POW

Tổng Công ty Điện lực Dầu khí Việt Nam - CTCP ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.57%, +4.55pp YoY

Price

13,550

Latest close

04 Jun 2026

P/E 11.40x

P/B 1.01x

EPS 1,189

BVPS 13,461

ROE 8.0%

ROA 3.5%

Profit Margin 8.0%

Asset Turnover 0.43x

Equity Mult. 2.31x

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

What Is Changing

On a TTM 2026Q1 basis, POW has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 38,344bn
	                                
+19.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,669bn
	                                
+127.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	34,306.1	30,305.6	28,329.4	28,224.1	24,565.4
Growth	+13%	+7%	+0%	+15%	—
Net Income	3,007.1	1,211.3	1,282.9	2,552.9	2,032.4
Net Margin	8.77%	4.00%	4.53%	9.05%	8.27%

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	12,327.0	8,747.0	7,855.2	9,414.8	8,150.3	8,493.5	6,061.2	9,407.1	6,243.1	6,411.5	5,679.5	8,430.9
Growth	+41%	+11%	-17%	+16%	-4%	+40%	-36%	+51%	-3%	+13%	-33%	—
Net Income	1,300.1	687.5	948.4	732.8	472.2	234.9	453.3	450.4	216.3	445.7	52.4	181.6
Net Margin	10.55%	7.86%	12.07%	7.78%	5.79%	2.77%	7.48%	4.79%	3.46%	6.95%	0.92%	2.15%

Drivers of POW's profit

TTM

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

Gross profit ↑ 2,976.4bn

Financial income ↑ 379.2bn

Finance costs ↑ 614.0bn

Other profit ↓ 421.2bn

Minority interests ↑ 418.5bn

TTM

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

Gross profit ↑ 988.3bn

Administrative expenses ↓ 101.5bn

Financial income ↑ 90.7bn

Finance costs ↑ 282.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.7% = 5.0% × 0.42 × 2.22

2026Q1 9.6% = 9.6% × 0.43 × 2.31

ROE rose from 4.7% to 9.6% — all three components improved, with leverage contributing the most.

Net margin: 9.6% +4.6pp Asset turnover: 0.43x +0.02x Leverage: 2.31x +0.09x

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 9.57%, rising 4.6pp. The main driver is Gross margin rose 6.6pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 1.3pp and Net financial result / Revenue fell 0.6pp).

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

Profitability trend

Net Margin 9.57% +4.6pp

Gross Margin 13.96% +6.6pp

SG&A / Revenue 3.15% −0.2pp

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 6.3% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 6.35%, rising 3.6pp. That translates to 6.35 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.8pp, with capital turnover fell 0.06x; while invested capital expanded strongly by 13,217bn.

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 6.35% +3.6pp

NOPAT Margin 9.57% +5.8pp

Capital Turnover 0.66x −0.06x

Average Invested Capital 57,776.8bn +13,217.4bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.38x equity, net debt at 0.61x equity.

Over the last 12 months, working capital absorbed 3,535.8bn 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: −4,432.5bn

Inventories increased → lower CFO: −664.8bn

Payables increased → higher CFO: +1,561.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 40.2 days versus the same period last year. The main moves came from DIO rose 2.2 days, DSO fell 8.8 days, and DPO fell 46.8 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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

Cash conversion cycle is lengthening

CCC is up by +40.2 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +2.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 146.3 days −8.8 days

Inventory 25.9 days +2.2 days

Payables 163.3 days −46.8 days

Cash Conversion Cycle 8.9 days +40.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2,222.9bn due to capex of 5,435.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.61x and interest coverage at 2.98x.

At present, short-term debt accounts for 42.4% of total debt, cash equals 24.9% of debt, and total debt stands at 33,420.3bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 24.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.61x +0.20x

Interest Coverage 2.98x +1.10x

Cash / Debt 24.9% −14.8pp

Short-term Debt / Total Debt 42.4% −20.0pp

CFO / NI 1.05x −3.75x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,094.2bn in 2025, against investing cash flow of -12,739.0bn.

Post-investment cash flow was negative +10,644.8bn. Financing cash flow was positive +5,824.8bn.

CFO / net income was 1.05x.

After spending +5,435.6bn on fixed-asset investment, the business generated trailing free cash flow of −2,222.9bn.

