SVC

Dịch vụ Tổng hợp Sài Gòn ·HOSE ·2026Q1

▲ Showing improvement

Price

16,250

Latest close

02 Jun 2026

P/E 2.18x

P/B 0.50x

EPS 7,445

BVPS 32,438

ROE 17.6%

ROA 4.8%

Profit Margin 1.6%

Asset Turnover 3.01x

Equity Mult. 3.68x

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

What Is Changing

On a TTM 2026Q1 basis, SVC is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 29,959bn
	                                
+13.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 510bn
	                                
+166.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    60.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	27,779.0	24,759.3	20,836.9	21,310.5	14,122.2
Growth	+12%	+19%	-2%	+51%	—
Net Income	498.5	206.6	44.4	586.0	212.7
Net Margin	1.79%	0.83%	0.21%	2.75%	1.51%

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	6,445.2	8,654.6	8,217.1	6,641.8	5,547.5	8,720.7	6,776.4	5,264.7	4,060.3	6,572.1	5,030.6	4,454.4
Growth	-26%	+5%	+24%	+20%	-36%	+29%	+29%	+30%	-38%	+31%	+13%	—
Net Income	33.6	16.3	344.5	115.9	31.8	65.5	25.4	68.5	8.3	4.7	8.6	10.2
Net Margin	0.52%	0.19%	4.19%	1.74%	0.57%	0.75%	0.38%	1.30%	0.20%	0.07%	0.17%	0.23%

Drivers of SVC's profit

TTM

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

Financial income ↑ 863.4bn

Gross profit ↑ 210.9bn

Other profit ↑ 96.1bn

Minority interests ↓ 94.6bn

Finance costs ↑ 379.6bn

Selling expenses ↑ 270.2bn

TTM

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

Gross profit ↑ 113.6bn

Financial income ↑ 19.8bn

Minority interests ↓ 11.5bn

Associates income ↑ 3.1bn

Selling expenses ↑ 91.4bn

Administrative expenses ↑ 33.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.5% = 0.7% × 3.23 × 3.22

2026Q1 18.9% = 1.7% × 3.01 × 3.68

ROE rose from 7.5% to 18.9% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 1.7% +1.0pp Asset turnover: 3.01x -0.21x Leverage: 3.68x +0.47x

Is the profit sustainable?

Margins improved (+1.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.70%, rising 1.0pp. Despite pressure from SG&A / Revenue rose 0.4pp and Gross margin fell 0.2pp, the offset came from Net financial result / Revenue rose 1.6pp and Other profit / Revenue rose 0.3pp.

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 1.70% +1.0pp

Gross Margin 6.93% −0.2pp

SG&A / Revenue 6.60% +0.4pp

Non-core / Revenue 1.83% +2.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 80.6% of PBT and lifted net margin by 2.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 6.11%, rising 3.2pp. That translates to 6.11 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.7pp, with capital turnover fell 0.12x; while invested capital rose by 966bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 6.11% +3.2pp

NOPAT Margin 1.36% +0.7pp

Capital Turnover 4.48x −0.12x

Average Invested Capital 6,688.1bn +966.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.63x equity, net debt at 1.31x equity.

Inventory ended the period at 1,721.9bn, roughly 16.6% of total assets.

Over the last 12 months, working capital released 255.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +53.6bn

Inventories increased → lower CFO: −18.6bn

Payables increased → higher CFO: +220.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1.0 days versus the same period last year. The main moves came from DIO rose 0.4 days, DSO rose 3.6 days, and DPO rose 3.0 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +1.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +3.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 13.4 days +3.6 days

Inventory 25.8 days +0.4 days

Payables 7.9 days +3.0 days

Cash Conversion Cycle 31.2 days +1.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 419.0bn due to capex of 593.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.31x and interest coverage only at 0.88x.

At present, short-term debt accounts for 57.5% of total debt, cash equals 13.9% of debt, and total debt stands at 4,616.1bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.31x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.88x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.31x −0.37x

Interest Coverage 0.88x −0.04x

Cash / Debt 13.9% +3.1pp

Short-term Debt / Total Debt 57.5% −12.7pp

CFO / NI 0.37x +0.26x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -232.4bn in 2025, against investing cash flow of -538.4bn.

Post-investment cash flow was negative +770.8bn. Financing cash flow was positive +729.1bn.

CFO / net income was 0.37x.

After spending +593.4bn on fixed-asset investment, the business generated trailing free cash flow of −419.0bn.

