GMD

Gemadept ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 37.95%, +3.87pp YoY

Price

76,100

Latest close

04 Jun 2026

P/E 15.96x

P/B 2.08x

EPS 4,769

BVPS 36,504

ROE 12.0%

ROA 9.3%

Profit Margin 29.2%

Asset Turnover 0.32x

Equity Mult. 1.29x

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

What Is Changing

On a TTM 2026Q1 basis, GMD has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,124bn
	                                
+19.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,324bn
	                                
+32.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	5,956.0	4,832.0	3,845.8	3,898.2	3,205.9
Growth	+23%	+26%	-1%	+22%	—
Net Income	2,302.5	1,923.6	2,533.9	1,161.3	721.4
Net Margin	38.66%	39.81%	65.89%	29.79%	22.50%

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	1,452.4	1,614.4	1,560.5	1,497.0	1,276.9	1,411.8	1,264.1	1,181.1	1,005.5	1,033.8	997.9	912.2
Growth	-10%	+3%	+4%	+17%	-10%	+12%	+7%	+17%	-3%	+4%	+9%	—
Net Income	650.2	660.0	432.4	581.5	527.7	355.5	448.4	418.0	656.0	191.5	338.5	1,711.5
Net Margin	44.77%	40.88%	27.71%	38.85%	41.32%	25.18%	35.47%	35.39%	65.24%	18.53%	33.92%	187.63%

Drivers of GMD's profit

TTM

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

Gross profit ↑ 400.0bn

Associates income ↑ 294.6bn

Financial income ↑ 166.8bn

Other profit ↑ 110.3bn

Selling expenses ↑ 213.9bn

Tax ↑ 98.0bn

TTM

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

Associates income ↑ 84.4bn

Gross profit ↑ 74.9bn

Financial income ↑ 30.9bn

Selling expenses ↑ 19.7bn

Administrative expenses ↑ 18.3bn

Finance costs ↑ 13.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.3% = 34.1% × 0.32 × 1.32

2026Q1 15.7% = 38.0% × 0.32 × 1.29

ROE rose from 14.3% to 15.7% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 38.0% +3.9pp Asset turnover: 0.32x +0.00x Leverage: 1.29x -0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 37.95%, rising 3.9pp. Despite pressure from SG&A / Revenue rose 1.6pp and Gross margin fell 0.8pp, the offset came from Other profit / Revenue rose 3.1pp and Net financial result / Revenue rose 2.6pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 37.95% +3.9pp

Gross Margin 44.32% −0.8pp

SG&A / Revenue 18.43% +1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 18.14%, falling 0.3pp. That translates to 18.14 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin rose 1.0pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 2,794bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 18.14% −0.3pp

NOPAT Margin 42.09% +1.0pp

Capital Turnover 0.43x −0.02x

Average Invested Capital 14,213.0bn +2,793.6bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.33x equity, net debt at 0.03x equity.

Over the last 12 months, working capital released 865.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +596.3bn

Inventories increased → lower CFO: −27.2bn

Payables increased → higher CFO: +296.0bn

Working Capital Efficiency

Cash conversion cycle improved by 0.5 days versus the same period last year. The main moves came from DIO rose 0.5 days, DSO fell 6.3 days, and DPO fell 5.4 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Inventory turnover is slowing

DIO increased by +0.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 37.0 days −6.3 days

Inventory 9.5 days +0.5 days

Payables 64.6 days −5.4 days

Cash Conversion Cycle -18.1 days −0.5 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.03x and interest coverage at 18.86x.

At present, short-term debt accounts for 15.2% of total debt, cash equals 78.7% of debt, and total debt stands at 2,401.8bn.

Leverage and liquidity trend

Net Debt / Equity 0.03x +0.16x

Interest Coverage 18.86x +2.09x

Cash / Debt 78.7% −112.8pp

Short-term Debt / Total Debt 15.2% −0.3pp

CFO / NI 1.34x +0.29x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,142.0bn in 2025, against investing cash flow of -3,384.1bn.

Post-investment cash flow was negative +1,242.1bn. Financing cash flow was negative +1,103.9bn.

CFO / net income was 1.34x.

After spending +1,714.4bn on fixed-asset investment, the business generated trailing free cash flow of +673.0bn.

