VTP

Tổng Công ty cổ phần Bưu chính Viettel ·HOSE ·2026Q1

▼ Under pressure

Price

65,800

Latest close

03 Jun 2026

P/E 24.32x

P/B 4.57x

EPS 2,706

BVPS 14,409

ROE 22.2%

ROA 5.5%

Profit Margin 1.8%

Asset Turnover 3.01x

Equity Mult. 4.02x

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

What Is Changing

On a TTM 2026Q1 basis, VTP is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 20,565bn
	                                
−2.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 377bn
	                                
−5.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	20,574.1	20,734.7	19,587.5	21,628.8	21,423.1
Growth	-1%	+6%	-9%	+1%	—
Net Income	404.9	383.1	379.9	256.6	296.4
Net Margin	1.97%	1.85%	1.94%	1.19%	1.38%

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	4,758.3	5,895.6	4,928.3	4,982.3	5,041.7	5,707.2	5,430.3	4,944.6	4,674.1	5,106.8	4,792.2	4,937.9
Growth	-19%	+20%	-1%	-1%	-12%	+5%	+10%	+6%	-8%	+7%	-3%	—
Net Income	39.0	153.3	85.3	99.8	69.3	130.4	106.9	93.2	58.5	104.3	102.5	97.7
Net Margin	0.82%	2.60%	1.73%	2.00%	1.38%	2.28%	1.97%	1.88%	1.25%	2.04%	2.14%	1.98%

Drivers of VTP's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Financial income ↑ 35.6bn

Gross profit ↑ 7.0bn

Tax ↓ 3.8bn

Finance costs ↑ 29.4bn

Selling expenses ↑ 19.6bn

Administrative expenses ↑ 17.0bn

TTM

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

Financial income ↑ 16.7bn

Tax ↓ 7.5bn

Administrative expenses ↑ 18.2bn

Selling expenses ↑ 14.8bn

Finance costs ↑ 13.7bn

Gross profit ↓ 8.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 24.4% = 1.9% × 3.20 × 4.03

2026Q1 22.2% = 1.8% × 3.01 × 4.02

ROE fell from 24.4% to 22.2% — asset turnover weakened the most.

Net margin: 1.8% -0.1pp Asset turnover: 3.01x -0.19x Leverage: 4.02x -0.01x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.84%, 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 1.84% −0.1pp

Gross Margin 5.46% +0.2pp

SG&A / Revenue 3.22% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

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 13.02%, losing 1.7pp. That translates to 13.02 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.74x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 203bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 13.02% −1.7pp

NOPAT Margin 1.85% −0.0pp

Capital Turnover 7.05x −0.74x

Average Invested Capital 2,914.9bn +203.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 3.25x equity, net debt at 0.79x equity.

Over the last 12 months, working capital released 286.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −39.8bn

Inventories decreased → higher CFO: +225.6bn

Payables increased → higher CFO: +100.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.2 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO rose 3.5 days, and DPO rose 4.3 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Receivables collection is slowing

DSO increased by +3.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 25.9 days +3.5 days

Inventory 8.4 days −0.3 days

Payables 11.9 days +4.3 days

Cash Conversion Cycle 22.4 days −1.2 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.79x and interest coverage at 5.20x.

At present, short-term debt accounts for 73.1% of total debt, cash equals 17.5% of debt, and total debt stands at 1,671.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 73.1% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 17.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.79x +0.14x

Interest Coverage 5.20x −2.77x

Cash / Debt 17.5% −17.5pp

Short-term Debt / Total Debt 73.1% −17.9pp

CFO / NI 1.42x +0.78x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 761.7bn in 2025, against investing cash flow of -1,073.8bn.

Post-investment cash flow was negative +312.1bn. Financing cash flow was positive +271.2bn.

CFO / net income was 1.42x.

After spending +361.5bn on fixed-asset investment, the business generated trailing free cash flow of +173.9bn.

