DPM

Tổng Công ty Phân bón và Hóa chất Dầu khí - CTCP ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.17%, +3.30pp YoY

Price

25,150

Latest close

02 Jun 2026

P/E 12.70x

P/B 1.45x

EPS 1,981

BVPS 17,378

ROE 11.0%

ROA 7.1%

Profit Margin 7.0%

Asset Turnover 1.01x

Equity Mult. 1.53x

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

What Is Changing

On a TTM 2026Q1 basis, DPM 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. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 18,067bn
	                                
+26.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,296bn
	                                
+134.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.86x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	16,564.4	13,496.1	13,569.2	18,627.2	12,786.1
Growth	+23%	-1%	-27%	+46%	—
Net Income	1,095.0	554.3	529.8	5,584.9	3,170.9
Net Margin	6.61%	4.11%	3.90%	29.98%	24.80%

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	5,623.2	3,414.4	3,728.8	5,301.1	4,120.1	3,164.0	3,077.0	3,947.6	3,307.5	3,381.8	3,215.6	3,707.1
Growth	+65%	-8%	-30%	+29%	+30%	+3%	-22%	+19%	-2%	+5%	-13%	—
Net Income	410.8	232.7	238.8	413.2	210.9	40.6	66.5	235.5	267.8	107.0	68.5	105.2
Net Margin	7.31%	6.82%	6.40%	7.80%	5.12%	1.28%	2.16%	5.97%	8.10%	3.16%	2.13%	2.84%

Drivers of DPM's profit

TTM

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

Gross profit ↑ 1,273.8bn

Financial income ↑ 164.0bn

Administrative expenses ↑ 288.0bn

Tax ↑ 230.9bn

Selling expenses ↑ 122.0bn

Finance costs ↑ 93.2bn

TTM

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

Gross profit ↑ 286.2bn

Financial income ↑ 50.2bn

Tax ↑ 61.9bn

Selling expenses ↑ 30.0bn

Administrative expenses ↑ 23.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.8% = 3.9% × 0.91 × 1.36

2026Q1 11.2% = 7.2% × 1.01 × 1.53

ROE rose from 4.8% to 11.2% — all three components improved, with leverage contributing the most.

Net margin: 7.2% +3.3pp Asset turnover: 1.01x +0.10x Leverage: 1.53x +0.18x

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 7.17%, rising 3.3pp. The main driver is Gross margin rose 4.2pp and SG&A / Revenue fell 0.0pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin 7.17% +3.3pp

Gross Margin 17.85% +4.2pp

SG&A / Revenue 10.97% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 17.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 8.89%, rising 4.7pp. That translates to 8.89 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.1pp and capital turnover rose 0.16x, while invested capital rose by 1,333bn — capital-return quality improved from both sides.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 8.89% +4.7pp

NOPAT Margin 6.86% +3.1pp

Capital Turnover 1.30x +0.16x

Average Invested Capital 13,946.9bn +1,332.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.54x equity, net debt at 0.17x equity.

Inventory ended the period at 3,433.7bn, roughly 19.3% of total assets.

Over the last 12 months, working capital absorbed 1,896.1bn 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: −1,508.2bn

Inventories increased → lower CFO: −944.5bn

Payables increased → higher CFO: +556.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 17.6 days versus the same period last year. The main moves came from DIO rose 2.5 days, DSO rose 9.4 days, and DPO fell 5.7 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 +17.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +9.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 18.6 days +9.4 days

Inventory 63.7 days +2.5 days

Payables 25.4 days −5.7 days

Cash Conversion Cycle 56.9 days +17.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1,420.9bn due to capex of 333.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.17x and interest coverage at 8.75x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 37.6% of debt, and total debt stands at 3,167.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.17x −0.07x

Interest Coverage 8.75x +1.33x

Cash / Debt 37.6% +16.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.86x −2.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1,781.0bn in 2025, against investing cash flow of 1,802.3bn.

Post-investment cash flow was positive +21.3bn. Financing cash flow was positive +142.0bn.

CFO / net income was -0.86x.

After spending +333.6bn on fixed-asset investment, the business generated trailing free cash flow of −1,420.9bn.

