DCM

Tổng công ty Phân bón Dầu khí Cà Mau ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.27%, +2.44pp YoY

Price

38,900

Latest close

03 Jun 2026

P/E 10.22x

P/B 1.79x

EPS 3,808

BVPS 21,789

ROE 20.9%

ROA 12.9%

Profit Margin 12.3%

Asset Turnover 1.05x

Equity Mult. 1.62x

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

What Is Changing

On a TTM 2026Q1 basis, DCM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 18,840bn
	                                
+33.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,312bn
	                                
+66.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	16,630.9	13,455.6	12,570.5	15,924.5	9,954.9
Growth	+24%	+7%	-21%	+60%	—
Net Income	1,961.8	1,428.0	1,110.1	4,321.1	1,917.9
Net Margin	11.80%	10.61%	8.83%	27.13%	19.27%

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	5,286.0	4,528.4	2,988.2	6,037.3	3,406.7	4,213.7	2,634.4	3,863.4	2,744.0	3,565.6	3,010.6	3,290.9
Growth	+17%	+52%	-51%	+77%	-19%	+60%	-32%	+41%	-23%	+18%	-9%	—
Net Income	788.6	389.5	328.0	806.4	412.1	285.5	120.6	569.8	349.6	491.8	74.1	289.8
Net Margin	14.92%	8.60%	10.98%	13.36%	12.10%	6.78%	4.58%	14.75%	12.74%	13.79%	2.46%	8.81%

Drivers of DCM's profit

TTM

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

Gross profit ↑ 1,907.7bn

Administrative expenses ↑ 454.2bn

Tax ↑ 172.9bn

Selling expenses ↑ 171.5bn

Other profit ↓ 168.0bn

TTM

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

Gross profit ↑ 461.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.3% = 9.8% × 0.87 × 1.56

2026Q1 20.9% = 12.3% × 1.05 × 1.62

ROE rose from 13.3% to 20.9% — all three components improved, with asset turnover contributing the most.

Net margin: 12.3% +2.4pp Asset turnover: 1.05x +0.19x Leverage: 1.62x +0.05x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 12.27%, rising 2.4pp. Core operating signals are improving as Gross margin rose 5.6pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with lingering pressure from Other profit / Revenue fell 1.2pp and Net financial result / Revenue fell 0.6pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 12.27% +2.4pp

Gross Margin 23.66% +5.6pp

SG&A / Revenue 11.50% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 22.2 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 22.43%, rising 9.7pp. That translates to 22.43 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.6pp and capital turnover rose 0.36x, while invested capital rose by 730bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 22.43% +9.7pp

NOPAT Margin 12.16% +3.6pp

Capital Turnover 1.85x +0.36x

Average Invested Capital 10,210.9bn +730.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.63x equity, with a net cash position equivalent to 0.13x equity.

Inventory ended the period at 4,808.9bn, roughly 27.3% of total assets.

Over the last 12 months, working capital absorbed 1,884.9bn 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: −553.5bn

Inventories increased → lower CFO: −1,440.6bn

Payables increased → higher CFO: +109.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 22.2 days versus the same period last year. The main moves came from DIO rose 13.6 days, DSO rose 3.5 days, and DPO fell 5.2 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +22.2 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

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

Working Capital Efficiency

Receivables 17.2 days +3.5 days

Inventory 101.4 days +13.6 days

Payables 39.8 days −5.2 days

Cash Conversion Cycle 78.8 days +22.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 643.4bn due to capex of 550.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.13x and interest coverage at 22.32x.

At present, short-term debt accounts for 98.4% of total debt, cash equals 157.7% of debt, and total debt stands at 2,581.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.13x −0.11x

Interest Coverage 22.32x +4.58x

Cash / Debt 157.7% +47.3pp

Short-term Debt / Total Debt 98.4% +4.1pp

CFO / NI -0.04x −0.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -775.8bn in 2025, against investing cash flow of 2,590.1bn.

