PDR

Phát triển Bất động sản Phát Đạt ·HOSE ·2026Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT 84.89%

Price

15,300

Latest close

03 Jun 2026

P/E 25.54x

P/B 1.22x

EPS 599

BVPS 12,584

ROE 5.0%

ROA 2.4%

Profit Margin 60.2%

Asset Turnover 0.04x

Equity Mult. 2.10x

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

What Is Changing

On a TTM 2026Q1 basis, PDR has not accelerated revenue, but profitability is improving more visibly — the growth momentum has held across consecutive periods. Notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 991bn
	                                
−56.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 602bn
	                                
+15.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    84.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	1,325.0	821.7	617.5	1,504.6	3,620.2
Growth	+61%	+33%	-59%	-58%	—
Net Income	514.7	155.2	682.5	1,160.6	1,860.6
Net Margin	38.85%	18.89%	110.52%	77.14%	51.39%

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	104.3	360.6	506.5	19.9	437.9	1,844.0	2.6	8.3	162.2	68.1	354.8	5.1
Growth	-71%	-29%	+2442%	-95%	-76%	+70073%	-68%	-95%	+138%	-81%	+6840%	—
Net Income	137.5	313.3	85.8	64.9	50.6	369.2	51.2	49.8	52.6	282.6	101.7	275.7
Net Margin	131.83%	86.90%	16.95%	325.67%	11.56%	20.02%	1948.73%	602.98%	32.45%	415.07%	28.66%	5392.29%

Drivers of PDR's profit

TTM

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

Financial income ↑ 1,141.0bn

Selling expenses ↓ 38.9bn

Associates income ↑ 8.3bn

Finance costs ↑ 392.6bn

Tax ↑ 313.8bn

Gross profit ↓ 228.1bn

TTM

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

Financial income ↑ 905.2bn

Finance costs ↑ 364.9bn

Tax ↑ 335.8bn

Gross profit ↓ 73.1bn

Other profit ↓ 56.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.0% = 22.7% × 0.10 × 2.15

2026Q1 5.1% = 60.7% × 0.04 × 2.10

ROE is broadly flat at 5.1% — the components are offsetting one another.

Net margin: 60.7% +38.0pp Asset turnover: 0.04x -0.06x Leverage: 2.10x -0.05x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 60.69%, rising 38.0pp. Core operating signals are improving as Gross margin rose 27.1pp are enough to offset pressure from SG&A / Revenue rose 21.3pp (in addition, Net financial result / Revenue rose 80.1pp added support while Other profit / Revenue fell 15.4pp remained a drag).

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

Profitability trend

Net Margin 60.69% +38.0pp

Gross Margin 65.27% +27.1pp

SG&A / Revenue 32.77% +21.3pp

Non-core / Revenue 69.45% +64.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 99.3% of PBT and lifted net margin by 64.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 4.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 4.16%, rising 0.8pp. That translates to 4.16 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 47.7pp was enough to offset the decline from capital turnover fell 0.10x, while invested capital rose by 1,811bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 4.16% +0.8pp

NOPAT Margin 69.46% +47.7pp

Capital Turnover 0.06x −0.10x

Average Invested Capital 16,568.8bn +1,811.4bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.19x equity, net debt at 0.34x equity.

Development inventory ended the period at 16,714.7bn, about 61.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 3,219.5bn 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: −2,560.0bn

Inventories increased → lower CFO: −2,715.8bn

Payables increased → higher CFO: +2,056.3bn

Is financial risk significant?

Leverage is safe but FCF is negative at 3,690.5bn due to capex of 29.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.34x and interest coverage only at 1.57x.

At present, short-term debt accounts for 25.1% of total debt, cash equals 4.2% of debt, and total debt stands at 4,405.7bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Interest coverage is thin

Interest coverage is 1.57x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.34x −0.14x

Interest Coverage 1.57x −0.46x

Cash / Debt 4.2% +2.6pp

Short-term Debt / Total Debt 25.1% −2.6pp

CFO / NI -6.13x −6.13x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -2,975.4bn in 2025, against investing cash flow of 1,572.3bn.

