DGC

Tập đoàn Hóa chất Đức Giang ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 26.31%, −5.11pp YoY

Price

45,800

Latest close

03 Jun 2026

P/E 7.02x

P/B 1.10x

EPS 6,524

BVPS 41,696

ROE 17.5%

ROA 15.2%

Profit Margin 24.9%

Asset Turnover 0.61x

Equity Mult. 1.15x

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

What Is Changing

On a TTM 2026Q1 basis, DGC is retaining some revenue, but margins are collapsing sharply — the growth momentum has held across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 10,576bn
	                                
+2.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,782bn
	                                
−13.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	11,262.0	9,865.0	9,748.0	14,444.1	9,550.4
Growth	+14%	+1%	-33%	+51%	—
Net Income	3,189.0	3,107.4	3,241.7	6,037.0	2,513.6
Net Margin	28.32%	31.50%	33.25%	41.80%	26.32%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,124.6	2,740.6	2,816.7	2,894.4	2,810.3	2,417.9	2,558.1	2,504.5	2,384.8	2,387.7	2,463.5	2,413.7
Growth	-22%	-3%	-3%	+3%	+16%	-5%	+2%	+5%	-0%	-3%	+2%	—
Net Income	430.1	656.9	804.4	890.8	836.8	787.4	738.0	870.5	703.9	745.7	802.9	881.8
Net Margin	20.24%	23.97%	28.56%	30.78%	29.78%	32.56%	28.85%	34.76%	29.52%	31.23%	32.59%	36.53%

Drivers of DGC's profit

TTM

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

Selling expenses ↓ 151.5bn

Financial income ↑ 87.6bn

Gross profit ↓ 670.0bn

TTM

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

Tax ↓ 78.1bn

Gross profit ↓ 491.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 24.1% = 31.4% × 0.66 × 1.15

2026Q1 18.5% = 26.3% × 0.61 × 1.15

ROE fell from 24.1% to 18.5% — all three components weakened, with asset turnover being the main drag.

Net margin: 26.3% -5.1pp Asset turnover: 0.61x -0.05x Leverage: 1.15x -0.01x

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 26.31%, losing 5.1pp. The main pressure is Gross margin fell 7.3pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.0pp 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 26.31% −5.1pp

Gross Margin 28.94% −7.3pp

SG&A / Revenue 5.19% −1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 17.52%, losing 5.2pp. That translates to 17.52 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 5.1pp and capital turnover fell 0.06x, while invested capital rose by 1,711bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 17.52% −5.2pp

NOPAT Margin 26.45% −5.1pp

Capital Turnover 0.66x −0.06x

Average Invested Capital 15,971.7bn +1,711.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.06x equity.

Over the last 12 months, working capital absorbed 1,818.2bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −958.3bn

Inventories increased → lower CFO: −830.7bn

Payables decreased → lower CFO: −29.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 16.7 days versus the same period last year. The main moves came from DIO rose 16.0 days, DSO rose 0.2 days, and DPO fell 0.5 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 +16.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 19.1 days +0.2 days

Inventory 66.7 days +16.0 days

Payables 12.1 days −0.5 days

Cash Conversion Cycle 73.8 days +16.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 296.2bn due to capex of 893.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 29.77x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 22.8% of debt, and total debt stands at 1,171.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 22.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.06x −0.01x

Interest Coverage 29.77x −25.34x

Cash / Debt 22.8% +5.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.23x −1.40x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,035.9bn in 2025, against investing cash flow of -1,756.9bn.

Post-investment cash flow was positive +278.9bn. Financing cash flow was positive +648.2bn.

CFO / net income was 0.23x.

After spending +893.5bn on fixed-asset investment, the business generated trailing free cash flow of −296.2bn.