Post-investment cash flow was positive +1,814.3bn. Financing cash flow was negative +127.4bn.

CFO / net income was -0.04x.

After spending +550.1bn on fixed-asset investment, the business generated trailing free cash flow of −643.4bn.

Cash Conversion

CFO TTM 93.3bn −139.6bn

Cash Capex 550.1bn −414.1bn

FCF TTM −643.4bn +274.5bn

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 operating efficiency, with net margin improving 2.4 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.27% after expanding 2.4pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	17,223.1	13,942.5	12,949.5	16,380.0	10,173.3
Revenue Deductions	592.1	487.0	378.9	455.5	0.0
Net Revenue	16,630.9	13,455.6	12,570.5	15,924.5	9,954.9
Cost of Goods Sold	12,582.3	10,942.1	10,538.7	10,221.1	0.0
Gross Profit	4,048.7	2,513.5	2,031.8	5,703.4	2,853.6
Financial Income	394.9	381.8	577.1	301.0	165.6
Financial Expenses	97.4	76.6	27.4	60.4	-34.2
Interest Expense	70.4	44.4	10.2	10.3	-7.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1,176.0	1,014.4	800.6	698.3	-411.4
General and Administrative Expenses	968.0	481.0	548.6	652.6	-522.2
Operating Profit	2,202.2	1,323.3	1,232.3	4,593.1	2,051.4
Other Income	7.0	199.9	24.8	15.2	0.0
Other Expenses	1.8	1.1	2.3	12.1	0.0
Other Profit	5.2	198.8	22.5	3.2	2.1
Profit Before Tax	2,207.4	1,522.1	1,254.8	4,596.3	2,053.5
Current Income Tax Expense	260.4	99.8	146.5	270.0	-135.5
Deferred Income Tax Expense	-14.8	-5.8	-1.8	5.2	0.0
Net Income	1,961.8	1,428.0	1,110.1	4,321.1	1,917.9
Non-controlling Interest	2.0	8.3	1.2	5.1	0.7
Profit Attributable to Parent	1,959.8	1,419.7	1,108.9	4,316.0	1,917.2
Earnings per Share	3,203.00	2,394.00	1,797.00	7,701.00	3,306.00
Diluted EPS	3,701.95	2,681.64	2,094.62	8,152.54	3,621.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14,447.1	12,920.9	13,504.5	11,624.2	7,282.2
I. Cash and cash equivalents	3,590.3	1,903.2	2,284.4	2,125.6	427.7
1. Cash	3,375.3	1,903.2	2,274.4	2,125.6	0.0
2. Cash equivalents	215.0	0.0	10.0	0.0	0.0
II. Short-term financial investments	4,082.0	7,039.1	8,242.0	6,812.0	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	4,082.0	7,039.1	8,242.0	6,812.0	0.0
III. Short-term receivables	1,258.9	528.6	365.8	188.1	187.6
1. Short-term trade accounts receivable	678.4	298.9	198.5	1.4	0.0
2. Short-term prepayments to suppliers	432.3	225.8	54.8	86.3	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	258.7	115.4	155.1	142.0	0.0
7. Provision for short-term doubtful debts (*)	-110.5	-111.5	-42.6	-41.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4,808.9	2,950.3	2,160.6	2,282.5	1,936.3
1. Inventories	4,891.1	2,992.4	2,192.2	2,421.8	0.0
2. Provision for decline in value of inventories	-82.3	-42.1	-31.6	-139.3	0.0
V. Other short-term assets	707.1	499.6	451.7	215.9	368.6
