HVN

Tổng Công ty Hàng không Việt Nam - CTCP ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.86x

Price

21,300

Latest close

05 Jun 2026

P/E 6.87x

P/B 5.90x

EPS 3,101

BVPS 3,610

ROE 307.0%

ROA 11.9%

Profit Margin 6.5%

Asset Turnover 1.84x

Equity Mult. 25.83x

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

What Is Changing

On a TTM 2026Q1 basis, HVN is improving on both growth and profitability, painting a notably more positive picture versus the same period. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 127,513bn
	                                
+17.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8,709bn
	                                
+36.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	121,206.9	105,942.0	91,539.9	70,410.2	27,911.3
Growth	+14%	+16%	+30%	+152%	—
Net Income	7,607.3	7,957.6	-5,631.7	-11,223.0	-13,337.6
Net Margin	6.28%	7.51%	-6.15%	-15.94%	-47.79%

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	36,882.8	32,291.2	30,371.0	27,968.5	30,551.0	26,625.0	26,600.1	24,630.0	27,964.2	23,830.8	23,569.1	20,564.5
Growth	+14%	+6%	+9%	-8%	+15%	+0%	+8%	-12%	+17%	+1%	+15%	—
Net Income	4,514.5	539.6	732.2	2,922.9	3,486.0	1,003.7	862.1	1,034.7	4,441.1	-1,982.3	-2,203.2	-1,294.7
Net Margin	12.24%	1.67%	2.41%	10.45%	11.41%	3.77%	3.24%	4.20%	15.88%	-8.32%	-9.35%	-6.30%

Drivers of HVN's profit

TTM

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

Gross profit ↑ 3,034.4bn

Finance costs ↓ 1,712.7bn

Associates income ↑ 844.9bn

Selling expenses ↑ 1,465.4bn

Other profit ↓ 1,192.0bn

Administrative expenses ↑ 519.7bn

TTM

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

Gross profit ↑ 1,039.6bn

Finance costs ↓ 225.5bn

Other profit ↑ 109.2bn

Selling expenses ↑ 302.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -69.4% = 5.9% × 1.87 × -6.31

2026Q1 323.9% = 6.8% × 1.84 × 25.83

ROE rose from -69.4% to 323.9% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 6.8% +0.9pp Asset turnover: 1.84x -0.03x Leverage: 25.83x +32.14x

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 edged up to 6.83%, rising 0.9pp. Core operating signals are improving as Gross margin rose 0.2pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Net financial result / Revenue rose 1.8pp added support while Other profit / Revenue fell 1.2pp remained a drag).

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 6.83% +0.9pp

Gross Margin 15.01% +0.2pp

SG&A / Revenue 7.26% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 8.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 77.98%, rising 20.2pp. That translates to 77.98 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover fell 0.80x; while invested capital expanded strongly by 2,179bn.

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

CAPITAL EFFICIENCY TREND

ROIC 77.98% +20.2pp

NOPAT Margin 6.55% +2.0pp

Capital Turnover 11.90x −0.80x

Average Invested Capital 10,714.5bn +2,179.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 9.87x equity, net debt at 0.22x equity.

Over the last 12 months, working capital released 2,681.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −4,619.8bn

Inventories increased → lower CFO: −1,147.6bn

Payables increased → higher CFO: +8,449.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.4 days versus the same period last year. The main moves came from DIO fell 1.6 days, DSO fell 0.2 days, and DPO fell 10.2 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +8.4 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 16.6 days −0.2 days

Inventory 12.3 days −1.6 days

Payables 103.4 days −10.2 days

Cash Conversion Cycle -74.5 days +8.4 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.22x and interest coverage at 2.58x.

At present, short-term debt accounts for 74.2% of total debt, cash equals 80.1% of debt, and total debt stands at 12,426.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 74.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.22x +2.54x

Interest Coverage 2.58x +1.55x

Cash / Debt 80.1% +49.2pp

Short-term Debt / Total Debt 74.2% +3.0pp

CFO / NI 1.86x +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 12,277.5bn in 2025, against investing cash flow of -8,185.0bn.

Post-investment cash flow was positive +4,092.5bn. Financing cash flow was positive +1,175.2bn.

CFO / net income was 1.86x.

After spending +3,750.4bn on fixed-asset investment, the business generated trailing free cash flow of +11,590.1bn.

