VSF

Tổng Công ty Lương thực Miền Nam - CTCP ·UPCOM ·2026Q1

▲ Slightly positive

Cash generation is recovering CFO/NPAT 3004 bn, +1020 bn YoY

Price

26,000

Latest close

03 Jun 2026

P/E 433.33x

P/B 5.29x

EPS 60

BVPS 4,912

ROE 1.2%

ROA 0.4%

Profit Margin 0.2%

Asset Turnover 1.96x

Equity Mult. 3.40x

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

What Is Changing

On a TTM 2026Q1 basis, VSF has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.

	                            
	                                TTM REVENUE
	                            
	                                    VND 16,266bn
	                                
−49.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 63bn
	                                
+42.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	17,813.5	21,460.1	23,030.7	17,303.5	16,487.0
Growth	-17%	-7%	+33%	+5%	—
Net Income	62.0	29.8	62.3	21.1	-327.1
Net Margin	0.35%	0.14%	0.27%	0.12%	-1.98%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,949.3	3,220.5	3,807.0	6,289.2	4,496.9	4,955.0	16,505.1	6,445.3	4,797.4	4,365.5	7,328.2	6,867.5
Growth	-8%	-15%	-39%	+40%	-9%	-70%	+156%	+34%	+10%	-40%	+7%	—
Net Income	5.0	21.3	18.5	18.3	4.0	2.2	27.5	10.7	10.0	31.1	21.7	9.4
Net Margin	0.17%	0.66%	0.49%	0.29%	0.09%	0.04%	0.17%	0.17%	0.21%	0.71%	0.30%	0.14%

Drivers of VSF's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 690.4bn

Finance costs ↓ 275.9bn

Administrative expenses ↓ 171.9bn

Tax ↓ 14.1bn

Gross profit ↓ 917.9bn

Financial income ↓ 147.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 102.2bn

Finance costs ↓ 47.7bn

Minority interests ↓ 0.2bn

Gross profit ↓ 122.5bn

Financial income ↓ 17.4bn

Administrative expenses ↑ 4.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.8% = 0.1% × 3.04 × 4.34

2026Q1 2.6% = 0.4% × 1.96 × 3.40

ROE rose from 1.8% to 2.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 0.4% +0.3pp Asset turnover: 1.96x -1.08x Leverage: 3.40x -0.95x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.39%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 0.39% +0.3pp

Gross Margin 10.20% +2.2pp

SG&A / Revenue 9.32% +2.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 1.02%, rising 1.0pp. That translates to 1.02 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover fell 1.08x; while invested capital contracted by 2,491bn.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 1.02% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.02% +1.0pp

NOPAT Margin 0.32% +0.3pp

Capital Turnover 3.16x −1.08x

Average Invested Capital 5,141.2bn −2,491.2bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.87x equity, net debt at 0.49x equity.

Inventory ended the period at 1,481.2bn, roughly 21.1% of total assets.

Over the last 12 months, working capital released 2,840.4bn 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: +660.5bn

Inventories decreased → higher CFO: +2,214.5bn

Payables decreased → lower CFO: −34.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 23.0 days versus the same period last year. The main moves came from DIO rose 10.2 days, DSO rose 13.7 days, and DPO rose 0.9 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 102.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +13.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 33.3 days +13.7 days

Inventory 74.6 days +10.2 days

Payables 4.9 days +0.9 days

Cash Conversion Cycle 102.9 days +23.0 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.49x and interest coverage only at 0.41x.

At present, short-term debt accounts for 99.7% of total debt, cash equals 43.7% of debt, and total debt stands at 2,158.1bn.

Watchpoints

Interest coverage is thin

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

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.49x −1.22x

Interest Coverage 0.41x +0.40x

Cash / Debt 43.7% +30.1pp

Short-term Debt / Total Debt 99.7% −0.2pp

CFO / NI 102.49x −13537.74x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 491.8bn in 2025, against investing cash flow of -49.5bn.

Post-investment cash flow was positive +442.3bn. Financing cash flow was positive +532.4bn.

CFO / net income was 102.49x.

After spending +33.5bn on fixed-asset investment, the business generated trailing free cash flow of +3,004.0bn.