1. Short-term prepayments	185.7	348.2	324.7	63.6	0.0
2. Value added tax to be reclaimed	520.9	150.9	126.5	151.7	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.5	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)	3,196.5	2,808.0	1,733.5	2,542.7	3,564.2
I. Long-term receivables	0.5	0.5	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.5	0.5	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,175.5	1,946.2	1,600.2	2,206.9	3,424.4
1. Tangible fixed assets	1,738.3	1,571.2	1,249.8	2,159.6	3,385.5
- Cost	16,958.8	16,486.3	15,430.2	15,270.9	0.0
- Accumulated depreciation	-15,220.6	-14,915.1	-14,180.4	-13,111.3	0.0
2. Financial leased fixed assets	10.9	11.2	0.0	0.0	0.0
- Cost	14.1	12.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	-0.8	0.0	0.0	0.0
3. Intangible fixed assets	426.3	363.8	350.4	47.2	38.9
- Cost	637.2	538.0	500.3	178.5	0.0
- Accumulated depreciation	-210.9	-174.2	-149.9	-131.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	678.2	601.2	88.2	33.2	83.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	678.2	601.2	88.2	33.2	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	342.3	260.1	45.1	302.6	0.0
1. Long-term prepayments	249.1	181.6	35.0	294.4	0.0
2. Deferred income tax assets	93.3	78.5	10.1	8.3	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	56.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	17,643.6	15,728.8	15,238.0	14,166.9	10,846.4
A. LIABILITIES (300=210+330)	6,849.3	5,551.7	5,274.6	3,561.4	3,240.7
I. Short -term liabilities	5,935.3	4,680.7	4,517.3	2,874.4	2,822.2
1. Short-term trade accounts payable	1,765.9	1,611.5	1,989.3	1,028.5	794.4
2. Short-term advances from customers	697.2	233.2	23.3	106.5	285.5
3. Taxes and other payables to state authorities	80.8	50.5	74.1	71.5	0.0
4. Payable to employees	329.6	168.9	150.1	136.6	0.0
5. Short-term acrrued expenses	443.2	466.2	444.1	238.9	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	102.4	64.0	65.9	304.1	0.0
10. Short-term borrowings and financial leases	2,225.6	1,229.2	845.8	2.6	689.2
11. Provision for short-term liabilities	0.5	616.7	589.0	679.3	0.0
12.. Bonus and welfare fund	290.0	240.5	335.7	306.6	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	914.0	870.9	757.3	687.0	418.5
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	56.8	119.5	3.0	1.0	2.7
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	857.2	751.4	754.4	685.9	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	10,794.4	10,177.2	9,963.4	10,605.4	7,605.7
I. Owner's equity	10,794.4	10,177.2	9,963.4	10,605.4	0.0
1. Owner's capital	5,294.0	5,294.0	5,294.0	5,294.0	7,605.7
- Common stock with voting right	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	3.7	3.7	3.7	3.7	3.7
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	3,553.3	2,964.2	2,593.3	2,260.2	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	1,912.0	1,882.5	2,044.9	3,018.5	1,287.1