Cash Conversion

CFO TTM 597.3bn −4,461.1bn

Cash Capex 893.5bn +482.8bn

FCF TTM −296.2bn −4,943.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 20.2%. The main risk still sits in core profitability, with net margin down 5.1 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.2% of PBT and CFO / net income currently at 0.23x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 26.31% after a 5.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	11,266.7	9,870.7	9,761.1	14,445.0	9,550.6
Revenue Deductions	4.7	5.7	13.0	0.9	0.0
Net Revenue	11,262.0	9,865.0	9,748.0	14,444.1	9,550.4
Cost of Goods Sold	7,709.4	6,415.5	6,308.0	7,693.8	0.0
Gross Profit	3,552.6	3,449.5	3,440.0	6,750.4	3,181.7
Financial Income	728.7	649.2	739.3	533.3	170.7
Financial Expenses	107.9	69.1	98.5	149.8	-68.1
Interest Expense	40.8	21.7	31.9	17.6	-13.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	382.3	447.1	435.7	600.4	-503.2
General and Administrative Expenses	172.1	170.7	158.6	151.8	-136.6
Operating Profit	3,619.0	3,411.8	3,486.5	6,381.6	2,644.5
Other Income	9.1	5.8	2.7	7.5	0.0
Other Expenses	22.5	17.3	4.1	13.4	0.0
Other Profit	-13.4	-11.6	-1.4	-5.9	-7.4
Profit Before Tax	3,605.6	3,400.3	3,485.1	6,375.7	2,637.1
Current Income Tax Expense	423.1	296.2	246.7	338.5	-123.5
Deferred Income Tax Expense	-6.5	-3.3	-3.2	0.3	0.0
Net Income	3,189.0	3,107.4	3,241.7	6,037.0	2,513.6
Non-controlling Interest	164.0	120.8	141.7	472.0	125.6
Profit Attributable to Parent	3,025.0	2,986.6	3,100.0	5,565.0	2,388.0
Earnings per Share	7,487.00	7,392.00	7,673.00	13,774.00	13,121.00
Diluted EPS	7,487.00	7,392.00	7,673.00	13,774.00	13,958.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	16,123.6	12,700.6	12,466.6	10,985.3	5,815.7
I. Cash and cash equivalents	1,040.5	115.8	1,060.6	1,535.5	124.0
1. Cash	761.4	90.1	48.1	277.0	0.0
2. Cash equivalents	279.1	25.7	1,012.5	1,258.5	0.0
II. Short-term financial investments	12,065.3	10,570.3	9,342.0	7,471.3	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	12,065.3	10,570.3	9,342.0	7,471.3	0.0
III. Short-term receivables	1,220.3	979.6	1,129.5	918.7	780.8
1. Short-term trade accounts receivable	651.1	500.4	717.6	514.0	0.0
2. Short-term prepayments to suppliers	242.0	257.5	132.7	201.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	332.2	226.6	284.1	203.6	0.0
7. Provision for short-term doubtful debts (*)	-5.0	-5.0	-4.9	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,681.1	984.7	854.9	1,000.0	1,207.8
1. Inventories	1,681.5	985.0	855.1	1,000.0	0.0
2. Provision for decline in value of inventories	-0.3	-0.3	-0.2	0.0	0.0
V. Other short-term assets	116.3	50.1	79.7	59.8	71.5
1. Short-term prepayments	5.7	6.9	9.4	12.8	0.0
2. Value added tax to be reclaimed	77.7	42.1	69.7	47.0	0.0
3. Taxes and other receivables from state authorities	32.9	1.0	0.6	0.0	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)	3,426.6	3,120.7	3,069.3	2,419.9	2,523.0
I. Long-term receivables	17.5	32.5	31.2	29.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.2
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	17.5	32.5	31.2	29.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,244.4	2,495.5	2,143.7	1,781.2	1,973.9
1. Tangible fixed assets	1,918.7	2,152.3	2,133.0	1,781.1	1,973.7
- Cost	5,077.7	5,036.6	4,668.0	3,852.4	0.0
- Accumulated depreciation	-3,159.0	-2,884.3	-2,535.0	-2,071.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	325.8	343.2	10.7	0.1	0.2
- Cost	356.1	356.1	11.7	1.0	0.0
