MVN

Tổng Công ty Hàng hải Việt Nam - CTCP ·UPCOM ·2026Q1

▲ Showing improvement

Capital efficiency is improving ROE 12.16%, +3.96pp YoY

Price

61,700

Latest close

04 Jun 2026

P/E 32.05x

P/B 3.66x

EPS 1,925

BVPS 16,857

ROE 12.2%

ROA 6.9%

Profit Margin 10.6%

Asset Turnover 0.65x

Equity Mult. 1.76x

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

What Is Changing

On a TTM 2026Q1 basis, MVN is maintaining revenue growth, but margins have not improved proportionally — profit momentum has been slowing across consecutive periods. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 21,881bn
	                                
+27.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,092bn
	                                
+24.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	19,016.5	16,961.2	12,815.0	14,343.0	13,251.5
Growth	+12%	+32%	-11%	+8%	—
Net Income	2,641.6	2,629.8	1,701.8	2,540.5	2,941.4
Net Margin	13.89%	15.50%	13.28%	17.71%	22.20%

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	6,610.7	5,360.1	5,282.7	4,627.0	3,743.7	4,642.7	4,094.1	4,645.6	3,596.1	3,395.3	3,231.6	3,363.3
Growth	+23%	+1%	+14%	+24%	-19%	+13%	-12%	+29%	+6%	+5%	-4%	—
Net Income	861.9	730.4	895.2	604.9	366.7	385.4	603.1	1,137.6	479.4	418.5	370.3	510.6
Net Margin	13.04%	13.63%	16.95%	13.07%	9.80%	8.30%	14.73%	24.49%	13.33%	12.33%	11.46%	15.18%

Drivers of MVN's profit

TTM

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

Gross profit ↑ 1,169.1bn

Finance costs ↓ 295.2bn

Associates income ↑ 245.6bn

Other profit ↓ 619.9bn

Minority interests ↑ 238.5bn

Financial income ↓ 190.6bn

TTM

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

Gross profit ↑ 440.6bn

Associates income ↑ 66.2bn

Other profit ↑ 64.0bn

Minority interests ↑ 95.4bn

Tax ↑ 74.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.9% = 14.6% × 0.58 × 1.76

2026Q1 16.3% = 14.1% × 0.65 × 1.76

ROE rose from 14.9% to 16.3% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 14.1% -0.4pp Asset turnover: 0.65x +0.07x Leverage: 1.76x +0.00x

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 narrowed to 14.13%, falling 0.4pp. Gross margin rose 1.9pp and SG&A / Revenue fell 1.2pp improved but not enough to offset the weakness in Other profit / Revenue fell 4.5pp (Net financial result / Revenue rose 0.3pp still added support).

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

Profitability trend

Net Margin 14.13% −0.4pp

Gross Margin 17.78% +1.9pp

SG&A / Revenue 7.42% −1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 12.16%, rising 4.0pp. That translates to 12.16 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.3pp and capital turnover rose 0.05x, while invested capital expanded strongly by 3,661bn — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 12.16% +4.0pp

NOPAT Margin 11.49% +3.3pp

Capital Turnover 1.06x +0.05x

Average Invested Capital 20,662.7bn +3,661.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.84x equity, net debt at 0.13x equity.

Over the last 12 months, working capital absorbed 1,735.6bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −709.3bn

Inventories increased → lower CFO: −63.9bn

Payables decreased → lower CFO: −962.4bn

Working Capital Efficiency

Cash conversion cycle improved by 0.2 days versus the same period last year. The main moves came from DIO fell 3.1 days, DSO rose 1.8 days, and DPO fell 1.1 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +1.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 41.2 days +1.8 days

Inventory 15.1 days −3.1 days

Payables 31.6 days −1.1 days

Cash Conversion Cycle 24.6 days −0.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 3,263.6bn due to capex of 4,120.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.13x and interest coverage at 7.93x.

At present, short-term debt accounts for 29.5% of total debt, cash equals 54.7% of debt, and total debt stands at 5,931.3bn.

Leverage and liquidity trend

Net Debt / Equity 0.13x +0.09x

Interest Coverage 7.93x +5.46x

Cash / Debt 54.7% −27.7pp

Short-term Debt / Total Debt 29.5% −3.3pp

CFO / NI 0.37x −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 1,021.2bn in 2025, against investing cash flow of -3,355.9bn.

Post-investment cash flow was negative +2,334.6bn. Financing cash flow was positive +2,946.3bn.

CFO / net income was 0.37x.

After spending +4,120.6bn on fixed-asset investment, the business generated trailing free cash flow of −3,263.6bn.

Cash Conversion

CFO TTM 857.0bn −1,265.9bn

Cash Capex 4,120.6bn +896.7bn

FCF TTM −3,263.6bn −2,162.6bn

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 capital efficiency, with ROIC at 12.2%. The next item to monitor is the earnings mix, when non-core contribution is 18.7%. The main risk still sits in self-funded cash generation remains weak.

