TID

Tổng Công ty Tín Nghĩa ·UPCOM ·2026Q1

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT 39.77%

Price

20,000

Latest close

02 Jun 2026

P/E 8.55x

P/B 0.82x

EPS 2,340

BVPS 24,438

ROE 9.9%

ROA 2.6%

Profit Margin 3.8%

Asset Turnover 0.69x

Equity Mult. 3.80x

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

What Is Changing

On a TTM 2026Q1 basis, TID is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 12,413bn
	                                
−6.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 604bn
	                                
−14.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    39.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	13,396.2	11,733.7	8,595.0	9,634.6	7,056.9
Growth	+14%	+37%	-11%	+37%	—
Net Income	833.3	424.6	259.7	142.4	382.1
Net Margin	6.22%	3.62%	3.02%	1.48%	5.42%

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	3,310.1	2,783.1	2,761.0	3,558.3	4,282.7	3,643.2	2,349.0	2,993.1	2,779.9	2,592.6	1,706.7	2,202.7
Growth	+19%	+1%	-22%	-17%	+18%	+55%	-22%	+8%	+7%	+52%	-23%	—
Net Income	148.4	1.8	159.1	295.3	308.7	202.9	62.6	133.2	42.8	114.1	106.7	35.7
Net Margin	4.48%	0.06%	5.76%	8.30%	7.21%	5.57%	2.67%	4.45%	1.54%	4.40%	6.25%	1.62%

Drivers of TID's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower financial income. Supporting and offsetting drivers:

Gross profit ↑ 165.2bn

Deferred tax ↓ 106.5bn

Financial income ↓ 226.2bn

Tax ↑ 73.5bn

Administrative expenses ↑ 40.5bn

Other profit ↓ 29.7bn

TTM

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

Other profit ↑ 144.1bn

Tax ↓ 90.5bn

Financial income ↓ 384.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.3% = 5.3% × 0.79 × 3.87

2026Q1 12.8% = 4.9% × 0.69 × 3.80

ROE fell from 16.3% to 12.8% — all three components weakened, with asset turnover being the main drag.

Net margin: 4.9% -0.5pp Asset turnover: 0.69x -0.10x Leverage: 3.80x -0.06x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 4.87%, falling 0.5pp. The main pressure is SG&A / Revenue rose 0.6pp, outweighing the improvement in Gross margin rose 1.8pp (with lingering pressure from Net financial result / Revenue fell 1.6pp and Other profit / Revenue fell 0.3pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 4.87% −0.5pp

Gross Margin 8.25% +1.8pp

SG&A / Revenue 3.18% +0.6pp

Non-core / Revenue 1.08% −1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.9pp, financial result still accounts for 62.2% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 9.19%, falling 0.6pp. That translates to 9.19 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.2pp, outweighing the movement in capital turnover; with invested capital easing slightly by 328bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 9.19% −0.6pp

NOPAT Margin 5.96% −0.2pp

Capital Turnover 1.54x −0.04x

Average Invested Capital 8,053.8bn −327.6bn

Balance Sheet

Capital structure is balanced — liabilities at 2.79x equity, net debt at 0.61x equity.

Over the last 12 months, working capital released 1,776.7bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −490.3bn

Inventories decreased → higher CFO: +1,020.6bn

Payables increased → higher CFO: +1,246.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 25.4 days versus the same period last year. The main moves came from DIO fell 7.6 days, DSO rose 33.7 days, and DPO rose 0.8 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 102.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +33.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 87.6 days +33.7 days

Inventory 22.6 days −7.6 days

Payables 7.3 days +0.8 days

Cash Conversion Cycle 102.9 days +25.4 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.61x and interest coverage at 4.59x.

At present, short-term debt accounts for 75.7% of total debt, cash equals 28.8% of debt, and total debt stands at 4,155.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 75.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.61x −0.21x

Interest Coverage 4.59x −0.55x

Cash / Debt 28.8% +3.1pp

Short-term Debt / Total Debt 75.7% −0.1pp

CFO / NI 3.73x +4.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,668.4bn in 2025, against investing cash flow of 362.8bn.