- Accumulated retained earning at the end of the previous period	804.1	984.1	1,425.2	234.7	103.1
- Undistributed earnings in this period	1,107.9	898.4	619.7	2,783.7	1,184.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	31.4	32.8	27.6	29.1	26.6
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)	17,643.6	15,728.8	15,238.0	14,166.9	10,846.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,207.4	1,522.1	1,254.8	4,596.3	2,056.1
Depreciation of Fixed Assets and Investment Property	342.1	268.1	1,083.4	1,398.0	1,367.0
Provision (Increase)/Reversal	-576.9	9.5	-212.6	822.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.5	3.0	-43.6	9.3	0.0
Gain/Loss from Investment Activities	-288.4	-451.9	-518.5	-265.3	0.0
Interest Expense	70.4	44.4	10.2	10.3	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	188.0	40.5	108.9	318.8	0.0
Operating Profit Before Changes in Working Capital	1,945.1	1,435.6	1,682.6	6,890.1	3,557.9
Increase/(Decrease) in Receivables	-1,139.3	-40.5	-140.3	-50.6	0.0
Increase/(Decrease) in Inventory	-1,903.2	-616.7	229.6	-217.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	825.7	-233.4	875.3	-413.9	0.0
Increase/(Decrease) in Prepaid Expenses	99.9	-21.0	-1.7	-5.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-71.3	-40.7	-9.8	-11.6	0.0
Corporate Income Tax Paid	-222.9	-118.2	-153.9	-294.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-309.8	-287.6	-169.0	-164.6	0.0
Net Cash Flow from Operating Activities	-775.8	77.5	2,313.0	5,731.6	2,526.8
Payments for Fixed Assets and Other Long-term Assets	-694.6	-791.1	-544.1	-146.9	-113.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	4.1	0.0	3.1	0.0
Loans and Purchases of Debt Instruments	-11,572.0	-13,442.1	-13,920.0	-12,260.0	-6,530.0
Receipts from Loan Repayments and Sale of Debt Instruments	14,529.1	14,645.0	12,490.0	9,810.0	4,470.0
Investments in Other Entities	-0.7	-598.6	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	326.9	323.8	505.0	209.0	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	2,590.1	141.1	-1,469.1	-2,384.8	-2,060.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,775.2	454.7	1,702.6	1,392.4	1,381.3
Repayment of Borrowings	-841.3	-17.7	-866.8	-2,075.2	-1,504.5
Repayment of Finance Leases	-2.4	-2.9	0.0	0.0	0.0
Dividends Paid	-1,059.0	-1,058.9	-1,589.9	-948.3	-425.3
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	-127.4	-624.8	-754.0	-1,631.1	-548.6
Net Cash Flow During the Period	1,686.9	-406.1	89.8	1,715.8	-234.2
Cash and Cash Equivalents at Beginning of Period	1,903.2	2,284.4	2,125.6	427.7	510.0
FX Difference from Revaluation	0.1	25.0	69.0	-17.8	0.1
Cash and Cash Equivalents at End of Period	3,590.3	1,903.2	2,284.4	2,125.6	427.7

