CC1

Tổng Công ty Xây dựng Số 1 - CTCP ·UPCOM ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.36x

Price

34,000

Latest close

29 May 2026

P/E 57.82x

P/B 2.98x

EPS 588

BVPS 11,407

ROE 5.2%

ROA 1.3%

Profit Margin 1.9%

Asset Turnover 0.71x

Equity Mult. 3.88x

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

What Is Changing

On a TTM 2026Q1 basis, CC1 posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been compressing consistently over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 12,630bn
	                                
+22.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 228bn
	                                
−12.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    46.0%

Metric	2025	2024	2023	2022	2021
Revenue	11,810.7	10,160.3	5,611.3	6,435.7	5,670.0
Growth	+16%	+81%	-13%	+14%	—
Net Income	227.0	229.5	220.4	222.7	594.0
Net Margin	1.92%	2.26%	3.93%	3.46%	10.48%

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	2,354.1	4,359.6	2,519.5	3,396.8	1,488.1	4,252.5	2,260.0	2,272.1	1,395.2	2,568.2	1,269.8	1,236.1
Growth	-46%	+73%	-26%	+128%	-65%	+88%	-1%	+63%	-46%	+102%	+3%	—
Net Income	9.5	44.8	144.8	28.9	9.3	195.1	29.3	26.2	8.9	208.2	18.5	-2.5
Net Margin	0.40%	1.03%	5.75%	0.85%	0.62%	4.59%	1.30%	1.15%	0.63%	8.11%	1.46%	-0.21%

Drivers of CC1's profit

TTM

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

Other profit ↑ 130.8bn

Gross profit ↑ 65.4bn

Minority interests ↓ 26.9bn

Associates income ↑ 15.3bn

Finance costs ↑ 122.8bn

Administrative expenses ↑ 77.5bn

TTM

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

Gross profit ↑ 21.2bn

Financial income ↑ 9.8bn

Other profit ↑ 2.2bn

Associates income ↑ 2.0bn

Finance costs ↑ 30.5bn

Administrative expenses ↑ 8.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.9% = 2.5% × 0.65 × 3.56

2026Q1 5.0% = 1.8% × 0.71 × 3.88

ROE fell from 5.9% to 5.0% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 1.8% -0.7pp Asset turnover: 0.71x +0.06x Leverage: 3.88x +0.32x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 1.81%, falling 0.7pp. The main pressure comes from Gross margin fell 0.4pp and SG&A / Revenue rose 0.2pp (in addition, Other profit / Revenue rose 1.0pp added support while Net financial result / Revenue fell 1.3pp 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 1.81% −0.7pp

Gross Margin 4.56% −0.4pp

SG&A / Revenue 2.21% +0.2pp

Non-core / Revenue -0.06% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources share remains high

Even though contribution decreased by 0.3pp, non-core sources still accounts for 46.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 1.45%, losing 1.9pp. That translates to 1.45 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.5pp, outweighing the movement in capital turnover; while invested capital rose by 960bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 1.45% −1.9pp

NOPAT Margin 0.98% −1.5pp

Capital Turnover 1.49x +0.12x

Average Invested Capital 8,498.5bn +960.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 2.78x equity, net debt at 0.86x equity.

Inventory ended the period at 2,542.9bn, roughly 14.9% of total assets.

Over the last 12 months, working capital absorbed 1,876.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −3,035.3bn

Inventories increased → lower CFO: −1,254.2bn

Payables increased → higher CFO: +2,413.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 18.7 days versus the same period last year. The main moves came from DIO rose 15.0 days, DSO rose 1.4 days, and DPO fell 2.3 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +18.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +1.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 58.0 days +1.4 days

Inventory 72.0 days +15.0 days

Payables 57.0 days −2.3 days

Cash Conversion Cycle 73.0 days +18.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2,121.2bn due to capex of 65.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.86x and interest coverage only at 0.36x.

At present, short-term debt accounts for 75.3% of total debt, cash equals 40.4% of debt, and total debt stands at 6,578.5bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 0.36x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 75.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.86x −0.00x

Interest Coverage 0.36x −0.57x

Cash / Debt 40.4% +6.0pp

Short-term Debt / Total Debt 75.3% +13.0pp

CFO / NI -8.75x −0.45x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3,325.9bn in 2025, against investing cash flow of 2,438.6bn.

Post-investment cash flow was negative +887.3bn. Financing cash flow was positive +555.5bn.

CFO / net income was -8.75x.

