DBC

Tập đoàn Dabaco Việt Nam ·HOSE ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 1.21x

Price

21,650

Latest close

02 Jun 2026

P/E 5.55x

P/B 0.99x

EPS 3,898

BVPS 21,938

ROE 17.5%

ROA 9.1%

Profit Margin 8.3%

Asset Turnover 1.10x

Equity Mult. 1.92x

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

What Is Changing

On a TTM 2026Q1 basis, DBC is maintaining revenue growth, but margins have not improved proportionally — margins have been expanding consistently over multiple periods. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 16,515bn
	                                
+18.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,373bn
	                                
+13.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	14,897.7	13,573.5	11,110.0	11,557.6	10,812.8
Growth	+10%	+22%	-4%	+7%	—
Net Income	1,506.8	769.1	25.0	5.2	829.6
Net Margin	10.11%	5.67%	0.23%	0.04%	7.67%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	4,124.2	3,729.0	4,841.2	3,820.1	3,609.4	3,611.2	3,525.0	3,184.7	3,252.6	2,614.0	2,709.3	3,473.1
Growth	+11%	-23%	+27%	+6%	-0%	+2%	+11%	-2%	+24%	-4%	-22%	—
Net Income	374.0	148.6	343.0	507.0	508.3	238.9	312.2	145.4	72.6	6.5	12.5	326.8
Net Margin	9.07%	3.98%	7.08%	13.27%	14.08%	6.61%	8.86%	4.57%	2.23%	0.25%	0.46%	9.41%

Drivers of DBC's profit

TTM

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

Gross profit ↑ 219.8bn

Finance costs ↓ 39.5bn

Financial income ↑ 24.7bn

Administrative expenses ↑ 52.6bn

Selling expenses ↑ 30.5bn

Tax ↑ 17.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 126.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 20.1% = 8.6% × 1.03 × 2.25

2026Q1 17.5% = 8.3% × 1.10 × 1.92

ROE fell from 20.1% to 17.5% — leverage weakened the most, though asset turnover still provided support.

Net margin: 8.3% -0.3pp Asset turnover: 1.10x +0.06x Leverage: 1.92x -0.33x

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 narrowed to 8.31%, falling 0.3pp. The main pressure is Gross margin fell 1.4pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 0.0pp 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 8.31% −0.3pp

Gross Margin 15.87% −1.4pp

SG&A / Revenue 5.89% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 10.53%, broadly flat versus the same period. That translates to 10.53 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover broadly stable, while invested capital rose by 1,752bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 10.53% −0.0pp

NOPAT Margin 8.16% −0.2pp

Capital Turnover 1.29x +0.03x

Average Invested Capital 12,799.3bn +1,752.2bn

Balance Sheet

Capital structure is balanced — liabilities at 0.98x equity, net debt at 0.59x equity.

Inventory ended the period at 6,358.1bn, roughly 39.8% of total assets.

Over the last 12 months, working capital absorbed 222.8bn 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: −77.3bn

Inventories increased → lower CFO: −318.1bn

Payables increased → higher CFO: +172.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 47.9 days versus the same period last year. The main moves came from DIO fell 53.9 days, DSO fell 0.6 days, and DPO fell 6.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 102.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 5.2 days −0.6 days

Inventory 118.0 days −53.9 days

Payables 21.2 days −6.6 days

Cash Conversion Cycle 102.0 days −47.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.59x and interest coverage at 5.79x.

At present, short-term debt accounts for 75.5% of total debt, cash equals 7.3% of debt, and total debt stands at 5,393.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 75.5% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 7.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.59x −0.09x

Interest Coverage 5.79x +1.47x

Cash / Debt 7.3% −3.1pp

Short-term Debt / Total Debt 75.5% −10.3pp

CFO / NI 1.21x +0.61x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,292.4bn in 2025, against investing cash flow of -1,400.1bn.

Post-investment cash flow was negative +107.7bn. Financing cash flow was positive +94.5bn.