Cash Conversion

CFO TTM 3,037.6bn +1,012.6bn

Cash Capex 33.5bn −7.4bn

FCF TTM +3,004.0bn +1,020.0bn

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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is 16.3%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.0%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 1,020.0bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 102.49x. Even so, net financial result still accounts for 16.3% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	17,835.4	21,477.4	23,058.4	17,319.2	16,501.2
Revenue Deductions	21.8	17.4	27.7	15.7	0.0
Net Revenue	17,813.5	21,460.1	23,030.7	17,303.5	16,487.0
Cost of Goods Sold	16,031.9	19,828.3	21,212.0	15,791.5	0.0
Gross Profit	1,781.6	1,631.7	1,818.7	1,512.0	956.3
Financial Income	119.1	165.0	226.2	184.9	84.8
Financial Expenses	225.1	296.0	386.6	294.4	-162.5
Interest Expense	126.0	191.5	184.8	128.5	-96.7
Share of Associates and Joint Ventures	7.0	7.7	7.1	4.9	-3.9
Selling Expenses	1,108.6	1,058.1	1,066.6	979.8	-827.3
General and Administrative Expenses	505.5	446.7	528.8	402.3	-372.9
Operating Profit	68.4	3.7	69.9	25.4	-325.5
Other Income	25.9	108.1	92.4	42.6	0.0
Other Expenses	8.2	52.7	69.9	20.4	0.0
Other Profit	17.8	55.4	22.5	22.2	23.0
Profit Before Tax	86.2	59.1	92.3	47.6	-302.5
Current Income Tax Expense	24.4	28.8	29.0	24.4	-24.6
Deferred Income Tax Expense	-0.2	0.5	1.0	2.1	0.0
Net Income	62.0	29.8	62.3	21.1	-327.1
Non-controlling Interest	33.6	25.5	39.2	30.3	25.1
Profit Attributable to Parent	28.4	4.3	23.1	-9.2	-352.2
Earnings per Share	57.00	9.00	46.00	-18.00	-724.00
Diluted EPS	56.82	8.62	46.26	-18.45	-704.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,648.8	2,825.6	2,618.3	4,851.8	2,674.9
I. Cash and cash equivalents	1,242.5	268.1	503.4	1,477.5	281.9
1. Cash	386.5	240.1	447.4	1,268.2	0.0
2. Cash equivalents	856.0	28.0	56.0	209.3	0.0
II. Short-term financial investments	78.0	55.0	46.5	63.5	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
3. Held to maturity investments	78.0	55.0	46.5	63.5	0.0
III. Short-term receivables	481.3	686.2	528.2	1,976.1	808.3
1. Short-term trade accounts receivable	538.5	768.8	616.0	2,037.4	0.0
2. Short-term prepayments to suppliers	396.1	374.7	381.4	408.8	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	145.4	141.9	130.4	135.8	0.0
7. Provision for short-term doubtful debts (*)	-1,254.1	-1,257.6	-1,268.2	-1,277.1	0.0
8. Assets awaiting resolution	655.4	658.4	668.6	671.2	0.0
IV. Inventories	1,481.2	1,606.2	1,328.1	1,145.2	1,308.6
1. Inventories	1,508.7	1,629.2	1,370.1	1,172.1	0.0
2. Provision for decline in value of inventories	-27.5	-22.9	-42.0	-26.8	0.0
V. Other short-term assets	365.9	210.2	212.1	189.4	172.1
1. Short-term prepayments	14.1	12.0	9.4	8.6	0.0
2. Value added tax to be reclaimed	341.9	192.3	196.7	174.9	0.0
3. Taxes and other receivables from state authorities	9.8	5.8	6.0	5.9	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)	3,378.6	3,502.2	3,614.4	3,675.2	3,874.5
I. Long-term receivables	677.5	655.5	626.3	608.3	0.0
1. Long-term trade receivables	675.6	654.5	625.5	607.8	588.5
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	1.9	1.0	0.8	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,315.8	2,444.3	2,583.8	2,658.9	2,796.9
1. Tangible fixed assets	1,568.5	1,686.5	1,803.9	1,875.6	2,009.6
- Cost	6,071.0	6,098.5	6,102.1	6,127.7	0.0
- Accumulated depreciation	-4,502.5	-4,412.0	-4,298.2	-4,252.1	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	747.3	757.8	779.9	783.3	787.2
- Cost	802.3	812.4	838.1	838.0	0.0
- Accumulated depreciation	-55.0	-54.6	-58.2	-54.7	0.0
III. Investment properties	19.2	19.6	20.0	20.4	20.7