After spending +65.0bn on fixed-asset investment, the business generated trailing free cash flow of −2,121.2bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 2,056.3bn −63.1bn

Cash Capex 65.0bn −219.6bn

FCF TTM −2,121.2bn +156.5bn

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 leverage and liquidity remaining the main constraint, with interest coverage at 0.36x. The next watchpoint is the earnings mix, when non-core contribution is -48.5%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -48.5% of PBT and CFO / net income currently at -8.75x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.36x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	11,810.7	10,161.1	5,613.3	6,436.7	5,670.1
Revenue Deductions	—	0.8	2.0	1.0	0.0
Net Revenue	11,810.7	10,160.3	5,611.3	6,435.7	5,670.0
Cost of Goods Sold	11,253.4	9,676.7	5,282.7	5,938.9	0.0
Gross Profit	557.3	483.7	328.6	496.8	308.2
Financial Income	307.2	385.3	789.6	324.3	819.2
Financial Expenses	439.1	324.5	474.0	423.1	-235.1
Interest Expense	380.3	257.8	431.9	371.9	-233.2
Share of Associates and Joint Ventures	16.0	12.5	18.0	4.5	4.9
Selling Expenses	4.2	8.8	3.1	30.6	-24.9
General and Administrative Expenses	270.2	261.8	348.0	189.8	-287.7
Operating Profit	167.0	286.3	311.1	182.1	584.6
Other Income	185.4	11.8	3.0	111.1	0.0
Other Expenses	46.5	6.6	12.3	7.3	0.0
Other Profit	138.9	5.2	-9.2	103.8	60.4
Profit Before Tax	305.9	291.4	301.9	285.8	645.0
Current Income Tax Expense	78.5	62.7	81.5	68.3	-51.0
Deferred Income Tax Expense	0.5	-0.7	0.0	-5.1	0.0
Net Income	227.0	229.5	220.4	222.7	594.0
Non-controlling Interest	-6.6	0.7	0.9	5.8	21.0
Profit Attributable to Parent	233.6	228.8	219.5	216.8	573.0
Earnings per Share	569.00	581.00	651.00	752.00	5,219.00
Diluted EPS	569.00	581.00	651.00	752.00	5,009.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13,530.4	10,382.3	9,907.2	10,489.1	8,497.9
I. Cash and cash equivalents	2,293.5	2,624.8	2,721.3	1,639.1	1,223.1
1. Cash	1,282.6	1,686.0	1,861.5	1,214.3	0.0
2. Cash equivalents	1,010.9	938.8	859.8	424.8	0.0
II. Short-term financial investments	241.3	91.1	131.8	205.3	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	241.3	91.1	131.8	205.3	0.0
III. Short-term receivables	7,989.7	5,799.5	5,881.1	7,300.9	5,250.5
1. Short-term trade accounts receivable	2,597.6	1,926.4	1,607.7	2,331.6	0.0
2. Short-term prepayments to suppliers	5,096.7	3,519.7	3,310.0	3,667.1	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	20.5	24.8	30.3	215.5	0.0
6. Other short-term receivables	497.3	551.1	1,092.5	1,125.9	0.0
7. Provision for short-term doubtful debts (*)	-222.4	-222.4	-159.4	-39.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,542.9	1,494.6	927.9	1,006.4	1,255.9
1. Inventories	2,543.3	1,495.0	928.3	1,007.3	0.0
2. Provision for decline in value of inventories	-0.4	-0.4	-0.4	-0.9	0.0
V. Other short-term assets	463.0	372.3	245.1	337.4	303.5
1. Short-term prepayments	68.9	49.6	25.9	9.6	0.0
2. Value added tax to be reclaimed	133.6	138.5	93.5	241.6	0.0
3. Taxes and other receivables from state authorities	260.5	184.1	125.7	86.2	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)	3,581.5	6,345.7	5,043.2	5,094.0	3,982.2
I. Long-term receivables	641.1	2,041.3	1,215.9	1,201.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	959.9
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	30.6	140.8	47.2	55.1	0.0
6. Other long-term receivables	610.5	1,900.5	1,168.7	1,146.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	185.6	206.0	159.5	387.4	1,112.6
1. Tangible fixed assets	62.6	76.2	92.9	308.5	791.1
- Cost	2,482.3	2,483.5	2,483.9	2,934.7	0.0
- Accumulated depreciation	-2,419.8	-2,407.2	-2,391.0	-2,626.2	0.0
2. Financial leased fixed assets	79.6	86.5	23.4	29.8	34.2
- Cost	99.3	96.8	24.7	40.2	0.0
- Accumulated depreciation	-19.6	-10.3	-1.3	-10.4	0.0
3. Intangible fixed assets	43.4	43.2	43.2	49.1	287.2
- Cost	52.4	51.4	50.8	56.3	0.0
- Accumulated depreciation	-9.0	-8.2	-7.6	-7.2	0.0
III. Investment properties	397.8	431.3	489.0	514.1	142.6
- Cost	663.5	703.2	746.0	746.0	0.0
- Accumulated depreciation	-265.7	-271.9	-256.9	-231.8	0.0
IV. Long-term assets in progress	684.3	2,852.8	2,585.8	2,118.3	1,332.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	684.3	2,852.8	2,585.8	2,118.3	0.0
V. Long-term financial investments	1,655.8	754.5	529.4	767.8	249.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,009.4	701.0	459.6	649.6	0.0
3. Investments in other entities	653.0	47.5	63.8	109.0	0.0
4. Provision for diminution in value of long-term investments	-6.6	0.0	0.0	-1.8	0.0
5. Held to maturity investments	—	6.0	6.0	11.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	16.9	59.8	63.5	105.4	0.0
1. Long-term prepayments	16.0	44.5	48.9	89.7	0.0
2. Deferred income tax assets	0.9	15.4	14.7	15.6	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	184.9
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)	17,111.9	16,728.0	14,950.4	15,583.1	12,480.0
