CII

Đầu tư Hạ tầng Kỹ thuật Thành phố Hồ Chí Minh ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 10.98%, −3.73pp YoY

Price

16,500

Latest close

04 Jun 2026

P/E 75.69x

P/B 0.89x

EPS 218

BVPS 18,601

ROE 1.2%

ROA 0.4%

Profit Margin 4.6%

Asset Turnover 0.08x

Equity Mult. 3.12x

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

What Is Changing

On a TTM 2026Q1 basis, CII is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,124bn
	                                
+9.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 343bn
	                                
−18.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.34x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	2,960.3	3,027.7	3,089.7	5,748.0	2,867.6
Growth	-2%	-2%	-46%	+100%	—
Net Income	367.6	618.3	370.0	860.5	-246.5
Net Margin	12.42%	20.42%	11.97%	14.97%	-8.60%

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	833.5	824.7	714.5	751.0	695.6	756.6	706.6	699.2	878.1	732.6	732.1	843.3
Growth	+1%	+15%	-5%	+8%	-8%	+7%	+1%	-20%	+20%	+0%	-13%	—
Net Income	40.8	135.8	56.1	110.2	95.6	99.8	95.5	129.3	322.9	167.3	96.2	83.3
Net Margin	4.89%	16.46%	7.86%	14.67%	13.74%	13.19%	13.51%	18.49%	36.77%	22.84%	13.14%	9.88%

Drivers of CII's profit

TTM

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

Minority interests ↓ 75.8bn

Gross profit ↑ 40.5bn

Deferred tax ↑ 60.7bn

Financial income ↓ 17.4bn

Tax ↑ 13.5bn

Other profit ↓ 12.9bn

TTM

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

Minority interests ↓ 57.7bn

Gross profit ↑ 23.8bn

Finance costs ↓ 15.8bn

Other profit ↑ 6.8bn

Financial income ↓ 79.3bn

Deferred tax ↑ 13.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.0% = 14.7% × 0.08 × 3.48

2026Q1 2.9% = 11.0% × 0.08 × 3.12

ROE fell from 4.0% to 2.9% — leverage weakened the most, though asset turnover still provided support.

Net margin: 11.0% -3.7pp Asset turnover: 0.08x +0.01x Leverage: 3.12x -0.36x

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 10.98%, losing 3.7pp. The main pressure is Gross margin fell 3.6pp, outweighing the improvement in SG&A / Revenue fell 1.5pp (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 10.98% −3.7pp

Gross Margin 54.00% −3.6pp

SG&A / Revenue 17.41% −1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC stands at 1.26%, broadly flat versus the same period. That translates to 1.26 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 2.2pp, but capital turnover broadly stable, while invested capital rose by 3,047bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 1.26% −0.2pp

NOPAT Margin 13.10% −2.2pp

Capital Turnover 0.10x −0.00x

Average Invested Capital 32,549.4bn +3,047.5bn

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 2.14x equity, net debt at 1.68x equity.

Inventory ended the period at 4,879.9bn, roughly 13.0% of total assets.

Over the last 12 months, working capital absorbed 413.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +350.5bn

Inventories increased → lower CFO: −397.9bn

Payables decreased → lower CFO: −366.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 295.9 days versus the same period last year. The main moves came from DIO rose 274.2 days, DSO fell 20.0 days, and DPO fell 41.7 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 remains stretched

CCC stands at 893.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +274.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 76.7 days −20.0 days

Inventory 958.2 days +274.2 days

Payables 141.9 days −41.7 days

Cash Conversion Cycle 893.1 days +295.9 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.68x and interest coverage only at 0.33x.

At present, short-term debt accounts for 22.2% of total debt, cash equals 3.2% of debt, and total debt stands at 21,701.9bn.

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

Net leverage is elevated

Net debt / equity stands at 1.68x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.33x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.68x −0.06x

Interest Coverage 0.33x +0.00x

Cash / Debt 3.2% −0.3pp

Short-term Debt / Total Debt 22.2% −1.6pp

CFO / NI -4.34x −5.36x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -501.8bn in 2025, against investing cash flow of -1,360.3bn.

Post-investment cash flow was negative +1,862.1bn. Financing cash flow was positive +1,312.5bn.

CFO / net income was -4.34x.

After spending +668.3bn on fixed-asset investment, the business generated trailing free cash flow of −1,288.0bn.