- Accumulated depreciation	-30.3	-12.9	-1.0	-1.0	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	797.0	161.3	225.4	233.6	171.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	797.0	161.3	225.4	233.6	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	367.6	431.4	668.9	376.1	0.0
1. Long-term prepayments	279.1	349.6	339.6	372.4	0.0
2. Deferred income tax assets	3.5	0.3	0.4	0.1	0.0
3. Long-term equipment, supplies, spare parts	34.9	24.2	15.8	0.4	0.0
4. Other long-term assets	—	0.0	0.0	0.0	368.3
5. Goodwill	50.1	57.3	313.0	3.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	19,550.2	15,821.3	15,535.9	13,405.2	8,338.8
A. LIABILITIES (300=210+330)	4,144.1	2,120.2	3,509.0	2,571.5	2,006.2
I. Short -term liabilities	4,080.5	2,053.3	3,492.9	2,571.4	2,006.1
1. Short-term trade accounts payable	203.8	313.2	190.1	326.0	504.8
2. Short-term advances from customers	31.5	72.0	61.8	29.8	165.6
3. Taxes and other payables to state authorities	355.4	183.6	79.8	94.4	0.0
4. Payable to employees	168.7	145.9	191.4	235.3	0.0
5. Short-term acrrued expenses	18.8	1.6	5.8	0.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1,273.7	9.9	1,260.7	1,271.9	0.0
10. Short-term borrowings and financial leases	1,546.2	864.6	1,328.0	467.6	841.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	482.4	462.5	375.2	145.9	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	63.6	66.9	16.1	0.1	0.1
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.2	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	63.3	66.6	15.8	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	0.1	0.1	0.1	0.1	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	15,406.0	13,701.0	12,026.9	10,833.7	6,332.6
I. Owner's equity	15,406.0	13,701.0	12,026.9	10,833.7	0.0
1. Owner's capital	3,797.8	3,797.8	3,797.8	3,797.8	6,332.6
- Common stock with voting right	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	1,710,805,560,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-849.2	-849.2	-849.2	-849.2	-849.2
5. Treasury shares	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	1,801.1	1,417.5	972.7	632.1	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	8,522.7	7,205.3	5,988.7	5,083.9	2,922.8
- Accumulated retained earning at the end of the previous period	5,497.8	5,128.5	4,178.4	505.1	708.5
- Undistributed earnings in this period	3,025.0	2,076.8	1,810.4	4,578.7	2,214.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	347.0	343.1	330.3	382.4	279.8
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)	19,550.2	15,821.3	15,535.9	13,405.2	8,338.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,605.6	3,400.3	3,485.1	6,375.7	2,637.1
Depreciation of Fixed Assets and Investment Property	315.3	368.5	358.0	285.3	278.6
Provision (Increase)/Reversal	0.0	0.1	-1.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	8.4	1.3	3.2	3.3	0.0
Gain/Loss from Investment Activities	-614.3	-541.2	-627.0	-319.0	0.0
Interest Expense	40.8	21.7	31.9	17.6	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	3,355.9	3,250.7	3,249.8	6,363.1	2,843.8
Increase/(Decrease) in Receivables	-119.6	242.7	-132.8	11.8	0.0
Increase/(Decrease) in Inventory	-707.1	-138.3	197.7	389.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-175.5	90.6	-181.8	-425.6	0.0
Increase/(Decrease) in Prepaid Expenses	76.1	48.7	74.1	-17.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-17.7	-20.7	-31.8	-18.1	0.0
Corporate Income Tax Paid	-206.0	-242.8	-265.0	-302.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-170.3	-111.4	-126.2	-63.2	0.0