A. LIABILITIES (300=210+330)	12,585.8	12,163.6	10,702.9	11,421.2	10,144.6
I. Short -term liabilities	9,918.2	8,370.4	7,345.7	6,096.5	5,762.8
1. Short-term trade accounts payable	1,708.4	1,711.7	1,231.8	1,452.0	1,120.5
2. Short-term advances from customers	1,237.4	2,225.4	2,774.6	1,657.7	1,436.2
3. Taxes and other payables to state authorities	93.2	66.3	71.6	52.6	0.0
4. Payable to employees	45.3	47.4	50.4	76.1	0.0
5. Short-term acrrued expenses	1,173.4	536.7	835.4	425.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	7.5	7.4	2.9	7.6	4.9
9. Other short-term payables	584.8	21.6	16.1	212.2	0.0
10. Short-term borrowings and financial leases	5,034.1	3,721.7	2,347.8	2,206.6	2,319.0
11. Provision for short-term liabilities	9.9	13.4	13.9	0.0	0.0
12.. Bonus and welfare fund	24.3	18.8	1.3	6.4	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	2,667.5	3,793.2	3,357.3	5,324.7	4,381.8
1. Long-term trade payables	704.2	532.6	419.3	287.9	223.5
2. Long-term advances from customers	99.5	99.5	133.7	133.7	262.1
3. Long-term acrrued expenses	174.8	174.8	174.8	153.3	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	20.9	23.5	26.2	28.9	34.3
7. Other long-term liabilities	38.5	661.7	662.4	145.6	0.0
8. Long-term borrowings and financial leases	1,627.1	2,298.4	1,940.8	4,561.5	3,624.8
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	2.7	2.7	0.0	13.9	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)	4,526.1	4,564.4	4,247.5	4,161.9	2,335.5
I. Owner's equity	4,526.1	4,564.4	4,247.5	4,161.9	0.0
1. Owner's capital	3,979.1	3,585.1	3,585.1	3,289.3	2,335.5
- Common stock with voting right	3,979,061,000,000.00	3,585,078,250,000.00	3,585,078,250,000.00	3,289,344,690,000.00	1,143,864,740,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	104.8	99.3	99.3	99.3	110.6
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	—	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	0.00
6. Assets revaluation differences	-6.5	7.5	7.5	3.7	0.0
7. Foreign exchange differences	-0.1	0.0	0.0	0.0	0.0
8. Investment and development fund	64.8	20.4	20.4	23.4	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	273.7	477.3	270.4	346.8	619.6
- Accumulated retained earning at the end of the previous period	40.1	248.5	50.9	129.9	46.6
- Undistributed earnings in this period	233.6	228.8	219.5	216.8	573.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	110.3	379.5	269.4	404.2	445.4
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)	17,111.9	16,728.0	14,950.4	15,583.1	12,480.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	305.9	291.4	301.9	285.8	645.0
Depreciation of Fixed Assets and Investment Property	62.0	53.5	48.8	73.6	100.8
Provision (Increase)/Reversal	2.5	66.2	153.4	-136.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	43.7	57.1	36.1	43.6	0.0
Gain/Loss from Investment Activities	-473.3	-399.3	-781.7	-425.9	0.0
Interest Expense	380.3	257.8	431.9	376.5	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	321.1	326.8	190.4	217.1	299.5
Increase/(Decrease) in Receivables	-2,598.0	-1,613.0	1,462.3	-1,729.3	0.0
Increase/(Decrease) in Inventory	-1,048.3	-534.1	79.0	249.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	462.0	-290.9	1,726.3	423.9	0.0
Increase/(Decrease) in Prepaid Expenses	-19.9	-19.3	24.6	-1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-374.6	-254.0	-452.5	-339.0	0.0
Corporate Income Tax Paid	-58.8	-71.4	-67.4	-55.3	0.0
Other Operating Receipts	0.9	0.0	0.0	0.0	0.0
Other Operating Payments	-10.3	-2.6	-5.5	0.0	0.0
Net Cash Flow from Operating Activities	-3,325.9	-2,458.5	2,957.1	-1,233.9	-1,426.4
Payments for Fixed Assets and Other Long-term Assets	-65.4	-244.8	-423.0	-721.1	-553.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	2,170.0	2.9	0.3	35.8	20.0
Loans and Purchases of Debt Instruments	-166.5	-116.6	-136.3	-868.8	-766.1
Receipts from Loan Repayments and Sale of Debt Instruments	83.0	72.0	405.6	1,266.7	80.1
Investments in Other Entities	-560.9	-216.0	-94.0	-1,665.1	-30.2
Proceeds from Investments in Other Entities	643.0	974.0	295.0	241.3	0.0
Dividends and Interest Income Received	335.4	178.3	98.7	260.1	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	2,438.6	649.7	146.4	-1,451.1	-30.4
Proceeds from Equity Issuance and Capital Contributions	5,475,213,713.00	113,000,000,000.00	3,000,000,000.00	2,222,607,773,220.00	12,150,030,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	8,397.1	7,300.7	4,068.1	6,025.6	6,658.6
Repayment of Borrowings	-7,827.3	-5,687.2	-6,087.9	-5,228.3	-4,846.4
Repayment of Finance Leases	-19.9	-14.1	-4.6	-11.6	-10.8
Dividends Paid	—	-0.0	-0.0	-7.9	-6.7
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	555.5	1,712.3	-2,021.4	3,000.4	1,806.8
Net Cash Flow During the Period	-331.8	-96.5	1,082.1	315.5	741.8
Cash and Cash Equivalents at Beginning of Period	2,624.8	2,721.3	1,639.1	1,323.0	856.7
FX Difference from Revaluation	0.5	0.0	0.1	0.6	16.4
Cash and Cash Equivalents at End of Period	2,293.5	2,624.8	2,721.3	1,639.1	1,223.1