Cash Conversion

CFO TTM 174.4bn +168.2bn

Cash Capex 593.4bn +373.5bn

FCF TTM −419.0bn −205.4bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 0.88x. The next watchpoint is the earnings mix, when non-core contribution is 60.7%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 60.7% of PBT and CFO / net income currently at 0.37x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.88x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	27,809.7	24,772.2	20,852.2	21,322.5	14,127.0
Revenue Deductions	30.7	12.9	15.3	12.0	0.0
Net Revenue	27,779.0	24,759.3	20,836.9	21,310.5	14,122.2
Cost of Goods Sold	25,925.2	23,027.2	19,408.5	19,608.0	0.0
Gross Profit	1,853.8	1,732.1	1,428.5	1,702.5	905.7
Financial Income	837.7	157.2	33.6	48.4	12.7
Financial Expenses	408.2	212.4	194.8	89.0	-86.2
Interest Expense	308.0	173.5	191.7	94.3	-83.4
Share of Associates and Joint Ventures	26.8	57.5	3.9	172.7	103.9
Selling Expenses	1,047.1	926.9	757.4	698.7	-454.2
General and Administrative Expenses	684.2	608.9	501.4	501.1	-285.2
Operating Profit	578.8	198.6	12.3	634.7	196.7
Other Income	115.6	74.3	51.9	67.5	0.0
Other Expenses	21.1	11.3	15.3	9.9	0.0
Other Profit	94.5	63.0	36.5	57.6	54.3
Profit Before Tax	673.3	261.6	48.9	692.3	251.0
Current Income Tax Expense	174.0	44.7	38.8	103.7	-38.3
Deferred Income Tax Expense	0.8	10.3	-34.4	2.6	0.0
Net Income	498.5	206.6	44.4	586.0	212.7
Non-controlling Interest	49.7	106.4	15.8	253.3	68.8
Profit Attributable to Parent	448.8	100.2	28.6	332.7	143.9
Earnings per Share	4,803.00	1,495.00	430.00	4,892.00	3,801.00
Diluted EPS	4,811.79	1,503.98	429.50	9,985.27	4,317.35