Cash Conversion

CFO TTM 2,387.3bn +1,053.2bn

Cash Capex 1,714.4bn −7.9bn

FCF TTM +673.0bn +1,061.2bn

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 3.9 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 37.95% after expanding 3.9pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,956.0	4,832.0	3,845.8	3,898.2	3,205.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	5,956.0	4,832.0	3,845.8	3,898.2	3,205.9
Cost of Goods Sold	3,216.6	2,696.5	2,067.8	2,180.2	0.0
Gross Profit	2,739.5	2,135.5	1,778.0	1,718.1	1,144.9
Financial Income	228.5	426.1	1,941.0	23.9	39.8
Financial Expenses	118.7	150.3	154.7	165.7	-108.3
Interest Expense	112.6	139.5	135.0	130.8	-119.3
Share of Associates and Joint Ventures	1,157.7	829.3	274.2	399.1	242.4
Selling Expenses	482.0	247.2	109.5	142.2	-162.8
General and Administrative Expenses	610.5	574.8	551.9	524.4	-295.0
Operating Profit	2,914.4	2,418.6	3,177.0	1,308.9	860.9
Other Income	44.9	262.2	54.9	30.3	0.0
Other Expenses	438.5	582.2	84.5	30.6	0.0
Other Profit	-393.6	-320.0	-29.5	-0.4	-54.9
Profit Before Tax	2,520.8	2,098.6	3,147.5	1,308.5	806.1
Current Income Tax Expense	329.2	236.7	651.6	166.0	-84.6
Deferred Income Tax Expense	-110.9	-61.7	-38.1	-18.8	0.0
Net Income	2,302.5	1,923.6	2,533.9	1,161.3	721.4
Non-controlling Interest	546.9	468.1	283.4	167.4	116.7
Profit Attributable to Parent	1,755.6	1,455.5	2,250.6	993.9	604.8
Earnings per Share	3,839.00	4,276.00	7,207.00	3,034.00	1,846.00
Diluted EPS	3,839.00	4,276.00	7,207.00	3,034.00	2,006.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,206.2	6,673.6	3,380.2	2,618.7	1,690.5
I. Cash and cash equivalents	1,622.3	3,964.3	1,471.7	1,364.3	637.3
1. Cash	390.6	3,198.2	762.0	733.4	0.0
2. Cash equivalents	1,231.7	766.1	709.7	630.9	0.0
II. Short-term financial investments	2,738.6	1,021.2	358.9	82.2	0.0
1. Available for sale securities	—	34.3	45.7	45.7	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-25.4	-32.6	-27.8	0.0
3. Held to maturity investments	2,738.6	1,012.3	345.7	64.3	0.0
III. Short-term receivables	1,398.7	1,235.6	1,193.2	867.6	841.8
1. Short-term trade accounts receivable	673.8	598.5	584.7	541.8	0.0
2. Short-term prepayments to suppliers	196.8	280.5	91.9	137.9	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	60.9	30.9	298.0	24.6	0.0
6. Other short-term receivables	520.7	373.8	253.5	174.5	0.0
7. Provision for short-term doubtful debts (*)	-53.5	-48.1	-34.9	-11.2	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	92.5	83.4	68.2	82.5	68.9
1. Inventories	92.5	83.4	68.2	82.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	354.1	369.0	288.3	222.0	90.7
1. Short-term prepayments	49.4	20.3	7.9	12.7	0.0
2. Value added tax to be reclaimed	301.3	334.6	268.6	186.4	0.0
3. Taxes and other receivables from state authorities	3.4	14.1	11.7	22.9	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)	13,620.2	11,324.3	10,165.8	10,411.9	9,047.1
I. Long-term receivables	46.8	44.7	39.8	44.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	44.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	8.1	8.1	8.1	8.1	0.0
6. Other long-term receivables	38.7	36.6	31.7	36.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5,584.2	4,033.2	4,166.0	3,262.2	3,146.1
1. Tangible fixed assets	5,338.7	3,786.1	3,891.2	2,956.0	2,805.8
- Cost	8,164.6	6,272.0	6,234.8	5,691.4	0.0
- Accumulated depreciation	-2,825.8	-2,485.9	-2,343.6	-2,735.4	0.0
2. Financial leased fixed assets	—	0.0	16.4	44.6	78.6
- Cost	259.9	235.4	235.4	235.4	0.0
- Accumulated depreciation	-259.9	-235.4	-219.0	-190.8	0.0
3. Intangible fixed assets	245.4	247.1	258.4	261.6	261.7
- Cost	390.6	377.7	382.2	377.4	0.0
- Accumulated depreciation	-145.2	-130.6	-123.8	-115.8	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	1,269.9	1,718.1	1,759.3	2,790.2	1,746.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,269.9	1,718.1	1,759.3	2,790.2	0.0
V. Long-term financial investments	4,867.4	3,854.4	3,124.7	3,065.4	2,835.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4,828.1	3,805.2	3,085.0	3,025.9	0.0
3. Investments in other entities	41.9	41.9	41.9	41.0	0.0
4. Provision for diminution in value of long-term investments	-2.7	-2.7	-2.3	-1.6	0.0
5. Held to maturity investments	—	10.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,851.9	1,673.9	1,076.0	1,249.5	0.0
1. Long-term prepayments	1,361.4	1,296.5	732.4	911.8	0.0
2. Deferred income tax assets	357.2	246.4	185.0	151.3	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1,274.8
5. Goodwill	133.3	131.1	158.7	186.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	19,826.4	17,997.9	13,546.0	13,030.7	10,737.5
A. LIABILITIES (300=210+330)	4,908.1	4,225.9	3,813.7	5,082.9	3,692.1