Post-investment cash flow was positive +3,031.2bn. Financing cash flow was negative +765.0bn.

CFO / net income was 3.73x.

After spending +207.4bn on fixed-asset investment, the business generated trailing free cash flow of +1,536.7bn.

Cash Conversion

CFO TTM 1,744.1bn +2,243.4bn

Cash Capex 207.4bn −427.5bn

FCF TTM +1,536.7bn +2,670.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is leverage pressure is easing, with net debt/equity down to 0.61x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: leverage pressure is easing, with net debt / equity down 0.21x to 0.61x while interest coverage holds at 4.59x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.73x. Even so, net financial result still accounts for 39.8% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	13,398.2	11,737.1	8,597.0	9,725.4	7,069.4
Revenue Deductions	2.0	3.4	2.0	90.8	0.0
Net Revenue	13,396.2	11,733.7	8,595.0	9,634.6	7,056.9
Cost of Goods Sold	12,343.3	10,945.5	7,892.5	8,963.4	0.0
Gross Profit	1,052.8	788.2	702.5	671.2	882.9
Financial Income	904.6	272.2	221.7	146.3	315.8
Financial Expenses	219.5	172.1	151.1	123.1	-149.6
Interest Expense	207.8	143.7	119.7	87.2	-116.9
Share of Associates and Joint Ventures	17.2	2.3	-1.2	17.9	11.7
Selling Expenses	151.1	136.9	129.7	144.1	-147.0
General and Administrative Expenses	206.2	231.1	241.2	339.1	-466.2
Operating Profit	1,397.9	522.5	401.1	229.1	447.7
Other Income	21.9	118.7	29.2	13.6	0.0
Other Expenses	341.0	122.9	14.7	21.0	0.0
Other Profit	-319.1	-4.2	14.5	-7.3	-1.7
Profit Before Tax	1,078.7	518.4	415.6	221.7	446.1
Current Income Tax Expense	393.4	132.2	105.5	72.2	-63.9
Deferred Income Tax Expense	-147.9	-38.4	50.4	7.2	0.0
Net Income	833.3	424.6	259.7	142.4	382.1
Non-controlling Interest	150.9	114.1	20.3	6.4	-0.7
Profit Attributable to Parent	682.4	310.5	239.4	136.0	382.9
Earnings per Share	3,412.00	1,552.00	1,157.00	645.00	1,906.00
Diluted EPS	3,411.89	1,552.45	1,196.80	645.00	1,914.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,928.6	5,067.2	3,681.2	2,837.0	2,948.5
I. Cash and cash equivalents	2,801.1	536.5	602.1	474.2	1,010.2
1. Cash	1,151.5	279.6	487.3	321.2	0.0
2. Cash equivalents	1,649.6	256.9	114.8	153.1	0.0
II. Short-term financial investments	668.5	563.3	218.6	221.5	0.0
1. Available for sale securities	6.6	6.6	6.6	12.6	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	-0.6	-1.2	0.0
3. Held to maturity investments	661.9	556.7	212.5	210.1	0.0
III. Short-term receivables	5,246.8	3,589.9	2,443.0	1,770.8	934.8
1. Short-term trade accounts receivable	2,158.3	2,550.9	1,145.9	484.4	0.0
2. Short-term prepayments to suppliers	118.6	762.8	19.6	29.5	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	1,381.0	313.0	310.0	298.3	0.0
6. Other short-term receivables	1,887.0	243.0	1,264.2	1,264.6	0.0
7. Provision for short-term doubtful debts (*)	-298.2	-279.8	-296.8	-306.1	0.0
8. Assets awaiting resolution	—	0.0	0.1	0.1	0.0
IV. Inventories	187.0	311.6	335.8	270.8	598.0
1. Inventories	195.4	319.9	336.1	272.4	0.0
2. Provision for decline in value of inventories	-8.5	-8.3	-0.3	-1.7	0.0
V. Other short-term assets	25.2	65.8	81.7	99.7	71.9
1. Short-term prepayments	6.3	6.3	9.9	14.6	0.0
2. Value added tax to be reclaimed	10.2	40.3	60.0	67.3	0.0