Cash Conversion

CFO TTM 1,087.3bn −1,875.1bn

Cash Capex 333.6bn +265.6bn

FCF TTM −1,420.9bn −2,140.7bn

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 3.3 pp. The next item to monitor is the earnings mix, when non-core contribution is 21.9%. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.17% after expanding 3.3pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.9% of PBT and CFO / net income currently at -0.86x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 1,420.9bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	16,820.1	13,657.0	13,719.5	18,744.7	12,881.7
Revenue Deductions	255.7	160.9	150.3	117.5	0.0
Net Revenue	16,564.4	13,496.1	13,569.2	18,627.2	12,786.1
Cost of Goods Sold	13,625.8	11,598.0	11,917.4	10,789.0	0.0
Gross Profit	2,938.6	1,898.1	1,651.7	7,838.2	4,785.5
Financial Income	486.9	369.1	457.6	365.1	175.5
Financial Expenses	164.4	65.0	71.2	85.3	-74.6
Interest Expense	142.0	47.8	50.6	64.8	-69.3
Share of Associates and Joint Ventures	3.0	2.6	2.7	2.7	2.5
Selling Expenses	1,016.5	837.2	848.4	977.7	-818.0
General and Administrative Expenses	912.5	702.8	502.4	556.3	-425.5
Operating Profit	1,335.0	664.9	690.0	6,586.7	3,645.5
Other Income	23.4	12.8	11.0	21.1	0.0
Other Expenses	5.8	8.3	10.1	2.2	0.0
Other Profit	17.6	4.5	0.9	18.9	153.3
Profit Before Tax	1,352.6	669.3	691.0	6,605.6	3,798.8
Current Income Tax Expense	301.0	152.7	33.2	1,129.4	-627.8
Deferred Income Tax Expense	-43.4	-37.6	127.9	-108.7	0.0
Net Income	1,095.0	554.3	529.8	5,584.9	3,170.9
Non-controlling Interest	21.8	16.5	10.4	20.0	54.2
Profit Attributable to Parent	1,073.2	537.8	519.5	5,564.9	3,116.7
Earnings per Share	1,427.00	1,078.00	1,030.00	13,897.00	7,747.00
Diluted EPS	1,578.32	1,373.95	1,327.20	14,217.88	7,962.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14,509.5	13,219.6	9,565.1	13,578.9	9,519.5
I. Cash and cash equivalents	1,168.4	1,004.9	1,241.6	2,083.8	2,524.1
1. Cash	324.4	741.9	574.8	308.0	0.0
2. Cash equivalents	844.0	263.0	666.8	1,775.9	0.0
II. Short-term financial investments	7,835.0	9,464.0	5,385.0	6,880.0	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	7,835.0	9,464.0	5,385.0	6,880.0	0.0
III. Short-term receivables	1,389.6	653.2	642.2	458.3	488.9
1. Short-term trade accounts receivable	1,054.4	276.2	432.3	234.7	0.0
2. Short-term prepayments to suppliers	209.3	227.5	56.3	90.1	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	647.8	532.8	377.8	367.0	0.0
7. Provision for short-term doubtful debts (*)	-521.9	-383.4	-224.1	-233.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3,433.7	1,730.7	1,910.8	3,871.5	2,775.5
1. Inventories	3,433.7	1,731.3	1,942.1	4,011.0	0.0
2. Provision for decline in value of inventories	-0.0	-0.6	-31.3	-139.5	0.0
V. Other short-term assets	682.8	366.8	385.5	285.3	275.9
1. Short-term prepayments	37.9	8.8	34.0	20.1	0.0
2. Value added tax to be reclaimed	644.9	357.9	310.2	256.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	41.3	8.8	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)	3,266.9	3,332.7	3,744.2	4,119.9	4,398.4
I. Long-term receivables	1.5	1.1	0.9	1.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	1.5	1.1	0.9	1.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,462.7	2,711.2	2,988.4	3,254.8	3,717.0
1. Tangible fixed assets	1,568.6	1,852.1	2,154.2	2,434.3	2,883.5
- Cost	11,647.1	11,633.0	11,574.8	11,487.9	0.0
- Accumulated depreciation	-10,078.4	-9,780.9	-9,420.6	-9,053.6	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	894.1	859.1	834.2	820.5	833.5
- Cost	1,267.5	1,220.8	1,182.1	1,156.8	0.0
- Accumulated depreciation	-373.5	-361.7	-347.9	-336.3	0.0
III. Investment properties	171.1	180.8	190.5	200.1	209.8
- Cost	318.0	318.0	318.0	318.0	0.0
- Accumulated depreciation	-146.9	-137.2	-127.5	-117.8	0.0
IV. Long-term assets in progress	249.3	89.4	261.3	218.9	174.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	249.3	89.4	261.3	218.9	0.0
V. Long-term financial investments	35.4	34.2	33.4	41.8	44.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	31.8	30.6	29.8	29.3	0.0
3. Investments in other entities	20.5	20.5	20.5	20.5	0.0
4. Provision for diminution in value of long-term investments	-16.9	-16.9	-16.9	-8.0	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	346.8	316.0	269.7	403.1	0.0
1. Long-term prepayments	42.0	67.4	57.6	42.0	0.0
2. Deferred income tax assets	141.0	97.6	60.0	187.9	0.0
3. Long-term equipment, supplies, spare parts	140.9	128.0	129.2	150.2	0.0
4. Other long-term assets	22.9	22.9	22.9	22.9	252.0
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)	17,776.3	16,552.3	13,309.3	17,698.8	13,917.8