Cash Conversion

CFO TTM 15,340.6bn +6,011.5bn

Cash Capex 3,750.4bn +3,428.4bn

FCF TTM +11,590.1bn +2,583.1bn

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 earnings conversion is confirmed, with CFO/NI at 1.86x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.86x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	121,412.2	106,911.8	92,231.2	70,792.8	28,093.5
Revenue Deductions	205.3	969.8	691.3	382.6	0.0
Net Revenue	121,206.9	105,942.0	91,539.9	70,410.2	27,911.3
Cost of Goods Sold	103,310.1	92,039.6	87,654.4	73,286.2	0.0
Gross Profit	17,896.7	13,902.4	3,885.4	-2,876.0	-10,491.3
Financial Income	1,515.2	1,266.1	926.3	980.4	1,556.6
Financial Expenses	3,581.1	4,951.2	4,405.0	4,432.4	-1,580.5
Interest Expense	838.1	1,281.7	1,554.9	1,164.6	-807.0
Share of Associates and Joint Ventures	841.7	70.3	88.2	74.1	-208.0
Selling Expenses	6,067.3	4,898.3	4,376.7	3,195.0	-1,238.1
General and Administrative Expenses	2,691.4	2,190.7	2,096.1	1,769.3	-1,653.5
Operating Profit	7,913.9	3,198.5	-5,977.7	-11,218.3	-13,614.8
Other Income	293.9	5,498.2	710.2	310.7	0.0
Other Expenses	39.6	281.1	95.0	37.9	0.0
Other Profit	254.3	5,217.1	615.1	272.8	591.1
Profit Before Tax	8,168.2	8,415.6	-5,362.6	-10,945.5	-13,023.8
Current Income Tax Expense	532.7	390.5	273.4	302.0	-313.8
Deferred Income Tax Expense	28.2	67.6	-4.3	-24.5	0.0
Net Income	7,607.3	7,957.6	-5,631.7	-11,223.0	-13,337.6
Non-controlling Interest	402.9	393.5	298.6	75.1	-371.9
Profit Attributable to Parent	7,204.4	7,564.1	-5,930.3	-11,298.2	-12,965.7
Earnings per Share	2,949.00	3,416.00	-2,678.00	-5,102.00	-6,479.00
Diluted EPS	2,315.41	3,415.87	-2,678.07	-5,102.14	-5,855.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	32,050.6	17,337.7	14,884.3	12,330.0	11,425.4
I. Cash and cash equivalents	9,895.8	4,626.7	2,551.0	2,490.3	1,713.8
1. Cash	2,909.6	2,861.9	1,964.2	2,344.5	0.0
2. Cash equivalents	6,986.1	1,764.8	586.8	145.8	0.0
II. Short-term financial investments	8,058.9	1,015.2	920.4	896.6	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	8,058.9	1,015.2	920.4	896.6	0.0
III. Short-term receivables	9,427.4	7,322.3	6,121.7	4,897.5	4,038.2
1. Short-term trade accounts receivable	5,421.7	4,656.8	4,474.7	3,983.0	0.0
2. Short-term prepayments to suppliers	1,382.7	536.1	220.1	238.0	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	2,867.8	2,453.7	1,758.0	884.1	0.0
7. Provision for short-term doubtful debts (*)	-244.8	-324.3	-331.1	-207.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3,795.5	3,369.4	3,430.7	2,875.3	2,281.1
1. Inventories	4,068.3	3,619.3	3,659.3	3,077.1	0.0
2. Provision for decline in value of inventories	-272.7	-249.8	-228.6	-201.8	0.0
V. Other short-term assets	873.0	1,004.0	1,860.4	1,170.2	1,162.8
1. Short-term prepayments	627.7	631.4	605.3	416.9	0.0
2. Value added tax to be reclaimed	232.6	371.7	1,247.8	744.6	0.0
3. Taxes and other receivables from state authorities	12.6	0.9	7.2	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)	41,124.3	40,848.9	42,832.6	48,306.2	51,680.3
I. Long-term receivables	2,352.4	1,867.9	1,632.2	1,606.7	0.0
1. Long-term trade receivables	1.7	1.9	2.0	2.1	1,103.0
2. Long-term prepayments to suppliers	650.6	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	1,700.7	1,870.6	1,632.4	1,606.7	0.0
7. Provision for long-term doubtful debts	-0.6	-4.6	-2.2	-2.1	0.0
II. Fixed assets	25,164.4	29,591.0	34,358.6	40,672.0	43,245.0
1. Tangible fixed assets	12,114.1	12,887.5	13,706.4	16,032.9	16,341.0
- Cost	53,666.1	46,821.9	43,453.0	40,410.3	0.0
- Accumulated depreciation	-41,552.0	-33,934.5	-29,746.6	-24,377.4	0.0
2. Financial leased fixed assets	12,827.1	16,464.2	20,503.8	24,464.7	26,721.7
- Cost	26,353.6	33,114.6	39,060.6	42,585.2	0.0
- Accumulated depreciation	-13,526.5	-16,650.4	-18,556.9	-18,120.5	0.0
3. Intangible fixed assets	223.2	239.3	148.4	174.5	182.3
- Cost	994.8	958.8	826.8	806.0	0.0
- Accumulated depreciation	-771.6	-719.5	-678.4	-631.5	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	254.2	109.2	132.7	94.0	146.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	254.2	109.2	132.7	94.0	0.0
V. Long-term financial investments	2,705.1	1,795.3	1,672.5	1,751.1	1,632.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,303.1	1,421.4	1,298.6	1,183.0	0.0
3. Investments in other entities	463.9	463.9	463.9	649.0	0.0
4. Provision for diminution in value of long-term investments	-90.0	-90.0	-90.0	-90.0	0.0
5. Held to maturity investments	28.1	0.0	0.0	9.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	10,648.3	7,485.6	5,036.7	4,182.4	0.0
1. Long-term prepayments	10,263.0	7,229.3	4,845.0	3,981.5	0.0
2. Deferred income tax assets	4.5	1.5	1.3	1.0	0.0
3. Long-term equipment, supplies, spare parts	380.9	254.8	190.5	199.9	0.0
4. Other long-term assets	—	0.0	0.0	0.0	5,554.2
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)	73,174.9	58,186.6	57,716.9	60,636.2	63,105.7
A. LIABILITIES (300=210+330)	66,445.2	67,530.9	74,742.9	71,691.8	62,598.7
I. Short -term liabilities	56,433.4	57,159.2	61,171.3	51,800.1	41,259.2
