SBT

Thành Thành Công - Biên Hòa ·HOSE ·2025Q2

● Maintaining

Part of pre-tax profit currently comes from other profit Net financial result/PBT 15.99%

Price

20,100

Latest close

02 Jun 2026

P/E 26.62x

P/B 1.41x

EPS 755

BVPS 14,290

ROE 6.4%

ROA 2.2%

Profit Margin 2.9%

Asset Turnover 0.76x

Equity Mult. 2.90x

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

What Is Changing

On a TTM 2025Q2 basis, SBT has not moved the needle on revenue, but profitability has edged up slightly — profit is at an all-time high. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 25,285bn
	                                
−2.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 746bn
	                                
+33.3%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.01x
	                                
negative cash flow vs profit

Metric	2023	2022	2021	2020
Revenue	29,021.3	24,743.1	16,659.2	14,248.6
Growth	+17%	+49%	+17%	—
Net Income	805.8	604.6	799.5	554.8
Net Margin	2.78%	2.44%	4.80%	3.89%

Metric	Q2'25	Q1'25	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	6,733.6	5,371.7	6,159.2	7,020.0	6,366.5	6,800.5	5,710.2	6,971.7	5,309.0	4,990.2	4,311.9	4,175.8
Growth	+25%	-13%	-12%	+10%	-6%	+19%	-18%	+31%	+6%	+16%	+3%	—
Net Income	191.8	198.1	187.6	169.0	216.9	76.9	143.9	122.1	261.7	241.3	194.9	171.1
Net Margin	2.85%	3.69%	3.05%	2.41%	3.41%	1.13%	2.52%	1.75%	4.93%	4.83%	4.52%	4.10%

Drivers of SBT's profit

TTM

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

Associates income ↑ 216.4bn

Other profit ↑ 143.9bn

Financial income ↑ 95.0bn

Finance costs ↓ 50.4bn

Gross profit ↓ 191.6bn

Selling expenses ↑ 134.0bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Associates income ↑ 106.1bn

Other profit ↑ 101.8bn

Finance costs ↓ 87.2bn

Tax ↓ 22.7bn

Gross profit ↓ 174.0bn

Financial income ↓ 112.1bn

Financial Highlights

Detailed analysis of each financial dimension

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 edged up to 2.95%, rising 0.8pp. Despite pressure from SG&A / Revenue rose 0.7pp and Gross margin fell 0.5pp, the offset came from Other profit / Revenue rose 0.6pp and Net financial result / Revenue rose 0.5pp.

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 2.95% +0.8pp

Gross Margin 10.10% −0.5pp

SG&A / Revenue 5.74% +0.7pp

TTM YoY · 2023Q1 -> 2025Q2

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 2.64%, falling 0.3pp. That translates to 2.64 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.28x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 4,527bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

Watchpoints

ROIC remains low

ROIC is currently 2.64% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.64% −0.3pp

NOPAT Margin 2.48% +0.3pp

Capital Turnover 1.07x −0.28x

Average Invested Capital 23,724.5bn +4,527.0bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.06x equity, net debt at 1.26x equity.

Inventory ended the period at 3,953.2bn, roughly 11.6% of total assets.

Over the last 12 months, working capital absorbed 2,093.2bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −2,483.3bn

Inventories decreased → higher CFO: +245.6bn

Payables increased → higher CFO: +144.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 5.7 days versus the same period last year. The main moves came from DIO fell 4.2 days, DSO rose 4.9 days, and DPO fell 4.9 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +4.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 33.1 days +4.9 days

Inventory 58.4 days −4.2 days

Payables 11.0 days −4.9 days

Cash Conversion Cycle 80.5 days +5.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2,255.7bn due to capex of 783.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.26x and interest coverage only at 0.36x.

At present, short-term debt accounts for 71.4% of total debt, cash equals 16.5% of debt, and total debt stands at 18,481.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.26x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.36x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.26x +0.42x

Interest Coverage 0.36x +0.01x

Cash / Debt 16.5% −7.4pp

Short-term Debt / Total Debt 71.4% −23.3pp

CFO / NI -2.01x −2.74x

TTM YoY · 2023Q1 -> 2025Q2

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 62.9bn in 2023, against investing cash flow of -2,955.4bn.

Post-investment cash flow was negative +2,892.5bn. Financing cash flow was positive +4,377.2bn.

CFO / net income was -2.01x.

After spending +783.9bn on fixed-asset investment, the business generated trailing free cash flow of −2,255.7bn.