I. Short -term liabilities	2,342.5	2,100.8	1,915.3	3,210.6	2,268.2
1. Short-term trade accounts payable	686.2	486.7	517.9	838.5	377.0
2. Short-term advances from customers	9.8	7.6	3.6	0.9	3.2
3. Taxes and other payables to state authorities	160.1	66.9	73.7	90.4	0.0
4. Payable to employees	220.5	191.9	139.9	103.8	0.0
5. Short-term acrrued expenses	375.3	230.2	318.2	194.4	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	7.8	1.2	8.5	1.0	1.3
9. Other short-term payables	330.9	481.6	306.8	1,271.0	0.0
10. Short-term borrowings and financial leases	307.5	422.0	445.4	543.4	860.5
11. Provision for short-term liabilities	139.4	148.3	52.0	103.8	0.0
12.. Bonus and welfare fund	105.0	64.3	49.4	63.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,565.6	2,125.2	1,898.3	1,872.3	1,423.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	253.0	264.1	275.3	290.6	276.2
7. Other long-term liabilities	231.0	115.7	104.7	95.6	0.0
8. Long-term borrowings and financial leases	2,081.6	1,745.3	1,518.4	1,486.2	1,061.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	14,918.3	13,771.9	9,732.4	7,947.8	7,045.5
I. Owner's equity	14,918.3	13,771.9	9,732.4	7,947.8	0.0
1. Owner's capital	4,265.0	4,139.8	3,059.0	3,013.8	7,045.5
- Common stock with voting right	4,264,951,090,000.00	4,139,826,090,000.00	3,058,985,570,000.00	3,013,779,570,000.00	3,013,779,570,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3,920.2	3,920.2	1,941.8	1,941.8	1,941.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	128.1	128.1	128.1	128.1	128.1
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	468.5	431.4	358.3	324.1	0.0
8. Investment and development fund	73.1	72.9	61.3	152.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	72.4	72.4	68.5	138.2	0.0
11. Undistributed earnings after tax	4,212.6	3,617.1	2,963.5	1,227.4	653.8
- Accumulated retained earning at the end of the previous period	2,457.0	2,161.7	712.9	233.5	49.0
- Undistributed earnings in this period	1,755.6	1,455.5	2,250.6	993.9	604.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,778.4	1,390.0	1,151.9	1,021.7	733.9
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)	19,826.4	17,997.9	13,546.0	13,030.7	10,737.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,520.8	2,098.6	3,147.5	1,308.5	806.1
Depreciation of Fixed Assets and Investment Property	415.2	405.5	396.4	393.2	379.4
Provision (Increase)/Reversal	-14.1	102.8	-22.1	-26.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-10.9	-4.7	-2.6	7.0	0.0
Gain/Loss from Investment Activities	-945.4	-823.4	-2,213.0	-412.4	0.0
Interest Expense	112.6	139.5	135.0	130.8	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2,078.2	1,918.3	1,441.2	1,400.7	1,198.6
Increase/(Decrease) in Receivables	344.8	151.7	383.5	-185.8	0.0
Increase/(Decrease) in Inventory	-9.1	-11.9	24.7	-13.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	278.1	-34.7	-1,073.2	1,393.0	0.0
Increase/(Decrease) in Prepaid Expenses	-94.0	-74.6	23.8	9.9	0.0
Changes in Trading Securities	20.1	11.4	0.0	0.0	0.0
Interest Paid	-116.3	-141.5	-139.7	-125.9	0.0
Corporate Income Tax Paid	-243.7	-242.0	-625.0	-147.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-116.0	-49.8	-38.2	-31.4	0.0
Net Cash Flow from Operating Activities	2,142.0	1,526.8	-2.9	2,299.2	1,005.2
Payments for Fixed Assets and Other Long-term Assets	-1,676.1	-1,479.9	-1,177.2	-1,365.7	-626.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.2	12.6	23.8	4.4	43.1
Loans and Purchases of Debt Instruments	-4,075.3	-1,381.3	-993.6	-85.8	-95.5
Receipts from Loan Repayments and Sale of Debt Instruments	2,329.0	946.2	436.6	38.5	103.6
Investments in Other Entities	-386.5	-132.1	-0.9	0.0	0.0
Proceeds from Investments in Other Entities	—	369.5	2,424.9	0.0	0.0
Dividends and Interest Income Received	420.6	289.3	201.7	173.8	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	-3,384.1	-1,375.7	915.4	-1,234.7	-396.9
Proceeds from Equity Issuance and Capital Contributions	125,125,000,000.00	3,059,191,384,000.00	45,206,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,365.7	744.0	740.3	1,562.5	1,524.3
Repayment of Borrowings	-1,280.1	-523.6	-777.6	-1,430.5	-1,446.5
Repayment of Finance Leases	-0.0	-24.9	-35.4	-41.4	-49.1
Dividends Paid	-1,314.6	-916.1	-780.4	-428.1	-426.2
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	-1,103.9	2,338.6	-807.9	-337.6	-397.5
Net Cash Flow During the Period	-2,346.0	2,489.7	104.6	726.9	213.8
Cash and Cash Equivalents at Beginning of Period	3,964.3	1,471.7	1,364.3	637.3	427.7
FX Difference from Revaluation	4.0	3.0	2.7	0.1	-1.2
Cash and Cash Equivalents at End of Period	1,622.3	3,964.3	1,471.7	1,364.3	637.3