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 3,212.7bn −3,639.0bn

Cash Capex 5,435.6bn −5,850.3bn

FCF TTM −2,222.9bn +2,211.3bn

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 4.6 pp. The next item to monitor is capital efficiency, with ROIC at 6.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.57% after expanding 4.6pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	34,306.1	30,305.6	28,329.4	28,224.1	24,565.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	34,306.1	30,305.6	28,329.4	28,224.1	24,565.4
Cost of Goods Sold	29,827.6	28,308.0	25,625.1	24,498.0	0.0
Gross Profit	4,478.6	1,997.7	2,704.3	3,726.1	2,542.8
Financial Income	1,031.6	566.1	543.6	445.2	697.1
Financial Expenses	1,033.5	845.4	729.6	591.8	-671.0
Interest Expense	655.4	381.6	564.7	437.5	-509.6
Share of Associates and Joint Ventures	4.8	42.2	40.1	53.2	8.6
Selling Expenses	1.5	0.0	0.0	0.0	-9.4
General and Administrative Expenses	1,245.7	877.8	1,268.1	867.6	-129.0
Operating Profit	3,234.2	882.7	1,290.2	2,765.2	2,439.1
Other Income	21.4	1,198.2	162.1	67.1	0.0
Other Expenses	21.4	697.7	10.2	23.1	0.0
Other Profit	0.1	500.5	151.9	44.1	-119.8
Profit Before Tax	3,234.3	1,383.2	1,442.1	2,809.2	2,319.3
Current Income Tax Expense	233.6	170.6	234.9	240.8	-286.9
Deferred Income Tax Expense	-6.5	1.3	-75.8	15.5	0.0
Net Income	3,007.1	1,211.3	1,282.9	2,552.9	2,032.4
Non-controlling Interest	580.5	99.8	244.6	492.1	253.5
Profit Attributable to Parent	2,426.7	1,111.6	1,038.4	2,060.9	1,778.8
Earnings per Share	871.00	475.00	443.00	871.00	759.00
Diluted EPS	870.76	474.66	443.39	880.00	759.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	37,007.8	29,980.6	29,042.0	24,925.1	16,897.3
I. Cash and cash equivalents	6,737.9	11,564.3	8,439.7	8,251.7	8,223.7
1. Cash	996.6	445.9	689.5	509.7	0.0
2. Cash equivalents	5,741.3	11,118.5	7,750.2	7,742.1	0.0
II. Short-term financial investments	12,530.9	4,111.9	2,390.9	1,649.8	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	12,530.9	4,111.9	2,390.9	1,649.8	0.0
III. Short-term receivables	14,577.6	11,873.2	14,560.5	12,537.5	5,802.0
1. Short-term trade accounts receivable	14,197.0	11,120.9	12,710.5	9,767.6	0.0
2. Short-term prepayments to suppliers	386.3	296.9	1,274.1	2,074.5	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	537.0	950.9	1,092.9	794.1	0.0
7. Provision for short-term doubtful debts (*)	-542.7	-495.5	-517.0	-98.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,174.5	1,795.1	2,167.4	2,085.8	1,838.2
1. Inventories	2,174.5	1,795.1	2,167.4	2,085.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	987.0	636.1	1,483.5	400.2	502.2
1. Short-term prepayments	128.5	110.2	75.2	75.2	0.0
2. Value added tax to be reclaimed	809.6	507.8	1,408.3	325.0	0.0
3. Taxes and other receivables from state authorities	48.8	18.1	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	51,604.1	49,934.5	41,320.1	31,918.2	36,052.8
I. Long-term receivables	0.9	0.4	0.4	0.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	0.9	0.4	0.4	0.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	45,788.9	24,321.2	26,401.7	29,155.2	31,868.9
1. Tangible fixed assets	45,737.2	24,269.8	26,362.4	29,123.3	31,834.9
- Cost	94,834.6	70,535.0	69,803.1	69,759.4	0.0
- Accumulated depreciation	-49,097.4	-46,265.2	-43,440.7	-40,636.1	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	51.7	51.4	39.3	31.9	34.0
- Cost	126.4	119.6	103.9	94.7	0.0
- Accumulated depreciation	-74.6	-68.1	-64.7	-62.9	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	909.2	19,758.8	9,032.0	935.6	394.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	909.2	19,758.8	9,032.0	935.6	0.0
V. Long-term financial investments	847.6	766.2	959.5	877.6	809.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	169.0	88.1	585.0	503.1	0.0
3. Investments in other entities	701.7	701.7	399.4	399.4	0.0
4. Provision for diminution in value of long-term investments	-23.1	-23.6	-24.8	-24.8	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4,057.5	5,087.9	4,926.5	949.3	0.0
1. Long-term prepayments	3,305.5	4,404.7	4,223.7	262.1	0.0
2. Deferred income tax assets	80.9	76.3	76.3	0.0	0.0
3. Long-term equipment, supplies, spare parts	671.1	606.9	626.4	687.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2,979.5
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)	88,611.9	79,915.0	70,362.1	56,843.2	52,950.1
A. LIABILITIES (300=210+330)	51,396.0	45,234.4	36,242.7	23,561.8	20,817.4
I. Short -term liabilities	31,611.9	33,457.3	26,785.2	18,325.7	16,711.9
1. Short-term trade accounts payable	14,879.7	15,726.1	15,947.2	7,346.4	7,227.7
