VPG

Đầu tư Thương mại Xuất nhập khẩu Việt Phát ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −8.17%, −8.91pp YoY

Price

3,010

Latest close

03 Jun 2026

P/E -0.33x

P/B 0.27x

EPS -9,053

BVPS 11,003

ROE -50.7%

ROA -13.3%

Profit Margin -8.3%

Asset Turnover 1.61x

Equity Mult. 3.81x

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

What Is Changing

On a TTM 2026Q1 basis, VPG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,952bn
	                                
−54.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 650bn
	                                
−594.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    33.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	12,385.5	16,257.2	6,337.7	5,524.7	3,863.6
Growth	-24%	+157%	+15%	+43%	—
Net Income	-597.0	108.8	19.4	62.5	421.3
Net Margin	-4.82%	0.67%	0.31%	1.13%	10.90%

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	191.2	936.6	2,454.1	4,370.4	4,624.6	6,259.1	3,464.6	3,289.1	3,244.3	734.3	2,034.9	1,774.8
Growth	-80%	-62%	-44%	-5%	-26%	+81%	+5%	+1%	+342%	-64%	+15%	—
Net Income	-31.9	-418.9	-225.2	26.3	20.8	95.6	12.9	2.0	1.8	-65.0	24.6	25.5
Net Margin	-16.68%	-44.73%	-9.18%	0.60%	0.45%	1.53%	0.37%	0.06%	0.05%	-8.85%	1.21%	1.44%

Drivers of VPG's profit

TTM

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

Selling expenses ↓ 150.9bn

Gross profit ↓ 760.0bn

Financial income ↓ 109.1bn

TTM

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

Selling expenses ↓ 29.7bn

Finance costs ↓ 17.3bn

Administrative expenses ↓ 16.2bn

Gross profit ↓ 96.9bn

Financial income ↓ 23.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.4% = 0.7% × 2.48 × 4.57

2026Q1 -50.1% = -8.2% × 1.61 × 3.81

ROE fell from 8.4% to -50.1% — all three components weakened, with asset turnover being the main drag.

Net margin: -8.2% -8.9pp Asset turnover: 1.61x -0.87x Leverage: 3.81x -0.76x

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 -8.17%, losing 8.9pp. The main pressure comes from Gross margin fell 5.2pp and SG&A / Revenue rose 1.0pp (with lingering pressure from Net financial result / Revenue fell 1.9pp).

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

Profitability trend

Net Margin -8.17% −8.9pp

Gross Margin -1.69% −5.2pp

SG&A / Revenue 2.86% +1.0pp

Non-core / Revenue -3.26% −2.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 2.6pp, financial result still accounts for 41.8% 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 -15.81%, losing 19.1pp. That translates to -15.81 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 7.8pp and capital turnover fell 2.13x, while invested capital contracted by 496bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently -15.81% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -15.81% −19.1pp

NOPAT Margin -7.02% −7.8pp

Capital Turnover 2.25x −2.13x

Average Invested Capital 3,529.4bn −496.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.32x equity, net debt at 1.09x equity.

Inventory ended the period at 406.7bn, roughly 12.2% of total assets.

Over the last 12 months, working capital released 2,443.5bn 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: +782.1bn

Inventories decreased → higher CFO: +2,129.1bn

Payables decreased → lower CFO: −467.7bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 34.8 days versus the same period last year. The main moves came from DIO rose 14.1 days, DSO rose 32.5 days, and DPO rose 11.8 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 110.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +32.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 72.5 days +32.5 days

Inventory 68.9 days +14.1 days

Payables 30.6 days +11.8 days

Cash Conversion Cycle 110.8 days +34.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.09x and interest coverage only at -2.08x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.6% of debt, and total debt stands at 915.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.09x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -2.08x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.09x −1.10x

Interest Coverage -2.08x −2.65x

Cash / Debt 1.6% −19.1pp

Short-term Debt / Total Debt 100.0% +3.8pp

CFO / NI -3.26x −4.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 759.5bn in 2025, against investing cash flow of 520.3bn.

Post-investment cash flow was positive +1,279.9bn. Financing cash flow was negative +2,785.0bn.