CFO / net income was 1.21x.

After spending +1,104.5bn on fixed-asset investment, the business generated trailing free cash flow of +550.8bn.

Cash Conversion

CFO TTM 1,655.3bn +942.2bn

Cash Capex 1,104.5bn +175.4bn

FCF TTM +550.8bn +766.8bn

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 1.21x. The main risk still sits in leverage and liquidity, with interest coverage at 5.79x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.21x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.59x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	15,109.3	13,739.4	11,241.2	11,687.8	11,144.6
Revenue Deductions	211.6	165.8	131.2	130.2	0.0
Net Revenue	14,897.7	13,573.5	11,110.0	11,557.6	10,812.8
Cost of Goods Sold	12,151.1	11,640.1	9,995.8	10,598.1	0.0
Gross Profit	2,746.6	1,933.4	1,114.2	959.5	1,853.0
Financial Income	78.4	39.2	35.8	28.8	25.0
Financial Expenses	261.2	274.6	280.7	200.7	-199.0
Interest Expense	261.1	263.7	261.8	179.7	-182.3
Share of Associates and Joint Ventures	-0.5	-1.4	-2.8	0.0	4.9
Selling Expenses	510.2	469.1	432.4	403.2	-405.2
General and Administrative Expenses	447.5	391.7	356.4	343.5	-344.5
Operating Profit	1,605.5	835.8	77.7	40.9	934.1
Other Income	22.1	21.6	21.7	44.4	0.0
Other Expenses	4.1	3.1	1.6	6.4	0.0
Other Profit	18.0	18.5	20.0	38.1	45.5
Profit Before Tax	1,623.5	854.2	97.7	79.0	979.7
Current Income Tax Expense	123.4	107.6	72.7	73.8	-150.1
Deferred Income Tax Expense	-6.7	-22.4	0.0	0.0	0.0
Net Income	1,506.8	769.1	25.0	5.2	829.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1,506.8	769.1	25.0	5.2	829.6
Earnings per Share	3,915.00	2,626.00	103.00	21.00	7,199.00
Diluted EPS	3,915.00	2,626.00	103.33	21.00	7,198.56