Cash Conversion

CFO TTM 535.3bn +279.6bn

Cash Capex 361.5bn −89.3bn

FCF TTM +173.9bn +368.9bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.42x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.42x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	20,574.1	20,734.7	19,587.5	21,628.8	21,423.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	20,574.1	20,734.7	19,587.5	21,628.8	21,423.1
Cost of Goods Sold	19,437.5	19,729.2	18,706.9	20,983.3	0.0
Gross Profit	1,136.6	1,005.4	880.6	645.6	634.4
Financial Income	99.6	89.9	136.1	105.4	94.0
Financial Expenses	78.3	58.7	65.8	57.7	-47.8
Interest Expense	73.9	57.8	63.9	55.6	-47.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	125.6	113.6	51.5	39.1	-39.0
General and Administrative Expenses	511.1	440.3	417.4	336.9	-273.8
Operating Profit	521.2	482.8	482.0	317.3	367.8
Other Income	10.6	1.4	3.6	8.5	0.0
Other Expenses	17.2	0.9	7.5	2.4	0.0
Other Profit	-6.6	0.6	-3.9	6.2	4.1
Profit Before Tax	514.6	483.3	478.2	323.4	371.9
Current Income Tax Expense	113.1	100.2	98.3	66.8	-75.5
Deferred Income Tax Expense	-3.5	0.0	0.0	0.0	0.0
Net Income	404.9	383.1	379.9	256.6	296.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	404.9	383.1	379.9	256.6	296.4
Earnings per Share	2,862.00	2,370.00	2,652.00	1,956.00	2,913.00
Diluted EPS	3,324.72	3,145.64	3,119.30	2,266.83	2,862.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,680.2	4,728.5	5,496.2	5,156.9	4,955.8
I. Cash and cash equivalents	349.8	389.6	894.9	459.6	331.0
1. Cash	320.1	373.6	706.7	439.1	0.0
2. Cash equivalents	29.7	16.0	188.2	20.5	0.0
II. Short-term financial investments	2,092.5	1,430.5	1,697.9	1,856.1	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	2,092.5	1,430.5	1,697.9	1,856.1	0.0
III. Short-term receivables	2,643.5	2,157.3	2,245.2	2,295.4	2,207.7
1. Short-term trade accounts receivable	2,168.8	1,617.4	1,370.8	1,180.8	0.0
2. Short-term prepayments to suppliers	105.8	110.0	183.0	39.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	393.2	452.7	713.4	1,095.8	0.0
7. Provision for short-term doubtful debts (*)	-24.3	-22.8	-22.0	-20.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	152.7	279.3	397.8	341.5	373.4
1. Inventories	152.7	279.6	397.8	341.6	0.0
2. Provision for decline in value of inventories	—	-0.3	0.0	-0.1	0.0
V. Other short-term assets	441.6	471.8	260.3	204.3	142.9
1. Short-term prepayments	425.7	464.6	256.4	190.8	0.0
2. Value added tax to be reclaimed	12.3	7.0	3.8	2.6	0.0
3. Taxes and other receivables from state authorities	3.6	0.2	0.1	10.9	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)	1,838.5	1,635.1	938.0	574.3	487.1
I. Long-term receivables	234.5	346.3	24.0	22.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.7
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	234.5	346.3	24.0	22.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,062.5	744.9	373.0	268.0	320.0
1. Tangible fixed assets	989.6	691.3	337.1	231.4	279.3
- Cost	1,764.1	1,295.9	819.5	655.4	0.0
- Accumulated depreciation	-774.5	-604.7	-482.4	-424.0	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	72.9	53.7	35.9	36.5	40.6
- Cost	129.7	91.0	63.8	59.3	0.0
- Accumulated depreciation	-56.8	-37.4	-27.9	-22.8	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	41.6	75.0	83.2	9.7	9.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	41.6	75.0	83.2	9.7	0.0
V. Long-term financial investments	—	30.0	74.0	150.0	41.5
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	—	0.0	0.0	10.0	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	—	30.0	74.0	140.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	499.9	438.8	383.9	123.8	0.0
1. Long-term prepayments	496.5	438.8	383.9	123.8	0.0
2. Deferred income tax assets	3.5	0.0	0.0	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	111.2
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)	7,518.7	6,363.6	6,434.3	5,731.2	5,442.9
A. LIABILITIES (300=210+330)	5,750.5	4,775.1	4,853.1	4,341.4	4,115.7
I. Short -term liabilities	5,211.7	4,676.1	4,799.7	4,328.9	4,115.0