Cash Conversion

CFO TTM 1,471.8bn −1,844.0bn

Cash Capex 783.9bn +439.7bn

FCF TTM −2,255.7bn −2,283.7bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is 16.0%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.6%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.0% of PBT and CFO / net income currently at -2.01x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2023	2022	2021	2020
Revenue	29,062.2	24,827.6	16,692.2	14,281.5
Revenue Deductions	40.9	84.5	0.0	0.0
Net Revenue	29,021.3	24,743.1	16,659.2	14,248.6
Cost of Goods Sold	25,856.6	22,022.3	0.0	0.0
Gross Profit	3,164.6	2,720.9	2,376.3	2,047.4
Financial Income	1,298.9	1,099.5	979.4	368.5
Financial Expenses	2,030.2	1,780.0	-900.8	-871.9
Interest Expense	1,724.7	1,498.9	-752.7	-672.4
Share of Associates and Joint Ventures	-2.0	-29.4	18.1	37.9
Selling Expenses	723.1	637.8	-582.0	-527.1
General and Administrative Expenses	795.5	637.7	-702.4	-341.3
Operating Profit	912.8	735.5	1,188.7	713.5
Other Income	92.3	68.3	0.0	0.0
Other Expenses	97.1	85.2	0.0	0.0
Other Profit	-4.9	-16.8	-164.6	-13.7
Profit Before Tax	907.9	718.6	1,024.1	699.7
Current Income Tax Expense	127.1	125.1	-224.5	-144.9
Deferred Income Tax Expense	-25.0	-11.2	0.0	0.0
Net Income	805.8	604.6	799.5	554.8
Non-controlling Interest	57.9	67.4	24.6	11.3
Profit Attributable to Parent	747.9	537.2	774.9	543.5
Earnings per Share	834.00	570.00	1,084.00	1,118.56
Diluted EPS	834.00	570.00	1,190.77	850.78

Item	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	23,751.8	20,047.1	14,979.3	10,248.2
I. Cash and cash equivalents	4,630.1	3,146.2	2,401.7	980.3
1. Cash	1,306.3	1,505.7	0.0	0.0
2. Cash equivalents	3,323.8	1,640.5	0.0	0.0
II. Short-term financial investments	3,803.3	2,528.4	0.0	0.0
1. Available for sale securities	812.2	802.3	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-68.6	-68.1	0.0	0.0
3. Held to maturity investments	3,059.7	1,794.3	0.0	0.0
III. Short-term receivables	11,240.4	9,733.7	7,834.5	5,276.7
1. Short-term trade accounts receivable	2,175.9	1,936.0	0.0	0.0
2. Short-term prepayments to suppliers	5,259.2	5,113.4	0.0	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	459.7	87.2	0.0	0.0
6. Other short-term receivables	3,481.6	2,692.6	0.0	0.0
7. Provision for short-term doubtful debts (*)	-136.2	-95.7	0.0	0.0
8. Assets awaiting resolution	0.3	0.1	0.0	0.0
IV. Inventories	3,953.2	4,504.5	2,966.5	2,121.5
1. Inventories	3,993.8	4,535.3	0.0	0.0
2. Provision for decline in value of inventories	-40.6	-30.8	0.0	0.0
V. Other short-term assets	124.8	134.3	101.1	344.7
1. Short-term prepayments	18.0	11.6	0.0	0.0
2. Value added tax to be reclaimed	95.3	109.4	0.0	0.0
3. Taxes and other receivables from state authorities	11.4	13.3	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)	10,326.5	9,887.2	8,554.3	8,048.4
I. Long-term receivables	682.6	488.4	0.0	0.0
1. Long-term trade receivables	0.0	0.0	213.7	109.9
2. Long-term prepayments to suppliers	187.1	91.2	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	533.6	436.9	0.0	0.0
7. Provision for long-term doubtful debts	-38.1	-39.7	0.0	0.0
II. Fixed assets	4,180.9	4,154.5	4,482.6	4,127.4
1. Tangible fixed assets	2,951.0	3,172.4	3,278.8	3,706.4
- Cost	9,104.6	8,944.7	0.0	0.0
- Accumulated depreciation	-6,153.5	-5,772.3	0.0	0.0
2. Financial leased fixed assets	245.2	105.5	95.3	96.0
- Cost	296.3	141.2	0.0	0.0
- Accumulated depreciation	-51.1	-35.7	0.0	0.0
3. Intangible fixed assets	984.6	876.6	1,108.5	324.9
- Cost	1,308.8	1,102.5	0.0	0.0
- Accumulated depreciation	-324.2	-225.8	0.0	0.0
III. Investment properties	807.2	573.1	579.8	584.0
- Cost	932.6	667.1	0.0	0.0
- Accumulated depreciation	-125.4	-94.0	0.0	0.0
IV. Long-term assets in progress	225.1	318.9	363.0	423.7
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	225.1	318.9	0.0	0.0
V. Long-term financial investments	2,997.3	2,995.6	1,548.5	1,384.7
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,505.3	2,485.6	0.0	0.0
3. Investments in other entities	337.0	337.5	0.0	0.0
4. Provision for diminution in value of long-term investments	-55.1	-55.1	0.0	0.0
5. Held to maturity investments	210.2	227.7	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,433.5	1,356.7	0.0	0.0
1. Long-term prepayments	1,175.5	1,237.8	0.0	0.0
2. Deferred income tax assets	40.8	25.7	0.0	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	1,366.8	1,418.7
5. Goodwill	217.2	93.1	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	34,078.3	29,934.3	23,533.6	18,296.6
A. LIABILITIES (300=210+330)	22,934.3	19,430.6	14,067.5	10,376.3
I. Short -term liabilities	19,399.7	17,196.9	10,566.4	7,968.2
1. Short-term trade accounts payable	1,435.3	849.6	1,220.9	1,008.1
2. Short-term advances from customers	1,282.5	676.1	762.6	121.1
3. Taxes and other payables to state authorities	206.4	203.2	0.0	0.0
4. Payable to employees	68.8	59.0	0.0	0.0
5. Short-term acrrued expenses	476.8	480.2	0.0	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	0.9	19.9	6.6	4.9
9. Other short-term payables	3,125.3	3,752.7	0.0	0.0
10. Short-term borrowings and financial leases	12,777.8	11,107.3	6,911.6	6,262.3
11. Provision for short-term liabilities	0.1	0.1	0.0	0.0
12.. Bonus and welfare fund	26.0	48.6	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	3,534.5	2,233.8	3,501.1	2,408.1
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	1,373.1	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	5.4	9.8	13.0	3.8
7. Other long-term liabilities	39.7	34.2	0.0	0.0
8. Long-term borrowings and financial leases	3,223.4	579.7	3,165.6	2,124.7
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	246.8	217.2	0.0	0.0
12. Provision for long-term liabilities	19.3	19.7	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)	11,144.0	10,503.6	9,466.1	7,920.3
I. Owner's equity	11,144.3	10,504.4	0.0	0.0
1. Owner's capital	7,621.1	7,621.1	9,465.4	7,920.3
- Common stock with voting right	7,405,009,930,000.00	7,405,009,930,000.00	6,507,622,280,000.00	6,387,694,800,000.00
- Preferred stock	216,113,330,000.00	216,113,330,000.00	0.00	0.00
2. Share premium	6,770.1	6,770.1	6,770.1	6,712.9
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	-5,502.1	-5,502.1	-5,502.1	-5,502.1
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	108.7	-185.8	0.0	0.0
8. Investment and development fund	67.1	67.1	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,133.0	655.1	1,156.8	489.5
- Accumulated retained earning at the end of the previous period	458.3	195.0	768.0	272.8
- Undistributed earnings in this period	674.7	460.1	388.8	216.8
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	946.5	1,078.9	916.8	42.3
14. Financial reserves	0.0	0.0	0.0	0.0
II. Other resources and funds	-0.3	-0.7	0.7	0.1
1. Subsidized not-for-profit funds	-0.3	-0.7	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)	34,078.3	29,934.3	23,533.6	18,296.6