- Cost	49.6	49.6	49.6	49.6	0.0
- Accumulated depreciation	-30.4	-30.0	-29.6	-29.2	0.0
IV. Long-term assets in progress	13.9	17.2	19.1	34.3	19.6
1. Long-term production in progress	—	0.0	4.1	4.2	0.0
2. Construction in progress	13.9	17.2	15.0	30.1	0.0
V. Long-term financial investments	147.2	143.5	140.9	136.7	230.7
1. Investments in subsidiaries	28.8	28.8	28.8	28.8	0.0
2. Investments in associates, joint-ventures	91.4	87.7	85.1	83.0	0.0
3. Investments in other entities	90.6	90.6	90.6	90.6	0.0
4. Provision for diminution in value of long-term investments	-63.5	-63.5	-63.5	-65.7	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	205.0	222.2	224.2	216.7	0.0
1. Long-term prepayments	205.0	222.2	224.1	216.5	0.0
2. Deferred income tax assets	—	0.0	0.1	0.2	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	218.1
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)	7,027.4	6,327.9	6,232.7	8,527.1	6,549.4
A. LIABILITIES (300=210+330)	4,576.5	3,898.3	3,768.6	6,073.0	3,971.3
I. Short -term liabilities	3,162.0	2,511.6	2,393.6	4,700.8	2,651.4
1. Short-term trade accounts payable	180.2	149.7	450.6	1,613.3	194.2
2. Short-term advances from customers	180.2	122.7	89.7	121.3	205.7
3. Taxes and other payables to state authorities	33.8	31.0	28.7	24.9	0.0
4. Payable to employees	96.8	83.9	86.5	75.3	0.0
5. Short-term acrrued expenses	96.7	100.0	74.6	64.5	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	13.0	13.2	14.4	13.4	13.9
9. Other short-term payables	161.2	165.2	182.1	210.8	0.0
10. Short-term borrowings and financial leases	2,353.3	1,798.9	1,392.8	2,553.1	1,898.7
11. Provision for short-term liabilities	28.7	24.3	55.0	1.4	0.0
12.. Bonus and welfare fund	18.1	22.8	19.3	22.7	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	1,414.6	1,386.8	1,375.0	1,372.2	1,319.9
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	11.6	10.9	25.7	40.5	7.4
7. Other long-term liabilities	1,292.2	1,265.6	1,236.5	1,218.3	0.0
8. Long-term borrowings and financial leases	3.4	2.8	5.7	7.2	6.2
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	107.3	107.4	107.1	106.2	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)	2,450.8	2,429.5	2,464.1	2,454.1	2,578.1
I. Owner's equity	2,450.8	2,429.5	2,464.1	2,454.1	0.0
1. Owner's capital	5,000.0	5,000.0	5,000.0	5,000.0	2,578.1
- Common stock with voting right	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.9	2.9	2.9	2.9	2.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	22.1	22.1	22.1	22.1	11.9
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-214.9	-214.9	-214.9	-214.9	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	37.2	36.4	35.2	31.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	231.8	231.8	231.8	231.8	0.0
11. Undistributed earnings after tax	-2,771.6	-2,788.9	-2,778.6	-2,786.0	-2,653.8
- Accumulated retained earning at the end of the previous period	-2,800.0	-2,793.2	-2,801.7	-2,776.7	-2,288.8
- Undistributed earnings in this period	28.4	4.3	23.1	-9.2	-364.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	143.3	140.1	165.6	166.3	110.2
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)	7,027.4	6,327.9	6,232.7	8,527.1	6,549.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	86.2	59.1	92.3	47.6	-64.9
Depreciation of Fixed Assets and Investment Property	141.7	144.2	149.6	153.4	309.3
Provision (Increase)/Reversal	5.4	-60.2	57.6	-80.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.1	20.4	-57.9	4.2	0.0
Gain/Loss from Investment Activities	-19.7	-38.5	-26.4	-69.7	0.0
Interest Expense	126.0	191.5	184.8	128.5	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	340.6	316.5	400.0	184.1	233.2
