MWG

Đầu tư Thế giới Di động ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 4.97%, +1.82pp YoY

Price

77,900

Latest close

02 Jun 2026

P/E 13.60x

P/B 3.19x

EPS 5,726

BVPS 24,450

ROE 25.0%

ROA 10.5%

Profit Margin 4.9%

Asset Turnover 2.13x

Equity Mult. 2.39x

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

What Is Changing

On a TTM 2026Q1 basis, MWG is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 166,785bn
	                                
+20.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8,285bn
	                                
+89.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	155,928.1	134,341.2	118,279.8	133,404.8	122,958.1
Growth	+16%	+14%	-11%	+8%	—
Net Income	7,072.6	3,733.3	167.8	4,101.7	4,901.4
Net Margin	4.54%	2.78%	0.14%	3.07%	3.99%

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	46,462.0	42,850.4	39,852.5	37,620.0	36,135.0	34,573.9	34,146.7	34,134.1	31,486.5	31,421.5	30,287.7	29,464.8
Growth	+8%	+8%	+6%	+4%	+5%	+1%	+0%	+8%	+0%	+4%	+3%	—
Net Income	2,757.6	2,086.5	1,783.7	1,657.5	1,547.8	852.1	805.8	1,172.4	903.0	90.3	38.8	17.4
Net Margin	5.94%	4.87%	4.48%	4.41%	4.28%	2.46%	2.36%	3.43%	2.87%	0.29%	0.13%	0.06%

Drivers of MWG's profit

TTM

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

Gross profit ↑ 2,794.3bn

Selling expenses ↓ 1,230.6bn

Financial income ↑ 730.8bn

Other profit ↑ 370.3bn

Administrative expenses ↑ 1,030.3bn

Tax ↑ 596.3bn

TTM

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

Gross profit ↑ 1,459.3bn

Financial income ↑ 200.5bn

Selling expenses ↓ 181.0bn

Tax ↑ 276.8bn

Finance costs ↑ 201.2bn

Administrative expenses ↑ 144.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.7% = 3.1% × 2.04 × 2.45

2026Q1 25.3% = 5.0% × 2.13 × 2.39

ROE rose from 15.7% to 25.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 5.0% +1.8pp Asset turnover: 2.13x +0.09x Leverage: 2.39x -0.06x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 4.97%, rising 1.8pp. Core operating signals are improving as SG&A / Revenue fell 2.2pp are enough to offset pressure from Gross margin fell 0.5pp (with additional support from Other profit / Revenue rose 0.3pp and Net financial result / Revenue rose 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 4.97% +1.8pp

Gross Margin 19.67% −0.5pp

SG&A / Revenue 14.63% −2.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 14.77%, rising 5.1pp. That translates to 14.77 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.6pp and capital turnover rose 0.10x, while invested capital rose by 7,678bn — 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 14.77% +5.1pp

NOPAT Margin 4.99% +1.6pp

Capital Turnover 2.96x +0.10x

Average Invested Capital 56,356.7bn +7,678.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.53x equity, net debt at 0.66x equity.

Inventory ended the period at 27,266.9bn, roughly 32.5% of total assets.

Over the last 12 months, working capital absorbed 2,431.5bn 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: −140.3bn

Inventories increased → lower CFO: −5,105.4bn

Payables increased → higher CFO: +2,814.2bn

Working Capital Efficiency

Cash conversion cycle improved by 0.1 days versus the same period last year. The main moves came from DIO fell 2.1 days, DSO fell 0.2 days, and DPO fell 2.1 days.

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

Working Capital Efficiency

Receivables 0.5 days −0.2 days

Inventory 70.3 days −2.1 days

Payables 31.6 days −2.1 days

Cash Conversion Cycle 39.2 days −0.1 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 0.66x and interest coverage at 6.20x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 16.2% of debt, and total debt stands at 28,100.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 16.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.66x −0.14x

Interest Coverage 6.20x +1.03x

Cash / Debt 16.2% +6.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.58x −0.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6,096.1bn in 2025, against investing cash flow of -6,660.8bn.

Post-investment cash flow was negative +564.6bn. Financing cash flow was positive +667.2bn.

CFO / net income was 0.58x.

After spending +1,075.5bn on fixed-asset investment, the business generated trailing free cash flow of +3,724.3bn.

