VOC

Tổng Công ty Công Nghiệp Dầu Thực Vật Việt Nam - CTCP ·UPCOM ·2024Q4

▼▼ Declining sharply

Margins remain under pressure Net margin 13.15%, −141.40pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 453

BVPS 17,785

ROE 2.5%

ROA 2.4%

Profit Margin 13.2%

Asset Turnover 0.18x

Equity Mult. 1.03x

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

What Is Changing

On a TTM 2024Q4 basis, VOC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 419bn
	                                
−50.4%YoY

	                            
	                                NET MARGIN
	                            
	                                    13.15%
	                                
−141.4ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 55bn
	                                
−95.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    154.9%
	                                
affects earnings quality

Metric	2024	2023	2022	2021	2020
Revenue	419.0	844.1	1,613.1	1,495.9	2,597.7
Growth	-50%	-48%	+8%	-42%	—
Net Income	51.9	1,304.6	-45.6	115.5	234.0
Net Margin	12.39%	154.57%	-2.83%	7.72%	9.01%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	234.2	69.2	76.9	38.7	90.1	84.3	474.7	195.0	599.6	452.0	250.0	311.4
Growth	+238%	-10%	+99%	-57%	+7%	-82%	+143%	-67%	+33%	+81%	-20%	—
Net Income	26.5	9.5	12.3	6.9	105.7	12.7	-75.1	1,261.2	-127.7	13.9	75.4	0.1
Net Margin	11.31%	13.68%	15.94%	17.83%	117.41%	15.08%	-15.83%	646.72%	-21.29%	3.07%	30.16%	0.02%

Drivers of VOC's profit

TTM

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

Tax ↓ 194.9bn

Financial income ↓ 1,584.5bn

TTM

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

Tax ↑ 70.6bn

Financial income ↓ 10.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q4 72.6% = 154.6% × 0.39 × 1.20

2024Q4 2.5% = 13.2% × 0.18 × 1.03

ROE fell from 72.6% to 2.5% — all three components weakened, with net margin being the main drag.

Net margin: 13.2% -141.4pp Asset turnover: 0.18x -0.21x Leverage: 1.03x -0.17x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 13.15%, losing 141.4pp. The main pressure is SG&A / Revenue rose 3.5pp, outweighing the improvement in Gross margin rose 13.9pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 173.3pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 13.15% −141.4pp

Gross Margin 0.77% +13.9pp

SG&A / Revenue 9.85% +3.5pp

Non-core / Revenue 25.56% −173.2pp

TTM YoY · 2023Q4 -> 2024Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 173.2pp, financial result still accounts for 155.1% of PBT — earnings durability should be monitored in coming periods.

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 2.99%, losing 74.4pp. That translates to 2.99 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 141.5pp and capital turnover fell 0.27x, while invested capital rose by 152bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 2.99% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.99% −74.4pp

NOPAT Margin 13.12% −141.5pp

Capital Turnover 0.23x −0.27x

Average Invested Capital 1,837.9bn +152.2bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.04x equity.

Over the last 12 months, working capital released 56.2bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +38.5bn

Inventories decreased → higher CFO: +22.8bn

Payables decreased → lower CFO: −5.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 49.6 days versus the same period last year. The main moves came from DIO fell 53.4 days, DSO fell 7.0 days, and DPO fell 10.8 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 115.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 68.6 days −7.0 days

Inventory 48.9 days −53.4 days

Payables 1.8 days −10.8 days

Cash Conversion Cycle 115.7 days −49.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 40.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.04x and interest coverage at 274.93x.

At present, short-term debt accounts for 0.0% of total debt, cash equals 1286.1% of debt, and total debt stands at 6.5bn.

Leverage and liquidity trend

Net Debt / Equity -0.04x +0.26x

Interest Coverage 274.93x +164.42x

Cash / Debt 1286.1% −8211.9pp

Short-term Debt / Total Debt 0.0% −14.7pp

CFO / NI 1.85x +1.78x

TTM YoY · 2023Q4 -> 2024Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 40.1bn in 2024, against investing cash flow of -497.0bn.

Post-investment cash flow was negative +457.0bn. Financing cash flow was negative +147.2bn.

CFO / net income was 1.85x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +101.9bn.