1. Short-term trade accounts payable	33,937.3	30,504.3	30,797.3	28,174.8	19,125.4
2. Short-term advances from customers	323.0	216.6	211.3	171.3	323.3
3. Taxes and other payables to state authorities	765.3	365.7	321.4	310.0	0.0
4. Payable to employees	2,109.4	1,764.5	1,214.0	989.9	0.0
5. Short-term acrrued expenses	6,575.5	7,038.0	7,869.9	5,367.3	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	1,789.0	1,666.1	1,215.9	730.3	405.4
9. Other short-term payables	877.8	684.7	1,300.5	1,890.7	0.0
10. Short-term borrowings and financial leases	9,378.7	14,311.2	17,561.8	13,400.1	14,374.9
11. Provision for short-term liabilities	17.2	9.2	8.7	9.1	0.0
12.. Bonus and welfare fund	660.2	598.9	670.5	756.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	10,011.8	10,371.6	13,571.6	19,891.7	21,339.5
1. Long-term trade payables	—	268.7	763.2	2,440.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	1,546.1	2,326.1	1,528.3	1,142.5	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	6.5	3.1	1.4	2.2	2.1
7. Other long-term liabilities	1,154.1	1,377.5	1,315.6	1,278.0	0.0
8. Long-term borrowings and financial leases	3,725.1	6,171.6	9,806.3	14,868.1	20,424.8
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	255.7	224.6	156.8	160.8	0.0
12. Provision for long-term liabilities	3,324.3	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)	6,729.7	-9,344.2	-17,025.9	-11,055.6	507.0
I. Owner's equity	6,729.7	-9,344.2	-17,025.9	-11,055.6	0.0
1. Owner's capital	31,115.0	22,143.9	22,143.9	22,143.9	507.0
- Common stock with voting right	31,114,982,110,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,220.1	1,220.5	1,220.5	1,220.5	1,220.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	241.4	241.4	241.4	241.4	241.4
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-1,153.0	-1,153.0	-1,153.0	-1,153.0	0.0
7. Foreign exchange differences	258.2	209.5	154.3	122.4	0.0
8. Investment and development fund	933.1	933.1	933.1	932.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.0	2.0	2.0	2.0	0.0
11. Undistributed earnings after tax	-26,685.8	-33,614.2	-41,057.4	-35,072.2	-21,978.6
- Accumulated retained earning at the end of the previous period	-33,889.0	-41,181.9	-35,134.0	-22,022.7	-9,009.9
- Undistributed earnings in this period	7,203.2	7,567.7	-5,923.4	-13,049.6	-12,968.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	798.8	672.5	489.3	507.3	-982.2
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)	73,174.9	58,186.6	57,716.9	60,636.2	63,105.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	8,168.2	8,415.6	-5,362.6	-10,945.5	-13,023.8
Depreciation of Fixed Assets and Investment Property	4,845.7	5,094.5	5,986.1	3,536.5	2,048.7
Provision (Increase)/Reversal	3,271.8	17.3	149.9	-58.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	306.2	589.2	514.4	821.1	0.0
Gain/Loss from Investment Activities	-1,272.4	-864.4	-467.6	-371.3	0.0
Interest Expense	838.1	1,281.7	1,554.9	1,164.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16,157.6	14,534.0	2,375.0	-5,853.4	-11,023.5
Increase/(Decrease) in Receivables	-2,515.5	-310.6	-1,729.0	-2,017.3	0.0
Increase/(Decrease) in Inventory	-575.1	-23.5	-572.8	-595.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3,719.4	-601.1	3,901.1	15,710.0	0.0
Increase/(Decrease) in Prepaid Expenses	-3,030.0	-2,411.2	-1,002.6	1,297.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-825.9	-1,238.3	-1,568.1	-1,057.6	0.0
Corporate Income Tax Paid	-416.4	-325.2	-231.4	-273.6	0.0
Other Operating Receipts	1.5	0.0	0.0	0.0	0.0
Other Operating Payments	-238.0	-183.5	-168.5	-316.0	0.0
Net Cash Flow from Operating Activities	12,277.5	9,440.6	1,003.7	6,893.8	-6,738.9
Payments for Fixed Assets and Other Long-term Assets	-1,576.9	-320.4	-317.9	-952.4	-489.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.1	568.2	642.0	89.3	92.7
Loans and Purchases of Debt Instruments	-9,287.9	-1,586.3	-1,260.8	-1,744.5	-2,318.2
Receipts from Loan Repayments and Sale of Debt Instruments	2,216.7	1,491.5	1,246.2	3,075.2	618.9
Investments in Other Entities	—	0.0	0.0	-8.1	0.0
Proceeds from Investments in Other Entities	—	0.0	192.0	774.5	0.0
Dividends and Interest Income Received	456.0	96.9	165.7	221.8	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	-8,185.0	250.0	667.1	1,455.7	-1,944.6
Proceeds from Equity Issuance and Capital Contributions	8,970,601,518,127.00	0.00	0.00	0.00	7,960,679,170,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	24,588.0	33,285.6	38,150.4	33,708.1	22,581.3
Repayment of Borrowings	-29,214.2	-36,710.5	-36,529.8	-37,749.5	-18,938.1
Repayment of Finance Leases	-2,918.8	-3,963.9	-2,928.3	-3,153.7	-2,580.5
Dividends Paid	-250.4	-220.2	-305.5	-408.9	-277.6
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	1,175.2	-7,609.0	-1,613.2	-7,604.0	8,745.7
Net Cash Flow During the Period	5,267.7	2,081.5	57.6	745.6	-4,595.8
Cash and Cash Equivalents at Beginning of Period	4,626.7	2,551.0	2,490.3	1,713.8	1,653.7
FX Difference from Revaluation	1.3	-5.9	3.1	30.9	-2.1
Cash and Cash Equivalents at End of Period	9,895.8	4,626.7	2,551.0	2,490.3	1,713.8