Cash Conversion

CFO TTM 4,799.9bn −1,365.2bn

Cash Capex 1,075.5bn +631.3bn

FCF TTM +3,724.3bn −1,996.4bn

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 operating efficiency, with net margin improving 1.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 16.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.97% after expanding 1.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.4% of PBT and CFO / net income currently at 0.58x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	156,836.1	135,225.1	119,234.2	134,722.2	124,141.5
Revenue Deductions	908.0	883.9	954.4	1,317.5	0.0
Net Revenue	155,928.1	134,341.2	118,279.8	133,404.8	122,958.1
Cost of Goods Sold	124,926.3	106,841.9	95,759.2	102,542.7	0.0
Gross Profit	31,001.9	27,499.2	22,520.6	30,862.0	27,632.1
Financial Income	3,107.3	2,376.5	2,167.0	1,313.1	1,266.1
Financial Expenses	1,542.5	1,188.5	1,556.1	1,382.6	-713.7
Interest Expense	1,470.7	1,137.2	1,447.7	1,362.1	-673.9
Share of Associates and Joint Ventures	24.4	-44.6	0.0	0.0	4.2
Selling Expenses	19,330.9	19,849.8	20,916.7	22,336.8	-17,914.2
General and Administrative Expenses	4,596.1	3,565.8	1,167.7	1,881.0	-3,829.8
Operating Profit	8,664.1	5,227.0	1,047.1	6,574.7	6,444.7
Other Income	52.8	25.7	36.9	61.6	0.0
Other Expenses	83.8	427.0	394.3	579.9	0.0
Other Profit	-31.0	-401.3	-357.4	-518.3	26.9
Profit Before Tax	8,633.1	4,825.8	689.7	6,056.4	6,471.6
Current Income Tax Expense	1,721.6	1,282.5	433.3	1,793.0	-1,570.2
Deferred Income Tax Expense	-161.1	-190.1	88.6	161.6	0.0
Net Income	7,072.6	3,733.3	167.8	4,101.7	4,901.4
Non-controlling Interest	38.9	11.4	0.2	2.0	2.6
Profit Attributable to Parent	7,033.7	3,721.9	167.7	4,099.8	4,898.9
Earnings per Share	4,774.00	2,546.00	115.00	2,810.00	6,213.00
Diluted EPS	4,774.00	2,546.00	115.00	2,810.00	6,870.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	77,201.7	65,836.4	51,950.3	44,577.6	51,976.2
I. Cash and cash equivalents	4,999.9	4,897.3	5,365.7	5,061.0	4,943.9
1. Cash	4,960.4	4,697.3	4,795.6	3,846.0	0.0
2. Cash equivalents	39.5	200.0	570.1	1,215.0	0.0
II. Short-term financial investments	33,874.3	29,324.4	18,937.0	10,069.2	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	33,874.3	29,324.4	18,937.0	10,069.2	0.0
III. Short-term receivables	10,182.8	8,825.9	5,158.9	3,000.8	3,162.1
1. Short-term trade accounts receivable	253.4	241.4	308.5	178.1	0.0
2. Short-term prepayments to suppliers	141.6	115.9	96.0	403.7	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	6,910.5	6,037.7	2,085.9	16.9	0.0
6. Other short-term receivables	2,877.3	2,430.9	2,668.5	2,402.2	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	27,266.9	22,244.7	21,824.2	25,696.1	29,180.3
1. Inventories	27,876.4	22,667.8	22,028.7	26,058.1	0.0
2. Provision for decline in value of inventories	-609.6	-423.1	-204.4	-362.1	0.0
V. Other short-term assets	877.8	544.1	664.5	750.4	1,255.1
1. Short-term prepayments	518.6	390.4	481.2	565.1	0.0
2. Value added tax to be reclaimed	314.9	121.1	159.8	156.7	0.0
3. Taxes and other receivables from state authorities	44.3	32.6	23.5	28.6	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)	6,744.0	4,601.4	8,160.9	11,256.5	11,007.0
I. Long-term receivables	403.8	389.7	457.6	503.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	482.4
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	—	0.0	9.2	9.7	0.0
6. Other long-term receivables	403.8	389.7	448.3	493.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,598.2	3,586.6	6,500.1	9,727.5	9,634.2
1. Tangible fixed assets	2,540.1	3,523.2	6,431.3	9,653.3	9,567.0
- Cost	19,478.2	19,174.6	20,139.3	20,841.5	0.0
- Accumulated depreciation	-16,938.1	-15,651.5	-13,708.0	-11,188.2	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	58.1	63.5	68.8	74.2	67.2
- Cost	90.3	90.3	90.3	90.3	0.0
- Accumulated depreciation	-32.2	-26.8	-21.5	-16.1	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	90.9	24.5	4.5	123.9	79.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	90.9	24.5	4.5	123.9	0.0
V. Long-term financial investments	3,136.3	242.0	746.6	231.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	371.2	242.0	286.6	181.0	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	2,765.2	0.0	460.0	50.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	514.7	358.5	452.1	670.6	0.0
1. Long-term prepayments	63.6	68.5	105.4	175.1	0.0
2. Deferred income tax assets	451.1	290.0	101.1	188.5	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	810.8
5. Goodwill	—	0.0	245.6	307.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	83,945.6	70,437.8	60,111.2	55,834.1	62,983.2
A. LIABILITIES (300=210+330)	50,769.5	42,316.2	36,751.7	31,901.5	42,604.8