CFO / net income was -3.26x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 2,140.5bn +2,000.9bn

Cash Capex — —

FCF TTM — —

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. 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 8.9 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 33.1% of PBT and CFO / net income currently at -3.26x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -8.17% after a 8.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	12,478.2	16,257.2	6,337.7	5,524.7	3,883.1
Revenue Deductions	92.7	0.0	0.0	0.0	0.0
Net Revenue	12,385.5	16,257.2	6,337.7	5,524.7	3,863.6
Cost of Goods Sold	12,423.0	15,620.0	5,951.4	5,259.2	0.0
Gross Profit	-37.5	637.2	386.3	265.5	673.9
Financial Income	90.5	166.3	72.7	79.1	25.0
Financial Expenses	289.6	313.5	251.2	148.9	-50.8
Interest Expense	218.6	206.9	114.4	54.1	-34.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	107.3	238.3	106.0	85.7	-113.6
General and Administrative Expenses	165.8	105.9	71.6	76.9	-27.3
Operating Profit	-509.7	145.8	30.2	33.1	507.2
Other Income	31.3	10.8	10.5	56.7	0.0
Other Expenses	84.3	17.5	13.5	9.1	0.0
Other Profit	-53.0	-6.7	-3.0	47.6	20.4
Profit Before Tax	-562.7	139.1	27.2	80.7	527.6
Current Income Tax Expense	24.6	42.9	8.0	18.2	-106.3
Deferred Income Tax Expense	9.8	-12.6	-0.2	-0.0	0.0
Net Income	-597.0	108.8	19.4	62.5	421.3
Non-controlling Interest	9.8	10.0	-0.1	-0.0	-0.0
Profit Attributable to Parent	-606.8	98.8	19.5	62.5	421.3
Earnings per Share	-6,863.00	1,061.00	220.00	741.00	9,185.00
Diluted EPS	-6,863.00	1,117.09	231.11	779.73	9,770.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,254.5	7,823.2	6,461.2	5,002.8	2,153.4
I. Cash and cash equivalents	123.7	1,628.1	1,532.1	1,529.3	748.4
1. Cash	29.0	1,470.0	528.9	312.3	0.0
2. Cash equivalents	94.6	158.1	1,003.3	1,217.0	0.0
II. Short-term financial investments	—	0.3	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.3	0.0	0.0	0.0
III. Short-term receivables	2,711.5	2,796.2	1,874.2	1,509.9	658.4
1. Short-term trade accounts receivable	1,088.6	1,784.8	360.6	909.0	0.0
2. Short-term prepayments to suppliers	1,198.5	857.4	1,353.1	562.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	566.6	206.0	201.8	73.4	0.0
7. Provision for short-term doubtful debts (*)	-142.2	-51.9	-41.4	-35.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	406.7	3,357.3	2,994.5	1,879.8	709.5
1. Inventories	662.9	3,357.3	2,994.5	1,879.8	0.0
2. Provision for decline in value of inventories	-256.2	0.0	0.0	0.0	0.0
V. Other short-term assets	12.6	41.4	60.4	83.9	37.1
1. Short-term prepayments	9.9	15.6	5.4	0.1	0.0
2. Value added tax to be reclaimed	0.5	24.3	52.7	83.5	0.0
3. Taxes and other receivables from state authorities	2.2	1.4	2.3	0.3	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)	85.2	633.6	694.3	974.7	230.5
I. Long-term receivables	0.6	0.6	0.6	300.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.6	0.6	0.6	300.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	67.8	357.9	51.6	53.0	18.7
1. Tangible fixed assets	32.0	24.9	15.8	17.1	18.7
- Cost	74.7	70.4	57.7	59.3	0.0
- Accumulated depreciation	-42.8	-45.5	-42.0	-42.2	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	35.8	333.0	35.8	35.8	0.0
- Cost	35.8	333.0	35.8	35.8	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	141.6	0.0	0.0	0.0
- Cost	—	142.9	0.0	0.0	0.0