Post-investment cash flow was negative +1,403.2bn. Financing cash flow was positive +1,435.4bn.

CFO / net income was -6.13x.

After spending +29.3bn on fixed-asset investment, the business generated trailing free cash flow of −3,690.5bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 3,661.3bn −3,661.3bn

Cash Capex 29.3bn +29.3bn

FCF TTM −3,690.5bn −3,690.5bn

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is operating efficiency, with net margin improving 38.0 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 1.57x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 60.69% after expanding 38.0pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 84.9% of PBT and CFO / net income currently at -6.13x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.57x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,325.0	821.7	617.5	1,504.6	3,620.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,325.0	821.7	617.5	1,504.6	3,620.2
Cost of Goods Sold	604.8	422.8	73.8	227.3	0.0
Gross Profit	720.2	398.9	543.7	1,277.3	2,763.5
Financial Income	638.0	401.5	952.2	1,371.6	6.7
Financial Expenses	349.0	319.9	399.5	759.7	-163.3
Interest Expense	346.8	284.9	344.2	505.7	-157.0
Share of Associates and Joint Ventures	-13.0	-49.8	-23.2	-0.1	-0.1
Selling Expenses	24.5	36.9	14.5	26.3	-18.0
General and Administrative Expenses	236.5	195.2	199.4	274.5	-220.9
Operating Profit	735.1	198.6	859.3	1,588.3	2,367.8
Other Income	1.0	81.2	70.3	2.9	0.0
Other Expenses	85.0	18.1	40.3	108.9	0.0
Other Profit	-84.0	63.1	30.0	-105.9	-23.5
Profit Before Tax	651.0	261.7	889.4	1,482.4	2,344.4
Current Income Tax Expense	38.2	200.3	206.8	329.1	-483.7
Deferred Income Tax Expense	98.2	-93.8	0.0	-7.3	0.0
Net Income	514.7	155.2	682.5	1,160.6	1,860.6
Non-controlling Interest	-0.4	0.1	-1.6	23.4	-4.4
Profit Attributable to Parent	515.1	155.1	684.1	1,137.3	1,865.0
Earnings per Share	534.00	184.00	1,003.00	1,634.00	3,751.00
Diluted EPS	534.00	184.00	925.89	1,634.00	3,784.72