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,271.9	4,886.5	3,968.5	3,465.3	2,117.8
I. Cash and cash equivalents	836.1	877.8	442.9	524.1	278.5
1. Cash	554.2	523.2	355.9	372.6	0.0
2. Cash equivalents	281.9	354.6	87.0	151.4	0.0
II. Short-term financial investments	157.3	164.0	141.9	112.0	0.0
1. Available for sale securities	28.3	28.3	28.3	27.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-18.2	-17.2	-15.8	-15.4	0.0
3. Held to maturity investments	147.2	152.9	129.3	100.0	0.0
III. Short-term receivables	3,357.2	2,098.6	2,026.1	931.9	759.9
1. Short-term trade accounts receivable	1,303.1	771.2	769.4	575.8	0.0
2. Short-term prepayments to suppliers	427.1	237.9	175.7	161.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	469.1	14.5	7.5	2.5	0.0
6. Other short-term receivables	1,170.3	1,087.1	1,082.9	195.7	0.0
7. Provision for short-term doubtful debts (*)	-12.4	-12.1	-9.4	-3.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,721.9	1,674.2	1,275.3	1,801.4	994.7
1. Inventories	1,723.4	1,677.1	1,277.8	1,808.1	0.0
2. Provision for decline in value of inventories	-1.5	-3.0	-2.4	-6.7	0.0
V. Other short-term assets	199.4	71.9	82.3	95.9	29.8
1. Short-term prepayments	46.3	24.2	32.9	15.9	0.0
2. Value added tax to be reclaimed	143.5	34.2	38.8	78.8	0.0
3. Taxes and other receivables from state authorities	9.6	13.5	10.6	1.2	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)	4,071.1	4,075.3	3,205.4	2,681.4	2,316.6
I. Long-term receivables	429.4	983.7	444.1	243.8	0.0
1. Long-term trade receivables	6.2	6.2	0.0	0.0	195.8
2. Long-term prepayments to suppliers	4.8	103.6	2.4	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	420.1	875.7	443.5	245.6	0.0
7. Provision for long-term doubtful debts	-1.8	-1.8	-1.8	-1.8	0.0
II. Fixed assets	1,735.1	1,142.6	911.8	737.7	497.8
1. Tangible fixed assets	1,494.9	946.4	802.5	657.1	418.6
- Cost	2,197.3	1,683.2	1,341.6	1,130.5	0.0
- Accumulated depreciation	-702.4	-736.8	-539.2	-473.4	0.0
2. Financial leased fixed assets	67.2	12.5	13.3	0.0	0.0
- Cost	69.1	14.4	13.8	0.0	0.0
- Accumulated depreciation	-1.8	-1.8	-0.4	0.0	0.0
3. Intangible fixed assets	172.9	183.6	96.0	80.6	79.2
- Cost	205.6	212.8	116.5	98.2	0.0
- Accumulated depreciation	-32.6	-29.2	-20.4	-17.7	0.0
III. Investment properties	713.9	726.3	647.9	640.9	656.9
- Cost	1,089.6	1,067.4	947.1	926.5	0.0
- Accumulated depreciation	-375.7	-341.1	-299.2	-285.6	0.0
IV. Long-term assets in progress	390.4	408.0	425.0	456.3	365.1
1. Long-term production in progress	0.1	0.0	0.0	0.0	0.0
2. Construction in progress	390.3	408.0	425.0	456.3	0.0
V. Long-term financial investments	379.2	448.1	535.1	511.6	563.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	339.5	386.7	507.9	485.1	0.0
3. Investments in other entities	39.9	60.7	24.6	24.8	0.0
4. Provision for diminution in value of long-term investments	-1.3	-0.4	-0.4	-0.5	0.0
5. Held to maturity investments	1.0	1.0	3.0	2.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	423.2	366.7	241.4	91.1	0.0
1. Long-term prepayments	187.2	174.7	66.5	47.3	0.0
2. Deferred income tax assets	25.5	26.9	35.7	2.2	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	37.9
5. Goodwill	210.5	165.1	139.2	41.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	10,343.0	8,961.7	7,173.9	6,146.7	4,434.4
A. LIABILITIES (300=210+330)	7,495.5	6,591.7	4,733.9	3,691.1	2,564.7
