PGV

Tổng Công ty Phát điện 3 - CTCP ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 10.03%, +10.37pp YoY

Price

23,100

Latest close

04 Jun 2026

P/E 5.99x

P/B 1.39x

EPS 3,854

BVPS 16,593

ROE 26.0%

ROA 8.0%

Profit Margin 10.0%

Asset Turnover 0.80x

Equity Mult. 3.24x

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

What Is Changing

On a TTM 2026Q1 basis, PGV has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 43,333bn
	                                
+4.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4,347bn
	                                
+3139.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	43,561.4	40,690.1	45,862.2	47,287.2	37,695.3
Growth	+7%	-11%	-3%	+25%	—
Net Income	3,732.4	-875.6	1,083.7	2,549.8	3,133.6
Net Margin	8.57%	-2.15%	2.36%	5.39%	8.31%

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	10,367.9	12,688.9	8,345.6	11,930.8	10,608.3	11,253.6	7,103.5	12,633.1	9,687.7	9,773.0	9,135.0	15,354.0
Growth	-18%	+52%	-30%	+12%	-6%	+58%	-44%	+30%	-1%	+7%	-41%	—
Net Income	738.2	2,557.8	166.6	884.0	100.8	-438.5	487.3	-292.5	-651.7	83.1	-460.5	1,104.0
Net Margin	7.12%	20.16%	2.00%	7.41%	0.95%	-3.90%	6.86%	-2.32%	-6.73%	0.85%	-5.04%	7.19%

Drivers of PGV's profit

TTM

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

Gross profit ↑ 3,887.4bn

Finance costs ↓ 928.4bn

Tax ↑ 723.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 393.0bn

Gross profit ↑ 250.0bn

Financial income ↑ 185.3bn

Tax ↑ 172.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -1.0% = -0.3% × 0.74 × 3.80

2026Q1 26.1% = 10.0% × 0.80 × 3.24

ROE rose from -1.0% to 26.1% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 10.0% +10.4pp Asset turnover: 0.80x +0.07x Leverage: 3.24x -0.56x

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 10.03%, rising 10.4pp. The main driver is Gross margin rose 8.7pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 2.8pp).

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

Profitability trend

Net Margin 10.03% +10.4pp

Gross Margin 16.58% +8.7pp

SG&A / Revenue 1.59% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 10.0% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 9.98%, rising 10.2pp. That translates to 9.98 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 10.3pp and capital turnover rose 0.10x, with invested capital easing slightly by 3,128bn — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 9.98% +10.2pp

NOPAT Margin 10.06% +10.3pp

Capital Turnover 0.99x +0.10x

Average Invested Capital 43,652.7bn −3,127.6bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 2.07x equity, net debt at 1.30x equity.

Over the last 12 months, working capital absorbed 6,981.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −7,054.5bn

Inventories decreased → higher CFO: +772.6bn

Payables decreased → lower CFO: −699.4bn

Working Capital Efficiency

Cash conversion cycle improved by 0.2 days versus the same period last year. The main moves came from DIO fell 0.9 days, DSO rose 4.8 days, and DPO rose 4.1 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +4.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 91.8 days +4.8 days

Inventory 28.0 days −0.9 days

Payables 68.4 days +4.1 days

Cash Conversion Cycle 51.4 days −0.2 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.30x and interest coverage only at 2.36x.

At present, short-term debt accounts for 21.5% of total debt, cash equals 3.9% of debt, and total debt stands at 25,162.5bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.30x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 3.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.30x −0.73x

Interest Coverage 2.36x +2.39x

Cash / Debt 3.9% +3.0pp

Short-term Debt / Total Debt 21.5% +3.7pp

CFO / NI 0.64x +1.37x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,841.6bn in 2025, against investing cash flow of -577.9bn.

Post-investment cash flow was positive +2,263.7bn. Financing cash flow was negative +738.6bn.

CFO / net income was 0.64x.