A. LIABILITIES (300=210+330)	6,243.8	5,372.5	1,764.1	3,681.4	3,205.6
I. Short -term liabilities	6,028.5	5,198.7	1,484.5	2,995.5	2,152.5
1. Short-term trade accounts payable	671.2	691.0	768.4	869.0	771.4
2. Short-term advances from customers	256.2	216.9	124.3	71.9	124.3
3. Taxes and other payables to state authorities	93.4	58.3	6.1	296.9	0.0
4. Payable to employees	247.9	177.3	164.5	219.3	0.0
5. Short-term acrrued expenses	145.4	121.9	239.5	802.6	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	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	122.0	188.5	71.8	70.0	0.0
10. Short-term borrowings and financial leases	4,164.2	3,422.0	0.0	202.0	200.1
11. Provision for short-term liabilities	302.6	254.0	8.2	375.4	0.0
12.. Bonus and welfare fund	25.7	68.8	101.6	88.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	215.3	173.7	279.6	685.8	1,053.1
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	4.2	2.8	2.2	3.4	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	505.1	700.5
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	132.5	132.5	132.5	132.5	0.0
12. Provision for long-term liabilities	—	0.0	102.2	0.0	0.0
13. Fund for technology development	78.5	38.4	42.6	44.8	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	11,532.5	11,179.8	11,545.2	14,017.4	10,712.2
I. Owner's equity	11,532.5	11,179.8	11,545.2	14,017.4	0.0
1. Owner's capital	6,799.9	3,914.0	3,914.0	3,914.0	10,712.2
- Common stock with voting right	6,799,907,610,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	21.2	21.2
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	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	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	1,868.6	4,599.2	4,599.2	3,497.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	8.8	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2,656.1	2,470.4	2,838.3	6,401.1	3,084.9
- Accumulated retained earning at the end of the previous period	1,693.2	2,048.7	2,435.5	962.7	53.3
- Undistributed earnings in this period	962.9	421.7	402.9	5,438.4	3,031.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	180.3	177.4	174.8	186.4	197.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	17,776.3	16,552.3	13,309.3	17,698.8	13,917.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,352.6	669.3	691.0	6,605.6	3,798.8
Depreciation of Fixed Assets and Investment Property	390.1	393.8	403.3	514.8	537.0
Provision (Increase)/Reversal	186.5	272.2	-364.6	329.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	-3.1	0.8	4.5	0.0
Gain/Loss from Investment Activities	-478.0	-346.2	-453.0	-330.8	0.0
Interest Expense	142.0	47.8	50.6	64.8	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	50.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,643.7	1,034.0	328.1	7,188.3	4,414.6
Increase/(Decrease) in Receivables	-1,184.9	-187.9	-239.7	80.0	0.0
Increase/(Decrease) in Inventory	-1,715.2	211.9	2,090.0	-1,258.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	97.6	148.8	-551.4	516.1	0.0
Increase/(Decrease) in Prepaid Expenses	-3.9	15.3	-29.5	-21.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-140.5	-46.1	-76.4	-64.4	0.0
Corporate Income Tax Paid	-283.1	-64.7	-344.7	-1,209.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-194.7	-163.4	-231.5	-270.3	0.0
Net Cash Flow from Operating Activities	-1,781.0	947.8	944.8	4,961.3	2,357.8
Payments for Fixed Assets and Other Long-term Assets	-326.9	-85.5	-240.8	-77.5	-78.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.8	0.5	0.9	2.5	0.0
Loans and Purchases of Debt Instruments	-18,879.0	-17,258.0	-9,615.0	-11,790.0	-5,640.0
Receipts from Loan Repayments and Sale of Debt Instruments	20,508.0	13,179.0	11,110.0	8,365.0	4,370.0
Investments in Other Entities	—	0.0	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	497.4	355.7	420.9	273.4	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	1,802.3	-3,808.2	1,676.1	-3,226.6	-1,174.3
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	8,235.6	5,068.0	0.0	1,059.2	724.6
Repayment of Borrowings	-7,493.5	-1,646.0	-707.2	-1,258.8	-869.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-600.2	-801.5	-2,755.4	-1,977.0	-548.1
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	142.0	2,620.5	-3,462.6	-2,176.6	-693.0
Net Cash Flow During the Period	163.3	-239.8	-841.6	-441.9	-252.2
Cash and Cash Equivalents at Beginning of Period	1,004.9	1,241.6	2,083.8	2,524.1	2,029.2
FX Difference from Revaluation	0.1	3.2	-0.6	1.6	4.3
Cash and Cash Equivalents at End of Period	1,168.4	1,004.9	1,241.6	2,083.8	2,524.1