3. Taxes and other receivables from state authorities	8.7	19.2	11.8	17.8	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)	9,074.2	13,014.3	11,896.2	11,795.2	11,351.8
I. Long-term receivables	2.8	1,043.0	51.9	52.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	99.9
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	2.8	1,043.0	51.9	52.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	476.1	504.3	535.5	580.0	573.4
1. Tangible fixed assets	397.8	425.7	455.9	500.0	492.8
- Cost	1,075.4	1,109.8	1,118.2	1,153.1	0.0
- Accumulated depreciation	-677.6	-684.0	-662.3	-653.1	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	78.2	78.6	79.6	80.0	80.6
- Cost	90.4	91.3	92.7	92.4	0.0
- Accumulated depreciation	-12.2	-12.7	-13.0	-12.4	0.0
III. Investment properties	2,019.1	2,058.2	1,924.4	1,944.0	1,813.4
- Cost	3,249.0	3,246.0	2,993.2	2,900.0	0.0
- Accumulated depreciation	-1,229.9	-1,187.8	-1,068.7	-955.9	0.0
IV. Long-term assets in progress	5,479.9	8,333.4	8,379.5	8,145.7	7,871.1
1. Long-term production in progress	3,232.4	5,493.0	5,401.0	5,328.7	0.0
2. Construction in progress	2,247.5	2,840.4	2,978.5	2,817.0	0.0
V. Long-term financial investments	265.4	266.6	277.7	328.7	325.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	135.3	134.2	147.7	198.5	0.0
3. Investments in other entities	130.2	137.3	137.3	131.6	0.0
4. Provision for diminution in value of long-term investments	-0.1	-4.9	-7.3	-1.5	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	831.0	808.7	727.0	744.5	0.0
1. Long-term prepayments	802.9	808.2	725.6	742.0	0.0
2. Deferred income tax assets	28.0	0.0	0.0	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	0.0	668.0
5. Goodwill	—	0.5	1.5	2.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	18,002.8	18,081.4	15,577.3	14,632.3	14,300.3
A. LIABILITIES (300=210+330)	13,246.6	13,864.6	11,481.4	10,600.0	10,511.1
I. Short -term liabilities	4,620.6	5,149.6	2,988.2	2,342.5	2,287.9
1. Short-term trade accounts payable	185.6	182.3	115.7	176.6	118.3
2. Short-term advances from customers	201.6	371.5	312.4	350.6	233.4
3. Taxes and other payables to state authorities	210.3	68.7	68.6	46.1	0.0
4. Payable to employees	18.7	14.9	18.6	10.3	0.0
5. Short-term acrrued expenses	227.6	229.9	222.3	184.7	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	184.7	140.7	164.7	142.7	113.5
9. Other short-term payables	559.4	494.1	282.7	181.1	0.0
10. Short-term borrowings and financial leases	2,999.4	3,614.9	1,765.9	1,213.8	1,314.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	33.3	32.6	37.3	36.8	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	8,626.0	8,715.0	8,493.1	8,257.5	8,223.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	252.5	252.5	172.4	172.4	176.2
3. Long-term acrrued expenses	590.7	590.7	590.7	590.7	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	6,554.1	4,958.8	4,753.4	4,616.9	4,379.8
7. Other long-term liabilities	167.7	262.9	116.7	123.7	0.0
8. Long-term borrowings and financial leases	1,056.6	2,601.2	2,771.8	2,699.0	2,833.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	43.6	82.0	31.6	0.0
12. Provision for long-term liabilities	4.3	5.2	6.1	23.1	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)	4,756.2	4,216.9	4,096.0	4,032.3	3,789.2
I. Owner's equity	4,756.1	4,216.8	4,095.9	4,032.2	0.0
1. Owner's capital	2,000.0	2,000.0	2,000.0	2,000.0	3,789.1