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	24,175.7	21,482.5	16,916.4	18,216.5	15,337.1
I. Cash and cash equivalents	375.9	343.7	505.1	261.8	494.0
1. Cash	375.9	343.7	505.1	255.8	0.0
2. Cash equivalents	0.0	0.0	0.0	6.0	0.0
II. Short-term financial investments	—	115.4	15.4	9.4	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	—	115.4	15.4	9.4	0.0
III. Short-term receivables	7,000.0	6,860.6	4,114.8	5,649.8	2,533.4
1. Short-term trade accounts receivable	1,929.7	2,806.3	2,311.5	2,076.9	0.0
2. Short-term prepayments to suppliers	4,080.1	3,060.4	884.5	976.3	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,016.2	1,012.4	928.8	2,597.7	0.0
7. Provision for short-term doubtful debts (*)	-26.0	-18.5	-10.0	-1.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	16,714.7	14,077.7	12,199.6	12,181.2	12,192.0
1. Inventories	16,714.7	14,077.7	12,199.6	12,181.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	85.2	85.2	81.5	114.3	96.0
1. Short-term prepayments	8.9	3.4	5.1	33.7	0.0
2. Value added tax to be reclaimed	72.9	81.9	76.4	75.2	0.0
3. Taxes and other receivables from state authorities	3.4	0.0	0.0	5.3	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)	3,094.5	2,503.0	4,151.5	4,626.8	5,214.8
I. Long-term receivables	76.0	38.7	733.2	731.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,831.4
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	34.7	0.0	0.0	0.0	0.0
6. Other long-term receivables	41.3	38.7	733.2	731.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	733.2	744.2	27.0	38.2	139.9
1. Tangible fixed assets	332.7	343.6	23.2	30.4	129.9
- Cost	410.1	410.7	78.8	78.9	0.0
- Accumulated depreciation	-77.3	-67.1	-55.7	-48.5	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	400.5	400.7	3.9	7.7	9.9
- Cost	415.5	415.5	15.0	15.0	0.0
- Accumulated depreciation	-15.0	-14.8	-11.1	-7.3	0.0
III. Investment properties	61.7	63.2	64.8	66.3	67.9
- Cost	75.7	75.7	75.7	75.7	0.0
- Accumulated depreciation	-14.0	-12.4	-10.9	-9.3	0.0
IV. Long-term assets in progress	533.5	533.5	1,169.5	1,052.2	960.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	533.5	533.5	1,169.5	1,052.2	0.0
V. Long-term financial investments	710.7	38.0	1,201.8	1,776.2	1,129.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	710.7	35.2	1,198.9	1,773.4	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	—	2.8	2.8	2.8	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	979.3	1,085.3	955.1	962.1	0.0
1. Long-term prepayments	979.1	983.6	947.2	954.2	0.0
2. Deferred income tax assets	0.2	101.7	8.0	8.0	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	1,085.9
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)	27,270.2	23,985.6	21,067.8	22,843.3	20,551.9
A. LIABILITIES (300=210+330)	14,846.3	12,927.0	11,488.4	13,582.8	12,407.4
I. Short -term liabilities	10,257.7	8,562.4	9,177.0	11,028.8	8,731.2
1. Short-term trade accounts payable	164.1	348.2	243.4	456.5	147.8
2. Short-term advances from customers	237.7	133.5	3.6	1,239.4	1,691.8