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	5,696.7	3,437.8	3,746.6	5,446.9	4,188.9	3,166.5	3,112.4	4,012.3	3,365.8	3,410.8	3,259.9	3,759.3
Revenue Deductions	73.5	23.5	17.8	145.8	68.7	2.5	35.4	64.7	58.3	29.0	44.3	52.2
Net Revenue	5,623.2	3,414.4	3,728.8	5,301.1	4,120.1	3,164.0	3,077.0	3,947.6	3,307.5	3,381.8	3,215.6	3,707.1
Cost of Goods Sold	4,682.1	2,746.0	3,010.2	4,404.2	3,465.2	2,771.2	2,718.3	3,402.8	2,705.7	3,049.5	2,807.7	3,318.4
Gross Profit	941.1	668.4	718.6	896.9	654.9	392.8	358.7	544.8	601.8	332.3	407.9	388.7
Financial Income	82.3	239.6	117.0	98.2	32.1	129.6	158.8	52.5	28.1	175.1	27.2	185.0
Financial Expenses	45.0	52.1	44.8	41.0	26.6	30.8	25.4	6.8	2.0	12.7	16.3	16.5
Interest Expense	43.6	49.4	34.3	33.0	25.3	25.5	17.7	4.6	0.1	4.4	13.9	15.7
Share of Associates and Joint Ventures	—	1.9	—	1.1	—	1.5	0.0	1.1	0.0	0.4	1.1	1.2
Selling Expenses	281.2	267.3	230.8	267.3	251.2	221.7	232.7	219.0	198.8	228.0	216.4	229.8
General and Administrative Expenses	182.8	356.2	209.6	187.5	159.1	203.4	166.1	119.6	105.1	149.5	129.6	129.2
Operating Profit	514.4	234.4	350.3	500.5	250.1	68.1	93.4	253.0	324.0	117.5	74.0	199.4
Other Income	0.7	13.7	3.9	2.4	3.8	6.6	2.2	2.4	1.6	4.9	2.2	2.0
Other Expenses	0.5	2.7	1.0	1.0	1.2	4.9	0.9	0.8	1.8	8.2	1.3	0.4
Other Profit	0.1	11.1	3.0	1.4	2.6	1.7	1.3	1.6	-0.2	-3.4	1.0	1.6
Profit Before Tax	514.6	245.5	353.3	501.9	252.7	69.8	94.7	254.6	323.8	114.1	74.9	201.0
Current Income Tax Expense	103.7	68.1	114.5	76.8	41.8	44.0	26.2	20.2	56.0	-27.3	24.8	-18.2
Deferred Income Tax Expense	—	-55.3	—	11.9	—	-14.8	2.0	-1.1	0.0	34.5	-18.4	114.0
Net Income	410.8	232.7	238.8	413.2	210.9	40.6	66.5	235.5	267.8	107.0	68.5	105.2
Non-controlling Interest	9.0	3.2	2.4	10.3	6.0	4.4	3.5	4.9	3.7	-0.7	4.5	4.3
Profit Attributable to Parent	401.8	229.5	236.4	402.9	204.9	36.1	63.0	230.6	264.2	107.7	64.0	100.8
Earnings per Share	494.00	287.00	312.00	888.00	538.00	15.00	90.00	442.00	674.00	116.00	35.00	248.00
Diluted EPS	590.90	337.55	347.64	1,029.39	523.60	92.32	160.94	589.13	674.96	275.15	163.58	257.66