Item	2023	2022	2021	2020
Profit Before Tax	907.9	718.6	1,024.1	699.7
Depreciation of Fixed Assets and Investment Property	570.4	589.2	486.4	464.4
Provision (Increase)/Reversal	48.8	55.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	15.5	-0.5	0.0	0.0
Gain/Loss from Investment Activities	-268.1	-716.0	0.0	0.0
Interest Expense	1,724.7	1,498.9	0.0	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	2,999.2	2,145.3	2,183.7	1,579.6
Increase/(Decrease) in Receivables	-1,152.5	-1,051.5	0.0	0.0
Increase/(Decrease) in Inventory	541.5	111.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-515.6	1,130.7	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	37.0	23.8	0.0	0.0
Changes in Trading Securities	-9.9	3.5	0.0	0.0
Interest Paid	-1,648.2	-1,512.9	0.0	0.0
Corporate Income Tax Paid	-102.5	-106.1	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-86.1	-57.1	0.0	0.0
Net Cash Flow from Operating Activities	62.9	687.3	867.3	90.0
Payments for Fixed Assets and Other Long-term Assets	-640.3	-262.0	-349.2	-505.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.5	4.7	170.4	72.9
Loans and Purchases of Debt Instruments	-2,254.7	-744.2	-379.5	-830.5
Receipts from Loan Repayments and Sale of Debt Instruments	631.2	97.5	112.7	467.1
Investments in Other Entities	-920.2	-78.4	-1,533.0	-336.8
Proceeds from Investments in Other Entities	7.4	3.6	0.0	0.0
Dividends and Interest Income Received	208.6	333.9	0.0	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	-2,955.4	-644.9	-1,143.4	-153.6
Proceeds from Equity Issuance and Capital Contributions	195,881,240,000.00	110,067,865,734.00	0.00	304,175,950,000.00
Share Repurchases	0.00	0.00	0.00	0.00
Proceeds from Borrowings	33,858.4	26,345.9	17,967.9	17,552.0
Repayment of Borrowings	-29,548.9	-25,819.3	-16,179.1	-17,005.7
Repayment of Finance Leases	-50.3	-20.1	-23.9	-51.6
Dividends Paid	-77.8	-77.8	-74.7	-319.7
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	4,377.2	538.7	1,690.3	479.1
Net Cash Flow During the Period	1,484.7	581.1	650.3	62.2
Cash and Cash Equivalents at Beginning of Period	3,146.2	2,563.4	979.6	562.9
FX Difference from Revaluation	-0.8	1.6	7.8	1.8
Cash and Cash Equivalents at End of Period	4,630.1	3,146.2	2,401.7	980.3