I. Short -term liabilities	4,623.5	4,030.3	2,878.6	3,232.1	2,151.0
1. Short-term trade accounts payable	1,060.0	444.5	358.4	304.4	202.7
2. Short-term advances from customers	260.4	180.9	114.3	201.8	202.3
3. Taxes and other payables to state authorities	218.2	75.2	80.6	50.8	0.0
4. Payable to employees	219.2	178.7	120.2	210.5	0.0
5. Short-term acrrued expenses	59.7	66.7	54.6	66.8	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	49.9	35.9	31.3	15.7	11.3
9. Other short-term payables	123.9	241.2	124.8	389.3	0.0
10. Short-term borrowings and financial leases	2,621.5	2,795.3	1,981.4	1,974.1	1,119.0
11. Provision for short-term liabilities	—	0.1	1.4	0.5	0.0
12.. Bonus and welfare fund	10.7	11.9	11.8	18.2	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	2,872.0	2,561.3	1,855.4	458.9	413.7
1. Long-term trade payables	—	5.8	0.0	0.0	0.0
2. Long-term advances from customers	14.5	14.7	14.6	9.6	6.5
3. Long-term acrrued expenses	14.8	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	39.4	45.7	53.4	67.8	60.9
7. Other long-term liabilities	699.0	1,227.5	1,063.2	103.6	0.0
8. Long-term borrowings and financial leases	2,104.3	1,267.5	724.3	277.9	243.3
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	—	0.2	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)	2,847.5	2,370.1	2,439.9	2,455.7	1,869.7
I. Owner's equity	2,847.5	2,370.1	2,439.9	2,455.7	0.0
1. Owner's capital	932.8	666.3	666.3	333.2	1,869.7
- Common stock with voting right	932,782,890,000.00	666,305,640,000.00	666,305,640,000.00	333,205,320,000.00	333,205,320,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.6	4.6	4.6	234.6	234.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	214.1	210.2	202.5	0.0	149.3
5. Treasury shares	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	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	33.2	34.8	34.8	34.9	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	163.2	0.0
11. Undistributed earnings after tax	720.6	558.0	745.7	886.0	603.4
- Accumulated retained earning at the end of the previous period	271.7	492.1	717.1	560.5	465.1
- Undistributed earnings in this period	448.8	65.9	28.6	325.4	138.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	942.6	896.6	786.4	804.1	512.8
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)	10,343.0	8,961.7	7,173.9	6,146.7	4,434.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	673.3	261.6	48.9	692.3	251.0
Depreciation of Fixed Assets and Investment Property	224.4	170.8	145.3	113.0	92.8
Provision (Increase)/Reversal	0.7	3.5	-0.9	1.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-829.6	-138.1	-50.2	-218.7	0.0
Interest Expense	308.0	173.5	191.7	94.3	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	376.8	471.3	334.8	682.1	339.2
Increase/(Decrease) in Receivables	-143.3	216.9	-912.2	-75.0	0.0
Increase/(Decrease) in Inventory	-96.7	-243.8	554.7	-643.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-41.5	-188.3	548.4	199.0	0.0
Increase/(Decrease) in Prepaid Expenses	-19.2	-49.1	-28.5	-7.2	0.0
Changes in Trading Securities	—	0.0	-0.8	-2.5	0.0
Interest Paid	-244.5	-156.8	-189.4	-92.2	0.0
Corporate Income Tax Paid	-60.9	-37.6	-52.9	-85.2	0.0
Other Operating Receipts	—	0.0	2.2	0.0	0.0
Other Operating Payments	-3.0	-3.2	-8.7	-5.9	0.0
Net Cash Flow from Operating Activities	-232.4	9.4	247.6	-30.1	-184.3