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,449.7	7,838.1	7,101.2	7,065.1	5,598.7
I. Cash and cash equivalents	426.2	439.3	592.1	627.0	200.1
1. Cash	411.6	251.9	571.9	621.8	0.0
2. Cash equivalents	14.6	187.5	20.3	5.2	0.0
II. Short-term financial investments	1,845.2	1,370.9	489.9	504.9	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	1,845.2	1,370.9	489.9	504.9	0.0
III. Short-term receivables	706.8	402.1	424.3	566.0	546.5
1. Short-term trade accounts receivable	269.4	197.4	222.5	251.0	0.0
2. Short-term prepayments to suppliers	171.5	104.8	140.4	235.4	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	265.8	100.0	61.4	79.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	6,358.1	5,516.8	5,494.4	5,207.1	4,201.9
1. Inventories	6,358.1	5,516.8	5,500.0	5,215.9	0.0
2. Provision for decline in value of inventories	—	0.0	-5.6	-8.8	0.0
V. Other short-term assets	113.5	109.0	100.5	160.1	73.2
1. Short-term prepayments	35.6	41.7	31.3	78.7	0.0
2. Value added tax to be reclaimed	59.2	47.0	44.7	61.0	0.0
3. Taxes and other receivables from state authorities	3.9	4.2	4.6	4.5	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	14.8	16.1	20.0	15.9	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6,527.0	6,283.4	5,910.5	5,909.0	5,226.7
I. Long-term receivables	27.8	38.8	36.9	23.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	16.1
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	27.8	38.8	36.9	23.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4,362.1	4,789.8	5,148.4	4,301.8	4,582.0
1. Tangible fixed assets	4,049.0	4,318.2	4,533.8	3,883.7	4,176.4
- Cost	8,190.3	7,815.8	7,453.2	6,385.4	0.0
- Accumulated depreciation	-4,141.2	-3,497.6	-2,919.5	-2,501.7	0.0
2. Financial leased fixed assets	313.1	471.6	614.7	418.1	405.6
- Cost	436.0	664.0	763.7	551.9	0.0
- Accumulated depreciation	-122.9	-192.5	-149.1	-133.8	0.0
3. Intangible 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
III. Investment properties	101.7	109.0	0.0	0.0	0.0
- Cost	109.5	109.0	0.0	0.0	0.0
- Accumulated depreciation	-7.8	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,750.0	1,083.5	475.7	1,397.7	469.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,750.0	1,083.5	475.7	1,397.7	0.0
V. Long-term financial investments	133.6	116.1	119.6	114.3	105.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	123.6	106.1	109.6	114.3	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	10.0	10.0	10.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	151.8	146.2	129.9	71.8	0.0
1. Long-term prepayments	122.7	123.8	129.9	71.8	0.0
2. Deferred income tax assets	29.1	22.4	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	53.7
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)	15,976.7	14,121.6	13,011.7	12,974.1	10,825.3
A. LIABILITIES (300=210+330)	7,907.7	7,355.5	8,345.5	8,332.9	6,128.9
I. Short -term liabilities	6,646.3	6,420.7	7,141.6	7,213.0	5,124.0
1. Short-term trade accounts payable	872.1	762.6	795.6	2,129.2	1,392.5
2. Short-term advances from customers	354.7	207.4	221.4	887.5	550.7
3. Taxes and other payables to state authorities	111.5	100.3	32.5	45.4	0.0
4. Payable to employees	129.3	86.3	76.3	64.9	0.0
5. Short-term acrrued expenses	38.5	53.1	104.4	64.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	197.3	269.0	1,037.4	221.4	0.0