Increase/(Decrease) in Receivables	62.8	-159.6	1,475.7	-1,206.0	0.0
Increase/(Decrease) in Inventory	120.5	-254.9	-198.1	244.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	114.5	-274.8	-1,235.5	1,374.4	0.0
Increase/(Decrease) in Prepaid Expenses	18.0	-0.7	-8.4	1.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-127.0	-185.2	-176.4	-120.5	0.0
Corporate Income Tax Paid	-28.2	-28.0	-25.7	-19.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-9.4	-11.2	-3.0	-22.1	0.0
Net Cash Flow from Operating Activities	491.8	-597.9	228.6	437.5	-603.2
Payments for Fixed Assets and Other Long-term Assets	-43.8	-15.0	-52.9	-28.0	-27.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	27.4	14.3	8.5	41.5
Loans and Purchases of Debt Instruments	-133.0	-114.5	-117.5	-177.5	-60.0
Receipts from Loan Repayments and Sale of Debt Instruments	110.0	106.0	134.5	218.5	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	117.1	0.0
Dividends and Interest Income Received	15.7	5.5	16.1	13.2	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	-49.5	9.4	-5.5	151.6	-43.6
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	12,240.4	16,380.5	14,541.1	8,375.7	9,584.6
Repayment of Borrowings	-11,685.3	-15,985.8	-15,706.4	-7,720.4	-9,138.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-22.8	-41.6	-31.8	-39.8	-0.4
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	532.4	353.1	-1,197.1	615.6	445.9
Net Cash Flow During the Period	974.6	-235.4	-973.9	1,204.7	26.0
Cash and Cash Equivalents at Beginning of Period	268.1	503.4	1,477.5	281.4	483.6
FX Difference from Revaluation	-0.2	0.1	-0.2	-8.6	-0.8
Cash and Cash Equivalents at End of Period	1,242.5	268.1	503.4	1,477.5	281.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,954.0	3,231.5	3,812.7	6,292.8	4,498.4	4,962.8	16,514.7	6,448.3	4,801.6	4,387.8	7,330.2	6,869.3
Revenue Deductions	4.7	11.0	5.7	3.6	1.5	7.8	9.6	3.0	4.1	22.3	2.0	1.8
Net Revenue	2,949.3	3,220.5	3,807.0	6,289.2	4,496.9	4,955.0	16,505.1	6,445.3	4,797.4	4,365.5	7,328.2	6,867.5
Cost of Goods Sold	2,624.0	2,898.7	3,411.1	5,673.1	4,049.1	4,639.7	15,188.6	5,947.8	4,387.6	4,044.4	6,699.1	6,285.8
Gross Profit	325.4	321.8	395.9	616.1	447.8	315.3	1,316.5	497.5	409.8	321.1	629.1	581.6
Financial Income	6.9	25.7	30.1	42.1	24.3	27.9	137.2	62.9	31.4	53.1	62.8	45.6
Financial Expenses	25.1	28.9	39.7	86.9	72.8	89.9	205.1	88.7	48.8	44.5	165.3	100.2
Interest Expense	17.6	25.2	28.7	43.3	28.8	38.0	154.1	70.9	35.1	31.0	58.5	59.0
Share of Associates and Joint Ventures	1.2	1.3	1.7	2.4	1.7	1.5	6.1	1.5	2.1	1.0	2.9	2.1
Selling Expenses	205.4	124.5	259.9	416.5	307.6	204.4	852.5	332.2	268.6	183.8	326.6	375.5
General and Administrative Expenses	94.8	178.2	99.8	137.3	90.3	69.7	379.5	142.6	110.6	100.5	185.9	148.4
Operating Profit	8.3	17.2	28.3	19.8	3.1	-19.3	22.7	-1.6	15.3	46.4	17.0	5.3
Other Income	2.7	14.7	-4.4	8.4	7.2	72.0	36.1	18.9	3.1	52.6	15.1	13.3
Other Expenses	0.6	1.6	0.6	4.1	1.8	36.4	16.5	0.8	3.7	53.0	5.2	3.9
Other Profit	2.1	13.1	-5.1	4.2	5.5	35.6	19.7	18.1	-0.6	-0.4	9.9	9.4
Profit Before Tax	10.3	30.4	23.3	24.1	8.6	16.3	42.4	16.5	14.7	46.0	26.9	14.7
Current Income Tax Expense	5.4	9.2	4.8	5.8	4.6	14.0	14.8	5.8	4.7	14.0	5.2	5.2
Deferred Income Tax Expense	—	-0.2	—	—	—	0.1	0.1	0.0	0.0	0.9	0.0	0.0
Net Income	5.0	21.3	18.5	18.3	4.0	2.2	27.5	10.7	10.0	31.1	21.7	9.4
Non-controlling Interest	9.2	8.5	5.4	10.3	9.3	0.8	24.8	9.4	8.8	11.5	11.3	8.8
Profit Attributable to Parent	-4.2	12.8	13.1	8.0	-5.3	1.5	2.8	1.3	1.2	19.6	10.3	0.7
Earnings per Share	-8.00	26.00	26.00	16.00	-11.00	3.00	6.00	3.00	2.00	39.00	21.00	1.00
Diluted EPS	-8.42	25.58	26.12	16.00	-10.67	2.90	5.53	2.54	2.37	39.22	20.66	1.36

