ACV

Tổng Công ty Cảng Hàng không Việt Nam - CTCP ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 46.48%, −4.14pp YoY

Price

43,600

Latest close

02 Jun 2026

P/E 11.40x

P/B 2.16x

EPS 3,823

BVPS 20,230

ROE 18.2%

ROA 14.7%

Profit Margin 46.4%

Asset Turnover 0.32x

Equity Mult. 1.24x

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

What Is Changing

On a TTM 2026Q1 basis, ACV is holding revenue at an acceptable level, but margins are eroding visibly — profit is at an all-time high. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 26,450bn
	                                
+13.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12,295bn
	                                
+4.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	25,897.7	22,596.6	19,998.1	13,806.9	4,758.4
Growth	+15%	+13%	+45%	+190%	—
Net Income	12,465.2	11,676.6	8,469.7	7,090.0	676.6
Net Margin	48.13%	51.67%	42.35%	51.35%	14.22%

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	6,840.0	6,793.4	6,476.4	6,340.1	6,350.1	5,721.0	5,655.2	5,534.8	5,643.5	5,047.2	5,327.6	4,929.3
Growth	+1%	+5%	+2%	-0%	+11%	+1%	+2%	-2%	+12%	-5%	+8%	—
Net Income	3,346.2	3,134.8	3,210.4	2,603.7	3,120.4	3,088.7	2,339.2	3,228.1	2,920.6	1,564.7	2,764.0	2,610.1
Net Margin	48.92%	46.14%	49.57%	41.07%	49.14%	53.99%	41.36%	58.32%	51.75%	31.00%	51.88%	52.95%

Drivers of ACV's profit

TTM

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

Gross profit ↑ 1,218.2bn

Finance costs ↓ 310.9bn

Associates income ↑ 58.1bn

Financial income ↓ 779.2bn

Administrative expenses ↑ 190.3bn

Tax ↑ 107.2bn

TTM

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

Finance costs ↓ 260.3bn

Administrative expenses ↓ 94.5bn

Associates income ↑ 27.0bn

Financial income ↓ 100.0bn

Tax ↑ 54.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 20.3% = 50.6% × 0.32 × 1.24

2026Q1 18.2% = 46.5% × 0.32 × 1.24

ROE fell from 20.3% to 18.2% — all three components weakened, with net margin being the main drag.

Net margin: 46.5% -4.1pp Asset turnover: 0.32x -0.01x Leverage: 1.24x -0.00x

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 fell to 46.48%, losing 4.1pp. The main pressure is Gross margin fell 2.9pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 2.4pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 46.48% −4.1pp

Gross Margin 59.66% −2.9pp

SG&A / Revenue 6.70% −0.1pp

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 narrowed to 16.83%, falling 1.2pp. That translates to 16.83 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 4.2pp, outweighing the movement in capital turnover; while invested capital rose by 7,728bn.

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

CAPITAL EFFICIENCY TREND

ROIC 16.83% −1.2pp

NOPAT Margin 46.33% −4.2pp

Capital Turnover 0.36x +0.01x

Average Invested Capital 72,823.2bn +7,728.3bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.31x equity, net debt at 0.05x equity.

Over the last 12 months, working capital released 2,160.0bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −2,099.7bn

Inventories increased → lower CFO: −36.4bn

Payables increased → higher CFO: +4,296.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 72.0 days versus the same period last year. The main moves came from DIO fell 4.6 days, DSO fell 38.1 days, and DPO rose 29.3 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 126.4 days −38.1 days

Inventory 10.7 days −4.6 days

Payables 69.8 days +29.3 days

Cash Conversion Cycle 67.3 days −72.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 10,067.0bn due to capex of 26,006.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 18.35x.

At present, short-term debt accounts for 4.3% of total debt, cash equals 62.0% of debt, and total debt stands at 9,477.4bn.

Leverage and liquidity trend

Net Debt / Equity 0.05x −0.06x

Interest Coverage 18.35x +5.56x

Cash / Debt 62.0% +31.2pp

Short-term Debt / Total Debt 4.3% +0.2pp

CFO / NI 1.30x +0.40x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 16,758.8bn in 2025, against investing cash flow of -18,409.5bn.

Post-investment cash flow was negative +1,650.6bn. Financing cash flow was negative +433.6bn.