Payments for Fixed Assets and Other Long-term Assets	-542.6	-216.9	-269.2	-258.0	-88.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	107.6	74.0	62.6	41.2	37.4
Loans and Purchases of Debt Instruments	-2,696.7	-647.2	-116.0	-102.5	-57.6
Receipts from Loan Repayments and Sale of Debt Instruments	2,433.7	378.3	80.8	34.2	66.6
Investments in Other Entities	-921.7	-75.1	-505.3	-35.8	-17.1
Proceeds from Investments in Other Entities	899.9	70.4	1.2	0.0	0.0
Dividends and Interest Income Received	181.4	55.0	39.7	105.8	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	-538.4	-361.5	-706.2	-215.2	1.7
Proceeds from Equity Issuance and Capital Contributions	4,912,000,000.00	319,700,500,000.00	35,556,500,000.00	35,840,241,082.00	14,490,000,000.00
Share Repurchases	-1,895,000,000.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	19,301.5	16,739.6	14,944.4	10,843.4	9,075.8
Repayment of Borrowings	-18,489.4	-16,119.7	-14,489.9	-10,220.7	-9,103.0
Repayment of Finance Leases	-4.6	-2.3	-0.9	0.0	0.0
Dividends Paid	-81.4	-150.4	-111.7	-171.2	-64.6
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	729.1	787.0	377.4	487.4	-77.2
Net Cash Flow During the Period	-41.7	434.9	-81.2	242.1	152.4
Cash and Cash Equivalents at Beginning of Period	877.8	442.9	524.1	282.0	538.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	836.1	877.8	442.9	524.1	278.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	6,448.5	8,666.1	8,221.9	6,726.4	5,549.4	8,724.4	6,778.4	5,269.1	4,063.3	6,581.5	5,034.9	4,455.8
Revenue Deductions	3.3	11.5	4.8	84.6	1.9	3.7	2.0	4.4	3.1	9.4	4.3	1.4
Net Revenue	6,445.2	8,654.6	8,217.1	6,641.8	5,547.5	8,720.7	6,776.4	5,264.7	4,060.3	6,572.1	5,030.6	4,454.4
Cost of Goods Sold	5,894.2	8,085.1	7,736.8	6,165.1	5,110.1	8,135.2	6,322.9	4,874.3	3,729.3	6,168.0	4,676.3	4,130.2
Gross Profit	551.1	569.5	480.3	476.8	437.5	585.4	453.5	390.4	330.9	404.1	354.3	324.2
Financial Income	50.8	152.9	668.7	157.1	31.0	41.0	20.3	73.7	19.2	29.7	9.4	4.7
Financial Expenses	69.4	205.3	219.1	123.1	63.0	63.1	60.4	50.7	36.5	47.1	49.3	50.3
Interest Expense	62.9	141.4	167.2	37.7	46.0	55.8	46.3	34.0	35.0	45.3	49.2	49.8
Share of Associates and Joint Ventures	7.8	6.7	3.0	14.7	4.8	13.5	10.3	17.5	1.4	7.0	-17.7	3.1
Selling Expenses	317.6	345.3	325.1	256.5	226.2	301.0	240.4	206.7	193.9	238.7	180.9	166.7
General and Administrative Expenses	189.6	180.0	202.4	161.7	155.7	192.6	154.5	145.7	119.5	149.7	115.0	110.7
Operating Profit	33.1	-1.5	405.4	107.3	28.3	83.3	28.8	78.4	1.5	5.2	0.8	4.2
Other Income	20.0	70.3	59.5	30.2	21.3	4.3	20.9	6.3	10.2	6.6	15.4	6.6
Other Expenses	7.3	10.7	21.5	5.4	2.7	-5.1	11.4	4.7	2.2	5.8	9.1	6.5
Other Profit	12.7	59.6	38.0	24.8	18.5	9.4	9.5	1.6	8.0	0.8	6.2	0.1
Profit Before Tax	45.9	58.1	443.4	132.1	46.8	92.7	38.3	80.0	9.5	6.0	7.0	4.3
Current Income Tax Expense	12.3	41.8	98.9	16.2	15.0	20.5	12.6	12.8	7.4	14.1	6.5	7.7
Deferred Income Tax Expense	—	—	—	—	—	6.7	0.2	-1.4	-6.2	-12.9	-8.1	-13.6
Net Income	33.6	16.3	344.5	115.9	31.8	65.5	25.4	68.5	8.3	4.7	8.6	10.2
Non-controlling Interest	9.4	2.5	-19.4	43.3	20.9	43.3	19.2	47.0	-5.5	-6.8	5.8	4.6
Profit Attributable to Parent	24.2	13.9	363.9	72.6	10.9	22.3	6.2	21.5	13.7	11.5	2.8	5.6
Earnings per Share	360.00	175.00	5,171.00	1,739.00	164.06	334.33	93.00	323.00	206.00	173.00	43.00	84.00
Diluted EPS	259.86	148.55	5,461.55	1,089.30	164.06	334.33	92.80	323.32	206.06	172.98	42.68	84.31