10. Short-term borrowings and financial leases	4,770.2	4,928.5	4,840.7	3,704.6	2,599.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	172.6	13.5	33.4	95.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,261.4	934.8	1,203.9	1,119.8	1,004.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	154.9	170.5	177.4	233.6	0.0
8. Long-term borrowings and financial leases	1,106.4	764.3	1,026.4	886.2	687.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	8,069.1	6,766.1	4,666.2	4,641.2	4,696.4
I. Owner's equity	8,069.1	6,766.1	4,666.2	4,641.2	0.0
1. Owner's capital	3,848.7	3,346.7	2,420.0	2,420.0	4,696.4
- Common stock with voting right	3,848,666,670,000.00	3,346,691,450,000.00	2,420,018,590,000.00	2,420,018,590,000.00	1,152,394,300,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	821.5	821.5	418.4	418.4	418.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	1,888.1	1,824.9	1,799.9	1,794.7	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	1,509.7	772.0	27.9	8.1	606.0
- Accumulated retained earning at the end of the previous period	2.9	2.9	2.9	2.9	0.0
- Undistributed earnings in this period	1,506.8	769.1	25.0	5.2	606.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.0	1.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	15,976.7	14,121.6	13,011.7	12,974.1	10,825.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,623.5	854.2	97.7	79.0	979.7
Depreciation of Fixed Assets and Investment Property	656.1	639.2	547.3	497.0	491.7
Provision (Increase)/Reversal	—	-5.6	-3.2	8.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.6	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	-72.3	-35.9	-28.1	-27.4	0.0
Interest Expense	261.1	263.7	261.8	179.7	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	2,468.3	1,716.2	875.4	737.2	1,633.5
Increase/(Decrease) in Receivables	-194.8	4.3	145.9	-26.4	0.0
Increase/(Decrease) in Inventory	-841.3	56.7	-284.1	-1,012.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	250.7	-325.2	-1,309.3	1,003.1	0.0
Increase/(Decrease) in Prepaid Expenses	7.2	-4.2	-2.3	-76.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-262.0	-263.6	-254.2	-172.7	0.0
Corporate Income Tax Paid	-110.9	-38.4	-76.5	-99.1	0.0
Other Operating Receipts	16.1	0.0	0.0	0.0	0.0
Other Operating Payments	-41.0	-19.9	-62.1	-41.7	0.0
Net Cash Flow from Operating Activities	1,292.4	1,125.8	-967.3	311.8	630.8
Payments for Fixed Assets and Other Long-term Assets	-883.0	-870.3	-375.1	-1,188.9	-319.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	60.3	6.1	83.6	271.9	4.1
Loans and Purchases of Debt Instruments	-566.9	-937.4	-116.7	-72.4	-71.4
Receipts from Loan Repayments and Sale of Debt Instruments	92.5	56.4	121.7	144.6	20.0
Investments in Other Entities	-179.9	0.0	0.0	0.0	-2.9
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	76.9	31.3	28.7	27.1	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	-1,400.1	-1,713.9	-257.8	-817.7	-340.2
Proceeds from Equity Issuance and Capital Contributions	—	1,329,761,090,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	13,276.3	13,595.6	12,273.8	9,599.1	7,287.0
Repayment of Borrowings	-13,039.3	-14,347.1	-10,947.9	-8,463.7	-7,280.4
Repayment of Finance Leases	-142.4	-142.7	-135.7	-202.5	-121.4
Dividends Paid	—	0.0	0.0	0.0	-220.0
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	94.5	435.5	1,190.2	932.8	-334.7
Net Cash Flow During the Period	-13.2	-152.7	-35.0	426.9	25.4
Cash and Cash Equivalents at Beginning of Period	439.3	592.1	627.0	200.1	244.2
FX Difference from Revaluation	0.1	-0.2	0.1	0.0	-0.0
Cash and Cash Equivalents at End of Period	426.2	439.3	592.1	627.0	200.1