Net Cash Flow from Operating Activities	2,035.9	3,119.5	2,783.9	5,936.8	2,586.1
Payments for Fixed Assets and Other Long-term Assets	-775.3	-522.0	-250.8	-157.5	-216.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.7	1.1	0.6	4.5	0.0
Loans and Purchases of Debt Instruments	-11,651.2	-9,702.6	-9,667.2	-7,231.9	-3,459.0
Receipts from Loan Repayments and Sale of Debt Instruments	10,207.3	8,534.2	7,857.4	3,429.5	1,419.5
Investments in Other Entities	—	0.0	-763.6	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	457.6	537.0	485.4	127.5	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	-1,756.9	-1,152.3	-2,338.4	-3,827.8	-2,207.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	85,372,130,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,548.6	3,688.0	3,446.6	2,949.5	3,109.7
Repayment of Borrowings	-4,867.5	-4,155.7	-2,593.3	-3,320.7	-3,410.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-32.9	-2,444.5	-1,773.8	-411.2	-236.5
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	648.2	-2,912.2	-920.4	-697.1	-537.2
Net Cash Flow During the Period	927.2	-945.0	-474.9	1,411.9	-60.0
Cash and Cash Equivalents at Beginning of Period	115.8	1,060.6	1,535.5	124.0	282.3
FX Difference from Revaluation	-2.4	0.3	0.0	-0.4	-0.0
Cash and Cash Equivalents at End of Period	1,040.5	115.8	1,060.6	1,535.5	124.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,125.5	2,741.6	2,818.1	2,895.5	2,811.4	2,419.7	2,559.4	2,506.0	2,385.8	2,389.1	2,464.4	2,424.5
Revenue Deductions	0.9	1.1	1.4	1.1	1.1	1.8	1.3	1.5	1.1	1.3	0.8	10.9
Net Revenue	2,124.6	2,740.6	2,816.7	2,894.4	2,810.3	2,417.9	2,558.1	2,504.5	2,384.8	2,387.7	2,463.5	2,413.7
Cost of Goods Sold	1,635.9	2,024.5	1,941.2	1,913.6	1,830.1	1,531.3	1,676.7	1,521.7	1,618.6	1,603.2	1,623.7	1,473.4
Gross Profit	488.7	716.1	875.5	980.8	980.2	886.6	881.4	982.8	766.2	784.5	839.8	940.3
Financial Income	172.1	186.5	192.1	185.6	164.6	168.4	150.5	165.1	165.2	194.3	203.3	181.2
Financial Expenses	12.9	29.2	18.8	44.6	15.2	12.2	22.2	15.9	18.0	35.6	21.9	24.8
Interest Expense	6.6	12.0	11.9	9.3	7.0	5.4	3.9	5.3	6.5	7.7	8.4	8.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	95.1	86.8	98.8	86.6	110.1	123.7	168.2	116.9	105.0	95.4	117.7	107.9
General and Administrative Expenses	51.3	42.2	45.5	42.8	41.5	49.9	39.9	53.1	40.4	49.3	39.1	36.7
Operating Profit	501.4	744.2	904.4	992.4	977.9	869.3	801.7	961.9	768.0	798.5	864.5	952.1
Other Income	2.7	3.3	2.2	2.6	1.1	0.5	1.0	1.6	2.7	0.3	0.8	1.4
Other Expenses	6.5	7.5	5.3	8.7	1.0	2.5	2.6	10.7	1.5	0.2	1.7	0.9
Other Profit	-3.8	-4.2	-3.1	-6.2	0.0	-2.0	-1.7	-9.2	1.3	0.1	-0.9	0.5
Profit Before Tax	497.6	740.1	901.3	986.2	977.9	867.3	800.0	952.8	769.3	798.6	863.6	952.6
Current Income Tax Expense	64.7	86.9	96.8	96.7	142.8	78.0	65.0	86.1	67.1	52.8	58.9	70.2
Deferred Income Tax Expense	2.8	-3.7	0.1	-1.2	-1.6	1.9	-3.0	-3.8	-1.8	0.1	1.8	0.6
Net Income	430.1	656.9	804.4	890.8	836.8	787.4	738.0	870.5	703.9	745.7	802.9	881.8
Non-controlling Interest	21.2	35.2	52.8	37.3	27.5	37.9	32.0	28.1	31.3	26.2	41.5	38.4
Profit Attributable to Parent	408.8	621.8	751.6	853.5	809.3	749.5	706.0	842.4	672.6	719.5	761.4	843.4
Earnings per Share	1,012.00	1,539.00	1,860.00	2,113.00	2,003.00	1,855.00	1,747.00	2,085.00	1,665.00	1,781.00	1,884.00	2,136.00
Diluted EPS	1,012.00	1,539.00	1,860.00	2,113.00	2,003.00	7,398.00	1,747.00	2,085.00	1,665.00	1,781.00	1,884.00	2,136.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14,465.6	16,123.6	16,217.4	14,960.1	13,428.4	12,700.2	13,031.0	12,216.6	11,468.5	12,466.3	11,610.2	11,280.3