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	1,452.4	1,614.4	1,560.5	1,497.0	1,276.9	1,411.8	1,264.1	1,181.1	1,005.5	1,033.8	997.9	912.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,452.4	1,614.4	1,560.5	1,497.0	1,276.9	1,411.8	1,264.1	1,181.1	1,005.5	1,033.8	997.9	912.2
Cost of Goods Sold	815.9	848.8	894.3	851.2	715.3	782.7	682.8	639.0	564.7	608.2	533.2	481.4
Gross Profit	636.5	765.6	666.2	645.8	561.6	629.0	581.3	542.1	440.9	425.7	464.7	430.7
Financial Income	60.1	86.2	49.5	62.2	29.2	29.3	4.6	28.1	353.8	24.2	32.9	1,863.5
Financial Expenses	42.3	-15.6	74.8	53.6	28.6	15.7	49.7	45.8	39.0	25.1	51.1	30.9
Interest Expense	40.9	34.4	23.8	22.4	27.4	32.9	34.4	36.3	35.8	37.8	41.6	23.0
Share of Associates and Joint Ventures	311.5	389.2	297.0	241.2	227.1	312.6	221.8	182.8	98.0	139.2	52.2	57.8
Selling Expenses	105.9	193.9	120.7	84.7	86.2	54.1	73.5	77.4	42.2	28.6	14.4	42.3
General and Administrative Expenses	143.7	160.7	198.4	120.6	125.4	216.2	108.5	124.0	107.3	247.4	87.5	112.3
Operating Profit	716.3	901.9	618.8	690.3	577.7	684.8	576.1	505.8	704.2	288.0	396.9	2,166.6
Other Income	3.3	18.1	15.9	4.6	5.9	123.9	5.6	7.6	4.5	23.3	7.6	14.6
Other Expenses	3.1	186.0	123.2	17.5	0.5	457.6	81.0	2.1	0.7	58.0	6.7	3.0
Other Profit	0.2	-167.9	-107.4	-12.9	5.4	-333.7	-75.4	5.5	3.8	-34.7	0.9	11.5
Profit Before Tax	716.4	734.0	511.5	677.4	583.1	351.1	500.7	511.3	708.0	253.3	397.8	2,178.1
Current Income Tax Expense	72.6	75.0	86.0	107.0	61.4	46.6	57.8	76.9	59.5	65.0	64.5	469.5
Deferred Income Tax Expense	-6.4	-1.0	-7.0	-11.1	-6.0	-51.1	-5.5	16.3	-7.6	-3.2	-5.1	-2.9
Net Income	650.2	660.0	432.4	581.5	527.7	355.5	448.4	418.0	656.0	191.5	338.5	1,711.5
Non-controlling Interest	116.0	146.5	117.2	158.9	124.7	120.9	113.3	114.9	96.6	76.7	84.3	65.3
Profit Attributable to Parent	534.2	513.4	315.2	422.6	403.0	234.6	335.0	303.2	559.4	114.8	254.1	1,646.2
Earnings per Share	1,152.00	1,110.00	690.00	1,817.00	884.00	551.00	994.00	882.00	1,770.00	347.00	738.00	5,404.00
Diluted EPS	1,152.00	1,110.00	690.00	1,817.00	884.00	4,285.00	994.00	882.00	1,770.00	347.00	738.00	5,404.00