I. Short -term liabilities	50,769.5	42,316.2	30,765.3	26,000.3	39,836.4
1. Short-term trade accounts payable	13,113.9	9,179.6	7,927.1	8,745.8	12,179.8
2. Short-term advances from customers	210.4	91.0	89.0	97.7	98.4
3. Taxes and other payables to state authorities	899.6	691.1	421.5	764.2	0.0
4. Payable to employees	342.2	650.0	438.4	475.4	0.0
5. Short-term acrrued expenses	4,474.4	3,357.6	1,372.8	2,180.4	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	536.9	51.8	3.4	0.4	7.8
9. Other short-term payables	1,171.7	924.7	1,316.6	2,971.9	0.0
10. Short-term borrowings and financial leases	29,930.9	27,300.2	19,128.5	10,688.1	21,879.1
11. Provision for short-term liabilities	89.5	70.2	67.9	76.3	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	—	0.0	5,986.4	5,901.2	2,768.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	5,985.2	5,901.2	2,768.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	1.2	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	33,176.1	28,121.6	23,359.6	23,932.6	20,378.4
I. Owner's equity	33,176.1	28,121.6	23,359.6	23,932.6	0.0
1. Owner's capital	14,696.9	14,622.4	14,633.8	14,638.8	20,378.4
- Common stock with voting right	14,696,931,770,000.00	14,622,441,770,000.00	14,633,767,160,000.00	14,638,792,800,000.00	7,130,654,950,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-153.0	558.1	558.1	558.1	558.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-12,364,140,000.00	-7,599,680,000.00	-9,783,280,000.00	-5,025,640,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	2.5	3.7	2.3	0.0
8. Investment and development fund	—	0.0	0.0	0.0	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	18,068.2	12,582.1	8,160.3	8,723.9	12,674.6
- Accumulated retained earning at the end of the previous period	11,034.5	8,860.3	7,992.7	4,624.2	7,775.7
- Undistributed earnings in this period	7,033.7	3,721.9	167.7	4,099.8	4,898.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	576.4	364.0	13.4	14.5	12.0
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)	83,945.6	70,437.8	60,111.2	55,834.1	62,983.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	8,633.1	4,825.8	689.7	6,056.4	6,471.6
Depreciation of Fixed Assets and Investment Property	1,890.9	2,913.4	3,351.3	3,540.3	2,920.7
Provision (Increase)/Reversal	205.8	221.0	-165.9	-321.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	48.3	25.7	83.6	0.3	0.0
Gain/Loss from Investment Activities	-2,908.8	-1,729.2	-1,509.2	-348.6	0.0
Interest Expense	1,470.7	1,137.2	1,447.7	1,362.1	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	9,339.9	7,393.9	3,897.2	10,288.7	9,286.8
Increase/(Decrease) in Receivables	-308.6	151.2	672.4	-588.8	0.0
Increase/(Decrease) in Inventory	-5,207.9	-636.9	4,169.0	3,791.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5,339.1	3,581.8	-3,136.7	-2,286.8	0.0
Increase/(Decrease) in Prepaid Expenses	-123.4	127.8	130.0	-101.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1,396.5	-1,141.5	-1,435.7	-1,322.4	0.0
Corporate Income Tax Paid	-1,546.5	-958.9	-860.4	-1,805.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	6,096.1	8,517.3	3,435.8	7,976.3	20.7
Payments for Fixed Assets and Other Long-term Assets	-888.5	-303.7	-523.4	-4,465.4	-4,963.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.2	54.7	31.3	5.3	1.1
Loans and Purchases of Debt Instruments	-56,848.2	-52,159.3	-34,151.4	-20,799.3	-25,113.7
Receipts from Loan Repayments and Sale of Debt Instruments	48,660.4	38,289.3	22,805.1	25,852.0	18,854.4
Investments in Other Entities	-104.8	0.0	-105.6	-181.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2,514.9	2,377.3	1,114.4	1,137.5	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	-4.8	-1.5	-1.7	0.0	0.0
Net Cash Flow from Investing Activities	-6,660.8	-11,743.3	-10,831.3	1,549.1	-10,302.2
Proceeds from Equity Issuance and Capital Contributions	283,527,980,000.00	1,771,634,338,542.00	443,220,000.00	192,628,370,000.00	228,253,030,000.00
Share Repurchases	-815,870,711,046.00	-9,141,790,000.00	-9,783,280,000.00	-5,025,640,000.00	-2,320,000,000.00
Proceeds from Borrowings	98,550.1	74,756.3	70,373.7	65,251.6	63,936.2
Repayment of Borrowings	-95,872.1	-73,030.3	-61,933.3	-73,313.7	-56,045.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1,478.5	-731.0	-731.3	-731.9	-239.5
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	667.2	2,757.5	7,699.8	-8,606.3	7,877.5
Net Cash Flow During the Period	102.5	-468.5	304.3	919.1	1,729.5
Cash and Cash Equivalents at Beginning of Period	4,897.3	5,365.7	5,061.0	4,142.0	7,347.9
FX Difference from Revaluation	0.1	0.1	0.4	-0.1	0.1
Cash and Cash Equivalents at End of Period	4,999.9	4,897.3	5,365.7	5,061.0	4,943.9