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

Cash Conversion

CFO TTM 619.7bn −767.5bn

Cash Capex 668.3bn +403.8bn

FCF TTM −1,288.0bn −1,171.3bn

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 margins remain under pressure remaining the main constraint, with net margin down 3.7 pp. The next watchpoint is the earnings mix, when non-core contribution is 19.4%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.4% of PBT and CFO / net income currently at -4.34x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 10.98% after a 3.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,063.2	3,182.5	3,195.3	5,901.7	2,916.2
Revenue Deductions	102.9	154.8	105.6	153.7	0.0
Net Revenue	2,960.3	3,027.7	3,089.7	5,748.0	2,867.6
Cost of Goods Sold	1,298.5	1,363.5	1,934.6	4,404.0	0.0
Gross Profit	1,661.8	1,664.2	1,155.1	1,344.0	801.7
Financial Income	829.7	1,132.9	1,524.8	1,522.0	1,071.4
Financial Expenses	1,438.3	1,530.1	1,660.3	1,358.9	-1,439.0
Interest Expense	1,278.9	1,299.6	1,314.5	1,119.2	-1,220.6
Share of Associates and Joint Ventures	—	0.1	-20.4	75.8	5.5
Selling Expenses	82.8	83.8	79.9	76.9	-62.2
General and Administrative Expenses	489.8	543.2	468.4	462.0	-500.2
Operating Profit	480.7	640.1	450.9	1,044.0	-122.7
Other Income	22.2	13.5	9.1	9.6	0.0
Other Expenses	106.0	60.2	33.1	12.2	0.0
Other Profit	-83.8	-46.7	-23.9	-2.6	-0.7
Profit Before Tax	396.8	593.5	427.0	1,041.3	-123.4
Current Income Tax Expense	101.2	75.5	62.8	129.3	-123.1
Deferred Income Tax Expense	-71.9	-100.3	-5.8	51.5	0.0
Net Income	367.6	618.3	370.0	860.5	-246.5
Non-controlling Interest	243.5	361.1	191.7	165.4	94.5
Profit Attributable to Parent	124.1	257.2	178.2	695.1	-341.0
Earnings per Share	196.00	723.00	583.00	2,648.00	-1,553.00
Diluted EPS	196.00	850.00	559.86	2,447.53	-1,203.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	11,401.4	8,549.2	6,910.8	7,226.7	10,571.9
I. Cash and cash equivalents	802.1	1,351.8	1,200.7	275.7	689.8
1. Cash	547.1	335.4	1,032.8	185.1	0.0
2. Cash equivalents	255.0	1,016.4	167.9	90.6	0.0
II. Short-term financial investments	2,597.4	1,008.0	996.2	628.4	0.0
1. Available for sale securities	379.7	250.3	1,010.3	615.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-56.1	-61.9	-23.8	0.0	0.0
3. Held to maturity investments	2,273.8	819.6	9.6	12.9	0.0
III. Short-term receivables	2,963.7	3,769.5	4,059.8	4,619.1	4,482.4
1. Short-term trade accounts receivable	592.6	663.4	485.1	886.4	0.0
2. Short-term prepayments to suppliers	454.2	484.8	221.9	255.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	1,216.3	1,649.2	1,583.4	1,806.3	0.0
6. Other short-term receivables	902.8	1,242.4	1,931.0	1,842.2	0.0
7. Provision for short-term doubtful debts (*)	-202.3	-270.4	-161.5	-171.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4,879.9	2,294.5	581.8	1,616.9	4,516.6
1. Inventories	4,880.4	2,294.8	589.0	1,616.9	0.0
2. Provision for decline in value of inventories	-0.5	-0.3	-7.3	0.0	0.0
V. Other short-term assets	158.3	125.3	72.3	86.5	223.9
1. Short-term prepayments	11.9	6.9	13.8	13.6	0.0
2. Value added tax to be reclaimed	131.7	115.6	55.9	51.9	0.0
3. Taxes and other receivables from state authorities	14.7	2.8	2.6	21.0	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)	26,123.5	28,122.2	26,273.3	21,332.8	20,384.9
I. Long-term receivables	2,507.9	2,069.2	3,035.5	5,907.5	0.0
1. Long-term trade receivables	23.6	0.9	0.0	0.0	3,680.6
2. Long-term prepayments to suppliers	—	0.0	0.0	4.9	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	213.3	13.8	967.3	3,334.4	0.0
6. Other long-term receivables	2,271.0	2,054.5	2,068.2	2,568.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	15,672.6	16,263.3	16,400.2	8,524.5	9,446.6
1. Tangible fixed assets	366.2	380.1	25.4	1,716.9	2,107.1
- Cost	525.9	547.8	114.2	2,597.8	0.0
- Accumulated depreciation	-159.7	-167.6	-88.9	-880.9	0.0
2. Financial leased fixed assets	—	0.0	20,076.6	0.0	0.7
- Cost	—	0.0	20,076.6	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	15,306.4	15,883.2	-3,701.7	6,807.5	7,338.7
- Cost	20,341.0	20,245.9	20,076.6	9,846.7	0.0
- Accumulated depreciation	-5,034.5	-4,362.7	-3,701.7	-3,039.1	0.0
III. Investment properties	705.2	733.6	903.6	905.9	799.6
- Cost	823.0	825.0	965.9	938.5	0.0
- Accumulated depreciation	-117.8	-91.4	-62.2	-32.6	0.0
IV. Long-term assets in progress	573.3	2,716.0	546.9	535.8	2,089.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	573.3	2,716.0	546.9	535.8	0.0
V. Long-term financial investments	1,002.5	1,023.9	1,199.6	2,419.7	1,542.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	827.7	1,862.3	0.0
3. Investments in other entities	877.2	897.6	243.6	407.0	0.0
4. Provision for diminution in value of long-term investments	-24.7	-24.7	-22.7	-22.7	0.0
5. Held to maturity investments	150.0	151.0	151.0	173.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	5,661.9	5,316.1	4,187.5	3,039.5	0.0
1. Long-term prepayments	4,551.2	4,035.5	3,136.6	1,882.9	0.0
2. Deferred income tax assets	487.2	409.6	247.9	276.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	9.6	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2,825.6