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	4,307.7	3,896.1	5,021.6	3,987.2	3,750.0	3,779.3	3,678.8	3,331.0	3,343.3	2,758.1	2,827.2	3,539.2
Revenue Deductions	183.5	167.0	180.3	167.1	140.6	168.1	153.7	146.4	90.7	144.1	117.9	66.2
Net Revenue	4,124.2	3,729.0	4,841.2	3,820.1	3,609.4	3,611.2	3,525.0	3,184.7	3,252.6	2,614.0	2,709.3	3,473.1
Cost of Goods Sold	3,433.2	3,276.9	4,189.1	2,995.0	2,792.2	3,082.0	2,901.4	2,754.2	2,903.7	2,372.3	2,428.4	2,810.9
Gross Profit	691.0	452.2	652.2	825.1	817.2	529.2	623.6	430.5	348.8	241.7	280.8	662.2
Financial Income	16.0	21.5	17.0	21.1	18.8	20.5	6.8	4.7	7.1	11.1	6.8	11.8
Financial Expenses	61.8	63.5	62.6	65.8	69.3	70.7	72.9	80.2	50.9	70.4	69.5	71.2
Interest Expense	61.7	63.4	62.5	65.2	69.3	69.6	72.0	79.0	43.5	63.2	61.0	69.6
Share of Associates and Joint Ventures	—	2.1	—	-2.6	—	-1.1	0.0	-0.3	0.0	-1.7	0.0	-3.1
Selling Expenses	135.8	125.8	127.8	128.3	128.4	121.3	126.1	111.4	110.3	75.0	110.2	149.6
General and Administrative Expenses	114.2	106.7	116.8	117.0	107.1	100.9	100.1	94.0	96.7	107.2	85.8	80.9
Operating Profit	395.2	179.8	361.9	532.5	531.3	255.8	331.3	149.3	98.2	-1.6	22.1	369.4
Other Income	7.1	7.5	4.1	5.2	5.4	8.2	1.1	8.0	2.0	17.8	1.4	1.1
Other Expenses	0.4	2.5	0.4	0.8	0.3	0.9	1.4	0.0	0.8	1.5	0.0	0.0
Other Profit	6.7	5.0	3.6	4.4	5.0	7.3	-0.3	8.0	1.2	16.3	1.4	1.1
Profit Before Tax	401.9	184.8	365.6	536.9	536.3	263.0	331.0	157.2	99.4	14.7	23.5	370.4
Current Income Tax Expense	27.8	43.4	22.6	29.4	28.0	40.8	18.9	17.5	26.8	8.3	11.0	43.6
Deferred Income Tax Expense	—	-7.2	—	0.5	—	-16.7	0.0	-5.8	0.0	0.0	0.0	0.0
Net Income	374.0	148.6	343.0	507.0	508.3	238.9	312.2	145.4	72.6	6.5	12.5	326.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	374.0	148.6	343.0	507.0	508.3	238.9	312.2	145.4	72.6	6.5	12.5	326.8
Earnings per Share	972.00	386.00	1,025.00	1,515.00	1,519.00	714.00	1,290.00	601.00	300.00	27.00	52.00	1,350.00
Diluted EPS	971.87	386.06	891.10	1,514.84	1,518.70	713.71	932.77	600.97	300.03	26.66	51.50	1,350.49