2. Short-term advances from customers	20.0	89.1	0.9	3.8	5.6
3. Taxes and other payables to state authorities	147.2	76.3	171.5	250.2	0.0
4. Payable to employees	472.5	333.8	286.8	221.9	0.0
5. Short-term acrrued expenses	2,153.5	1,534.7	1,361.8	1,931.2	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	4.8	0.0	0.0	0.0	0.0
9. Other short-term payables	1,058.2	1,467.9	2,688.4	2,653.1	0.0
10. Short-term borrowings and financial leases	11,249.6	13,508.1	5,506.6	5,635.2	5,701.6
11. Provision for short-term liabilities	1,472.1	553.2	717.9	205.5	0.0
12.. Bonus and welfare fund	154.4	168.1	104.0	78.4	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	19,784.1	11,777.0	9,457.5	5,236.1	4,105.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	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	0.5	0.5	0.5	0.5	0.0
8. Long-term borrowings and financial leases	17,637.5	9,151.3	7,172.3	3,381.8	2,756.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	2.5	4.4	3.2	2.6	0.0
12. Provision for long-term liabilities	2,033.3	2,506.6	2,164.0	1,733.4	0.0
13. Fund for technology development	110.4	114.2	117.5	117.8	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	37,215.9	34,680.6	34,119.4	33,281.5	32,132.8
I. Owner's equity	37,215.9	34,680.6	34,119.4	33,281.5	0.0
1. Owner's capital	27,868.2	23,418.7	23,418.7	23,418.7	32,132.8
- Common stock with voting right	27,868,210,960,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	225.7	225.7	225.7	225.7	225.7
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-191.3	-191.3	-191.3	-191.3	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	1,310.4	4,426.1	4,039.4	3,643.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	5,002.3	4,130.3	3,922.7	3,420.5	4,017.9
- Accumulated retained earning at the end of the previous period	2,577.5	3,020.3	2,884.3	1,359.6	2,239.1
- Undistributed earnings in this period	2,424.7	1,110.0	1,038.4	2,060.9	1,778.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3,000.8	2,671.4	2,704.6	2,765.0	2,487.4
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)	88,611.9	79,915.0	70,362.1	56,843.2	52,950.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,234.3	1,383.2	1,442.1	2,809.2	2,319.3
Depreciation of Fixed Assets and Investment Property	2,858.8	2,818.2	2,808.8	2,809.4	2,818.0
Provision (Increase)/Reversal	894.7	155.3	1,361.3	-192.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	182.0	134.3	-10.6	36.4	0.0
Gain/Loss from Investment Activities	-1,035.0	-589.9	-677.8	-443.8	0.0
Interest Expense	655.4	381.6	564.7	437.5	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	6,790.1	4,282.8	5,488.5	5,456.2	4,482.8
Increase/(Decrease) in Receivables	-2,999.1	3,595.7	-3,490.9	-4,779.1	0.0
Increase/(Decrease) in Inventory	-443.6	391.9	-20.8	-145.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,213.8	-2,830.8	6,224.8	1,399.1	0.0
Increase/(Decrease) in Prepaid Expenses	1,006.7	-215.9	-3,961.7	1,921.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-594.3	-450.7	-522.5	-441.2	0.0
Corporate Income Tax Paid	-204.6	-258.7	-219.9	-85.9	0.0
Other Operating Receipts	0.0	0.0	0.0	0.9	0.0
Other Operating Payments	-247.1	-170.4	-145.4	-169.0	0.0
Net Cash Flow from Operating Activities	2,094.2	4,343.8	3,352.1	3,156.4	5,389.0
Payments for Fixed Assets and Other Long-term Assets	-5,180.0	-9,792.9	-6,312.4	-2,601.4	-274.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.9	2.5	124.9	1.9	1.6
Loans and Purchases of Debt Instruments	-14,777.1	-6,452.4	-3,071.2	-1,661.2	-299.4
Receipts from Loan Repayments and Sale of Debt Instruments	6,362.0	4,727.6	2,330.2	542.6	250.0
Investments in Other Entities	-78.0	0.0	-30.0	-21.9	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	4.7	0.0
Dividends and Interest Income Received	930.2	541.9	473.1	361.4	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	-12,739.0	-10,973.4	-6,485.4	-3,373.8	320.3
Proceeds from Equity Issuance and Capital Contributions	—	21,000,000,000.00	81,900,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	30,148.8	15,799.9	13,107.1	8,027.5	13,616.9
Repayment of Borrowings	-24,094.4	-5,934.4	-9,503.0	-7,583.1	-17,462.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-229.5	-132.4	-365.1	-198.9	-710.2
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	5,824.8	9,754.2	3,320.9	245.5	-4,555.3
Net Cash Flow During the Period	-4,820.0	3,124.6	187.6	28.0	-1,096.9
Cash and Cash Equivalents at Beginning of Period	11,564.3	8,439.7	8,251.7	8,223.7	7,069.7
FX Difference from Revaluation	-6.4	0.1	0.4	-0.0	-0.0
Cash and Cash Equivalents at End of Period	6,737.9	11,564.3	8,439.7	8,251.7	8,223.7