3. Taxes and other payables to state authorities	197.0	467.8	197.9	341.3	0.0
4. Payable to employees	9.1	9.7	9.0	11.4	0.0
5. Short-term acrrued expenses	335.7	467.0	141.9	484.1	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	—	0.0	3.1	3.2	3.1
9. Other short-term payables	8,177.0	5,721.6	7,739.6	5,796.5	0.0
10. Short-term borrowings and financial leases	1,106.1	1,382.7	814.7	2,668.0	806.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	31.0	31.8	23.9	28.5	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	4,588.6	4,364.7	2,311.4	2,554.0	3,676.2
1. Long-term trade payables	—	0.0	0.0	0.0	274.0
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	150.5	404.0	21.0	782.1	0.0
8. Long-term borrowings and financial leases	4,438.1	3,960.6	2,290.5	1,771.9	2,620.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	12,423.9	11,058.5	9,579.4	9,260.5	8,144.5
I. Owner's equity	12,423.9	11,058.5	9,579.4	9,260.5	0.0
1. Owner's capital	9,978.1	8,731.4	7,388.1	6,716.5	8,144.5
- Common stock with voting right	9,978,093,790,000.00	8,731,400,830,000.00	7,388,108,400,000.00	6,716,462,190,000.00	4,927,719,160,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	410.4	70.5	71.1	71.7	71.7
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	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	248.5	243.8	230.1	207.4	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	1,736.1	1,954.6	1,831.9	1,155.1	1,875.2
- Accumulated retained earning at the end of the previous period	1,226.2	1,801.1	1,068.2	23.1	13.0
- Undistributed earnings in this period	509.9	153.5	763.7	1,132.0	1,862.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	50.9	58.2	58.2	1,109.9	1,090.5
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)	27,270.2	23,985.6	21,067.8	22,843.3	20,551.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	651.0	261.7	889.4	1,482.4	2,344.4
Depreciation of Fixed Assets and Investment Property	12.5	16.7	12.7	14.0	9.5
Provision (Increase)/Reversal	7.5	8.5	9.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.6	34.9	22.2	24.4	0.0
Gain/Loss from Investment Activities	-540.4	-351.6	-929.0	-1,069.6	0.0
Interest Expense	346.8	284.9	377.0	535.3	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	479.0	255.0	381.3	986.5	2,513.1
Increase/(Decrease) in Receivables	-1,794.9	-2,419.3	2,465.3	-2,674.2	0.0
Increase/(Decrease) in Inventory	-2,637.0	-1,730.3	-26.3	-1,627.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,690.5	-76.6	-1,647.5	357.8	0.0
Increase/(Decrease) in Prepaid Expenses	-1.0	-34.7	-0.9	-36.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-607.4	-404.7	-415.9	-502.9	0.0
Corporate Income Tax Paid	-102.5	-192.6	-321.4	-261.4	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.1	-13.1	-9.1	-21.5	0.0
Net Cash Flow from Operating Activities	-2,975.4	-4,616.2	425.4	-3,778.8	879.3
Payments for Fixed Assets and Other Long-term Assets	-27.2	-76.7	-105.0	-80.9	-45.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-566.2	-100.0	-6.0	0.0	-12.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,210.3	0.0	0.0	0.0	0.0