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	46,709.2	43,097.4	40,091.3	37,844.2	36,332.9	34,793.9	34,361.6	34,384.6	31,685.0	31,653.2	30,520.8	29,725.0
Revenue Deductions	247.2	247.0	238.8	224.2	198.0	220.0	214.9	250.5	198.5	231.7	233.2	260.2
Net Revenue	46,462.0	42,850.4	39,852.5	37,620.0	36,135.0	34,573.9	34,146.7	34,134.1	31,486.5	31,421.5	30,287.7	29,464.8
Cost of Goods Sold	36,751.9	34,804.1	32,374.3	30,051.3	28,934.5	27,987.0	27,254.8	26,826.4	24,773.9	25,235.0	24,609.2	24,023.7
Gross Profit	9,710.1	8,046.2	7,478.2	7,568.7	7,200.4	6,587.0	6,891.9	7,307.7	6,712.6	6,186.5	5,678.5	5,441.2
Financial Income	857.9	836.2	809.1	768.8	693.3	635.7	575.4	580.1	585.3	603.4	619.1	585.4
Financial Expenses	421.8	390.3	410.7	402.5	339.0	189.1	330.4	293.7	375.2	418.6	444.9	396.9
Interest Expense	415.4	384.7	388.0	375.2	322.8	323.5	303.7	243.1	267.0	329.0	438.4	384.5
Share of Associates and Joint Ventures	9.0	5.9	4.2	11.1	3.1	2.4	0.1	-26.7	-20.5	0.0	0.0	0.0
Selling Expenses	5,284.9	4,942.1	4,570.8	4,703.3	4,403.0	5,123.1	4,849.0	5,056.4	4,821.3	5,607.1	5,314.3	5,211.1
General and Administrative Expenses	1,523.2	1,060.4	1,119.4	1,201.7	1,214.6	916.4	967.6	813.3	868.5	301.0	341.5	229.2
Operating Profit	3,347.1	2,495.5	2,190.4	2,041.3	1,940.2	996.6	1,320.4	1,697.7	1,212.4	463.2	196.8	189.4
Other Income	12.4	32.6	6.9	1.2	12.1	8.8	6.1	-13.7	24.6	6.9	11.0	9.4
Other Expenses	32.0	26.9	25.0	14.2	17.6	-30.1	258.5	167.9	30.8	251.2	25.8	69.0
Other Profit	-19.5	5.7	-18.1	-13.0	-5.5	38.9	-252.4	-181.6	-6.2	-244.3	-14.8	-59.6
Profit Before Tax	3,327.6	2,501.2	2,172.4	2,028.2	1,934.7	1,035.5	1,068.0	1,516.0	1,206.2	218.9	182.0	129.8
Current Income Tax Expense	797.0	476.9	477.3	370.1	397.7	200.1	273.6	340.7	311.3	66.3	127.0	99.5
Deferred Income Tax Expense	-227.0	-62.2	-88.6	0.6	-10.9	-16.8	-11.3	2.9	-8.0	62.3	16.2	12.9
Net Income	2,757.6	2,086.5	1,783.7	1,657.5	1,547.8	852.1	805.8	1,172.4	903.0	90.3	38.8	17.4
Non-controlling Interest	43.1	14.8	12.8	9.4	1.9	5.1	5.6	0.1	0.5	0.1	0.1	0.0
Profit Attributable to Parent	2,714.4	2,071.6	1,770.9	1,648.1	1,545.9	847.0	800.1	1,172.3	902.4	90.3	38.7	17.4
Earnings per Share	1,849.00	1,562.00	1,198.00	1,117.00	1,058.00	580.00	547.00	802.00	617.00	62.00	26.00	11.00
Diluted EPS	1,849.00	1,562.00	1,198.00	1,117.00	1,058.00	2,546.00	547.00	802.00	617.00	62.00	26.00	11.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	76,834.6	77,214.6	75,125.4	75,933.6	68,350.2	65,774.2	61,075.0	59,688.2	56,259.4	51,947.0	49,825.4	49,611.5
I. Cash and cash equivalents	4,553.7	4,999.9	5,510.8	6,030.1	2,658.2	5,697.3	9,752.3	5,776.5	5,570.9	5,365.7	2,351.9	3,441.5
1. Cash	4,553.7	4,960.4	5,510.8	5,730.1	2,658.2	4,697.3	3,283.8	4,564.6	5,103.7	4,795.6	2,351.9	3,091.5
2. Cash equivalents	—	39.5	—	300.0	—	1,000.0	6,468.5	1,211.8	467.1	570.1	0.0	350.0
II. Short-term financial investments	41,831.2	33,874.3	33,436.3	34,303.2	32,390.5	28,524.4	21,548.9	25,180.6	24,673.2	18,937.0	20,901.9	20,978.9