Improvement: capital efficiency is improving, with trailing-12M ROIC at 12.16%, up 4.0pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.7% of PBT and CFO / net income currently at 0.37x.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 3,263.6bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	19,029.7	16,969.7	12,820.2	14,343.7	13,254.2
Revenue Deductions	13.1	8.5	5.1	0.7	0.0
Net Revenue	19,016.5	16,961.2	12,815.0	14,343.0	13,251.5
Cost of Goods Sold	15,542.0	14,147.9	10,412.0	10,366.7	0.0
Gross Profit	3,474.5	2,813.4	2,403.0	3,976.3	3,606.9
Financial Income	621.2	856.6	664.6	548.7	604.1
Financial Expenses	407.8	616.9	257.6	502.0	-622.0
Interest Expense	267.8	372.9	202.1	375.6	-504.7
Share of Associates and Joint Ventures	471.0	225.0	153.8	173.8	615.1
Selling Expenses	166.3	138.3	138.0	155.7	-106.4
General and Administrative Expenses	1,441.9	1,343.4	1,045.5	1,324.3	-1,030.5
Operating Profit	2,550.7	1,796.4	1,780.4	2,716.7	3,067.2
Other Income	908.3	1,435.4	484.8	409.3	0.0
Other Expenses	219.9	79.2	139.2	70.7	0.0
Other Profit	688.5	1,356.2	345.7	338.6	312.0
Profit Before Tax	3,239.2	3,152.6	2,126.0	3,055.3	3,379.1
Current Income Tax Expense	662.7	546.1	421.0	515.8	-437.8
Deferred Income Tax Expense	-65.1	-23.3	3.2	-0.9	0.0
Net Income	2,641.6	2,629.8	1,701.8	2,540.5	2,941.4
Non-controlling Interest	694.6	608.8	539.5	705.6	998.0
Profit Attributable to Parent	1,947.0	2,021.0	1,162.3	1,834.8	1,943.4
Earnings per Share	1,622.00	1,683.00	968.00	1,528.00	564.00
Diluted EPS	1,621.67	1,683.35	968.12	1,528.29	1,618.69