- Accumulated depreciation	—	-1.3	0.0	0.0	0.0
IV. Long-term assets in progress	6.5	75.9	482.5	462.1	50.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.5	75.9	482.5	462.1	0.0
V. Long-term financial investments	4.0	37.5	157.8	157.8	157.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	33.5	147.8	147.8	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	4.0	4.0	10.0	10.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.3	20.1	1.8	1.4	0.0
1. Long-term prepayments	3.4	7.3	1.7	1.3	0.0
2. Deferred income tax assets	3.0	12.7	0.2	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.7
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)	3,339.7	8,456.9	7,155.4	5,977.5	2,383.9
A. LIABILITIES (300=210+330)	2,334.9	6,855.1	5,662.5	4,496.8	1,470.5
I. Short -term liabilities	2,173.9	6,668.5	5,276.5	4,055.3	1,470.5
1. Short-term trade accounts payable	107.9	1,946.6	346.5	498.5	85.3
2. Short-term advances from customers	168.9	158.5	823.6	347.0	182.1
3. Taxes and other payables to state authorities	113.5	48.2	5.0	24.4	0.0
4. Payable to employees	2.6	4.2	3.3	2.8	0.0
5. Short-term acrrued expenses	16.1	19.3	2.2	2.1	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	—	7.9	0.0	0.0	0.0
9. Other short-term payables	75.4	35.1	2,351.2	1,914.6	0.0
10. Short-term borrowings and financial leases	1,675.1	4,431.7	1,720.3	1,239.7	512.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	14.3	17.0	24.2	26.2	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	161.0	186.6	386.0	441.5	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	10.2	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	161.0	176.3	386.0	441.5	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	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)	1,004.8	1,601.8	1,493.0	1,480.7	913.4
I. Owner's equity	1,004.8	1,601.8	1,493.0	1,480.7	0.0
1. Owner's capital	884.2	884.2	842.1	802.0	913.4
- Common stock with voting right	884,157,510,000.00	884,157,510,000.00	842,070,710,000.00	801,983,360,000.00	431,196,880,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	237.8	237.8	237.8	237.8	-0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	27.3	27.3	27.3	21.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-194.3	412.5	355.8	389.8	482.4
- Accumulated retained earning at the end of the previous period	412.5	313.7	336.4	331.3	61.1
- Undistributed earnings in this period	-606.8	98.8	19.5	58.5	421.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	49.7	40.0	29.9	30.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,339.7	8,456.9	7,155.4	5,977.5	2,383.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	-562.7	139.1	27.2	80.7	527.6
Depreciation of Fixed Assets and Investment Property	11.9	6.5	5.7	6.1	6.2
Provision (Increase)/Reversal	346.5	10.5	6.2	35.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	13.8	0.6	3.3	-42.4	0.0
Gain/Loss from Investment Activities	-23.0	-10.1	-37.4	-30.1	0.0
Interest Expense	218.6	206.9	114.4	54.1	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	5.0	353.5	119.3	103.6	556.5
Increase/(Decrease) in Receivables	-414.8	-927.3	-42.8	-1,253.8	0.0
Increase/(Decrease) in Inventory	2,694.3	-380.7	-1,106.1	-1,151.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,261.3	980.9	769.5	1,939.0	0.0
Increase/(Decrease) in Prepaid Expenses	12.7	8.9	-5.7	2.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-217.9	-222.2	-122.3	-53.2	0.0