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)	14,773.9	14,509.8	15,690.8	15,336.8	14,204.9	13,221.9	13,644.8	12,250.2	10,334.6	9,594.7	10,440.5	11,274.0
I. Cash and cash equivalents	1,191.4	1,168.4	787.5	971.2	728.3	1,004.9	1,188.5	590.5	735.2	1,241.6	1,187.0	1,268.4
1. Cash	999.1	324.4	544.4	544.1	513.2	741.8	542.5	462.5	592.2	574.8	397.2	408.6
2. Cash equivalents	192.4	844.0	243.1	427.1	215.1	263.0	646.0	128.0	143.0	666.8	789.8	859.7
II. Short-term financial investments	7,853.7	7,835.0	9,712.0	11,114.0	10,064.0	9,464.0	9,464.0	9,114.0	6,364.0	5,385.0	6,100.0	6,700.0
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	7,853.7	7,835.0	9,712.0	11,114.0	10,064.0	9,464.0	9,464.0	9,114.0	6,364.0	5,385.0	6,100.0	6,700.0
III. Short-term receivables	2,023.9	1,389.6	1,368.4	857.7	842.9	655.6	812.8	764.1	848.8	642.1	624.4	597.5
1. Short-term trade accounts receivable	1,558.2	1,054.4	907.3	469.3	282.0	276.2	426.6	479.8	440.3	432.3	417.0	387.2
2. Short-term prepayments to suppliers	382.7	209.3	376.0	337.3	400.3	228.8	249.2	228.2	239.4	65.4	118.3	79.5
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	604.9	647.8	534.3	500.3	543.9	375.3	361.1	280.1	393.2	377.6	322.3	364.0
7. Provision for short-term doubtful debts (*)	-521.9	-521.9	-449.3	-449.3	-383.4	-224.8	-224.1	-224.1	-224.1	-233.3	-233.3	-233.3
8. Assets awaiting resolution	0.0	—	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.0	0.2	0.1
IV. Inventories	3,064.4	3,434.1	3,246.1	1,967.8	2,117.8	1,730.7	1,795.5	1,403.1	1,981.4	1,910.8	2,204.6	2,338.3
1. Inventories	3,064.4	3,434.1	3,246.1	1,967.9	2,118.4	1,731.3	1,806.1	1,436.9	2,025.7	1,942.1	2,228.2	2,468.0
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	-0.6	-0.6	-10.6	-33.7	-44.3	-31.3	-23.6	-129.7
V. Other short-term assets	640.4	682.8	576.8	426.0	452.0	366.8	384.1	378.5	405.2	415.3	324.6	369.8
1. Short-term prepayments	80.4	37.9	47.5	32.4	61.9	8.8	50.4	36.6	78.4	39.3	36.6	58.1
2. Value added tax to be reclaimed	560.0	644.9	529.3	393.6	389.9	357.9	333.5	340.2	323.7	310.2	278.7	277.5
3. Taxes and other receivables from state authorities	—	—	—	—	0.2	0.0	0.3	1.3	3.0	65.6	9.0	34.2
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	0.4	0.2	0.2	0.2	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,383.1	3,266.9	3,127.3	3,205.1	3,245.0	3,309.0	3,402.6	3,489.5	3,646.6	3,727.7	3,834.9	3,883.5
I. Long-term receivables	1.4	1.5	1.5	1.1	1.4	1.1	1.2	0.9	0.9	0.9	0.9	1.2
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	1.4	1.5	1.5	1.1	1.4	1.1	1.2	0.9	0.9	0.9	0.9	1.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,438.1	2,462.7	2,487.4	2,567.1	2,630.3	2,713.3	2,788.7	2,873.4	2,954.7	2,988.4	3,036.1	3,066.7
1. Tangible fixed assets	1,541.0	1,568.6	1,630.5	1,712.2	1,774.4	1,854.2	1,927.5	2,008.5	2,086.7	2,154.2	2,218.8	2,250.1
