MCH

Hàng tiêu dùng Masan ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 22.04%, −2.69pp YoY

Price

132,500

Latest close

03 Jun 2026

P/E 20.92x

P/B 9.62x

EPS 6,335

BVPS 13,767

ROE 40.3%

ROA 21.7%

Profit Margin 21.7%

Asset Turnover 1.00x

Equity Mult. 1.86x

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

What Is Changing

On a TTM 2026Q1 basis, MCH is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 31,540bn
	                                
−0.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6,950bn
	                                
−11.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	30,556.5	30,897.2	28,241.0	26,977.3	27,773.6
Growth	-1%	+9%	+5%	-3%	—
Net Income	6,764.1	7,920.5	7,194.2	5,532.8	5,526.2
Net Margin	22.14%	25.64%	25.47%	20.51%	19.90%

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	8,472.2	9,275.5	7,516.5	6,275.5	7,489.0	8,942.3	7,987.0	7,387.5	6,580.4	8,493.4	7,233.4	6,477.3
Growth	-9%	+23%	+20%	-16%	-16%	+12%	+8%	+12%	-23%	+17%	+12%	—
Net Income	1,800.1	2,104.4	1,698.2	1,347.4	1,614.1	2,367.9	2,094.4	1,788.9	1,669.4	2,306.1	1,840.1	1,660.1
Net Margin	21.25%	22.69%	22.59%	21.47%	21.55%	26.48%	26.22%	24.21%	25.37%	27.15%	25.44%	25.63%

Drivers of MCH's profit

TTM

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

Gross profit ↓ 465.8bn

Financial income ↓ 448.1bn

Finance costs ↑ 118.3bn

TTM

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

Gross profit ↑ 456.6bn

Deferred tax ↓ 63.0bn

Financial income ↑ 61.0bn

Selling expenses ↑ 265.0bn

Tax ↑ 128.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 35.5% = 24.7% × 0.90 × 1.59

2026Q1 40.8% = 22.0% × 1.00 × 1.86

ROE rose from 35.5% to 40.8% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 22.0% -2.7pp Asset turnover: 1.00x +0.10x Leverage: 1.86x +0.26x

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 22.04%, losing 2.7pp. The main pressure comes from Gross margin fell 1.1pp and SG&A / Revenue rose 0.0pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.8pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 22.04% −2.7pp

Gross Margin 45.54% −1.1pp

SG&A / Revenue 22.33% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 1.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 34.05%, rising 1.2pp. That translates to 34.05 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.22x was enough to offset the contraction in NOPAT margin narrowed 2.7pp, while invested capital contracted by 3,574bn.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 34.05% +1.2pp

NOPAT Margin 22.03% −2.7pp

Capital Turnover 1.55x +0.22x

Average Invested Capital 20,401.9bn −3,574.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.82x equity, net debt at 0.28x equity.

Over the last 12 months, working capital absorbed 379.4bn 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: −177.9bn

Inventories increased → lower CFO: −603.4bn

Payables increased → higher CFO: +401.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1.6 days versus the same period last year. The main moves came from DIO rose 6.0 days, DSO rose 0.5 days, and DPO rose 4.9 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 13.5 days +0.5 days

Inventory 60.8 days +6.0 days

Payables 44.8 days +4.9 days

Cash Conversion Cycle 29.6 days +1.6 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 0.28x and interest coverage at 14.20x.

At present, short-term debt accounts for 74.2% of total debt, cash equals 46.4% of debt, and total debt stands at 9,329.9bn.

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 0.28x +0.17x

Interest Coverage 14.20x −5.90x

Cash / Debt 46.4% −34.1pp

Short-term Debt / Total Debt 74.2% −0.8pp

CFO / NI 0.35x −0.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,132.3bn in 2025, against investing cash flow of 1,091.5bn.

Post-investment cash flow was positive +3,223.8bn. Financing cash flow was negative +628.3bn.

CFO / net income was 0.35x.

After spending +1,252.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,171.5bn.