5. Goodwill	623.6	871.0	803.1	871.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	37,524.9	36,671.4	33,184.1	28,559.5	30,956.8
A. LIABILITIES (300=210+330)	25,567.8	27,547.0	24,678.8	20,258.5	22,503.4
I. Short -term liabilities	7,345.0	8,961.3	8,144.2	9,570.5	9,167.3
1. Short-term trade accounts payable	495.8	682.5	587.1	473.6	677.6
2. Short-term advances from customers	116.3	158.3	349.7	1,523.5	2,113.0
3. Taxes and other payables to state authorities	67.6	85.7	72.3	119.8	0.0
4. Payable to employees	41.1	53.2	42.9	41.2	0.0
5. Short-term acrrued expenses	130.4	190.7	176.3	112.9	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	1.5	0.3	0.3	0.3	0.0
9. Other short-term payables	1,912.2	2,203.5	2,036.3	2,127.1	0.0
10. Short-term borrowings and financial leases	3,901.9	4,912.2	4,848.2	5,166.4	3,861.4
11. Provision for short-term liabilities	632.4	637.6	5.0	0.0	0.0
12.. Bonus and welfare fund	45.6	37.3	26.0	5.6	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	18,222.8	18,585.7	16,534.6	10,688.0	13,336.1
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	7.3	7.4	18.2	3.2	1.6
7. Other long-term liabilities	86.5	43.0	2,279.0	1,160.3	0.0
8. Long-term borrowings and financial leases	16,276.4	15,434.2	14,037.6	9,415.9	13,180.6
9. Convertible bonds	1,551.7	2,827.2	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	292.3	270.4	199.7	108.6	0.0
12. Provision for long-term liabilities	8.8	3.5	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)	11,957.1	9,124.4	8,505.3	8,301.0	8,453.5
I. Owner's equity	11,957.1	9,124.4	8,505.3	8,301.0	0.0
1. Owner's capital	6,254.5	3,197.5	3,183.6	2,840.2	8,453.5
- Common stock with voting right	6,254,504,210,000.00	3,197,524,130,000.00	3,183,648,130,000.00	2,840,195,130,000.00	2,833,047,710,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	33.1	387.3	387.3	560.6	426.4
3. Convertible bond option	943.0	0.0	0.0	0.0	0.0
4. Other capital of owners	6.7	6.7	6.7	6.7	6.7
5. Treasury shares	—	0.00	0.00	-737,021,149,571.00	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	68.1	311.1	300.1	265.0	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	1,621.2	2,124.8	2,438.4	2,449.6	2,366.5
- Accumulated retained earning at the end of the previous period	1,606.0	1,986.9	2,261.8	1,834.6	2,241.9
- Undistributed earnings in this period	15.1	137.9	176.6	615.1	124.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3,030.7	3,096.9	2,189.2	2,915.9	3,588.8
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)	37,524.9	36,671.4	33,184.1	28,559.5	30,956.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	396.8	593.5	427.0	1,041.3	-123.4
Depreciation of Fixed Assets and Investment Property	934.8	983.8	692.7	768.0	697.3
Provision (Increase)/Reversal	65.3	71.2	133.1	77.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-386.0	-760.3	-1,407.5	-1,583.0	0.0
Interest Expense	1,401.4	1,398.4	1,484.4	1,256.0	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	-255.8	-255.6	67.3	108.1	0.0
Operating Profit Before Changes in Working Capital	2,156.5	2,030.9	1,397.0	1,667.6	1,322.0
Increase/(Decrease) in Receivables	275.5	499.5	353.3	-683.0	0.0
Increase/(Decrease) in Inventory	-210.0	-88.7	996.4	1,928.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-290.0	-52.7	-1,360.6	47.5	0.0
Increase/(Decrease) in Prepaid Expenses	-73.3	-52.0	-95.2	-220.9	0.0
Changes in Trading Securities	-129.4	144.5	-394.8	0.0	0.0
Interest Paid	-2,083.2	-1,892.2	-1,908.7	-1,560.3	0.0
Corporate Income Tax Paid	-110.5	-96.9	-108.2	-162.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-37.5	-20.2	-20.0	-43.4	0.0
Net Cash Flow from Operating Activities	-501.8	472.3	-1,140.8	973.0	-889.1
Payments for Fixed Assets and Other Long-term Assets	-188.0	-411.3	-476.9	-251.3	-423.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	7.2	0.7	6.8	2.4
Loans and Purchases of Debt Instruments	-2,934.5	-3,521.1	-3,136.0	-1,291.2	-712.9
Receipts from Loan Repayments and Sale of Debt Instruments	1,853.4	2,015.4	2,365.0	499.3	436.3
Investments in Other Entities	-414.7	-416.0	-108.8	-225.0	-62.7
Proceeds from Investments in Other Entities	44.7	4.9	1,194.1	1,036.1	0.0
Dividends and Interest Income Received	277.8	262.6	536.4	203.1	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	-1,360.3	-2,058.3	374.4	-22.3	742.6
Proceeds from Equity Issuance and Capital Contributions	1,029,961,145,395.00	13,136,200,000.00	563,766,994,197.00	413,465,165,558.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	8,688.1	9,222.3	16,840.8	3,755.7	7,199.7
Repayment of Borrowings	-7,808.1	-6,991.0	-15,474.5	-5,531.9	-6,785.0
Repayment of Finance Leases	—	0.0	0.0	-0.1	-0.5
Dividends Paid	-597.5	-507.4	-238.8	-1.4	-16.6
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	1,312.5	1,737.0	1,691.3	-1,364.2	397.5
Net Cash Flow During the Period	-549.7	151.1	925.0	-413.5	472.5
Cash and Cash Equivalents at Beginning of Period	1,351.8	1,200.7	275.7	689.2	438.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	802.1	1,351.8	1,200.7	275.7	689.8