- Common stock with voting right	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.6	5.6	5.6	5.6	5.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	83.0	83.0	83.0	83.0	81.5
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-34.1	-216.7	-216.7	-216.7	0.0
7. Foreign exchange differences	-10.7	-11.2	-11.9	-8.4	0.0
8. Investment and development fund	198.4	174.0	153.1	124.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.1	1.1	1.2	1.1	0.0
11. Undistributed earnings after tax	825.3	288.6	229.7	144.2	295.8
- Accumulated retained earning at the end of the previous period	142.9	-21.8	-9.7	8.2	-86.9
- Undistributed earnings in this period	682.4	310.5	239.4	136.0	382.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,687.4	1,892.4	1,851.9	1,898.6	1,556.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.1	0.1	0.1	0.1	0.1
1. Subsidized not-for-profit funds	0.1	0.1	0.1	0.1	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)	18,002.8	18,081.4	15,577.3	14,632.3	14,300.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,078.7	518.4	415.6	221.7	446.1
Depreciation of Fixed Assets and Investment Property	162.8	166.1	166.1	157.6	225.0
Provision (Increase)/Reversal	16.4	-12.9	-22.4	63.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.7	2.2	-6.1	-26.8	0.0
Gain/Loss from Investment Activities	-1,061.6	-196.3	-45.5	-122.2	0.0
Interest Expense	207.8	143.7	119.7	87.2	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	405.8	621.0	627.3	381.2	669.3
Increase/(Decrease) in Receivables	666.2	-1,910.6	-643.4	-789.6	0.0
Increase/(Decrease) in Inventory	125.3	-75.8	-136.0	252.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,972.7	579.5	125.8	126.8	0.0
Increase/(Decrease) in Prepaid Expenses	5.2	23.6	21.1	-21.1	0.0
Changes in Trading Securities	—	0.0	6.0	0.0	0.0
Interest Paid	-207.1	-97.6	-41.1	-69.5	0.0
Corporate Income Tax Paid	-280.7	-123.3	-76.5	-103.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-19.1	-43.3	-24.4	-21.7	0.0
Net Cash Flow from Operating Activities	2,668.4	-1,026.6	-141.0	-244.2	1,038.3
Payments for Fixed Assets and Other Long-term Assets	-386.7	-302.3	-272.4	-624.0	-725.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	377.7	8.0	7.7	12.3	5.7
Loans and Purchases of Debt Instruments	-979.4	-571.9	-22.9	-268.7	-667.0
Receipts from Loan Repayments and Sale of Debt Instruments	455.6	224.8	8.8	371.8	545.8
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	681.4	0.0	30.0	160.0	0.0
Dividends and Interest Income Received	214.3	162.2	57.4	79.3	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	362.8	-479.2	-191.5	-269.4	-761.5
Proceeds from Equity Issuance and Capital Contributions	8,843,881,740.00	0.00	0.00	421,842,850,000.00	61,210,684,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,655.3	9,444.3	7,856.5	8,557.8	6,599.1
Repayment of Borrowings	-10,088.9	-7,765.9	-7,231.6	-8,766.9	-6,555.3
Repayment of Finance Leases	—	0.0	-170.0	0.0	0.0
Dividends Paid	-340.3	-236.3	0.0	-237.3	-33.9
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	-765.0	1,442.2	455.0	-24.5	71.1
Net Cash Flow During the Period	2,266.1	-63.6	122.5	-538.2	288.2
Cash and Cash Equivalents at Beginning of Period	536.5	602.1	474.2	1,013.5	663.7
FX Difference from Revaluation	-1.6	-1.9	5.4	-1.1	-1.5
Cash and Cash Equivalents at End of Period	2,801.1	536.5	602.1	474.2	1,010.2