I. Cash and cash equivalents	266.9	1,040.5	339.0	148.3	190.4	129.7	248.5	474.0	113.2	1,060.6	73.2	71.5
1. Cash	261.7	761.4	203.2	148.3	117.4	104.0	231.5	175.5	113.2	48.1	73.2	57.0
2. Cash equivalents	5.1	279.1	135.8	—	73.0	25.7	17.0	298.5	0.0	1,012.5	0.0	14.5
II. Short-term financial investments	10,988.4	12,065.3	12,761.7	12,030.6	11,097.9	10,556.5	11,117.9	9,765.1	9,456.5	9,342.0	9,593.7	8,520.9
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	10,988.4	12,065.3	12,761.7	12,030.6	11,097.9	10,556.5	11,117.9	9,765.1	9,456.5	9,342.0	9,593.7	8,520.9
III. Short-term receivables	1,268.8	1,220.3	1,034.4	1,356.2	1,058.4	979.8	878.7	958.0	961.4	1,129.5	997.6	1,580.5
1. Short-term trade accounts receivable	582.1	651.1	553.4	648.9	527.1	500.4	425.8	431.0	540.2	717.6	669.0	564.3
2. Short-term prepayments to suppliers	429.5	242.0	228.5	387.5	312.4	257.5	262.7	204.9	158.4	132.7	49.6	97.5
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	262.2	332.2	257.5	324.7	223.8	226.8	195.1	327.0	267.7	284.1	283.8	923.7
7. Provision for short-term doubtful debts (*)	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-4.9	-4.9	-4.9	-4.9	-4.8	-4.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,783.9	1,681.1	1,870.5	1,285.4	962.7	984.7	738.2	977.0	859.0	855.0	857.6	1,003.4
1. Inventories	1,784.2	1,681.5	1,870.8	1,285.7	963.0	985.0	738.4	977.2	859.2	855.2	858.2	1,003.9
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.2	-0.2	-0.2	-0.2	-0.5	-0.5
V. Other short-term assets	157.6	116.3	211.7	139.6	119.0	49.6	47.8	42.4	78.3	79.2	88.1	104.0
1. Short-term prepayments	7.7	5.7	6.5	5.8	6.4	6.9	8.3	10.2	18.1	9.5	14.3	17.2
2. Value added tax to be reclaimed	129.1	77.7	160.3	86.8	65.1	42.1	38.9	31.6	59.6	69.7	73.8	86.8
3. Taxes and other receivables from state authorities	20.8	32.9	44.9	47.1	47.5	0.6	0.6	0.6	0.6	0.0	0.0	0.0
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)	3,627.7	3,426.6	3,207.0	3,138.3	3,087.8	3,119.9	3,165.9	3,132.9	2,990.2	3,025.4	3,083.1	2,392.4
I. Long-term receivables	17.5	17.5	17.5	33.8	33.8	32.5	32.5	32.5	32.5	31.2	31.2	30.2
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	17.5	17.5	17.5	33.8	33.8	32.5	32.5	32.5	32.5	31.2	31.2	30.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,213.7	2,244.4	2,320.4	2,381.4	2,427.3	2,494.7	2,276.1	2,305.0	2,118.4	2,099.8	2,158.4	1,717.0
1. Tangible fixed assets	1,892.1	1,918.7	1,983.5	2,042.4	2,086.2	2,151.5	1,930.8	2,294.3	2,107.7	2,098.7	2,157.3	1,715.9
- Cost	5,118.9	—	—	—	—	5,036.5	4,744.1	5,018.7	4,733.5	4,610.7	4,580.4	4,060.8
- Accumulated depreciation	-3,226.7	—	—	—	—	-2,885.1	-2,813.3	-2,724.4	-2,625.8	-2,512.0	-2,423.1	-2,344.9
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	321.6	325.8	336.9	339.0	341.1	343.2	345.3	10.7	10.7	1.1	1.1	1.1
- Cost	356.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-34.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,033.5	797.0	489.2	322.0	212.7	161.3	452.0	155.3	176.9	225.4	207.5	303.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,033.5	797.0	489.2	322.0	212.7	161.3	452.0	155.3	176.9	225.4	207.5	303.0
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	363.0	367.6	379.9	401.1	413.9	431.5	405.3	640.1	357.7	320.8	328.5	339.3
1. Long-term prepayments	281.1	279.1	297.0	318.5	333.4	349.6	323.1	326.0	339.4	304.7	316.8	329.3
2. Deferred income tax assets	0.2	3.5	0.8	1.5	1.1	0.3	3.1	0.9	0.7	0.2	0.3	2.1