Cash Conversion

CFO TTM 2,423.6bn −5,923.9bn

Cash Capex 1,252.1bn +689.5bn

FCF TTM +1,171.5bn −6,613.4bn

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 0.35x. The main risk still sits in core profitability, with net margin down 2.7 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.35x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 22.04% after a 2.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	30,814.1	31,155.5	28,395.7	27,178.3	28,098.9
Revenue Deductions	257.5	258.2	154.7	201.1	0.0
Net Revenue	30,556.5	30,897.2	28,241.0	26,977.3	27,773.6
Cost of Goods Sold	16,650.2	16,492.5	15,266.6	15,845.8	0.0
Gross Profit	13,906.3	14,404.7	12,974.4	11,131.5	11,790.9
Financial Income	1,101.8	1,800.7	1,853.5	934.5	720.1
Financial Expenses	557.0	377.9	538.0	385.2	-258.0
Interest Expense	494.4	327.5	485.3	307.3	-226.2
Share of Associates and Joint Ventures	83.0	65.1	58.7	13.3	13.3
Selling Expenses	5,749.1	5,904.0	5,328.1	4,527.1	-4,780.1
General and Administrative Expenses	1,020.3	975.9	925.7	900.9	-1,072.9
Operating Profit	7,764.7	9,012.6	8,094.8	6,266.1	6,413.2
Other Income	8.8	3.8	9.6	3.3	0.0
Other Expenses	8.6	12.0	5.5	26.1	0.0
Other Profit	0.2	-8.3	4.1	-22.8	-2.7
Profit Before Tax	7,764.9	9,004.3	8,098.8	6,243.4	6,410.6
Current Income Tax Expense	937.3	1,127.8	1,055.0	669.4	-884.4
Deferred Income Tax Expense	63.4	-44.0	-150.3	41.2	0.0
Net Income	6,764.1	7,920.5	7,194.2	5,532.8	5,526.2
Non-controlling Interest	97.0	117.3	109.0	81.7	84.0
Profit Attributable to Parent	6,764.1	7,803.3	7,085.2	5,451.1	5,442.1
Earnings per Share	5,557.00	10,841.00	9,888.00	7,612.00	7,670.00
Diluted EPS	6,335.72	10,608.72	9,739.57	7,493.34	7,487.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	17,764.8	10,393.8	23,921.7	26,092.4	22,575.1
I. Cash and cash equivalents	8,275.5	5,677.3	5,789.9	5,588.3	13,013.1
1. Cash	84.0	82.5	159.9	93.8	0.0
2. Cash equivalents	8,191.5	5,594.9	5,630.0	5,494.4	0.0
II. Short-term financial investments	3,443.4	365.2	4,908.1	1,403.8	0.0
1. Available for sale securities	2,400.8	0.0	2,592.8	1,202.2	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	1,042.5	365.2	2,315.3	201.6	0.0
III. Short-term receivables	3,002.8	1,704.7	10,989.3	16,526.6	7,074.2
1. Short-term trade accounts receivable	1,064.2	1,031.3	1,068.8	663.9	0.0
2. Short-term prepayments to suppliers	387.6	329.0	297.6	328.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	245.0	245.0	3,492.4	6,047.2	0.0
6. Other short-term receivables	1,306.1	99.4	6,130.4	9,487.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,894.6	2,582.2	2,178.4	2,501.7	2,254.9
1. Inventories	2,940.8	2,628.2	2,220.5	2,531.0	0.0
2. Provision for decline in value of inventories	-46.3	-46.0	-42.1	-29.3	0.0
V. Other short-term assets	148.6	64.3	56.1	72.0	63.6
1. Short-term prepayments	21.5	22.1	15.3	21.9	0.0
2. Value added tax to be reclaimed	126.4	40.6	37.9	46.5	0.0
3. Taxes and other receivables from state authorities	0.7	1.6	2.9	3.6	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)	16,201.4	17,506.2	16,631.0	7,424.2	7,629.0
I. Long-term receivables	7,075.6	10,363.3	9,338.2	192.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	215.1
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	7,025.0	3,891.8	0.0	0.0	0.0
6. Other long-term receivables	50.5	6,471.5	9,338.2	192.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5,249.3	5,249.2	5,552.4	5,092.6	5,578.6
1. Tangible fixed assets	4,592.4	4,535.1	4,789.1	4,256.1	4,647.2
- Cost	10,341.3	9,870.3	9,619.2	8,642.3	0.0
- Accumulated depreciation	-5,748.9	-5,335.1	-4,830.1	-4,386.1	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	656.9	714.0	763.3	836.4	931.4
- Cost	2,401.8	2,408.3	2,397.9	2,396.6	0.0
- Accumulated depreciation	-1,745.0	-1,694.3	-1,634.7	-1,560.2	0.0
III. Investment properties	—	4.2	5.7	7.4	9.5
- Cost	—	18.6	18.6	18.6	0.0
- Accumulated depreciation	—	-14.5	-12.9	-11.3	0.0
IV. Long-term assets in progress	915.5	332.3	275.2	810.6	335.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	915.5	332.3	275.2	810.6	0.0