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	41,831.2	33,874.3	33,436.3	34,303.2	32,390.5	28,524.4	21,548.9	25,180.6	24,673.2	18,937.0	20,901.9	20,978.9
III. Short-term receivables	2,121.0	10,153.1	11,515.1	11,374.2	9,862.5	8,763.7	7,355.3	7,120.7	4,862.8	5,158.9	3,076.5	2,616.2
1. Short-term trade accounts receivable	255.2	256.7	203.3	308.0	238.3	241.4	233.0	347.6	307.6	308.5	192.1	218.5
2. Short-term prepayments to suppliers	163.0	151.3	34.9	38.2	62.7	53.7	99.5	89.8	47.8	96.0	182.1	157.3
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	—	6,910.5	7,879.5	7,929.0	6,972.0	6,037.7	4,536.4	4,079.1	1,820.0	2,085.9	16.9	16.9
6. Other short-term receivables	1,702.8	2,834.6	3,397.5	3,099.0	2,589.6	2,430.9	2,486.4	2,604.3	2,687.4	2,668.5	2,685.4	2,223.5
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	27,600.7	27,266.9	24,101.3	23,691.7	22,808.5	22,244.7	21,853.6	21,040.8	20,492.4	21,824.2	22,853.5	21,874.4
1. Inventories	28,349.7	27,876.4	24,645.1	24,132.8	23,243.6	22,667.8	22,212.9	21,319.4	20,759.7	22,028.7	23,080.3	22,156.4
2. Provision for decline in value of inventories	-749.0	-609.6	-543.8	-441.1	-435.1	-423.1	-359.4	-278.5	-267.3	-204.4	-226.8	-282.0
V. Other short-term assets	728.1	920.5	561.9	534.4	630.5	544.1	564.8	569.6	660.1	661.2	641.6	700.4
1. Short-term prepayments	508.6	561.3	424.1	423.6	415.9	390.4	387.2	412.4	433.2	481.2	396.5	467.7
2. Value added tax to be reclaimed	176.1	314.9	124.0	97.1	184.5	121.1	156.3	126.6	195.8	149.1	209.4	189.6
3. Taxes and other receivables from state authorities	43.4	44.3	13.8	13.7	30.1	32.6	21.4	30.5	31.1	30.9	35.7	43.1
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)	7,159.9	6,744.0	5,163.1	5,067.8	4,329.0	4,444.5	5,825.1	6,181.6	7,284.1	8,160.9	8,819.4	9,757.1
I. Long-term receivables	420.7	403.8	395.0	392.8	398.4	389.7	397.9	411.6	428.9	457.6	480.0	486.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	9.2	9.7	9.7
6. Other long-term receivables	420.7	403.8	395.0	392.8	398.4	389.7	397.9	411.6	428.9	448.3	470.2	477.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,418.4	2,598.2	2,606.8	2,977.8	3,233.9	3,586.6	4,172.1	4,963.4	5,800.3	6,500.1	7,370.8	8,443.4
1. Tangible fixed assets	2,361.7	2,540.1	2,547.3	2,917.0	3,171.8	3,523.2	4,107.2	4,897.3	5,732.8	6,431.3	7,300.6	8,371.9
- Cost	19,648.3	—	—	—	—	19,174.6	19,064.5	19,550.3	20,074.6	20,139.3	20,750.2	21,049.3
- Accumulated depreciation	-17,286.6	—	—	—	—	-15,651.5	-14,957.2	-14,653.0	-14,341.7	-13,708.0	-13,449.6	-12,677.4
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	56.8	58.1	59.5	60.8	62.1	63.5	64.8	66.1	67.5	68.8	70.2	71.5
- Cost	90.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-33.5	—	—	—	—	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	130.9	90.9	76.1	106.5	56.4	24.5	10.0	2.2	1.4	4.5	159.7	3.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	130.9	90.9	76.1	106.5	56.4	24.5	10.0	2.2	1.4	4.5	159.7	3.6