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	12,327.0	8,747.0	7,855.2	9,414.8	8,150.3	8,493.5	6,061.2	9,407.1	6,243.1	6,411.5	5,679.5	8,430.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	12,327.0	8,747.0	7,855.2	9,414.8	8,150.3	8,493.5	6,061.2	9,407.1	6,243.1	6,411.5	5,679.5	8,430.9
Cost of Goods Sold	10,522.8	7,694.5	6,564.4	8,209.8	7,334.3	7,953.6	5,764.9	8,683.1	5,866.4	5,683.4	5,372.6	7,961.9
Gross Profit	1,804.3	1,052.5	1,290.8	1,205.1	816.0	539.9	296.3	724.0	376.7	728.1	306.9	469.1
Financial Income	298.8	403.0	222.9	204.7	208.1	-0.3	411.3	131.0	101.2	164.3	138.9	130.2
Financial Expenses	457.9	172.9	295.1	398.7	175.5	309.8	-3.3	228.6	154.5	191.1	213.4	144.1
Interest Expense	414.2	245.9	152.5	137.8	119.5	117.5	95.6	87.9	80.6	106.9	133.5	125.5
Share of Associates and Joint Ventures	—	—	—	0.0	0.5	0.0	0.0	1.6	0.0	25.0	0.0	14.0
Selling Expenses	—	1.0	0.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	236.2	529.7	211.8	227.3	337.7	394.0	168.9	180.8	116.3	296.7	148.7	207.5
Operating Profit	1,409.0	751.9	1,006.1	783.8	511.4	-164.1	541.9	447.2	207.1	429.5	83.7	261.6
Other Income	1.8	10.7	7.4	2.1	2.4	1,105.5	7.0	5.0	73.8	23.5	4.4	-20.3
Other Expenses	3.2	14.9	1.7	1.4	3.4	691.7	1.9	1.1	2.8	5.3	6.2	2.1
Other Profit	-1.5	-4.2	5.7	0.6	-1.0	413.9	5.1	3.8	70.9	18.2	-1.8	-22.4
Profit Before Tax	1,407.5	747.7	1,011.8	784.4	510.5	249.7	547.1	451.0	278.1	447.7	81.9	239.3
Current Income Tax Expense	107.4	60.2	63.4	51.6	38.2	14.8	93.8	0.6	61.8	2.0	29.5	57.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1,300.1	687.5	948.4	732.8	472.2	234.9	453.3	450.4	216.3	445.7	52.4	181.6
Non-controlling Interest	100.5	203.3	139.1	158.1	27.2	48.8	56.9	49.7	-61.3	113.3	-30.3	55.3
Profit Attributable to Parent	1,199.6	484.2	809.3	574.7	445.1	186.1	396.4	400.7	277.6	332.5	82.7	126.3
Earnings per Share	391.00	207.00	346.00	245.00	190.00	79.00	169.00	171.00	119.00	142.00	35.00	54.00
Diluted EPS	391.02	173.75	345.58	245.42	190.06	79.49	169.25	171.11	118.55	141.96	35.30	53.92