Investments in Other Entities	-769.7	-3.2	-3.8	-1,817.9	-2,756.1
Proceeds from Investments in Other Entities	1,712.2	1,083.1	600.4	4,475.2	0.0
Dividends and Interest Income Received	12.8	7.1	4.2	8.5	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	1,572.3	910.2	489.8	2,584.9	-2,753.1
Proceeds from Equity Issuance and Capital Contributions	179,000,000,000.00	1,342,646,330,000.00	682,136,810,000.00	2,590,000,000.00	1,079,985,988,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,674.4	2,626.6	1,748.5	3,249.0	3,101.2
Repayment of Borrowings	-1,418.0	-424.6	-3,102.6	-2,290.0	-1,866.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.1
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	1,435.4	3,544.6	-671.9	961.6	2,314.7
Net Cash Flow During the Period	32.2	-161.4	243.3	-232.3	203.6
Cash and Cash Equivalents at Beginning of Period	343.7	505.1	261.8	494.0	53.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	375.9	343.7	505.1	261.8	494.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	104.3	360.6	506.5	19.9	437.9	1,844.0	2.6	8.3	162.2	68.1	354.8	5.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	104.3	360.6	506.5	19.9	437.9	1,844.0	2.6	8.3	162.2	68.1	354.8	5.1
Cost of Goods Sold	2.4	70.5	256.4	15.0	262.9	1,146.8	1.3	6.6	0.9	9.2	43.6	3.4
Gross Profit	101.9	290.1	250.2	5.0	175.0	697.2	1.3	1.7	161.3	58.9	311.2	1.7
Financial Income	907.1	408.4	1.8	225.9	1.9	3.7	194.0	202.5	1.1	421.5	0.6	531.9
Financial Expenses	431.9	143.8	74.3	63.9	67.0	106.9	74.5	73.0	65.5	87.8	113.1	106.6
Interest Expense	86.2	143.7	74.2	62.0	66.8	72.0	74.4	73.0	65.5	78.8	86.1	93.3
Share of Associates and Joint Ventures	-20.8	-0.0	-0.0	-13.0	-0.0	-15.8	-17.2	-9.2	-7.7	-10.5	-6.8	-5.4
Selling Expenses	16.1	9.4	7.3	1.3	6.6	59.3	4.3	2.7	3.1	3.8	3.5	3.5
General and Administrative Expenses	93.0	111.1	46.7	40.1	38.7	64.1	44.0	43.7	43.4	71.1	44.8	41.0
Operating Profit	447.1	434.2	123.6	112.6	64.6	454.8	55.3	75.7	42.7	307.1	143.5	377.1
Other Income	0.2	0.1	0.2	0.2	0.4	2.6	24.2	24.0	33.8	70.2	0.0	0.1
Other Expenses	57.3	65.8	6.5	11.9	0.8	9.7	0.8	12.5	0.1	25.5	2.6	11.5
Other Profit	-57.1	-65.7	-6.4	-11.6	-0.4	-7.1	23.4	11.5	33.6	44.6	-2.6	-11.4
Profit Before Tax	390.0	368.6	117.3	101.0	64.2	447.8	78.7	87.2	76.3	351.8	140.9	365.7
Current Income Tax Expense	252.5	53.3	33.4	35.9	-83.3	79.5	27.9	37.1	23.7	69.2	39.2	90.0
Deferred Income Tax Expense	—	2.0	-2.0	0.2	96.9	-0.9	-0.4	0.3	0.0	0.0	0.0	0.0
Net Income	137.5	313.3	85.8	64.9	50.6	369.2	51.2	49.8	52.6	282.6	101.7	275.7
Non-controlling Interest	5.2	-0.4	0.1	-0.0	0.0	0.0	-0.0	0.0	0.1	0.0	-0.0	0.1
Profit Attributable to Parent	132.4	313.7	85.8	64.9	50.6	369.2	51.2	49.8	52.6	282.6	101.7	275.7
Earnings per Share	131.00	307.00	91.00	70.00	56.00	426.00	60.00	64.00	69.00	392.00	146.00	408.00
Diluted EPS	132.66	314.43	87.57	71.56	57.96	422.79	58.68	57.00	71.17	382.45	151.40	410.42