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	36,946.5	32,342.3	30,444.9	28,058.4	30,626.6	26,829.5	26,830.1	24,858.7	28,268.1	24,058.6	23,752.9	20,696.2
Revenue Deductions	63.8	51.1	73.8	89.8	75.6	204.5	230.0	228.8	303.9	227.8	183.9	131.7
Net Revenue	36,882.8	32,291.2	30,371.0	27,968.5	30,551.0	26,625.0	26,600.1	24,630.0	27,964.2	23,830.8	23,569.1	20,564.5
Cost of Goods Sold	29,572.2	29,214.2	26,566.5	23,020.1	24,279.9	22,247.7	23,855.6	21,916.7	23,879.2	24,020.1	22,329.2	19,635.2
Gross Profit	7,310.6	3,076.9	3,804.5	4,948.5	6,271.0	4,377.3	2,744.5	2,713.3	4,085.0	-189.4	1,239.9	929.4
Financial Income	453.2	517.0	321.9	301.9	480.2	367.8	563.2	191.5	137.7	286.6	176.5	92.6
Financial Expenses	845.3	1,038.3	888.1	679.4	1,070.9	1,851.7	811.9	1,429.4	1,470.4	747.6	1,894.8	723.1
Interest Expense	205.6	162.5	209.3	215.3	251.1	246.5	272.7	409.9	352.7	380.7	397.1	391.0
Share of Associates and Joint Ventures	64.5	768.7	42.6	16.2	31.8	-95.8	26.5	84.6	55.2	10.9	32.2	29.1
Selling Expenses	1,898.5	1,818.6	1,775.1	1,043.3	1,596.4	1,522.6	1,062.5	888.5	1,389.6	991.5	1,370.7	959.4
General and Administrative Expenses	552.6	933.3	682.2	550.6	529.9	725.1	514.8	429.0	517.5	573.5	542.8	496.7
Operating Profit	4,532.0	572.4	823.7	2,993.3	3,585.8	549.9	945.0	242.4	900.4	-2,204.4	-2,359.6	-1,128.1
Other Income	156.7	131.3	46.0	74.5	44.7	73.5	46.6	1,684.5	3,634.7	362.0	232.7	37.0
Other Expenses	8.5	8.6	4.0	9.6	5.7	-523.3	16.5	780.7	6.8	77.3	4.6	126.7
Other Profit	148.2	122.7	41.9	64.9	39.0	596.9	30.1	903.8	3,627.9	284.7	228.1	-89.7
Profit Before Tax	4,680.2	695.1	865.6	3,058.1	3,624.8	1,146.7	975.1	1,146.2	4,528.3	-1,919.8	-2,131.5	-1,217.7
Current Income Tax Expense	165.7	127.8	133.6	134.6	138.7	93.4	114.2	91.1	88.6	64.5	69.3	81.1
Deferred Income Tax Expense	-0.1	27.8	-0.2	0.6	0.0	49.6	-1.3	20.4	-1.4	-2.0	2.5	-4.2
Net Income	4,514.5	539.6	732.2	2,922.9	3,486.0	1,003.7	862.1	1,034.7	4,441.1	-1,982.3	-2,203.2	-1,294.7
Non-controlling Interest	126.5	111.6	115.0	100.4	85.1	0.0	94.2	100.9	106.7	82.3	74.0	67.7
Profit Attributable to Parent	4,388.0	428.0	617.2	2,822.5	3,400.9	1,003.7	767.9	933.8	4,334.4	-2,064.6	-2,277.2	-1,362.4
Earnings per Share	1,410.00	138.00	278.00	1,275.00	1,536.00	416.00	347.00	422.00	1,957.00	-932.00	-1,028.00	-615.00
Diluted EPS	1,410.26	137.56	198.36	1,274.63	1,535.83	453.25	346.76	421.70	1,957.40	-932.34	-1,028.37	-615.23

