GAS

Tổng Công ty Khí Việt Nam - CTCP ·HOSE ·2026Q1

▼ Slightly negative

Margins remain under pressure Net margin 8.00%, −2.20pp YoY

Price

85,200

Latest close

04 Jun 2026

P/E 17.64x

P/B 2.91x

EPS 4,830

BVPS 29,255

ROE 17.2%

ROA 13.3%

Profit Margin 7.9%

Asset Turnover 1.69x

Equity Mult. 1.30x

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

What Is Changing

On a TTM 2026Q1 basis, GAS is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — margins have been compressing consistently over multiple periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 147,473bn
	                                
+39.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 11,803bn
	                                
+9.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	135,129.1	103,564.1	89,953.9	100,723.5	78,992.2
Growth	+30%	+15%	-11%	+28%	—
Net Income	11,571.6	10,590.1	11,793.1	15,066.4	8,851.8
Net Margin	8.56%	10.23%	13.11%	14.96%	11.21%

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	38,019.6	43,683.1	35,690.1	30,080.4	25,675.4	24,945.1	25,252.0	30,052.0	23,315.0	22,570.6	22,126.2	24,042.6
Growth	-13%	+22%	+19%	+17%	+3%	-1%	-16%	+29%	+3%	+2%	-8%	—
Net Income	2,994.1	1,387.4	2,612.8	4,808.6	2,762.8	2,052.3	2,578.1	3,416.1	2,543.6	2,776.0	2,404.3	3,196.0
Net Margin	7.88%	3.18%	7.32%	15.99%	10.76%	8.23%	10.21%	11.37%	10.91%	12.30%	10.87%	13.29%

Drivers of GAS's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 1,893.8bn

Finance costs ↓ 209.1bn

Gross profit ↓ 695.5bn

Tax ↑ 281.0bn

TTM

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

Gross profit ↑ 418.7bn

Financial income ↑ 27.6bn

Tax ↑ 95.2bn

Administrative expenses ↑ 79.1bn

Minority interests ↑ 43.3bn

Selling expenses ↑ 24.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.3% = 10.2% × 1.22 × 1.31

2026Q1 17.5% = 8.0% × 1.69 × 1.30

ROE rose from 16.3% to 17.5% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 8.0% -2.2pp Asset turnover: 1.69x +0.47x Leverage: 1.30x -0.02x

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 8.00%, losing 2.2pp. The main pressure is Gross margin fell 5.3pp, outweighing the improvement in SG&A / Revenue fell 2.8pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 8.00% −2.2pp

Gross Margin 11.77% −5.3pp

SG&A / Revenue 2.66% −2.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 18.8% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 18.75%, rising 1.8pp. That translates to 18.75 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.67x was enough to offset the contraction in NOPAT margin narrowed 2.2pp, with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 18.75% +1.8pp

NOPAT Margin 8.01% −2.2pp

Capital Turnover 2.34x +0.67x

Average Invested Capital 63,036.1bn −502.6bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.38x equity, with a net cash position equivalent to 0.06x equity.

Over the last 12 months, working capital absorbed 4,380.3bn 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: −11,274.9bn

Inventories increased → lower CFO: −17.5bn

Payables increased → higher CFO: +6,912.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.8 days versus the same period last year. The main moves came from DIO fell 3.1 days, DSO fell 7.7 days, and DPO fell 8.0 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 42.2 days −7.7 days

Inventory 8.9 days −3.1 days

Payables 17.7 days −8.0 days

Cash Conversion Cycle 33.3 days −2.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 13,040.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.06x and interest coverage at 37.96x.

At present, short-term debt accounts for 53.0% of total debt, cash equals 223.0% of debt, and total debt stands at 3,283.5bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.06x +0.02x

Interest Coverage 37.96x +15.49x

Cash / Debt 223.0% −20.0pp

Short-term Debt / Total Debt 53.0% +21.7pp

CFO / NI 0.73x −0.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 13,040.2bn in 2025, against investing cash flow of -6,468.6bn.

Post-investment cash flow was positive +6,571.6bn. Financing cash flow was negative +5,264.5bn.

CFO / net income was 0.73x.