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)	44,740.5	36,989.0	34,149.8	34,641.2	30,402.3	30,171.4	31,374.7	32,528.7	28,377.3	29,152.5	29,378.9	29,649.5
I. Cash and cash equivalents	8,332.3	6,741.7	9,681.2	10,157.1	9,323.1	11,720.5	12,608.5	10,037.6	7,538.4	8,592.0	7,509.8	8,154.3
1. Cash	1,162.3	996.6	787.4	814.3	1,586.7	445.9	1,380.9	871.4	380.6	689.5	1,061.5	1,073.6
2. Cash equivalents	7,170.0	5,745.1	8,893.8	9,342.8	7,736.4	11,274.6	11,227.6	9,166.2	7,157.8	7,902.5	6,448.3	7,080.7
II. Short-term financial investments	15,068.4	12,527.1	11,116.4	7,818.7	4,687.0	3,955.7	3,150.1	2,495.3	1,570.3	2,238.5	1,738.2	1,166.1
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	15,068.4	12,527.1	11,116.4	7,818.7	4,687.0	3,955.7	3,150.1	2,495.3	1,570.3	2,238.5	1,738.2	1,166.1
III. Short-term receivables	17,669.4	14,406.4	10,365.0	13,516.3	13,752.3	11,940.9	12,390.2	15,589.5	15,636.2	14,641.2	17,176.2	17,835.8
1. Short-term trade accounts receivable	17,570.9	14,030.0	9,805.0	12,951.8	13,169.8	11,186.9	11,354.7	14,551.5	14,122.0	12,325.2	14,225.5	15,016.2
2. Short-term prepayments to suppliers	352.5	385.6	401.9	426.9	354.6	298.6	398.9	423.7	980.4	1,264.3	1,850.4	1,997.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	348.2	533.5	735.0	761.4	859.1	950.9	1,132.2	1,095.4	1,050.8	1,087.8	1,207.5	929.2
7. Provision for short-term doubtful debts (*)	-602.2	-542.7	-576.9	-623.7	-631.3	-495.5	-495.6	-481.1	-517.0	-36.1	-107.2	-107.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,647.5	2,322.6	2,338.2	2,388.4	2,032.1	1,794.7	2,339.1	2,295.0	1,821.5	2,168.0	2,311.3	2,008.3
1. Inventories	2,647.5	2,322.6	2,338.2	2,388.4	2,032.1	1,794.7	2,339.1	2,295.0	1,821.5	2,168.0	2,311.3	2,008.3
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	1,023.0	991.2	649.0	760.7	607.8	759.6	886.8	2,111.2	1,811.0	1,512.7	643.4	484.9
1. Short-term prepayments	88.6	128.5	65.8	220.1	52.8	103.1	78.6	67.1	43.1	73.4	89.5	73.5
2. Value added tax to be reclaimed	906.0	809.5	575.2	508.9	550.8	637.4	808.1	2,029.9	1,767.3	1,408.3	552.2	410.2
3. Taxes and other receivables from state authorities	28.4	53.2	8.0	31.8	4.2	19.2	0.1	14.1	0.5	30.9	1.7	1.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	51,017.8	51,460.9	51,621.7	51,379.1	50,337.7	51,110.0	49,317.5	48,390.8	44,172.5	41,194.6	34,229.1	32,168.8
I. Long-term receivables	0.7	0.9	0.9	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.0	0.0	0.0
6. Other long-term receivables	0.7	0.9	0.9	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	45,445.7	45,797.3	22,330.0	23,022.1	23,640.9	24,321.4	24,320.5	25,014.6	25,709.4	26,401.4	27,092.5	27,787.9
1. Tangible fixed assets	45,394.3	45,745.6	22,276.3	22,967.4	23,590.8	24,270.0	24,277.9	24,972.3	25,670.3	26,362.2	27,054.4	27,749.1
- Cost	95,449.2	—	—	—	—	70,535.2	69,839.1	69,829.7	69,812.9	69,802.9	69,791.3	69,782.1
- Accumulated depreciation	-50,054.9	—	—	—	—	-46,265.2	-45,561.2	-44,857.3	-44,142.6	-43,440.7	-42,736.9	-42,032.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	51.3	51.7	53.7	54.7	50.1	51.4	42.5	42.3	39.0	39.3	38.1	38.8