Item	Q2'25	Q1'25	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	6,749.7	5,386.6	6,171.5	7,027.8	6,375.6	6,849.3	5,721.4	6,981.1	5,324.0	5,004.3	4,319.0	4,180.2
Revenue Deductions	16.2	14.9	12.3	7.7	9.1	48.8	11.2	9.4	15.0	0.0	0.0	0.0
Net Revenue	6,733.6	5,371.7	6,159.2	7,020.0	6,366.5	6,800.5	5,710.2	6,971.7	5,309.0	4,990.2	4,311.9	4,175.8
Cost of Goods Sold	6,210.7	4,872.2	5,373.8	6,275.2	5,669.6	5,999.5	5,050.9	6,384.7	4,643.1	0.0	0.0	0.0
Gross Profit	522.8	499.5	785.4	744.8	696.9	801.0	659.3	587.0	665.8	664.3	497.4	712.8
Financial Income	301.1	354.7	300.9	438.3	413.2	284.8	304.9	297.2	259.5	336.6	346.2	200.3
Financial Expenses	451.1	417.2	499.3	599.7	538.3	563.0	502.5	414.0	339.5	-171.2	-302.3	-248.1
Interest Expense	353.8	338.9	416.5	440.1	444.2	484.1	359.0	308.6	232.2	-176.6	-192.4	-221.5
Share of Associates and Joint Ventures	81.3	63.9	-10.7	38.1	-24.8	-15.0	-11.2	7.1	-4.0	-0.1	8.2	5.6
Selling Expenses	180.1	167.8	205.5	220.5	152.5	162.1	155.1	170.2	158.6	-186.3	-144.5	-140.7
General and Administrative Expenses	168.7	147.2	182.6	179.4	139.4	205.9	164.4	143.1	137.0	-169.6	-147.8	-276.7
Operating Profit	105.2	185.7	188.2	221.6	255.1	139.8	130.9	163.9	286.2	473.7	257.2	253.2
Other Income	105.9	22.4	36.3	21.9	15.6	39.4	29.4	23.9	24.0	0.0	0.0	0.0
Other Expenses	6.3	4.8	23.5	18.5	17.9	55.2	7.9	37.8	27.9	0.0	0.0	0.0
Other Profit	99.5	17.6	12.8	3.4	-2.3	-15.8	21.5	-13.9	-3.9	-162.8	5.3	-17.6
Profit Before Tax	204.7	203.4	201.0	225.1	252.8	123.9	152.4	150.0	282.3	310.9	262.5	235.6
Current Income Tax Expense	9.8	11.9	31.2	49.7	32.5	48.5	4.0	31.2	23.6	-69.6	-67.6	-64.5
Deferred Income Tax Expense	3.2	-6.6	-17.7	6.4	3.5	-1.5	4.5	-3.4	-3.0	0.0	0.0	0.0
Net Income	191.8	198.1	187.6	169.0	216.9	76.9	143.9	122.1	261.7	241.3	194.9	171.1
Non-controlling Interest	7.7	-2.9	-16.8	26.5	22.1	2.3	3.5	18.6	35.8	26.4	-0.3	-1.9
Profit Attributable to Parent	184.1	201.1	204.4	142.5	194.8	74.7	140.4	103.5	225.9	214.8	195.1	173.0
Earnings per Share	172.00	206.00	230.00	147.00	245.00	76.00	212.00	81.00	327.00	305.00	265.00	208.00
Diluted EPS	172.00	206.00	230.00	147.00	245.00	76.00	183.00	81.00	327.00	330.10	299.83	270.77