After spending +2,237.5bn on fixed-asset investment, the business generated trailing free cash flow of +6,185.4bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 8,422.8bn −2,793.9bn

Cash Capex 2,237.5bn −32.9bn

FCF TTM +6,185.4bn −2,761.0bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 2.2 pp. The next watchpoint is capital efficiency, with ROIC at 18.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.73x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.73x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 8.00% after a 2.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	135,196.5	103,603.6	90,014.1	100,723.5	78,992.2
Revenue Deductions	67.5	39.5	60.2	0.0	0.0
Net Revenue	135,129.1	103,564.1	89,953.9	100,723.5	78,992.2
Cost of Goods Sold	118,078.5	85,909.8	73,029.0	79,409.0	0.0
Gross Profit	17,050.6	17,654.4	16,924.9	21,314.5	13,985.7
Financial Income	1,580.5	1,736.6	2,272.9	1,568.1	1,186.8
Financial Expenses	383.6	660.0	586.7	671.4	-402.7
Interest Expense	216.1	318.6	340.0	336.9	-304.1
Share of Associates and Joint Ventures	41.6	37.8	26.7	31.8	15.1
Selling Expenses	2,602.0	2,415.3	2,543.9	2,440.4	-2,132.6
General and Administrative Expenses	1,324.0	3,197.0	1,474.9	1,074.8	-1,479.1
Operating Profit	14,363.0	13,156.4	14,619.1	18,727.9	11,173.1
Other Income	66.0	41.6	33.6	112.0	0.0
Other Expenses	69.5	25.9	13.1	33.6	0.0
Other Profit	-3.6	15.7	20.4	78.4	31.9
Profit Before Tax	14,359.4	13,172.1	14,639.5	18,806.3	11,205.0
Current Income Tax Expense	2,796.3	2,561.8	2,812.6	3,709.9	-2,353.2
Deferred Income Tax Expense	-8.5	20.2	33.8	29.9	0.0
Net Income	11,571.6	10,590.1	11,793.1	15,066.4	8,851.8
Non-controlling Interest	157.3	191.8	187.1	268.1	178.8
Profit Attributable to Parent	11,414.3	10,398.4	11,606.0	14,798.3	8,673.0
Earnings per Share	4,647.00	4,354.00	4,972.00	7,649.00	4,357.00
Diluted EPS	4,730.45	4,354.00	4,972.00	7,649.00	4,531.45