- Cost	128.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-76.6	—	—	—	—	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	701.9	774.2	24,628.3	23,853.4	21,856.8	19,742.6	18,327.7	16,582.0	11,409.3	8,982.9	4,935.5	2,478.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	701.9	774.2	24,628.3	23,853.4	21,856.8	19,742.6	18,327.7	16,582.0	11,409.3	8,982.9	4,935.5	2,478.2
V. Long-term financial investments	847.6	844.5	844.5	796.5	796.2	765.9	959.6	959.3	959.5	957.7	932.7	933.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	169.0	166.4	166.4	118.4	118.1	88.6	584.7	585.6	585.0	583.1	558.2	558.8
3. Investments in other entities	701.7	701.7	701.7	701.7	701.7	701.7	399.4	399.4	399.4	399.4	399.4	399.4
4. Provision for diminution in value of long-term investments	-23.1	-23.6	-23.6	-23.6	-23.6	-24.4	-24.4	-25.6	-24.8	-24.8	-24.8	-24.8
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	4,021.9	4,044.0	3,818.0	3,706.7	4,043.3	6,279.8	5,709.4	5,834.5	6,093.9	4,852.1	1,268.0	968.9
1. Long-term prepayments	3,271.0	3,305.6	3,204.7	3,243.5	3,346.3	5,596.5	5,032.0	5,143.6	5,394.9	4,225.7	543.7	208.2
2. Deferred income tax assets	80.9	80.2	80.2	76.3	76.3	76.3	76.3	76.3	76.3	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	670.1	658.2	533.1	386.8	620.6	606.9	601.0	614.5	622.7	626.4	724.3	760.7
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)	95,758.3	88,449.9	85,771.5	86,020.2	80,739.9	81,281.5	80,692.2	80,919.5	72,549.8	70,347.0	63,608.0	61,818.3
A. LIABILITIES (300=210+330)	54,462.9	51,366.5	49,295.6	50,479.9	45,705.6	46,674.8	46,050.2	46,774.3	38,682.0	36,181.2	29,899.8	27,986.8
I. Short -term liabilities	33,080.7	30,318.5	30,075.5	31,308.8	34,012.7	35,134.4	35,430.3	35,374.0	28,586.6	26,261.2	23,331.1	21,956.9
1. Short-term trade accounts payable	13,190.0	14,876.8	14,305.6	14,707.4	16,326.0	17,159.4	18,104.6	18,229.9	17,902.8	15,950.4	13,876.9	12,725.5
2. Short-term advances from customers	25.2	20.0	29.3	104.1	107.3	3.1	17.1	1.7	1.3	0.9	1.0	1.7
3. Dividends and profits payable	961.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	125.7	132.8	110.7	92.0	51.6	67.1	113.0	30.6	43.6	98.2	51.0	261.0
4. Payable to employees	170.1	459.2	158.7	169.9	174.9	329.6	142.8	151.2	93.1	283.1	138.8	156.0
5. Short-term acrrued expenses	2,717.2	2,014.6	1,544.8	1,880.3	532.7	1,364.1	1,603.0	1,512.5	1,197.0	1,231.6	661.4	1,324.4
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	1.4	4.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	96.5	1,196.7	1,751.5	1,580.1	1,467.3	1,663.4	2,836.3	3,131.9	3,053.6	2,688.4	2,740.2	2,767.0
10. Short-term borrowings and financial leases	14,183.3	11,249.6	11,736.7	11,722.0	14,646.0	13,508.1	11,180.7	11,195.3	5,334.3	5,499.6	5,372.2	4,234.9
11. Provision for short-term liabilities	1,472.1	209.6	215.5	766.7	555.2	871.6	1,219.3	865.5	886.4	404.7	348.5	298.9
12.. Bonus and welfare fund	138.2	154.4	222.5	286.2	151.6	168.0	213.5	255.6	74.5	104.4	141.0	187.6
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	21,382.3	21,048.0	19,220.1	19,171.1	11,693.0	11,540.4	10,619.9	11,400.2	10,095.4	9,920.0	6,568.7	6,029.9
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	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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