Item	Q2'25	Q1'25	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	22,222.6	20,777.8	24,306.1	24,204.4	20,878.6	20,065.3	19,478.0	18,849.9	17,558.4	14,979.3	13,853.6	12,577.3
I. Cash and cash equivalents	3,050.6	3,700.3	4,445.1	4,436.6	2,841.9	3,154.1	2,316.0	2,509.0	2,479.1	2,401.7	1,743.2	1,823.3
1. Cash	834.7	597.7	1,309.9	1,211.1	1,014.0	1,505.8	1,048.6	1,211.1	1,044.2	0.0	0.0	0.0
2. Cash equivalents	2,215.9	3,102.7	3,135.1	3,225.5	1,827.9	1,648.3	1,267.4	1,297.8	1,434.9	0.0	0.0	0.0
II. Short-term financial investments	5,232.9	3,648.8	3,242.0	2,836.4	2,655.8	2,495.7	2,349.4	2,229.1	2,216.0	0.0	0.0	0.0
1. Available for sale securities	778.1	778.1	812.2	812.2	802.3	802.3	802.3	802.3	805.9	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-16.9	-15.8	-84.4	-94.8	-56.2	-68.1	-85.4	-82.5	-39.9	0.0	0.0	0.0
3. Held to maturity investments	4,471.7	2,886.4	2,514.2	2,119.0	1,909.7	1,761.5	1,632.5	1,509.3	1,450.1	0.0	0.0	0.0
III. Short-term receivables	10,737.1	10,150.5	12,003.4	13,330.9	11,044.4	9,775.0	9,408.1	9,266.7	9,062.1	7,834.5	7,281.9	6,219.5
1. Short-term trade accounts receivable	2,862.2	2,570.2	2,556.7	2,759.9	1,718.7	1,919.9	1,882.3	1,620.2	2,268.9	0.0	0.0	0.0
2. Short-term prepayments to suppliers	6,538.1	6,182.8	5,360.6	6,614.7	6,095.5	5,180.4	5,376.6	5,433.1	4,693.0	0.0	0.0	0.0
3. Short-term inter-company receivables	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
5. Short-term loan receivables	228.8	325.9	726.1	698.8	298.3	87.2	20.9	21.2	20.9	0.0	0.0	0.0
6. Other short-term receivables	1,239.0	1,202.8	3,455.5	3,358.7	3,007.4	2,671.8	2,191.8	2,260.7	2,162.5	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-131.0	-131.2	-96.6	-101.2	-77.8	-85.8	-65.0	-69.9	-83.3	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	1.0	0.0	2.3	1.5	1.4	1.4	0.0	0.0	0.0	0.0
IV. Inventories	3,032.8	3,116.5	4,495.6	3,464.7	4,184.9	4,491.6	5,251.7	4,691.5	3,691.7	2,966.5	3,121.0	3,158.8
1. Inventories	3,065.0	3,153.0	4,527.2	3,494.9	4,215.4	4,521.6	5,271.3	4,711.1	3,712.6	0.0	0.0	0.0
2. Provision for decline in value of inventories	-32.1	-36.5	-31.6	-30.1	-30.5	-29.9	-19.6	-19.7	-20.9	0.0	0.0	0.0
V. Other short-term assets	169.2	161.7	120.2	135.7	151.5	148.9	152.8	153.7	109.6	101.1	101.6	135.8
1. Short-term prepayments	47.9	40.8	27.2	29.1	31.8	22.2	17.8	17.9	20.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	108.4	107.0	77.6	92.9	104.8	113.3	121.2	131.3	77.5	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	12.9	13.9	15.3	13.8	15.0	13.4	13.9	4.4	12.0	0.0	0.0	0.0
4. Government bonds	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	13,653.0	13,410.2	9,892.3	9,932.8	9,884.8	9,943.3	10,238.1	10,352.1	10,321.4	8,554.3	7,637.8	7,893.6
I. Long-term receivables	1,960.4	1,910.7	509.2	508.3	500.0	478.8	627.0	626.9	623.6	0.0	0.0	0.0
1. Long-term trade receivables	1.6	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	213.7	158.0	134.9
2. Long-term prepayments to suppliers	427.1	410.3	82.8	93.3	91.2	81.9	136.2	138.6	174.9	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	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	0.0	0.0	0.0
5. Long-term loan receivables	—	—	0.0	0.0	0.0	0.0	96.6	93.9	83.0	0.0	0.0	0.0
6. Other long-term receivables	1,539.8	1,534.1	466.1	454.7	448.5	436.5	434.8	435.1	406.5	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-8.1	-35.3	-39.7	-39.7	-39.7	-39.7	-40.7	-40.7	-40.7	0.0	0.0	0.0
II. Fixed assets	3,438.2	3,515.5	4,074.4	3,996.5	4,058.2	4,149.0	4,238.5	4,344.2	4,403.4	4,482.6	3,713.0	3,922.5
1. Tangible fixed assets	2,513.5	2,556.2	2,962.3	2,989.1	3,101.4	3,165.9	3,266.6	3,345.3	3,409.8	3,278.8	3,286.2	3,495.9