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)	3,635.7	3,648.8	4,214.3	3,929.3	6,174.7	2,823.7	5,246.0	6,017.7	8,079.4	2,618.2	4,985.3	5,205.7
I. Cash and cash equivalents	942.9	1,242.5	819.4	691.9	654.5	268.0	421.7	668.7	439.8	503.4	1,009.2	662.5
1. Cash	872.9	386.5	313.4	634.0	599.6	240.0	354.2	645.2	409.4	447.4	859.0	529.8
2. Cash equivalents	70.0	856.0	506.0	57.9	54.9	28.0	67.5	23.5	30.4	56.0	150.2	132.8
II. Short-term financial investments	110.8	78.0	56.0	66.0	66.0	55.0	61.5	59.5	59.5	46.5	51.5	66.0
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
3. Held to maturity investments	110.8	78.0	56.0	66.0	66.0	55.0	61.5	59.5	59.5	46.5	51.5	66.0
III. Short-term receivables	416.1	481.3	1,100.9	1,152.5	1,148.5	684.2	781.9	916.6	955.6	528.0	1,330.1	1,276.8
1. Short-term trade accounts receivable	449.2	538.5	1,142.9	1,221.4	1,183.9	768.8	869.5	977.6	990.1	616.1	1,363.5	1,292.3
2. Short-term prepayments to suppliers	436.8	396.1	394.6	372.0	444.8	374.7	389.9	383.7	401.2	381.4	438.0	457.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	156.2	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	128.8	145.4	151.4	154.1	115.0	143.3	131.6	0.0	164.4	130.1	135.6	132.9
7. Provision for short-term doubtful debts (*)	-1,254.0	-1,254.1	-1,246.1	-1,253.1	-1,253.5	-1,261.0	-1,270.3	-1,269.4	-1,268.7	-1,268.2	-1,275.6	-1,274.7
8. Assets awaiting resolution	655.4	655.4	658.2	658.2	658.3	658.4	661.2	668.6	668.6	668.6	668.6	668.6
IV. Inventories	1,857.4	1,481.2	1,918.0	1,782.6	4,075.5	1,606.2	3,769.8	4,157.6	6,399.1	1,328.2	2,380.9	2,976.9
1. Inventories	1,877.6	1,508.7	1,948.7	1,812.5	4,092.1	1,629.2	3,822.5	4,211.9	6,438.2	1,370.2	2,409.3	3,005.4
2. Provision for decline in value of inventories	-20.2	-27.5	-30.6	-29.9	-16.6	-22.9	-52.7	-54.3	-39.2	-42.0	-28.4	-28.5
V. Other short-term assets	308.6	365.9	320.0	236.3	230.2	210.2	211.1	215.3	225.5	212.1	213.5	223.5
1. Short-term prepayments	13.8	14.1	12.2	16.6	22.9	12.1	14.2	17.5	26.5	9.4	16.5	25.8
2. Value added tax to be reclaimed	288.3	341.9	300.1	211.9	201.3	192.3	190.2	191.0	192.2	196.7	190.6	191.0
3. Taxes and other receivables from state authorities	6.4	9.8	7.7	7.8	5.9	5.8	6.7	6.8	6.8	6.0	6.4	6.7
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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,334.7	3,380.2	3,410.7	3,433.7	3,472.6	3,502.0	3,526.6	3,570.4	3,593.0	3,614.0	3,635.1	3,637.0
I. Long-term receivables	674.2	677.5	678.0	674.5	660.3	655.4	634.7	653.5	640.4	626.3	627.1	608.9
1. Long-term trade receivables	672.3	675.6	677.4	673.7	659.3	654.5	633.7	652.5	639.6	625.5	626.5	608.3
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	1.9	1.9	0.6	0.9	1.0	1.0	1.0	1.0	0.8	0.8	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,279.4	2,315.8	2,335.2	2,352.7	2,414.5	2,444.3	2,496.3	2,523.1	2,549.2	2,583.8	2,602.6	2,608.2