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)	35,730.7	32,340.5	32,683.9	21,948.8	19,408.2	17,462.3	16,372.8	16,330.0	14,716.4	14,811.9	15,410.6	13,281.5
I. Cash and cash equivalents	9,949.8	9,885.0	16,303.9	6,835.5	6,049.4	4,650.9	3,533.1	2,652.0	2,494.2	2,554.5	2,959.2	2,946.9
1. Cash	3,254.1	2,900.6	11,618.0	2,401.4	2,420.2	2,855.4	2,741.7	1,702.4	1,890.1	1,967.7	2,566.8	2,478.1
2. Cash equivalents	6,695.7	6,984.4	4,686.0	4,434.1	3,629.2	1,795.5	791.5	949.7	604.1	586.8	392.4	468.8
II. Short-term financial investments	10,268.2	8,065.5	1,864.7	1,391.9	982.1	984.5	810.5	756.1	875.8	920.4	898.7	908.3
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	10,268.2	8,065.5	1,864.7	1,391.9	982.1	984.5	810.5	756.1	875.8	920.4	898.7	908.3
III. Short-term receivables	10,601.8	9,837.2	10,590.7	9,325.3	8,467.8	7,455.1	7,015.1	7,646.3	6,007.1	6,053.2	5,832.9	4,755.1
1. Short-term trade accounts receivable	6,346.3	5,834.8	5,375.4	5,190.7	5,262.8	4,747.1	4,569.4	4,964.8	4,697.0	4,329.4	4,657.1	3,804.4
2. Short-term prepayments to suppliers	1,505.4	1,277.1	827.0	988.5	550.7	505.6	447.9	317.1	217.2	223.0	197.5	214.2
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	2,960.1	2,970.1	4,658.8	3,467.6	2,996.7	2,518.9	2,302.9	2,658.6	1,451.8	1,831.3	1,217.7	954.3
7. Provision for short-term doubtful debts (*)	-210.0	-244.8	-270.5	-321.5	-342.4	-316.6	-305.3	-294.2	-358.8	-330.4	-239.4	-217.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,812.0	3,679.3	3,037.5	3,581.2	2,957.2	3,359.3	3,210.6	3,461.5	3,560.7	3,428.9	4,083.3	3,238.3
1. Inventories	4,084.7	3,951.7	3,303.4	3,840.3	3,213.2	3,609.1	3,457.1	3,701.9	3,795.3	3,657.5	4,304.7	3,453.7
2. Provision for decline in value of inventories	-272.7	-272.4	-265.9	-259.1	-255.9	-249.8	-246.5	-240.4	-234.6	-228.6	-221.4	-215.4
V. Other short-term assets	1,098.9	873.5	887.0	814.8	951.7	1,012.5	1,803.5	1,814.0	1,778.6	1,854.7	1,636.5	1,432.8
1. Short-term prepayments	698.6	629.2	641.2	593.2	634.6	632.0	570.9	569.3	558.7	601.0	574.9	571.7
2. Value added tax to be reclaimed	381.1	232.5	242.7	219.4	305.0	379.8	1,222.7	1,232.4	1,187.5	1,246.5	1,050.9	851.8
3. Taxes and other receivables from state authorities	19.1	11.8	3.2	2.3	12.0	0.6	9.9	12.3	32.3	7.2	10.7	9.2
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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	43,332.9	41,149.9	41,053.3	40,291.5	40,430.1	40,601.7	40,979.1	41,461.6	41,599.8	42,804.8	44,917.2	45,876.9
I. Long-term receivables	4,448.4	2,354.6	2,154.3	1,943.4	1,907.0	1,738.5	1,609.8	1,386.6	1,633.1	1,631.6	1,619.3	1,624.6
1. Long-term trade receivables	1.7	1.7	1.7	1.7	1.7	1.9	2.0	2.0	2.4	2.0	2.0	2.1
2. Long-term prepayments to suppliers	2,614.7	650.6	650.6	—	—	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	1,832.6	1,702.9	1,502.5	1,944.1	1,909.7	1,741.2	1,612.5	1,388.5	1,634.6	1,632.4	1,619.3	1,624.6
7. Provision for long-term doubtful debts	-0.6	-0.6	-0.6	-2.4	-4.5	-4.6	-4.7	-3.9	-3.9	-2.9	-2.0	-2.1
II. Fixed assets	24,171.3	25,162.0	26,206.2	27,293.2	28,415.8	29,591.0	30,780.2	32,003.1	33,087.7	34,348.3	35,603.7	37,495.9
1. Tangible fixed assets	11,543.9	10,653.4	11,149.6	11,683.5	12,264.3	12,885.3	12,590.9	12,575.1	13,108.3	13,435.6	13,205.8	14,355.5