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)	23,450.4	24,175.7	21,281.7	21,462.7	20,683.4	21,706.1	19,570.7	18,891.9	17,210.3	16,918.4	16,504.3	16,554.0
I. Cash and cash equivalents	185.2	375.9	116.0	25.2	84.0	343.7	220.7	1,189.9	19.3	505.1	52.6	213.7
1. Cash	185.2	375.9	16.0	25.2	84.0	343.7	220.7	1,189.9	19.3	505.1	52.6	213.7
2. Cash equivalents	—	0.0	100.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	100.0	100.0	115.4	15.4	15.4	15.4	15.4	15.4	15.4
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	—	—	—	100.0	100.0	115.4	15.4	15.4	15.4	15.4	15.4	15.4
III. Short-term receivables	8,147.2	7,000.0	6,099.5	7,143.1	6,366.7	7,762.0	6,369.8	5,078.4	4,800.7	4,116.8	4,198.8	4,073.0
1. Short-term trade accounts receivable	2,043.9	1,929.7	2,083.5	1,954.7	1,802.4	3,860.3	2,938.5	2,561.5	2,810.5	2,311.5	2,376.9	2,217.4
2. Short-term prepayments to suppliers	4,976.9	4,080.1	3,043.7	4,252.9	3,582.2	3,060.4	2,777.1	1,888.7	1,377.8	890.3	939.3	962.6
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	—	—	114.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,184.6	1,016.2	876.8	954.0	1,000.6	859.7	664.3	638.2	622.4	925.0	883.6	894.0
7. Provision for short-term doubtful debts (*)	-58.2	-26.0	-18.5	-18.5	-18.5	-18.5	-10.0	-10.0	-10.0	-10.0	-1.0	-1.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	15,061.7	16,714.7	14,977.3	14,106.0	14,037.9	13,400.5	12,853.5	12,523.1	12,302.4	12,199.6	12,157.7	12,170.5
1. Inventories	15,061.7	16,714.7	14,977.3	14,106.0	14,037.9	13,400.5	12,853.5	12,523.1	12,302.4	12,199.6	12,157.7	12,170.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	56.3	85.2	88.9	88.4	94.9	84.6	111.3	85.1	72.6	81.5	79.8	81.3
1. Short-term prepayments	8.6	8.9	9.3	7.8	2.5	2.7	2.1	1.4	2.3	5.1	4.5	5.7
2. Value added tax to be reclaimed	40.6	72.9	79.6	80.6	92.4	81.9	109.2	83.8	70.3	76.4	75.3	72.2
3. Taxes and other receivables from state authorities	7.1	3.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.5
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)	3,149.8	3,095.6	2,963.8	2,763.7	2,411.1	2,410.2	3,092.6	3,644.9	4,218.2	4,151.5	4,086.5	4,078.7
I. Long-term receivables	57.0	76.0	620.6	425.5	38.7	38.7	714.4	714.4	714.4	733.2	730.6	731.8
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	—	34.7	270.1	337.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	57.0	41.3	350.5	88.1	38.7	38.7	714.4	714.4	714.4	733.2	730.6	731.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	730.7	733.2	735.8	738.5	741.2	744.2	748.1	752.0	756.0	27.0	29.8	32.5
1. Tangible fixed assets	330.2	332.7	335.3	338.0	340.7	343.6	346.5	349.5	352.6	23.2	24.9	26.7
- Cost	409.0	—	—	—	—	410.7	410.5	410.5	410.5	78.8	79.0	79.0
- Accumulated depreciation	-78.9	—	—	—	—	-67.1	-64.1	-61.0	-57.9	-55.7	-54.0	-52.3
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	400.5	400.5	400.5	400.5	400.6	400.7	401.6	402.5	403.4	3.9	4.8	5.8
- Cost	415.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	61.3	61.7	62.1	62.5	62.9	63.2	63.6	64.0	64.4	64.8	65.2	65.6
- Cost	75.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	150.6	533.5	533.5	533.5	533.5	533.5	533.5	533.5	533.5	1,169.5	1,095.5	1,076.2
1. Long-term production in progress	—	—	—	533.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	150.6	533.5	533.5	—	533.5	533.5	533.5	533.5	533.5	1,169.5	1,095.5	1,076.2
V. Long-term financial investments	1,200.7	710.7	24.4	23.6	35.9	38.0	53.1	616.5	1,194.8	1,201.8	1,211.0	1,217.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	688.4	710.7	24.4	23.6	35.9	35.2	50.3	613.7	1,192.0	1,198.9	1,208.2	1,214.2
3. Investments in other entities	477.6	—	—	—	—	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	34.7	—	—	—	—	2.8	2.8	2.8	2.8	2.8	2.8	2.8
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	949.5	980.4	987.4	980.1	999.0	992.6	979.9	964.5	955.1	955.1	954.4	955.8