After spending +925.6bn on fixed-asset investment, the business generated trailing free cash flow of +1,848.6bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 2,774.2bn +2,667.1bn

Cash Capex 925.6bn +359.4bn

FCF TTM +1,848.6bn +2,307.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 10.4 pp. The next item to monitor is capital efficiency, with ROIC at 10.0%. The main risk still sits in leverage and liquidity, with interest coverage at 2.36x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.03% after expanding 10.4pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.30x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	43,561.4	40,690.1	45,862.2	47,287.2	37,695.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	43,561.4	40,690.1	45,862.2	47,287.2	37,695.3
Cost of Goods Sold	36,574.2	37,710.5	41,344.2	41,868.5	0.0
Gross Profit	6,987.2	2,979.7	4,518.0	5,418.8	4,346.1
Financial Income	196.7	246.0	339.2	323.1	1,303.1
Financial Expenses	2,554.8	3,607.1	3,332.0	2,543.1	-1,217.0
Interest Expense	1,663.2	2,261.3	2,468.0	1,576.8	-1,220.9
Share of Associates and Joint Ventures	366.7	207.5	375.7	513.9	118.6
Selling Expenses	0.2	0.2	0.2	0.2	-0.2
General and Administrative Expenses	682.9	671.8	651.3	674.3	-680.6
Operating Profit	4,312.6	-845.9	1,249.5	3,038.2	3,869.9
Other Income	4.7	14.7	6.7	31.3	0.0
Other Expenses	20.6	39.3	15.5	12.1	0.0
Other Profit	-15.9	-24.7	-8.8	19.1	-3.7
Profit Before Tax	4,296.7	-870.5	1,240.7	3,057.4	3,866.2
Current Income Tax Expense	564.3	5.1	157.0	507.5	-732.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	3,732.4	-875.6	1,083.7	2,549.8	3,133.6
Non-controlling Interest	11.2	2.8	18.6	25.4	37.8
Profit Attributable to Parent	3,721.2	-878.4	1,065.1	2,524.4	3,095.8
Earnings per Share	3,312.00	-782.00	948.00	2,247.00	2,755.00
Diluted EPS	3,312.24	-781.85	948.08	2,247.00	2,755.60