- Cost	53,840.9	—	—	—	—	46,823.0	43,207.0	40,800.5	41,637.5	43,443.6	39,839.7	40,434.3
- Accumulated depreciation	-42,297.1	—	—	—	—	-33,937.7	-30,616.1	-28,225.4	-28,529.2	-30,008.0	-26,633.9	-26,078.9
2. Financial leased fixed assets	12,415.8	14,285.4	14,830.1	15,374.8	15,919.5	16,464.2	17,943.5	19,171.3	19,837.5	20,764.1	22,246.8	22,986.5
- Cost	26,353.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13,937.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	211.6	223.2	226.4	234.8	231.9	241.4	245.8	256.8	141.9	148.6	151.1	153.9
- Cost	994.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-783.1	—	—	—	—	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	333.6	353.3	204.5	129.3	136.0	109.2	92.8	65.2	141.0	132.7	143.5	147.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	333.6	353.3	204.5	129.3	136.0	109.2	92.8	65.2	141.0	132.7	143.5	147.8
V. Long-term financial investments	2,713.4	2,705.6	1,933.8	1,873.9	1,827.7	1,795.5	1,857.4	1,868.9	1,751.6	1,691.8	1,856.0	1,793.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,266.9	2,309.8	1,538.0	1,491.0	1,452.3	1,421.6	1,476.5	1,488.0	1,377.7	1,317.9	1,130.1	1,068.2
3. Investments in other entities	522.8	463.9	463.9	463.9	463.9	463.9	463.9	463.9	463.9	463.9	815.9	815.9
4. Provision for diminution in value of long-term investments	-90.0	-90.0	-90.0	-90.0	-90.0	-90.0	-90.0	-90.0	-90.0	-90.0	-90.0	-107.0
5. Held to maturity investments	13.7	21.9	21.9	9.0	1.5	0.0	7.0	7.0	0.0	0.0	0.0	16.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	11,666.2	10,574.3	10,554.5	9,051.7	8,143.7	7,367.5	6,639.0	6,137.8	4,986.4	5,000.4	5,694.8	4,815.6
1. Long-term prepayments	11,120.3	10,189.0	10,267.4	8,736.0	7,877.0	7,111.3	6,438.5	5,915.8	4,752.7	4,808.7	5,492.0	4,614.8
2. Deferred income tax assets	4.4	4.5	0.4	0.4	1.4	1.5	0.4	0.5	0.4	1.3	2.9	1.3
3. Long-term equipment, supplies, spare parts	541.4	380.9	286.7	315.3	265.3	254.8	200.0	221.5	233.2	190.5	199.8	199.5
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)	79,063.6	73,490.4	73,737.2	62,240.3	59,838.3	58,064.0	57,351.9	57,791.5	56,316.2	57,616.6	60,327.8	59,158.4
A. LIABILITIES (300=210+330)	67,831.4	66,673.1	67,367.8	65,340.4	65,692.6	68,109.3	68,438.7	69,325.0	68,872.3	74,561.7	74,278.7	70,756.8
I. Short -term liabilities	57,946.1	56,336.5	56,747.6	57,175.3	56,939.2	57,813.3	57,272.8	57,018.5	57,555.9	60,608.8	59,810.9	57,274.4
1. Short-term trade accounts payable	32,962.1	32,915.5	31,805.7	28,887.3	28,286.2	30,182.4	28,863.1	29,159.8	28,346.0	30,159.2	29,307.2	28,220.8
2. Short-term advances from customers	262.3	445.6	242.8	255.1	208.4	218.2	210.7	200.0	179.2	165.7	209.1	166.6
3. Dividends and profits payable	4.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	709.3	763.4	658.2	648.4	340.2	372.1	350.2	298.8	293.7	317.5	425.8	392.7
4. Payable to employees	1,351.7	2,079.8	1,790.2	1,460.1	1,433.1	1,621.2	1,478.0	1,215.5	988.2	1,217.1	1,214.8	1,156.0
5. Short-term acrrued expenses	10,320.2	7,697.0	7,179.5	8,406.5	9,689.9	8,150.9	8,562.6	8,060.8	9,604.1	7,905.6	8,510.8	8,129.6
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	1,719.0	1,789.0	1,874.1	1,794.7	1,686.4	1,667.8	1,408.8	1,362.7	1,292.2	1,348.5	608.4	661.8
9. Other short-term payables	773.2	924.9	1,029.8	938.6	780.6	681.4	730.0	1,039.9	1,032.2	1,288.9	1,513.7	1,908.4