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)	8,261.7	9,449.7	9,226.7	8,380.7	8,227.5	7,624.4	8,035.8	7,402.5	6,648.5	7,159.1	6,328.6	6,570.2
I. Cash and cash equivalents	394.0	426.2	613.1	363.5	570.5	439.3	541.0	524.3	357.6	592.1	319.7	397.3
1. Cash	185.5	411.6	599.3	359.4	382.3	251.9	530.9	514.3	347.6	571.9	319.7	397.3
2. Cash equivalents	208.5	14.6	13.8	4.2	188.2	187.5	10.2	10.0	10.0	20.3	0.0	0.0
II. Short-term financial investments	1,869.3	1,845.2	1,885.9	1,681.0	1,380.3	1,370.9	1,343.2	520.7	493.4	489.9	552.2	550.6
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	1,869.3	1,845.2	1,885.9	1,681.0	1,380.3	1,370.9	1,343.2	520.7	493.4	489.9	552.2	550.6
III. Short-term receivables	754.1	706.8	1,037.0	535.9	576.8	402.1	604.7	423.9	452.5	424.3	631.0	434.1
1. Short-term trade accounts receivable	267.4	269.4	194.6	213.6	203.7	197.4	263.9	211.5	237.0	222.5	222.6	215.2
2. Short-term prepayments to suppliers	233.0	171.5	545.9	173.3	234.4	97.6	247.9	117.2	157.8	140.4	310.8	133.8
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	253.7	265.8	296.5	148.9	138.7	107.2	93.0	95.2	57.7	61.4	97.6	85.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,379.1	6,358.1	5,586.9	5,683.8	5,607.7	5,303.1	5,452.6	5,828.8	5,250.3	5,552.3	4,718.1	5,081.3
1. Inventories	3,379.1	6,358.1	5,586.9	5,683.8	5,607.7	5,303.1	5,452.6	5,828.8	5,255.9	5,557.8	4,723.6	5,086.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	-5.6	-5.6	-5.6	-5.6
V. Short-term Biological Assets	1,748.7	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	1,748.7	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	116.5	113.5	103.8	116.5	92.3	109.0	94.2	104.7	94.8	100.5	107.6	107.0
1. Short-term prepayments	32.2	35.6	36.2	35.5	27.5	41.7	30.1	43.4	28.2	31.3	27.4	26.5
2. Value added tax to be reclaimed	66.0	59.2	46.5	43.7	43.8	47.0	42.5	39.3	42.2	44.7	57.4	57.6
3. Taxes and other receivables from state authorities	4.5	3.9	3.8	4.2	5.2	4.2	4.5	4.5	4.5	4.6	4.7	4.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	13.8	14.8	17.2	33.1	15.7	16.1	17.1	17.6	19.9	20.0	18.2	18.3
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	7,437.6	6,527.0	6,335.2	6,193.7	6,183.5	6,493.6	6,034.0	5,923.8	5,863.3	5,852.6	5,895.5	5,951.1
I. Long-term receivables	33.8	27.8	37.0	40.2	38.8	38.8	34.4	34.4	36.4	36.9	25.7	23.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	33.8	27.8	37.0	40.2	38.8	38.8	34.4	34.4	36.4	36.9	25.7	23.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5,369.9	4,362.1	4,441.7	4,564.7	4,659.6	4,787.4	4,848.9	4,959.7	5,044.3	5,148.4	5,236.6	4,147.6
1. Tangible fixed assets	5,040.6	4,049.0	4,018.6	4,153.6	4,193.2	4,315.9	4,347.3	4,443.1	4,497.7	4,533.8	4,692.8	3,794.5
- Cost	9,342.2	—	—	—	—	7,815.8	7,699.7	7,669.1	7,573.0	7,453.2	7,524.1	6,549.3
- Accumulated depreciation	-4,301.6	—	—	—	—	-3,500.0	-3,352.4	-3,226.0	-3,075.3	-2,919.5	-2,831.2	-2,754.7
2. Financial leased fixed assets	329.3	313.1	423.1	411.1	466.4	471.6	501.7	516.6	546.5	614.7	543.8	353.0
- Cost	468.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-139.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible 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
III. Long-term Biological Assets	820.3	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	820.3	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	197.3	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	622.9	—	—	—	—	—	—	—	—	—	—	—
- Cost	681.5	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-58.6	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	99.8	101.7	103.7	105.6	107.1	109.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	109.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	852.3	1,750.0	1,491.0	1,217.8	1,110.8	1,296.0	902.6	679.6	542.3	475.7	457.5	1,558.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	56.3	0.0	0.0	0.0	0.0