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	20,852.0	16,821.3	16,976.9	20,280.7	20,734.4
I. Cash and cash equivalents	2,143.9	618.8	510.2	1,727.7	2,393.1
1. Cash	385.1	370.8	389.2	492.2	0.0
2. Cash equivalents	1,758.8	248.0	121.0	1,235.5	0.0
II. Short-term financial investments	3,257.0	2,880.0	2,935.0	3,837.7	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	3,257.0	2,880.0	2,935.0	3,837.7	0.0
III. Short-term receivables	12,682.9	10,330.7	9,976.7	12,447.0	10,420.8
1. Short-term trade accounts receivable	11,347.0	9,421.8	9,117.9	11,710.5	0.0
2. Short-term prepayments to suppliers	408.3	65.4	127.2	186.8	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	885.8	815.6	731.6	549.7	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-7.1	0.0	0.0	0.0
8. Assets awaiting resolution	42.1	35.1	0.0	0.0	0.0
IV. Inventories	2,386.2	2,454.3	3,095.5	1,920.2	3,689.7
1. Inventories	2,390.9	2,454.4	3,095.5	1,922.5	0.0
2. Provision for decline in value of inventories	-4.6	-0.1	-0.0	-2.3	0.0
V. Other short-term assets	381.9	537.5	459.5	348.2	118.2
1. Short-term prepayments	61.2	24.1	23.1	51.7	0.0
2. Value added tax to be reclaimed	265.6	432.5	354.6	286.4	0.0
3. Taxes and other receivables from state authorities	55.1	80.9	81.8	10.1	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)	34,179.8	38,445.6	41,864.2	45,937.2	48,527.8
I. Long-term receivables	1.3	3.7	3.6	3.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.3
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	0.0	0.0	0.0
6. Other long-term receivables	1.3	3.7	3.6	3.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	29,296.8	33,014.6	37,112.9	40,707.3	44,469.9
1. Tangible fixed assets	28,702.5	32,424.6	36,521.1	40,107.6	43,879.6
- Cost	116,023.9	115,437.1	115,047.7	114,631.3	0.0
- Accumulated depreciation	-87,321.5	-83,012.5	-78,526.6	-74,523.7	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	594.3	590.1	591.8	599.7	590.3
- Cost	688.5	672.5	658.8	660.0	0.0
- Accumulated depreciation	-94.2	-82.5	-67.0	-60.3	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	55.2	612.6	25.1	342.7	395.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	55.2	612.6	25.1	342.7	0.0
V. Long-term financial investments	2,711.3	2,546.9	2,520.8	2,616.2	2,448.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,177.3	2,010.0	1,984.8	2,026.7	0.0
3. Investments in other entities	536.9	536.9	536.9	536.9	0.0
4. Provision for diminution in value of long-term investments	-2.9	0.0	-1.0	-5.4	0.0
5. Held to maturity investments	—	0.0	0.0	58.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,115.2	2,267.9	2,201.8	2,267.7	0.0
1. Long-term prepayments	272.5	260.1	266.0	266.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	1,842.7	2,007.8	1,935.8	2,001.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1,211.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	55,031.8	55,266.9	58,841.1	66,218.0	69,262.2
A. LIABILITIES (300=210+330)	37,128.4	40,697.3	43,070.0	48,575.2	51,898.4
I. Short -term liabilities	14,369.7	13,814.1	11,479.9	13,138.5	11,807.8
1. Short-term trade accounts payable	5,824.1	5,610.1	4,101.4	5,045.6	3,653.2