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)	6,244.7	6,110.3	6,117.6	6,743.3	6,266.8	6,675.8	3,491.7	3,931.4	4,159.7	3,400.8	3,152.6	4,010.4
I. Cash and cash equivalents	1,889.7	1,618.3	2,205.3	3,753.8	3,675.6	3,964.3	1,166.6	1,831.4	1,979.3	1,474.1	1,014.0	1,758.4
1. Cash	411.0	403.6	1,174.0	2,308.0	2,320.7	3,198.2	423.7	633.2	740.5	761.9	448.6	315.3
2. Cash equivalents	1,478.8	1,214.7	1,031.2	1,445.7	1,355.0	766.1	742.9	1,198.2	1,238.8	712.2	565.4	1,443.1
II. Short-term financial investments	2,825.0	2,656.6	2,207.3	1,258.4	1,132.1	1,021.2	601.5	407.2	412.3	356.3	535.2	566.7
1. Available for sale securities	—	—	—	29.9	29.9	34.3	34.3	34.3	45.7	45.7	45.7	45.7
2. Provision for diminution in value of available for sale securities (*)	—	—	—	-24.3	-22.9	-25.4	-24.1	-14.2	-30.1	-32.6	-32.0	-30.7
3. Held to maturity investments	2,835.9	2,656.6	2,207.3	1,252.8	1,125.1	1,012.3	591.3	387.1	396.7	343.2	521.5	551.6
4. Provision for short-term investments held to maturity (*)	-10.9	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	1,238.5	1,395.7	1,303.0	1,366.1	1,129.4	1,235.2	1,310.0	1,283.3	1,395.1	1,211.7	1,245.7	1,333.6
1. Short-term trade accounts receivable	637.9	674.8	738.1	692.8	605.1	599.2	661.5	674.9	615.0	584.6	555.8	530.4
2. Short-term prepayments to suppliers	195.7	198.1	222.7	223.9	212.4	279.6	284.4	154.3	177.2	91.1	119.8	117.9
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	—	60.9	50.9	61.4	30.9	30.9	110.9	162.9	280.0	298.0	341.6	366.6
6. Other short-term receivables	447.5	510.2	339.6	436.2	329.1	373.3	296.7	326.4	357.8	254.9	239.5	329.6
7. Provision for short-term doubtful debts (*)	-42.6	-48.4	-48.3	-48.3	-48.2	-47.8	-43.6	-35.2	-34.9	-16.9	-11.0	-10.9
8. Assets awaiting resolution	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	102.2	86.5	85.1	92.5	75.0	83.4	72.3	63.3	64.2	68.2	66.0	64.1
1. Inventories	102.2	86.5	85.1	92.5	75.0	83.4	72.3	63.3	64.2	68.2	66.0	64.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	189.2	353.2	316.9	272.5	254.6	371.7	341.3	346.2	308.8	290.5	291.7	287.5
1. Short-term prepayments	49.5	49.0	27.6	22.6	25.7	21.2	18.6	12.8	13.8	7.9	14.1	15.9
2. Value added tax to be reclaimed	133.2	301.4	287.5	247.6	214.4	335.0	311.4	321.2	274.9	272.9	263.9	258.1
3. Taxes and other receivables from state authorities	6.5	2.9	1.8	2.3	14.6	15.4	11.3	12.2	20.1	9.6	13.7	13.5
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)	13,936.9	13,667.1	13,204.8	12,440.7	11,822.5	11,309.8	10,874.7	10,899.8	10,178.3	10,141.3	10,092.5	9,999.7
I. Long-term receivables	38.8	46.1	45.8	46.8	45.7	44.7	45.0	44.9	34.9	39.8	44.8	44.6
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	—	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1
6. Other long-term receivables	38.8	38.0	37.7	38.7	37.6	36.6	36.9	36.8	26.8	31.7	36.7	36.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5,706.1	5,629.5	3,977.9	4,025.2	4,067.7	4,033.2	4,062.9	4,145.5	4,113.7	4,169.0	4,025.7	3,856.5