2. Construction in progress	852.3	1,750.0	1,491.0	1,217.8	1,110.8	1,296.0	902.6	623.4	542.3	475.7	457.5	1,558.7
V. Long-term financial investments	133.6	133.6	113.5	113.5	116.1	116.1	117.2	117.2	119.6	119.6	121.3	111.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	123.6	123.6	103.5	103.5	106.1	106.1	107.2	107.2	109.6	109.6	111.3	111.3
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	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	128.0	151.8	148.2	152.0	151.1	146.2	130.9	132.8	120.8	72.1	54.4	110.3
1. Long-term prepayments	98.9	122.7	126.3	130.1	128.7	123.8	125.1	127.1	120.8	72.1	54.4	110.3
2. Deferred income tax assets	29.1	29.1	21.9	21.9	22.4	22.4	5.8	5.8	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	15,699.4	15,976.7	15,561.9	14,574.4	14,411.0	14,118.0	14,069.8	13,326.3	12,511.8	13,011.7	12,224.1	12,521.3
A. LIABILITIES (300=210+330)	7,256.3	7,907.7	7,641.4	6,996.9	7,176.6	7,351.9	7,542.6	8,441.0	7,773.0	8,345.5	7,564.3	7,874.0
I. Short -term liabilities	5,782.4	6,646.3	6,460.7	6,089.0	6,240.4	6,417.1	6,449.1	7,354.5	6,546.5	7,141.6	6,199.9	6,776.2
1. Short-term trade accounts payable	778.8	872.1	668.2	946.6	836.5	762.6	765.5	764.8	921.8	795.6	1,528.0	1,790.3
2. Short-term advances from customers	410.5	354.7	272.5	257.8	234.5	266.1	246.4	210.3	275.3	221.4	221.0	122.0
3. Taxes and other payables to state authorities	43.8	111.5	98.1	76.7	41.1	96.7	61.9	40.8	22.2	32.5	41.0	31.0
4. Payable to employees	101.0	129.3	125.6	114.4	79.3	86.3	105.4	82.2	74.4	76.3	95.6	80.1
5. Short-term acrrued expenses	42.8	38.5	52.6	45.9	49.6	53.1	53.6	56.0	95.1	104.4	114.9	78.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	218.9	197.3	280.4	277.3	270.0	210.3	440.7	432.3	631.5	1,037.4	276.8	296.8
10. Short-term borrowings and financial leases	4,071.0	4,770.2	4,788.3	4,193.0	4,711.1	4,928.5	4,759.0	5,748.9	4,506.8	4,840.7	3,887.4	4,332.1
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	115.4	172.6	175.1	177.3	18.3	13.5	16.5	19.2	19.2	33.4	0.0	45.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	35.3	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,473.9	1,261.4	1,180.7	908.0	936.2	934.8	1,093.5	1,086.5	1,226.5	1,203.9	1,364.4	1,097.8
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	151.3	154.9	158.4	161.3	155.5	170.5	167.6	168.8	176.2	177.4	218.4	220.4
8. Long-term borrowings and financial leases	1,322.6	1,106.4	1,022.2	746.6	780.8	764.3	925.9	917.7	1,050.3	1,026.4	1,146.0	877.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	8,443.1	8,069.1	7,920.5	7,577.5	7,234.4	6,766.1	6,527.2	4,885.3	4,738.8	4,666.2	4,659.8	4,647.3
I. Owner's equity	8,443.1	8,069.1	7,920.5	7,577.5	7,234.4	6,766.1	6,527.2	4,885.3	4,738.8	4,666.2	4,659.8	4,647.3
1. Owner's capital	3,848.7	3,848.7	3,848.7	3,346.7	3,346.7	3,346.7	3,346.7	2,420.0	2,420.0	2,420.0	2,420.0	2,420.0
- Common stock with voting right	3,848,666,670,000.00	3,848,666,670,000.00	3,848,666,670,000.00	3,346,691,450,000.00	3,346,691,450,000.00	3,346,691,450,000.00	3,346,691,450,000.00	2,420,018,590,000.00	2,420,018,590,000.00	2,420,018,590,000.00	2,420,018,590,000.00	2,420,018,590,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	821.5	821.5	821.5	821.5	821.5	821.5	821.5	418.4	418.4	418.4	418.4	418.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,888.1	1,888.1	1,888.1	1,888.1	1,824.9	1,824.9	1,824.9	1,824.9	1,799.9	1,799.9	1,799.9	1,799.9
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,883.7	1,509.7	1,361.1	1,520.1	1,240.2	772.0	533.1	220.9	100.5	27.9	21.5	9.0
- Accumulated retained earning at the end of the previous period	1,509.7	2.9	2.9	504.9	732.0	2.9	2.9	2.9	0.0	27.9	21.5	9.0
- Undistributed earnings in this period	374.0	1,506.8	1,358.2	1,015.2	508.3	769.1	530.2	218.0	0.0	0.0	0.0	0.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	15,699.4	15,976.7	15,561.9	14,574.4	14,411.0	14,118.0	14,069.8	13,326.3	12,511.8	13,011.7	12,224.1	12,521.3