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	3,310.3	2,783.4	2,761.1	3,559.9	4,282.7	3,644.1	2,350.0	2,993.4	2,781.0	2,593.0	1,706.8	2,202.8
Revenue Deductions	0.2	0.3	0.1	1.6	0.0	0.9	1.0	0.3	1.2	0.4	0.1	0.2
Net Revenue	3,310.1	2,783.1	2,761.0	3,558.3	4,282.7	3,643.2	2,349.0	2,993.1	2,779.9	2,592.6	1,706.7	2,202.7
Cost of Goods Sold	3,099.0	2,571.3	2,535.1	3,182.6	4,056.4	3,393.8	2,163.2	2,795.3	2,592.7	2,347.6	1,551.4	2,023.6
Gross Profit	211.1	211.8	225.9	375.7	226.3	249.4	185.9	197.8	187.2	245.1	155.3	179.0
Financial Income	95.2	169.3	85.0	164.8	480.0	114.1	28.7	117.7	23.6	108.7	88.9	43.2
Financial Expenses	52.9	49.1	39.6	64.9	61.2	50.7	47.9	45.2	35.5	78.7	14.4	42.3
Interest Expense	51.0	44.9	41.4	60.6	57.2	42.6	31.9	38.9	32.9	63.0	10.7	25.2
Share of Associates and Joint Ventures	-5.1	10.0	1.4	3.3	1.5	-1.7	3.4	1.7	0.6	2.6	-0.5	3.0
Selling Expenses	27.2	38.7	35.5	42.5	34.5	37.2	29.6	34.7	35.7	40.2	31.3	32.2
General and Administrative Expenses	41.7	105.3	37.9	65.6	45.0	66.8	52.9	45.4	60.9	30.6	59.6	95.8
Operating Profit	179.4	198.1	199.2	370.7	567.2	207.1	87.6	191.9	79.3	206.9	138.3	54.9
Other Income	6.7	10.7	4.6	1.5	6.7	114.4	7.1	3.1	2.0	5.9	2.1	1.1
Other Expenses	3.1	183.4	5.0	5.7	147.1	95.1	11.5	21.4	20.0	4.7	3.1	4.2
Other Profit	3.7	-172.7	-0.3	-4.1	-140.4	19.3	-4.5	-18.3	-18.0	1.2	-1.0	-3.1
Profit Before Tax	183.1	25.4	198.8	366.6	426.8	226.4	83.1	173.7	61.3	208.1	137.3	51.9
Current Income Tax Expense	33.2	63.4	96.1	112.8	123.8	38.0	28.6	41.6	23.8	48.2	31.6	11.7
Deferred Income Tax Expense	1.5	-39.7	-56.4	-41.5	-5.8	-14.5	-8.1	-1.2	-5.2	45.8	-1.0	4.5
Net Income	148.4	1.8	159.1	295.3	308.7	202.9	62.6	133.2	42.8	114.1	106.7	35.7
Non-controlling Interest	27.7	31.2	24.8	52.7	17.2	55.7	10.8	39.8	14.5	-14.3	33.7	12.0
Profit Attributable to Parent	120.6	-29.4	134.3	242.6	291.6	147.2	51.8	93.4	28.4	128.3	73.0	23.7
Earnings per Share	603.00	-147.00	671.00	1,213.00	1,458.00	736.00	259.00	467.00	142.00	642.00	365.00	118.00
Diluted EPS	603.06	-147.13	671.46	1,213.04	1,457.78	736.05	259.23	467.21	141.85	641.72	365.14	118.42