10. Short-term borrowings and financial leases	9,217.8	9,037.3	11,395.2	14,218.6	13,976.0	14,311.2	15,000.9	15,083.8	15,214.9	17,527.1	17,361.0	15,958.4
11. Provision for short-term liabilities	25.4	17.2	26.4	20.2	13.5	9.2	26.6	16.6	12.3	8.7	14.6	11.0
12.. Bonus and welfare fund	600.6	666.7	745.5	546.0	524.8	598.9	642.0	580.7	593.1	670.6	645.6	669.2
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	9,885.3	10,336.6	10,620.2	8,165.1	8,753.4	10,296.0	11,165.9	12,306.5	11,316.4	13,952.9	14,467.8	13,482.4
1. Long-term trade payables	—	—	—	—	134.7	268.7	387.9	533.4	651.3	1,110.0	1,112.3	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	1,394.1	1,546.1	2,826.3	1,693.7	1,442.3	2,251.1	2,111.9	2,128.2	0.0	1,528.3	780.0	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	6.7	6.5	4.6	6.4	6.5	3.1	3.2	1.4	1.1	1.4	1.8	2.2
7. Other long-term liabilities	1,149.4	1,137.5	1,161.6	1,312.3	1,298.0	1,377.2	1,363.0	1,196.7	1,323.2	1,315.7	1,186.9	1,298.1
8. Long-term borrowings and financial leases	3,209.0	4,066.5	4,567.2	4,928.6	5,647.4	6,171.6	7,126.3	8,271.8	9,186.2	9,841.0	11,226.5	12,029.3
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	255.6	255.7	224.0	224.2	224.5	224.3	173.7	175.0	154.5	156.6	160.3	152.7
12. Provision for long-term liabilities	3,870.5	3,324.3	1,836.6	—	—	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)	11,232.2	6,817.3	6,369.3	-3,100.1	-5,854.2	-10,045.3	-11,086.8	-11,533.4	-12,556.1	-16,945.1	-13,950.8	-11,598.4
I. Owner's equity	11,232.2	6,817.3	6,369.3	-3,100.1	-5,854.2	-10,045.3	-11,086.8	-11,533.4	-12,556.1	-16,945.1	-13,950.8	-11,598.4
1. Owner's capital	31,115.0	31,115.0	31,115.0	22,143.9	22,143.9	22,143.9	22,143.9	22,143.9	22,143.9	22,143.9	22,143.9	22,143.9
- Common stock with voting right	31,114,982,110,000.00	31,114,982,110,000.00	31,114,982,110,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00	22,143,941,740,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,220.1	1,220.1	1,220.1	1,220.5	1,220.5	1,220.5	1,220.5	1,220.5	1,220.5	1,220.5	1,220.5	1,220.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	241.4	241.4	241.4	241.4	241.4	241.4	241.4	241.4	241.4	241.4	241.4	241.4
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0	-1,153.0
7. Foreign exchange differences	255.0	249.5	246.3	239.8	216.1	210.9	168.2	206.1	176.6	106.9	112.8	98.3
8. Investment and development fund	933.1	933.1	933.1	933.1	933.1	933.1	933.1	933.1	933.1	933.1	933.1	933.1
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
11. Undistributed earnings after tax	-22,303.6	-26,587.4	-27,013.2	-27,390.5	-30,215.8	-34,307.4	-35,226.0	-35,811.9	-36,742.7	-40,956.7	-37,932.5	-35,667.5
- Accumulated retained earning at the end of the previous period	-26,691.6	-33,888.1	-33,886.8	-33,613.6	-33,616.8	-41,188.3	-41,186.1	-41,079.2	-41,076.7	-35,147.5	-34,189.9	-34,201.2
- Undistributed earnings in this period	4,388.0	7,300.7	6,873.6	6,223.1	3,400.9	6,880.9	5,960.2	5,267.3	4,334.0	-5,809.2	-3,742.5	-1,466.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	922.3	796.7	777.7	662.7	757.5	663.2	583.1	684.5	622.0	516.8	480.9	582.8
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)	79,063.6	73,490.4	73,737.2	62,240.3	59,838.3	58,064.0	57,351.9	57,791.5	56,316.2	57,616.6	60,327.8	59,158.4