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	2,354.1	4,359.6	2,519.5	3,396.8	1,488.1	4,252.5	2,260.0	2,272.2	1,395.9	2,569.4	1,270.5	1,236.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.1	0.7	1.1	0.7	0.6
Net Revenue	2,354.1	4,359.6	2,519.5	3,396.8	1,488.1	4,252.5	2,260.0	2,272.1	1,395.2	2,568.2	1,269.8	1,236.1
Cost of Goods Sold	2,233.8	4,159.8	2,434.1	3,226.1	1,389.0	4,088.7	2,176.5	2,107.7	1,315.7	2,514.0	1,137.1	1,127.2
Gross Profit	120.4	199.8	85.4	170.7	99.2	163.8	83.5	164.4	79.5	54.3	132.7	108.8
Financial Income	30.9	100.3	99.0	86.7	21.1	222.7	81.1	34.4	13.2	585.0	47.4	76.7
Financial Expenses	90.1	149.6	91.1	135.0	59.6	100.0	64.6	118.7	37.4	221.0	114.1	132.1
Interest Expense	87.0	136.9	87.0	96.4	56.2	94.3	59.9	62.1	37.2	233.7	67.5	125.2
Share of Associates and Joint Ventures	2.6	3.8	9.9	1.2	0.6	0.1	-1.4	2.9	1.4	5.8	3.0	0.0
Selling Expenses	—	0.0	—	0.7	3.5	2.7	1.7	2.6	1.8	2.3	0.5	0.2
General and Administrative Expenses	54.9	70.7	102.0	51.2	46.4	50.2	57.4	47.2	43.1	142.3	43.9	44.5
Operating Profit	8.9	83.8	1.2	71.7	11.4	233.8	39.3	33.2	12.0	279.5	24.5	8.7
Other Income	3.2	-1.4	181.7	3.4	1.7	13.6	1.3	0.3	0.4	1.2	0.4	0.6
Other Expenses	0.2	6.3	0.1	39.2	1.0	2.0	3.1	0.3	1.1	9.1	0.3	1.5
Other Profit	2.9	-7.7	181.6	-35.7	0.7	11.6	-1.8	-0.1	-0.7	-7.9	0.1	-1.0
Profit Before Tax	11.8	76.1	182.8	36.0	12.1	245.4	37.5	33.1	11.3	271.6	24.6	7.8
Current Income Tax Expense	2.2	31.3	37.6	7.1	2.8	48.0	7.7	9.6	2.2	63.3	6.1	10.4
Deferred Income Tax Expense	0.1	—	0.5	—	—	2.2	0.5	-2.7	0.2	0.0	0.0	-0.0
Net Income	9.5	44.8	144.8	28.9	9.3	195.1	29.3	26.2	8.9	208.2	18.5	-2.5
Non-controlling Interest	-0.1	1.2	-9.5	1.2	0.5	19.5	0.3	-0.5	-0.1	0.8	0.5	0.2
Profit Attributable to Parent	9.6	43.6	154.3	27.7	8.8	175.6	29.0	26.7	9.0	207.5	18.0	-2.8
Earnings per Share	24.00	109.00	388.00	67.00	25.00	490.00	81.00	20.00	27.00	599.00	55.00	-11.00
Diluted EPS	24.00	109.00	388.00	67.00	25.00	614.00	81.00	20.00	27.00	599.00	55.00	-11.00