1. Short-term trade accounts payable	802.5	660.9	484.7	333.8	436.3
2. Short-term advances from customers	30.2	4.0	3.5	3.5	9.0
3. Taxes and other payables to state authorities	168.9	122.5	119.1	84.3	0.0
4. Payable to employees	945.4	581.6	587.5	526.9	0.0
5. Short-term acrrued expenses	531.8	329.9	317.0	240.9	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	29.8	42.9	32.4	35.1	14.9
9. Other short-term payables	1,341.4	1,470.2	1,569.6	1,806.7	0.0
10. Short-term borrowings and financial leases	1,348.0	1,375.5	1,670.7	1,296.8	1,166.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.8	88.6	15.2	1.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	538.8	99.0	53.4	12.4	0.7
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	35.9	26.5	12.6	12.4	0.0
8. Long-term borrowings and financial leases	502.9	72.5	40.8	0.0	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)	1,768.2	1,588.5	1,581.2	1,389.8	1,327.2
I. Owner's equity	1,768.2	1,588.5	1,581.2	1,389.8	0.0
1. Owner's capital	1,217.8	1,217.8	1,217.8	1,132.2	1,327.2
- Common stock with voting right	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,132,172,370,000.00	1,035,584,920,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	22.0	22.0
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	-1.3	-4.5	-4.3	-5.1	0.0
8. Investment and development fund	162.6	48.4	4.9	4.9	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	367.9	305.6	341.6	235.8	266.7
- Accumulated retained earning at the end of the previous period	19.3	16.9	18.6	14.3	8.2
- Undistributed earnings in this period	348.6	288.7	323.0	221.4	258.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	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)	7,518.7	6,363.6	6,434.3	5,731.2	5,442.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	514.6	483.3	478.2	323.4	371.9
Depreciation of Fixed Assets and Investment Property	189.3	133.0	83.0	84.0	88.6
Provision (Increase)/Reversal	1.2	4.5	4.1	5.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.1	-1.4	0.0	-1.1	0.0
Gain/Loss from Investment Activities	-97.7	-86.6	-135.3	-104.1	0.0
Interest Expense	73.9	57.8	63.9	55.6	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	679.1	590.7	494.0	363.4	490.7
Increase/(Decrease) in Receivables	-373.3	-362.0	203.9	-182.8	0.0
Increase/(Decrease) in Inventory	126.9	118.3	-56.3	42.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	697.9	100.3	1.6	116.2	0.0
Increase/(Decrease) in Prepaid Expenses	-18.8	-263.1	-325.7	-70.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-74.2	-58.8	-62.7	-55.3	0.0
Corporate Income Tax Paid	-104.3	-126.9	-35.0	-80.9	0.0
Other Operating Receipts	—	0.7	0.0	0.0	0.0
Other Operating Payments	-171.6	-130.2	-42.7	-42.6	0.0
Net Cash Flow from Operating Activities	761.7	-131.1	177.1	90.0	514.2
Payments for Fixed Assets and Other Long-term Assets	-532.9	-373.7	-374.0	-28.5	-86.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	0.0	1.7	0.2	1.5
Loans and Purchases of Debt Instruments	-2,793.3	-1,123.7	-601.0	-208.7	-470.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,161.2	1,435.2	825.5	148.9	100.0
Investments in Other Entities	—	0.0	0.0	-10.0	0.0
Proceeds from Investments in Other Entities	—	0.0	10.0	0.0	0.0
Dividends and Interest Income Received	90.2	130.4	110.1	153.9	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	-1,073.8	68.2	-27.8	55.8	-409.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	-1,295,400,000.00	0.00	0.00
Proceeds from Borrowings	609.2	67,495.9	33,063.8	17,461.9	18,001.3
Repayment of Borrowings	-206.4	-67,759.4	-32,649.0	-17,331.5	-17,930.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-131.6	-179.9	-128.2	-153.0	-133.1
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	271.2	-443.4	285.2	-22.7	-62.2
Net Cash Flow During the Period	-40.8	-506.3	434.6	123.1	-24.9
Cash and Cash Equivalents at Beginning of Period	389.6	894.9	459.6	337.0	288.1
FX Difference from Revaluation	1.1	0.9	0.8	-0.5	-0.0
Cash and Cash Equivalents at End of Period	349.8	389.6	894.9	459.6	331.0