1. Tangible fixed assets	5,461.5	5,384.1	3,730.4	3,777.5	3,822.6	3,786.1	3,824.5	3,895.4	3,859.5	3,894.2	3,740.8	3,572.6
- Cost	8,404.7	—	—	—	—	6,270.9	6,222.6	6,220.9	6,099.3	6,239.9	6,049.5	5,788.8
- Accumulated depreciation	-2,943.2	—	—	—	—	-2,484.9	-2,398.1	-2,325.6	-2,239.8	-2,345.7	-2,308.7	-2,216.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	2.5	9.5	16.4	23.4	30.3
- Cost	259.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-259.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	244.6	245.4	247.4	247.7	245.0	247.1	238.4	247.6	244.8	258.4	261.6	253.6
- Cost	393.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-148.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,172.6	1,240.7	2,784.0	2,352.8	1,905.8	1,716.9	1,624.4	1,871.0	1,753.0	1,759.3	1,901.6	2,024.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,172.6	1,240.7	2,784.0	2,352.8	1,905.8	1,716.9	1,624.4	1,871.0	1,753.0	1,759.3	1,901.6	2,024.3
V. Long-term financial investments	5,179.1	4,936.6	4,741.8	4,358.0	4,145.1	3,840.7	3,511.2	3,279.2	3,205.7	3,122.2	3,056.4	3,003.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	5,131.8	4,827.4	4,702.3	4,318.7	4,095.9	3,791.5	3,461.8	3,239.6	3,166.0	3,082.5	3,017.3	2,964.1
3. Investments in other entities	41.9	41.9	41.9	41.9	41.9	41.9	41.9	41.9	41.9	41.9	41.0	41.0
4. Provision for diminution in value of long-term investments	-2.7	-2.7	-2.3	-2.7	-2.7	-2.7	-2.5	-2.3	-2.3	-2.3	-1.9	-1.7
5. Held to maturity investments	8.1	70.0	—	—	10.0	10.0	10.0	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	1,840.2	1,814.2	1,655.3	1,657.9	1,658.3	1,674.4	1,631.2	1,559.2	919.2	892.4	898.3	898.3
1. Long-term prepayments	1,350.9	1,365.4	1,252.2	1,277.2	1,281.7	1,296.6	1,297.6	1,238.4	727.0	732.4	741.5	746.4
2. Deferred income tax assets	363.6	293.7	292.7	263.4	252.3	246.6	195.6	175.9	192.2	160.0	156.8	151.8
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	125.6	155.1	110.4	117.3	124.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	131.1	138.0	144.9	151.8	158.7	165.6	172.5
TOTAL ASSETS (280=100+200)	20,181.5	19,777.4	19,322.4	19,184.0	18,089.3	17,985.6	14,366.4	14,831.2	14,338.0	13,542.1	13,245.1	14,010.0
A. LIABILITIES (300=210+330)	4,612.6	4,917.4	5,134.1	5,425.1	3,988.1	4,232.2	3,838.2	4,036.6	3,947.2	3,835.6	3,692.4	4,159.4
I. Short -term liabilities	2,095.9	2,350.3	2,570.7	3,289.2	1,988.1	2,107.1	1,942.3	2,041.6	1,941.5	1,936.5	1,805.1	2,137.7
1. Short-term trade accounts payable	666.5	565.6	700.2	620.8	540.2	461.7	533.2	597.5	540.7	508.1	476.0	555.4
2. Short-term advances from customers	13.5	9.9	7.1	8.2	6.3	7.6	14.7	9.1	6.5	4.9	2.9	1.3
3. Dividends and profits payable	3.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	79.9	159.9	158.7	157.3	58.6	69.9	87.7	88.5	66.1	76.5	99.1	524.8
4. Payable to employees	99.4	219.7	136.6	117.0	107.5	189.1	165.1	120.6	93.8	143.1	115.3	102.9
5. Short-term acrrued expenses	317.9	355.6	628.7	470.4	306.6	339.3	352.6	427.4	352.2	316.6	235.1	222.4
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	8.3	7.8	3.7	0.9	1.2	1.2	2.5	1.5	7.8	8.5	0.2	0.0