V. Long-term financial investments	416.2	346.5	294.8	249.4	249.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	416.2	346.5	294.8	249.4	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,544.8	1,210.8	1,164.8	1,071.7	0.0
1. Long-term prepayments	2,087.5	679.8	645.0	667.9	0.0
2. Deferred income tax assets	363.5	428.3	394.1	250.7	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	1,240.7
5. Goodwill	93.9	102.7	125.7	153.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	33,966.2	27,900.0	40,552.7	33,516.6	30,204.2
A. LIABILITIES (300=210+330)	15,304.1	16,572.1	14,177.1	11,071.0	13,198.5
I. Short -term liabilities	12,641.7	14,600.2	13,728.7	10,061.2	11,883.1
1. Short-term trade accounts payable	2,523.9	2,314.6	2,023.7	1,495.5	1,573.4
2. Short-term advances from customers	136.2	88.1	66.1	57.8	123.9
3. Taxes and other payables to state authorities	516.1	620.3	593.0	225.7	0.0
4. Payable to employees	0.4	0.3	0.3	0.6	0.0
5. Short-term acrrued expenses	2,207.4	2,436.2	2,385.3	1,521.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	60.6	46.1	163.6	106.2	0.0
10. Short-term borrowings and financial leases	7,169.3	9,066.6	8,468.8	6,626.2	7,445.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	27.9	27.9	27.9	27.9	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	2,662.3	1,971.9	448.4	1,009.8	1,315.4
1. Long-term trade payables	10.7	14.8	19.3	24.3	25.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	29.7	31.1	30.4	31.8	0.0
8. Long-term borrowings and financial leases	2,455.4	1,764.4	227.4	774.7	1,063.6
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	156.1	150.1	159.9	166.9	0.0
12. Provision for long-term liabilities	10.5	11.5	11.4	12.1	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)	18,662.1	11,327.8	26,375.6	22,445.6	17,005.7
I. Owner's equity	18,662.1	11,327.8	26,375.6	22,445.6	0.0
1. Owner's capital	10,676.2	7,355.5	7,274.6	7,274.6	17,005.7
- Common stock with voting right	10,676,207,460,000.00	7,355,531,790,000.00	7,274,618,790,000.00	7,274,618,790,000.00	7,267,938,180,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3,648.2	3,648.8	3,610.3	3,610.3	3,560.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-265.8	-265.8	-265.8	-265.8	-265.8
5. Treasury shares	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	13.3	10.5	8.3	7.4	0.0
8. Investment and development fund	22.7	22.7	22.7	22.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	4,961.7	923.1	16,124.1	12,263.4	6,817.0
- Accumulated retained earning at the end of the previous period	—	0.0	9,039.0	6,817.0	1,390.1
- Undistributed earnings in this period	4,961.7	923.1	7,085.2	5,446.5	5,426.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	600.5	627.6	595.9	527.6	591.0
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)	33,966.2	27,900.0	40,552.7	33,516.6	30,204.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	7,764.9	9,004.3	8,098.8	6,243.4	6,410.6
Depreciation of Fixed Assets and Investment Property	676.0	679.9	656.0	814.3	839.2
Provision (Increase)/Reversal	133.1	123.8	108.0	76.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.6	2.5	2.5	-0.1	0.0
Gain/Loss from Investment Activities	-1,152.8	4.5	-1,867.5	7.6	0.0
Interest Expense	508.3	334.5	488.3	310.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	-1,829.4	0.0	-899.6	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	-13.3	0.0
Operating Profit Before Changes in Working Capital	7,930.1	8,320.2	7,486.2	6,539.4	6,857.3
Increase/(Decrease) in Receivables	-18.6	21.7	-405.6	-83.8	0.0
Increase/(Decrease) in Inventory	-357.3	-527.4	214.6	-323.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-186.8	258.9	1,526.5	-1,397.7	0.0
Increase/(Decrease) in Prepaid Expenses	-1,353.2	35.4	52.9	41.0	0.0
Changes in Trading Securities	-2,400.8	2,592.8	-1,390.6	-1,202.2	0.0
Interest Paid	-487.7	-366.3	-497.0	-294.4	0.0
Corporate Income Tax Paid	-993.3	-1,107.9	-731.5	-789.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.0	0.0	-4.7	0.0