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	5,430.8	4,627.6	3,096.4	6,252.2	3,572.1	4,387.4	2,664.5	4,005.5	2,885.1	3,512.6	3,150.7	3,456.5
Revenue Deductions	144.7	99.2	108.1	214.9	165.4	173.7	30.0	142.2	141.1	-53.0	140.1	165.5
Net Revenue	5,286.0	4,528.4	2,988.2	6,037.3	3,406.7	4,213.7	2,634.4	3,863.4	2,744.0	3,565.6	3,010.6	3,290.9
Cost of Goods Sold	3,939.6	3,276.3	2,331.5	4,835.4	2,521.6	3,534.1	2,259.7	3,253.3	2,034.4	2,699.9	2,833.3	2,920.6
Gross Profit	1,346.4	1,252.1	656.7	1,201.9	885.2	679.6	374.8	610.0	709.6	865.7	177.3	370.3
Financial Income	93.7	54.5	128.6	121.9	97.0	119.2	39.1	119.5	131.5	105.7	200.2	145.2
Financial Expenses	37.5	19.6	28.1	30.2	19.0	25.2	13.9	15.8	14.0	9.7	9.0	-0.4
Interest Expense	27.5	17.9	19.0	18.0	15.5	15.4	12.7	8.9	7.2	3.9	2.6	3.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	352.3	382.4	271.1	206.2	339.2	371.0	185.5	144.7	337.3	216.6	192.2	148.2
General and Administrative Expenses	178.5	472.8	107.4	195.3	171.9	90.4	90.6	146.9	114.8	209.0	85.3	47.1
Operating Profit	871.9	431.8	378.9	892.1	452.0	312.2	123.9	422.1	375.0	536.1	91.0	320.7
Other Income	5.8	8.0	1.5	15.7	2.2	9.3	13.2	176.4	7.6	3.1	13.8	3.6
Other Expenses	0.0	3.7	1.9	0.5	0.3	1.7	5.6	0.4	0.0	2.0	0.1	0.2
Other Profit	5.8	4.3	-0.3	15.2	1.9	7.5	7.6	176.0	7.6	1.2	13.7	3.4
Profit Before Tax	877.7	436.1	378.6	907.3	453.8	319.7	131.5	598.1	382.7	537.3	104.7	324.0
Current Income Tax Expense	54.0	81.3	50.1	99.5	23.7	49.7	10.7	27.9	23.9	56.6	30.6	34.1
Deferred Income Tax Expense	35.1	-34.7	0.5	1.4	18.0	-15.4	0.2	0.4	9.2	-11.2	0.0	0.1
Net Income	788.6	389.5	328.0	806.4	412.1	285.5	120.6	569.8	349.6	491.8	74.1	289.8
Non-controlling Interest	0.8	-0.6	0.3	1.8	0.7	3.2	0.2	1.3	3.6	-1.4	0.4	1.3
Profit Attributable to Parent	787.8	390.0	327.7	804.7	411.4	282.3	120.4	568.5	346.0	493.2	73.7	288.6
Earnings per Share	1,398.00	362.00	574.00	1,474.00	732.00	424.00	187.00	1,032.00	613.00	809.00	101.00	507.00
Diluted EPS	1,488.09	736.71	618.98	1,519.97	777.14	533.19	227.37	1,073.88	653.57	931.61	139.22	545.06