CFO / net income was 1.30x.

After spending +26,006.2bn on fixed-asset investment, the business generated trailing free cash flow of −10,067.0bn.

Cash Conversion

CFO TTM 15,939.2bn +5,411.3bn

Cash Capex 26,006.2bn +8,093.9bn

FCF TTM −10,067.0bn −2,682.6bn

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 earnings conversion is confirmed, with CFO/NI at 1.30x. The main risk still sits in core profitability, with net margin down 4.1 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.30x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 46.48% after a 4.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	25,973.1	22,700.7	20,102.5	13,899.9	4,772.8
Revenue Deductions	75.4	104.1	104.4	93.0	0.0
Net Revenue	25,897.7	22,596.6	19,998.1	13,806.9	4,758.4
Cost of Goods Sold	10,281.9	8,723.5	8,136.7	7,308.4	0.0
Gross Profit	15,615.7	13,873.1	11,861.4	6,498.6	-685.7
Financial Income	975.3	1,739.2	2,214.6	4,114.0	3,250.3
Financial Expenses	457.1	104.7	104.6	94.0	-204.5
Interest Expense	60.5	60.5	66.9	73.1	-89.2
Share of Associates and Joint Ventures	430.2	336.3	259.7	178.9	50.5
Selling Expenses	402.9	369.5	337.5	220.1	-85.1
General and Administrative Expenses	1,327.4	1,043.1	3,427.0	1,704.8	-1,316.2
Operating Profit	14,833.8	14,431.4	10,466.6	8,772.6	1,009.4
Other Income	587.6	45.4	28.9	17.5	0.0
Other Expenses	12.1	12.0	3.4	1.0	0.0
Other Profit	575.5	33.4	25.5	16.4	9.2
Profit Before Tax	15,409.3	14,464.8	10,492.1	8,789.0	1,018.6
Current Income Tax Expense	3,284.6	2,663.0	2,287.8	1,842.0	-342.0
Deferred Income Tax Expense	-340.4	125.2	-265.4	-143.0	0.0
Net Income	12,465.2	11,676.6	8,469.7	7,090.0	676.6
Non-controlling Interest	12.9	13.0	10.0	5.5	-0.2
Profit Attributable to Parent	12,452.4	11,663.6	8,459.7	7,084.5	676.8
Earnings per Share	3,019.00	4,787.00	3,318.00	2,845.00	167.00
Diluted EPS	3,475.55	5,357.22	3,885.64	2,845.00	310.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	26,969.5	40,695.1	42,679.7	40,301.0	37,278.1
I. Cash and cash equivalents	4,240.1	6,306.6	2,843.7	2,496.5	572.8
1. Cash	3,898.1	4,475.6	2,343.7	894.5	0.0
2. Cash equivalents	342.0	1,831.0	500.0	1,602.0	0.0
II. Short-term financial investments	10,505.4	20,248.5	25,895.7	30,498.1	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	10,505.4	20,248.5	25,895.7	30,498.1	0.0
III. Short-term receivables	8,397.7	12,309.3	12,672.5	6,473.5	3,559.4
1. Short-term trade accounts receivable	7,243.8	10,486.1	9,031.4	6,288.5	0.0
2. Short-term prepayments to suppliers	4,224.2	4,834.9	6,375.0	407.2	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	621.2	651.4	989.4	1,023.0	0.0
7. Provision for short-term doubtful debts (*)	-3,691.6	-3,663.1	-3,723.2	-1,245.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	352.1	294.2	468.1	451.2	290.0
1. Inventories	352.1	294.2	468.1	451.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3,474.2	1,536.6	799.7	381.8	138.8
1. Short-term prepayments	55.7	19.1	25.1	22.6	0.0
2. Value added tax to be reclaimed	3,399.4	1,512.5	729.6	341.4	0.0
3. Taxes and other receivables from state authorities	19.2	4.9	45.0	17.8	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)	64,940.3	36,586.8	24,667.9	19,800.5	17,562.2
I. Long-term receivables	265.5	265.5	265.5	265.5	0.0
1. Long-term trade receivables	2.8	2.8	2.8	5.6	271.1
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	265.5	265.5	265.5	265.5	0.0
7. Provision for long-term doubtful debts	-2.8	-2.8	-2.8	-5.6	0.0
II. Fixed assets	25,453.5	12,039.0	13,140.3	11,743.9	12,509.7
1. Tangible fixed assets	25,441.7	12,026.9	13,137.0	11,743.1	12,508.3
- Cost	65,963.6	49,743.9	48,710.4	45,056.9	0.0
- Accumulated depreciation	-40,521.9	-37,717.0	-35,573.4	-33,313.8	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	11.8	12.1	3.3	0.8	1.3
- Cost	43.1	37.6	25.8	22.4	0.0
- Accumulated depreciation	-31.3	-25.5	-22.5	-21.6	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	35,200.0	20,892.9	7,888.1	4,681.7	1,677.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	35,200.0	20,892.9	7,888.1	4,681.7	0.0
V. Long-term financial investments	3,186.9	3,007.6	2,849.1	2,796.0	2,724.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,009.8	2,832.3	2,673.7	2,625.3	0.0
3. Investments in other entities	237.1	235.3	235.3	234.8	0.0
4. Provision for diminution in value of long-term investments	-60.0	-60.0	-60.0	-64.0	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	834.3	381.8	524.9	313.5	0.0
1. Long-term prepayments	186.4	74.3	92.4	146.2	0.0
2. Deferred income tax assets	647.9	307.5	432.5	167.3	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	379.1