Net Cash Flow from Operating Activities	2,132.3	9,227.3	6,255.6	2,484.2	5,816.3
Payments for Fixed Assets and Other Long-term Assets	-1,185.4	-514.1	-573.2	-1,243.2	-959.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	9.8	8.1	3.9	3.6	1.8
Loans and Purchases of Debt Instruments	-5,737.7	-2,415.0	-826.0	-190.0	-3,949.1
Receipts from Loan Repayments and Sale of Debt Instruments	7,305.1	2,226.0	519.5	2,013.9	6,580.2
Investments in Other Entities	-35.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	240.1	0.0
Dividends and Interest Income Received	734.7	1,742.7	1,483.4	964.3	0.0
Increase/(Decrease) in Term Deposits	—	10,425.9	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	19,620.2	0.0	0.0
Other Investing Payments	—	0.0	-27,315.7	-11,061.1	0.0
Net Cash Flow from Investing Activities	1,091.5	11,473.6	-7,087.8	-9,272.5	2,099.7
Proceeds from Equity Issuance and Capital Contributions	3,320,074,570,000.00	119,339,600,000.00	0.00	56,455,185,000.00	495,372,840,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	23,308.8	25,063.3	22,927.6	19,834.3	23,796.2
Repayment of Borrowings	-24,515.1	-22,928.4	-21,632.3	-20,452.7	-22,742.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2,742.0	-23,070.3	-261.5	-114.0	-263.8
Other Financing Receipts	—	0.0	0.0	38.3	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-628.3	-20,816.1	1,033.8	-637.5	1,285.4
Net Cash Flow During the Period	2,595.5	-115.2	201.5	-7,425.8	6,064.0
Cash and Cash Equivalents at Beginning of Period	5,677.3	5,789.9	5,588.3	13,013.1	3,818.5
FX Difference from Revaluation	2.6	2.6	0.1	1.0	-6.8
Cash and Cash Equivalents at End of Period	8,275.5	5,677.3	5,789.9	5,588.3	13,013.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	8,526.7	9,334.3	7,579.2	6,357.3	7,543.2	9,014.3	8,054.7	7,448.2	6,638.4	8,536.1	7,293.0	6,509.7
Revenue Deductions	54.4	58.8	62.7	81.8	54.2	72.0	67.7	60.6	58.0	42.7	59.6	32.4
Net Revenue	8,472.2	9,275.5	7,516.5	6,275.5	7,489.0	8,942.3	7,987.0	7,387.5	6,580.4	8,493.4	7,233.4	6,477.3
Cost of Goods Sold	4,515.8	5,067.9	4,086.7	3,506.5	3,989.1	4,765.9	4,250.8	3,971.2	3,504.6	4,476.4	3,863.8	3,498.6
Gross Profit	3,956.4	4,207.6	3,429.9	2,769.0	3,499.9	4,176.3	3,736.2	3,416.4	3,075.8	4,017.0	3,369.6	2,978.7
Financial Income	317.2	307.4	269.1	269.0	256.2	428.5	471.2	455.0	446.0	480.4	483.0	457.5
Financial Expenses	159.2	134.1	140.0	131.1	151.7	126.9	89.4	78.2	83.4	106.0	153.8	135.2
Interest Expense	146.4	122.5	123.7	117.6	130.6	112.4	78.3	60.9	75.8	91.6	130.8	123.6
Share of Associates and Joint Ventures	25.3	22.3	22.3	25.0	13.3	17.5	17.5	17.5	12.5	24.9	0.0	20.5
Selling Expenses	1,802.1	1,666.6	1,389.7	1,155.7	1,537.1	1,488.5	1,545.2	1,512.4	1,357.9	1,551.9	1,411.3	1,243.8
General and Administrative Expenses	248.9	308.4	240.2	231.7	240.0	296.6	209.8	264.6	204.9	252.6	227.6	225.5
Operating Profit	2,088.7	2,428.3	1,951.4	1,544.5	1,840.5	2,710.4	2,380.4	2,033.7	1,888.1	2,611.9	2,059.8	1,852.3
Other Income	0.6	5.8	0.6	2.0	0.4	0.7	0.2	2.3	0.6	5.2	1.8	0.4
Other Expenses	0.5	1.0	3.8	0.9	2.9	6.4	3.7	0.5	1.4	1.1	0.4	2.4
Other Profit	0.2	4.8	-3.2	1.2	-2.5	-5.8	-3.5	1.7	-0.8	4.1	1.3	-2.0
Profit Before Tax	2,088.9	2,433.1	1,948.3	1,545.6	1,838.0	2,704.7	2,376.9	2,035.4	1,887.3	2,616.0	2,061.2	1,850.3
Current Income Tax Expense	326.1	292.9	279.6	166.7	198.1	345.5	328.8	199.4	254.1	326.7	282.0	243.1
Deferred Income Tax Expense	-37.3	35.8	-29.6	31.5	25.7	-8.7	-46.3	47.2	-36.2	-16.8	-60.9	-53.0
Net Income	1,800.1	2,104.4	1,698.2	1,347.4	1,614.1	2,367.9	2,094.4	1,788.9	1,669.4	2,306.1	1,840.1	1,660.1
Non-controlling Interest	22.5	25.1	22.2	21.5	28.3	38.7	22.1	32.3	0.0	31.5	30.1	36.8
Profit Attributable to Parent	1,777.6	2,079.4	1,676.1	1,325.9	1,585.8	2,329.2	2,072.3	1,756.6	1,669.4	2,274.7	1,810.0	1,623.4
Earnings per Share	1,373.00	1,733.00	1,758.00	1,471.00	2,114.00	3,236.00	2,886.00	2,448.00	2,293.00	3,175.00	2,526.00	2,266.00
Diluted EPS	1,373.18	1,947.66	1,569.93	1,248.05	1,492.72	3,166.61	2,817.33	2,411.49	2,291.74	3,126.87	2,488.09	2,231.56