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	859.1	850.7	740.1	776.7	721.3	811.1	732.2	744.7	903.7	769.9	761.2	868.9
Revenue Deductions	25.6	25.9	25.6	25.7	25.7	54.5	25.6	45.6	25.6	37.3	29.1	25.6
Net Revenue	833.5	824.7	714.5	751.0	695.6	756.6	706.6	699.2	878.1	732.6	732.1	843.3
Cost of Goods Sold	385.0	355.4	366.5	330.1	270.9	367.5	287.6	285.9	406.6	323.3	466.3	641.6
Gross Profit	448.4	469.3	348.0	420.9	424.7	389.2	418.9	413.3	471.5	409.2	265.7	201.7
Financial Income	90.9	249.4	181.3	232.0	170.2	187.8	179.2	233.8	532.3	576.0	270.6	461.9
Financial Expenses	329.4	417.5	303.1	374.2	345.2	357.8	347.3	364.2	450.8	489.9	371.8	454.8
Interest Expense	342.1	350.5	323.8	312.8	298.7	315.2	314.2	292.6	376.6	394.3	267.9	363.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.1	-59.0	23.7	-1.6
Selling Expenses	20.7	17.1	23.2	20.7	21.5	22.7	19.5	17.1	24.5	33.7	12.9	17.6
General and Administrative Expenses	104.3	139.7	109.5	108.6	99.4	145.1	97.0	117.8	186.6	202.3	68.1	104.1
Operating Profit	84.9	144.5	93.4	149.3	128.8	51.4	134.3	148.0	342.0	200.4	107.3	85.5
Other Income	6.3	11.9	9.2	1.1	0.2	0.8	3.1	9.6	0.0	0.6	0.0	0.7
Other Expenses	18.2	11.7	39.0	36.2	18.8	21.5	21.6	15.6	2.3	26.1	3.3	0.5
Other Profit	-11.9	0.2	-29.8	-35.1	-18.7	-20.7	-18.5	-5.9	-2.3	-25.5	-3.3	0.3
Profit Before Tax	73.0	144.7	63.6	114.3	110.1	30.8	115.8	142.0	339.6	174.9	104.0	85.8
Current Income Tax Expense	26.4	29.0	19.1	27.4	22.1	15.1	26.1	25.1	12.3	6.5	7.9	9.8
Deferred Income Tax Expense	5.8	-20.1	-11.7	-23.3	-7.6	-84.2	-5.8	-12.4	4.4	1.0	-0.1	-7.3
Net Income	40.8	135.8	56.1	110.2	95.6	99.8	95.5	129.3	322.9	167.3	96.2	83.3
Non-controlling Interest	19.8	60.8	45.1	74.5	77.5	93.9	89.5	14.9	63.4	44.6	74.7	47.0
Profit Attributable to Parent	21.0	75.0	11.1	35.7	18.1	5.9	6.0	114.4	259.4	122.7	21.5	36.3
Earnings per Share	27.00	122.00	10.00	59.00	34.00	10.00	10.00	37.00	752.00	414.00	63.00	113.00
Diluted EPS	27.00	144.00	22.00	56.00	67.00	883.00	117.00	75.00	587.00	385.52	75.73	127.93