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)	91,909.8	77,282.0	67,347.6	60,101.5	54,840.2
A. LIABILITIES (300=210+330)	22,007.3	17,241.3	16,934.0	16,325.1	17,168.0
I. Short -term liabilities	12,335.6	7,634.0	6,722.0	5,413.2	3,528.1
1. Short-term trade accounts payable	2,993.6	1,684.8	1,188.2	916.6	597.3
2. Short-term advances from customers	10.3	6.1	9.6	26.6	57.8
3. Taxes and other payables to state authorities	4,198.1	3,392.0	3,058.4	1,544.2	0.0
4. Payable to employees	1,302.4	1,259.3	1,113.0	970.2	0.0
5. Short-term acrrued expenses	2,389.5	268.0	521.8	216.4	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	4.5	4.6	4.5	2.4	2.8
9. Other short-term payables	401.0	186.1	217.9	1,162.9	0.0
10. Short-term borrowings and financial leases	411.6	395.9	410.4	382.0	365.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	624.6	437.4	198.1	191.8	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	9,671.7	9,607.3	10,212.0	10,911.9	13,639.8
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	371.3	260.6	157.4	68.2	0.0
8. Long-term borrowings and financial leases	9,300.0	9,346.3	10,046.0	10,834.4	13,565.9
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	0.4	0.4	0.2	0.3	0.0
12. Provision for long-term liabilities	—	0.0	8.4	9.1	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)	69,902.5	60,040.7	50,413.6	43,776.5	37,672.2
I. Owner's equity	69,902.5	60,040.7	50,413.6	43,776.5	0.0
1. Owner's capital	35,828.5	21,771.7	21,771.7	21,771.7	37,672.2
- Common stock with voting right	35,828,475,230,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	14.6	14.6	14.6	14.6	14.6
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	-6,857,850,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00	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	16,242.9	6,034.6	6,034.6	6,034.6	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	17,767.0	32,166.3	22,542.4	15,910.9	9,812.2
- Accumulated retained earning at the end of the previous period	6,952.1	21,745.4	15,320.1	9,718.1	9,312.9
- Undistributed earnings in this period	10,814.9	10,420.9	7,222.3	6,192.8	499.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	56.4	56.4	53.3	47.5	42.0
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)	91,909.8	77,282.0	67,347.6	60,101.5	54,840.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	15,409.3	14,464.8	10,492.1	8,789.0	1,018.6
Depreciation of Fixed Assets and Investment Property	2,970.1	2,289.3	2,363.8	2,338.1	2,529.6
Provision (Increase)/Reversal	28.5	-57.5	2,471.1	757.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	306.0	-394.1	-384.7	-2,335.8	0.0
Gain/Loss from Investment Activities	-1,265.4	-1,621.8	-2,022.4	-1,900.7	0.0
Interest Expense	60.5	60.5	66.9	73.1	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	17,509.1	14,741.2	12,986.8	7,721.4	998.0
Increase/(Decrease) in Receivables	86.5	-2,643.9	-3,426.2	-3,900.2	0.0
Increase/(Decrease) in Inventory	-54.8	158.7	-19.6	-184.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,775.3	334.0	159.2	104.0	0.0
Increase/(Decrease) in Prepaid Expenses	-148.6	24.1	55.1	58.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-60.7	-62.0	-68.5	-76.9	0.0
Corporate Income Tax Paid	-2,581.8	-2,417.5	-2,000.6	-200.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-766.0	-560.4	-717.3	-258.8	0.0
Net Cash Flow from Operating Activities	16,758.8	9,574.2	6,968.9	3,263.0	-751.3
Payments for Fixed Assets and Other Long-term Assets	-29,557.8	-13,262.9	-12,894.0	-4,982.4	-1,598.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	3.4	0.7	1.3	0.7
Loans and Purchases of Debt Instruments	-1,284.0	-1,505.5	-2,052.7	-2,071.1	-1,308.5
Receipts from Loan Repayments and Sale of Debt Instruments	11,027.1	7,152.7	6,655.1	4,290.0	1,776.5
Investments in Other Entities	-1.8	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1,405.8	1,812.3	2,017.8	1,792.2	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	-18,409.5	-5,800.0	-6,273.1	-969.9	1,077.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	-3,939,170,000.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-420.8	-406.4	-366.3	-362.4	-247.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.8	-7.2	-2.0	-0.0	-0.1
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	-433.6	-413.6	-368.3	-362.4	-248.0
Net Cash Flow During the Period	-2,084.2	3,360.6	327.5	1,930.7	-195.0
Cash and Cash Equivalents at Beginning of Period	6,306.6	2,843.7	2,496.5	572.8	498.8
FX Difference from Revaluation	17.7	102.3	19.7	-7.0	-4.4
Cash and Cash Equivalents at End of Period	4,240.1	6,306.6	2,843.7	2,496.5	572.8