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14,536.1	17,764.8	15,239.6	15,474.1	12,061.9	10,393.8	23,815.4	19,864.5	23,449.7	23,921.7	28,965.6	30,290.2
I. Cash and cash equivalents	4,331.8	8,275.5	6,988.9	5,854.6	7,346.2	5,677.3	6,516.8	3,002.8	5,318.8	5,789.9	3,935.2	5,309.1
1. Cash	127.9	84.0	86.8	110.8	1,191.0	82.5	89.4	106.7	127.9	159.9	154.7	115.1
2. Cash equivalents	4,203.9	8,191.5	6,902.1	5,743.7	6,155.2	5,594.9	6,427.4	2,896.0	5,190.9	5,630.0	3,780.5	5,194.0
II. Short-term financial investments	5,197.9	3,443.4	2,916.9	826.5	194.4	365.2	1,713.0	2,777.4	2,853.3	4,908.1	4,426.2	2,670.0
1. Available for sale securities	2,564.9	2,400.8	1,974.0	—	—	0.0	1,216.5	1,216.5	1,216.5	2,592.8	1,216.5	1,216.5
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	2,633.0	1,042.5	942.9	826.5	194.4	365.2	496.5	1,560.8	1,636.8	2,315.3	3,209.7	1,453.4
III. Short-term receivables	1,841.7	3,002.8	2,312.0	5,410.9	1,856.7	1,704.7	12,875.9	11,593.7	12,781.7	10,989.3	18,139.9	19,828.1
1. Short-term trade accounts receivable	1,263.1	1,064.2	1,141.3	943.7	1,077.0	1,031.3	966.8	975.8	1,201.3	1,068.8	892.9	768.0
2. Short-term prepayments to suppliers	388.7	387.6	413.0	433.8	399.7	329.0	312.6	314.0	315.6	297.6	314.8	326.7
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	—	245.0	245.0	245.0	245.0	245.0	4,321.4	3,871.4	4,963.4	3,492.4	3,307.4	6,188.2
6. Other short-term receivables	189.9	1,306.1	512.7	3,788.4	135.0	99.4	7,275.1	6,432.5	6,301.4	6,130.4	13,624.8	12,545.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,050.5	2,894.6	2,852.9	3,155.4	2,589.8	2,582.2	2,651.6	2,424.9	2,438.7	2,178.4	2,397.9	2,416.8
1. Inventories	3,100.8	2,940.8	2,885.5	3,186.1	2,622.1	2,628.2	2,693.0	2,461.1	2,473.0	2,220.5	2,429.6	2,433.9
2. Provision for decline in value of inventories	-50.2	-46.3	-32.6	-30.6	-32.3	-46.0	-41.4	-36.2	-34.3	-42.1	-31.7	-17.0
V. Other short-term assets	114.2	148.6	168.9	226.6	74.7	64.3	58.1	65.8	57.2	56.1	66.4	66.2
1. Short-term prepayments	39.2	21.5	24.7	29.8	33.9	22.1	17.0	24.7	18.7	15.3	24.2	19.2
2. Value added tax to be reclaimed	74.6	126.4	143.4	195.4	40.8	40.6	38.9	38.2	38.2	37.9	37.5	38.5
3. Taxes and other receivables from state authorities	0.4	0.7	0.8	1.5	0.0	1.6	2.2	2.8	0.2	2.9	4.7	8.5
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)	18,326.3	16,201.4	16,645.4	16,379.8	18,288.9	17,506.2	21,935.7	21,959.0	16,761.8	16,631.0	8,806.6	7,476.0
I. Long-term receivables	7.4	7,075.6	7,681.2	7,676.8	11,154.0	10,363.3	14,782.1	14,821.5	9,506.3	9,338.2	1,504.5	193.6
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	—	7,025.0	6,661.8	4,691.8	4,691.8	3,891.8	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.4	50.5	1,019.4	2,985.0	6,462.2	6,471.5	14,782.1	14,821.5	9,506.3	9,338.2	1,504.5	193.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5,445.5	5,249.3	5,020.7	5,092.4	5,196.0	5,249.2	5,369.3	5,427.1	5,478.6	5,552.4	5,247.0	5,202.5