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)	15,397.3	13,530.4	11,016.2	11,480.0	9,750.6	10,396.0	10,735.9	10,074.2	9,827.3	9,865.9	9,236.0	9,190.1
I. Cash and cash equivalents	2,660.4	2,293.5	1,846.5	2,953.6	2,080.9	2,625.1	2,179.6	1,871.5	1,964.0	2,663.1	967.8	897.0
1. Cash	992.7	1,282.6	966.4	1,897.6	1,039.1	1,686.4	1,304.9	943.8	862.4	1,861.5	317.0	324.6
2. Cash equivalents	1,667.7	1,010.9	880.1	1,056.0	1,041.7	938.7	874.7	927.6	1,101.6	801.6	650.8	572.3
II. Short-term financial investments	470.4	241.3	238.1	241.1	91.1	91.1	111.1	110.8	119.0	190.0	175.9	275.8
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	470.4	241.3	238.1	241.1	91.1	91.1	111.1	110.8	119.0	190.0	175.9	275.8
III. Short-term receivables	8,727.4	7,989.7	6,257.4	5,860.3	5,421.5	5,822.0	6,552.3	6,277.0	6,156.3	5,852.8	6,690.8	6,906.5
1. Short-term trade accounts receivable	2,256.6	2,597.6	1,924.1	2,093.2	1,754.5	1,940.1	1,665.8	1,693.5	1,427.3	1,620.2	1,124.2	1,307.6
2. Short-term prepayments to suppliers	6,203.0	5,096.7	3,935.7	3,631.1	3,615.8	3,484.8	4,625.4	4,308.7	4,483.4	3,328.8	4,688.4	4,696.2
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	—	20.5	105.0	26.1	24.5	24.8	22.8	23.8	28.2	30.3	66.2	65.9
6. Other short-term receivables	490.1	497.3	514.8	332.3	249.1	530.7	396.7	409.3	375.8	968.0	815.5	840.4
7. Provision for short-term doubtful debts (*)	-222.4	-222.4	-222.4	-222.4	-222.4	-158.4	-158.4	-158.4	-158.4	-94.6	-3.6	-3.6
8. Assets awaiting resolution	—	—	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,002.8	2,542.9	2,218.2	1,976.9	1,751.7	1,486.8	1,542.0	1,486.1	1,294.5	914.9	991.8	732.8
1. Inventories	3,003.2	2,543.3	2,218.6	1,977.4	1,752.1	1,487.2	1,542.4	1,486.6	1,294.9	915.4	992.8	733.7
2. Provision for decline in value of inventories	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.9	-0.9
V. Other short-term assets	536.4	463.0	456.1	448.1	405.4	371.0	350.8	328.8	293.5	245.0	409.7	378.0
1. Short-term prepayments	80.7	68.9	85.2	97.2	54.8	49.1	40.6	34.3	36.6	25.7	23.3	11.1
2. Value added tax to be reclaimed	179.7	133.6	141.1	138.7	156.7	137.8	146.9	145.6	121.0	93.6	272.9	264.6
3. Taxes and other receivables from state authorities	276.1	260.5	229.9	212.2	193.8	184.1	163.3	148.9	135.9	125.7	113.4	102.4
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)	3,426.6	3,581.5	4,743.0	6,292.7	6,783.4	6,342.9	6,145.0	5,172.9	5,053.8	5,100.3	5,277.2	5,225.3
I. Long-term receivables	70.5	641.1	1,771.3	1,249.2	1,850.8	2,041.3	2,125.2	1,155.9	1,194.7	1,216.0	1,180.9	1,179.3
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	30.6	57.0	136.3	140.3	140.8	144.3	44.3	47.2	47.2	52.0	50.5
6. Other long-term receivables	70.5	610.5	1,714.4	1,112.8	1,710.5	1,900.5	1,980.9	1,111.5	1,147.5	1,168.8	1,128.9	1,128.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	179.7	185.6	183.2	191.6	198.7	206.0	200.5	203.5	154.5	159.5	155.8	159.8
1. Tangible fixed assets	59.2	62.6	65.7	69.7	73.4	76.2	80.8	85.0	88.7	92.9	93.3	96.7