Cash Conversion

CFO TTM 101.9bn +13.5bn

Cash Capex 0.0bn 0.0bn

FCF TTM +101.9bn +13.5bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.04x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 141.4 pp.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.04x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.85x. Even so, net financial result still accounts for 154.9% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 13.15% after a 141.4pp decline versus the same period last year.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	419.4	844.1	1,613.1	1,495.9	2,597.7
Revenue Deductions	0.5	0.0	0.0	0.0	0.0
Net Revenue	419.0	844.1	1,613.1	1,495.9	2,597.7
Cost of Goods Sold	416.3	955.1	1,747.6	0.0	0.0
Gross Profit	2.7	-111.0	-134.5	65.7	86.3
Financial Income	103.7	1,695.7	140.4	126.0	246.5
Financial Expenses	0.3	17.8	11.3	-7.1	-20.1
Interest Expense	0.0	10.8	9.7	-6.5	-19.2
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0	-4.7
Selling Expenses	16.3	23.3	29.3	-32.3	-42.2
General and Administrative Expenses	25.0	30.0	29.8	-32.7	-31.8
Operating Profit	64.8	1,513.6	-64.6	119.7	233.9
Other Income	0.4	0.2	19.5	0.0	0.0
Other Expenses	0.2	0.3	0.6	0.0	0.0
Other Profit	0.2	-0.2	18.9	0.1	0.0
Profit Before Tax	65.0	1,513.5	-45.6	119.8	233.9
Current Income Tax Expense	13.1	208.8	0.0	-4.3	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	51.9	1,304.6	-45.6	115.5	234.0
Non-controlling Interest	0.0	0.0	0.0	-0.0	0.6
Profit Attributable to Parent	51.9	1,304.6	-45.6	115.5	233.3
Earnings per Share	426.00	10,711.00	-375.00	948.41	989.00
Diluted EPS	426.00	10,711.00	-375.00	948.04	1,915.68

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,724.5	1,820.4	1,010.5	752.9	960.0
I. Cash and cash equivalents	81.2	685.3	66.5	345.3	309.5
1. Cash	31.2	85.3	66.5	0.0	0.0
2. Cash equivalents	50.0	600.0	0.0	0.0	0.0
II. Short-term financial investments	103.7	103.7	50.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	103.7	103.7	50.0	0.0	0.0
III. Short-term receivables	1,435.6	895.6	337.2	161.7	311.5
1. Short-term trade accounts receivable	52.4	105.1	244.5	0.0	0.0
2. Short-term prepayments to suppliers	0.5	0.3	0.0	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	1,325.0	740.0	70.0	0.0	0.0
6. Other short-term receivables	57.7	50.2	22.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.7	0.0	0.0
IV. Inventories	48.4	67.1	468.6	156.8	142.0
1. Inventories	48.4	67.1	468.6	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	55.7	68.7	88.2	39.0	46.9
1. Short-term prepayments	0.0	0.0	0.4	0.0	0.0
2. Value added tax to be reclaimed	36.6	36.5	76.8	0.0	0.0
3. Taxes and other receivables from state authorities	19.1	32.2	11.0	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	500.3	502.6	981.6	1,036.5	1,667.4
I. Long-term receivables	11.1	6.2	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	1.4	1.4
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	11.1	6.2	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	58.8	65.8	73.0	104.6	121.2
1. Tangible fixed assets	58.3	65.1	72.3	103.7	120.2
- Cost	288.0	288.4	288.6	0.0	0.0
- Accumulated depreciation	-229.7	-223.3	-216.4	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.6	0.7	0.9	1.1
- Cost	4.8	4.8	4.8	0.0	0.0
- Accumulated depreciation	-4.3	-4.1	-4.0	0.0	0.0
III. Investment properties	4.0	4.2	4.4	4.6	4.8
- Cost	11.8	11.8	11.8	0.0	0.0
- Accumulated depreciation	-7.8	-7.6	-7.4	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	426.3	426.3	904.2	925.8	1,540.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	378.8	378.8	951.4	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-47.2	-47.2	-47.2	0.0	0.0
5. Held to maturity investments	94.8	94.8	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,224.9	2,323.0	1,992.1	1,789.3	2,627.4
A. LIABILITIES (300=210+330)	60.5	58.6	660.4	260.1	448.8
I. Short -term liabilities	53.2	50.2	650.5	249.0	438.5
1. Short-term trade accounts payable	7.4	0.9	65.5	6.1	123.9
2. Short-term advances from customers	6.0	6.1	32.4	2.6	11.1
3. Taxes and other payables to state authorities	1.3	4.0	3.4	0.0	0.0
4. Payable to employees	0.6	1.5	0.0	0.0	0.0
5. Short-term acrrued expenses	0.4	4.2	5.7	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.2
9. Other short-term payables	13.1	13.0	13.0	0.0	0.0
10. Short-term borrowings and financial leases	1.1	1.1	513.1	149.9	267.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	23.5	19.5	17.5	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	7.3	8.4	9.9	11.1	10.2
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.1	0.1	0.0	0.0
8. Long-term borrowings and financial leases	5.3	6.2	7.0	7.8	8.9
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	1.9	2.2	2.8	0.0	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	2,164.3	2,264.4	1,331.7	1,529.2	2,178.6
I. Owner's equity	2,164.3	2,264.4	1,331.7	0.0	0.0
1. Owner's capital	1,218.0	1,218.0	1,218.0	1,529.2	2,178.6
- Common stock with voting right	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	21.5	21.5	21.5	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	924.8	1,024.8	92.2	289.7	938.2
- Accumulated retained earning at the end of the previous period	872.9	1,024.8	137.8	174.2	704.9
- Undistributed earnings in this period	51.9	0.0	-45.6	115.5	233.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,224.9	2,323.0	1,992.1	1,789.3	2,627.4