1. Long-term prepayments	949.3	979.1	984.2	978.9	994.2	983.6	971.9	956.8	947.1	947.2	946.5	947.8
2. Deferred income tax assets	0.2	1.2	3.2	1.2	4.8	8.9	8.1	7.6	8.0	8.0	8.0	8.0
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	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	26,600.2	27,271.3	24,245.5	24,226.4	23,094.5	24,116.3	22,663.3	22,536.8	21,428.5	21,069.8	20,590.8	20,632.7
A. LIABILITIES (300=210+330)	14,044.1	14,847.3	12,304.8	12,370.6	11,986.3	12,692.5	11,606.3	11,532.8	11,797.4	11,490.5	11,968.0	12,110.6
I. Short -term liabilities	10,595.6	10,258.8	7,601.7	7,592.6	8,126.0	8,399.9	8,557.5	8,701.4	9,499.5	4,605.8	9,372.4	9,571.7
1. Short-term trade accounts payable	153.3	164.1	120.8	143.4	181.7	197.9	181.6	208.4	210.2	245.4	276.8	368.6
2. Short-term advances from customers	23.2	237.7	24.9	50.8	26.7	3.6	3.6	3.6	3.6	3.6	3.6	196.5
3. Dividends and profits payable	3.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	383.2	198.1	213.1	379.8	303.3	491.3	96.0	264.2	223.6	198.0	229.2	305.2
4. Payable to employees	9.6	9.1	8.8	8.8	9.1	9.7	9.9	9.4	9.1	9.0	8.8	8.6
5. Short-term acrrued expenses	312.8	335.7	390.0	437.6	452.9	504.0	162.9	173.2	148.5	125.9	131.9	118.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	1.5	3.1	3.1	3.1	3.1
9. Other short-term payables	8,574.2	8,177.0	5,624.6	5,636.5	5,640.6	5,706.8	6,700.3	6,629.9	7,614.4	3,182.2	7,141.8	6,412.3
10. Short-term borrowings and financial leases	1,106.7	1,106.1	1,189.1	904.1	1,480.7	1,454.7	1,366.4	1,373.5	1,265.0	814.7	1,552.3	2,132.4
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	29.7	31.0	30.3	31.7	31.1	31.8	36.8	37.9	22.1	23.9	24.8	26.7
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	3,448.5	4,588.6	4,703.1	4,778.0	3,860.3	4,292.7	3,048.8	2,831.4	2,297.9	6,884.8	2,595.6	2,538.9
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	16.0	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	149.5	150.5	0.0	0.0	4.0	404.0	0.0	21.0	21.0	4,578.3	781.9	781.9
8. Long-term borrowings and financial leases	3,299.0	4,438.1	4,703.1	4,778.0	3,856.3	3,888.6	3,048.8	2,810.4	2,277.0	2,290.5	1,813.7	1,757.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	12,556.1	12,423.9	11,940.7	11,855.7	11,108.2	11,423.8	11,057.0	11,004.0	9,631.1	9,579.3	8,622.8	8,522.2
I. Owner's equity	12,556.1	12,423.9	11,940.7	11,855.7	11,108.2	11,423.8	11,057.0	11,004.0	9,631.1	9,579.3	8,622.8	8,522.2
1. Owner's capital	9,978.1	9,978.1	9,798.1	9,072.4	8,731.4	8,731.4	8,731.4	8,731.4	7,388.1	7,388.1	6,716.5	6,716.5
- Common stock with voting right	9,978,093,790,000.00	9,978,093,790,000.00	9,798,093,790,000.00	9,072,350,830,000.00	8,731,400,830,000.00	8,731,400,830,000.00	8,731,400,830,000.00	8,731,400,830,000.00	7,388,108,400,000.00	7,388,108,400,000.00	6,716,462,190,000.00	6,716,462,190,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	410.4	410.4	410.4	410.4	70.5	70.5	70.5	70.5	71.1	71.1	71.7	71.7
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	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	248.5	248.5	248.5	248.5	243.8	243.8	243.8	242.4	230.1	230.1	230.1	230.1
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,867.1	1,736.1	1,425.5	2,066.3	2,004.2	2,319.9	1,953.1	1,901.5	1,883.5	1,831.8	1,550.2	1,449.5
- Accumulated retained earning at the end of the previous period	1,736.1	1,226.2	1,226.2	1,951.9	1,954.6	1,801.1	1,801.1	1,801.1	1,831.9	1,068.2	1,152.3	1,132.3
- Undistributed earnings in this period	131.1	509.9	199.3	114.4	49.6	518.8	152.0	100.4	51.6	763.6	397.8	317.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	51.9	50.9	58.3	58.2	58.2	58.3	58.2	58.2	58.2	58.2	54.4	54.4
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)	26,600.2	27,271.3	24,245.5	24,226.4	23,094.5	24,116.3	22,663.3	22,536.8	21,428.5	21,069.8	20,590.8	20,632.7