Corporate Income Tax Paid	-58.5	-13.5	-14.2	-86.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-7.2	-5.1	-2.6	0.0
Net Cash Flow from Operating Activities	759.5	-207.6	-407.4	-502.6	281.1
Payments for Fixed Assets and Other Long-term Assets	-21.8	-34.4	-25.6	-454.3	-44.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	506.1	0.7	0.2	1.7	0.0
Loans and Purchases of Debt Instruments	—	-0.3	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.3	6.0	0.0	0.0	10.1
Investments in Other Entities	—	0.0	0.0	-54.0	0.0
Proceeds from Investments in Other Entities	33.5	114.3	0.0	56.0	0.0
Dividends and Interest Income Received	2.3	15.3	39.0	26.7	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	520.3	101.6	13.7	-423.9	-19.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	565,957,770,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,921.5	14,871.2	3,319.5	2,689.8	1,522.8
Repayment of Borrowings	-12,706.5	-14,673.9	-2,919.3	-1,521.2	-1,258.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-3.3	-33.2	-24.5
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	-2,785.0	197.3	396.9	1,701.5	240.0
Net Cash Flow During the Period	-1,505.2	91.3	3.1	775.0	-153.7
Cash and Cash Equivalents at Beginning of Period	1,628.1	1,532.1	1,529.3	748.4	246.4
FX Difference from Revaluation	0.7	4.7	-0.3	5.9	0.0
Cash and Cash Equivalents at End of Period	123.7	1,628.1	1,532.1	1,529.3	748.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	191.2	936.6	2,546.7	4,370.4	4,624.6	6,259.1	3,464.6	3,289.1	3,244.3	734.3	2,034.9	1,774.8
Revenue Deductions	—	—	92.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	191.2	936.6	2,454.1	4,370.4	4,624.6	6,259.1	3,464.6	3,289.1	3,244.3	734.3	2,034.9	1,774.8
Cost of Goods Sold	195.8	1,146.4	2,504.4	4,240.0	4,532.2	6,027.4	3,340.3	3,111.8	3,141.1	693.6	1,915.0	1,674.5
Gross Profit	-4.6	-209.8	-50.3	130.4	92.3	231.7	124.3	177.3	103.2	40.7	119.9	100.4
Financial Income	1.7	24.1	5.8	35.4	25.6	60.7	51.0	38.8	15.0	21.5	12.9	24.1
Financial Expenses	23.0	43.5	98.8	107.3	40.3	69.3	90.3	97.3	56.5	93.7	56.8	45.9
Interest Expense	23.0	41.0	53.1	84.5	38.2	56.3	24.4	26.1	24.1	29.3	27.5	29.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	14.1	40.9	22.4	29.7	73.3	45.3	79.9	39.1	16.5	28.2	31.8
General and Administrative Expenses	6.0	104.0	14.2	25.4	22.2	26.5	20.7	38.1	19.8	21.1	16.5	15.1
Operating Profit	-31.9	-347.4	-198.4	10.7	25.6	123.2	19.1	0.9	2.8	-69.1	31.3	31.6
Other Income	1.2	4.6	1.0	24.1	1.5	2.8	1.6	5.2	0.4	1.2	1.2	0.9
Other Expenses	1.0	62.4	19.6	1.6	0.8	6.0	3.8	3.2	0.5	11.3	1.4	0.4
Other Profit	0.2	-57.8	-18.6	22.6	0.8	-3.2	-2.1	2.0	-0.1	-10.1	-0.2	0.5
Profit Before Tax	-31.7	-405.2	-217.0	33.3	26.4	120.0	17.0	2.9	2.7	-79.2	31.1	32.1
Current Income Tax Expense	—	4.8	7.9	6.7	5.3	24.5	3.8	0.9	1.0	-14.1	6.5	6.7
Deferred Income Tax Expense	0.2	8.9	0.3	0.3	0.3	0.0	0.3	-0.0	-0.1	-0.0	-0.0	-0.1
Net Income	-31.9	-418.9	-225.2	26.3	20.8	95.6	12.9	2.0	1.8	-65.0	24.6	25.5
Non-controlling Interest	-0.0	2.3	3.1	2.4	1.9	9.2	0.9	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	-31.9	-421.2	-228.3	23.9	19.0	86.4	11.9	2.1	1.8	-65.0	24.6	25.5
Earnings per Share	-361.00	-6,863.00	-2,099.00	270.00	215.00	1,025.00	142.00	24.00	21.00	-733.00	280.00	302.00
Diluted EPS	-360.52	-4,764.14	-2,582.37	269.96	214.53	976.66	134.90	24.41	21.27	-771.60	292.21	318.37