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)	11,657.0	9,188.9	9,690.6	10,514.9	8,960.8	8,577.9	7,739.3	8,894.7	9,600.3	6,975.4	7,422.7	7,620.0
I. Cash and cash equivalents	704.3	763.1	1,697.0	2,032.5	746.1	1,353.6	724.7	1,274.5	2,246.6	1,190.9	307.8	954.6
1. Cash	469.1	547.1	1,470.5	684.1	299.8	339.4	318.6	988.9	677.4	1,023.0	245.8	870.2
2. Cash equivalents	235.2	216.1	226.5	1,348.5	446.3	1,014.2	406.1	285.6	1,569.2	167.9	62.0	84.4
II. Short-term financial investments	3,456.1	2,636.3	2,113.4	2,120.1	1,664.3	1,006.8	347.4	947.8	974.5	996.2	1,020.1	618.2
1. Available for sale securities	379.0	378.1	207.8	189.6	242.8	250.0	356.4	1,005.9	1,010.3	1,010.3	1,017.0	615.6
2. Provision for diminution in value of available for sale securities (*)	-24.7	-54.5	-16.7	-72.2	-70.1	-61.9	-81.7	-81.5	-38.5	-23.8	0.0	0.0
3. Held to maturity investments	3,137.6	2,312.7	1,922.3	2,002.7	1,491.7	818.7	72.6	23.3	2.6	9.6	3.1	2.6
4. Provision for short-term investments held to maturity (*)	-35.8	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	2,096.2	3,160.7	3,332.4	3,755.3	3,966.4	3,773.5	4,231.5	4,269.0	4,108.1	4,100.0	5,453.0	5,081.3
1. Short-term trade accounts receivable	549.8	596.2	541.9	702.5	739.0	663.4	729.1	751.0	774.2	481.1	512.8	567.0
2. Short-term prepayments to suppliers	806.4	455.9	450.2	473.2	510.1	485.0	512.7	484.3	504.4	316.5	393.9	310.7
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	—	1,415.8	1,398.8	1,540.0	1,739.6	1,649.2	1,720.8	1,698.5	1,458.8	1,578.4	2,388.2	2,527.7
6. Other short-term receivables	914.2	884.9	1,089.7	1,197.9	1,252.7	1,246.1	1,519.3	1,584.7	1,601.6	1,876.4	2,224.7	1,742.6
7. Provision for short-term doubtful debts (*)	-174.3	-192.2	-148.3	-158.4	-275.1	-270.1	-250.4	-249.5	-230.9	-152.5	-66.6	-66.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5,126.7	2,467.2	2,396.7	2,447.3	2,417.7	2,311.8	2,294.6	2,251.9	2,124.6	616.1	576.3	882.8
1. Inventories	5,127.2	2,467.7	2,397.2	2,447.6	2,418.0	2,311.8	2,294.6	2,251.9	2,124.6	623.4	576.3	882.8
2. Provision for decline in value of inventories	-0.5	-0.5	-0.5	-0.3	-0.3	0.0	0.0	0.0	0.0	-7.3	0.0	0.0
V. Other short-term assets	273.7	161.4	151.2	159.5	166.3	132.2	141.1	151.5	146.4	72.2	65.6	83.1
1. Short-term prepayments	18.6	13.1	17.8	33.7	46.1	13.8	23.8	36.0	36.6	13.8	25.4	38.8
2. Value added tax to be reclaimed	143.3	133.8	125.3	119.4	117.2	115.5	114.8	112.6	107.3	55.9	37.7	41.3
3. Taxes and other receivables from state authorities	6.2	14.5	8.0	6.3	3.0	2.9	2.5	2.8	2.6	2.5	2.5	2.9
4. Government bonds	105.6	—	—	—	—	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)	26,189.2	28,355.9	28,252.6	28,166.6	28,118.4	28,119.4	27,479.5	26,778.6	26,604.8	26,269.5	18,657.9	19,029.2
I. Long-term receivables	2,299.5	2,327.1	2,317.8	2,207.2	2,137.4	2,069.5	1,987.3	1,908.9	1,782.7	3,035.6	5,103.0	5,230.0
1. Long-term trade receivables	23.6	30.1	69.6	0.5	0.7	0.9	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	4.8
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	—	13.8	13.8	13.8	13.8	13.8	13.8	13.8	12.6	967.3	2,735.4	2,917.9