V. Long-term financial investments	3,466.7	3,136.3	1,632.4	1,211.1	245.2	242.0	954.8	409.7	626.1	746.6	231.0	231.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	502.6	371.2	365.2	361.1	245.2	242.0	239.6	239.5	266.1	286.6	181.0	181.0
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	2,964.2	2,765.2	1,267.2	850.0	—	0.0	715.2	170.3	360.0	460.0	50.0	50.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	723.2	514.8	452.8	379.6	395.2	201.6	290.3	394.6	197.2	206.5	317.0	315.9
1. Long-term prepayments	45.1	63.6	63.9	79.3	94.3	68.5	65.3	73.5	88.0	105.4	154.7	137.5
2. Deferred income tax assets	678.1	451.1	388.9	300.3	300.9	133.1	117.5	106.2	109.1	101.1	162.2	178.4
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	107.4	214.9	230.2	245.6	260.9	276.3
TOTAL ASSETS (280=100+200)	83,994.6	83,958.6	80,288.5	81,001.4	72,679.2	70,218.7	66,900.0	65,869.8	63,543.5	60,107.9	58,644.8	59,368.5
A. LIABILITIES (300=210+330)	48,061.2	50,779.6	48,491.3	50,985.2	43,010.1	42,097.1	39,624.5	39,393.1	37,509.4	36,748.3	35,374.6	35,404.8
I. Short -term liabilities	48,061.2	50,779.6	48,491.3	50,985.2	43,010.1	42,097.1	33,471.4	33,260.0	31,421.0	30,761.9	29,475.3	29,505.5
1. Short-term trade accounts payable	11,892.5	13,123.5	12,679.6	11,117.9	11,309.0	9,137.5	10,181.8	9,801.6	9,209.5	7,927.1	9,161.6	9,334.8
2. Short-term advances from customers	192.5	210.4	178.1	91.5	74.4	91.0	105.1	66.9	73.6	89.0	100.4	70.5
3. Taxes and other payables to state authorities	876.8	900.0	572.1	660.3	532.1	534.2	603.8	645.3	599.6	418.2	363.5	302.4
4. Payable to employees	332.2	342.2	344.3	254.5	345.0	650.0	614.4	517.5	402.3	438.4	316.3	313.3
5. Short-term acrrued expenses	4,196.3	5,000.7	4,670.8	4,373.2	3,377.0	3,356.9	2,768.8	2,285.3	1,492.9	1,372.8	1,534.6	1,325.3
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	612.7	10.6	16.2	33.3	45.8	51.8	13.7	35.6	0.1	3.4	12.4	24.2
9. Other short-term payables	1,759.1	1,171.7	1,246.4	2,838.5	1,034.5	905.2	1,301.0	2,943.8	2,001.7	1,316.6	893.3	1,731.0
10. Short-term borrowings and financial leases	28,100.7	29,930.9	28,705.6	31,538.0	26,222.2	27,300.2	17,815.8	16,896.5	17,573.3	19,128.5	17,026.6	16,337.3
11. Provision for short-term liabilities	98.4	89.5	78.1	78.1	70.2	70.2	67.1	67.5	67.9	67.9	66.6	66.6
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	6,153.0	6,133.0	6,088.4	5,986.4	5,899.4	5,899.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	6,151.9	6,131.9	6,087.2	5,985.2	5,899.4	5,899.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	1.2	1.2	1.2	1.2	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	35,933.3	33,179.0	31,797.2	30,016.2	29,669.1	28,121.6	27,275.6	26,476.8	26,034.2	23,359.6	23,270.2	23,963.7
I. Owner's equity	35,933.3	33,179.0	31,797.2	30,016.2	29,669.1	28,121.6	27,275.6	26,476.8	26,034.2	23,359.6	23,270.2	23,963.7