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	69,902.5	57,290.5	62,217.8	55,651.7	51,395.3
I. Cash and cash equivalents	6,876.5	5,568.0	5,668.9	10,549.3	5,600.3
1. Cash	913.4	1,248.1	1,156.5	1,318.1	0.0
2. Cash equivalents	5,963.1	4,319.9	4,512.4	9,231.2	0.0
II. Short-term financial investments	32,890.6	27,494.0	35,084.6	23,726.5	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	32,890.6	27,494.0	35,084.6	23,726.5	0.0
III. Short-term receivables	24,881.3	19,098.4	16,865.3	16,191.1	16,920.8
1. Short-term trade accounts receivable	20,895.1	16,744.7	12,541.3	9,210.1	0.0
2. Short-term prepayments to suppliers	116.0	375.6	264.1	223.8	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	6,202.4	4,746.9	4,910.3	7,492.4	0.0
7. Provision for short-term doubtful debts (*)	-2,332.2	-2,768.8	-850.4	-737.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	1.9	0.0
IV. Inventories	4,398.8	4,599.0	3,944.5	4,102.4	3,241.2
1. Inventories	4,587.5	4,732.0	4,069.9	4,185.3	0.0
2. Provision for decline in value of inventories	-188.8	-133.1	-125.3	-82.9	0.0
V. Other short-term assets	855.4	531.1	654.4	1,082.3	1,133.2
1. Short-term prepayments	67.1	46.0	60.5	83.7	0.0
2. Value added tax to be reclaimed	678.5	447.8	547.8	949.4	0.0
3. Taxes and other receivables from state authorities	109.9	37.3	46.1	49.2	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)	23,665.7	24,564.4	25,536.7	27,010.9	27,372.8
I. Long-term receivables	1,123.7	531.2	318.1	168.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	187.2
2. Long-term prepayments to suppliers	66.1	70.5	75.5	76.3	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	1,057.6	460.8	242.6	92.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	15,950.8	18,221.6	19,532.1	16,369.7	18,098.3
1. Tangible fixed assets	15,574.1	17,852.6	19,144.9	15,975.9	17,688.0
- Cost	65,102.4	64,803.3	63,430.8	57,307.4	0.0
- Accumulated depreciation	-49,528.3	-46,950.7	-44,285.9	-41,331.5	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	376.7	369.0	387.2	393.7	410.2
- Cost	681.6	655.6	645.7	620.1	0.0
- Accumulated depreciation	-305.0	-286.6	-258.5	-226.4	0.0
III. Investment properties	29.0	30.4	31.7	36.3	21.9
- Cost	38.9	38.9	38.9	42.1	0.0
- Accumulated depreciation	-9.9	-8.5	-7.1	-5.8	0.0
IV. Long-term assets in progress	2,876.9	1,717.9	1,780.8	5,978.1	4,871.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2,876.9	1,717.9	1,780.8	5,978.1	0.0
V. Long-term financial investments	406.0	399.7	398.0	405.5	400.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	396.0	389.7	388.0	395.5	0.0
3. Investments in other entities	35.0	35.0	35.0	35.0	0.0
4. Provision for diminution in value of long-term investments	-25.0	-25.0	-25.0	-25.0	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	3,279.3	3,663.5	3,475.9	4,052.7	0.0
1. Long-term prepayments	3,246.3	3,630.2	3,435.8	3,997.9	0.0
2. Deferred income tax assets	33.0	33.3	40.1	54.8	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	3,794.2
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)	93,568.2	81,854.9	87,754.5	82,662.7	78,768.1
A. LIABILITIES (300=210+330)	25,914.8	20,283.9	22,455.8	21,489.1	26,575.3
I. Short -term liabilities	20,573.7	14,575.5	14,971.9	12,488.0	16,561.3
1. Short-term trade accounts payable	11,925.1	6,037.0	7,138.0	6,652.1	6,630.9
2. Short-term advances from customers	447.5	270.5	119.1	128.1	104.8
3. Taxes and other payables to state authorities	1,006.5	682.8	650.7	873.5	0.0