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)	2,280.2	3,254.5	3,874.8	6,901.9	6,872.6	7,826.0	6,032.4	6,534.2	5,999.6	6,461.2	4,831.0	3,867.3
I. Cash and cash equivalents	14.7	123.7	359.5	308.8	927.4	1,628.1	787.8	526.2	648.0	1,532.1	1,339.0	554.6
1. Cash	13.7	29.0	350.5	303.1	864.0	1,470.0	593.7	115.2	104.4	528.9	750.7	100.3
2. Cash equivalents	1.0	94.6	9.0	5.6	63.4	158.1	194.1	411.0	543.5	1,003.3	588.3	454.3
II. Short-term financial investments	—	—	—	—	—	0.3	0.3	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.3	0.3	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	2,040.0	2,711.5	2,587.6	3,661.2	3,323.5	2,796.6	2,408.6	2,327.1	2,768.9	1,874.2	2,201.8	1,433.7
1. Short-term trade accounts receivable	956.9	1,088.6	1,334.3	2,644.4	2,201.2	1,785.0	1,060.5	1,168.9	1,657.5	360.6	1,115.8	721.7
2. Short-term prepayments to suppliers	1,169.5	1,198.5	1,202.1	816.5	1,026.8	857.4	1,058.5	982.3	1,001.3	1,353.1	1,121.9	664.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	55.8	566.6	103.0	252.2	147.3	206.1	341.6	228.0	151.5	201.8	1.7	82.6
7. Provision for short-term doubtful debts (*)	-142.2	-142.2	-51.9	-51.9	-51.9	-51.9	-51.9	-52.2	-41.4	-41.4	-37.6	-35.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	212.8	406.7	908.2	2,899.6	2,585.6	3,372.1	2,795.2	3,585.7	2,528.2	2,994.5	1,262.8	1,859.4
1. Inventories	469.0	662.9	908.2	2,899.6	2,585.6	3,372.1	2,795.2	3,585.7	2,528.2	2,994.5	1,262.8	1,859.4
2. Provision for decline in value of inventories	-256.2	-256.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	12.8	12.6	19.5	32.3	36.1	28.9	40.4	95.1	54.5	60.4	27.4	19.5
1. Short-term prepayments	9.8	9.9	16.9	28.5	12.5	3.1	2.5	12.1	3.3	5.4	1.4	2.3
2. Value added tax to be reclaimed	0.8	0.5	1.2	0.5	21.9	24.3	34.9	74.8	46.4	52.7	18.5	14.3
3. Taxes and other receivables from state authorities	2.2	2.2	1.3	3.3	1.8	1.4	3.1	8.2	4.8	2.3	7.6	2.9
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	82.5	85.2	640.4	645.7	651.6	620.5	604.6	722.3	715.8	694.3	859.2	977.2
I. Long-term receivables	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.4	0.6	180.9	300.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.4	0.6	180.9	300.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	65.6	67.8	437.6	440.2	356.7	476.0	380.9	54.7	56.1	51.6	52.9	54.4
1. Tangible fixed assets	29.8	32.0	101.5	107.1	23.7	24.5	17.5	18.8	20.2	15.8	17.1	18.6
- Cost	73.8	—	—	—	—	70.4	63.5	63.5	63.5	57.7	57.7	63.7
- Accumulated depreciation	-44.0	—	—	—	—	-45.9	-46.0	-44.6	-43.2	-42.0	-40.6	-45.1
2. Financial leased fixed assets	—	—	—	333.0	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	35.8	35.8	336.2	—	333.0	451.4	363.5	35.8	35.8	35.8	35.8	35.8
- Cost	35.8	—	—	—	—	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
III. Investment properties	—	—	139.5	140.7	223.8	22.4	47.8	48.4	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	6.5	6.5	6.5	6.5	11.2	76.7	131.4	453.6	500.5	482.5	466.9	463.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.5	6.5	6.5	6.5	11.2	76.7	131.4	453.6	500.5	482.5	466.9	463.9
V. Long-term financial investments	4.0	4.0	37.5	37.5	37.5	37.5	37.5	157.8	157.8	157.8	157.8	157.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	33.5	33.5	147.8	147.8	0.0	0.0	0.0
3. Investments in other entities	—	—	33.5	33.5	33.5	33.5	4.0	10.0	10.0	147.8	147.8	147.8