1. Owner's capital	14,696.9	14,696.9	14,796.9	14,796.9	14,622.4	14,622.4	14,622.4	14,622.4	14,633.8	14,633.8	14,633.8	14,633.8
- Common stock with voting right	14,696,931,770,000.00	14,696,931,770,000.00	14,796,931,770,000.00	14,796,931,770,000.00	14,622,441,770,000.00	14,622,441,770,000.00	14,622,441,770,000.00	14,622,441,770,000.00	14,633,767,160,000.00	14,633,767,160,000.00	14,633,767,160,000.00	14,633,767,160,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-153.0	-153.0	558.1	558.1	558.1	558.1	558.1	558.1	1,592.0	558.1	558.1	558.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-12,696,480,000.00	-12,364,140,000.00	-12,364,140,000.00	-10,841,290,000.00	-7,599,680,000.00	-7,599,680,000.00	-3,287,890,000.00	-3,287,890,000.00	-11,325,390,000.00	-9,783,280,000.00	-8,166,690,000.00	-7,664,060,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	2.5	2.5	3.4	3.4	3.7	3.7	2.9	3.5
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	20,782.6	18,071.9	16,068.7	14,297.8	14,128.1	12,582.1	11,735.1	10,941.5	9,062.8	8,160.3	8,070.1	8,762.6
- Accumulated retained earning at the end of the previous period	18,068.2	11,035.3	11,103.7	11,103.7	12,582.1	8,860.3	8,860.3	8,866.8	8,160.3	7,992.7	7,992.7	8,723.9
- Undistributed earnings in this period	2,714.4	7,036.6	4,965.0	3,194.1	1,545.9	3,721.9	2,874.9	2,074.7	902.4	167.7	77.4	38.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	619.5	575.5	385.9	374.2	365.6	364.0	359.7	354.5	753.3	13.4	13.5	13.4
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)	83,994.6	83,958.6	80,288.5	81,001.4	72,679.2	70,218.7	66,900.0	65,869.8	63,543.5	60,107.9	58,644.8	59,368.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	3,327.6	2,497.9	2,172.4	2,028.2	1,934.7	1,035.5	1,068.0	1,516.0	1,206.2	218.9	182.0	129.8
Depreciation of Fixed Assets and Investment Property	393.9	433.3	459.3	489.3	508.9	806.2	709.5	678.5	719.2	672.6	1,006.8	795.8
Provision (Increase)/Reversal	148.3	77.1	102.8	13.9	12.0	66.9	80.4	10.7	62.9	-21.0	-55.2	-37.7
FX Gain/Loss from Revaluation of Monetary Items	-1.0	0.2	17.8	20.3	10.0	-140.8	20.1	44.8	101.8	85.8	-0.3	-1.8
Gain/Loss from Investment Activities	-803.2	-785.5	-763.7	-721.9	-637.7	-627.2	-283.1	-299.5	-519.4	-274.2	-475.0	-448.1
Interest Expense	415.4	384.7	388.0	375.2	322.8	323.5	303.7	243.1	267.0	329.0	438.4	384.5
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	3,481.1	2,607.7	2,376.6	2,205.0	2,150.7	1,464.0	1,898.7	2,193.7	1,837.8	1,011.2	1,096.8	822.3
Increase/(Decrease) in Receivables	168.3	27.0	-83.9	-251.6	-0.0	100.7	325.3	-245.7	33.1	259.3	-90.0	-624.2
Increase/(Decrease) in Inventory	-473.3	-3,231.3	-512.3	-888.5	-575.8	-454.3	-892.3	-559.4	1,269.1	1,191.2	-924.0	-888.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-776.6	665.0	1,930.8	994.9	1,748.3	-388.3	193.5	1,703.8	2,010.5	-667.4	-844.6	430.8