4. Payable to employees	476.6	409.7	385.5	252.1	0.0
5. Short-term acrrued expenses	4,226.3	2,995.1	2,844.3	2,978.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.3	2,241.0	1,035.6	341.8	2,586.9
9. Other short-term payables	333.1	373.8	624.7	836.4	0.0
10. Short-term borrowings and financial leases	1,439.8	933.8	1,604.8	45.0	484.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	717.5	631.6	569.1	380.9	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	5,341.1	5,708.4	7,483.9	9,001.1	10,014.1
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	17.2	18.1	19.8	19.8	21.6
7. Other long-term liabilities	109.9	129.7	156.1	140.7	0.0
8. Long-term borrowings and financial leases	1,531.9	2,290.8	4,270.5	6,038.0	7,510.1
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	283.5	293.8	279.7	253.2	0.0
12. Provision for long-term liabilities	3,161.7	2,940.6	2,757.3	2,546.9	0.0
13. Fund for technology development	236.9	35.5	0.5	2.6	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	67,653.4	61,571.0	65,298.6	61,173.6	52,192.7
I. Owner's equity	67,653.4	61,571.0	65,298.6	61,173.6	0.0
1. Owner's capital	24,129.5	23,426.7	22,967.4	19,139.5	52,192.7
- Common stock with voting right	24,129,497,560,000.00	23,426,729,190,000.00	22,967,398,470,000.00	19,139,500,000,000.00	19,139,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	210.7	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	300.3	300.3	282.3	196.7	196.7
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	0.2	0.0	0.0	0.0	0.0
8. Investment and development fund	29,380.6	26,967.5	23,919.0	21,063.1	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	6.3	0.0
11. Undistributed earnings after tax	12,484.1	9,553.0	16,879.8	19,241.5	10,487.3
- Accumulated retained earning at the end of the previous period	1,271.7	-647.1	5,461.1	4,601.9	1,960.0
- Undistributed earnings in this period	11,212.5	10,200.1	11,418.6	14,639.6	8,527.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,358.4	1,323.2	1,249.9	1,315.9	1,098.5
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)	93,568.2	81,854.9	87,754.5	82,662.7	78,768.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	14,359.4	13,172.1	14,639.5	18,806.3	11,205.0
Depreciation of Fixed Assets and Investment Property	2,788.4	2,727.7	3,026.9	3,023.0	3,237.9
Provision (Increase)/Reversal	-193.7	2,109.4	366.2	446.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-57.1	1.1	96.3	73.3	0.0
Gain/Loss from Investment Activities	-1,342.5	-1,504.2	-2,073.3	-1,335.9	0.0
Interest Expense	216.1	318.6	340.0	336.9	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	15,770.6	16,824.8	16,395.6	21,349.6	14,346.6
Increase/(Decrease) in Receivables	-6,623.5	-4,549.4	-550.3	782.3	0.0
Increase/(Decrease) in Inventory	144.5	-662.1	115.5	-860.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6,352.6	930.6	1,159.4	-3,677.9	0.0
Increase/(Decrease) in Prepaid Expenses	362.8	-179.8	585.2	-266.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-220.3	-334.0	-505.2	-537.1	0.0
Corporate Income Tax Paid	-2,402.7	-2,632.1	-3,134.2	-3,451.7	0.0
Other Operating Receipts	5.2	0.0	0.0	0.0	0.0
Other Operating Payments	-348.8	-362.7	-238.9	-545.6	0.0
Net Cash Flow from Operating Activities	13,040.2	9,035.2	13,827.0	12,792.1	7,409.8
Payments for Fixed Assets and Other Long-term Assets	-2,314.7	-1,925.5	-1,841.3	-2,009.7	-4,747.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	1.4	0.1	0.6	180.7