- Cost	11,677.2	—	—	—	—	11,634.1	11,621.5	11,611.3	11,598.0	11,574.8	11,554.9	11,493.8
- Accumulated depreciation	-10,136.2	—	—	—	—	-9,779.9	-9,694.0	-9,602.9	-9,511.3	-9,420.6	-9,336.0	-9,243.7
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	897.2	894.1	856.8	854.9	855.9	859.1	861.2	865.0	868.0	834.2	817.3	816.5
- Cost	1,276.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-379.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	168.7	171.1	173.5	176.0	178.4	180.8	183.2	185.6	188.0	190.5	192.9	195.3
- Cost	318.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-149.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	429.4	249.3	136.5	116.8	106.0	87.3	134.3	133.7	210.0	256.4	279.5	317.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	429.4	249.3	136.5	116.8	106.0	87.3	134.3	133.7	210.0	256.4	279.5	317.9
V. Long-term financial investments	35.4	35.4	35.3	35.3	34.2	34.2	34.5	34.5	33.4	33.4	35.3	36.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	31.8	31.8	31.7	31.7	30.6	30.6	30.9	30.9	29.8	29.8	29.4	30.5
3. Investments in other entities	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5	20.5
4. Provision for diminution in value of long-term investments	-16.9	-16.9	-16.9	-16.9	-16.9	-16.9	-16.9	-16.9	-16.9	-16.9	-14.6	-14.6
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	310.0	346.8	293.1	308.9	294.7	292.3	260.7	261.4	259.6	258.2	290.3	266.1
1. Long-term prepayments	35.0	42.0	46.9	59.8	61.7	67.4	51.3	47.0	48.9	57.3	47.7	40.2
2. Deferred income tax assets	141.0	141.0	85.7	85.7	97.6	73.9	59.1	61.1	60.0	48.9	87.8	69.4
3. Long-term equipment, supplies, spare parts	111.1	140.9	137.6	140.4	112.5	128.0	127.4	130.4	127.8	129.2	131.8	133.5
4. Other long-term assets	22.9	22.9	22.9	22.9	22.9	22.9	22.9	22.9	22.9	22.9	22.9	22.9
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)	18,157.0	17,776.7	18,818.2	18,541.9	17,450.0	16,530.9	17,047.4	15,739.7	13,981.2	13,322.5	14,275.5	15,157.5
A. LIABILITIES (300=210+330)	6,340.4	6,243.7	7,476.3	6,821.9	6,061.0	5,294.9	5,814.6	3,757.9	2,175.9	1,764.1	2,748.6	2,466.8
I. Short -term liabilities	6,125.1	6,028.4	7,294.1	6,643.7	5,884.4	5,071.2	5,421.0	3,402.3	1,858.1	1,476.3	2,135.7	1,878.0
1. Short-term trade accounts payable	1,006.3	671.0	945.5	1,497.8	1,060.4	688.9	919.7	700.2	1,046.1	768.4	813.8	295.7
2. Short-term advances from customers	1,108.9	256.2	133.8	203.2	318.9	216.9	302.0	305.4	121.2	124.3	162.5	62.8
3. Dividends and profits payable	28.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	116.5	93.5	123.9	80.2	51.0	52.0	36.3	20.2	30.1	6.1	5.2	6.1
4. Payable to employees	109.0	247.6	194.1	151.1	88.8	177.2	193.8	118.8	69.8	164.5	161.3	131.5
5. Short-term acrrued expenses	357.7	145.4	467.7	238.6	276.9	164.4	374.0	307.9	350.0	239.5	397.1	412.9