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	6,860.8	6,812.2	6,496.1	6,358.9	6,368.2	5,774.3	5,672.6	5,551.2	5,660.6	5,102.2	5,345.6	4,945.4
Revenue Deductions	20.7	18.8	19.7	18.8	18.1	53.3	17.4	16.4	17.1	55.0	18.0	16.1
Net Revenue	6,840.0	6,793.4	6,476.4	6,340.1	6,350.1	5,721.0	5,655.2	5,534.8	5,643.5	5,047.2	5,327.6	4,929.3
Cost of Goods Sold	2,494.7	3,274.4	2,477.5	2,423.2	2,001.5	2,609.3	2,013.1	2,075.2	2,043.7	2,350.7	1,996.7	1,970.6
Gross Profit	4,345.3	3,519.0	3,998.9	3,916.9	4,348.6	3,111.8	3,642.1	3,459.6	3,599.9	2,696.5	3,330.9	2,958.7
Financial Income	150.2	718.6	371.9	262.1	250.2	910.2	294.2	827.5	478.7	648.5	994.8	442.2
Financial Expenses	18.5	27.7	40.7	738.5	278.8	21.8	809.2	26.6	18.8	43.9	20.0	-446.4
Interest Expense	13.7	14.4	15.3	15.9	14.8	14.5	16.8	14.6	14.9	16.9	15.6	16.7
Share of Associates and Joint Ventures	125.4	173.2	86.9	73.8	98.4	105.3	134.5	63.1	60.8	31.9	112.7	80.4
Selling Expenses	105.1	93.0	90.5	106.7	104.5	105.8	88.6	89.2	90.4	86.7	79.2	86.8
General and Administrative Expenses	362.1	449.8	362.2	203.3	456.6	191.8	295.9	242.7	407.4	1,323.3	929.5	606.0
Operating Profit	4,135.1	3,840.4	3,964.3	3,204.3	3,857.2	3,807.8	2,877.1	3,991.7	3,622.8	1,923.0	3,409.7	3,234.9
Other Income	14.2	30.0	13.3	7.9	8.4	19.4	2.0	18.2	5.8	18.2	4.5	3.4
Other Expenses	3.6	9.8	2.1	0.1	0.1	0.1	1.0	10.8	0.1	0.2	0.1	2.4
Other Profit	10.7	20.2	11.2	7.7	8.3	19.2	1.1	7.4	5.7	18.0	4.5	1.0
Profit Before Tax	4,145.7	3,860.6	3,975.5	3,212.1	3,865.5	3,827.1	2,878.1	3,999.0	3,628.5	1,941.0	3,414.2	3,235.9
Current Income Tax Expense	799.6	725.8	765.1	608.4	745.1	737.0	538.5	771.0	708.0	376.2	647.0	625.8
Deferred Income Tax Expense	—	—	—	—	—	1.3	0.4	0.0	0.0	0.1	3.2	0.0
Net Income	3,346.2	3,134.8	3,210.4	2,603.7	3,120.4	3,088.7	2,339.2	3,228.1	2,920.6	1,564.7	2,764.0	2,610.1
Non-controlling Interest	4.0	4.2	3.0	2.5	3.2	3.7	3.0	3.1	0.0	3.9	1.3	2.5
Profit Attributable to Parent	3,342.2	3,130.6	3,207.4	2,601.2	3,117.3	3,085.0	2,336.2	3,225.0	2,920.6	1,560.8	2,762.6	2,607.6
Earnings per Share	719.00	1,112.00	977.00	1,015.00	1,246.00	1,310.00	909.00	1,331.00	1,191.00	602.00	1,109.00	1,054.00
Diluted EPS	932.83	873.78	895.22	1,194.74	1,431.80	1,416.98	1,073.04	1,481.26	1,341.45	716.89	1,268.91	1,197.69