Loans and Purchases of Debt Instruments	-45,592.2	0.0	-50,078.3	-40,741.8	-41,510.9
Receipts from Loan Repayments and Sale of Debt Instruments	40,195.6	0.0	38,720.2	41,815.1	38,813.4
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	1,242.0	1,800.6	1,950.6	1,200.8	0.0
Increase/(Decrease) in Term Deposits	—	7,591.7	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	-6,468.6	7,468.3	-11,248.7	265.0	-6,270.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	118,345,978,175.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,108.9	1,862.9	2,075.7	1,325.4	6,269.9
Repayment of Borrowings	-1,361.8	-4,602.9	-2,419.3	-3,370.7	-1,179.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5,011.7	-13,872.5	-7,119.8	-5,882.3	-5,864.8
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	-5,264.5	-16,612.4	-7,463.3	-7,809.3	-774.2
Net Cash Flow During the Period	1,307.1	-108.9	-4,885.0	5,247.8	-395.3
Cash and Cash Equivalents at Beginning of Period	5,568.0	5,668.9	10,549.3	5,300.3	5,237.2
FX Difference from Revaluation	1.4	8.0	4.5	1.2	-2.4
Cash and Cash Equivalents at End of Period	6,876.5	5,568.0	5,668.9	10,549.3	5,600.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	38,034.5	43,706.1	35,711.0	30,104.0	25,675.4	24,960.8	25,256.6	30,071.2	23,315.0	22,603.6	22,153.4	24,042.6
Revenue Deductions	14.9	23.0	20.9	23.6	—	15.7	4.6	19.2	0.0	33.0	27.2	0.0
Net Revenue	38,019.6	43,683.1	35,690.1	30,080.4	25,675.4	24,945.1	25,252.0	30,052.0	23,315.0	22,570.6	22,126.2	24,042.6
Cost of Goods Sold	33,511.4	39,890.3	31,587.8	25,126.5	21,585.9	20,901.0	21,068.6	24,316.3	19,623.9	18,512.3	18,444.5	19,699.9
Gross Profit	4,508.2	3,792.8	4,102.3	4,954.0	4,089.5	4,044.2	4,183.4	5,735.7	3,691.1	4,058.3	3,681.6	4,342.8
Financial Income	384.8	428.3	396.6	401.6	357.2	419.8	409.1	444.8	462.9	544.2	594.2	598.5
Financial Expenses	118.4	82.8	85.8	100.5	117.7	140.9	108.8	229.1	181.2	137.8	278.5	95.2
Interest Expense	53.3	54.2	53.3	53.9	54.6	57.2	68.9	84.1	108.4	109.9	105.6	62.4
Share of Associates and Joint Ventures	0.3	19.0	12.1	10.4	0.1	12.6	11.9	13.5	-0.2	8.7	8.6	10.0
Selling Expenses	623.7	630.8	690.1	569.5	599.7	668.8	616.3	544.9	585.2	699.8	661.6	546.4
General and Administrative Expenses	396.9	1,763.0	526.0	-1,282.8	317.8	1,097.7	700.8	1,180.6	218.0	405.8	336.2	306.1
Operating Profit	3,754.2	1,763.6	3,209.1	5,978.7	3,411.6	2,569.1	3,178.5	4,239.4	3,169.5	3,367.8	3,008.2	4,003.5
Other Income	0.9	17.0	19.6	5.1	24.3	1.7	26.5	11.7	1.7	2.9	5.5	-3.0
Other Expenses	0.4	37.6	22.7	2.3	7.0	12.5	1.0	11.8	0.6	5.8	4.6	1.4
Other Profit	0.5	-20.6	-3.1	2.9	17.3	-10.8	25.5	-0.2	1.2	-3.0	0.8	-4.4
Profit Before Tax	3,754.7	1,743.0	3,206.0	5,981.6	3,428.9	2,558.3	3,204.0	4,239.2	3,170.6	3,364.8	3,009.0	3,999.1
Current Income Tax Expense	764.1	360.7	595.5	1,171.2	668.9	498.1	627.5	815.9	620.2	575.1	604.2	792.6
Deferred Income Tax Expense	-3.6	-5.2	-2.3	1.8	-2.8	7.8	-1.7	7.2	6.8	13.8	0.5	10.4
Net Income	2,994.1	1,387.4	2,612.8	4,808.6	2,762.8	2,052.3	2,578.1	3,416.1	2,543.6	2,776.0	2,404.3	3,196.0
Non-controlling Interest	49.5	26.3	63.7	61.0	6.3	8.2	56.3	95.3	31.9	53.0	27.1	40.4
Profit Attributable to Parent	2,944.6	1,361.1	2,549.1	4,747.6	2,756.5	2,044.1	2,521.8	3,320.8	2,511.7	2,723.0	2,377.2	3,155.6
Earnings per Share	1,220.00	558.00	1,067.00	1,985.00	1,177.00	852.00	1,053.00	1,404.00	1,093.00	1,165.00	1,218.00	1,602.00
Diluted EPS	1,220.00	558.00	1,067.00	1,985.00	1,177.00	4,354.00	1,076.46	1,445.88	1,093.57	1,185.60	1,242.02	1,648.73