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	15,402.0	13,250.3	11,965.4	12,836.0	12,185.5
I. Cash and cash equivalents	3,899.3	3,255.0	2,771.4	2,384.2	2,361.9
1. Cash	2,215.4	1,867.5	1,522.2	1,510.6	0.0
2. Cash equivalents	1,684.0	1,387.5	1,249.3	873.7	0.0
II. Short-term financial investments	5,867.7	5,138.6	5,277.0	6,399.8	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	5,867.7	5,138.6	5,277.0	6,399.8	0.0
III. Short-term receivables	4,253.4	3,607.4	2,735.1	2,952.8	2,668.0
1. Short-term trade accounts receivable	2,521.4	1,744.9	1,503.2	1,886.7	0.0
2. Short-term prepayments to suppliers	577.0	904.5	723.7	768.3	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	236.1	203.4	65.2	1.4	0.0
6. Other short-term receivables	1,260.1	1,114.1	785.0	761.3	0.0
7. Provision for short-term doubtful debts (*)	-344.0	-363.7	-346.2	-466.8	0.0
8. Assets awaiting resolution	2.8	4.3	4.3	1.8	0.0
IV. Inventories	660.3	485.1	493.4	591.4	451.4
1. Inventories	864.7	689.4	697.9	865.8	0.0
2. Provision for decline in value of inventories	-204.3	-204.3	-204.5	-274.4	0.0
V. Other short-term assets	721.2	764.2	688.5	507.8	506.5
1. Short-term prepayments	121.4	79.8	88.9	64.1	0.0
2. Value added tax to be reclaimed	558.9	545.2	438.1	299.7	0.0
3. Taxes and other receivables from state authorities	40.8	139.2	161.5	144.0	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)	20,150.3	17,174.7	15,572.1	14,110.5	14,052.5
I. Long-term receivables	1,791.9	1,506.1	1,123.2	614.5	0.0
1. Long-term trade receivables	81.4	93.6	102.8	90.1	497.3
2. Long-term prepayments to suppliers	24.7	24.7	24.7	24.7	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	773.4	1,080.8	883.2	365.8	0.0
6. Other long-term receivables	912.4	307.0	112.6	134.0	0.0
7. Provision for long-term doubtful debts	—	0.0	-0.0	-0.0	0.0
II. Fixed assets	9,446.6	9,100.5	9,019.0	9,498.9	10,095.1
1. Tangible fixed assets	8,769.7	8,401.8	8,296.7	8,763.8	9,367.3
- Cost	28,809.0	29,962.6	31,225.4	31,096.6	0.0
- Accumulated depreciation	-20,039.4	-21,560.8	-22,928.7	-22,332.8	0.0
2. Financial leased fixed assets	42.3	45.2	48.1	51.1	8.7
- Cost	58.3	58.3	58.3	58.3	0.0
- Accumulated depreciation	-16.0	-13.1	-10.1	-7.2	0.0
3. Intangible fixed assets	634.6	653.5	674.2	684.1	719.1
- Cost	940.1	934.5	930.0	917.3	0.0
- Accumulated depreciation	-305.5	-281.0	-255.8	-233.3	0.0
III. Investment properties	2,984.2	417.0	456.1	493.7	534.4
- Cost	3,621.8	801.6	799.8	795.7	0.0
- Accumulated depreciation	-637.6	-384.6	-343.7	-302.0	0.0
IV. Long-term assets in progress	1,803.6	3,528.3	2,514.6	1,012.4	757.4
1. Long-term production in progress	39.3	39.1	38.9	38.8	0.0
2. Construction in progress	1,764.3	3,489.1	2,475.7	973.6	0.0
V. Long-term financial investments	3,653.4	2,220.5	2,029.2	1,940.7	1,774.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,271.0	1,849.3	1,641.8	1,544.6	0.0
3. Investments in other entities	367.8	395.5	411.4	420.9	0.0
4. Provision for diminution in value of long-term investments	-24.2	-24.3	-24.1	-24.7	0.0
5. Held to maturity investments	38.8	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	470.6	402.3	429.9	550.3	0.0
1. Long-term prepayments	440.5	373.6	400.6	519.8	0.0
2. Deferred income tax assets	30.1	28.8	29.3	30.4	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.1	0.0
4. Other long-term assets	—	0.0	0.0	0.0	393.7
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)	35,552.3	30,425.0	27,537.5	26,946.5	26,238.1
A. LIABILITIES (300=210+330)	16,217.9	13,008.3	12,169.0	12,861.1	14,813.1
I. Short -term liabilities	9,329.1	8,100.0	7,417.1	8,331.2	9,635.7
1. Short-term trade accounts payable	1,395.3	1,698.0	1,172.5	1,382.8	1,317.3
2. Short-term advances from customers	115.7	77.6	41.3	63.2	87.0
3. Taxes and other payables to state authorities	591.0	309.5	293.0	299.3	0.0
4. Payable to employees	773.2	684.2	598.1	556.4	0.0
5. Short-term acrrued expenses	3,054.6	2,313.8	2,238.7	2,166.7	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	205.7	25.2	20.0	37.3	41.1
9. Other short-term payables	1,536.1	1,542.8	1,414.2	1,696.7	0.0
10. Short-term borrowings and financial leases	1,457.2	1,280.7	1,496.3	1,943.5	3,233.8
11. Provision for short-term liabilities	7.0	25.1	16.0	72.4	0.0