1. Tangible fixed assets	1,533.0	1,568.5	1,587.3	1,603.8	1,657.5	1,686.5	1,718.6	1,744.7	1,770.0	1,803.9	1,821.8	1,826.8
- Cost	6,069.1	—	—	—	—	6,098.5	6,121.3	6,116.5	6,107.1	6,102.1	6,094.7	6,089.5
- Accumulated depreciation	-4,536.1	—	—	—	—	-4,412.0	-4,402.7	-4,371.8	-4,337.1	-4,298.2	-4,272.9	-4,262.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	746.4	747.3	747.9	748.9	757.0	757.8	777.7	778.5	779.2	779.9	780.8	781.5
- Cost	800.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-54.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	19.1	19.2	19.3	19.4	19.5	19.6	19.7	19.8	19.9	20.0	20.1	20.2
- Cost	49.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-30.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	15.0	13.9	17.6	23.4	20.9	17.2	16.0	14.5	20.4	19.1	29.5	45.5
1. Long-term production in progress	—	13.9	—	—	—	0.0	0.0	0.0	4.2	4.1	4.2	4.1
2. Construction in progress	15.0	13.9	17.6	23.4	20.9	17.2	16.0	14.5	16.2	15.0	25.3	41.3
V. Long-term financial investments	148.5	148.9	147.4	145.7	145.3	143.4	142.0	139.4	143.1	141.3	139.8	138.1
1. Investments in subsidiaries	28.8	28.8	28.8	28.8	28.8	28.8	28.8	28.8	28.8	28.8	28.8	28.8
2. Investments in associates, joint-ventures	92.6	93.0	91.6	89.9	89.4	87.6	86.1	83.7	87.2	85.4	84.4	82.7
3. Investments in other entities	90.6	90.6	90.6	90.6	90.6	90.6	90.6	90.6	90.6	90.6	90.6	90.6
4. Provision for diminution in value of long-term investments	-63.5	-63.5	-63.5	-63.5	-63.5	-63.5	-63.5	-63.7	-63.5	-63.5	-64.0	-64.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	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	198.6	205.0	213.2	217.9	212.2	222.1	217.9	220.1	220.0	223.5	216.1	216.1
1. Long-term prepayments	198.6	205.0	213.2	217.9	212.2	222.1	217.9	220.1	220.0	223.4	216.0	216.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	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	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	6,970.5	7,029.0	7,625.0	7,363.0	9,647.3	6,325.7	8,772.6	9,588.1	11,672.4	6,232.1	8,620.4	8,842.7
A. LIABILITIES (300=210+330)	4,514.6	4,576.5	5,193.8	4,950.3	7,213.8	3,896.2	6,345.3	7,148.4	9,198.4	3,767.7	6,187.0	6,420.2
I. Short -term liabilities	3,106.2	3,162.0	3,783.9	3,542.2	5,825.6	2,510.0	4,972.7	5,754.8	7,812.7	2,393.2	4,805.9	5,055.2
1. Short-term trade accounts payable	194.0	180.2	141.4	195.5	198.7	149.6	214.8	214.4	457.4	450.7	185.4	227.0
2. Short-term advances from customers	307.2	180.2	161.0	163.7	312.2	122.7	243.8	286.7	207.6	89.7	176.9	149.1
3. Taxes and other payables to state authorities	32.1	33.8	49.9	43.9	23.0	31.0	39.1	40.4	35.7	30.1	53.4	43.6
4. Payable to employees	82.0	96.8	111.4	95.3	73.6	83.9	98.4	103.1	92.4	86.5	110.2	89.0
5. Short-term acrrued expenses	118.2	96.7	191.0	128.7	173.5	98.1	181.3	165.9	133.2	67.1	158.4	71.7
