95.6
8. Long-term borrowings and financial leases	1,948.4	1,877.0	1,831.3	1,786.4	1,789.1	1,747.0	1,361.5	1,872.4	1,941.3	1,851.0	1,769.4	1,207.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	6.8	10.5	10.7	10.7	10.9	10.8	29.5	29.4	29.8	29.8	29.8	29.8
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,092.1	1,130.7	1,088.7	1,031.4	1,079.6	1,123.6	1,084.9	1,120.1	1,073.8	1,119.0	1,118.1	1,116.8
I. Owner's equity	1,092.1	1,130.7	1,088.7	1,031.4	1,079.6	1,123.6	1,084.9	1,120.1	1,073.8	1,119.0	1,118.1	1,116.8
1. Owner's capital	972.8	972.8	972.8	972.8	972.8	972.8	972.8	972.8	972.8	972.8	972.8	972.8
- Common stock with voting right	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00	972,766,080,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	106.5	106.5	106.5	106.5	106.5	106.5	106.5	106.5	106.5	106.5	106.5	106.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6
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	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Investment and development fund	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7
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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
11. Undistributed earnings after tax	-14.0	20.2	-21.8	-79.1	-30.9	13.0	-29.2	11.9	-34.4	10.5	10.1	8.6
- Accumulated retained earning at the end of the previous period	27.1	13.0	13.0	13.0	13.0	10.7	10.7	10.7	10.7	7.3	7.3	7.3
- Undistributed earnings in this period	-41.1	7.1	-34.8	-92.1	-44.0	2.4	-39.9	1.3	-45.1	3.2	2.7	1.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	4.6	4.6	4.6	4.6	4.6	8.2	2.2	2.3	2.5	2.1	2.3
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)	4,344.4	4,432.7	4,119.2	4,117.1	4,053.0	4,560.5	3,967.7	3,981.0	3,911.9	3,898.7	3,761.2	3,104.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-41.0	65.3	64.1	-45.3	-44.0	71.9	-50.1	61.5	-45.3	11.3	2.8	15.7
Depreciation of Fixed Assets and Investment Property	22.0	20.2	21.5	20.3	19.3	5.0	23.1	22.3	22.9	19.3	18.7	10.6
Provision (Increase)/Reversal	1.0	0.3	-2.4	2.4	—	-0.8	0.8	-0.1	0.0	3.2	-4.8	0.8
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	—	-0.0	—	0.0	0.1	-0.1	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.2	32.3	-102.2	-2.5	-3.9	-216.9	-0.8	-69.1	-6.0	-10.7	-12.6	-49.0
Interest Expense	61.4	64.8	57.7	61.0	53.3	76.4	52.1	61.9	55.0	64.5	43.4	38.1
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	40.2	183.0	38.6	35.9	24.7	-64.4	25.3	76.5	26.7	87.6	47.4	16.2
Increase/(Decrease) in Receivables	152.0	-391.4	106.7	-111.9	430.5	117.7	4.0	-177.9	-19.9	-66.9	-144.2	59.6
Increase/(Decrease) in Inventory	0.6	3.8	2.2	-3.4	-4.2	1.9	-0.3	-1.0	0.9	1.0	-2.0	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-86.6	166.0	22.7	-28.3	-1.7	69.3	119.1	-11.3	-60.1	-96.8	122.1	-75.8
Increase/(Decrease) in Prepaid Expenses	4.8	7.0	2.2	5.0	5.4	8.9	6.4	5.6	13.3	-56.3	-5.1	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-58.6	-71.4	-49.4	-62.1	-65.9	-68.6	-46.2	-77.2	-44.2	-49.0	-29.7	-33.1
Corporate Income Tax Paid	-0.0	5.8	-31.2	-12.4	-0.4	-4.7	-14.3	-1.0	0.0	-0.1	-5.5	-7.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.2	-0.2	0.0	-0.3	0.1	-0.1
Net Cash Flow from Operating Activities	52.4	-92.5	80.6	-446.5	388.3	60.2	94.2	-186.5	-83.4	-180.7	-16.8	-40.8
Payments for Fixed Assets and Other Long-term Assets	-24.4	-125.8	-22.7	-3.9	-5.4	190.1	-35.2	-15.7	-15.2	72.9	-500.9	-148.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	—	0.1	—	0.0	-1.7	2.1	0.0	3.1	-1.3	1.0
Loans and Purchases of Debt Instruments	-275.8	-82.8	-174.8	407.1	-512.9	-479.7	-22.7	32.2	-42.7	-23.5	-21.3	-9.9
Receipts from Loan Repayments and Sale of Debt Instruments	240.2	40.0	180.1	-109.0	248.2	-25.6	19.2	6.4	0.0	-1.0	1.1	11.4
Investments in Other Entities	-30.1	—	—	—	—	-662.6	-125.2	0.0	0.0	29.6	-304.5	0.0
Proceeds from Investments in Other Entities	—	-308.3	271.0	100.2	—	373.0	12.4	147.1	0.0	16.0	274.8	0.0
Dividends and Interest Income Received	9.1	16.8	-0.2	4.2	5.8	5.6	1.4	10.2	-6.5	-38.6	46.2	1.5
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	-81.0	-22.6	-148.4	396.0	-456.5	-599.2	-151.8	182.3	-64.4	58.5	-505.9	-144.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-6,495,519,000.00	6,495,519,000.00	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	673.9	778.9	330.2	443.3	277.1	1,371.1	223.9	281.8	345.7	337.7	763.4	319.0
Repayment of Borrowings	-640.1	-668.6	-295.1	-389.1	-709.7	-814.2	-183.8	-272.7	-249.2	-198.6	-218.9	-147.0
Repayment of Finance Leases	-0.1	-0.3	—	-0.3	—	0.0	1.7	-1.7	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	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
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	33.6	109.7	35.4	53.9	-432.6	550.4	48.3	7.4	96.6	139.1	544.6	172.0
Net Cash Flow During the Period	5.0	-5.4	-32.5	3.4	-500.8	11.4	-9.3	3.3	-51.2	16.9	21.9	-13.1
Cash and Cash Equivalents at Beginning of Period	9.9	15.3	47.8	44.4	545.2	91.1	91.1	91.1	91.1	77.5	77.5	77.5
FX Difference from Revaluation	—	-0.0	—	0.0	—	0.0	-0.1	0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.9	9.9	15.3	47.8	44.4	45.2	33.9	43.3	40.0	91.1	74.3	52.4

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VNG

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