12.. Bonus and welfare fund	193.2	143.0	127.0	113.0	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	6,888.9	4,908.3	4,751.8	4,529.9	5,177.5
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	13.9	13.9	14.3	14.7	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	148.2	44.7	44.7	40.2	44.1
7. Other long-term liabilities	2,325.1	2,381.2	2,407.1	2,402.0	0.0
8. Long-term borrowings and financial leases	3,996.1	1,999.5	1,792.1	1,581.3	2,256.2
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	405.5	468.9	493.7	491.6	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)	19,334.4	17,416.7	15,368.5	14,085.4	11,424.9
I. Owner's equity	19,334.4	17,416.7	15,368.5	14,085.4	0.0
1. Owner's capital	12,005.9	12,005.9	12,005.9	12,005.9	11,424.9
- Common stock with voting right	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.6	0.7	10.9	10.9	10.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	73.8	73.2	83.0	89.9	89.9
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-3,203.6	-3,203.6	-3,190.4	-3,251.8	0.0
7. Foreign exchange differences	91.5	108.5	40.8	18.6	0.0
8. Investment and development fund	3,497.5	2,933.2	2,086.7	1,586.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.0
11. Undistributed earnings after tax	1,629.2	596.8	-239.8	-643.9	-1,883.6
- Accumulated retained earning at the end of the previous period	-315.4	-1,424.2	-1,402.1	-2,478.2	-4,144.3
- Undistributed earnings in this period	1,944.6	2,021.0	1,162.3	1,834.3	2,260.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	5,239.4	4,901.9	4,571.4	4,269.4	3,828.3
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)	35,552.3	30,425.0	27,537.5	26,946.5	26,238.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,239.2	3,152.6	2,126.0	3,055.3	3,379.1
Depreciation of Fixed Assets and Investment Property	1,422.8	1,525.1	1,317.1	1,321.5	1,326.8
Provision (Increase)/Reversal	-38.0	26.7	-247.0	181.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	52.3	-55.1	-32.7	22.2	0.0
Gain/Loss from Investment Activities	-1,258.1	-1,308.7	-611.7	-716.3	0.0
Interest Expense	267.8	372.9	202.1	375.6	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	—	26.3	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3,686.0	3,739.8	2,753.8	4,240.2	3,845.1
Increase/(Decrease) in Receivables	-90.6	455.8	196.1	-36.4	0.0
Increase/(Decrease) in Inventory	-175.5	8.3	167.8	-85.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,355.9	-434.2	-287.8	-223.8	0.0
Increase/(Decrease) in Prepaid Expenses	-108.5	36.1	94.4	-62.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-223.8	-217.2	-283.3	-390.5	0.0
Corporate Income Tax Paid	-387.3	-569.9	-377.5	-473.3	0.0
Other Operating Receipts	6.8	0.0	0.0	2.8	0.0
Other Operating Payments	-329.9	-220.6	-197.6	-361.8	0.0
Net Cash Flow from Operating Activities	1,021.2	2,798.1	2,066.0	2,609.1	3,530.1
Payments for Fixed Assets and Other Long-term Assets	-4,712.7	-3,090.6	-2,385.6	-1,180.6	-401.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	952.6	846.2	95.2	213.7	126.4
Loans and Purchases of Debt Instruments	-5,967.2	-6,805.6	-8,186.7	-7,426.9	-9,985.0
Receipts from Loan Repayments and Sale of Debt Instruments	5,521.9	6,701.8	8,745.8	7,218.9	8,154.6
Investments in Other Entities	-55.7	-332.1	-2.4	-12.5	-427.4
Proceeds from Investments in Other Entities	80.0	106.3	17.6	3.3	0.0
Dividends and Interest Income Received	825.3	368.0	471.4	349.5	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	-3,355.9	-2,206.1	-1,244.7	-834.7	-1,512.6
Proceeds from Equity Issuance and Capital Contributions	13,775,290,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,538.7	470.5	352.3	591.5	380.4
Repayment of Borrowings	-1,276.9	-548.8	-558.0	-2,112.6	-1,335.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-329.2	-46.3	-212.3	-262.9	-535.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2,946.3	-124.7	-417.9	-1,784.0	-1,490.6
Net Cash Flow During the Period	611.7	467.4	403.4	-9.6	-245.6
Cash and Cash Equivalents at Beginning of Period	3,255.0	2,771.4	2,384.2	2,373.9	1,835.4
FX Difference from Revaluation	32.6	16.2	-16.2	19.9	-0.3
Cash and Cash Equivalents at End of Period	3,899.3	3,255.0	2,771.4	2,384.2	2,361.9