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	4,758.3	5,895.6	4,928.3	4,982.3	5,041.7	5,707.2	5,430.3	4,944.6	4,674.1	5,106.8	4,792.2	4,937.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	4,758.3	5,895.6	4,928.3	4,982.3	5,041.7	5,707.2	5,430.3	4,944.6	4,674.1	5,106.8	4,792.2	4,937.9
Cost of Goods Sold	4,501.9	5,530.3	4,697.7	4,710.9	4,777.0	5,363.2	5,152.1	4,714.8	4,507.2	4,866.8	4,568.6	4,702.0
Gross Profit	256.4	365.3	230.6	271.4	264.7	344.0	278.2	229.8	166.8	239.9	223.7	235.9
Financial Income	35.0	32.8	26.0	21.8	18.3	19.3	19.1	23.3	29.6	34.8	37.0	34.7
Financial Expenses	32.1	24.0	19.4	17.5	18.4	16.6	14.7	13.9	13.3	14.2	17.8	17.9
Interest Expense	31.9	23.1	18.3	16.3	17.2	16.6	14.1	13.8	13.2	14.1	17.0	17.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	41.7	49.2	27.7	22.0	26.9	43.5	29.6	21.0	19.5	24.2	14.7	6.7
General and Administrative Expenses	166.6	125.5	102.8	127.1	148.4	136.5	119.2	100.9	91.9	104.7	100.3	118.3
Operating Profit	51.0	199.4	106.7	126.7	89.3	166.6	133.8	117.3	71.7	131.7	127.9	127.7
Other Income	1.3	4.9	2.9	1.9	0.3	0.5	0.1	0.5	2.0	1.1	0.5	2.2
Other Expenses	0.5	13.4	0.6	2.8	0.9	0.3	0.1	0.7	0.1	1.1	0.2	6.1
Other Profit	0.8	-8.5	2.4	-0.8	-0.6	0.1	0.1	-0.2	1.9	-0.0	0.4	-3.9
Profit Before Tax	51.8	190.9	109.0	125.8	88.7	166.7	133.9	117.1	73.6	131.7	128.3	123.8
Current Income Tax Expense	11.9	41.2	23.7	26.0	19.3	36.4	27.0	24.0	15.1	27.4	25.8	26.1
Deferred Income Tax Expense	0.9	-3.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	39.0	153.3	85.3	99.8	69.3	130.4	106.9	93.2	58.5	104.3	102.5	97.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	39.0	153.3	85.3	99.8	69.3	130.4	106.9	93.2	58.5	104.3	102.5	97.7
Earnings per Share	255.00	1,258.00	577.00	616.00	426.00	793.00	646.00	533.00	411.00	717.00	660.00	705.00
Diluted EPS	320.20	1,258.50	700.72	819.29	569.37	1,070.67	878.06	764.94	480.01	856.29	841.91	863.20