Item	2024	2023	2022	2021	2020
Profit Before Tax	65.0	1,513.5	-45.6	119.8	233.9
Depreciation of Fixed Assets and Investment Property	7.1	7.4	11.6	16.8	20.2
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.7	-0.3	0.0	0.0
Gain/Loss from Investment Activities	-100.8	-1,687.9	-144.5	0.0	0.0
Interest Expense	0.0	10.8	9.7	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-28.9	-157.0	-169.2	23.9	36.1
Increase/(Decrease) in Receivables	66.0	158.8	-133.9	0.0	0.0
Increase/(Decrease) in Inventory	18.7	401.5	-311.8	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.9	-69.4	34.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.4	-0.2	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	-11.3	-9.7	0.0	0.0
Corporate Income Tax Paid	0.0	-230.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.8	-4.6	-1.6	0.0	0.0
Net Cash Flow from Operating Activities	40.1	88.5	-591.5	63.0	120.2
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	34.3	0.0	59.0
Loans and Purchases of Debt Instruments	-933.7	-1,498.5	-70.0	-120.0	-100.0
Receipts from Loan Repayments and Sale of Debt Instruments	348.7	680.0	0.0	220.0	170.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	2,153.7	59.0	0.0	0.0
Dividends and Interest Income Received	88.0	72.4	73.8	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-497.0	1,407.7	97.0	237.8	405.5
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	-76,193,468,635.00
Proceeds from Borrowings	0.0	0.0	1,357.1	972.7	1,803.8
Repayment of Borrowings	-1.1	-513.1	-995.1	-1,091.5	-1,928.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-146.2	-365.4	-146.2	-146.2	-146.2
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-147.2	-878.5	215.9	-264.9	-346.6
Net Cash Flow During the Period	-604.2	617.7	-278.6	-80.7	1.2
Cash and Cash Equivalents at Beginning of Period	685.3	66.5	345.3	309.5	130.9
FX Difference from Revaluation	0.0	1.0	-0.2	-0.2	-0.4
Cash and Cash Equivalents at End of Period	81.2	685.3	66.5	345.3	309.5