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	6,611.5	5,368.4	5,286.0	4,630.5	3,745.1	4,647.3	4,095.3	4,648.1	3,596.7	3,398.4	3,232.2	3,364.5
Revenue Deductions	0.8	8.3	3.2	3.5	1.4	4.6	1.2	2.5	0.5	3.2	0.6	1.2
Net Revenue	6,610.7	5,360.1	5,282.7	4,627.0	3,743.7	4,642.7	4,094.1	4,645.6	3,596.1	3,395.3	3,231.6	3,363.3
Cost of Goods Sold	5,529.5	4,310.2	4,255.2	3,896.3	3,103.1	3,943.9	3,400.0	3,958.9	2,869.7	2,888.9	2,690.8	2,646.4
Gross Profit	1,081.2	1,049.9	1,027.5	730.7	640.6	698.8	694.1	686.7	726.4	506.3	540.7	716.9
Financial Income	128.2	165.4	185.5	155.2	121.5	413.7	126.2	163.6	168.6	166.4	201.6	197.1
Financial Expenses	97.0	109.5	93.2	85.4	122.8	269.5	217.1	70.9	75.4	10.6	79.7	96.2
Interest Expense	80.5	86.9	65.4	58.2	58.1	235.9	47.4	45.3	44.1	-7.5	64.2	71.8
Share of Associates and Joint Ventures	187.7	139.2	134.7	78.2	121.4	90.3	48.4	34.0	40.4	41.2	32.3	52.7
Selling Expenses	35.5	56.4	38.5	37.5	31.4	42.9	29.9	35.4	30.6	41.2	30.3	35.3
General and Administrative Expenses	309.8	482.4	329.6	333.3	276.3	451.0	327.2	283.0	269.3	401.4	201.6	202.7
Operating Profit	954.7	706.2	886.4	507.8	453.0	439.4	294.4	494.9	560.1	260.8	463.1	632.5
Other Income	75.2	387.7	222.6	239.1	12.6	91.1	449.8	844.1	22.8	306.7	16.6	24.1
Other Expenses	9.9	183.1	10.9	16.8	11.3	21.1	13.1	28.3	6.3	35.4	11.4	21.9
Other Profit	65.3	204.6	211.8	222.3	1.3	70.1	436.7	815.8	16.5	271.3	5.2	2.2
Profit Before Tax	1,020.0	910.8	1,098.1	730.1	454.3	509.4	731.1	1,310.7	576.6	532.1	468.3	634.8
Current Income Tax Expense	172.0	202.2	220.3	140.3	97.5	138.7	132.9	176.6	98.4	124.6	101.6	111.8
Deferred Income Tax Expense	-13.9	-21.8	-17.4	-15.0	-9.9	-14.6	-5.0	-3.5	-1.2	-11.1	-3.6	12.3
Net Income	861.9	730.4	895.2	604.9	366.7	385.4	603.1	1,137.6	479.4	418.5	370.3	510.6
Non-controlling Interest	192.2	226.6	226.6	137.2	96.8	84.8	85.4	277.1	136.9	154.4	102.7	143.8
Profit Attributable to Parent	669.7	503.8	668.7	467.6	269.9	300.6	517.7	860.5	342.5	264.1	267.6	366.8
Earnings per Share	558.00	420.00	557.00	390.00	225.00	250.00	431.00	717.00	285.24	220.01	222.87	305.51
Diluted EPS	557.83	419.64	556.94	389.50	224.84	250.38	431.23	716.74	285.24	220.01	222.87	305.51