8. Long-term borrowings and financial leases	19,237.0	17,637.5	15,997.7	16,147.6	8,813.0	9,151.3	8,781.3	9,393.9	8,284.9	7,179.3	3,907.6	3,828.0
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	2.5	3.9	3.9	4.4	4.4	7.1	7.1	3.0	3.2	2.6	2.6	2.6
12. Provision for long-term liabilities	2,033.3	3,295.8	3,105.2	2,905.0	2,760.9	2,267.3	1,713.5	1,885.3	1,689.2	2,620.0	2,540.4	2,080.9
13. Fund for technology development	108.9	110.4	112.9	113.6	114.1	114.2	117.5	117.5	117.5	117.5	117.6	117.8
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)	41,295.4	37,083.4	36,475.9	35,540.3	35,034.3	34,606.7	34,642.0	34,145.3	33,867.8	34,165.8	33,708.2	33,831.6
I. Owner's equity	41,295.4	37,083.4	36,475.9	35,540.3	35,034.3	34,606.7	34,642.0	34,145.3	33,867.8	34,165.8	33,708.2	33,831.6
1. Owner's capital	30,678.5	27,868.2	23,418.7	23,418.7	23,418.7	23,418.7	23,418.7	23,418.7	23,418.7	23,418.7	23,418.7	23,418.7
- Common stock with voting right	30,678,456,880,000.00	27,868,210,960,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00	23,418,716,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-1.2	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	225.7	225.7	225.7	225.7	225.7	225.7	225.7	225.7	225.7	225.7	225.7	225.7
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-191.3	-191.3	-191.3	-191.3	-191.3	-191.3	-191.3	-191.3	-191.3	-191.3	-191.3	-191.3
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,310.4	1,297.2	4,810.0	4,810.0	4,426.1	4,426.1	4,426.1	4,426.1	4,039.4	4,039.4	4,039.4	4,039.4
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	6,171.9	5,150.1	5,479.3	4,543.8	4,483.9	4,032.0	4,104.8	3,709.5	3,793.2	3,959.3	3,623.9	3,543.3
- Accumulated retained earning at the end of the previous period	4,972.3	2,809.1	3,622.5	3,516.6	4,299.2	2,780.1	3,039.0	3,031.2	3,515.6	2,884.3	2,881.3	2,883.0
- Undistributed earnings in this period	1,199.6	2,341.0	1,856.8	1,027.2	184.8	1,251.9	1,065.7	678.4	277.6	1,075.0	742.6	660.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,101.4	2,733.7	2,733.7	2,733.7	2,671.4	2,695.7	2,658.3	2,556.8	2,582.4	2,714.3	2,592.1	2,796.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	95,758.3	88,449.9	85,771.5	86,020.2	80,739.9	81,281.5	80,692.2	80,919.5	72,549.8	70,347.0	63,608.0	61,818.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1,407.5	902.1	1,011.8	809.8	510.5	249.7	547.1	442.1	278.1	431.0	81.9	239.2
Depreciation of Fixed Assets and Investment Property	962.9	725.7	716.0	712.1	705.0	707.3	705.9	702.6	702.2	706.1	705.8	701.1
Provision (Increase)/Reversal	59.6	558.0	-346.8	291.4	392.1	206.0	184.8	158.1	-306.2	402.6	509.2	265.4
FX Gain/Loss from Revaluation of Monetary Items	17.3	-84.1	129.0	87.6	49.5	331.8	-330.3	78.8	54.0	-81.7	69.8	3.2
Gain/Loss from Investment Activities	-296.0	-399.5	-222.5	-204.5	-208.4	-360.4	-299.6	-33.7	-169.1	-169.1	-131.2	-267.8
Interest Expense	414.2	245.7	152.5	137.8	119.5	117.5	95.6	87.9	80.6	173.7	133.5	125.5
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	2,565.4	1,947.8	1,439.9	1,834.3	1,568.1	1,252.1	903.5	1,435.8	639.6	1,462.7	1,368.9	1,066.5