2. Short-term advances from customers	2.4	0.0	0.0	0.0	1.6
3. Taxes and other payables to state authorities	778.7	100.7	85.3	382.0	0.0
4. Payable to employees	400.7	485.2	394.7	338.9	0.0
5. Short-term acrrued expenses	93.7	442.9	216.1	55.4	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	42.1	42.1	42.1	16.0	18.3
9. Other short-term payables	1,423.5	787.7	892.8	1,585.2	0.0
10. Short-term borrowings and financial leases	5,452.2	5,884.8	5,334.8	5,380.5	4,898.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	352.3	460.7	412.6	334.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	22,758.8	26,883.2	31,590.1	35,436.7	40,090.6
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	832.2	873.3	914.5	318.3	333.5
7. Other long-term liabilities	0.1	0.2	0.1	0.0	0.0
8. Long-term borrowings and financial leases	21,926.5	26,009.8	30,675.5	35,118.4	39,757.1
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)	17,903.4	14,569.7	15,771.1	17,642.7	17,363.8
I. Owner's equity	17,903.4	14,569.7	15,771.1	17,642.7	0.0
1. Owner's capital	11,234.7	11,234.7	11,234.7	11,234.7	17,363.8
- Common stock with voting right	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	6.0	6.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	66.3	66.3	65.8	50.8	47.1
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	1,190.5	1,180.3	912.2	1,315.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	15.7	15.7	15.7	15.7	0.0
11. Undistributed earnings after tax	5,070.5	1,752.2	3,184.0	4,645.5	4,982.0
- Accumulated retained earning at the end of the previous period	1,734.2	2,630.6	2,890.2	2,739.0	4,415.6
- Undistributed earnings in this period	3,336.3	-878.4	293.8	1,906.5	566.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	325.6	320.5	358.6	374.0	381.4
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)	55,031.8	55,266.9	58,841.1	66,218.0	69,262.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	4,296.7	-870.5	1,240.7	3,057.4	3,866.2
Depreciation of Fixed Assets and Investment Property	4,327.1	4,508.7	4,518.8	4,530.1	4,505.0
Provision (Increase)/Reversal	0.5	6.2	-6.7	6.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	791.0	1,129.0	844.8	892.9	0.0
Gain/Loss from Investment Activities	-619.2	-399.5	-800.5	-779.6	0.0
Interest Expense	1,663.2	2,261.3	2,468.0	1,576.8	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	10,459.3	6,635.2	8,265.1	9,283.5	8,281.8
Increase/(Decrease) in Receivables	-8,527.7	-8,158.2	-7,952.6	-9,585.9	0.0
Increase/(Decrease) in Inventory	228.6	569.1	-1,107.8	1,145.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,046.2	1,536.5	-26.8	185.4	0.0
Increase/(Decrease) in Prepaid Expenses	-49.6	5.0	29.3	-15.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-195.8	-75.0	-137.3	-169.1	0.0
Corporate Income Tax Paid	-1.8	-17.6	-445.0	-577.5	0.0
Other Operating Receipts	0.0	0.8	0.3	0.1	0.0
Other Operating Payments	-117.7	-145.2	-110.1	-110.2	0.0
Net Cash Flow from Operating Activities	2,841.6	350.8	-1,484.9	155.6	1,032.2
Payments for Fixed Assets and Other Long-term Assets	-696.1	-421.8	-372.2	-976.8	-949.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.2	0.5	0.5	0.4