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	4,680.2	586.4	865.6	3,091.4	3,624.8	1,146.7	975.1	1,072.8	4,528.3	-2,033.3	-2,076.7	-1,271.9
Depreciation of Fixed Assets and Investment Property	1,171.7	1,193.8	1,206.7	1,225.0	1,220.2	1,251.3	1,266.2	1,285.2	1,292.6	1,349.3	1,394.8	1,438.1
Provision (Increase)/Reversal	519.6	1,459.5	571.8	1,212.0	28.5	-2.8	28.1	-54.8	39.1	138.6	-14.5	41.9
FX Gain/Loss from Revaluation of Monetary Items	79.7	80.4	65.4	135.2	25.2	451.0	-502.4	254.2	381.1	-217.5	750.2	133.0
Gain/Loss from Investment Activities	-174.7	-993.0	-141.1	-74.8	-63.5	-53.5	-64.6	-668.1	-80.1	-288.9	-45.9	-75.8
Interest Expense	205.6	162.4	209.3	215.3	251.1	246.5	272.7	409.9	352.7	380.8	397.1	391.0
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	6,482.1	2,489.6	2,777.7	5,804.1	5,086.3	3,039.2	1,975.1	2,299.2	6,513.7	-671.1	405.0	656.2
Increase/(Decrease) in Receivables	-3,227.0	564.5	-912.5	-1,044.8	-1,122.7	475.6	116.4	-640.0	-357.8	-735.5	-1,036.4	-142.4
Increase/(Decrease) in Inventory	-177.0	-859.0	565.6	-677.1	395.5	-206.8	273.6	97.8	-178.7	654.9	-854.3	207.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3,765.2	1,117.6	4,274.9	-708.5	-964.6	1,172.4	736.5	1,334.4	-2,947.4	1,303.9	2,210.8	136.8
Increase/(Decrease) in Prepaid Expenses	-928.3	17.9	-1,602.1	-794.9	-650.9	-733.9	-525.7	-1,172.3	138.8	670.3	-837.7	-960.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-136.6	-204.1	-171.0	-308.1	-142.6	-315.1	-237.9	-389.2	-296.2	-468.7	-321.6	-461.1
Corporate Income Tax Paid	-309.3	-55.3	-87.1	-83.1	-190.9	-61.4	-63.7	-74.3	-125.9	-78.5	-42.5	-23.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-70.2	-88.1	-45.9	-30.0	-74.0	-43.2	-34.8	-28.8	-78.3	-38.7	-27.8	-29.6
Net Cash Flow from Operating Activities	5,398.9	2,983.0	4,801.1	2,157.5	2,335.9	3,326.8	2,239.5	1,426.8	2,668.3	636.6	-504.5	-616.8
Payments for Fixed Assets and Other Long-term Assets	-2,264.1	-340.6	-642.6	-503.2	-90.5	-54.0	-56.7	-120.8	-67.3	-93.1	-66.4	-65.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	2.7	3.6	-0.0	0.8	0.9	0.6	-0.1	567.0	0.6	640.5	0.3
Loans and Purchases of Debt Instruments	-4,634.7	-7,448.8	-682.5	-782.2	-374.3	-399.5	241.3	-807.4	-330.2	-240.6	-400.4	-218.6
Receipts from Loan Repayments and Sale of Debt Instruments	2,075.2	1,248.9	196.9	364.9	406.0	232.5	-295.6	920.1	374.8	219.0	426.0	332.5
Investments in Other Entities	-58.9	—	—	—	—	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	192.0	0.0	0.0
Dividends and Interest Income Received	228.6	152.4	88.1	190.0	25.4	18.1	83.2	25.7	14.7	97.3	7.4	52.1
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	-4,653.8	-6,385.4	-1,036.5	-730.4	-32.7	-202.0	-27.2	17.5	559.0	175.1	607.0	101.1
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	3,514.8	5,109.3	5,400.7	7,314.0	6,764.0	7,324.3	7,490.8	8,487.7	9,467.2	10,620.4	11,102.1	10,505.0
Repayment of Borrowings	-3,641.7	-7,262.7	-7,865.5	-7,202.2	-6,883.8	-7,884.7	-7,329.0	-8,724.5	-11,649.7	-10,816.4	-10,247.8	-9,175.9
Repayment of Finance Leases	-556.1	-615.5	-779.1	-762.9	-761.3	-1,393.1	-1,026.8	-1,047.7	-1,103.2	-941.1	-727.4	-689.0
Dividends Paid	—	-237.1	-13.3	0.0	-0.0	-50.6	-460.3	-3.1	-0.2	-63.2	-240.7	-1.6
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	-683.0	-3,006.5	5,713.9	-651.1	-881.2	-2,004.0	-1,325.3	-1,287.5	-3,285.8	-1,200.3	-113.8	638.4
Net Cash Flow During the Period	62.2	-6,408.9	9,478.5	776.0	1,422.1	1,120.8	887.0	156.8	-58.6	-388.6	-11.2	122.7
Cash and Cash Equivalents at Beginning of Period	9,895.8	16,303.9	6,835.5	6,049.4	4,626.7	2,551.0	2,551.0	2,551.0	2,551.0	2,490.3	2,485.0	2,490.3
FX Difference from Revaluation	-8.1	1.3	0.7	10.8	0.6	-3.0	-5.9	1.0	1.7	-24.9	28.9	-27.0
Cash and Cash Equivalents at End of Period	9,949.8	9,895.8	16,303.9	6,835.5	6,049.4	4,650.9	3,533.1	2,652.0	2,494.2	2,551.0	2,959.2	2,946.9

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HVN

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