1. Tangible fixed assets	4,776.1	4,592.4	4,349.5	4,406.7	4,496.5	4,535.1	4,640.5	4,683.2	4,721.6	4,789.1	4,468.9	4,408.6
- Cost	10,669.8	—	—	—	—	9,870.3	9,866.5	9,768.1	9,665.4	9,619.2	9,211.4	9,015.5
- Accumulated depreciation	-5,893.7	—	—	—	—	-5,335.1	-5,226.0	-5,084.9	-4,943.9	-4,830.1	-4,742.6	-4,606.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	669.4	656.9	671.2	685.7	699.5	714.0	728.8	743.9	757.0	763.3	778.1	793.9
- Cost	2,428.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,759.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	3.0	3.4	3.8	4.2	4.5	4.9	5.3	5.7	6.2	6.6
- 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	745.8	915.5	967.6	658.9	392.4	332.3	240.5	255.0	291.8	275.2	625.5	696.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	745.8	915.5	967.6	658.9	392.4	332.3	240.5	255.0	291.8	275.2	625.5	696.0
V. Long-term financial investments	9,605.6	416.2	393.9	371.5	346.5	346.5	329.0	311.5	293.9	294.8	269.9	269.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	428.2	416.2	393.9	371.5	346.5	346.5	329.0	311.5	293.9	294.8	269.9	269.9
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	9,177.4	—	—	—	—	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	2,522.0	2,544.8	2,579.0	2,576.7	1,196.3	1,210.8	1,210.2	1,139.0	1,066.0	1,039.1	1,022.2	971.9
1. Long-term prepayments	2,036.0	2,087.5	2,085.9	2,104.1	684.3	679.8	679.7	646.5	638.2	645.0	645.2	653.0
2. Deferred income tax assets	398.0	363.5	393.2	366.5	399.8	428.3	422.1	378.3	427.8	394.1	377.0	318.8
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	88.1	93.9	100.0	106.1	112.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	102.7	108.4	114.2	119.9	125.7	131.4	135.6
TOTAL ASSETS (280=100+200)	32,862.4	33,966.2	31,885.0	31,853.9	30,350.8	27,900.0	45,751.1	41,823.5	40,211.6	40,552.7	37,772.3	37,766.3
A. LIABILITIES (300=210+330)	15,041.5	15,304.1	15,206.8	14,295.2	14,141.0	16,572.1	29,906.5	11,941.5	12,119.5	14,177.1	13,663.8	12,273.5
I. Short -term liabilities	12,433.6	12,641.7	12,728.4	11,812.5	11,652.9	14,600.2	29,447.8	11,669.9	11,757.6	13,728.7	13,100.8	11,596.0
1. Short-term trade accounts payable	2,214.0	2,523.9	1,847.7	1,860.1	1,970.2	2,314.6	1,897.7	1,800.4	1,699.2	2,023.7	1,710.6	1,562.0
2. Short-term advances from customers	175.1	136.2	123.2	86.6	65.2	88.1	92.0	77.8	58.9	66.1	49.4	47.8
3. Dividends and profits payable	87.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	408.4	516.1	744.0	569.7	321.1	620.3	895.3	406.0	342.5	593.0	989.6	704.1
4. Payable to employees	104.6	0.4	94.6	93.3	94.5	0.3	96.0	103.5	97.0	0.3	95.2	0.8
5. Short-term acrrued expenses	2,424.1	2,207.4	2,490.7	2,129.2	2,261.3	2,436.2	2,576.2	2,147.6	2,339.4	2,385.3	2,333.0	1,873.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	64.9	60.6	39.1	74.7	64.5	46.1	15,180.6	165.6	140.8	163.6	175.3	173.5