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)	69,205.8	69,861.4	70,160.8	64,857.3	57,719.1	57,295.8	67,283.2	70,470.1	66,459.0	62,217.8	59,128.8	62,984.6
I. Cash and cash equivalents	7,321.9	6,876.5	11,641.1	10,597.4	8,166.7	5,649.5	12,082.6	7,555.3	6,074.9	5,668.9	10,851.5	12,499.2
1. Cash	1,892.8	913.4	2,261.4	2,211.4	1,591.6	1,248.1	1,642.8	2,475.2	2,287.8	1,156.5	2,013.0	1,765.2
2. Cash equivalents	5,429.1	5,963.1	9,379.7	8,386.1	6,575.0	4,401.4	10,439.8	5,080.1	3,787.1	4,512.4	8,838.6	10,734.0
II. Short-term financial investments	32,854.6	32,890.6	32,506.1	30,510.5	28,836.8	27,412.5	32,721.8	36,364.3	36,537.8	35,084.6	28,908.5	28,268.1
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	32,854.6	32,890.6	32,506.1	30,510.5	28,836.8	27,412.5	32,721.8	36,364.3	36,537.8	35,084.6	28,908.5	28,268.1
III. Short-term receivables	25,127.9	24,841.2	22,912.1	19,777.7	16,942.9	19,103.8	19,498.3	23,225.9	20,907.2	16,865.3	16,197.1	19,124.8
1. Short-term trade accounts receivable	19,266.9	20,693.3	18,488.4	14,947.4	14,819.0	16,737.5	17,100.7	18,021.1	14,139.3	12,541.3	11,783.8	12,846.3
2. Short-term prepayments to suppliers	116.0	125.9	204.4	205.8	339.6	375.6	377.5	353.1	386.7	264.1	365.6	341.5
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	8,079.0	6,354.2	5,369.2	5,766.4	4,560.4	4,759.5	4,121.8	6,520.5	7,234.9	4,910.3	5,001.3	6,761.3
7. Provision for short-term doubtful debts (*)	-2,334.0	-2,332.2	-1,149.9	-1,141.9	-2,776.1	-2,768.8	-2,101.7	-1,668.7	-853.7	-850.4	-953.7	-824.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,047.8	4,363.9	2,382.5	3,225.6	2,961.4	4,599.0	2,382.2	2,783.9	2,539.4	3,944.5	2,397.6	2,338.7
1. Inventories	3,237.9	4,552.7	2,514.7	3,357.7	3,094.4	4,732.0	2,492.0	2,893.7	2,664.8	4,069.9	2,472.0	2,413.1
2. Provision for decline in value of inventories	-190.1	-188.8	-132.2	-132.2	-133.0	-133.1	-109.7	-109.7	-125.3	-125.3	-74.4	-74.4
V. Other short-term assets	853.6	889.3	718.9	746.1	811.3	531.1	598.3	540.7	399.6	654.4	774.1	753.8
1. Short-term prepayments	126.9	101.0	51.1	71.3	73.0	46.0	48.0	70.0	69.0	60.5	61.1	68.7
2. Value added tax to be reclaimed	623.9	678.5	639.9	634.8	685.6	447.8	518.0	434.9	298.2	547.8	660.1	630.5
3. Taxes and other receivables from state authorities	102.7	109.9	27.9	40.0	52.7	37.3	32.4	35.7	32.4	46.1	52.9	54.6
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)	23,717.6	23,670.1	23,703.8	23,776.9	24,301.7	24,597.7	24,572.4	24,696.8	25,317.0	25,536.7	25,509.7	25,262.5
I. Long-term receivables	1,380.4	1,138.2	968.1	705.4	644.5	531.2	479.5	111.0	347.6	318.1	156.7	149.5
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	66.2	66.1	72.8	57.9	67.3	70.5	66.4	62.9	73.3	75.5	66.2	63.3
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	1,314.2	1,072.1	895.2	647.5	577.2	460.8	413.1	48.1	274.2	242.6	90.6	86.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	15,461.0	15,950.8	16,435.2	17,089.8	17,777.7	18,221.6	18,653.9	18,797.6	19,160.3	19,532.1	19,554.7	15,130.1
1. Tangible fixed assets	15,089.2	15,574.1	16,081.2	16,733.4	17,416.0	17,852.6	18,287.6	18,424.9	18,780.7	19,144.9	19,179.8	14,754.2
- Cost	65,184.2	—	—	—	—	64,803.3	64,546.6	63,986.1	63,677.2	63,430.8	62,733.9	57,588.8
- Accumulated depreciation	-50,095.0	—	—	—	—	-46,950.7	-46,259.0	-45,561.2	-44,896.4	-44,285.9	-43,554.1	-42,834.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	371.8	376.7	354.0	356.4	361.7	369.0	366.4	372.7	379.6	387.2	375.0	376.0
- Cost	682.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-310.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	28.7	29.0	29.4	29.7	30.0	30.4	30.7	31.0	31.4	31.7	32.1	32.4
- Cost	38.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2,921.3	2,876.9	2,362.1	2,154.8	1,753.3	1,717.9	1,400.9	1,828.9	1,828.8	1,780.8	1,792.4	6,534.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2,921.3	2,876.9	2,362.1	2,154.8	1,753.3	1,717.9	1,400.9	1,828.9	1,828.8	1,780.8	1,792.4	6,534.4
V. Long-term financial investments	412.8	406.0	387.0	374.9	399.8	399.7	387.1	375.2	400.5	398.0	389.3	414.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	395.8	396.0	377.0	364.9	389.8	389.7	377.1	365.2	390.5	388.0	379.3	404.9
3. Investments in other entities	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0
4. Provision for diminution in value of long-term investments	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0	-25.0
5. Held to maturity investments	7.0	—	—	—	—	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	3,513.4	3,269.1	3,522.1	3,422.2	3,696.4	3,696.8	3,620.3	3,553.0	3,548.4	3,475.9	3,584.5	3,001.1