3. Long-term equipment, supplies, spare parts	33.4	34.9	30.2	27.4	23.9	24.2	20.0	16.8	17.5	15.8	11.4	7.9
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	48.3	50.1	51.9	53.7	55.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	57.3	59.1	296.3	304.7	348.2	357.5	2.9
TOTAL ASSETS (280=100+200)	18,093.3	19,550.2	19,424.4	18,098.4	16,516.1	15,820.1	16,197.0	15,349.5	14,458.6	15,491.7	14,693.3	13,672.6
A. LIABILITIES (300=210+330)	2,258.0	4,144.1	3,413.5	2,892.4	2,201.5	2,119.2	2,055.8	1,970.5	1,948.6	3,492.6	2,186.1	2,059.9
I. Short -term liabilities	2,194.9	4,080.5	3,348.8	2,827.1	2,135.5	2,052.2	1,988.0	1,956.7	1,933.7	3,492.3	2,185.8	2,059.6
1. Short-term trade accounts payable	307.4	203.8	367.5	323.1	189.5	313.2	221.7	247.2	260.7	190.1	294.3	242.3
2. Short-term advances from customers	67.8	31.5	26.3	51.7	52.9	72.0	68.3	64.6	18.6	61.8	63.4	40.7
3. Taxes and other payables to state authorities	120.9	355.4	308.7	223.3	127.1	183.1	249.2	193.8	98.3	79.3	221.8	162.1
4. Payable to employees	65.3	168.7	152.6	115.0	75.2	145.9	146.3	108.7	68.7	191.4	157.7	129.8
5. Short-term acrrued expenses	4.0	18.8	2.4	1.4	1.8	1.6	2.4	0.5	5.0	5.8	6.3	1.8
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	19.5	1,273.7	12.3	10.8	48.5	10.1	10.3	10.4	24.3	1,260.7	12.5	19.2
10. Short-term borrowings and financial leases	1,171.2	1,546.2	1,959.9	1,577.1	1,079.6	863.8	791.6	818.2	920.6	1,328.0	978.2	1,002.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.4	1.3
12.. Bonus and welfare fund	438.8	482.4	519.2	524.8	560.9	462.5	498.1	513.3	537.4	375.2	450.2	459.7
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	63.1	63.6	64.6	65.2	66.1	67.1	67.9	13.8	14.9	0.3	0.3	0.3
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	62.8	63.3	64.3	65.0	65.8	66.8	67.6	13.5	14.7	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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	15,835.3	15,406.0	16,010.9	15,206.0	14,314.6	13,700.8	14,141.2	13,379.1	12,510.0	11,999.0	12,507.2	11,612.8
I. Owner's equity	15,835.3	15,406.0	16,010.9	15,206.0	14,314.6	13,700.8	14,141.2	13,379.1	12,510.0	11,999.0	12,507.2	11,612.8
1. Owner's capital	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8	3,797.8
- Common stock with voting right	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00	3,797,792,860,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7	1,786.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-849.2	-849.2	-849.2	-849.2	-849.2	-849.2	-849.2	-849.2	-849.2	-849.2	-849.2	-849.2
5. Treasury shares	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00	-8,730,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,801.1	1,801.1	1,801.1	1,800.7	1,800.0	1,417.5	1,417.7	1,419.0	1,419.0	972.7	976.9	980.7
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	8,935.0	8,522.7	9,042.4	8,301.2	7,448.5	7,205.1	7,597.3	6,866.7	6,011.2	5,887.2	6,417.3	5,558.2
- Accumulated retained earning at the end of the previous period	8,526.2	5,497.8	6,639.2	6,638.4	6,639.2	5,355.6	5,358.0	5,351.6	5,338.5	2,778.5	4,028.1	3,927.6
- Undistributed earnings in this period	408.8	3,025.0	2,403.2	1,662.9	809.3	1,849.5	2,239.3	1,515.0	672.6	3,108.8	2,389.2	1,630.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	364.0	347.0	432.2	368.9	330.8	343.1	390.9	358.2	344.6	403.9	377.7	338.6
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)	18,093.3	19,550.2	19,424.4	18,098.4	16,516.1	15,820.1	16,197.0	15,349.5	14,458.6	15,491.7	14,693.3	13,672.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	497.6	740.1	901.3	986.3	977.9	867.3	800.0	966.0	769.3	786.7	863.6	950.1