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)	15,532.5	15,408.4	15,292.2	14,301.0	13,206.5	13,273.5	13,960.2	13,658.5	11,964.3	11,966.8	12,446.7	12,852.2
I. Cash and cash equivalents	3,243.1	4,003.3	4,103.5	3,921.3	3,348.6	3,312.3	4,671.3	4,488.8	3,398.3	2,748.7	2,943.8	2,392.8
1. Cash	2,197.8	2,215.4	2,456.3	1,920.1	1,968.4	1,867.5	2,758.5	2,445.1	1,901.8	1,522.0	1,682.4	1,550.9
2. Cash equivalents	1,045.3	1,788.0	1,647.2	2,001.2	1,380.2	1,444.8	1,912.8	2,043.7	1,496.5	1,226.8	1,261.4	841.9
II. Short-term financial investments	6,653.6	5,762.5	5,126.3	5,209.7	4,846.2	5,081.3	4,996.2	4,758.9	4,343.1	5,299.3	5,246.2	5,773.9
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	6,661.3	5,762.5	5,126.3	5,209.7	4,846.2	5,081.3	4,996.2	4,758.9	4,343.1	5,299.3	5,246.2	5,773.9
4. Provision for short-term investments held to maturity (*)	-7.7	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	4,344.5	4,264.8	4,718.5	3,818.0	3,671.0	3,633.5	3,074.6	3,169.6	2,986.2	2,733.5	3,062.6	3,524.4
1. Short-term trade accounts receivable	2,957.1	2,522.1	2,276.0	2,035.9	1,808.5	1,744.6	1,704.8	1,891.4	1,693.6	1,502.9	1,869.5	2,100.6
2. Short-term prepayments to suppliers	689.6	582.1	793.4	834.0	929.9	906.7	751.1	734.1	729.6	723.9	635.6	744.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	236.1	224.2	221.5	204.6	203.4	131.3	68.3	66.7	64.3	32.6	1.4
6. Other short-term receivables	1,031.6	1,267.4	1,791.0	1,093.8	1,090.4	1,135.0	844.8	823.7	842.1	785.8	888.8	1,095.0
7. Provision for short-term doubtful debts (*)	-336.7	-345.8	-370.2	-371.4	-366.8	-360.5	-361.8	-352.1	-350.0	-347.7	-368.0	-421.4
8. Assets awaiting resolution	2.8	2.8	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
IV. Inventories	570.3	660.3	521.2	497.1	507.9	482.2	475.4	503.4	517.2	495.2	555.4	543.6
1. Inventories	774.6	864.6	725.5	701.5	712.2	686.5	679.8	707.9	721.7	699.6	761.3	749.5
2. Provision for decline in value of inventories	-204.3	-204.3	-204.3	-204.3	-204.3	-204.3	-204.5	-204.5	-204.5	-204.5	-205.9	-205.9
V. Other short-term assets	721.0	717.4	822.5	854.9	832.7	764.3	742.7	737.8	719.5	690.1	638.7	617.5
1. Short-term prepayments	147.0	118.8	82.9	136.4	89.9	80.0	88.5	105.7	104.5	93.0	83.7	95.5
2. Value added tax to be reclaimed	546.6	557.6	600.2	578.3	604.1	545.1	510.2	488.2	469.1	436.5	406.7	369.1
3. Taxes and other receivables from state authorities	27.4	40.9	139.5	140.2	138.7	139.2	144.1	143.9	145.9	160.6	148.3	152.9
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)	20,320.5	20,153.8	19,555.1	18,838.9	17,753.5	17,112.9	15,557.8	15,726.7	15,854.1	15,541.1	15,133.4	14,988.2
I. Long-term receivables	1,110.4	1,783.2	1,788.5	1,484.1	1,475.7	1,444.4	1,126.9	1,189.4	1,177.7	1,111.0	1,150.1	1,175.6
1. Long-term trade receivables	77.2	81.4	87.8	87.8	93.6	93.6	100.3	100.3	102.8	102.8	102.8	90.1
2. Long-term prepayments to suppliers	24.7	21.1	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7	24.7
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	—	773.4	899.0	892.1	1,002.5	1,030.7	794.0	880.6	897.7	870.6	902.6	930.2
6. Other long-term receivables	1,008.6	907.3	777.0	479.5	355.0	295.5	207.9	183.8	152.5	112.9	120.0	130.7
7. Provision for long-term doubtful debts	-0.1	—	—	—	—	0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0
II. Fixed assets	9,426.6	9,446.6	12,023.6	10,296.6	9,211.1	9,107.6	8,811.6	8,927.1	8,979.6	9,017.4	9,282.4	9,124.1
1. Tangible fixed assets	8,755.2	8,769.5	11,345.0	9,602.0	8,522.1	8,408.9	8,108.3	8,218.0	8,264.0	8,296.7	8,558.1	8,399.6
- Cost	28,915.1	—	—	—	—	29,977.8	29,566.7	30,566.9	31,482.9	31,225.9	31,777.7	31,341.8
- Accumulated depreciation	-20,159.8	—	—	—	—	-21,568.9	-21,458.4	-22,348.9	-23,218.9	-22,929.2	-23,219.6	-22,942.2
2. Financial leased fixed assets	41.6	42.3	43.0	43.8	44.5	45.2	46.0	46.7	47.4	48.1	48.9	49.6
- Cost	58.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-16.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	629.8	634.8	635.5	650.8	644.5	653.5	657.3	662.4	668.2	672.6	675.4	674.9
- Cost	942.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-312.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2,961.7	2,984.2	395.7	404.0	414.3	417.0	427.2	436.6	445.9	456.1	466.2	475.5
- Cost	3,627.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-666.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,742.4	1,804.7	1,294.7	3,235.1	3,867.3	3,537.5	2,803.3	2,701.2	2,741.1	2,494.3	1,683.7	1,696.8
1. Long-term production in progress	39.4	39.3	39.4	39.2	39.2	39.1	39.1	39.1	39.0	38.9	38.8	38.8
2. Construction in progress	1,703.1	1,765.4	1,255.2	3,195.8	3,828.1	3,498.4	2,764.2	2,662.2	2,702.1	2,455.4	1,645.0	1,658.0
V. Long-term financial investments	4,576.3	3,666.5	3,602.5	2,963.5	2,368.8	2,204.8	2,022.5	2,080.5	2,083.1	2,022.9	1,984.5	1,933.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,442.3	3,284.1	3,218.7	2,581.8	1,997.6	1,834.2	1,651.8	1,694.1	1,695.5	1,635.4	1,596.5	1,538.7