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)	5,103.4	5,698.2	4,754.5	4,790.9	5,028.2	4,679.7	4,725.5	5,769.0	5,280.0	5,809.3	5,156.1	5,108.9
I. Cash and cash equivalents	291.8	349.8	590.7	390.6	566.4	368.1	350.7	832.5	796.4	885.4	516.1	377.1
1. Cash	240.6	320.0	503.0	371.1	481.0	359.1	339.5	820.3	778.2	707.2	497.9	348.9
2. Cash equivalents	51.2	29.8	87.7	19.5	85.5	9.0	11.2	12.2	18.2	178.2	18.2	28.2
II. Short-term financial investments	1,840.4	2,092.5	1,673.8	1,570.7	1,347.2	1,437.5	1,536.0	1,491.6	1,597.9	1,707.9	2,000.1	1,906.4
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	1,840.4	2,092.5	1,673.8	1,570.7	1,347.2	1,437.5	1,536.0	1,491.6	1,597.9	1,707.9	2,000.1	1,906.4
III. Short-term receivables	2,146.1	2,662.6	1,873.4	2,134.8	2,104.7	2,151.9	2,204.8	2,744.9	2,235.4	2,567.1	1,947.8	2,157.4
1. Short-term trade accounts receivable	1,574.9	2,026.4	1,273.7	1,463.7	1,344.5	1,617.5	1,561.7	1,383.3	1,253.7	1,419.3	1,243.8	1,356.4
2. Short-term prepayments to suppliers	133.7	105.7	50.1	177.8	179.6	109.8	66.8	62.6	119.1	351.4	46.8	132.7
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	461.9	554.7	573.7	516.2	603.4	446.0	598.0	1,320.5	884.7	818.6	678.5	689.3
7. Provision for short-term doubtful debts (*)	-24.3	-24.3	-24.2	-22.8	-22.8	-22.8	-21.6	-21.6	-22.0	-22.1	-21.3	-21.0
8. Assets awaiting resolution	—	—	—	—	—	1.5	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	336.0	152.7	258.5	297.0	561.3	282.1	343.6	436.7	392.8	398.8	413.9	423.3
1. Inventories	336.0	152.7	258.8	297.2	561.6	282.4	343.9	437.0	392.8	398.8	413.9	423.3
2. Provision for decline in value of inventories	—	—	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	0.0	0.0	0.0	0.0
V. Other short-term assets	489.1	440.6	358.1	397.9	448.4	440.1	290.4	263.2	257.4	250.1	278.3	244.6
1. Short-term prepayments	484.3	424.9	356.4	392.0	447.3	432.9	290.1	262.9	256.6	246.2	270.7	235.4
2. Value added tax to be reclaimed	0.9	12.1	1.6	0.6	0.6	7.0	0.2	0.2	0.6	3.8	0.9	1.5
3. Taxes and other receivables from state authorities	3.9	3.6	0.1	5.3	0.5	0.2	0.1	0.1	0.2	0.1	6.7	7.7
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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,834.9	1,830.8	1,948.1	1,894.9	1,687.5	1,669.2	1,248.4	1,296.0	1,210.3	968.0	792.5	729.5
I. Long-term receivables	239.8	233.9	369.1	375.1	359.1	347.0	49.5	44.7	47.9	30.7	29.7	25.6
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.2	—	—	—	—	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	239.6	233.9	369.1	375.1	359.1	347.0	49.5	44.7	47.9	30.7	29.7	25.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,042.7	1,062.3	1,072.2	1,019.0	778.7	737.9	732.8	617.6	609.3	391.0	356.2	239.9
1. Tangible fixed assets	975.2	989.4	1,009.1	971.7	728.3	690.8	693.9	581.3	574.6	355.1	322.4	205.4
- Cost	1,791.6	—	—	—	—	1,296.7	1,268.1	1,119.4	1,082.4	837.6	783.2	645.8
- Accumulated depreciation	-816.3	—	—	—	—	-605.9	-574.2	-538.2	-507.7	-482.5	-460.8	-440.4
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	67.4	72.9	63.1	47.2	50.4	47.1	38.9	36.3	34.7	35.9	33.8	34.4
- Cost	129.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-62.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	66.2	41.6	57.3	74.8	66.7	84.0	26.6	152.0	83.8	78.1	17.7	198.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	66.2	41.6	57.3	74.8	66.7	84.0	26.6	152.0	83.8	78.1	17.7	198.7
V. Long-term financial investments	—	—	—	—	30.0	30.0	0.0	65.0	84.0	74.0	55.0	150.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	30.0	30.0	0.0	65.0	84.0	74.0	55.0	150.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	486.2	493.0	449.4	426.1	453.0	470.3	439.5	416.7	385.3	394.3	333.9	115.4