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)	15,673.7	14,448.8	13,523.4	15,401.6	14,135.0	12,836.9	12,822.8	14,525.3	14,010.5	13,243.5	12,738.9	13,330.9
I. Cash and cash equivalents	4,072.6	3,590.3	1,940.8	3,738.7	1,990.8	1,903.2	2,112.0	3,975.1	3,116.6	2,284.4	2,305.0	2,140.6
1. Cash	4,052.6	3,375.3	1,920.8	3,328.7	1,990.8	1,903.2	2,112.0	3,435.1	3,061.6	2,274.4	2,285.0	2,110.6
2. Cash equivalents	20.0	215.0	20.0	410.0	—	0.0	0.0	540.0	55.0	10.0	20.0	30.0
II. Short-term financial investments	4,657.8	4,082.0	4,952.0	7,312.0	7,009.1	7,039.1	6,503.6	6,652.0	7,812.0	8,242.0	7,512.0	8,372.0
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	4,657.8	4,082.0	4,952.0	7,312.0	7,009.1	7,039.1	6,503.6	6,652.0	7,812.0	8,242.0	7,512.0	8,372.0
III. Short-term receivables	1,503.0	1,263.0	1,378.8	1,015.7	1,409.1	446.7	622.1	719.5	316.5	389.1	380.1	399.0
1. Short-term trade accounts receivable	721.8	683.3	276.9	669.2	1,051.7	298.9	406.6	502.2	8.0	198.5	4.2	66.0
2. Short-term prepayments to suppliers	636.4	432.6	1,079.5	327.7	332.6	139.7	209.4	216.8	199.2	78.3	169.7	128.8
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	255.6	246.0	133.6	130.1	135.9	118.5	115.4	112.5	151.8	154.9	248.8	246.7
7. Provision for short-term doubtful debts (*)	-110.9	-110.4	-111.1	-111.2	-110.9	-110.3	-109.3	-111.9	-42.6	-42.6	-42.6	-42.6
8. Assets awaiting resolution	—	11.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	4,665.1	4,804.4	4,596.6	2,829.6	3,249.9	2,948.2	3,172.8	2,789.8	2,279.0	2,137.4	2,418.7	2,300.6
1. Inventories	4,713.2	4,875.8	4,598.4	2,832.6	3,278.4	2,983.1	3,173.8	2,796.7	2,290.4	2,169.0	2,419.9	2,300.6
2. Provision for decline in value of inventories	-48.0	-71.3	-1.8	-3.0	-28.5	-34.9	-1.0	-6.9	-11.5	-31.6	-1.2	0.0
V. Other short-term assets	775.2	709.1	655.1	505.5	476.1	499.6	412.4	388.8	486.4	190.6	123.2	118.7
1. Short-term prepayments	175.5	185.7	252.0	264.9	270.5	348.2	298.3	314.4	311.5	63.6	32.4	61.8
2. Value added tax to be reclaimed	598.2	522.9	371.8	239.5	204.3	150.9	111.6	73.9	174.1	126.5	88.3	56.3
3. Taxes and other receivables from state authorities	1.6	0.5	31.4	1.0	1.3	0.5	2.4	0.5	0.8	0.5	2.5	0.6
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)	3,178.0	3,196.3	2,982.2	2,758.0	2,752.4	2,813.2	2,597.0	2,305.5	1,733.1	2,034.4	1,975.9	2,268.2
I. Long-term receivables	0.6	0.5	0.5	0.5	0.5	0.5	0.3	0.0	0.0	0.0	0.0	0.0
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	0.6	0.5	0.5	0.5	0.5	0.5	0.3	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,093.6	2,175.2	2,046.8	1,985.5	2,051.3	1,945.6	1,876.9	1,862.3	1,543.8	1,599.7	1,605.4	1,917.2
1. Tangible fixed assets	1,663.4	1,738.0	1,614.6	1,550.3	1,609.1	1,570.6	1,522.3	1,513.8	1,198.1	1,249.3	1,257.9	1,564.5
- Cost	16,968.7	—	—	—	—	16,485.6	16,365.0	16,298.9	15,432.0	15,430.2	15,383.7	15,371.6
- Accumulated depreciation	-15,305.3	—	—	—	—	-14,915.0	-14,842.7	-14,785.1	-14,233.9	-14,180.8	-14,125.8	-13,807.1
2. Financial leased fixed assets	10.2	10.9	11.5	10.0	10.6	11.2	7.2	0.0	0.0	0.0	0.0	0.0
- Cost	14.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	420.0	426.3	420.7	425.3	431.6	363.8	347.5	348.5	345.7	350.4	347.5	352.7
- Cost	637.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-217.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	790.2	678.2	628.5	523.5	462.1	606.9	478.3	197.5	150.4	126.7	72.2	69.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	790.2	678.2	628.5	523.5	462.1	606.9	478.3	197.5	150.4	126.7	72.2	69.7