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	234.6	69.2	38.7	38.7	90.1	84.3	474.7	195.0	599.6	452.0	250.0	311.4
Revenue Deductions	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	234.2	69.2	76.9	38.7	90.1	84.3	474.7	195.0	599.6	452.0	250.0	311.4
Cost of Goods Sold	230.5	67.1	77.0	41.2	85.7	81.9	583.8	203.6	748.1	467.0	233.8	298.8
Gross Profit	3.7	2.1	-0.0	-2.5	4.3	2.4	-109.1	-8.6	-148.4	-14.9	16.2	12.6
Financial Income	38.2	20.1	27.2	21.6	49.0	28.1	29.3	1,585.3	26.2	42.2	67.3	4.6
Financial Expenses	0.0	0.2	0.0	0.0	0.6	0.2	0.8	12.0	4.8	2.7	1.7	2.0
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.5	11.4	4.2	2.2	1.5	1.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.6	3.7	4.0	3.9	5.2	5.2	6.0	6.8	7.2	7.3	7.4	7.4
General and Administrative Expenses	6.3	5.8	7.0	6.0	7.7	8.1	6.8	7.5	5.1	8.2	7.8	8.7
Operating Profit	31.0	12.4	16.2	9.3	39.7	16.9	-93.5	1,550.4	-139.3	9.0	66.6	-0.9
Other Income	0.1	0.2	-0.1	0.1	0.1	0.0	0.1	0.0	4.1	0.2	14.0	1.2
Other Expenses	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.3	0.2	0.2	0.0	0.1
Other Profit	0.1	0.2	-0.2	0.1	0.1	0.0	0.1	-0.3	3.9	-0.0	14.0	1.1
Profit Before Tax	31.1	12.6	16.0	9.3	39.8	16.9	-93.4	1,550.1	-135.5	16.3	80.6	0.2
Current Income Tax Expense	4.6	3.1	3.7	2.5	-66.0	4.2	-18.3	288.8	-7.8	2.4	5.2	0.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	26.5	9.5	12.3	6.9	105.7	12.7	-75.1	1,261.2	-127.7	13.9	75.4	0.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.3	0.0	0.0
Profit Attributable to Parent	26.5	9.5	12.3	6.9	105.7	12.7	-75.1	1,261.2	-127.7	6.6	75.4	0.1
Earnings per Share	217.00	78.00	101.00	57.00	868.00	104.00	-617.00	10,355.00	-1,048.00	54.00	619.00	1.00
Diluted EPS	225.00	78.00	101.00	57.00	868.00	104.00	-617.00	10,355.00	-1,048.00	54.00	619.00	1.00