- Cost	2,483.3	—	—	—	—	2,483.5	2,484.8	2,484.3	2,484.0	2,484.8	2,481.5	2,480.3
- Accumulated depreciation	-2,424.1	—	—	—	—	-2,407.2	-2,404.0	-2,399.4	-2,395.3	-2,391.9	-2,388.3	-2,383.6
2. Financial leased fixed assets	77.3	79.6	73.8	78.0	82.3	86.5	77.0	75.8	22.8	23.5	20.5	20.9
- Cost	100.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	43.1	43.4	43.7	43.9	43.1	43.2	42.7	42.8	43.0	43.2	42.1	42.2
- Cost	52.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	391.9	397.8	403.6	419.5	425.4	431.3	470.0	476.4	482.7	489.0	495.3	501.7
- Cost	663.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-271.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	718.5	684.3	662.8	2,952.0	2,885.1	2,852.8	2,789.0	2,731.9	2,625.4	2,641.4	2,540.8	2,497.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	718.5	684.3	662.8	2,952.0	2,885.1	2,852.8	2,789.0	2,731.9	2,625.4	2,641.4	2,540.8	2,497.0
V. Long-term financial investments	2,040.3	1,655.8	1,707.8	1,426.6	1,367.9	752.6	497.0	537.9	530.8	530.7	825.6	812.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,362.7	1,009.4	1,305.3	1,373.1	1,314.4	699.1	435.3	476.2	461.0	460.8	757.0	743.7
3. Investments in other entities	653.6	653.0	402.5	47.5	47.5	47.5	55.8	55.8	63.8	63.8	64.4	64.3
4. Provision for diminution in value of long-term investments	-6.6	-6.6	—	—	—	0.0	0.0	0.0	0.0	0.0	-1.8	-1.8
5. Held to maturity investments	30.6	—	—	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	25.6	16.9	14.2	53.8	55.5	58.9	63.2	67.3	65.7	63.7	78.8	75.4
1. Long-term prepayments	25.3	16.0	13.3	38.4	40.1	44.5	46.5	50.1	51.3	49.0	64.1	64.9
2. Deferred income tax assets	0.3	0.9	0.9	15.4	15.4	14.5	16.7	17.2	14.5	14.7	14.7	10.4
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)	18,823.9	17,111.9	15,759.2	17,772.7	16,533.9	16,738.9	16,880.9	15,247.1	14,881.1	14,966.1	14,513.3	14,415.4
A. LIABILITIES (300=210+330)	14,284.8	12,585.8	11,216.1	13,173.7	11,960.5	12,161.5	12,478.7	10,976.0	10,624.8	10,693.2	10,744.3	10,362.7
I. Short -term liabilities	11,591.9	9,918.2	8,534.8	9,281.6	8,184.3	8,367.9	8,736.0	7,521.7	7,256.9	7,340.6	5,372.9	5,015.0
1. Short-term trade accounts payable	1,280.6	1,708.4	1,201.6	1,327.9	1,215.5	1,711.6	1,169.5	1,344.7	982.3	1,235.3	832.8	965.4
2. Short-term advances from customers	3,645.3	1,237.4	1,749.2	2,433.7	2,410.2	2,206.1	3,099.3	2,737.6	2,962.3	2,780.3	1,410.6	1,529.5
3. Dividends and profits payable	4.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	85.9	93.2	63.3	17.7	69.6	69.2	30.0	81.2	73.0	72.4	12.5	10.3
4. Payable to employees	29.1	45.3	30.1	26.3	24.2	47.6	30.5	31.7	28.6	50.4	28.1	24.8
5. Short-term acrrued expenses	998.9	1,173.4	872.5	849.3	543.7	534.7	654.4	595.6	859.4	833.9	527.3	419.2
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	3.9	7.5	6.8	7.6	7.0	23.4	2.2	3.1	2.5	2.9	4.1	6.0
9. Other short-term payables	555.1	584.8	272.6	172.2	113.1	21.6	25.0	21.5	24.0	16.5	386.1	10.2
10. Short-term borrowings and financial leases	4,955.0	5,034.1	4,298.8	4,418.6	3,769.2	3,721.4	3,689.6	2,670.1	2,309.9	2,347.7	2,169.3	2,048.5