Depreciation of Fixed Assets and Investment Property	73.7	81.1	79.2	80.2	74.8	78.4	102.2	90.9	106.4	103.8	93.2	80.3
Provision (Increase)/Reversal	—	0.1	0.0	-0.0	—	0.2	-0.0	-0.0	-0.0	-1.6	-0.2	-6.4
FX Gain/Loss from Revaluation of Monetary Items	—	-4.6	—	13.0	—	0.5	0.5	-0.5	0.0	3.2	-10.0	10.0
Gain/Loss from Investment Activities	-147.9	-166.9	-162.3	-151.2	-133.9	-139.0	-135.1	-128.1	-137.9	-165.5	-165.3	-158.7
Interest Expense	6.6	12.0	11.9	9.9	7.0	5.4	3.9	5.3	6.5	8.0	8.2	8.9
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	429.9	674.8	817.1	938.2	925.8	812.7	771.6	933.5	744.3	734.7	789.5	884.1
Increase/(Decrease) in Receivables	-961.6	110.0	13.4	-120.1	-122.8	-101.2	44.9	59.9	184.3	338.3	-461.8	-85.1
Increase/(Decrease) in Inventory	-101.3	184.7	-588.4	-325.7	22.4	-250.8	237.6	-119.2	-5.8	66.8	128.6	-43.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-77.7	-152.7	41.4	159.9	-224.1	34.0	-16.6	2,577.6	-2,582.8	330.0	-421.2	896.7
Increase/(Decrease) in Prepaid Expenses	7.1	18.6	22.3	17.6	17.5	-26.9	4.6	21.4	-8.5	-99.4	134.8	-99.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-16.9	-0.3	-0.8	3.7	-20.2	-5.3	-5.3	-4.7	-6.1	-8.3	-4.2	-12.9
Corporate Income Tax Paid	-329.7	-13.3	-19.0	-14.8	-158.9	-179.9	-0.3	-2.3	-60.3	-186.7	-0.2	0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-42.8	-36.0	-4.8	-35.2	-94.2	-34.8	-14.5	-23.2	-39.0	-74.1	-8.8	-33.2
Net Cash Flow from Operating Activities	-1,093.0	785.7	281.1	623.5	345.5	247.8	1,022.1	3,443.0	-1,773.9	1,101.4	156.8	1,506.8
Payments for Fixed Assets and Other Long-term Assets	-213.2	-455.9	13.6	-238.0	-95.0	-1.7	-40.4	-273.7	-23.4	-41.4	-69.6	69.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	4.7	—	0.0	-1.1	1.1	0.0	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	-3,769.0	-1,015.6	-5,062.2	-1,876.0	-3,697.4	-1,660.0	-5,529.1	-1,533.6	-966.0	-1,331.9	-3,813.9	-1,986.4
Receipts from Loan Repayments and Sale of Debt Instruments	5,602.8	1,710.3	4,304.7	1,004.2	3,188.1	2,221.4	4,155.5	1,260.0	897.3	1,598.3	2,761.3	2,205.1
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-763.6	744.0	-744.0
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	213.2	93.4	213.6	32.1	118.5	139.0	158.9	90.3	92.0	66.8	253.0	100.5
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	1,833.7	332.3	-530.4	-1,073.0	-485.8	698.8	-1,256.2	-456.0	-0.1	-471.8	-124.7	-354.8
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	1,170.8	1,250.4	1,563.1	1,669.3	1,065.9	1,130.9	861.9	995.3	702.1	753.2	970.3	838.9
Repayment of Borrowings	-1,545.9	-1,664.5	-1,167.4	-1,184.7	-850.9	-1,057.2	-893.4	-1,096.4	-1,111.0	-393.8	-999.5	-817.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-1,139.3	0.0	0.0	-32.9	—	-1,139.3	14.1	-2,499.2	1,235.5	-1.7	-1.7	-1,260.1
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	-1,514.4	-414.0	395.6	451.6	215.0	-1,065.6	-17.4	-2,600.3	826.6	357.8	-31.0	-1,238.3
Net Cash Flow During the Period	-773.6	704.0	146.4	2.2	74.7	-119.1	-251.5	386.8	-947.4	987.4	1.1	-86.3
Cash and Cash Equivalents at Beginning of Period	1,040.5	339.0	191.3	190.4	115.8	1,060.6	1,060.6	1,060.6	1,060.6	1,535.5	1,535.5	1,535.5
FX Difference from Revaluation	—	-2.4	—	-1.3	—	0.3	-0.0	0.0	0.0	0.0	0.6	-0.6
Cash and Cash Equivalents at End of Period	266.9	1,040.5	339.0	191.3	190.4	129.7	248.5	500.0	113.2	1,060.6	73.2	71.5

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DGC

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