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	4.0	4.0	4.0	4.0	4.0	4.0	0.0	0.0	0.0	10.0	10.0	10.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5.8	6.3	18.7	20.3	21.7	7.3	6.3	7.2	1.0	1.8	0.7	0.6
1. Long-term prepayments	3.0	3.4	6.8	8.1	9.3	7.3	6.3	7.0	0.8	1.7	0.6	0.5
2. Deferred income tax assets	2.7	3.0	11.9	12.2	12.5	0.0	0.0	0.0	0.0	0.2	0.1	0.1
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	0.3	0.2	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,362.7	3,339.7	4,515.2	7,547.6	7,524.2	8,446.5	6,637.0	7,256.4	6,715.4	7,155.4	5,690.2	4,844.4
A. LIABILITIES (300=210+330)	1,389.8	2,334.9	3,091.5	5,898.8	5,901.5	6,841.2	5,127.3	5,759.6	5,220.6	5,662.4	4,139.2	3,305.0
I. Short -term liabilities	1,389.5	2,173.9	2,921.9	5,723.8	5,720.8	6,654.7	4,899.9	5,475.6	4,828.5	5,179.2	3,683.1	2,843.0
1. Short-term trade accounts payable	110.4	107.9	368.0	548.6	1,244.2	1,948.1	409.3	750.3	505.5	346.5	315.8	590.8
2. Short-term advances from customers	168.2	168.9	45.5	134.4	59.7	158.5	295.3	319.5	308.9	823.6	611.2	80.6
3. Dividends and profits payable	10.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	83.1	113.5	48.0	50.9	32.7	31.1	2.8	1.0	1.0	5.0	21.1	15.0
4. Payable to employees	1.0	2.6	2.4	3.2	2.6	4.2	2.2	2.3	2.4	3.3	1.9	1.8
5. Short-term acrrued expenses	21.4	16.1	19.5	20.5	16.1	21.1	153.4	22.8	0.0	2.2	0.5	2.0
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	—	—	7.9	7.9	7.9	7.9	8.3	8.1	61.4	0.0	0.0	0.0
9. Other short-term payables	65.0	75.4	283.7	405.6	25.0	35.1	1,304.0	2,401.4	2,285.2	2,351.2	1,485.4	1,133.0
10. Short-term borrowings and financial leases	915.7	1,675.1	2,132.2	4,537.8	4,317.1	4,431.7	2,705.8	1,949.7	1,642.9	1,623.1	1,222.4	992.1
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	14.3	14.3	14.6	14.8	15.5	17.0	18.7	20.7	21.3	24.2	24.8	27.6
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	0.3	161.0	169.6	174.9	180.7	186.6	227.4	284.0	392.1	483.2	456.1	462.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	4.6	6.3	8.2	10.2	12.2	14.2	15.8	0.0	0.0	0.0
7. Other long-term liabilities	0.3	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	161.0	164.8	168.7	172.5	176.3	215.2	269.8	376.3	483.2	456.1	462.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	972.9	1,004.8	1,423.7	1,648.8	1,622.7	1,605.2	1,509.7	1,496.8	1,494.8	1,493.1	1,551.0	1,539.5
I. Owner's equity	972.9	1,004.8	1,423.7	1,648.8	1,622.7	1,605.2	1,509.7	1,496.8	1,494.8	1,493.1	1,551.0	1,539.5
1. Owner's capital	884.2	884.2	884.2	884.2	884.2	884.2	884.2	842.1	842.1	842.1	842.1	802.0
- Common stock with voting right	884,157,510,000.00	884,157,510,000.00	884,157,510,000.00	884,157,510,000.00	884,157,510,000.00	884,157,510,000.00	884,157,510,000.00	842,070,710,000.00	842,070,710,000.00	842,070,710,000.00	842,070,710,000.00	801,983,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-226.2	-194.3	226.9	455.3	431.5	415.9	329.5	359.7	357.6	355.9	413.8	442.3
- Accumulated retained earning at the end of the previous period	-194.3	412.5	412.5	412.5	412.5	313.7	313.7	355.8	355.8	336.4	336.4	380.4
- Undistributed earnings in this period	-31.9	-606.8	-185.6	42.7	19.0	102.1	15.8	3.8	1.8	19.5	77.5	61.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	49.7	49.7	47.4	44.3	41.8	40.0	30.8	29.9	29.9	29.9	29.9	30.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,362.7	3,339.7	4,515.2	7,547.6	7,524.2	8,446.5	6,637.0	7,256.4	6,715.4	7,155.4	5,690.2	4,844.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-31.7	-405.2	-217.0	33.1	26.4	120.0	17.0	2.9	2.7	-79.2	31.1	29.7