10. Short-term borrowings and financial leases	6,926.9	7,169.3	7,361.1	6,971.1	6,848.2	9,066.6	8,682.2	6,941.1	7,051.9	8,468.8	7,719.8	7,206.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9	27.9
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	2,607.9	2,662.3	2,478.4	2,482.7	2,488.1	1,971.9	458.7	271.7	361.9	448.4	563.0	677.5
1. Long-term trade payables	11.4	10.7	14.1	14.3	17.3	14.8	17.1	17.1	19.3	19.3	21.6	21.6
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	29.8	29.7	30.9	31.7	32.1	31.1	30.4	29.9	30.1	30.4	31.1	31.2
8. Long-term borrowings and financial leases	2,403.0	2,455.4	2,273.0	2,273.0	2,273.0	1,764.4	246.8	57.7	142.6	227.4	339.1	450.7
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	153.3	156.1	150.0	153.0	154.7	150.1	152.6	155.1	157.4	159.9	159.6	162.3
12. Provision for long-term liabilities	10.5	10.5	10.4	10.6	11.0	11.5	11.8	11.8	12.5	11.4	11.7	11.7
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)	17,820.8	18,662.1	16,678.2	17,558.7	16,209.8	11,327.8	15,844.6	29,882.0	28,092.1	26,375.6	24,108.4	25,492.8
I. Owner's equity	17,820.8	18,662.1	16,678.2	17,558.7	16,209.8	11,327.8	15,844.6	29,882.0	28,092.1	26,375.6	24,108.4	25,492.8
1. Owner's capital	12,944.9	10,676.2	10,676.2	10,623.6	10,623.6	7,355.5	7,355.5	7,284.2	7,284.2	7,274.6	7,274.6	7,274.6
- Common stock with voting right	12,944,935,450,000.00	10,676,207,460,000.00	10,676,207,460,000.00	10,623,648,220,000.00	10,623,648,220,000.00	7,355,531,790,000.00	7,355,531,790,000.00	7,284,225,440,000.00	7,284,225,440,000.00	7,274,618,790,000.00	7,274,618,790,000.00	7,274,618,790,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	387.7	3,648.2	3,648.2	3,648.2	3,648.2	3,648.8	3,648.8	3,648.8	3,648.8	3,610.3	3,610.3	3,610.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-265.8	-265.8	-265.8	-265.8	-265.8	-265.8	-265.8	-265.8	-265.8	-265.8	-265.8	-265.8
5. Treasury shares	-2,969,130,638.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00	-994,666,327,121.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	13.7	13.3	13.0	12.4	10.9	10.5	11.1	8.5	7.5	8.3	6.6	6.6
8. Investment and development fund	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7	22.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	4,097.5	5,562.1	2,882.3	3,834.8	2,508.9	923.1	5,478.0	19,525.9	17,769.3	16,124.1	13,849.4	15,263.9
- Accumulated retained earning at the end of the previous period	2,319.9	4,961.7	353.2	923.1	923.1	0.0	3.9	16,124.1	16,124.1	9,039.0	9,039.0	12,263.4
- Undistributed earnings in this period	1,777.6	600.5	2,529.1	2,911.7	1,585.8	923.1	5,474.1	3,401.8	1,645.2	7,085.2	4,810.5	3,000.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	623.0	—	696.3	677.4	655.9	627.6	589.0	652.3	620.0	595.9	605.1	575.0
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)	32,862.4	33,966.2	31,885.0	31,853.9	30,350.8	27,900.0	45,751.1	41,823.5	40,211.6	40,552.7	37,772.3	37,766.3