9. Other short-term payables	359.8	480.3	356.6	1,199.3	476.3	382.1	284.5	285.9	323.1	331.3	364.4	251.2
10. Short-term borrowings and financial leases	365.7	307.5	310.9	426.0	299.0	422.0	410.2	401.4	457.2	445.7	379.1	353.2
11. Provision for short-term liabilities	139.4	139.4	152.1	152.1	148.3	169.9	20.2	32.8	48.4	52.0	81.7	92.0
12.. Bonus and welfare fund	42.0	104.7	116.1	137.2	44.0	64.3	71.7	76.8	45.6	49.8	51.3	34.3
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	2,516.8	2,567.1	2,563.4	2,135.8	2,000.0	2,125.2	1,895.9	1,995.1	2,005.7	1,899.1	1,887.2	2,021.8
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	250.2	254.4	257.2	259.4	261.3	264.1	266.9	269.7	272.5	276.5	280.3	278.2
7. Other long-term liabilities	230.5	231.0	229.7	122.1	118.1	115.7	110.3	112.2	108.3	104.5	103.1	98.7
8. Long-term borrowings and financial leases	2,036.1	2,081.6	2,076.5	1,754.3	1,620.6	1,745.3	1,518.6	1,613.2	1,625.0	1,518.1	1,503.9	1,644.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	15,568.9	14,860.0	14,188.3	13,758.9	14,101.2	13,753.4	10,528.2	10,794.5	10,390.8	9,706.5	9,552.7	9,850.6
I. Owner's equity	15,568.9	14,860.0	14,188.3	13,758.9	14,101.2	13,753.4	10,528.2	10,794.5	10,390.8	9,706.5	9,552.7	9,850.6
1. Owner's capital	4,265.0	4,265.0	4,201.9	4,201.9	4,201.9	4,139.8	3,104.9	3,104.9	3,059.0	3,059.0	3,059.0	3,013.8
- Common stock with voting right	4,264,951,090,000.00	4,264,951,090,000.00	4,201,923,090,000.00	4,201,923,090,000.00	4,201,923,090,000.00	4,139,826,090,000.00	3,104,869,570,000.00	3,104,869,570,000.00	3,058,985,570,000.00	3,058,985,570,000.00	3,058,985,570,000.00	3,013,779,570,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3,920.2	3,920.2	3,920.2	3,920.2	3,920.2	3,920.2	1,941.8	1,941.8	1,941.8	1,941.8	1,941.8	1,941.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	128.1	128.1	128.1	128.1	128.1	128.1	128.1	128.1	128.1	128.1	128.1	128.1
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	477.8	468.4	481.8	466.2	436.6	431.4	375.3	434.5	390.9	360.8	369.3	323.7
8. Investment and development fund	73.1	73.1	73.1	73.1	72.9	72.9	72.9	72.9	72.7	61.3	77.2	77.2
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	72.4	72.4	72.4	72.4	72.4	72.4	72.4	72.4	72.4	68.5	68.5	68.5
11. Undistributed earnings after tax	4,746.8	4,157.9	3,654.5	3,327.5	3,842.2	3,621.1	3,386.7	3,709.5	3,472.4	2,938.2	2,786.6	3,220.8
- Accumulated retained earning at the end of the previous period	4,212.6	2,481.0	2,491.0	2,501.9	3,439.3	2,161.7	2,161.9	2,846.9	2,913.0	716.6	679.9	1,372.4
- Undistributed earnings in this period	534.2	1,676.9	1,163.4	825.6	403.0	1,459.4	1,224.8	862.6	559.4	2,221.6	2,106.7	1,848.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,885.6	1,775.0	1,656.4	1,569.5	1,426.8	1,367.5	1,446.1	1,330.5	1,253.5	1,148.9	1,122.2	1,076.7
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)	20,181.5	19,777.4	19,322.4	19,184.0	18,089.3	17,985.6	14,366.4	14,831.2	14,338.0	13,542.1	13,245.1	14,010.0