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)	25,557.9	26,842.0	33,607.2	35,489.0	37,256.7	40,530.3	42,552.5	41,651.7	41,684.4	42,748.0	42,737.8	40,553.9
I. Cash and cash equivalents	5,871.6	4,240.1	4,721.7	3,834.8	3,024.8	6,306.6	4,545.6	3,191.9	2,624.0	2,843.7	4,213.7	1,693.5
1. Cash	5,020.6	3,898.1	4,621.7	3,834.8	3,011.2	4,475.6	3,540.6	3,191.9	2,606.0	2,343.7	2,103.7	1,693.5
2. Cash equivalents	851.0	342.0	100.0	—	13.6	1,831.0	1,005.0	0.0	18.0	500.0	2,110.0	0.0
II. Short-term financial investments	5,659.0	10,505.4	15,300.4	17,798.0	17,500.2	20,248.5	22,696.1	23,223.0	23,966.8	25,895.7	28,098.6	29,581.6
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	5,659.0	10,505.4	15,300.4	17,798.0	17,500.2	20,248.5	22,696.1	23,223.0	23,966.8	25,895.7	28,098.6	29,581.6
III. Short-term receivables	10,210.9	8,252.6	10,653.8	11,331.9	14,734.4	12,144.4	13,782.4	13,780.5	13,810.0	12,771.7	9,199.0	8,149.4
1. Short-term trade accounts receivable	7,649.4	6,779.0	7,636.1	8,372.3	10,659.7	10,444.3	11,363.3	11,381.0	10,293.8	9,064.3	9,250.2	8,138.4
2. Short-term prepayments to suppliers	5,054.7	4,226.1	6,557.6	6,273.7	7,167.7	4,834.5	5,859.5	5,691.2	6,303.6	6,376.8	1,689.3	982.7
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	1,274.5	1,080.5	271.8	446.7	758.9	650.7	504.7	599.1	1,108.3	973.2	824.3	912.7
7. Provision for short-term doubtful debts (*)	-3,767.7	-3,832.9	-3,811.7	-3,760.8	-3,852.0	-3,785.1	-3,945.2	-3,890.8	-3,895.8	-3,642.6	-2,564.8	-1,884.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	333.4	352.1	321.5	309.0	294.9	294.3	354.9	423.0	436.2	467.3	542.5	461.2
1. Inventories	333.4	352.1	321.5	309.0	294.9	294.3	354.9	423.0	436.2	467.3	542.5	461.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3,483.1	3,491.7	2,609.7	2,215.3	1,702.3	1,536.5	1,173.5	1,033.2	847.3	769.6	683.9	668.2
1. Short-term prepayments	101.3	72.5	81.2	87.0	33.5	19.1	57.4	89.6	70.0	25.2	51.4	70.5
2. Value added tax to be reclaimed	3,359.0	3,399.4	2,522.9	2,123.7	1,656.8	1,512.6	1,111.6	939.5	763.1	729.7	624.6	590.4
3. Taxes and other receivables from state authorities	22.7	19.9	5.6	4.5	12.0	4.9	4.4	4.1	14.1	14.8	7.9	7.3
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)	65,015.1	64,076.3	52,545.1	47,320.5	39,224.3	36,739.4	30,705.7	28,151.3	25,374.9	24,381.0	22,823.2	22,659.7
I. Long-term receivables	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5
1. Long-term trade receivables	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	5.6	5.6
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	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5	265.5
7. Provision for long-term doubtful debts	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-5.6	-5.6