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)	6,518.1	7,348.9	7,659.6	6,015.0	4,977.7	5,427.1	4,920.7	4,544.2	3,908.7	4,134.4	3,646.6	3,670.8
I. Cash and cash equivalents	639.8	707.1	567.4	461.3	482.8	869.9	422.6	363.3	315.0	487.2	289.7	201.6
1. Cash	475.3	634.3	458.0	426.6	395.1	561.2	340.3	289.6	222.5	355.8	183.7	140.8
2. Cash equivalents	164.5	72.9	109.4	34.7	87.6	308.8	82.3	73.7	92.5	131.4	106.0	60.8
II. Short-term financial investments	150.6	328.6	247.1	234.4	144.4	183.2	124.4	126.2	122.4	97.4	378.2	152.2
1. Available for sale securities	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	27.5	27.5
2. Provision for diminution in value of available for sale securities (*)	-18.2	-18.2	-17.5	-17.5	-17.2	-17.2	-15.5	-15.5	-15.8	-15.8	-15.2	-15.2
3. Held to maturity investments	140.5	318.5	236.2	223.6	133.3	172.1	111.6	113.4	109.9	84.9	366.0	140.0
III. Short-term receivables	3,549.6	4,255.4	4,268.3	2,975.9	2,242.8	2,692.7	2,626.4	2,238.8	1,946.5	2,190.1	1,190.3	1,037.5
1. Short-term trade accounts receivable	1,345.3	1,617.6	1,081.9	874.7	837.0	903.7	902.7	655.2	573.3	787.9	615.3	558.8
2. Short-term prepayments to suppliers	330.6	937.5	591.4	263.1	211.2	235.3	262.9	342.4	402.9	156.6	163.3	163.7
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	463.6	461.2	10.0	22.2	15.2	14.5	7.5	7.5	33.5	7.5	12.5	12.5
6. Other short-term receivables	1,421.4	1,256.5	2,597.3	1,828.1	1,192.5	1,551.2	1,465.0	1,245.4	946.2	1,247.2	408.0	307.9
7. Provision for short-term doubtful debts (*)	-17.5	-17.4	-12.3	-12.3	-13.1	-12.1	-11.7	-11.7	-9.4	-9.2	-8.8	-5.5
8. Assets awaiting resolution	6.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,950.2	1,754.3	2,342.9	2,220.5	1,981.4	1,611.9	1,650.3	1,694.6	1,408.0	1,275.4	1,692.6	2,150.3
1. Inventories	1,951.6	1,755.8	2,343.9	2,221.6	1,983.5	1,614.6	1,652.4	1,696.6	1,409.9	1,277.9	1,695.0	2,152.8
2. Provision for decline in value of inventories	-1.4	-1.5	-1.0	-1.0	-2.1	-2.7	-2.0	-2.0	-1.9	-2.4	-2.4	-2.6
V. Other short-term assets	227.9	303.6	233.9	122.8	126.4	69.3	97.1	121.4	116.7	84.2	95.9	129.3
1. Short-term prepayments	44.3	42.6	51.0	44.5	41.9	25.9	34.2	38.8	41.1	34.8	32.4	31.4
2. Value added tax to be reclaimed	172.9	249.7	173.8	67.0	69.5	34.2	52.4	72.0	64.5	38.8	58.0	92.3
3. Taxes and other receivables from state authorities	10.8	11.3	9.0	11.4	15.0	9.3	10.5	10.6	11.1	10.6	5.5	5.6
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)	4,244.3	3,955.6	4,407.1	4,128.2	4,133.8	3,537.9	3,399.9	3,343.5	3,287.8	3,031.0	2,970.3	2,777.5
I. Long-term receivables	525.7	366.9	986.8	1,080.0	981.6	481.0	525.3	534.3	515.6	277.5	247.0	236.4
1. Long-term trade receivables	7.6	12.4	6.2	6.2	6.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	107.1	107.4	207.2	212.1	110.2	107.6	104.7	106.4	2.4	2.6	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	412.7	248.9	775.1	863.5	866.9	375.2	422.5	429.8	515.0	276.7	248.8	238.2
7. Provision for long-term doubtful debts	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8
II. Fixed assets	1,616.5	1,740.9	1,461.6	1,195.8	1,221.3	1,144.1	984.9	990.4	961.0	911.8	846.1	798.8
1. Tangible fixed assets	1,357.9	1,498.2	1,262.1	1,032.9	1,020.8	947.9	872.3	876.3	852.5	802.3	752.5	718.7
- Cost	2,082.0	—	—	—	—	1,683.4	1,492.9	1,471.2	1,414.1	1,342.3	1,275.3	1,221.3
- Accumulated depreciation	-724.1	—	—	—	—	-735.5	-620.6	-594.8	-561.6	-540.0	-522.8	-502.6
2. Financial leased fixed assets	86.8	67.2	16.8	16.4	16.9	12.5	12.3	13.0	13.0	13.4	13.7	0.0
- Cost	91.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	171.8	175.5	182.7	146.5	183.6	183.6	100.3	101.1	95.5	96.0	79.9	80.1
- Cost	205.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-33.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	792.6	714.2	708.8	762.4	721.1	726.3	639.5	642.1	644.6	647.9	647.7	639.7
- Cost	1,182.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-390.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	391.2	391.1	533.2	386.9	394.7	408.0	389.1	402.4	397.9	424.9	511.0	489.6
1. Long-term production in progress	—	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	391.2	391.1	533.1	386.9	394.7	408.0	389.1	402.4	397.9	424.9	511.0	489.6
V. Long-term financial investments	424.1	383.5	362.3	358.2	463.3	437.2	558.0	558.3	524.9	529.8	487.1	504.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	365.7	343.0	338.9	334.8	391.9	375.8	492.8	493.1	497.5	502.6	460.4	478.1