1. Long-term prepayments	483.7	489.5	449.4	426.1	453.0	470.3	439.5	416.7	385.3	394.3	333.9	115.4
2. Deferred income tax assets	2.5	3.5	—	—	—	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
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)	6,938.3	7,529.0	6,702.6	6,685.9	6,715.7	6,349.0	5,973.9	7,065.0	6,490.4	6,777.3	5,948.6	5,838.4
A. LIABILITIES (300=210+330)	5,183.5	5,760.8	4,954.5	5,008.0	5,074.4	4,755.2	4,479.8	5,463.1	4,858.5	5,195.8	4,453.5	4,294.3
I. Short -term liabilities	4,695.7	5,237.8	4,451.5	4,559.6	4,899.6	4,681.1	4,416.2	5,395.8	4,787.1	5,183.2	4,441.0	4,281.7
1. Short-term trade accounts payable	785.8	857.4	631.0	609.1	486.8	660.9	458.9	546.9	347.5	650.8	365.2	449.7
2. Short-term advances from customers	2.0	29.6	33.2	21.7	3.6	4.0	3.6	3.4	3.8	17.6	3.8	3.3
3. Dividends and profits payable	1.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	95.2	168.9	193.1	161.1	84.5	122.9	131.5	95.9	37.9	119.2	325.7	189.8
4. Payable to employees	426.3	965.6	399.3	443.7	393.1	585.5	266.6	241.9	302.2	606.6	453.2	461.2
5. Short-term acrrued expenses	527.7	528.0	496.1	449.9	536.8	329.3	497.4	435.7	481.5	319.5	354.2	294.6
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	250.2	21.7	64.3	42.9	61.0	42.9	42.0	45.8	42.3	32.2	33.6	20.2
9. Other short-term payables	1,382.5	1,289.2	1,662.0	1,599.0	1,855.6	1,473.0	1,228.7	2,065.1	1,733.3	1,710.5	1,432.3	1,404.5
10. Short-term borrowings and financial leases	1,221.5	1,363.8	953.9	1,177.9	1,473.5	1,372.8	1,720.1	1,889.0	1,833.7	1,711.5	1,469.9	1,453.6
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	3.3	13.8	18.6	54.3	4.6	89.7	67.5	72.1	4.8	15.4	3.1	4.8
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	487.8	523.0	503.0	448.3	174.9	74.1	63.6	67.3	71.3	12.7	12.6	12.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	37.6	35.9	33.5	21.3	28.1	26.5	12.3	12.3	12.7	12.7	12.6	12.6
8. Long-term borrowings and financial leases	450.2	487.0	469.5	427.0	146.8	47.7	51.3	55.0	58.7	0.0	0.0	0.0
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)	1,754.8	1,768.2	1,748.1	1,677.9	1,641.3	1,593.8	1,494.1	1,601.9	1,631.9	1,581.5	1,495.1	1,544.1
I. Owner's equity	1,754.8	1,768.2	1,748.1	1,677.9	1,641.3	1,593.8	1,494.1	1,601.9	1,631.9	1,581.5	1,495.1	1,544.1
1. Owner's capital	1,217.8	1,217.8	1,217.8	1,217.8	1,217.8	1,217.8	1,217.8	1,217.8	1,217.8	1,217.8	1,217.8	1,131.7
- Common stock with voting right	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,217,830,420,000.00	1,131,740,570,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2
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	-2.0	-1.3	0.2	-1.5	-3.6	-3.9	-4.1	-3.0	-3.7	-4.3	-4.3	-5.1
8. Investment and development fund	162.6	162.6	162.6	162.6	48.4	48.4	48.4	48.4	4.9	4.9	4.9	4.9
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	355.2	367.9	346.3	277.9	357.4	310.3	210.8	317.5	391.6	341.9	255.4	391.3
- Accumulated retained earning at the end of the previous period	324.1	19.3	151.0	151.0	305.6	22.9	19.9	202.6	341.6	18.6	19.5	235.8
- Undistributed earnings in this period	31.1	348.6	195.3	126.9	51.8	287.4	190.9	114.9	50.0	323.3	235.9	155.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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
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)	6,938.3	7,529.0	6,702.6	6,685.9	6,715.7	6,349.0	5,973.9	7,065.0	6,490.4	6,777.3	5,948.6	5,838.4