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,722.4	1,706.0	1,690.7	1,826.5	1,820.4	2,216.8	2,331.0	2,763.9	1,010.5	792.7	767.2	720.2
I. Cash and cash equivalents	83.1	86.4	594.0	783.4	685.3	1,121.9	413.4	1,365.1	66.5	125.7	341.7	366.7
1. Cash	33.1	36.4	49.0	93.4	85.3	186.9	123.4	865.1	66.5	75.7	171.7	196.7
2. Cash equivalents	50.0	50.0	545.0	690.0	600.0	935.0	290.0	500.0	0.0	50.0	170.0	170.0
II. Short-term financial investments	103.7	103.7	103.7	103.7	103.7	83.7	0.0	0.0	50.0	50.0	50.0	50.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	103.7	103.7	103.7	103.7	103.7	83.7	0.0	0.0	50.0	50.0	50.0	50.0
III. Short-term receivables	1,435.6	1,413.7	923.8	820.5	895.6	889.6	1,801.9	806.2	337.2	427.5	224.2	135.6
1. Short-term trade accounts receivable	52.4	48.1	59.6	65.2	105.1	134.2	400.6	230.0	244.5	215.2	78.3	87.2
2. Short-term prepayments to suppliers	0.5	0.3	8.8	0.3	0.3	0.2	0.1	200.0	0.0	0.1	0.5	6.1
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Short-term loan receivables	1,325.0	1,325.0	825.0	740.0	740.0	740.0	1,370.0	370.0	70.0	70.0	0.0	0.0
6. Other short-term receivables	57.7	40.2	30.4	14.9	50.2	15.0	30.9	5.7	22.1	141.4	143.9	41.6
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.6	0.7	0.7	0.0	0.7
IV. Inventories	44.3	42.0	7.1	52.5	67.1	81.0	78.8	524.7	468.6	147.8	119.5	127.3
1. Inventories	44.3	42.0	7.1	52.5	67.1	81.0	78.8	524.7	468.6	147.8	119.5	127.3
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	55.7	60.3	62.1	66.5	68.7	40.6	36.8	67.9	88.2	41.7	31.8	40.7
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.3	0.5	0.1	0.4	0.9	1.1	0.2
2. Value added tax to be reclaimed	36.6	36.6	36.0	36.7	36.5	40.4	36.3	67.8	76.8	37.6	24.9	29.6
3. Taxes and other receivables from state authorities	19.1	23.7	26.0	29.7	32.2	0.0	0.0	0.0	11.0	3.2	5.8	10.8
4. Government bonds	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	500.3	498.9	500.7	501.3	502.6	502.9	501.8	502.2	981.6	983.5	1,008.6	1,032.3
I. Long-term receivables	11.1	8.0	8.0	6.8	6.2	4.7	1.8	0.3	0.0	0.0	1.4	1.4
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
6. Other long-term receivables	11.1	8.0	8.0	6.8	6.2	4.7	1.8	0.3	0.0	0.0	1.4	1.4
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	58.8	60.5	62.2	64.0	65.8	67.5	69.3	71.1	73.0	74.9	76.8	100.5
1. Tangible fixed assets	58.3	59.9	61.6	63.4	65.1	66.9	68.6	70.4	72.3	74.1	76.0	99.6
- Cost	288.0	288.0	288.4	288.4	288.4	288.4	288.4	288.6	288.6	288.6	288.6	398.5
- Accumulated depreciation	-229.7	-228.0	-226.8	-225.1	-223.3	-221.6	-219.8	-218.2	-216.4	-214.5	-212.6	-298.8
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.8	0.8	0.9
- Cost	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
III. Investment properties	4.0	4.1	4.1	4.2	4.2	4.3	4.3	4.4	4.4	4.5	4.5	4.6
- Cost	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	426.3	426.3	426.3	426.3	426.3	426.3	426.3	426.3	904.2	904.2	925.8	925.8
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	378.8	378.8	378.8	378.8	378.8	378.8	378.8	378.8	951.4	951.4	951.4	951.4
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	21.6	21.6
4. Provision for diminution in value of long-term investments	-47.2	-47.2	-47.2	-47.2	-47.2	-47.2	-47.2	-47.2	-47.2	-47.2	-47.2	-47.2
5. Held to maturity investments	94.8	94.8	94.8	94.8	94.8	94.8	94.8	94.8	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,222.8	2,204.9	2,191.4	2,327.8	2,323.0	2,719.7	2,832.8	3,266.0	1,992.1	1,776.2	1,775.7	1,752.5
A. LIABILITIES (300=210+330)	56.5	65.1	59.9	56.5	58.7	195.8	321.6	673.1	660.4	316.8	176.7	228.9
I. Short -term liabilities	48.1	56.7	51.7	48.1	50.3	186.4	312.2	663.5	650.5	305.1	165.2	217.7
1. Short-term trade accounts payable	3.3	8.3	3.6	0.6	0.9	3.9	64.2	62.0	65.5	5.5	16.0	3.8
2. Short-term advances from customers	6.0	5.8	5.8	5.8	6.1	5.8	6.2	5.8	32.4	7.7	8.2	9.5
3. Taxes and other payables to state authorities	1.3	4.0	4.2	4.1	4.0	137.3	202.7	281.3	3.4	2.7	2.8	3.2
4. Payable to employees	0.6	1.0	0.7	0.4	1.5	1.2	0.8	0.4	0.0	3.3	2.2	1.1
5. Short-term acrrued expenses	0.4	0.4	0.2	4.0	4.3	4.4	4.3	4.7	5.7	4.2	3.9	4.3
6. Short-term inter-company payables	0.0	0.0	0.0	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	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	0.0
9. Other short-term payables	13.1	13.1	13.1	13.1	13.0	13.1	13.2	13.1	13.0	13.5	26.5	15.0
10. Short-term borrowings and financial leases	0.0	0.5	0.5	1.1	1.1	0.5	0.5	280.7	513.1	250.5	87.8	162.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	23.5	23.6	23.7	19.0	19.5	20.2	20.2	15.5	17.5	17.8	17.8	18.9
13. Price stabilization fund	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
II. Long-term liabilities	8.4	8.5	8.2	8.4	8.4	9.4	9.4	9.6	9.9	11.7	11.5	11.2
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	6.5	6.5	6.2	6.2	6.2	7.0	7.0	7.0	7.0	7.9	7.9	7.8
9. Convertible bonds	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	1.9	1.9	1.9	2.1	2.2	2.3	2.3	2.5	2.8	3.7	3.5	3.3
13. Fund for technology development	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,166.3	2,139.8	2,131.6	2,271.3	2,264.3	2,524.0	2,511.2	2,593.0	1,331.7	1,459.4	1,599.0	1,523.6
I. Owner's equity	2,166.3	2,139.8	2,131.6	2,271.3	2,264.3	2,524.0	2,511.2	2,593.0	1,331.7	1,459.4	1,599.0	1,523.6
1. Owner's capital	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0	1,218.0
- Common stock with voting right	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00	1,218,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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	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	0.0	0.0	0.0	0.0
8. Investment and development fund	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5	21.5
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	926.7	900.3	892.0	1,031.7	1,024.7	1,284.4	1,271.7	1,353.4	92.2	219.9	359.4	284.1
- Accumulated retained earning at the end of the previous period	872.9	872.9	872.9	0.0	0.0	85.6	85.6	92.2	137.8	137.8	284.0	284.0
- Undistributed earnings in this period	53.8	27.4	19.2	1,031.7	1,024.7	1,198.8	1,186.1	1,261.2	-45.6	82.0	75.5	0.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,222.8	2,204.9	2,191.4	2,327.8	2,323.0	2,719.7	2,832.8	3,266.0	1,992.1	1,776.2	1,775.7	1,752.5