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	15.0	13.0	14.2	14.5	13.9	13.2	16.6	16.4	16.7	14.5	14.8	13.8
9. Other short-term payables	167.8	161.2	166.4	170.4	171.0	165.5	186.4	204.3	193.8	189.0	183.8	180.8
10. Short-term borrowings and financial leases	2,152.4	2,353.3	2,917.9	2,696.8	4,829.7	1,798.9	3,945.0	4,673.3	6,613.5	1,392.8	3,901.2	4,257.0
11. Provision for short-term liabilities	23.5	28.7	6.9	6.9	12.8	24.3	21.7	21.7	50.1	53.5	0.9	1.0
12.. Bonus and welfare fund	13.9	18.1	23.8	26.4	17.2	22.8	25.6	28.6	12.4	19.3	20.8	22.1
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	1,408.5	1,414.6	1,410.0	1,408.1	1,388.2	1,386.3	1,372.6	1,393.6	1,385.7	1,374.5	1,381.0	1,365.0
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	0.3	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	7.4	11.6	7.3	11.1	7.5	10.9	14.6	18.3	21.9	25.6	29.5	33.1
7. Other long-term liabilities	1,288.2	1,292.2	1,293.2	1,287.4	1,270.4	1,265.4	1,245.3	1,264.0	1,251.0	1,235.8	1,238.0	1,218.3
8. Long-term borrowings and financial leases	5.6	3.4	2.1	2.1	2.8	2.8	5.6	4.3	5.7	5.7	7.4	7.5
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	107.3	107.3	107.4	107.4	107.4	107.1	107.1	107.1	107.1	107.1	106.2	106.2
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)	2,455.8	2,452.5	2,431.1	2,412.7	2,433.5	2,429.4	2,427.4	2,439.7	2,474.0	2,464.5	2,433.4	2,422.5
I. Owner's equity	2,455.8	2,452.5	2,431.1	2,412.7	2,433.5	2,429.4	2,427.4	2,439.7	2,474.0	2,464.5	2,433.4	2,422.5
1. Owner's capital	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0
- Common stock with voting right	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	22.1	22.1	22.1	22.1	22.1	22.1	22.1	22.1	22.1	23.9	23.9	23.9
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-214.9	-214.9	-214.9	-214.9	-214.9	-214.9	-214.9	-214.9	-214.9	-214.9	-214.9	-214.9
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	37.2	37.2	37.2	37.2	36.4	36.4	36.4	36.4	35.2	33.4	33.4	33.4
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	231.8	231.8	231.8	231.8	231.8	231.8	231.8	231.8	231.8	231.8	231.8	231.8
11. Undistributed earnings after tax	-2,775.8	-2,769.9	-2,782.8	-2,795.8	-2,794.3	-2,789.0	-2,790.3	-2,789.4	-2,777.5	-2,778.2	-2,797.8	-2,805.2
- Accumulated retained earning at the end of the previous period	-2,771.6	-2,798.5	-2,798.5	-2,798.5	-2,789.0	-2,793.2	-2,793.1	-2,791.9	-2,778.7	-2,801.7	-2,801.6	-2,798.8
- Undistributed earnings in this period	-4.2	28.5	15.7	2.7	-5.3	4.2	2.8	2.5	1.2	23.5	3.9	-6.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	152.4	143.3	134.7	129.3	149.4	140.1	139.3	150.7	174.4	165.6	154.1	150.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,970.5	7,029.0	7,625.0	7,363.0	9,647.3	6,325.7	8,772.6	9,588.1	11,672.4	6,232.1	8,620.4	8,842.7