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	401.9	184.8	365.6	536.9	536.3	263.0	331.0	157.2	99.4	14.7	23.5	370.4
Depreciation of Fixed Assets and Investment Property	179.0	164.9	163.5	163.5	164.1	165.5	156.0	162.8	154.9	166.5	126.1	125.7
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	-5.6	0.0	0.0	0.0	-3.2
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	-0.0	—	2.4	-0.7	-0.1	-0.1	0.0	-0.1	-0.0
Gain/Loss from Investment Activities	-15.5	-18.7	-24.3	-11.0	-18.3	-20.3	-4.4	-6.1	-5.1	-3.3	-8.3	-10.4
Interest Expense	61.7	64.2	62.5	65.2	69.3	69.6	72.4	78.6	43.5	62.5	82.9	47.7
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	627.0	395.2	567.2	754.6	751.3	480.3	554.4	386.9	292.7	240.4	224.1	530.2
Increase/(Decrease) in Receivables	-54.6	445.1	-532.7	64.9	-172.0	178.2	-125.4	-27.5	-28.9	205.1	-187.7	128.3
Increase/(Decrease) in Inventory	432.4	-771.2	96.9	-76.1	-90.9	-62.9	389.4	-587.4	260.2	-793.7	343.6	-304.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-38.7	426.1	-448.1	233.3	39.4	-220.0	-600.6	202.2	-197.9	-153.3	-145.3	7.4
Increase/(Decrease) in Prepaid Expenses	4.8	4.3	2.9	-9.3	9.2	-10.2	-0.7	-5.6	12.2	-71.1	55.1	20.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-69.0	-54.4	-72.2	-64.5	-70.9	-71.8	-119.1	-50.0	-72.1	-18.8	-154.9	10.8
Corporate Income Tax Paid	-100.4	-9.5	-7.8	-4.2	-89.4	0.0	-2.1	29.2	-64.9	-2.6	-4.8	-7.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-57.2	-2.5	-2.2	-1.0	-35.3	-3.0	-2.7	0.0	-14.2	-1.9	-10.1	-3.6
Net Cash Flow from Operating Activities	744.4	249.2	-212.0	873.7	381.5	290.5	93.2	-52.1	187.0	-595.9	120.0	380.8
Payments for Fixed Assets and Other Long-term Assets	-279.9	-347.4	-316.4	-160.8	-58.4	-391.3	-302.9	-176.3	-117.1	-33.0	-101.3	-78.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	59.7	-18.3	18.8	—	0.3	0.6	0.0	0.0	83.4	-0.8	0.9
Loans and Purchases of Debt Instruments	-24.1	-51.8	-130.8	-374.8	-9.4	-27.7	-807.8	-42.0	-3.5	4.5	-39.9	40.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	18.5	—	74.0	—	0.0	-14.6	14.6	0.0	57.8	28.3	-26.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	2.6	—	—	1.1	2.3	0.0	0.0	-3.1	3.1	0.0
Dividends and Interest Income Received	10.3	16.7	31.3	10.6	18.3	19.9	-0.1	9.4	8.9	11.1	3.4	8.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-293.6	-412.8	-445.7	-492.1	-49.5	-397.7	-1,122.6	-194.3	-111.7	120.7	-107.3	-56.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	1,330,761,090,000.00	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	2,826.8	3,705.9	3,868.7	3,118.2	2,583.4	3,436.9	2,905.0	4,109.5	3,306.8	3,324.6	3,159.9	3,173.8
Repayment of Borrowings	-3,289.8	-3,690.2	-2,927.6	-3,669.4	-2,752.1	-3,405.6	-3,148.7	-3,680.1	-3,559.2	-2,529.6	-3,265.2	-3,174.7
Repayment of Finance Leases	-20.0	-39.0	-33.9	-37.4	-32.2	-23.5	-41.7	-16.3	-57.5	-47.4	15.0	-76.3
Dividends Paid	—	—	-502.0	—	—	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	-483.0	-23.3	907.3	-588.6	-200.9	7.9	1,045.4	413.1	-310.0	747.7	-90.4	-77.2
Net Cash Flow During the Period	-32.2	-186.9	249.5	-207.0	131.1	-99.3	16.0	166.6	-234.6	272.5	-77.7	247.6
Cash and Cash Equivalents at Beginning of Period	426.2	613.1	363.5	570.5	439.3	592.1	592.1	592.1	592.1	627.0	627.0	627.0
FX Difference from Revaluation	—	0.1	0.0	0.0	—	-2.4	0.7	0.1	0.1	-0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	394.0	426.2	613.1	363.5	570.5	439.3	541.0	524.3	357.6	592.1	319.7	397.3

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DBC

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