Loans and Purchases of Debt Instruments	-3,002.0	-3,465.0	-2,794.0	-5,049.0	-820.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,625.0	3,520.0	3,754.7	5,450.0	1,024.0
Investments in Other Entities	—	0.0	-90.0	0.0	-91.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	494.9	602.4	523.3	310.2	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	-577.9	235.8	1,022.2	-265.2	-435.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,109.8	2,188.6	424.0	119.5	206.2
Repayment of Borrowings	-1,844.3	-2,615.8	-1,138.7	-636.7	-927.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.0	-50.7	-40.1	-38.6	-89.6
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-738.6	-477.9	-754.8	-555.8	-810.8
Net Cash Flow During the Period	1,525.1	108.6	-1,217.5	-665.4	469.3
Cash and Cash Equivalents at Beginning of Period	618.8	510.2	1,727.7	2,393.1	2,607.1
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	2,143.9	618.8	510.2	1,727.7	2,393.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	10,367.9	12,688.9	8,345.6	11,930.8	10,608.3	11,253.6	7,103.5	12,633.1	9,687.7	9,773.0	9,135.0	15,354.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	10,367.9	12,688.9	8,345.6	11,930.8	10,608.3	11,253.6	7,103.5	12,633.1	9,687.7	9,773.0	9,135.0	15,354.0
Cost of Goods Sold	9,220.6	9,301.6	7,613.8	10,011.7	9,711.0	10,257.6	6,689.8	11,642.1	9,079.0	8,994.9	8,040.3	13,629.1
Gross Profit	1,147.3	3,387.3	731.7	1,919.1	897.4	996.0	413.7	991.0	608.7	778.1	1,094.6	1,724.9
Financial Income	234.7	-5.4	121.4	31.3	49.4	39.3	74.2	56.3	91.1	61.9	-75.0	102.4
Financial Expenses	330.3	257.4	508.0	1,063.2	723.3	1,306.7	-146.5	1,203.8	1,243.1	669.8	1,462.3	617.7
Interest Expense	332.5	378.0	409.1	425.2	450.9	514.5	528.3	611.9	606.6	620.5	645.4	617.5
Share of Associates and Joint Ventures	—	201.7	—	169.4	—	163.8	0.0	0.0	0.0	116.1	0.0	259.8
Selling Expenses	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0
General and Administrative Expenses	135.8	210.0	175.4	169.5	119.7	302.7	143.9	139.6	108.9	218.2	143.3	158.9
Operating Profit	916.0	3,116.0	169.7	887.1	103.8	-410.3	490.5	-296.1	-652.2	68.0	-586.1	1,310.5
Other Income	0.9	1.7	0.8	1.3	0.8	1.7	1.2	7.8	4.0	-9.2	10.0	6.3
Other Expenses	4.1	7.4	2.0	4.2	2.1	29.4	3.5	2.0	2.0	-6.5	5.8	6.1
Other Profit	-3.2	-5.6	-1.2	-2.9	-1.2	-27.7	-2.3	5.7	2.0	-2.7	4.2	0.2
Profit Before Tax	912.8	3,110.4	168.5	884.1	102.5	-438.0	488.2	-290.4	-650.2	65.3	-581.9	1,310.7
Current Income Tax Expense	174.6	552.6	1.9	0.2	1.7	0.5	0.9	2.2	1.5	-17.9	-121.4	206.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	738.2	2,557.8	166.6	884.0	100.8	-438.5	487.3	-292.5	-651.7	83.1	-460.5	1,104.0
Non-controlling Interest	8.5	4.1	1.2	2.3	4.5	3.4	-3.7	0.4	2.9	1.1	1.3	15.6
Profit Attributable to Parent	729.6	2,553.6	165.5	881.6	96.3	-442.0	491.0	-293.0	-654.6	82.1	-461.8	1,088.4
Earnings per Share	649.00	2,273.00	147.00	785.00	86.00	-393.00	437.00	-261.00	-583.00	73.00	-411.00	969.00
Diluted EPS	649.46	2,272.98	147.27	784.74	85.71	-802.00	437.02	-260.79	-582.64	73.04	-411.09	968.79