II. Fixed assets	24,151.4	24,707.8	20,726.7	21,457.4	12,231.9	12,029.9	12,116.9	12,561.7	12,715.0	13,139.8	12,548.8	13,012.3
1. Tangible fixed assets	24,141.4	24,696.1	20,716.7	21,447.9	12,221.1	12,017.8	12,112.5	12,556.7	12,712.1	13,136.5	12,545.9	13,011.7
- Cost	63,186.2	—	—	—	—	49,733.3	49,297.0	49,263.0	48,872.1	48,709.8	47,631.1	47,484.5
- Accumulated depreciation	-39,044.8	—	—	—	—	-37,715.5	-37,184.5	-36,706.3	-36,159.9	-35,573.3	-35,085.2	-34,472.8
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	10.0	11.7	9.9	9.6	10.8	12.1	4.4	5.0	2.9	3.3	3.0	0.6
- Cost	42.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-32.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	36,463.6	35,423.3	28,000.2	21,982.2	23,207.4	20,904.1	14,880.7	11,836.7	8,965.9	7,852.3	6,852.1	6,234.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	36,463.6	35,423.3	28,000.2	21,982.2	23,207.4	20,904.1	14,880.7	11,836.7	8,965.9	7,852.3	6,852.1	6,234.1
V. Long-term financial investments	3,312.3	3,188.9	3,095.3	3,181.5	3,106.0	3,034.8	2,934.0	2,973.0	2,909.9	2,860.0	2,889.3	2,859.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,135.2	3,011.8	2,918.2	3,004.4	2,930.6	2,859.5	2,758.7	2,797.6	2,734.5	2,688.7	2,718.0	2,688.9
3. Investments in other entities	237.1	237.1	237.1	237.1	235.3	235.3	235.3	235.3	235.3	235.3	235.3	234.8
4. Provision for diminution in value of long-term investments	-60.0	-60.0	-60.0	-60.0	-60.0	-60.0	-60.0	-60.0	-60.0	-64.0	-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	822.3	490.7	457.5	433.8	413.5	505.1	508.5	514.4	518.6	263.3	267.4	288.2
1. Long-term prepayments	174.3	183.2	150.0	126.3	106.0	74.2	76.4	81.9	86.1	99.5	103.3	120.9
2. Deferred income tax assets	647.9	307.5	307.5	307.5	307.5	430.8	432.1	432.5	432.5	163.8	164.1	167.3
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)	90,573.0	90,918.3	86,152.3	82,809.5	76,481.0	77,269.7	73,258.1	69,803.0	67,059.2	67,129.0	65,560.9	63,213.6
A. LIABILITIES (300=210+330)	18,092.0	20,988.6	19,377.0	18,801.6	13,724.0	17,328.7	16,172.6	14,698.4	14,048.7	16,618.9	16,495.1	16,561.2
I. Short -term liabilities	8,712.7	11,316.9	9,228.4	8,388.3	4,032.7	7,721.8	6,062.9	5,080.7	4,032.3	6,412.2	6,040.6	5,544.1
1. Short-term trade accounts payable	3,115.9	2,988.6	1,817.7	1,869.0	965.6	1,689.5	832.1	834.4	963.7	1,187.1	962.8	1,076.0
2. Short-term advances from customers	21.5	10.3	10.5	10.7	8.7	6.1	5.2	5.8	18.2	9.6	12.3	12.8
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1,390.1	3,591.4	3,343.4	2,184.6	1,098.3	3,481.9	2,595.4	1,652.7	1,062.1	1,618.9	1,596.2	1,191.6
4. Payable to employees	522.3	1,116.8	1,071.0	769.4	490.3	1,261.1	809.8	605.5	694.6	1,062.7	988.8	765.0
5. Short-term acrrued expenses	1,927.0	2,422.1	1,456.0	1,808.5	358.1	258.9	389.6	414.5	452.9	528.0	421.6	474.3