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	390.0	485.8	101.0	64.2	0.0	-163.5	87.2	76.3	889.4	-396.7	365.7	31.0
Depreciation of Fixed Assets and Investment Property	2.9	6.0	3.1	3.4	0.0	-8.0	4.4	3.6	12.7	-6.5	3.2	3.3
Provision (Increase)/Reversal	339.5	7.5	—	—	0.0	0.0	0.0	0.0	9.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	1.6	—	0.0	0.0	0.0	0.0	22.2	-1.4	3.5	-2.1
Gain/Loss from Investment Activities	-841.5	-397.3	-141.3	-1.9	0.0	186.8	-193.4	6.5	-929.0	526.5	-526.5	0.1
Interest Expense	86.2	217.9	62.0	66.8	0.0	-138.5	73.0	65.5	377.0	-199.4	103.2	96.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	-22.9	320.0	26.5	132.6	0.0	-123.1	-28.9	152.0	381.3	-77.4	-51.0	128.4
Increase/(Decrease) in Receivables	-765.1	-318.0	-1,785.1	308.2	0.0	649.9	55.9	-705.8	2,465.3	-2,622.0	1,783.3	838.7
Increase/(Decrease) in Inventory	-78.8	-2,285.3	-424.9	73.3	0.0	276.2	-188.2	-88.0	-26.3	18.4	-28.2	9.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	365.8	1,503.9	1,044.9	-858.3	0.0	721.1	-475.5	-245.7	-1,647.5	1,830.2	-1,948.1	117.9
Increase/(Decrease) in Prepaid Expenses	-0.2	14.3	-5.6	-9.7	0.0	5.9	-8.8	2.9	-0.9	2.2	5.2	-7.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-169.0	-190.5	-334.5	-82.3	0.0	212.4	-161.5	-50.9	-415.9	219.8	-66.0	-153.9
Corporate Income Tax Paid	-13.2	-102.5	-0.0	—	0.0	0.0	0.0	-0.0	-321.4	130.1	-130.0	-0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.6	3.3	-3.7	-1.7	0.0	4.2	-1.4	-2.8	-9.1	4.3	-2.2	-2.2
Net Cash Flow from Operating Activities	-685.9	-1,054.9	-1,482.5	-438.0	0.0	1,746.7	-808.4	-938.3	425.4	-494.5	-436.9	931.4
Payments for Fixed Assets and Other Long-term Assets	-2.1	0.0	-17.2	-9.9	0.0	35.8	-6.2	-29.6	-105.0	24.4	-22.3	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-947.7	-566.2	—	—	0.0	0.0	0.0	0.0	-6.0	6.0	0.0	-6.0
Receipts from Loan Repayments and Sale of Debt Instruments	630.4	899.1	293.0	18.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-476.0	—	—	—	0.0	1.6	-0.8	-0.8	-3.8	1.7	-0.7	-1.0
Proceeds from Investments in Other Entities	2,392.5	1,377.2	160.0	175.0	0.0	-45.0	0.0	45.0	600.4	-50.9	50.9	0.0
Dividends and Interest Income Received	0.6	-62.4	73.1	2.1	0.0	-4.5	3.5	1.1	4.2	-2.0	1.4	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	1,597.9	960.5	427.1	184.7	0.0	-12.1	-3.5	15.7	489.8	-20.8	29.4	-8.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	-1,342,646,330,000.00	1,342,646,330,000.00	0.00	682,136,810,000.00	-3,000,000,000.00	0.00	3,000,000,000.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,390.9	684.1	1,849.4	140.9	0.0	-1,200.4	612.9	587.5	1,748.5	-776.5	742.1	34.3
Repayment of Borrowings	-2,493.7	-418.4	-852.3	-147.3	0.0	123.7	27.0	-150.7	-3,102.6	1,342.8	-339.1	-1,003.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-1,102.8	445.1	996.6	-6.4	0.0	-2,419.4	1,982.6	436.8	-671.9	563.4	403.0	-966.4
Net Cash Flow During the Period	-190.7	350.7	-58.8	-259.7	0.0	-684.8	1,170.6	-485.8	243.3	48.0	-4.5	-43.5
Cash and Cash Equivalents at Beginning of Period	375.9	343.7	84.0	343.7	0.0	0.0	505.1	505.1	261.8	0.0	261.8	261.8
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	185.2	375.9	25.2	84.0	0.0	0.0	1,189.9	19.3	505.1	0.0	213.7	218.3

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