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	1.9	0.1	0.8	1.3	1.8	0.0	0.0	0.0	0.0	0.0	0.1	0.0
9. Other short-term payables	179.2	122.0	339.1	425.4	318.5	27.0	139.9	153.2	103.8	71.8	114.8	531.6
10. Short-term borrowings and financial leases	3,167.1	4,164.2	4,642.0	3,634.8	3,440.8	3,422.0	3,367.9	1,681.5	56.8	0.0	342.7	237.1
11. Provision for short-term liabilities	26.0	302.6	374.5	330.6	292.3	254.0	14.6	12.4	10.3	0.0	44.1	128.7
12.. Bonus and welfare fund	24.2	25.9	72.6	80.7	35.0	68.8	72.9	102.7	69.9	101.6	94.1	71.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	215.3	215.3	182.2	178.1	176.5	223.7	393.6	355.6	317.9	287.8	612.9	588.8
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	4.2	4.2	3.9	2.7	2.8	2.8	1.7	1.8	2.2	2.2	3.3	3.3
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	304.4	404.2
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	132.5	132.5	132.5	132.5	132.5	132.5	132.5	132.5	132.5	132.5	132.5	132.5
12. Provision for long-term liabilities	—	—	8.4	5.6	2.8	0.0	217.1	178.8	140.5	110.4	128.1	4.1
13. Fund for technology development	78.5	78.5	37.3	37.4	38.4	88.4	42.2	42.4	42.6	42.6	44.5	44.7
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)	11,816.6	11,533.0	11,341.9	11,720.1	11,389.0	11,236.0	11,232.8	11,981.7	11,805.3	11,558.4	11,526.9	12,690.6
I. Owner's equity	11,816.6	11,533.0	11,341.9	11,720.1	11,389.0	11,236.0	11,232.8	11,981.7	11,805.3	11,558.4	11,526.9	12,690.6
1. Owner's capital	6,799.9	6,799.9	6,799.9	3,914.0	3,914.0	3,914.0	3,914.0	3,914.0	3,914.0	3,914.0	3,914.0	3,914.0
- Common stock with voting right	6,799,907,610,000.00	6,799,907,610,000.00	6,799,907,610,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00	3,914,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2
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	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00	-2,296,824,120.00
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	1,868.6	1,713.3	1,713.3	4,599.2	4,599.2	4,599.2	4,599.2	4,599.2	4,599.2	4,599.2	4,599.2	4,599.2
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	8.8	7.1	2.7	2.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2,931.7	2,813.5	2,611.6	2,994.9	2,674.0	2,526.5	2,520.5	3,268.0	3,095.0	2,851.5	2,806.8	3,967.1
- Accumulated retained earning at the end of the previous period	2,606.1	1,848.5	1,794.5	2,436.9	2,463.4	2,048.7	2,048.7	2,831.4	2,831.4	2,436.1	2,436.1	3,610.1
- Undistributed earnings in this period	325.6	965.0	817.1	558.0	210.6	477.8	471.8	436.6	263.6	415.5	370.7	357.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	188.7	180.3	195.6	190.4	183.0	177.4	180.2	181.7	178.3	174.8	188.1	191.5
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)	18,157.0	17,776.7	18,818.2	18,541.9	17,450.0	16,530.9	17,047.4	15,739.7	13,981.2	13,322.5	14,275.5	15,157.5