6. Other long-term receivables	2,275.9	2,283.2	2,234.5	2,193.0	2,122.9	2,054.7	1,973.5	1,895.1	1,770.1	2,068.3	2,367.6	2,307.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	15,502.5	15,673.0	15,780.0	15,956.0	16,090.2	16,263.3	16,393.6	16,369.1	16,451.0	16,400.2	6,717.9	6,762.2
1. Tangible fixed assets	363.5	366.6	366.3	370.7	374.7	380.1	377.3	209.4	213.5	25.3	26.8	25.8
- Cost	525.6	—	—	—	—	547.8	556.2	381.7	389.2	114.0	109.5	106.5
- Accumulated depreciation	-162.1	—	—	—	—	-167.6	-179.0	-172.3	-175.7	-88.7	-82.7	-80.6
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	15,139.0	15,306.4	15,413.7	15,585.3	15,715.5	15,883.2	16,016.3	16,159.7	16,237.6	16,374.9	6,691.1	6,736.3
- Cost	20,344.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5,205.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	698.3	705.2	714.1	720.9	727.5	718.4	725.5	898.0	905.9	903.6	951.2	958.3
- Cost	823.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-124.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	658.0	3,012.0	2,920.0	2,799.7	2,763.4	2,717.6	2,279.7	2,242.8	2,259.6	544.7	526.1	524.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	658.0	3,012.0	2,920.0	2,799.7	2,763.4	2,717.6	2,279.7	2,242.8	2,259.6	544.7	526.1	524.8
V. Long-term financial investments	1,340.9	1,002.5	1,002.5	1,023.9	1,023.9	1,023.9	1,024.0	408.5	408.5	1,202.8	2,325.4	2,550.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	830.9	1,735.0	1,704.2
3. Investments in other entities	877.2	877.2	877.2	897.6	897.6	897.6	897.7	282.1	282.1	243.6	362.0	697.1
4. Provision for diminution in value of long-term investments	-24.7	-24.7	-24.7	-24.7	-24.7	-24.7	-24.7	-24.7	-24.7	-22.7	-22.7	-23.5
5. Held to maturity investments	488.3	150.0	150.0	151.0	151.0	151.0	151.0	151.0	151.0	151.0	251.0	173.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5,690.0	5,636.1	5,518.2	5,458.9	5,376.0	5,326.7	5,069.4	4,951.4	3,760.0	3,379.5	2,415.3	2,337.9
1. Long-term prepayments	4,638.5	4,525.3	4,385.4	4,282.1	4,175.7	4,046.3	3,860.3	3,704.6	3,514.1	3,131.3	2,162.4	2,077.2
2. Deferred income tax assets	482.2	487.2	454.9	444.8	413.9	409.4	259.3	254.6	245.9	248.2	252.9	260.7
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	569.3	623.6	677.8	732.1	786.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	871.0	949.7	992.2	1,037.1	803.1	619.0	665.3
TOTAL ASSETS (280=100+200)	37,846.2	37,544.8	37,943.2	38,681.5	37,079.3	36,697.3	35,218.8	35,673.3	36,205.1	33,244.9	26,080.6	26,649.2
A. LIABILITIES (300=210+330)	25,346.6	25,578.3	26,056.3	27,373.8	25,543.5	27,550.2	25,815.1	26,332.4	26,677.4	24,728.1	18,022.6	18,542.4
I. Short -term liabilities	6,994.9	7,407.8	8,132.9	10,295.8	8,812.5	8,770.8	7,744.2	8,382.9	8,319.1	8,191.5	8,112.4	9,307.0
1. Short-term trade accounts payable	430.0	495.6	690.3	798.0	686.9	682.1	503.6	514.2	531.9	582.0	230.8	281.9
2. Short-term advances from customers	113.7	116.3	145.3	167.6	207.9	158.3	231.8	238.9	243.2	410.2	458.4	673.9
3. Dividends and profits payable	31.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	44.1	75.8	60.8	78.8	83.6	90.2	97.1	106.3	141.3	72.5	111.7	156.0
4. Payable to employees	29.4	41.1	32.8	34.5	31.5	54.1	28.3	30.1	30.3	37.7	16.8	22.0