1. Long-term prepayments	3,475.4	3,236.2	3,484.1	3,386.5	3,658.8	3,663.5	3,578.3	3,517.2	3,512.5	3,435.8	3,534.0	2,956.4
2. Deferred income tax assets	38.1	33.0	38.0	35.7	37.5	33.3	42.0	35.8	35.9	40.1	50.5	44.7
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	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)	92,923.4	93,531.5	93,864.6	88,634.1	82,020.8	81,893.6	91,855.6	95,166.9	91,775.9	87,754.5	84,638.5	88,247.1
A. LIABILITIES (300=210+330)	22,333.6	25,878.1	27,487.3	19,860.8	17,693.6	20,322.6	32,198.7	24,246.0	23,875.7	22,455.8	21,967.2	20,796.0
I. Short -term liabilities	16,967.7	20,537.0	22,059.8	14,439.8	11,874.8	14,581.5	26,092.0	17,644.7	16,434.2	14,971.9	13,584.9	12,546.2
1. Short-term trade accounts payable	7,008.4	11,904.5	10,383.0	7,451.9	5,638.8	6,096.0	4,988.0	8,119.7	6,767.6	7,138.0	4,489.7	5,041.5
2. Short-term advances from customers	424.1	412.0	251.6	176.5	215.1	270.5	180.7	142.8	136.9	119.1	115.1	121.6
3. Dividends and profits payable	3.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	881.1	1,006.5	1,168.3	1,212.1	469.6	682.8	1,276.5	1,051.3	1,004.0	650.7	1,142.7	1,190.7
4. Payable to employees	604.0	476.6	597.8	452.4	372.2	409.7	438.0	442.2	241.4	385.5	285.6	267.6
5. Short-term acrrued expenses	5,271.3	4,221.9	3,260.3	2,982.3	3,211.2	2,995.1	2,331.6	3,311.9	3,440.9	2,844.3	3,337.3	3,594.0
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	17.5	25.0	1.6	6.3	26.1	2,241.0	2,147.1	2,006.1	2,223.9	1,035.6	2.5	123.2
9. Other short-term payables	341.7	333.1	4,263.4	344.1	341.0	320.2	13,204.5	681.1	630.0	624.7	2,743.0	743.2
10. Short-term borrowings and financial leases	1,740.9	1,439.8	1,397.5	1,079.9	1,053.6	934.5	880.7	1,145.8	1,497.8	1,604.8	897.0	858.7
11. Provision for short-term liabilities	0.4	—	—	—	—	0.0	0.0	20.1	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	674.6	717.5	736.3	734.2	547.3	631.6	644.9	723.5	491.7	569.1	571.9	605.7
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	5,365.9	5,341.1	5,427.5	5,421.0	5,818.8	5,741.1	6,106.8	6,601.3	7,441.5	7,483.9	8,382.4	8,249.8
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	17.0	17.2	17.4	17.7	18.7	18.1	18.3	18.5	18.7	19.8	19.4	19.4
7. Other long-term liabilities	115.1	109.9	124.7	120.4	128.3	163.0	136.4	140.3	144.8	156.1	159.7	149.8
8. Long-term borrowings and financial leases	1,542.5	1,531.9	1,911.3	1,913.6	2,306.8	2,290.1	2,676.8	3,259.1	4,233.5	4,270.5	5,293.9	5,177.5
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	283.5	283.5	293.8	293.8	293.8	293.8	294.7	290.2	285.1	279.7	276.3	270.5
12. Provision for long-term liabilities	3,170.9	3,161.7	3,047.6	3,040.4	3,034.9	2,940.6	2,942.6	2,853.8	2,759.7	2,757.3	2,632.5	2,632.1
13. Fund for technology development	236.8	236.9	32.6	35.1	36.3	35.5	38.1	39.4	-0.3	0.5	0.5	0.6
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)	70,589.8	67,653.4	66,377.3	68,773.3	64,327.2	61,571.0	59,656.9	70,921.0	67,900.3	65,298.6	62,671.3	67,451.0
I. Owner's equity	70,589.8	67,653.4	66,377.3	68,773.3	64,327.2	61,571.0	59,656.9	70,921.0	67,900.3	65,298.6	62,671.3	67,451.0
1. Owner's capital	24,129.5	24,129.5	24,129.5	23,426.7	23,426.7	23,426.7	23,426.7	22,967.4	22,967.4	22,967.4	19,139.5	19,139.5
- Common stock with voting right	24,129,497,560,000.00	24,129,497,560,000.00	24,129,497,560,000.00	23,426,729,190,000.00	23,426,729,190,000.00	23,426,729,190,000.00	23,426,729,190,000.00	22,967,398,470,000.00	22,967,398,470,000.00	22,967,398,470,000.00	19,139,500,000,000.00	19,139,500,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	210.7	210.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	300.3	300.3	300.3	300.3	300.3	300.3	282.3	282.3	282.3	282.3	237.0	191.5
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	0.3	0.2	0.2	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	29,380.6	29,380.6	29,380.6	30,083.4	26,967.5	26,967.5	26,985.5	27,444.8	23,919.0	23,919.0	27,581.8	27,627.3
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	15,384.7	12,484.1	11,154.4	13,611.8	12,309.2	9,553.0	7,553.6	18,866.4	19,448.9	16,879.8	14,309.2	18,883.6
- Accumulated retained earning at the end of the previous period	12,441.0	1,271.7	1,248.1	6,204.5	9,552.7	-647.2	-650.3	13,130.2	16,938.7	5,461.1	5,566.1	12,471.0
- Undistributed earnings in this period	2,943.8	11,212.5	9,906.4	7,407.2	2,756.5	10,200.3	8,203.9	5,736.3	2,510.1	11,418.6	8,743.1	6,412.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,394.1	1,358.4	1,412.1	1,350.7	1,323.2	1,323.2	1,408.5	1,359.7	1,282.4	1,249.9	1,193.1	1,398.5
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)	92,923.4	93,531.5	93,864.6	88,634.1	82,020.8	81,893.6	91,855.6	95,166.9	91,775.9	87,754.5	84,638.5	88,247.1