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)	19,887.8	20,809.6	15,322.4	16,690.1	17,849.1	16,701.8	15,346.7	17,785.1	17,181.9	16,861.3	16,456.7	21,557.3
I. Cash and cash equivalents	981.3	2,143.9	1,435.8	574.7	259.8	618.8	1,138.6	261.5	555.0	510.2	757.0	1,453.5
1. Cash	595.7	385.1	1,210.8	374.7	199.8	370.8	1,048.6	201.5	504.0	389.2	611.0	419.5
2. Cash equivalents	385.6	1,758.8	225.0	200.0	60.0	248.0	90.0	60.0	51.0	121.0	146.0	1,034.0
II. Short-term financial investments	3,361.9	3,257.0	2,770.0	2,745.0	2,880.0	2,880.0	2,840.0	2,855.0	2,850.0	2,935.0	2,924.0	2,985.0
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	3,361.9	3,257.0	2,770.0	2,745.0	2,880.0	2,880.0	2,840.0	2,855.0	2,850.0	2,935.0	2,924.0	2,985.0
III. Short-term receivables	12,557.7	12,653.9	7,932.9	9,954.8	11,168.2	10,162.2	7,806.0	11,146.8	10,348.4	9,944.2	9,372.3	13,858.1
1. Short-term trade accounts receivable	11,501.1	11,291.9	7,014.3	9,097.5	10,295.4	9,404.3	7,078.3	10,488.2	9,526.4	8,977.9	8,669.4	13,205.6
2. Short-term prepayments to suppliers	476.2	413.5	136.8	143.6	62.3	65.4	103.5	87.8	93.4	232.4	241.6	227.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	538.7	920.5	751.5	685.7	782.5	692.7	624.1	570.8	728.7	733.9	461.2	425.1
7. Provision for short-term doubtful debts (*)	-0.2	-7.1	-7.1	-7.1	-7.1	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	42.1	35.1	37.4	35.1	35.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,460.9	2,386.1	2,659.3	2,892.6	3,078.2	2,500.8	3,031.3	2,993.5	2,982.7	3,009.1	3,155.5	3,031.1
1. Inventories	2,465.5	2,390.9	2,659.4	2,892.7	3,078.2	2,500.8	3,031.3	2,993.5	2,982.7	3,009.1	3,157.8	3,033.4
2. Provision for decline in value of inventories	-4.6	-4.8	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-2.3	-2.3
V. Other short-term assets	525.9	368.7	524.4	522.9	462.9	540.0	530.8	528.4	445.8	462.9	247.9	229.6
1. Short-term prepayments	30.6	61.8	46.1	67.2	14.7	24.1	34.1	64.5	53.0	23.1	24.2	25.9
2. Value added tax to be reclaimed	470.5	265.4	360.1	353.6	357.5	435.6	412.8	378.4	299.8	365.6	193.5	155.6
3. Taxes and other receivables from state authorities	24.9	41.5	118.2	102.1	90.6	80.3	84.0	85.5	93.0	74.1	30.3	48.0
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)	33,191.6	34,179.2	35,124.4	36,042.6	37,126.3	38,433.4	38,692.8	39,712.0	40,939.5	41,641.7	42,670.2	43,496.7
I. Long-term receivables	13.5	1.3	0.0	3.7	3.7	3.7	3.7	3.6	3.6	3.6	3.6	3.3
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	9.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.7	1.3	0.0	3.7	3.7	3.7	3.7	3.6	3.6	3.6	3.6	3.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	28,254.0	29,296.0	30,118.2	31,084.5	32,010.1	33,014.6	33,941.2	35,020.8	36,018.7	36,906.3	37,575.7	38,608.1
1. Tangible fixed assets	27,679.8	28,701.7	29,535.7	30,464.6	31,386.3	32,424.6	33,358.8	34,436.3	35,430.3	36,321.2	36,990.3	38,007.5
- Cost	116,070.4	—	—	—	—	115,437.1	115,254.0	115,207.2	115,078.1	115,046.5	114,918.3	114,802.1
- Accumulated depreciation	-88,390.6	—	—	—	—	-83,012.5	-81,895.2	-80,770.9	-79,647.8	-78,725.4	-77,928.1	-76,794.6
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	574.2	594.3	582.5	619.9	623.8	590.1	582.4	584.5	588.4	585.2	585.5	600.6
- Cost	665.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-91.2	—	—	—	—	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	68.9	55.2	90.0	69.6	314.9	600.3	97.3	42.1	269.8	22.9	212.6	81.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	68.9	55.2	90.0	69.6	314.9	600.3	97.3	42.1	269.8	22.9	212.6	81.2
V. Long-term financial investments	2,714.2	2,714.7	2,684.2	2,657.9	2,546.9	2,546.9	2,536.1	2,520.8	2,520.8	2,516.5	2,658.7	2,568.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,177.3	2,177.8	2,147.3	2,121.0	2,010.0	2,010.0	2,000.1	1,984.8	1,984.8	1,985.0	2,127.2	2,037.2
3. Investments in other entities	536.9	536.9	536.9	536.9	536.9	536.9	536.9	536.9	536.9	536.9	536.9	536.9
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	-1.0	-1.0	-1.0	-5.4	-5.4	-5.4
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,141.0	2,112.0	2,231.9	2,226.9	2,250.7	2,267.9	2,114.6	2,124.8	2,126.6	2,192.4	2,219.6	2,235.4