3. Investments in other entities	61.8	39.9	22.7	22.7	62.0	60.7	62.6	62.6	24.6	24.6	24.6	24.6
4. Provision for diminution in value of long-term investments	-4.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.5	-0.5	-0.5
5. Held to maturity investments	1.0	1.0	1.0	1.0	9.8	1.0	3.0	3.0	3.1	3.1	2.5	2.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	494.3	359.0	354.4	345.0	351.8	341.3	303.1	216.0	105.8	100.0	88.0	69.1
1. Long-term prepayments	251.4	185.7	179.9	160.9	164.7	173.4	128.6	76.5	63.1	64.3	64.1	53.4
2. Deferred income tax assets	25.5	25.5	26.7	26.7	26.9	36.1	42.8	44.1	42.7	35.7	23.8	15.7
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	216.7	147.8	147.8	157.4	160.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	131.9	131.7	95.5	138.1	139.2	143.6	39.5
TOTAL ASSETS (280=100+200)	10,762.5	11,304.5	12,066.7	10,143.2	9,111.6	8,965.0	8,320.6	7,887.8	7,196.5	7,165.5	6,616.9	6,448.3
A. LIABILITIES (300=210+330)	7,736.7	8,437.6	9,055.2	7,750.4	6,740.0	6,620.2	5,821.4	5,153.5	4,497.9	4,731.8	4,181.9	4,042.4
I. Short -term liabilities	4,617.5	5,572.3	5,560.8	4,471.0	4,100.8	4,001.1	3,590.0	3,078.1	2,680.1	3,474.4	3,057.4	3,202.5
1. Short-term trade accounts payable	843.0	1,530.9	700.1	556.6	361.0	522.3	449.7	330.8	292.3	358.4	389.5	307.3
2. Short-term advances from customers	547.4	580.9	314.5	179.1	178.8	177.9	212.1	198.6	143.1	135.1	146.3	184.3
3. Taxes and other payables to state authorities	127.8	337.0	229.7	53.1	53.9	74.1	48.1	35.4	27.8	80.1	42.0	29.8
4. Payable to employees	113.1	190.4	115.1	88.4	78.7	175.9	93.3	69.8	52.5	119.9	78.3	63.5
5. Short-term acrrued expenses	71.1	76.1	96.9	63.7	63.5	74.3	61.4	54.3	36.4	55.1	46.5	48.5
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	41.7	42.0	29.8	30.5	33.2	32.1	30.9	28.5	26.2	28.3	10.7	12.1
9. Other short-term payables	208.1	240.2	610.2	65.9	171.6	128.0	91.7	116.1	100.2	717.7	245.8	91.0
10. Short-term borrowings and financial leases	2,656.0	2,564.1	3,455.4	3,424.3	3,150.2	2,804.1	2,588.3	2,231.7	1,989.8	1,967.6	2,085.5	2,452.9
11. Provision for short-term liabilities	—	—	0.3	0.3	0.4	0.6	4.5	2.4	0.8	0.5	0.5	0.5
12.. Bonus and welfare fund	9.2	10.7	8.8	9.0	9.4	11.9	10.1	10.6	10.9	11.8	12.2	12.5
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	3,119.2	2,865.3	3,494.4	3,279.4	2,639.2	2,619.1	2,231.4	2,075.4	1,817.8	1,257.4	1,124.5	839.9
1. Long-term trade payables	1.2	0.8	0.3	0.1	5.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	7.4	13.8	15.1	15.7	18.1	14.7	14.6	15.1	16.2	14.6	7.3	8.1
3. Long-term acrrued expenses	18.0	—	-6.4	—	12.4	30.2	22.0	15.3	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	37.8	32.1	38.8	38.5	40.1	41.8	44.6	46.3	49.1	49.0	52.1	52.6
7. Other long-term liabilities	1,094.7	658.0	1,292.6	1,888.6	1,227.5	1,254.9	1,064.2	1,317.0	1,056.6	610.7	454.7	446.9
8. Long-term borrowings and financial leases	1,960.2	2,160.7	2,153.8	1,336.4	1,335.1	1,277.4	1,086.0	681.6	695.9	583.1	610.3	332.3
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	—	—	—	—	0.2	0.2	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)	3,025.7	2,867.0	3,011.5	2,392.8	2,371.6	2,344.8	2,499.2	2,734.3	2,698.6	2,433.7	2,435.1	2,405.9
I. Owner's equity	3,025.7	2,867.0	3,011.5	2,392.8	2,371.6	2,344.8	2,499.2	2,734.3	2,698.6	2,433.7	2,435.1	2,405.9
1. Owner's capital	932.8	932.8	666.3	666.3	666.3	666.3	666.3	666.3	666.3	666.3	666.3	666.3
- Common stock with voting right	932,782,890,000.00	932,782,890,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00	666,305,640,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	217.2	217.2	218.4	219.1	219.1	210.2	210.2	210.2	202.5	202.5	202.5	189.3
5. Treasury shares	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00	-361,306,726.00
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	32.8	33.2	34.0	34.8	34.4	34.8	34.8	34.8	34.8	34.8	34.8	34.8
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	696.9	681.2	976.2	627.2	563.5	528.5	737.1	778.9	756.4	740.1	735.2	740.3
- Accumulated retained earning at the end of the previous period	672.6	217.7	526.6	543.7	552.5	487.7	685.2	743.6	742.7	717.1	723.8	731.7
- Undistributed earnings in this period	24.2	463.5	449.6	83.5	10.9	40.8	51.8	35.3	13.7	23.0	11.5	8.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,141.9	998.4	1,112.4	841.1	884.0	900.8	846.6	1,039.9	1,034.4	785.8	792.0	770.9
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)	10,762.5	11,304.5	12,066.7	10,143.2	9,111.6	8,965.0	8,320.6	7,887.8	7,196.5	7,165.5	6,616.9	6,448.3