3. Investments in other entities	367.6	367.9	369.9	393.2	395.5	394.9	395.3	411.5	411.5	411.4	411.9	419.1
4. Provision for diminution in value of long-term investments	-24.8	-24.2	-24.1	-24.3	-24.3	-24.3	-24.7	-25.1	-24.0	-24.1	-24.0	-24.0
5. Held to maturity investments	791.1	38.8	38.0	12.8	—	0.0	0.0	0.0	0.0	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	503.0	468.6	450.1	455.7	416.3	401.5	366.4	391.9	426.7	439.4	566.4	582.4
1. Long-term prepayments	474.3	440.0	423.2	427.3	388.3	372.7	337.0	362.4	397.4	409.6	536.3	552.0
2. Deferred income tax assets	28.7	28.6	27.0	28.3	28.0	28.8	29.5	29.5	29.3	29.6	30.1	30.3
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.1	0.1
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)	35,853.0	35,562.1	34,847.2	33,139.9	30,960.0	30,386.4	29,518.0	29,385.3	27,818.3	27,507.9	27,580.1	27,840.4
A. LIABILITIES (300=210+330)	15,614.6	16,211.8	16,178.8	15,231.4	13,275.2	12,974.4	12,547.1	13,019.1	12,099.4	12,148.4	12,526.3	13,240.7
I. Short -term liabilities	8,598.3	9,328.0	9,192.3	8,615.8	7,648.0	8,117.3	7,809.0	8,300.3	7,363.5	7,379.0	7,829.7	8,597.8
1. Short-term trade accounts payable	1,771.3	1,395.6	1,778.8	1,541.1	1,346.4	1,695.1	1,270.4	1,470.6	1,239.2	1,175.3	1,224.2	1,457.0
2. Short-term advances from customers	105.4	115.7	82.6	85.5	75.1	77.5	74.3	213.8	84.5	41.3	73.7	70.4
3. Dividends and profits payable	15.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	330.1	588.7	573.1	404.5	264.4	310.6	501.2	334.2	246.9	295.1	391.1	321.8
4. Payable to employees	417.3	777.2	570.7	467.1	332.5	683.8	557.9	448.3	329.3	583.2	460.2	354.8
5. Short-term acrrued expenses	2,507.9	3,068.5	2,611.1	2,602.0	2,389.6	2,307.7	2,415.7	2,408.3	2,306.3	2,240.4	2,285.2	2,239.3
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	36.2	205.7	29.1	163.9	171.2	25.1	28.0	23.4	20.9	19.6	27.9	25.0
9. Other short-term payables	1,520.5	1,519.0	1,731.0	1,599.7	1,587.9	1,568.6	1,271.1	1,606.5	1,540.4	1,401.6	1,612.5	2,203.5
10. Short-term borrowings and financial leases	1,749.8	1,457.4	1,527.8	1,473.9	1,334.6	1,280.8	1,480.7	1,514.9	1,504.2	1,478.1	1,587.8	1,714.5
11. Provision for short-term liabilities	3.7	7.0	5.4	3.6	0.7	25.1	2.8	3.1	4.0	17.5	1.5	1.6
12.. Bonus and welfare fund	140.7	193.2	282.7	274.5	145.6	143.0	206.8	277.1	87.8	126.8	165.5	209.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	7,016.3	6,883.8	6,986.5	6,615.6	5,627.2	4,857.1	4,738.1	4,718.8	4,735.9	4,769.4	4,696.7	4,642.9
1. Long-term trade payables	0.1	—	—	—	—	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	13.9	14.3	13.9	13.9	13.9	13.9	14.3	14.3	14.3	14.7	14.7	14.7
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	154.4	148.2	158.6	143.5	42.9	44.7	44.7	41.7	43.2	45.1	43.9	39.0
7. Other long-term liabilities	2,276.1	2,319.9	2,371.7	2,385.4	2,383.0	2,381.2	2,413.9	2,404.5	2,406.9	2,407.0	2,406.1	2,410.8
8. Long-term borrowings and financial leases	4,181.5	3,996.1	4,016.2	3,628.2	2,728.1	1,949.5	1,782.1	1,769.2	1,779.0	1,810.4	1,728.2	1,670.8
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	390.2	405.3	426.0	444.6	459.3	467.8	483.1	489.1	492.5	492.2	503.8	507.6
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)	20,238.4	19,350.3	18,668.4	17,908.5	17,684.8	17,412.0	16,970.9	16,366.1	15,718.9	15,359.5	15,053.8	14,599.7
I. Owner's equity	20,238.4	19,350.3	18,668.4	17,908.5	17,684.8	17,412.0	16,970.9	16,366.1	15,718.9	15,359.5	15,053.8	14,599.7
1. Owner's capital	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9	12,005.9
- Common stock with voting right	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00	12,005,880,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.6	0.6	0.5	0.7	0.7	0.7	0.7	10.9	10.9	10.9	10.9	10.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	73.8	73.8	73.8	73.8	73.8	72.5	72.5	72.5	83.0	83.0	83.0	89.9
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-3,203.6	-3,203.6	-3,203.6	-3,203.6	-3,203.6	-3,203.6	-3,203.6	-3,190.4	-3,190.4	-3,190.4	-3,190.4	-3,190.4
7. Foreign exchange differences	92.5	94.7	100.2	94.4	71.5	108.5	53.4	54.6	51.6	40.8	41.4	14.7
8. Investment and development fund	3,497.6	3,497.3	3,497.3	3,595.5	3,028.3	2,933.2	2,646.1	2,991.8	2,086.2	2,086.7	2,086.7	2,153.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	2,295.4	1,633.8	1,148.7	682.7	994.4	580.7	585.6	-362.8	60.3	-246.9	-481.5	-814.1
- Accumulated retained earning at the end of the previous period	1,622.8	-313.9	-292.2	-54.9	724.5	-1,435.6	-1,152.5	-1,603.9	-282.2	-1,398.9	-1,369.4	-1,440.6
- Undistributed earnings in this period	672.6	1,947.7	1,440.9	737.6	269.9	2,016.3	1,738.1	1,241.1	342.5	1,152.0	887.9	626.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	5,476.3	5,247.9	5,045.7	4,659.0	4,713.7	4,914.1	4,810.3	4,783.5	4,611.4	4,569.4	4,497.7	4,329.0
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)	35,853.0	35,562.1	34,847.2	33,139.9	30,960.0	30,386.4	29,518.0	29,385.3	27,818.3	27,507.9	27,580.1	27,840.4