5. Short-term acrrued expenses	182.7	133.2	148.8	171.0	182.2	190.5	194.2	218.5	146.7	176.5	109.1	73.4
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	2.3	4.3	2.5	0.8	2.9	0.3	13.1	0.7	0.7	0.3	0.5	0.5
9. Other short-term payables	693.9	1,904.8	1,964.0	2,001.9	2,002.5	2,208.9	2,039.0	2,171.7	2,029.5	2,035.1	2,039.7	2,020.3
10. Short-term borrowings and financial leases	4,808.4	3,958.7	4,402.9	6,348.6	4,950.7	4,711.5	4,269.8	4,730.5	4,846.8	4,846.2	5,106.6	6,039.4
11. Provision for short-term liabilities	632.4	632.4	632.4	637.4	637.4	637.6	327.9	327.9	327.9	5.0	0.0	0.0
12.. Bonus and welfare fund	26.5	45.6	53.2	57.2	27.0	37.3	39.4	44.1	20.8	26.0	38.8	39.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	18,351.7	18,170.5	17,923.3	17,078.0	16,731.0	18,779.4	18,070.9	17,949.5	18,358.3	16,536.6	9,910.2	9,235.3
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	7.2	11.7	7.3	7.3	7.4	7.4	7.5	7.5	7.5	18.2	17.7	18.0
7. Other long-term liabilities	84.8	86.5	92.0	45.0	43.0	43.0	42.9	38.0	34.7	2,279.0	2,032.2	2,029.1
8. Long-term borrowings and financial leases	16,893.6	16,219.6	15,947.3	16,197.1	15,861.4	15,629.2	14,990.2	14,868.8	15,274.3	14,039.6	7,791.1	7,112.3
9. Convertible bonds	1,062.1	1,551.7	1,587.3	530.7	530.7	2,826.2	2,835.8	2,835.8	2,840.2	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	293.4	292.2	280.7	290.9	283.4	270.2	189.6	193.3	197.0	199.7	65.1	73.0
12. Provision for long-term liabilities	10.7	8.8	8.7	6.9	5.2	3.5	4.9	6.2	4.6	0.0	4.2	2.8
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)	12,499.5	11,966.5	11,887.0	11,307.7	11,535.7	9,147.1	9,403.7	9,340.9	9,527.7	8,516.8	8,058.0	8,106.8
I. Owner's equity	12,499.5	11,966.5	11,887.0	11,307.7	11,535.7	9,147.1	9,403.7	9,340.9	9,527.7	8,516.8	8,058.0	8,106.8
1. Owner's capital	6,719.9	6,254.5	6,249.4	5,481.9	5,479.8	3,197.5	3,187.8	3,187.8	3,183.6	3,183.6	2,840.2	2,840.2
- Common stock with voting right	6,719,852,910,000.00	6,254,504,210,000.00	6,249,390,210,000.00	5,481,942,830,000.00	5,479,765,830,000.00	3,197,524,130,000.00	3,187,781,130,000.00	3,187,781,130,000.00	3,183,648,130,000.00	3,183,648,130,000.00	2,840,195,130,000.00	2,840,195,130,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	33.1	33.1	33.1	387.3	387.3	387.3	387.3	387.3	387.3	387.3	387.3	387.3
3. Convertible bond option	943.0	943.0	943.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	68.1	68.1	68.1	337.9	311.1	319.7	319.7	319.7	300.1	300.1	300.1	300.1
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	1,639.4	1,630.0	1,608.8	2,036.0	2,146.8	2,136.4	2,351.6	2,353.3	2,560.9	2,447.6	2,441.5	2,419.4
- Accumulated retained earning at the end of the previous period	1,618.4	1,606.0	1,611.4	2,067.2	2,127.3	1,978.3	2,138.3	2,139.5	2,311.0	2,261.8	2,376.8	2,376.0
- Undistributed earnings in this period	21.0	24.0	-2.6	-31.2	19.6	158.1	213.3	213.8	249.9	185.9	64.7	43.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,089.6	3,031.2	2,978.0	3,057.9	3,204.1	3,099.5	3,150.6	3,086.2	3,089.1	2,191.4	2,082.3	2,153.1
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)	37,846.2	37,544.8	37,943.2	38,681.5	37,079.3	36,697.3	35,218.8	35,673.3	36,205.1	33,244.9	26,080.6	26,649.2