Depreciation of Fixed Assets and Investment Property	1.7	5.5	-0.4	4.8	2.0	1.8	2.0	1.9	1.2	1.4	1.4	1.4
Provision (Increase)/Reversal	—	346.5	—	—	—	0.0	-0.3	10.8	0.0	3.8	0.0	2.5
FX Gain/Loss from Revaluation of Monetary Items	-0.0	12.3	-11.5	12.9	—	-14.3	0.0	12.0	0.0	8.8	0.0	-5.5
Gain/Loss from Investment Activities	-1.0	-26.4	5.3	-0.7	-1.2	-1.6	-1.3	-2.9	-4.4	-10.9	-1.6	-12.4
Interest Expense	23.0	42.9	53.1	84.5	38.2	132.2	24.0	26.0	24.2	3.8	53.0	29.3
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	-8.1	-24.3	-170.5	134.6	65.3	238.1	41.4	50.6	23.7	-72.4	83.9	44.9
Increase/(Decrease) in Receivables	671.4	-722.8	1,147.9	-314.4	-525.4	-379.7	79.0	377.3	-867.2	476.0	-660.8	105.8
Increase/(Decrease) in Inventory	194.0	245.3	1,991.4	-301.5	759.2	-576.9	784.4	-1,051.5	466.3	-1,723.1	596.6	-115.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-34.2	480.0	-711.7	-201.8	-827.8	1,255.6	-253.1	343.5	-363.6	1,127.2	590.5	-443.3
Increase/(Decrease) in Prepaid Expenses	0.4	10.5	12.9	-27.4	16.6	5.2	10.2	-14.9	3.0	-5.2	0.9	2.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.7	-41.4	-48.1	-85.8	-42.7	-131.4	-37.0	-17.6	-32.9	-10.7	-54.5	-27.9
Corporate Income Tax Paid	—	-5.7	-9.6	-28.6	-14.6	-3.3	-1.6	-3.6	-5.0	-2.0	0.0	-1.0
Other Operating Receipts	0.3	—	—	—	—	0.0	0.0	2.9	-2.9	0.0	0.0	0.0
Other Operating Payments	-0.1	—	-0.5	—	-1.5	-1.7	-1.9	-3.5	0.0	6.5	-9.9	-0.4
Net Cash Flow from Operating Activities	810.0	-56.4	2,210.2	-823.3	-570.9	405.8	621.5	-316.7	-778.5	-203.6	546.9	-435.1
Payments for Fixed Assets and Other Long-term Assets	—	3.5	-12.3	0.2	-13.2	-3.3	-5.5	-1.9	-23.8	-15.6	-3.9	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	505.6	0.5	—	—	0.7	0.0	0.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	-0.3	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.3	0.0	6.0	0.0	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
Proceeds from Investments in Other Entities	—	33.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.4	1.9	-1.8	0.6	1.5	5.9	1.5	3.5	4.4	9.3	3.4	13.8
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	1.4	544.5	-13.5	0.8	-11.4	3.3	1.8	1.6	-19.4	-6.1	-0.5	12.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	80.7	1,211.8	4,890.7	3,738.3	9,970.6	2,183.8	1,574.0	1,140.4	907.9	1,046.5	593.9
Repayment of Borrowings	-920.4	-805.1	-3,357.4	-4,687.3	-3,856.7	-9,544.1	-2,545.5	-1,379.8	-1,227.4	-505.0	-805.1	-922.6
Repayment of Finance Leases	—	—	—	—	—	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	-3.3	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	-920.4	-724.4	-2,145.6	203.3	-118.4	426.5	-361.7	194.2	-87.1	402.9	238.0	-328.7
Net Cash Flow During the Period	-109.0	-236.3	51.0	-619.2	-700.7	835.6	261.6	-120.9	-885.0	193.1	784.4	-751.1
Cash and Cash Equivalents at Beginning of Period	123.7	359.5	308.8	927.4	1,628.1	1,532.1	1,532.1	1,532.1	1,532.1	1,529.3	1,529.3	1,529.3
FX Difference from Revaluation	0.0	0.7	0.3	0.5	—	4.7	0.0	-0.8	0.8	-0.1	0.0	-0.3
Cash and Cash Equivalents at End of Period	14.7	123.7	359.5	308.8	927.4	1,628.1	787.8	526.2	648.0	1,532.1	1,339.0	554.6

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VPG

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