1. Long-term prepayments	309.8	269.3	358.0	252.7	259.2	260.1	262.6	259.1	260.0	266.0	273.4	255.1
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	1,831.2	1,842.7	1,873.9	1,974.2	1,991.5	2,007.8	1,851.9	1,865.6	1,866.6	1,926.5	1,946.2	1,980.3
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)	53,079.4	54,988.8	50,446.8	52,732.6	54,975.3	55,135.1	54,039.5	57,497.1	58,121.4	58,503.1	59,126.9	65,054.0
A. LIABILITIES (300=210+330)	34,437.8	37,115.3	34,742.1	37,187.9	40,304.9	40,482.0	38,943.2	42,894.1	43,035.7	42,733.5	42,073.1	45,894.7
I. Short -term liabilities	13,867.4	14,356.6	11,132.5	11,696.5	14,715.0	13,075.8	11,627.1	12,820.9	12,933.8	11,143.5	10,314.1	13,243.6
1. Short-term trade accounts payable	5,976.6	5,001.7	3,573.9	3,994.4	7,567.5	5,611.7	4,519.9	5,329.9	5,916.3	4,099.8	3,386.6	6,290.5
2. Short-term advances from customers	19.3	2.4	15.7	—	0.1	0.0	12.0	0.0	14.0	0.0	0.1	0.0
3. Dividends and profits payable	9.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	240.5	842.0	140.3	107.4	109.6	100.7	103.9	66.7	66.1	87.3	130.1	167.7
4. Payable to employees	236.7	444.5	319.3	272.5	122.0	484.8	131.0	124.2	85.2	374.3	181.9	183.6
5. Short-term acrrued expenses	483.3	846.9	884.6	717.8	785.7	442.2	772.1	749.6	828.6	27.7	654.0	702.6
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	42.1	42.1	42.1	42.1	31.8	42.1	35.6	42.1	31.8	42.1	12.3	16.1
9. Other short-term payables	1,115.5	1,371.5	292.5	167.5	295.4	571.9	232.7	221.4	241.9	746.4	107.7	74.7
10. Short-term borrowings and financial leases	5,414.0	5,452.2	5,426.2	5,937.9	5,355.6	5,361.8	5,273.9	5,713.3	5,359.9	5,334.8	5,333.5	5,309.6
11. Provision for short-term liabilities	15.9	1.0	50.4	34.3	17.1	0.0	46.0	29.9	16.8	0.0	45.9	13.4
12.. Bonus and welfare fund	314.1	352.3	387.5	422.7	430.2	460.7	499.9	543.7	373.1	431.2	461.9	485.5
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	20,570.4	22,758.8	23,609.7	25,491.4	25,589.9	27,406.2	27,316.1	30,073.2	30,101.9	31,590.0	31,759.0	32,651.1
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	—	—	114.9	—	—	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	821.9	832.2	842.4	852.7	873.3	873.3	890.1	893.9	914.5	914.5	542.5	310.7
7. Other long-term liabilities	0.1	0.1	0.1	0.2	0.1	0.2	0.1	0.1	0.1	0.0	0.0	0.0
8. Long-term borrowings and financial leases	19,748.5	21,926.5	22,652.3	24,638.5	24,716.5	26,532.8	26,425.8	29,179.2	29,187.3	30,675.5	31,216.4	32,340.3
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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)	18,641.6	17,873.5	15,704.7	15,544.7	14,670.4	14,653.1	15,096.4	14,603.0	15,085.6	15,769.6	17,053.8	19,159.3
I. Owner's equity	18,641.6	17,873.5	15,704.7	15,544.7	14,670.4	14,653.1	15,096.4	14,603.0	15,085.6	15,769.6	17,053.8	19,159.3
1. Owner's capital	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7	11,234.7
- Common stock with voting right	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00	11,234,680,460,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	6.0	6.0	6.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	66.3	66.3	66.3	66.3	66.3	66.3	65.8	65.8	65.8	59.8	50.9	50.9
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	1,190.5	1,190.5	1,190.5	1,190.5	1,180.3	1,180.3	1,180.8	1,172.8	911.2	913.3	1,313.2	1,314.3
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	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7
11. Undistributed earnings after tax	5,800.2	5,039.8	2,871.0	2,712.2	1,848.5	1,835.1	2,277.1	1,788.3	2,529.4	3,181.3	4,062.1	6,153.0
- Accumulated retained earning at the end of the previous period	5,070.5	2,871.1	2,705.5	1,830.5	1,752.2	2,277.1	1,786.1	2,081.3	3,184.0	3,831.7	4,524.0	5,064.6
- Undistributed earnings in this period	729.6	2,168.7	165.5	881.6	96.3	-442.0	491.0	-293.0	-654.6	-650.4	-461.8	1,088.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	334.1	326.5	326.5	325.3	324.9	320.9	322.2	325.6	328.7	358.7	371.1	384.6
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)	53,079.4	54,988.8	50,446.8	52,732.6	54,975.3	55,135.1	54,039.5	57,497.1	58,121.4	58,503.1	59,126.9	65,054.0