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	1,020.0	911.2	1,098.1	775.5	454.3	485.3	755.2	1,309.1	576.6	543.9	468.3	628.8
Depreciation of Fixed Assets and Investment Property	332.8	376.0	335.7	343.5	367.6	248.2	398.6	460.7	317.9	313.5	329.5	304.3
Provision (Increase)/Reversal	-2.2	-24.9	0.4	0.8	-14.3	-75.7	18.0	2.1	-9.1	-16.4	-43.8	-257.9
FX Gain/Loss from Revaluation of Monetary Items	-27.2	32.5	53.6	-55.1	21.4	-21.5	69.2	11.0	-38.9	-27.3	-3.6	-12.4
Gain/Loss from Investment Activities	-322.7	-242.9	-439.9	-457.7	-117.6	-1,457.8	-457.2	-545.6	-100.8	-100.1	-215.0	-212.4
Interest Expense	81.7	85.6	65.4	69.7	47.1	238.9	-18.6	53.0	36.6	-13.1	66.2	76.1
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	—	—	—	—	—	2.1	-0.0	8.4	-8.4	0.1	-0.0	-0.1
Operating Profit Before Changes in Working Capital	1,082.4	1,137.5	1,113.3	677.3	757.9	-580.4	765.3	1,298.8	773.9	700.7	601.6	526.4
Increase/(Decrease) in Receivables	-664.7	1,478.9	-1,085.8	-437.7	-46.0	553.8	415.3	-166.4	-435.2	341.4	-125.6	214.4
Increase/(Decrease) in Inventory	92.0	-139.0	-24.3	7.4	-19.6	-30.7	24.5	-9.5	-0.6	63.4	-12.0	-32.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-763.1	-1,751.2	54.4	1,497.4	-1,156.5	766.3	-151.6	623.9	-4.8	-415.5	341.7	160.1
Increase/(Decrease) in Prepaid Expenses	-42.5	-56.5	58.3	-116.8	6.5	-24.7	22.2	13.9	6.1	210.3	-52.3	1.6
Changes in Trading Securities	—	—	—	—	—	-4.1	4.1	0.0	0.0	0.0	0.0	0.0
Interest Paid	-58.5	-130.4	-31.8	-40.2	-21.5	-35.3	-61.6	-75.6	-44.2	-71.9	-82.4	-76.3
Corporate Income Tax Paid	-462.7	-114.0	-82.4	-6.6	-184.4	-274.9	-13.8	-66.5	-214.2	-99.5	-76.2	-35.9
Other Operating Receipts	-12.2	—	—	—	—	88.2	1.1	-1.8	1.9	-0.6	0.6	-5.0
Other Operating Payments	-59.9	-78.3	-71.9	-117.6	-62.1	-89.2	-58.1	-85.5	-43.7	-22.6	-86.1	-58.6
Net Cash Flow from Operating Activities	-889.2	345.9	-64.4	1,464.7	-725.0	369.1	947.5	1,531.4	39.1	705.5	509.4	694.8
Payments for Fixed Assets and Other Long-term Assets	-199.8	-2,324.2	50.4	-1,647.0	-791.9	-1,407.6	-453.7	-570.6	-419.8	-836.2	-479.4	-874.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	74.8	877.5	-326.7	398.7	3.1	-17.0	428.1	527.4	11.6	79.6	7.4	33.8
Loans and Purchases of Debt Instruments	-1,376.4	-1,296.4	-1,506.0	-1,901.4	-1,263.4	-1,131.2	-2,638.6	-2,121.3	-1,097.4	-1,276.1	-2,214.1	-2,150.6
Receipts from Loan Repayments and Sale of Debt Instruments	1,167.4	747.2	1,494.6	1,676.9	1,603.2	848.2	2,385.0	1,526.8	2,049.4	1,218.8	2,780.8	2,394.1
Investments in Other Entities	5.0	—	—	—	—	-35.1	-344.4	0.8	-0.9	-0.3	-0.7	-0.6
Proceeds from Investments in Other Entities	0.1	12.5	59.9	4.3	3.3	24.0	38.4	67.6	0.0	0.0	-5.4	23.0
Dividends and Interest Income Received	113.5	509.1	87.4	158.0	70.8	-228.3	316.8	134.4	79.4	71.1	166.9	144.9
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	-215.4	-1,435.2	-195.9	-1,312.7	-412.1	-1,946.9	-268.4	-435.0	622.4	-743.2	255.5	-430.3
Proceeds from Equity Issuance and Capital Contributions	-23,586,284,052.00	—	—	—	—	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	1,182.5	1,078.2	808.0	1,309.2	1,343.3	277.1	96.3	27.1	67.5	78.0	78.1	72.7
Repayment of Borrowings	-717.5	-79.7	-316.0	-817.8	-0.6	-345.8	-92.1	-32.7	-76.6	-93.5	-168.7	-115.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-102.8	-85.4	-81.8	-59.1	196.1	-451.0	-9.9	-50.9	-69.0	-140.3	-0.7
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	441.4	903.0	412.5	410.1	1,220.7	127.4	-446.9	-15.5	-60.0	-84.4	-230.8	-43.5
Net Cash Flow During the Period	-663.2	-186.3	152.2	562.2	83.6	-1,450.4	232.3	1,080.8	601.5	-122.0	534.0	221.0
Cash and Cash Equivalents at Beginning of Period	3,899.3	4,103.5	3,916.9	3,348.6	3,255.0	2,771.4	2,771.4	2,771.4	2,771.4	2,384.2	2,384.2	2,384.2
FX Difference from Revaluation	7.0	32.6	50.6	16.2	10.0	91.4	-67.2	27.1	25.4	-50.3	25.7	8.8
Cash and Cash Equivalents at End of Period	3,243.1	3,899.3	4,103.5	3,916.9	3,348.6	3,312.3	4,671.3	4,506.2	3,398.3	2,771.4	2,943.8	2,384.0

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MVN

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