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,268.1	8,275.5	7,061.5	7,986.8	7,443.2	5,069.0	3,834.8	4,089.4	4,090.2	3,667.7	2,443.1	3,062.1
I. Cash and cash equivalents	1,195.9	2,801.1	1,158.1	1,684.6	1,282.3	540.8	524.9	730.4	431.6	593.5	309.3	490.9
1. Cash	590.2	1,151.5	524.1	1,009.1	451.0	279.9	390.4	632.1	311.1	487.8	244.5	438.9
2. Cash equivalents	605.6	1,649.6	634.0	675.5	831.3	260.9	134.5	98.3	120.5	105.7	64.8	52.0
II. Short-term financial investments	2,728.8	668.7	611.6	679.6	758.3	559.2	357.9	293.9	217.7	227.4	171.0	180.4
1. Available for sale securities	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	-0.3	-0.4	-0.6	-0.1	-0.1
3. Held to maturity investments	2,823.9	662.1	605.0	672.9	751.7	552.6	351.2	287.6	211.5	221.3	164.5	173.8
4. Provision for short-term investments held to maturity (*)	-101.8	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	5,017.7	4,591.6	5,060.2	4,900.3	4,203.0	3,587.0	2,700.4	2,716.4	2,413.3	2,440.5	1,579.0	1,781.2
1. Short-term trade accounts receivable	2,926.5	2,158.9	1,810.7	2,447.1	3,033.0	2,551.0	1,242.9	1,182.2	884.6	1,146.1	313.5	518.9
2. Short-term prepayments to suppliers	187.1	118.6	39.8	19.8	67.5	761.3	188.2	198.2	249.5	19.6	21.7	24.9
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	—	1,380.8	1,484.5	1,282.0	1,030.1	313.0	312.8	309.7	307.9	306.5	292.0	292.1
6. Other short-term receivables	2,100.5	1,272.0	2,018.8	1,449.5	352.5	241.7	1,248.9	1,318.8	1,268.1	1,265.6	1,292.5	1,284.9
7. Provision for short-term doubtful debts (*)	-196.4	-338.7	-293.6	-298.1	-280.2	-280.0	-292.5	-292.6	-296.8	-297.3	-340.6	-339.6
8. Assets awaiting resolution	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1
IV. Inventories	281.4	188.6	204.5	645.4	1,110.1	312.0	192.0	280.6	930.6	323.3	287.7	519.4
1. Inventories	289.9	197.0	212.8	653.8	1,118.5	320.4	192.3	280.9	930.9	323.5	288.9	520.6
2. Provision for decline in value of inventories	-8.5	-8.5	-8.3	-8.3	-8.3	-8.3	-0.3	-0.3	-0.3	-0.3	-1.2	-1.2
V. Other short-term assets	44.4	25.6	27.1	76.9	89.5	70.0	59.6	68.0	97.0	83.1	96.1	90.2
1. Short-term prepayments	25.6	6.7	7.5	53.5	54.8	9.1	7.3	8.8	28.5	9.9	13.7	15.8
2. Value added tax to be reclaimed	10.1	10.2	11.1	14.8	16.3	41.1	42.3	50.1	58.6	60.0	68.3	60.4
3. Taxes and other receivables from state authorities	8.7	8.7	8.6	8.6	18.4	19.8	10.1	9.0	10.0	13.2	14.1	14.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9,085.4	9,667.7	9,658.0	9,329.6	10,091.5	13,025.7	12,030.6	12,001.2	11,937.8	11,895.4	11,904.3	11,846.6
I. Long-term receivables	3.1	612.8	612.8	302.5	1,055.7	1,043.0	30.2	52.0	52.0	53.0	52.1	51.9
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	3.1	612.8	612.8	302.5	1,055.7	1,043.0	30.2	52.0	52.0	53.0	52.1	51.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	466.2	474.6	472.1	482.6	492.5	504.7	507.1	516.0	527.5	535.8	549.9	559.0
1. Tangible fixed assets	388.1	396.4	393.8	404.3	414.0	426.1	428.4	437.1	448.4	456.1	470.1	479.3
- Cost	1,063.0	—	—	—	—	1,110.7	1,125.5	1,120.7	1,122.4	1,118.8	1,155.1	1,155.1
- Accumulated depreciation	-674.9	—	—	—	—	-684.6	-697.1	-683.6	-674.0	-662.7	-684.9	-675.8
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	78.1	78.2	78.3	78.3	78.5	78.6	78.7	78.9	79.0	79.6	79.8	79.6
- Cost	90.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1,990.8	2,016.9	2,041.0	1,943.4	1,967.4	2,149.3	1,849.3	1,869.5	1,897.1	1,866.0	1,881.3	1,905.0