Increase/(Decrease) in Receivables	-3,328.8	-4,452.9	3,161.6	187.7	-1,895.4	477.1	4,405.7	-1,059.2	-1,495.9	1,570.0	611.2	-3,027.3
Increase/(Decrease) in Inventory	-472.0	25.7	52.4	-270.9	-250.8	538.6	-30.6	-465.4	349.7	241.7	-266.8	-129.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,622.6	1,690.3	-1,881.2	-870.3	-152.6	-1,873.4	-160.7	2,252.5	-494.2	2,853.0	-1,600.3	5,455.8
Increase/(Decrease) in Prepaid Expenses	0.5	-171.0	33.7	28.3	1,115.7	-589.0	100.2	227.2	-1,139.0	-3,665.7	-351.5	6.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-145.9	-213.9	-136.6	-63.4	-180.4	-193.9	-75.7	1.2	-180.3	-134.4	-116.6	-158.7
Corporate Income Tax Paid	-113.1	-79.4	-51.8	-35.2	-38.1	-87.9	-1.4	-25.9	-145.5	-34.8	-56.3	-33.2
Other Operating Receipts	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-55.3	-66.6	-64.5	95.3	-211.4	-45.0	-42.1	-47.1	-32.9	-37.0	-46.5	-31.2
Net Cash Flow from Operating Activities	1,073.6	-1,320.0	2,553.5	905.6	-44.9	-521.4	5,098.9	2,319.0	-2,498.6	2,255.4	-458.0	3,149.0
Payments for Fixed Assets and Other Long-term Assets	-1,855.7	-621.6	-676.9	-2,281.4	-1,600.1	-2,050.3	-1,662.8	-5,972.8	-133.0	-4,249.4	-581.7	-992.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	2.7	1.1	—	0.0	0.5	1.8	0.0	0.2	-0.3	0.2	124.9
Loans and Purchases of Debt Instruments	-6,340.6	-4,277.5	-4,097.8	-3,517.4	-2,884.5	-2,431.7	-1,317.9	-1,700.0	-884.8	-441.6	-1,672.6	-899.2
Receipts from Loan Repayments and Sale of Debt Instruments	3,945.1	2,142.8	1,534.0	1,255.5	1,429.7	1,626.1	741.2	706.8	1,663.5	-191.0	1,045.5	1,353.9
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	-21.0	21.0	0.0	0.0	0.0
Dividends and Interest Income Received	231.6	-10.7	565.7	171.0	204.3	157.0	142.6	91.5	155.5	104.7	117.3	132.8
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	-4,019.1	-2,764.2	-2,721.9	-4,402.3	-2,850.6	-2,698.5	-2,095.0	-6,895.4	822.4	-4,777.6	-1,091.2	-280.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	-60,900,000,000.00	81,900,000,000.00	41,900,000,000.00	0.00	40,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	10,584.5	8,364.2	2,423.3	12,903.2	6,458.1	7,739.5	5,884.3	8,039.6	5,386.7	1,681.7	4,909.5	3,360.7
Repayment of Borrowings	-6,063.7	-7,128.6	-2,675.8	-8,582.5	-5,707.6	-5,345.6	-6,214.4	-1,132.6	-4,492.4	1,734.9	-3,763.5	-3,189.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2.8	-88.2	-45.1	0.1	-96.3	-62.2	7.1	119.5	-201.3	-6.8	-241.4	-0.3
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	4,518.0	1,147.5	-297.6	4,320.7	654.2	2,331.8	-323.0	6,965.6	774.9	3,451.7	904.6	210.5
Net Cash Flow During the Period	1,572.5	-2,936.8	-466.0	824.0	-2,241.3	-888.1	2,680.9	2,389.2	-901.3	929.5	-644.6	3,079.1
Cash and Cash Equivalents at Beginning of Period	6,737.9	9,681.2	10,147.1	9,323.1	11,564.3	8,439.7	8,439.7	8,439.7	8,439.7	8,251.7	8,251.7	8,251.7
FX Difference from Revaluation	21.8	-6.4	0.0	0.0	0.1	0.1	-0.1	0.0	0.0	0.4	-0.0	0.0
Cash and Cash Equivalents at End of Period	8,332.3	6,737.9	9,681.2	10,147.1	9,323.1	11,720.5	12,608.5	9,927.6	7,538.4	8,439.7	7,509.8	8,154.3

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POW

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