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	19.6	4.5	21.7	9.7	18.6	4.6	22.7	10.5	17.9	4.5	16.7	8.4
9. Other short-term payables	704.0	147.1	147.7	179.7	258.9	186.9	207.8	189.5	235.2	1,392.8	1,222.0	872.6
10. Short-term borrowings and financial leases	407.2	411.6	432.5	437.9	407.3	395.9	418.2	390.0	405.6	410.4	417.0	433.9
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	605.0	624.6	927.7	1,118.8	426.8	436.8	782.2	977.9	182.3	198.3	403.2	709.5
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	9,379.3	9,671.7	10,148.6	10,413.3	9,691.3	9,606.9	10,109.7	9,617.6	10,016.4	10,206.8	10,454.5	11,017.1
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	308.7	371.3	318.7	306.4	270.7	260.5	206.2	201.0	169.7	152.1	111.7	76.8
8. Long-term borrowings and financial leases	9,070.2	9,300.0	9,829.5	10,106.4	9,420.2	9,346.3	9,896.8	9,408.1	9,838.1	10,046.0	10,333.4	10,930.9
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	0.4	0.4	0.4	0.4	0.4	0.2	0.2	0.2	0.2	0.3	0.3	0.3
12. Provision for long-term liabilities	—	—	—	—	—	0.0	6.5	8.4	8.4	8.4	9.1	9.1
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)	72,481.0	69,929.6	66,775.3	64,007.8	62,757.0	59,941.0	57,085.5	55,104.7	53,010.5	50,510.1	49,065.8	46,652.4
I. Owner's equity	72,481.0	69,929.6	66,775.3	64,007.8	62,757.0	59,941.0	57,085.5	55,104.7	53,010.5	50,510.1	49,065.8	46,652.4
1. Owner's capital	35,828.5	35,828.5	35,828.5	21,771.7	21,771.7	21,771.7	21,771.7	21,771.7	21,771.7	21,771.7	21,771.7	21,771.7
- Common stock with voting right	35,828,475,230,000.00	35,828,475,230,000.00	35,828,475,230,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00	21,771,732,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6
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	-6,857,850,000.00	-6,857,850,000.00	-6,857,850,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00	-2,918,680,000.00
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	16,242.9	13,166.9	9,110.5	9,110.5	6,034.6	6,034.6	6,034.6	6,034.6	6,034.6	6,034.6	6,034.6	6,034.6
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	20,341.6	20,870.1	21,776.4	33,064.7	34,879.5	32,066.6	29,214.8	27,237.0	25,136.1	22,638.8	21,198.4	18,786.3
- Accumulated retained earning at the end of the previous period	17,767.0	10,028.0	14,084.5	28,141.2	32,166.3	21,745.4	21,745.4	21,745.4	22,542.4	15,320.1	15,189.6	15,189.6
- Undistributed earnings in this period	2,574.5	10,842.1	7,691.9	4,923.5	2,713.2	10,321.2	7,469.5	5,491.6	2,593.7	7,318.7	6,008.8	3,596.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	60.3	56.4	52.2	49.2	59.5	56.4	52.7	49.6	56.4	53.3	49.4	48.1
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)	90,573.0	90,918.3	86,152.3	82,809.5	76,481.0	77,269.7	73,258.1	69,803.0	67,059.2	67,129.0	65,560.9	63,213.6