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	51.8	191.0	109.0	125.8	88.7	166.7	133.9	109.5	73.6	478.2	-218.6	123.8
Depreciation of Fixed Assets and Investment Property	49.5	51.0	51.8	46.5	39.9	34.5	36.7	33.1	26.6	83.0	-38.0	19.1
Provision (Increase)/Reversal	0.0	-0.2	0.5	0.8	0.0	4.7	-0.3	-0.2	0.0	4.1	-0.8	0.8
FX Gain/Loss from Revaluation of Monetary Items	-0.9	-6.4	2.7	0.7	0.9	0.0	0.9	-1.2	-0.0	0.0	0.2	-0.8
Gain/Loss from Investment Activities	-34.8	-32.9	-25.6	-21.2	-18.0	-17.9	-19.1	-20.8	-28.9	-135.3	66.2	-36.3
Interest Expense	31.9	23.1	18.3	15.3	17.2	16.6	14.1	13.8	13.2	63.9	-32.5	17.3
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	97.5	225.5	156.8	168.0	128.8	204.7	166.2	134.3	84.4	494.0	-223.6	123.9
Increase/(Decrease) in Receivables	509.3	-580.5	-19.0	50.3	175.8	-193.9	532.7	-580.6	-109.8	203.9	-553.4	153.1
Increase/(Decrease) in Inventory	-183.3	106.1	38.0	264.8	-282.0	61.5	93.1	-43.9	5.1	-56.3	81.7	-62.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-316.8	379.2	511.1	-473.2	280.8	743.5	-989.5	443.8	-104.9	1.6	551.2	46.9
Increase/(Decrease) in Prepaid Expenses	-45.8	-116.5	10.3	84.3	3.1	-173.6	-59.9	-27.8	-1.5	-325.7	225.2	-202.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-30.4	-22.7	-17.2	-16.6	-17.6	-16.4	-14.1	-14.0	-14.4	-62.7	32.5	-17.2
Corporate Income Tax Paid	-49.6	-42.7	-18.6	-0.9	-42.2	-220.6	-24.8	-3.6	-68.9	-35.0	6.8	-1.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-62.2	-4.9	-49.8	-15.4	-101.5	179.4	-29.5	-56.5	-18.8	-42.7	14.1	-3.0
Net Cash Flow from Operating Activities	-81.2	-56.5	611.6	61.4	145.2	584.6	-325.7	-148.4	-228.8	177.1	134.6	37.1
Payments for Fixed Assets and Other Long-term Assets	-68.4	-91.7	-142.0	-59.4	-239.8	-120.4	-22.8	-67.7	-162.6	-374.0	97.8	-97.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	1.0	—	—	—	0.0	0.0	0.0	0.0	1.7	-1.7	0.0
Loans and Purchases of Debt Instruments	-250.0	-1,054.1	-496.2	-772.0	-470.9	-274.0	-392.9	-345.3	-200.0	-601.0	452.0	-446.0
Receipts from Loan Repayments and Sale of Debt Instruments	502.0	635.4	393.0	578.6	554.2	342.5	413.6	470.6	290.0	825.5	-392.0	386.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	10.0	-10.0	10.0
Dividends and Interest Income Received	18.0	28.4	17.5	28.3	16.0	15.4	29.0	65.0	21.3	110.1	-44.0	38.3
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	201.9	-480.9	-227.7	-224.5	-140.6	-36.4	26.9	122.5	-51.3	-27.8	102.1	-108.8
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	-1,295,400,000.00	1,295,400,000.00	-1,295,400,000.00
Proceeds from Borrowings	11.3	173.2	64.9	-28,246.1	28,617.3	27,868.7	17,869.9	9,669.1	12,064.1	33,063.8	-11,456.0	6,208.3
Repayment of Borrowings	-190.5	254.2	-246.9	28,231.2	-28,444.9	-28,219.7	-18,042.5	-9,617.6	-11,883.1	-32,649.0	11,300.6	-6,100.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-131.6	—	—	—	-179.9	0.0	0.0	0.0	-128.2	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-179.2	295.8	-181.9	-15.0	172.3	-530.9	-172.6	51.6	180.9	285.2	-154.1	106.8
Net Cash Flow During the Period	-58.5	-241.6	202.0	-178.1	176.8	17.2	-471.4	25.8	-99.2	434.6	82.6	35.1
Cash and Cash Equivalents at Beginning of Period	349.8	590.7	389.8	566.4	389.6	894.9	894.9	894.9	894.9	459.6	0.0	459.6
FX Difference from Revaluation	0.5	1.1	0.4	1.4	0.1	0.2	-0.9	0.8	0.7	0.8	-0.2	0.2
Cash and Cash Equivalents at End of Period	291.8	349.8	590.7	389.8	566.4	368.1	350.7	823.0	796.4	894.9	0.0	377.1

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VTP

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