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	293.6	342.3	306.4	248.5	238.4	260.1	241.5	245.7	38.9	308.0	298.3	281.3
1. Long-term prepayments	235.4	249.1	247.9	189.4	178.0	181.6	178.4	182.6	38.0	296.1	297.4	280.5
2. Deferred income tax assets	58.2	93.3	58.5	59.1	60.5	78.5	63.0	63.1	0.9	12.0	0.9	0.8
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)	18,851.7	17,645.1	16,505.6	18,159.6	16,887.4	15,650.0	15,419.8	16,830.7	15,743.6	15,278.0	14,714.8	15,599.1
A. LIABILITIES (300=210+330)	7,316.5	6,904.8	5,951.3	7,889.4	6,322.6	5,532.3	5,525.3	7,051.5	5,452.7	5,284.8	5,146.7	4,519.7
I. Short -term liabilities	6,370.4	5,982.1	5,072.7	6,975.3	5,452.9	4,706.2	4,590.9	6,074.4	4,659.6	4,525.4	4,426.2	3,822.4
1. Short-term trade accounts payable	1,626.3	1,764.5	1,166.9	1,493.2	1,511.2	1,654.6	1,008.8	1,683.9	1,340.6	1,408.1	966.5	863.8
2. Short-term advances from customers	1,148.1	697.5	356.7	770.5	587.3	233.2	522.7	397.8	333.1	23.3	461.0	135.8
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	79.0	74.6	37.1	97.5	21.3	63.6	12.0	35.9	26.1	74.4	31.6	39.9
4. Payable to employees	109.4	344.8	203.2	122.5	73.7	146.2	91.2	94.2	70.1	150.1	134.9	95.2
5. Short-term acrrued expenses	444.3	474.5	548.8	633.7	612.3	484.9	504.5	477.0	493.9	364.6	685.0	536.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	108.0	104.2	54.0	1,093.1	57.0	66.5	39.7	1,091.7	39.5	63.4	297.6	295.3
10. Short-term borrowings and financial leases	2,540.8	2,225.6	1,921.5	1,706.2	1,700.3	1,229.2	1,493.7	1,342.0	1,407.4	845.8	292.2	304.4
11. Provision for short-term liabilities	0.5	0.5	662.8	862.2	657.7	616.7	647.2	656.8	623.6	1,291.5	1,305.6	1,293.3
12.. Bonus and welfare fund	313.3	295.8	121.8	196.4	231.9	211.2	271.2	295.2	325.3	304.1	251.7	258.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	946.0	922.7	878.7	914.1	869.7	826.2	934.4	977.1	793.1	759.4	720.6	697.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	41.0	56.8	72.3	86.4	103.0	119.5	132.8	144.4	2.7	3.0	1.4	1.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	905.0	865.9	806.4	827.7	766.8	706.6	801.6	832.7	790.4	756.4	719.2	695.8
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)	11,535.3	10,740.4	10,554.3	10,270.2	10,564.8	10,117.7	9,894.5	9,779.2	10,290.9	9,993.2	9,568.1	11,079.4
I. Owner's equity	11,535.3	10,740.4	10,554.3	10,270.2	10,564.8	10,117.7	9,894.5	9,779.2	10,290.9	9,993.2	9,568.1	11,079.4
1. Owner's capital	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0	5,294.0
- Common stock with voting right	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00	5,294,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
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	3,784.7	3,547.4	3,423.9	3,329.2	3,088.5	2,937.9	2,850.1	2,822.7	2,696.3	2,592.7	2,444.1	2,415.3
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	2,420.6	1,863.9	1,798.3	1,609.0	2,145.6	1,849.4	1,715.1	1,627.4	2,266.1	2,075.2	1,795.4	3,335.9
- Accumulated retained earning at the end of the previous period	1,912.0	800.4	802.5	803.2	1,881.2	981.9	984.1	984.1	2,044.4	1,425.2	1,425.2	3,013.4
- Undistributed earnings in this period	508.7	1,063.4	995.8	805.8	264.4	867.4	731.0	643.3	221.7	650.0	370.2	322.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	32.3	31.4	34.4	34.3	33.0	32.8	31.7	31.4	30.8	27.6	31.0	30.6
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)	18,851.7	17,645.1	16,505.6	18,159.6	16,887.4	15,650.0	15,419.8	16,830.7	15,743.6	15,278.0	14,714.8	15,599.1