Increase/(Decrease) in Prepaid Expenses	28.6	-94.3	15.0	7.3	-51.4	-6.3	33.4	35.3	65.4	-42.5	61.1	35.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-438.5	-380.1	-379.2	-311.7	-325.5	-307.1	-320.5	-238.7	-275.3	-476.1	-349.4	-339.7
Corporate Income Tax Paid	-796.3	-205.8	-571.1	-312.7	-456.8	-280.2	-316.6	-263.4	-98.8	-109.0	-96.4	-94.3
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	1,193.3	-611.9	2,775.8	1,442.7	2,489.5	128.4	921.5	2,625.6	4,841.8	1,166.6	-1,146.6	-658.7
Payments for Fixed Assets and Other Long-term Assets	-350.1	-349.7	-119.7	-256.0	-163.1	-62.8	-192.9	-25.5	-22.5	84.5	-169.7	-128.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	2.9	4.8	1.8	0.8	7.3	13.7	23.1	10.5	18.0	4.4	6.5
Loans and Purchases of Debt Instruments	-10,334.0	-17,050.0	-13,513.4	-13,442.0	-12,842.8	-13,877.9	-7,206.9	-12,886.5	-12,857.1	-8,000.1	-6,816.0	-7,874.5
Receipts from Loan Repayments and Sale of Debt Instruments	10,310.4	16,083.0	14,012.7	9,722.3	8,842.4	6,116.3	9,836.2	10,309.8	7,496.0	7,486.5	6,893.1	3,923.7
Investments in Other Entities	-122.4	—	—	—	—	0.0	0.0	0.0	0.0	-105.6	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	-1,777.4	1,777.4	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	684.9	894.3	633.9	521.6	465.0	2,378.0	-1,355.1	834.5	519.9	264.2	188.0	374.0
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	—	—	—	—	—	-1.5	0.6	-0.4	-0.1	-0.6	-1.2	0.0
Net Cash Flow from Investing Activities	190.1	-422.1	1,017.1	-3,557.9	-3,697.9	-7,218.0	2,873.0	-1,745.0	-4,853.3	-253.1	98.7	-3,698.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	-6,870,914,127.00	5,139,612,188.00	1,773,365,640,481.00	443,220,000.00	0.00	0.00
Share Repurchases	-332,340,000.00	—	—	—	—	-4,311,790,000.00	0.00	-3,287,890,000.00	-1,542,110,000.00	-2,116,340,000.00	-2,880,000.00	-6,752,960,000.00
Proceeds from Borrowings	27,840.3	29,944.2	26,389.7	22,571.2	19,645.0	20,459.2	18,966.9	17,221.8	18,108.3	23,386.4	19,130.7	16,605.1
Repayment of Borrowings	-29,670.6	-28,718.9	-29,222.1	-17,255.4	-20,675.8	-17,420.6	-18,047.7	-17,898.5	-19,663.6	-21,284.5	-18,441.3	-11,580.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-1,478.5	—	—	0.0	-731.0	0.0	0.0	0.0	-731.3	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,830.6	523.2	-4,312.3	5,487.0	-1,030.8	3,034.4	181.4	-674.9	216.5	2,100.3	-41.9	5,017.4
Net Cash Flow During the Period	-447.3	-510.7	-519.4	3,371.8	-2,239.2	-4,055.2	3,976.0	205.7	205.0	3,013.7	-1,089.9	660.3
Cash and Cash Equivalents at Beginning of Period	4,999.9	5,510.8	6,030.1	2,658.2	4,897.3	5,365.7	5,365.7	5,365.7	5,365.7	5,061.0	5,061.0	5,061.0
FX Difference from Revaluation	1.0	0.1	0.3	0.1	0.0	0.2	-0.1	-0.2	0.2	0.1	0.3	-0.0
Cash and Cash Equivalents at End of Period	4,553.7	4,999.9	5,510.8	6,030.1	2,658.2	5,697.3	9,752.3	5,776.5	5,570.9	5,365.7	2,351.9	3,441.5

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MWG

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