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	45.9	37.3	443.4	145.8	46.8	92.7	38.3	89.9	9.5	13.3	7.0	4.3
Depreciation of Fixed Assets and Investment Property	71.9	64.7	60.0	50.1	49.7	54.1	38.7	51.4	31.0	44.1	34.2	33.8
Provision (Increase)/Reversal	3.0	2.4	-0.3	-0.8	-0.6	-3.9	2.1	3.8	-1.2	2.0	-0.7	-0.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	-0.1	0.1	0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-66.4	14.4	-619.4	-190.4	-34.2	-25.2	-30.6	-90.6	-3.5	-37.5	9.9	-6.3
Interest Expense	62.9	73.0	101.2	87.8	46.0	55.8	44.9	36.9	35.0	46.4	49.2	49.5
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	117.2	191.8	-15.2	92.5	107.7	173.6	93.4	91.5	70.8	68.1	99.6	81.1
Increase/(Decrease) in Receivables	92.3	722.5	-753.8	-7.4	-104.6	-10.1	149.2	-230.1	-24.9	-781.0	1.9	-98.6
Increase/(Decrease) in Inventory	-228.2	570.1	-73.1	-287.4	-306.4	155.0	38.5	-281.0	-132.1	433.0	467.0	-59.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-11.4	-668.4	228.9	671.0	-273.0	507.3	185.5	14.9	-107.1	503.4	199.7	26.6
Increase/(Decrease) in Prepaid Expenses	-62.2	12.8	-21.7	-18.0	7.7	-36.4	-49.5	-9.1	-4.8	-2.8	-4.1	-2.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.8	0.0	0.0
Interest Paid	-68.4	-33.3	-100.8	-66.4	-44.0	-67.1	-38.9	-32.9	-35.0	-43.4	-49.0	-49.7
Corporate Income Tax Paid	-70.3	-9.8	-9.7	-16.2	-25.2	-13.7	-7.0	5.2	-22.1	-6.3	-7.5	-12.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	7.8	0.0	2.2	0.0	0.0
Other Operating Payments	—	0.0	-0.2	-2.9	—	0.0	0.2	-2.2	-2.0	2.5	-5.4	-0.4
Net Cash Flow from Operating Activities	-231.0	785.7	-745.5	365.2	-637.8	708.5	371.5	-436.0	-257.1	174.8	702.1	-115.2
Payments for Fixed Assets and Other Long-term Assets	-97.7	18.1	-441.4	-72.5	-46.8	27.7	-137.7	-63.1	-48.7	-43.1	-72.5	-72.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	30.2	42.9	36.6	12.0	16.1	4.5	11.2	55.9	-17.0	11.8	27.0	9.9
Loans and Purchases of Debt Instruments	-414.5	-812.4	-777.2	-896.1	-211.1	225.1	-281.4	-22.4	-11.0	-11.4	-15.8	-94.4
Receipts from Loan Repayments and Sale of Debt Instruments	556.4	1,686.5	449.4	169.0	128.9	0.0	0.0	61.3	-19.4	-17.5	44.2	54.2
Investments in Other Entities	—	—	—	—	—	-88.8	-329.6	-55.8	0.0	-3.6	-501.7	0.0
Proceeds from Investments in Other Entities	20.6	40.6	631.1	199.9	28.2	0.0	0.0	70.4	0.0	1.2	-14.1	14.1
Dividends and Interest Income Received	19.9	105.7	52.6	6.2	16.9	0.6	2.5	22.2	4.2	28.7	2.4	-9.4
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	-14.1	14.1	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	115.0	211.9	-48.9	-620.1	-81.4	169.2	-734.9	68.5	-91.9	-48.0	-516.5	-98.4
Proceeds from Equity Issuance and Capital Contributions	42,000,000,000.00	—	—	—	—	0.00	0.00	0.00	315,057,500,000.00	7,654,000,000.00	5,082,500,000.00	8,210,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,063.5	4,231.9	5,885.3	5,058.6	4,125.7	5,589.9	4,542.2	3,929.4	2,718.5	4,277.2	3,796.2	3,315.5
Repayment of Borrowings	-5,093.3	-4,968.7	-5,043.7	-4,707.3	-3,769.7	-6,001.1	-4,042.4	-3,515.3	-2,737.8	-4,253.0	-3,894.0	-3,127.4
Repayment of Finance Leases	-79.9	-2.2	-0.8	-0.8	-0.8	0.9	-2.1	-0.6	-0.6	-0.6	-0.3	0.0
Dividends Paid	-12.7	13.1	-16.3	-47.5	-30.8	-20.0	-67.7	-5.2	-74.0	-4.9	-20.0	-31.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-80.4	-728.9	827.6	306.2	324.1	-430.3	430.1	408.3	221.2	26.3	-112.9	165.3
Net Cash Flow During the Period	-196.3	268.7	33.3	51.4	-395.0	447.4	66.6	40.9	-127.8	153.2	72.7	-48.3
Cash and Cash Equivalents at Beginning of Period	836.1	567.4	534.1	482.8	877.8	442.9	442.9	442.9	442.9	524.1	524.1	524.1
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	639.8	836.1	567.4	534.1	482.8	869.9	422.6	355.9	315.0	442.9	289.7	217.0

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