11. Provision for short-term liabilities	9.6	9.9	14.9	13.4	13.4	13.4	13.9	13.9	13.9	0.0	0.0	0.0
12.. Bonus and welfare fund	23.7	24.3	25.0	15.0	18.4	18.8	21.6	22.1	0.9	1.3	2.0	1.1
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	2,693.0	2,667.5	2,681.3	3,892.1	3,776.2	3,793.6	3,742.7	3,454.4	3,367.9	3,352.6	5,371.4	5,347.6
1. Long-term trade payables	732.7	704.2	615.6	582.2	535.9	532.6	480.1	444.0	436.6	421.3	380.4	371.3
2. Long-term advances from customers	99.5	99.5	99.5	99.5	99.5	99.5	133.7	133.7	133.7	133.7	133.7	133.7
3. Long-term acrrued expenses	174.8	174.8	174.8	174.8	174.8	174.8	174.8	174.8	174.8	153.3	153.3	153.3
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	20.9	20.9	22.2	22.2	23.5	23.5	24.9	24.9	26.2	26.2	26.9	27.6
7. Other long-term liabilities	39.1	38.5	61.8	61.9	661.7	661.7	661.2	662.0	662.6	663.2	62.6	67.3
8. Long-term borrowings and financial leases	1,623.5	1,627.1	1,704.6	2,948.9	2,278.1	2,298.7	2,268.0	2,015.0	1,934.0	1,940.9	4,600.6	4,580.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	2.6	2.7	2.7	2.7	2.7	2.7	0.0	0.0	0.0	13.9	13.9	13.9
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)	4,539.1	4,526.1	4,543.2	4,598.9	4,573.4	4,577.4	4,402.2	4,271.1	4,256.3	4,273.0	3,769.0	4,052.7
I. Owner's equity	4,539.1	4,526.1	4,543.2	4,598.9	4,573.4	4,577.4	4,402.2	4,271.1	4,256.3	4,273.0	3,769.0	4,052.7
1. Owner's capital	3,979.1	3,979.1	3,979.1	3,979.1	3,585.1	3,585.1	3,585.1	3,585.1	3,585.1	3,585.1	3,289.3	3,289.3
- Common stock with voting right	3,979,061,000,000.00	3,979,061,000,000.00	3,979,061,000,000.00	3,979,061,000,000.00	3,585,078,250,000.00	3,585,078,250,000.00	3,585,078,250,000.00	3,585,078,250,000.00	3,585,078,250,000.00	3,585,078,250,000.00	3,289,344,690,000.00	3,289,344,690,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	104.8	104.8	99.3	99.3	99.3	99.3	99.3	99.3	99.3	99.3	99.3	99.3
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	—	—	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00	-4,796,760,000.00
6. Assets revaluation differences	-6.5	-6.5	-6.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
7. Foreign exchange differences	-0.1	-0.1	-0.1	-0.1	-0.2	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
8. Investment and development fund	64.8	64.8	64.8	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	286.2	273.7	253.5	116.4	486.1	487.0	312.7	284.3	279.4	296.0	88.5	362.4
- Accumulated retained earning at the end of the previous period	276.6	40.1	63.4	79.8	477.3	247.2	248.5	248.6	270.4	50.9	50.9	356.3
- Undistributed earnings in this period	9.6	233.6	190.1	36.6	8.8	239.8	64.2	35.7	9.0	245.0	37.5	6.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	110.8	110.3	157.8	381.1	379.9	382.9	382.0	279.2	269.3	269.4	268.7	278.4
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)	18,823.9	17,111.9	15,759.2	17,772.7	16,533.9	16,738.9	16,880.9	15,247.1	14,881.1	14,966.1	14,513.3	14,415.4