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
Profit Before Tax	2,088.9	2,433.1	1,948.3	1,545.6	1,838.0	2,704.7	2,376.9	2,035.4	1,887.3	2,616.0	2,061.2	1,850.3
Depreciation of Fixed Assets and Investment Property	178.3	172.3	167.6	167.9	168.2	168.4	168.8	170.3	172.4	163.0	161.4	136.8
Provision (Increase)/Reversal	30.9	40.6	29.0	41.6	21.8	48.0	38.5	16.6	20.7	39.3	35.5	10.5
FX Gain/Loss from Revaluation of Monetary Items	0.9	-0.1	1.4	-1.4	0.6	1.9	-0.6	-2.0	3.3	-10.1	9.5	2.9
Gain/Loss from Investment Activities	-335.1	-325.8	-280.6	-300.3	-246.1	-438.7	-474.1	-478.0	-438.7	-493.5	-1,340.2	405.0
Interest Expense	146.4	124.9	126.6	120.6	136.2	115.4	79.9	62.2	77.1	92.4	131.5	124.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	4.5	0.0	-0.6	0.6	-0.8	-0.6	1.4
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	12.5	-12.5	0.0	877.7	-877.7
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	2,110.3	2,445.1	1,992.3	1,586.5	1,906.2	2,604.2	2,189.4	1,816.4	1,710.2	2,406.3	1,935.9	1,653.5
Increase/(Decrease) in Receivables	-138.3	127.1	-156.1	-10.6	20.9	-26.9	-9.4	232.5	-174.5	-107.8	-147.0	-5.3
Increase/(Decrease) in Inventory	-186.9	-82.3	273.3	-607.5	59.2	21.2	-265.2	-3.5	-279.9	179.9	-16.6	-167.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	108.9	91.0	432.6	-230.7	-479.8	-86.8	608.1	42.0	-304.4	-73.5	851.2	499.5
Increase/(Decrease) in Prepaid Expenses	11.1	33.1	30.6	-1,416.4	-0.5	7.0	16.2	3.4	8.8	18.1	8.0	15.5
Changes in Trading Securities	-164.1	—	—	—	—	1,216.5	0.0	0.0	1,376.2	-1,376.2	0.0	0.0
Interest Paid	-130.1	-122.8	-122.2	-115.4	-127.3	-118.7	-106.0	-61.8	-79.8	-102.9	-130.2	-130.7
Corporate Income Tax Paid	-418.2	-327.3	-160.9	-27.8	-477.3	-383.9	-43.2	-205.5	-475.3	-360.6	-157.2	-75.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,192.8	1,737.1	315.7	-821.9	901.5	3,232.5	2,389.9	1,823.6	1,781.3	583.3	2,344.2	1,789.6
Payments for Fixed Assets and Other Long-term Assets	-260.3	-351.7	-402.7	-237.4	-193.6	-132.5	-121.8	-114.7	-145.1	-113.9	-113.1	-198.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	4.8	1.1	3.1	0.8	1.7	1.1	3.4	2.0	1.6	0.7	1.1
Loans and Purchases of Debt Instruments	-1,950.0	-2,967.7	-1,970.0	0.0	-800.0	-50.0	-450.0	-425.0	-1,490.0	-685.0	0.0	1,342.9
Receipts from Loan Repayments and Sale of Debt Instruments	1,227.3	7,305.1	—	—	0.7	690.0	0.0	1,517.0	19.0	500.0	-1,178.2	1,047.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	171.1	185.5	403.4	74.7	71.1	1,043.4	74.4	486.6	138.2	434.6	821.2	103.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	4,069.3	-4,069.3	-678.5	678.5	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	—	—	—	—	—	28,356.8	-8,428.3	8,428.3	0.0	10,628.8	8,991.4	0.0
Other Investing Payments	-1,487.7	—	—	—	—	-17,930.8	13,162.0	-13,162.0	0.0	-10,102.2	-12,413.9	-4,799.5
Net Cash Flow from Investing Activities	-2,298.6	-333.2	3,002.4	-791.8	-785.9	16,047.8	168.1	-3,944.9	-797.3	664.0	-3,892.0	-2,502.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	71,306,350,000.00	0.00	48,033,250,000.00	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	5,085.5	5,716.7	5,717.5	5,728.4	6,146.2	6,613.1	7,344.9	5,838.5	5,266.8	6,728.9	6,512.7	5,073.6
Repayment of Borrowings	-5,349.3	-5,726.2	-5,327.4	-5,605.4	-13.3	-4,710.6	-5,415.1	-6,033.9	-6,768.7	-6,081.5	-6,118.5	-4,344.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2,596.7	-108.0	-2,627.8	-2.0	-4.1	-22,022.1	-1,047.6	-0.5	-0.1	-41.3	-220.1	-0.1
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2,860.5	-117.4	-2,185.2	120.9	1,553.4	-20,119.6	953.4	-195.9	-1,454.0	606.0	174.0	729.3
Net Cash Flow During the Period	-3,966.4	1,286.4	1,132.9	-1,492.7	1,669.0	-839.3	3,511.3	-2,317.3	-470.0	1,853.3	-1,373.8	16.6
Cash and Cash Equivalents at Beginning of Period	8,297.1	6,988.9	5,854.6	7,346.2	5,677.3	5,789.9	5,789.9	5,789.9	5,789.9	5,588.3	5,588.3	5,588.3
FX Difference from Revaluation	1.1	2.6	2.4	1.0	-0.1	-0.2	2.7	1.3	-1.1	1.3	-0.1	0.4
Cash and Cash Equivalents at End of Period	4,331.8	8,275.5	6,988.9	5,854.6	7,346.2	5,677.3	6,516.8	3,002.8	5,318.8	5,789.9	3,935.2	5,309.1

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MCH

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