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	514.6	244.7	353.3	501.9	252.7	69.8	94.7	254.6	323.8	114.1	74.9	201.0
Depreciation of Fixed Assets and Investment Property	92.9	94.4	101.4	97.9	96.4	95.7	98.3	98.1	97.9	102.8	99.6	98.1
Provision (Increase)/Reversal	-276.6	-7.7	46.7	106.4	41.1	13.0	17.3	29.9	53.5	-522.2	98.0	59.2
FX Gain/Loss from Revaluation of Monetary Items	—	1.1	—	-0.5	—	0.1	0.5	-0.5	0.0	1.9	-0.0	-1.1
Gain/Loss from Investment Activities	-79.8	-235.2	-120.9	-93.4	-28.5	-121.9	-157.5	-50.4	-15.8	-175.1	-27.0	-184.5
Interest Expense	43.6	49.4	34.3	33.0	25.3	25.5	17.7	4.6	0.1	4.4	13.9	15.7
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	294.7	196.1	415.3	645.3	387.0	82.2	70.9	336.3	459.5	-474.0	259.4	188.4
Increase/(Decrease) in Receivables	-623.7	-129.9	-649.3	-105.3	-300.3	132.4	-103.9	132.6	-206.6	-73.6	21.5	-146.1
Increase/(Decrease) in Inventory	399.1	-190.9	-1,275.3	122.6	-371.6	74.1	-366.2	586.3	-82.2	288.8	240.0	1,161.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,104.8	-631.3	-370.2	453.3	645.8	-581.9	324.4	77.5	251.8	370.0	-36.8	-578.1
Increase/(Decrease) in Prepaid Expenses	-35.5	158.8	-146.8	31.4	-47.3	25.3	-18.0	43.6	-35.6	-7.3	13.9	58.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-46.8	-47.9	-34.3	-33.0	-25.3	-24.7	-17.7	-4.6	-0.1	-12.9	-30.1	-1.7
Corporate Income Tax Paid	-67.9	-191.9	0.0	-41.4	-49.8	-26.1	-17.5	-20.1	-1.0	-24.2	-5.1	-17.7
Other Operating Receipts	—	—	—	—	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-127.7	-96.0	-25.7	-37.9	-35.1	-37.8	-56.1	-26.7	-39.2	-59.1	-26.5	-61.9
Net Cash Flow from Operating Activities	897.0	-933.0	-2,086.3	1,034.9	203.3	-356.1	-184.2	1,124.8	346.5	7.7	436.4	603.0
Payments for Fixed Assets and Other Long-term Assets	-12.2	-269.9	3.2	-54.7	-5.5	14.3	155.0	-231.8	-10.4	-105.6	-18.9	-53.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	0.8	—	2.0	—	0.5	-0.2	0.2	0.0	0.9	-0.0	0.0
Loans and Purchases of Debt Instruments	-3,771.8	-4,423.0	-3,377.0	-6,299.6	-4,779.4	-5,250.0	-3,579.0	-5,250.0	-3,179.0	-1,900.0	-1,050.0	-3,665.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,753.1	6,300.0	4,779.0	5,249.6	4,179.4	5,250.0	3,229.0	2,500.0	2,200.0	2,615.0	1,650.0	2,395.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	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	78.1	153.7	120.6	116.4	106.8	69.7	74.1	87.0	79.8	103.6	67.7	105.1
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	48.0	1,763.6	1,523.8	-986.3	-498.8	84.5	-121.2	-2,894.6	-909.6	713.9	648.7	-1,218.1
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	2,174.8	1,928.3	2,672.5	1,890.2	1,744.7	1,403.1	2,188.9	1,624.7	56.8	-1,083.6	269.6	414.0
Repayment of Borrowings	-3,171.9	50.0	-1,695.1	-1,696.2	-1,725.8	-1,348.9	-502.6	0.0	0.0	435.4	-263.7	-409.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-1.4	-598.5	-0.2	—	37.0	-782.5	-0.2	0.0	-16.9	-1,173.5	-0.2
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	-997.1	-449.5	378.9	193.7	18.8	91.2	903.8	1,624.5	56.8	-665.2	-1,167.6	4.8
Net Cash Flow During the Period	-52.1	381.2	-183.7	242.4	-276.6	-180.4	598.4	-145.2	-506.3	56.4	-82.5	-610.3
Cash and Cash Equivalents at Beginning of Period	1,243.5	787.5	971.2	728.3	1,004.9	1,241.6	1,241.6	1,241.6	1,241.6	2,083.8	2,083.8	2,083.8
FX Difference from Revaluation	—	0.1	0.5	0.5	—	-3.2	-0.5	0.5	0.0	-1.7	1.1	0.0
Cash and Cash Equivalents at End of Period	1,191.4	1,168.4	787.5	971.2	728.3	1,004.9	1,188.5	590.5	735.2	1,241.6	1,187.0	1,268.4

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DPM

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