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	4,145.7	4,354.5	3,975.5	3,213.8	3,865.5	3,827.1	2,878.1	3,999.1	3,628.5	1,813.5	3,414.2	3,233.9
Depreciation of Fixed Assets and Investment Property	984.6	862.9	814.6	763.8	528.8	567.2	561.9	572.3	586.3	583.9	614.3	608.3
Provision (Increase)/Reversal	76.1	-120.1	50.8	-91.1	188.9	-160.1	54.4	-5.0	175.2	1,151.6	680.5	367.5
FX Gain/Loss from Revaluation of Monetary Items	-96.0	-450.3	-178.4	708.0	226.7	-648.3	771.4	-434.5	-82.7	-207.7	-478.7	-469.4
Gain/Loss from Investment Activities	-176.6	-337.4	-263.0	-331.1	-333.9	-323.4	-421.1	-435.1	-434.7	-434.4	-609.0	-518.0
Interest Expense	13.7	14.4	15.3	15.9	14.8	14.5	16.8	14.3	14.9	16.9	15.6	16.7
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	4,947.7	4,324.0	4,415.0	4,279.3	4,490.8	3,277.0	3,861.5	3,711.2	3,887.6	2,923.8	3,636.8	3,239.0
Increase/(Decrease) in Receivables	-2,600.1	-1,407.2	249.8	1,657.7	-413.9	327.6	-163.0	-1,393.3	-1,366.2	-62.6	-1,236.9	-1,019.5
Increase/(Decrease) in Inventory	10.5	-12.2	-17.2	-17.6	-7.9	59.4	61.3	9.1	28.7	75.6	-86.2	-28.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-173.5	2,517.0	808.0	1,144.7	-1,694.4	1,044.4	432.2	232.3	-1,367.7	252.9	616.4	349.3
Increase/(Decrease) in Prepaid Expenses	-36.3	-10.9	-16.1	-75.6	-46.1	41.7	38.1	-17.1	-38.6	41.1	37.8	7.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-24.0	-4.8	-25.8	-5.2	-25.0	-4.8	-26.3	-4.8	-26.2	-5.0	-27.5	-5.4
Corporate Income Tax Paid	-2,782.7	-428.6	-1.8	0.0	-2,151.4	-3.4	0.0	-551.7	-1,862.4	-100.6	-350.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-19.6	-303.1	-191.1	-261.2	-10.5	-345.3	-195.7	-4.1	-15.8	-205.1	-306.3	-77.1
Net Cash Flow from Operating Activities	-678.1	4,674.3	5,220.8	6,722.1	141.6	4,396.6	4,008.1	1,981.6	-760.5	2,920.1	2,284.1	2,465.0
Payments for Fixed Assets and Other Long-term Assets	-2,597.2	-9,996.0	-7,211.6	-6,201.5	-6,148.8	-5,257.2	-3,463.2	-3,043.0	-1,519.2	-6,746.5	-1,794.9	-3,095.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.6	0.2	0.5	-0.0	1.8	0.6	0.8	0.2	0.2	0.1	0.1
Loans and Purchases of Debt Instruments	-5,547.9	-33.5	—	-1,177.2	-73.3	15.2	-160.2	-401.7	-960.6	-899.6	723.9	-1,655.5
Receipts from Loan Repayments and Sale of Debt Instruments	10,394.3	7,326.1	—	879.4	2,821.6	2,432.4	687.1	1,145.5	2,889.5	3,102.5	759.1	1,707.0
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	0.0	0.0	0.0
Dividends and Interest Income Received	196.2	200.1	499.6	597.3	108.8	92.6	542.3	900.1	245.5	327.5	663.7	756.4
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	2,446.3	-5,002.1	-4,214.2	-5,901.4	-3,291.8	-2,715.3	-2,393.4	-1,398.3	655.4	-4,215.9	351.9	-2,287.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-146.7	-59.0	-154.4	-62.7	-144.8	-56.9	-148.6	-53.7	-147.3	-44.1	-161.1	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	7.2	-7.2	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-8.8	—	0.0	-7.2	0.0	0.0	-2.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-146.7	-59.0	-158.3	-71.5	-144.8	-56.9	-148.6	-60.9	-147.3	-46.1	-161.1	0.0
Net Cash Flow During the Period	1,621.5	-386.7	848.3	749.2	-3,295.0	1,624.4	1,466.1	522.4	-252.4	-1,341.9	2,474.8	177.6
Cash and Cash Equivalents at Beginning of Period	4,240.1	4,721.7	3,834.8	3,024.8	6,306.6	2,843.7	2,843.7	2,843.7	2,843.7	2,496.5	2,496.5	2,496.5
FX Difference from Revaluation	10.0	17.7	112.5	74.0	13.3	136.6	-112.4	45.5	32.7	-28.2	45.4	7.6
Cash and Cash Equivalents at End of Period	5,871.6	4,240.1	4,721.7	3,834.8	3,024.8	6,306.6	4,545.6	3,191.9	2,624.0	2,843.7	4,213.7	1,693.5

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ACV

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