- Cost	—	—	9,042.1	8,963.1	9,012.0	8,939.1	8,941.1	8,894.3	8,889.2	0.0	0.0	0.0
- Accumulated depreciation	—	—	-6,079.8	-5,974.0	-5,910.7	-5,773.2	-5,674.5	-5,549.0	-5,479.4	0.0	0.0	0.0
2. Financial leased fixed assets	340.5	362.9	233.2	111.2	103.6	106.5	70.4	73.1	75.8	95.3	101.4	96.2
- Cost	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
3. Intangible fixed assets	584.2	596.4	878.8	896.2	853.2	876.6	901.5	925.7	917.8	1,108.5	325.4	330.3
- Cost	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
III. Investment properties	316.2	330.7	573.7	572.4	575.8	573.1	575.2	579.1	584.2	579.8	574.3	577.9
- Cost	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
IV. Long-term assets in progress	746.3	580.5	385.1	497.2	393.0	356.1	360.6	409.1	356.1	363.0	396.6	404.2
1. Long-term production in progress	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	746.3	580.5	385.1	497.2	393.0	356.1	360.6	409.1	356.1	0.0	0.0	0.0
V. Long-term financial investments	5,947.8	5,815.5	2,997.9	3,014.6	3,017.5	3,019.6	3,078.4	3,043.4	2,996.3	1,548.5	1,414.5	1,411.3
1. Investments in subsidiaries	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	5,447.3	5,366.0	2,529.0	2,536.4	2,498.3	2,484.2	2,512.2	2,531.3	2,524.1	0.0	0.0	0.0
3. Investments in other entities	282.2	318.7	339.8	339.2	338.7	337.9	337.5	337.5	337.5	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.7	-37.2	-55.1	-55.1	-55.1	-55.1	-39.1	-39.1	-39.1	0.0	0.0	0.0
5. Held to maturity investments	219.0	168.0	184.2	194.2	235.7	252.7	267.7	213.7	173.7	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	0.0	0.0	0.0
VI. Other long-term assets	1,244.2	1,257.3	1,276.1	1,262.2	1,253.0	1,273.6	1,259.6	1,244.9	1,247.5	0.0	0.0	0.0
1. Long-term prepayments	1,196.5	1,199.9	1,250.1	1,251.5	1,235.7	1,247.1	1,238.2	1,210.9	1,213.9	0.0	0.0	0.0
2. Deferred income tax assets	12.5	17.7	26.1	10.7	17.3	26.5	21.5	34.0	33.7	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	0.0	0.0	0.0	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	1,366.8	1,381.4	1,442.8
5. Goodwill	35.3	39.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	75.8	81.6	87.3	93.1	98.8	104.6	110.3	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	35,875.6	34,188.0	34,198.4	34,137.2	30,763.4	30,008.5	29,716.1	29,202.0	27,879.9	23,533.6	21,491.5	20,470.9
A. LIABILITIES (300=210+330)	23,656.1	22,510.8	22,875.6	23,037.0	19,994.0	19,500.3	19,308.7	19,114.1	17,944.9	14,067.5	13,005.9	12,232.6
I. Short -term liabilities	18,189.3	15,993.1	19,671.1	20,043.5	17,723.0	17,157.3	16,651.2	16,453.1	15,205.5	10,566.4	9,644.5	8,571.6
1. Short-term trade accounts payable	640.0	1,161.9	1,599.5	899.8	733.2	899.4	703.0	1,879.9	1,286.6	1,220.9	960.6	490.0
2. Short-term advances from customers	624.2	584.7	539.1	1,651.3	646.2	681.0	932.8	801.5	768.4	762.6	848.3	501.4
3. Taxes and other payables to state authorities	72.9	123.0	177.9	153.7	298.0	163.2	100.2	149.9	220.0	0.0	0.0	0.0
4. Payable to employees	12.1	10.7	20.7	36.8	33.4	59.2	51.7	62.8	31.9	0.0	0.0	0.0
5. Short-term acrrued expenses	451.8	461.9	671.9	486.4	561.6	521.6	626.4	506.1	376.6	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
8. Short-term unearned revenue	17.5	18.2	14.6	18.1	19.9	19.9	21.2	20.5	9.2	6.6	4.8	4.1
9. Other short-term payables	3,162.4	2,616.1	3,309.6	4,115.0	4,146.1	3,726.4	2,788.4	3,782.4	3,762.2	0.0	0.0	0.0
10. Short-term borrowings and financial leases	13,196.0	11,002.8	13,307.2	12,662.4	11,245.2	11,037.9	11,423.6	9,217.8	8,734.1	6,911.6	6,200.2	6,049.5
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
12.. Bonus and welfare fund	12.2	13.7	30.4	19.8	39.2	48.7	3.8	32.1	16.3	0.0	0.0	0.0