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	73.0	136.4	63.6	86.8	110.1	30.8	115.8	130.6	339.6	163.5	104.0	85.9
Depreciation of Fixed Assets and Investment Property	236.0	218.6	238.7	238.1	239.4	224.7	215.2	219.6	324.1	202.9	118.0	193.5
Provision (Increase)/Reversal	-21.7	78.2	-55.8	28.5	14.4	-1.4	-1.1	64.1	8.9	123.0	0.7	10.8
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-82.8	-120.3	-110.5	-76.2	-79.0	-78.5	-72.8	-85.2	-532.0	-500.9	-219.0	-449.8
Interest Expense	354.8	366.3	355.7	347.6	331.8	332.2	327.3	317.0	398.3	433.9	307.6	426.1
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	20.2	—	—	—	—	-333.4	25.6	25.6	25.6	25.6	25.6	25.6
Operating Profit Before Changes in Working Capital	579.5	598.5	454.1	555.4	548.5	174.3	610.1	671.7	564.6	448.0	336.9	292.1
Increase/(Decrease) in Receivables	-22.9	92.2	281.8	-0.6	-98.0	414.4	-74.4	1.0	148.8	-29.4	-10.5	354.9
Increase/(Decrease) in Inventory	-230.0	-9.4	-44.4	-114.1	-42.0	-40.3	-60.1	-124.2	121.7	75.0	306.3	373.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.7	-297.9	-100.8	40.4	68.3	132.8	-38.9	-48.7	-77.9	-176.1	-196.1	-805.2
Increase/(Decrease) in Prepaid Expenses	30.8	-54.4	-33.2	19.5	-5.2	-36.8	1.5	6.8	-40.6	-103.7	7.7	45.3
Changes in Trading Securities	0.7	—	—	—	—	106.5	33.9	4.5	0.0	6.7	-66.4	-335.1
Interest Paid	-524.8	-632.3	-443.2	-450.8	-556.8	-456.1	-511.7	-395.2	-523.3	-550.9	-373.6	-476.7
Corporate Income Tax Paid	-44.9	-18.2	-33.0	-24.0	-35.3	-10.5	-28.0	-44.8	-13.5	-39.2	-50.9	-8.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-24.0	-13.9	-4.0	-7.2	-12.4	-2.6	-4.7	-7.6	-5.3	-12.7	-1.9	-3.6
Net Cash Flow from Operating Activities	-243.1	-507.3	59.0	71.7	-125.2	281.8	-72.2	63.5	174.5	-382.4	-48.5	-562.9
Payments for Fixed Assets and Other Long-term Assets	-544.9	-42.4	-92.9	11.9	-64.6	-52.2	-35.5	-112.2	-176.9	-236.1	-49.2	-144.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.2	0.0	0.6	0.1	1.5	2.8	2.9	0.0	0.1	0.0	0.3
Loans and Purchases of Debt Instruments	-461.4	-1,387.6	-134.2	-577.2	-835.5	-1,013.7	-69.8	-345.4	-2,091.5	-1,773.5	-186.9	-296.8
Receipts from Loan Repayments and Sale of Debt Instruments	714.2	1,091.7	376.3	292.5	92.9	534.2	99.9	0.0	1,381.3	1,358.4	364.1	405.7
Investments in Other Entities	—	—	—	—	—	-215.6	0.0	-130.5	-69.9	-93.6	-7.5	0.0
Proceeds from Investments in Other Entities	5.5	36.4	8.3	—	—	4.5	0.5	0.0	0.0	536.6	0.0	596.6
Dividends and Interest Income Received	46.3	100.2	80.1	60.5	37.1	70.1	51.5	24.8	126.4	176.9	99.0	196.0
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	-239.4	-314.3	237.6	-513.6	-770.0	-671.1	49.3	-560.4	-830.6	-31.1	219.5	757.2
Proceeds from Equity Issuance and Capital Contributions	41,250,000,000.00	—	—	—	—	0.00	0.00	13,136,200,000.00	0.00	0.00	0.00	563,766,994,197.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,036.2	1,541.2	879.6	3,005.8	3,261.5	3,102.6	377.3	1,120.7	5,190.5	7,844.5	1,522.2	3,619.1
Repayment of Borrowings	-1,659.4	-80.7	-37.6	-69.5	-68.2	-2,024.0	-718.7	-1,645.8	-3,178.1	-6,444.2	-1,789.6	-4,030.5
Repayment of Finance Leases	—	—	-6,100.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-7.4	5.6	-435.4	-8.5	-159.2	-60.4	-135.0	-13.7	-310.3	-93.8	-139.4	-5.6
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	410.6	-73.3	-632.0	1,728.3	289.6	1,018.2	-476.3	-525.7	1,702.0	1,306.5	-406.8	146.8
Net Cash Flow During the Period	-71.9	-894.9	-335.5	1,286.4	-605.7	628.9	-499.3	-1,022.6	1,045.9	892.9	-235.9	341.1
Cash and Cash Equivalents at Beginning of Period	776.2	1,697.0	2,032.5	746.1	1,351.8	1,200.7	1,200.7	1,200.7	1,200.7	275.7	275.7	275.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	704.3	802.1	1,697.0	2,032.5	746.1	1,353.6	724.7	1,224.0	2,246.6	1,200.7	307.8	543.6

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CII

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