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	3,754.7	1,743.0	3,206.0	5,981.6	3,428.9	2,558.3	3,204.0	4,239.2	3,170.6	3,364.8	3,009.0	3,999.1
Depreciation of Fixed Assets and Investment Property	556.0	594.0	765.5	696.2	732.6	730.7	821.2	608.2	703.1	746.8	754.6	734.8
Provision (Increase)/Reversal	6.7	1,318.6	15.7	-1,629.5	101.5	691.2	520.8	896.9	2.3	64.9	137.4	175.6
FX Gain/Loss from Revaluation of Monetary Items	-2.1	-23.3	-6.0	-13.6	-14.2	-26.4	0.7	15.6	14.5	-23.7	98.2	47.2
Gain/Loss from Investment Activities	-326.9	-367.5	-365.3	-347.6	-262.2	-437.0	-314.6	-406.7	-436.0	-230.4	-800.4	-561.5
Interest Expense	53.1	54.2	49.6	57.7	54.6	57.2	68.6	84.4	108.4	109.9	105.6	62.4
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	4,041.6	3,319.0	3,665.5	4,744.9	4,041.2	3,574.0	4,300.7	5,437.6	3,562.9	4,032.3	3,304.4	4,457.5
Increase/(Decrease) in Receivables	-2,159.6	-3,565.5	-2,865.5	-2,684.3	2,491.7	-373.0	2,984.2	-3,444.4	-3,619.3	-638.9	2,642.9	-1,274.2
Increase/(Decrease) in Inventory	1,500.6	-2,073.1	843.3	-288.3	1,662.6	-2,240.4	410.4	-235.9	1,412.0	-1,591.3	-65.4	-186.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2,500.0	2,748.5	3,043.5	3,619.9	-3,059.3	1,243.7	-4,032.7	2,485.2	885.6	2,686.5	-920.6	1,253.6
Increase/(Decrease) in Prepaid Expenses	-258.5	214.4	-70.0	251.4	-33.0	-48.6	-59.8	21.2	-112.0	94.8	-566.1	753.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-4.6
Interest Paid	-15.0	-100.7	-8.3	-106.4	-4.8	-117.4	-39.3	-164.7	-20.2	-279.6	-1.4	-209.7
Corporate Income Tax Paid	-1,043.6	-66.6	-806.8	-664.9	-864.4	-634.0	-814.7	-846.3	-337.1	-746.8	-790.4	-836.9
Other Operating Receipts	0.5	—	—	—	—	9.7	0.0	-64.5	64.5	66.5	-66.5	3.7
Other Operating Payments	-34.9	1.0	-129.5	-134.7	-85.5	-69.6	-253.0	39.9	-199.4	150.5	-14.8	-250.0
Net Cash Flow from Operating Activities	-468.9	491.1	3,663.3	4,737.4	4,148.5	1,344.4	2,495.8	3,228.1	1,637.0	3,774.0	3,522.1	3,706.5
Payments for Fixed Assets and Other Long-term Assets	-417.7	-804.2	-489.7	-525.9	-495.0	-568.2	-369.4	-837.8	-46.2	-846.5	-218.2	-244.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	-0.0	177.8	-177.8	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-10,235.5	-10,694.7	-16,164.3	-8,299.2	-10,434.0	-6,736.3	-17,158.9	-12,278.6	-9,693.7	-12,729.2	-12,160.6	-14,786.7
Receipts from Loan Repayments and Sale of Debt Instruments	10,950.5	10,292.9	14,406.4	6,316.9	9,179.5	12,360.7	20,724.3	12,287.3	8,406.4	6,622.5	11,450.8	10,751.3
Investments in Other Entities	—	—	—	—	—	-1,904.5	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	20.0	—	-13.5	—	29.5	1,913.5	-0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	282.1	295.5	535.5	208.0	203.0	455.2	677.1	448.7	299.1	223.7	946.1	411.2
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	599.5	-895.8	-1,726.3	-2,151.8	-1,694.8	5,520.4	3,873.1	-380.4	-1,034.4	-6,729.5	18.2	-3,869.1
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	499.7	233.9	494.2	190.5	190.3	97.4	67.9	1,672.2	25.4	2,007.6	52.8	0.0
Repayment of Borrowings	-185.1	-571.1	-179.0	-557.3	-54.5	-430.3	-902.5	-3,055.9	-214.1	-2,335.4	-21.7	-56.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-4,012.4	-999.2	—	—	-12,971.1	-1,000.0	13.1	-13.1	-1,900.9	-5,218.9	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	314.5	-4,359.7	-673.8	-376.9	145.9	-13,304.0	-1,834.6	-1,370.5	-201.9	-2,228.7	-5,187.8	-56.5
Net Cash Flow During the Period	445.1	-4,764.4	1,263.2	2,208.7	2,599.6	-6,439.1	4,534.2	1,477.1	400.8	-5,184.2	-1,647.6	-219.0
Cash and Cash Equivalents at Beginning of Period	6,876.5	11,641.1	10,377.1	8,166.7	5,568.0	5,668.9	5,668.9	5,668.9	5,668.9	10,549.3	10,549.3	10,549.3
FX Difference from Revaluation	0.4	1.4	1.6	0.9	-1.0	6.0	-7.0	3.3	5.2	1.6	-0.1	5.1
Cash and Cash Equivalents at End of Period	7,321.9	6,876.5	11,641.1	10,377.1	8,166.7	5,649.5	12,082.6	7,555.3	6,074.9	5,668.9	10,851.5	12,499.2

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GAS

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