13. Price stabilization fund	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
II. Long-term liabilities	5,466.9	6,517.7	3,204.5	2,993.6	2,271.0	2,343.0	2,657.5	2,661.1	2,739.4	3,501.1	3,361.4	3,661.0
1. Long-term trade payables	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	1,139.3	1,373.1	1,373.1	1,373.1	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	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	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	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	1.1	1.7	4.6	9.8	13.8	18.8	39.6	13.0	16.7	20.9
7. Other long-term liabilities	6.2	38.8	36.1	35.5	35.1	34.2	57.0	67.7	39.2	0.0	0.0	0.0
8. Long-term borrowings and financial leases	5,285.1	6,300.1	1,799.9	1,351.7	626.1	659.3	2,345.5	2,323.5	2,406.0	3,165.6	3,199.7	3,342.2
9. Convertible bonds	—	—	0.0	0.0	0.0	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	0.00	0.00	0.00
11. Deferred income tax liabilities	160.1	162.1	208.8	212.2	212.3	246.9	221.3	230.3	233.3	0.0	0.0	0.0
12. Provision for long-term liabilities	15.4	16.8	19.3	19.5	19.7	19.7	19.9	20.8	21.3	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	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	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	12,219.5	11,677.2	11,322.8	11,100.2	10,769.4	10,508.2	10,407.4	10,087.9	9,934.9	9,466.1	8,485.5	8,238.3
I. Owner's equity	12,219.5	11,677.2	11,323.0	11,100.3	10,771.2	10,509.0	10,408.1	10,087.8	9,935.6	0.0	0.0	0.0
1. Owner's capital	8,767.2	8,361.6	7,621.1	7,621.1	7,621.1	7,621.1	6,948.0	6,948.0	6,507.6	9,465.4	8,484.6	8,238.3
- Common stock with voting right	8,551,125,890,000.00	8,145,450,380,000.00	7,405,009,930,000.00	7,405,009,930,000.00	7,405,009,930,000.00	7,405,009,930,000.00	6,731,885,630,000.00	6,731,885,630,000.00	6,291,508,950,000.00	6,507,622,280,000.00	6,507,622,280,000.00	6,387,694,800,000.00
- Preferred stock	216,113,330,000.00	216,113,330,000.00	216,113,330,000.00	216,113,330,000.00	216,113,330,000.00	216,113,330,000.00	216,113,330,000.00	216,113,330,000.00	216,113,330,000.00	0.00	0.00	0.00
2. Share premium	6,770.1	6,770.1	6,770.1	6,770.1	6,770.1	6,770.1	6,770.1	6,770.1	6,770.1	6,770.1	6,770.1	6,712.9
3. Convertible bond option	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1	-5,502.1
5. Treasury shares	—	—	0.00	0.00	0.00	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	0.0	0.0	0.0
7. Foreign exchange differences	-45.2	-32.3	-44.4	-120.2	-134.3	-186.7	-181.4	-364.6	-450.3	0.0	0.0	0.0
8. Investment and development fund	67.1	67.1	67.1	67.1	67.1	67.1	51.2	48.7	46.5	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0
11. Undistributed earnings after tax	1,343.7	1,201.9	1,075.6	916.8	848.4	659.0	1,400.9	1,284.2	1,678.8	1,156.8	1,035.4	843.6
- Accumulated retained earning at the end of the previous period	997.7	1,020.4	560.5	618.9	653.6	213.4	990.9	993.9	1,472.4	768.0	860.2	265.0
- Undistributed earnings in this period	345.9	181.5	515.1	297.9	194.8	445.6	410.0	290.3	206.4	388.8	175.2	578.6
12. Reserves for investment in construction	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	818.7	811.0	1,335.6	1,347.5	1,101.0	1,080.5	921.4	903.5	884.9	916.8	57.1	55.3
14. Financial reserves	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	-0.2	-0.1	-1.8	-0.7	-0.7	0.1	-0.6	0.7	0.9	-0.0
1. Subsidized not-for-profit funds	—	—	-0.2	-0.1	-1.8	-0.7	-0.7	0.1	-0.6	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	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	35,875.6	34,188.0	34,198.4	34,137.2	30,763.4	30,008.5	29,716.1	29,202.0	27,879.9	23,533.6	21,491.5	20,470.9