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	11.8	76.1	182.8	34.9	12.1	245.4	37.5	30.6	11.3	245.3	24.6	20.9
Depreciation of Fixed Assets and Investment Property	13.5	7.4	25.3	14.9	14.5	15.0	14.2	12.4	11.9	11.9	11.6	12.8
Provision (Increase)/Reversal	—	2.5	—	—	—	2.5	0.0	1.0	-1.0	153.6	0.0	-0.2
FX Gain/Loss from Revaluation of Monetary Items	3.1	5.7	0.0	50.7	-12.7	41.6	-37.6	54.7	0.0	-2.1	37.2	6.3
Gain/Loss from Investment Activities	-31.0	-274.6	-92.4	-101.0	-5.2	-268.1	-41.3	-43.8	-14.3	-545.6	-96.1	-75.1
Interest Expense	87.0	136.9	87.0	100.2	56.2	94.3	59.9	66.0	37.2	149.9	83.0	135.2
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	84.4	-46.0	202.7	99.6	64.9	130.6	32.6	120.9	45.1	13.0	60.3	99.9
Increase/(Decrease) in Receivables	-431.4	-754.5	-2,237.3	388.0	5.9	41.0	-916.5	-589.7	-515.5	2,009.7	-334.6	442.0
Increase/(Decrease) in Inventory	-459.9	-326.3	-259.6	-208.5	-254.0	94.4	-64.0	-183.5	-366.6	535.2	-729.8	389.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,787.1	769.0	7.3	-150.0	-164.4	-400.6	813.6	-372.2	203.1	1,481.7	1,139.4	-1,167.0
Increase/(Decrease) in Prepaid Expenses	-21.1	-41.9	63.5	-40.6	-0.9	-6.5	-2.3	3.8	-13.5	36.7	-36.4	25.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-94.4	-129.0	-91.3	-98.9	-55.4	-112.3	-38.8	-72.2	-30.6	-175.7	-87.4	-151.6
Corporate Income Tax Paid	-0.4	-0.7	-0.1	-57.4	-0.7	2.0	-55.0	-7.9	-3.7	-10.2	-3.0	-23.2
Other Operating Receipts	0.1	—	—	—	—	1.7	-1.6	0.3	-0.3	0.0	0.0	-32.0
Other Operating Payments	-0.2	6.3	-9.3	-6.3	-0.9	-4.8	-0.6	-0.1	-0.8	-3.2	3.4	12.2
Net Cash Flow from Operating Activities	864.1	-526.1	-2,320.3	-74.1	-405.4	-254.4	-232.8	-1,100.6	-682.6	3,887.1	11.9	-405.0
Payments for Fixed Assets and Other Long-term Assets	-36.5	-26.4	63.6	-65.7	-36.9	-48.1	-115.4	-84.2	-58.7	23.4	-113.3	-312.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	2,169.3	-0.1	0.0	0.1	0.5	0.1	0.1	0.3	-0.8	0.8
Loans and Purchases of Debt Instruments	-209.9	-3.1	13.1	-155.1	-21.4	-10.0	-104.1	-1.3	0.0	72.3	67.2	-76.8
Receipts from Loan Repayments and Sale of Debt Instruments	1.2	10.7	44.9	5.7	21.6	33.4	-0.6	23.0	14.9	107.8	-62.7	209.5
Investments in Other Entities	-350.6	—	—	—	—	-407.6	0.0	0.0	0.0	0.1	-0.1	-94.0
Proceeds from Investments in Other Entities	—	321.3	138.4	37.5	145.8	918.9	-673.9	729.0	0.0	233.4	-41.1	26.2
Dividends and Interest Income Received	181.5	16.1	223.6	-37.3	133.0	16.2	17.0	9.8	13.0	-53.5	94.9	23.8
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-414.3	316.2	2,610.9	-309.9	-178.6	502.9	-876.6	676.5	-30.7	383.9	-55.9	-223.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	191,650,000,000.00	102,500,000,000.00	10,500,000,000.00	0.00	0.00	3,000,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,320.3	2,355.4	1,447.6	3,009.4	1,584.8	2,150.4	2,539.3	1,241.0	1,366.7	1,360.3	801.2	897.0
Repayment of Borrowings	-2,397.0	-1,699.2	-2,841.6	-1,746.5	-1,540.0	-2,139.6	-1,222.7	-912.2	-1,409.5	-3,879.9	-684.9	-619.5
Repayment of Finance Leases	-5.0	-5.0	-5.0	-5.2	-4.6	-5.4	-5.3	-4.1	-1.2	2.1	-4.6	-1.2
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	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	-81.7	656.7	-1,399.1	1,257.7	40.1	197.0	1,413.8	335.2	-44.0	-2,517.5	114.7	276.3
Net Cash Flow During the Period	368.2	446.9	-1,108.5	873.7	-543.9	445.5	304.5	-88.9	-757.3	1,753.5	70.7	-352.2
Cash and Cash Equivalents at Beginning of Period	2,293.5	1,846.5	2,954.8	2,080.9	2,624.8	2,721.3	2,721.3	2,721.3	2,721.3	1,639.1	1,639.1	1,639.1
FX Difference from Revaluation	-1.2	0.5	0.3	0.2	-0.0	0.0	0.0	0.0	0.0	-0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	2,660.4	2,293.5	1,846.5	2,954.8	2,080.9	2,625.1	2,179.6	1,875.1	1,964.0	2,721.3	967.8	897.0

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CC1

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Balance Sheet ●

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Cash Flow