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
Profit Before Tax	716.4	748.8	511.5	677.5	583.1	351.1	500.7	519.8	708.0	257.2	397.8	2,184.2
Depreciation of Fixed Assets and Investment Property	126.3	123.1	97.8	97.7	96.7	98.5	99.9	103.5	103.7	101.9	99.9	87.0
Provision (Increase)/Reversal	0.0	7.6	-24.6	5.3	-2.4	155.4	5.9	-31.2	-6.0	-4.3	-9.2	-7.3
FX Gain/Loss from Revaluation of Monetary Items	1.2	-5.2	-3.0	-3.3	0.7	-4.7	1.8	-2.9	2.1	-36.4	35.7	6.2
Gain/Loss from Investment Activities	-371.1	-294.5	-217.2	-180.5	-253.2	-35.5	-181.9	-133.4	-450.6	-179.8	-81.6	-1,919.9
Interest Expense	40.9	39.0	23.8	22.4	27.4	32.9	34.4	36.3	35.8	37.8	41.6	19.0
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	513.8	618.9	388.2	618.9	452.2	597.9	460.7	492.0	393.0	176.3	484.3	369.3
Increase/(Decrease) in Receivables	69.7	224.4	-17.6	319.9	-181.9	292.3	109.3	-201.6	61.1	120.1	-58.9	93.4
Increase/(Decrease) in Inventory	-9.7	-7.3	10.4	-20.6	8.5	-11.1	-8.8	0.7	7.3	-2.2	-1.8	25.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.2	-29.0	228.0	71.8	7.3	-68.2	1.2	-88.8	107.3	-920.5	-50.4	71.4
Increase/(Decrease) in Prepaid Expenses	10.4	-131.0	19.1	8.5	9.4	-1.6	-65.7	-8.6	0.2	13.6	4.9	15.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	11.4	0.0	0.0	0.0	0.0
Interest Paid	-40.7	-39.8	-23.6	-24.1	-28.9	-32.9	-36.8	-35.7	-36.2	-38.5	-42.0	-20.0
Corporate Income Tax Paid	-132.4	-78.0	-83.0	-21.7	-61.0	-69.4	-56.6	-46.0	-70.0	-64.2	-490.1	-20.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-43.2	-10.6	-33.1	-10.1	-62.2	-9.2	-5.1	-33.1	-2.4	6.4	-13.4	-4.6
Net Cash Flow from Operating Activities	392.9	533.4	518.4	942.7	147.6	697.8	398.3	90.4	460.3	-708.8	-167.4	529.8
Payments for Fixed Assets and Other Long-term Assets	-258.3	-304.0	-729.6	-422.4	-220.1	-630.0	-166.2	-706.1	-96.3	-157.8	-5.1	-466.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	3.0	0.4	0.1	0.7	3.7	4.6	3.5	0.3	18.4	0.8	3.4
Loans and Purchases of Debt Instruments	-1,890.2	-1,574.8	-1,273.5	-712.0	-515.0	-421.0	-571.0	-43.9	-345.4	-53.8	-35.3	-859.5
Receipts from Loan Repayments and Sale of Debt Instruments	1,853.8	973.5	394.5	556.0	405.0	73.2	408.5	190.6	273.9	273.2	90.4	10.0
Investments in Other Entities	—	—	—	—	—	-132.1	0.0	0.0	0.0	-0.9	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	107.3	262.2	1,011.5	0.0	1,413.5
Dividends and Interest Income Received	162.9	71.4	149.6	49.2	150.4	15.8	29.5	218.6	25.4	30.9	142.6	8.8
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	-131.7	-960.1	-1,404.7	-767.8	-251.6	-1,090.5	-294.6	-230.0	120.3	1,121.5	193.3	109.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	3,013,307,384,000.00	0.00	45,884,000,000.00	0.00	0.00	45,206,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	135.1	356.4	382.5	400.1	226.6	376.1	55.8	82.5	229.7	220.6	34.7	277.9
Repayment of Borrowings	-122.5	-490.9	-175.1	-144.1	-470.1	-143.3	-129.5	17.4	-268.2	-131.1	-149.6	-193.2
Repayment of Finance Leases	—	0.0	0.0	-0.0	-0.0	-0.2	-6.4	-9.4	-9.0	-8.5	-8.6	-9.3
Dividends Paid	-7.3	-86.6	-865.5	-358.6	-3.9	-59.5	-687.1	-144.0	-26.7	-37.0	-693.7	-31.5
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	5.3	-158.0	-658.1	-102.6	-185.3	3,186.4	-767.2	-7.5	-74.3	44.1	-772.1	43.9
Net Cash Flow During the Period	266.5	-584.7	-1,544.4	72.3	-289.3	2,793.8	-663.5	-147.1	506.3	456.7	-746.2	683.4
Cash and Cash Equivalents at Beginning of Period	1,622.3	2,205.3	3,748.8	3,675.6	3,964.3	1,471.7	1,471.7	1,471.7	1,471.7	1,364.3	1,364.3	1,364.3
FX Difference from Revaluation	0.9	4.0	2.3	1.4	0.6	3.9	-1.0	-1.1	1.3	0.9	1.7	-0.2
Cash and Cash Equivalents at End of Period	1,889.7	1,622.3	2,205.3	3,748.8	3,675.6	3,964.3	1,166.6	1,831.0	1,979.3	1,471.7	1,014.0	1,758.4

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GMD

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