Item	Q2'25	Q1'25	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Profit Before Tax	201.7	203.4	201.0	228.1	252.8	133.8	152.4	150.1	282.3	310.9	262.5	235.6
Depreciation of Fixed Assets and Investment Property	128.4	129.4	127.1	133.8	153.0	157.6	116.7	184.0	131.0	185.6	95.1	122.5
Provision (Increase)/Reversal	-69.0	-36.5	-2.2	51.4	-32.4	41.0	1.6	22.9	-10.4	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-25.2	18.3	12.4	13.2	-3.0	-14.2	15.4	-4.0	2.3	0.0	0.0	0.0
Gain/Loss from Investment Activities	-270.3	-148.8	-61.6	104.7	-244.2	-614.4	-37.5	-24.2	-39.8	0.0	0.0	0.0
Interest Expense	356.0	338.9	416.5	443.3	444.2	578.2	359.0	329.6	232.2	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	0.0	0.0	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	0.0	0.0
Amortization of Goodwill	—	—	0.0	0.0	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	0.0	0.0
Operating Profit Before Changes in Working Capital	321.6	504.7	693.3	974.6	570.4	282.0	607.6	658.2	597.5	540.1	552.9	764.8
Increase/(Decrease) in Receivables	-751.4	-1,345.3	1,490.6	-1,877.2	-994.8	27.5	-44.5	72.2	-1,106.7	0.0	0.0	0.0
Increase/(Decrease) in Inventory	95.7	461.7	-1,056.1	744.3	319.9	736.0	-551.7	-1,007.0	934.3	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-29.5	355.1	-1,238.6	1,057.4	389.3	2,128.6	-1,773.3	818.0	-42.6	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-5.1	-9.6	1.2	-11.0	-18.0	6.5	22.8	-44.8	39.3	0.0	0.0	0.0
Changes in Trading Securities	—	—	0.0	-9.9	0.0	0.0	0.4	3.1	0.0	0.0	0.0	0.0
Interest Paid	-348.8	-320.9	-356.2	-512.9	-415.4	-607.0	-370.4	-325.2	-210.3	0.0	0.0	0.0
Corporate Income Tax Paid	5.8	-98.5	-32.3	-61.2	-12.7	-11.3	25.5	-64.5	-55.8	0.0	0.0	0.0
Other Operating Receipts	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-24.1	-26.7	-38.6	-24.2	-12.0	-9.3	3.9	-37.7	-13.9	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-735.7	-479.4	-536.7	280.0	-173.3	2,553.0	-2,079.7	72.2	141.8	1,223.7	61.3	1,217.5
Payments for Fixed Assets and Other Long-term Assets	-305.9	-159.5	-71.1	-247.4	-127.7	-65.3	17.4	-168.5	-45.6	-143.4	-35.2	47.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	95.8	3.0	8.3	2.6	2.3	-9.7	13.1	-0.6	1.9	24.5	23.5	35.8
Loans and Purchases of Debt Instruments	-1,635.6	-91.4	-564.8	-516.8	-334.5	-253.2	-175.8	-114.4	-200.9	-236.1	-261.9	144.9
Receipts from Loan Repayments and Sale of Debt Instruments	98.9	—	16.2	84.5	0.0	70.8	0.0	0.0	26.7	-50.0	53.4	109.3
Investments in Other Entities	—	—	-120.0	-1.0	-37.5	363.2	-363.1	-0.0	-78.4	-1,526.6	0.0	-3.7
Proceeds from Investments in Other Entities	79.4	559.5	-8.1	8.1	0.0	3.6	-2.8	2.8	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	126.2	17.0	25.1	-88.5	180.6	153.9	157.0	-98.7	121.8	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	0.0	0.0	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	0.0	0.0
Other Investing Receipts	—	—	0.0	0.0	0.0	-7.5	7.5	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	0.0	0.0
Net Cash Flow from Investing Activities	-1,530.1	-365.8	-714.4	-758.5	-316.9	255.6	-346.7	-379.4	-174.4	-1,228.0	-149.5	345.5
Proceeds from Equity Issuance and Capital Contributions	—	—	-191,681,240,000.00	191,681,240,000.00	0.00	110,067,865,734.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	195,881,240,000.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,475.7	9,737.2	7,596.0	8,595.4	8,353.0	6,629.2	8,578.4	6,372.7	4,765.8	4,022.7	4,259.6	4,255.2
Repayment of Borrowings	-8,267.3	-9,323.2	-6,490.3	-6,439.7	-8,165.2	-8,718.2	-6,334.4	-5,956.9	-4,809.8	-3,285.9	-4,243.6	-4,599.0
Repayment of Finance Leases	-26.5	-20.8	-10.1	-26.4	-10.4	-6.3	-3.8	-4.6	-5.4	-7.6	-7.8	3.5
Dividends Paid	—	—	0.0	-77.8	0.0	0.0	0.0	-77.8	-0.0	-74.7	0.0	-0.0
Other Financing Receipts	—	—	0.0	0.0	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	0.0	0.0
Net Cash Flow from Financing Activities	1,587.5	1,044.2	1,099.8	2,243.2	177.4	-1,985.3	2,240.1	333.4	-49.4	654.5	8.1	-340.3
Net Cash Flow During the Period	-678.3	199.0	-151.3	1,764.6	-312.9	823.4	-186.3	26.1	-82.0	650.3	-80.1	1,222.7
Cash and Cash Equivalents at Beginning of Period	3,700.3	3,555.3	3,146.2	3,146.2	3,146.2	2,563.4	2,563.4	2,563.4	2,563.4	1,743.2	1,823.3	600.8
FX Difference from Revaluation	-24.6	-53.9	8.7	-18.8	8.6	6.8	-6.8	4.0	-2.3	8.3	0.0	-0.2
Cash and Cash Equivalents at End of Period	3,051.4	3,700.3	4,445.1	4,587.7	2,841.9	3,146.2	2,316.0	2,509.1	2,479.1	2,401.7	1,743.2	1,823.3

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SBT

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Balance Sheet ●

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Cash Flow