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
Profit Before Tax	877.7	486.8	378.6	888.2	453.8	319.7	131.5	614.6	382.7	540.6	104.7	348.1
Depreciation of Fixed Assets and Investment Property	90.1	96.0	86.0	83.6	76.4	78.9	67.0	64.5	57.3	58.9	322.8	353.0
Provision (Increase)/Reversal	-33.9	-564.3	-100.9	61.4	26.9	29.9	-40.9	25.0	14.5	-841.2	87.4	298.3
FX Gain/Loss from Revaluation of Monetary Items	-21.0	48.6	-2.7	-29.0	-14.4	-46.7	32.4	-27.1	-39.6	14.0	-49.1	-16.0
Gain/Loss from Investment Activities	-63.7	-73.2	-53.4	-83.5	-78.3	-68.1	-58.8	-233.8	-88.4	-120.4	-149.0	-135.5
Interest Expense	27.5	17.9	19.0	18.0	15.5	15.6	12.7	8.9	7.2	3.9	2.6	3.6
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	60.5	—	—	—	—	-70.9	0.0	29.3	41.7	66.9	0.0	13.2
Operating Profit Before Changes in Working Capital	937.3	104.4	326.5	1,010.2	504.0	258.3	143.9	481.4	375.3	-277.2	319.3	864.7
Increase/(Decrease) in Receivables	-281.5	-95.5	-777.3	600.9	-867.3	315.2	-50.5	-179.3	24.8	-54.3	-72.4	451.1
Increase/(Decrease) in Inventory	176.6	-294.6	-1,799.3	476.8	-286.0	190.7	-374.2	-325.6	-98.3	367.1	-258.7	18.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-299.1	1,602.4	-1,087.8	-106.3	417.4	243.3	-387.9	299.1	-450.9	130.5	762.4	65.7
Increase/(Decrease) in Prepaid Expenses	26.7	69.9	-51.0	-0.3	81.3	-51.9	20.2	1.7	10.2	-30.0	12.6	2.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-27.4	-18.0	-19.1	-18.9	-15.3	-15.5	-9.1	-9.0	-7.0	-3.7	-2.5	-3.5
Corporate Income Tax Paid	-74.4	-50.0	-99.4	-23.7	-49.8	-12.0	-27.4	-23.7	-55.0	-33.2	-34.1	-24.1
Other Operating Receipts	1.7	—	—	—	—	0.0	0.5	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-26.3	-76.0	-107.5	-91.7	-34.5	-92.5	-47.0	-53.3	-33.0	-40.5	-27.2	-72.8
Net Cash Flow from Operating Activities	433.6	1,241.1	-3,613.5	1,845.5	-248.9	835.5	-731.6	191.2	-233.8	58.7	699.3	1,302.7
Payments for Fixed Assets and Other Long-term Assets	-44.7	-371.6	-172.7	38.9	-189.3	-312.4	-380.2	-82.3	-64.1	-95.5	-11.9	-389.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.6	—	—	—	0.7	1.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1,306.0	-4,048.4	-300.0	-4,468.6	-2,755.0	-4,035.5	-2,651.6	-3,520.0	-2,500.0	-5,010.0	-2,700.0	-3,030.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,000.0	4,553.4	2,935.0	4,290.7	2,750.0	3,500.0	2,800.0	4,680.0	2,930.0	4,280.0	3,560.0	1,500.0
Investments in Other Entities	—	—	—	—	—	-23.4	-12.5	-574.2	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	63.3	103.1	66.5	94.7	62.6	63.4	56.5	102.9	99.4	209.9	149.1	59.2
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	-287.4	238.1	2,528.1	-43.6	-132.5	-807.1	-186.9	606.4	465.2	-615.6	997.2	-1,860.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	651.6	496.7	545.5	161.1	571.8	-203.9	192.9	-1,187.7	1,800.1	1,115.0	285.1	302.4
Repayment of Borrowings	-335.9	92.6	0.0	71.5	23.9	-77.8	-58.2	1,198.8	-1,238.8	-569.1	-296.0	-0.8
Repayment of Finance Leases	-0.5	-1.0	-0.5	-0.5	-0.5	-0.3	0.1	-2.7	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-8.1	-1,050.6	-0.3	-0.0	-4.4	-1,058.8	-0.0	-0.0	-11.5	-1,578.3	-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	315.1	280.1	-850.4	-11.7	454.5	-286.4	-924.1	8.4	561.3	534.3	-1,589.2	301.6
Net Cash Flow During the Period	461.3	1,759.3	-1,935.8	1,790.2	73.2	-258.0	-1,842.6	806.1	792.6	-22.6	107.4	-256.2
Cash and Cash Equivalents at Beginning of Period	3,590.3	1,940.8	3,828.7	1,990.8	1,903.2	2,296.2	2,296.2	2,284.4	2,284.4	2,125.6	2,125.6	2,125.6
FX Difference from Revaluation	21.0	0.1	110.0	62.2	14.4	49.3	-32.3	52.4	39.6	2.1	57.0	9.9
Cash and Cash Equivalents at End of Period	4,072.6	3,590.3	1,940.8	3,828.7	1,990.8	1,903.2	2,112.0	3,975.1	3,116.6	2,284.4	2,305.0	2,140.6

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DCM

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