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	10.3	30.2	23.3	24.1	8.6	16.3	11.1	16.6	14.7	45.6	26.9	14.7
Depreciation of Fixed Assets and Investment Property	38.6	32.4	32.8	37.5	39.0	33.2	32.0	38.2	39.8	37.4	37.8	37.0
Provision (Increase)/Reversal	-12.5	26.6	-6.3	7.0	-21.9	-36.5	-0.6	-22.3	2.5	58.9	1.6	6.9
FX Gain/Loss from Revaluation of Monetary Items	0.0	-3.5	-17.2	-0.7	22.5	22.7	-10.2	6.7	1.7	-92.7	18.3	20.5
Gain/Loss from Investment Activities	-4.3	-5.4	-7.6	-3.3	-3.4	-44.9	2.8	-2.3	0.8	-17.0	3.0	-7.9
Interest Expense	17.6	25.2	28.7	43.3	28.8	38.0	48.1	70.9	35.1	31.2	58.5	59.0
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	49.8	105.5	53.7	107.9	73.5	28.8	83.1	107.9	94.7	63.4	146.1	130.3
Increase/(Decrease) in Receivables	125.6	598.2	-58.4	-4.8	-472.1	84.2	126.6	39.2	-423.3	862.7	-59.4	-398.3
Increase/(Decrease) in Inventory	-368.9	440.0	-134.6	2,278.1	-2,462.9	2,193.4	385.0	2,230.7	-5,068.1	1,039.2	596.1	209.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	149.6	-73.4	40.7	-151.5	298.8	-303.5	1.6	-159.2	197.8	-7.8	161.3	-383.3
Increase/(Decrease) in Prepaid Expenses	6.7	9.2	9.1	0.6	-1.0	-2.0	5.5	8.9	-13.0	-1.0	8.5	1.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-16.8	-34.7	-21.5	-53.9	-17.0	-38.0	-91.9	-29.9	-18.1	-23.8	-63.5	-59.1
Corporate Income Tax Paid	-9.6	-10.3	-3.5	-0.9	-13.4	-9.6	-0.4	-4.5	-13.5	-11.3	-4.9	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-12.0	-0.1	—	18.0	-27.2	-14.1	-7.8	12.5	-23.0	67.4	-67.6	11.8
Net Cash Flow from Operating Activities	-75.7	1,008.7	-89.0	2,193.6	-2,621.4	1,939.1	501.7	2,205.6	-5,266.5	1,988.7	716.5	-488.6
Payments for Fixed Assets and Other Long-term Assets	-3.3	-11.0	-17.8	-1.4	-13.7	-9.7	-6.4	-11.1	-6.2	2.2	-25.0	-16.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.3	0.4	0.5	0.4	56.7	-1.1	1.9	0.0	7.3	2.1	4.2
Loans and Purchases of Debt Instruments	-70.0	-72.5	10.0	-4.5	-66.0	0.0	-55.0	-6.5	-53.0	-6.5	-40.0	-16.5
Receipts from Loan Repayments and Sale of Debt Instruments	45.0	55.0	0.0	0.0	55.0	6.5	53.0	6.5	40.0	11.5	54.5	16.5
Investments in Other Entities	—	—	—	—	—	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	0.0	0.0	0.0
Dividends and Interest Income Received	2.0	7.3	4.6	2.4	1.3	1.6	1.7	0.9	1.3	4.4	3.3	3.2
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	-25.2	-20.9	-2.7	-3.1	-22.9	55.1	-7.7	-8.3	-17.9	18.9	-5.0	-9.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,736.2	1,680.4	2,412.5	2,915.7	5,231.8	1,673.0	3,873.9	2,634.3	8,198.3	1,337.0	4,739.6	4,415.9
Repayment of Borrowings	-1,934.9	-2,244.9	-2,188.7	-5,050.7	-2,200.9	-3,820.9	-4,597.3	-4,578.7	-2,977.6	-3,851.7	-5,094.3	-3,868.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-22.8	—	0.0	-17.2	-24.4	0.0	0.0	-7.8	-23.1
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	-198.7	-564.5	223.8	-2,157.8	3,030.9	-2,147.8	-740.6	-1,968.9	5,220.7	-2,514.8	-362.6	523.9
Net Cash Flow During the Period	-299.5	423.3	132.1	32.7	386.5	-153.6	-246.6	228.4	-63.7	-507.1	348.9	25.7
Cash and Cash Equivalents at Beginning of Period	1,242.5	819.4	687.4	654.5	268.1	503.4	503.4	503.4	503.4	1,477.5	1,477.5	1,477.5
FX Difference from Revaluation	-0.0	-0.2	-0.0	0.1	-0.1	-0.0	-0.4	0.5	0.1	1.2	-2.2	-0.7
Cash and Cash Equivalents at End of Period	942.9	1,242.5	819.4	687.4	654.5	268.0	421.7	668.7	439.8	503.4	1,009.2	662.5

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VSF

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