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
Profit Before Tax	912.8	3,148.2	168.5	877.5	102.5	-438.0	488.2	-291.8	-650.2	-263.6	-581.3	1,310.0
Depreciation of Fixed Assets and Investment Property	1,066.5	1,079.6	1,075.2	1,078.5	1,093.8	1,130.1	1,127.5	1,126.5	1,124.5	1,106.1	1,136.1	1,139.6
Provision (Increase)/Reversal	13.0	-49.8	16.8	16.4	17.1	-46.7	15.5	13.7	16.8	-52.6	15.8	24.0
FX Gain/Loss from Revaluation of Monetary Items	-147.7	-138.2	52.8	615.3	261.1	761.6	-737.6	488.1	616.9	43.0	995.7	-24.7
Gain/Loss from Investment Activities	-75.5	-422.9	44.1	-196.4	-44.0	-185.2	-62.5	-69.5	-69.0	-573.4	158.6	-317.9
Interest Expense	332.5	378.0	409.1	425.2	450.9	514.5	528.3	611.9	606.6	620.5	645.4	617.5
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	2,101.5	4,030.6	1,730.8	2,816.5	1,881.4	1,736.4	1,359.5	1,878.9	1,645.6	880.0	2,370.3	2,748.7
Increase/(Decrease) in Receivables	-1,790.3	-5,962.0	657.0	40.8	-3,263.5	-3,534.4	734.9	-2,133.1	-3,016.9	-2,894.2	-1,571.8	-3,387.7
Increase/(Decrease) in Inventory	-63.6	299.7	333.6	202.9	-607.5	374.6	-24.1	-9.8	182.0	72.7	-90.2	-695.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.0	2,335.5	-43.6	-2,993.3	1,747.6	1,276.6	-715.5	-358.6	1,349.0	1,751.8	-992.4	2,246.4
Increase/(Decrease) in Prepaid Expenses	-6.7	70.3	38.1	-168.3	10.2	12.6	28.7	-12.4	-23.8	8.4	-16.5	5.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-97.1	-6.2	-101.6	-11.2	-76.8	1.2	-42.1	-17.1	-17.1	-14.1	-33.5	-51.9
Corporate Income Tax Paid	-512.1	-0.3	-0.3	-0.1	-1.0	-0.8	-1.3	-0.5	-14.9	-0.2	-2.3	-202.8
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.3	0.0	-0.6
Other Operating Payments	-40.9	-35.0	-35.2	-17.3	-30.2	-39.0	-43.5	-24.3	-39.2	-30.9	-23.0	-43.3
Net Cash Flow from Operating Activities	-407.2	732.4	2,578.9	-129.9	-339.8	-172.8	1,296.5	-676.8	64.7	-226.3	-359.4	618.5
Payments for Fixed Assets and Other Long-term Assets	-259.5	-330.3	-83.6	-252.3	-30.0	-316.3	-128.5	-91.4	-46.5	-116.2	-132.6	48.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.3	—	0.2	0.0	0.0	0.0	0.1	0.2	0.1
Loans and Purchases of Debt Instruments	-189.9	-2,602.0	-85.0	-155.0	-160.0	-590.0	-140.0	-2,660.0	-75.0	-290.0	-49.0	-2,205.0
Receipts from Loan Repayments and Sale of Debt Instruments	85.0	2,115.0	60.0	290.0	160.0	550.0	155.0	2,655.0	160.0	279.0	110.0	2,921.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-90.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	142.5	335.0	-71.6	157.3	74.2	109.5	199.3	169.4	124.1	292.0	-19.7	177.9
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	-221.9	-451.9	-210.4	40.3	44.2	-246.7	85.9	73.1	162.6	164.9	-181.1	942.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5.1	20.7	-461.1	497.1	1,053.1	14.2	-319.7	2,402.6	91.5	45.4	325.6	-302.4
Repayment of Borrowings	-538.6	410.9	-35.7	-92.5	-1,116.4	-109.8	-185.3	-2,091.9	-228.8	-196.1	-481.6	-148.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-4.0	-0.0	-0.0	-0.0	-4.7	-0.3	-0.4	-45.3	-34.8	-0.1	-0.4
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	-533.5	427.6	-1,507.4	404.5	-63.3	-100.4	-505.2	310.3	-182.6	-185.5	-156.0	-450.8
Net Cash Flow During the Period	-1,162.6	708.1	861.1	314.9	-359.0	-519.8	877.1	-293.5	44.8	-246.8	-696.5	1,110.2
Cash and Cash Equivalents at Beginning of Period	2,143.9	1,435.8	574.7	259.8	618.8	510.2	510.2	510.2	510.2	1,727.7	1,727.7	1,727.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	981.3	2,143.9	1,435.8	574.7	259.8	618.8	1,138.6	261.5	555.0	510.2	757.0	1,453.5

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PGV

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