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	31.1	12.6	13.9	9.3	39.9	16.9	-93.4	1,550.1	-135.5	9.0	80.6	0.2
Depreciation of Fixed Assets and Investment Property	1.7	1.8	1.8	1.8	1.8	1.8	1.9	1.9	1.9	2.0	3.5	4.2
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.2	-1.7	0.0	-0.4	0.0	-0.3	0.0	-0.5	-0.1	0.3	0.0
Gain/Loss from Investment Activities	-4.6	25.2	-23.9	-21.4	-44.2	-31.8	-24.1	-1,587.8	-38.7	-22.4	-80.6	-2.8
Interest Expense	0.0	0.0	0.0	0.0	-1.1	1.1	-0.6	11.4	4.2	2.2	1.5	1.8
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	28.2	39.4	-9.9	-10.2	-4.1	-11.9	-116.5	-24.5	-168.5	-9.3	5.3	3.4
Increase/(Decrease) in Receivables	-15.7	-2.7	-6.5	63.4	-1.6	264.9	61.0	-165.5	87.9	-267.1	-17.6	62.8
Increase/(Decrease) in Inventory	-2.3	-25.9	36.4	14.6	13.9	-2.2	445.9	-56.1	-320.8	-28.3	7.8	29.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.0	9.6	-5.1	-1.6	29.8	-0.0	-57.9	-41.3	83.1	-22.6	23.1	-48.7
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.3	0.3	-0.5	0.3	0.5	0.2	-0.9	-0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	1.1	-1.1	0.6	-12.0	-4.2	-2.2	-1.5	-1.9
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	-230.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-1.2	-0.5	129.3	-130.0	-1.9	-2.0	-0.3	-0.0	-1.1	-0.3
Net Cash Flow from Operating Activities	2.1	20.4	13.7	65.7	-61.3	119.9	330.8	-300.9	-322.3	-329.2	15.1	44.9
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-3.4	37.8	0.0	0.0
Loans and Purchases of Debt Instruments	-75.0	-690.0	-168.7	0.0	-20.0	-83.7	-1,000.0	-394.8	0.0	0.0	-30.0	-40.0
Receipts from Loan Repayments and Sale of Debt Instruments	75.0	190.0	83.7	0.0	0.0	630.0	0.0	50.0	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	-4.1	4.1	-4.1	2,157.8	0.0	59.0	0.0	0.0
Dividends and Interest Income Received	-4.8	-28.1	26.7	32.3	14.1	38.1	1.5	18.7	5.2	0.0	64.3	4.3
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4.8	-528.1	-58.3	32.3	-10.0	588.5	-1,002.6	1,831.8	1.8	96.7	34.3	-35.7
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.0	0.0	512.5	-512.5	0.0	0.0	588.4	353.7	191.7	223.3
Repayment of Borrowings	-0.5	0.0	-0.5	0.0	-513.1	512.5	-280.2	-232.3	-326.9	-191.1	-265.9	-211.2
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-146.2	0.0	-365.4	0.0	0.0	0.0	0.0	-146.2	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.5	0.0	-146.7	0.0	-365.9	0.0	-280.2	-232.3	261.5	16.5	-74.2	12.1
Net Cash Flow During the Period	-3.2	-507.7	-191.3	98.1	-437.2	708.4	-952.0	1,298.5	-59.0	-216.0	-24.8	21.3
Cash and Cash Equivalents at Beginning of Period	685.3	685.3	685.3	685.3	66.5	66.5	66.5	66.5	345.3	345.3	345.3	345.3
FX Difference from Revaluation	0.0	0.0	2.0	0.0	0.6	0.0	0.4	0.0	-0.1	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	83.1	86.4	594.0	783.4	685.3	1,121.9	413.4	1,365.1	66.5	125.7	341.7	366.7

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VOC

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