- Cost	3,262.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,271.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5,524.2	5,473.2	5,469.3	5,536.1	5,510.2	8,346.2	8,645.0	8,564.4	8,453.6	8,430.9	8,393.0	8,291.6
1. Long-term production in progress	3,235.4	3,228.1	3,229.4	3,228.5	3,230.2	5,494.3	5,511.8	5,494.5	5,446.1	5,402.7	5,361.9	5,349.3
2. Construction in progress	2,288.8	2,245.1	2,239.9	2,307.6	2,280.0	2,851.9	3,133.3	3,069.9	3,007.5	3,028.2	3,031.1	2,942.3
V. Long-term financial investments	259.8	264.2	265.6	261.6	265.8	269.1	285.1	280.5	284.0	282.7	293.3	299.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	130.3	134.1	135.3	134.0	135.7	136.7	149.4	144.8	148.3	152.7	160.3	163.2
3. Investments in other entities	130.2	130.2	130.2	130.2	132.3	137.3	137.3	137.3	137.3	137.3	137.3	137.3
4. Provision for diminution in value of long-term investments	-0.7	-0.1	—	-2.6	-2.2	-4.9	-1.7	-1.7	-1.7	-7.3	-4.3	-1.5
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	841.3	826.0	797.4	803.3	799.9	713.4	713.9	718.8	722.3	725.6	732.9	738.1
1. Long-term prepayments	814.7	802.6	797.4	803.3	799.7	712.9	713.2	717.8	722.3	725.6	732.9	738.1
2. Deferred income tax assets	26.6	23.4	—	—	—	0.0	0.0	0.0	0.0	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
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.5	0.7	1.0	1.2	1.5	1.7	1.9
TOTAL ASSETS (280=100+200)	18,353.5	17,943.2	16,719.5	17,316.4	17,534.6	18,094.7	15,865.5	16,090.5	16,027.9	15,563.1	14,347.4	14,908.7
A. LIABILITIES (300=210+330)	13,465.8	13,258.2	11,998.5	12,510.9	12,986.2	13,847.5	11,769.0	12,058.4	11,894.0	11,486.8	10,305.5	10,961.2
I. Short -term liabilities	4,553.9	4,616.6	3,762.9	4,737.4	5,255.4	5,171.4	3,309.0	3,612.1	3,378.9	2,899.0	1,927.5	2,579.3
1. Short-term trade accounts payable	140.1	185.5	329.8	131.6	314.1	181.0	147.0	150.2	127.5	115.7	125.5	104.9
2. Short-term advances from customers	213.9	201.6	202.5	234.6	251.7	272.3	257.8	267.7	318.6	312.4	392.6	394.8
3. Dividends and profits payable	29.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	52.1	213.0	306.4	313.2	157.7	69.9	92.6	57.1	39.1	69.1	89.3	53.0
4. Payable to employees	14.7	18.8	7.2	5.3	8.5	14.7	10.5	11.2	16.5	18.7	12.7	6.4
5. Short-term acrrued expenses	226.5	230.2	227.2	190.5	187.3	233.0	214.7	211.7	216.0	211.9	195.4	201.5
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	302.6	170.8	175.0	253.4	259.8	328.6	328.7	348.0	271.8	160.1	172.0	239.6
9. Other short-term payables	398.2	563.9	408.6	448.8	260.0	424.3	566.4	557.9	340.4	236.2	148.2	142.9
10. Short-term borrowings and financial leases	3,143.5	2,999.4	2,072.1	3,118.2	3,784.2	3,614.9	1,658.8	1,970.0	2,025.5	1,737.7	756.4	1,398.3
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	32.4	33.3	34.2	41.8	32.2	32.6	32.5	38.4	23.5	37.3	35.4	37.9
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	8,912.0	8,641.6	8,235.6	7,773.5	7,730.8	8,676.1	8,460.0	8,446.3	8,515.1	8,587.9	8,378.0	8,381.9
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	252.5	252.5	252.5	252.5	252.5	172.5	172.5	172.5	172.5	172.4	172.4	172.4
3. Long-term acrrued expenses	590.7	590.7	590.7	590.7	590.7	590.7	590.7	590.7	590.7	590.7	590.7	590.7
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	6,884.2	6,574.2	6,154.6	5,574.1	5,209.3	4,922.9	4,819.8	4,737.1	4,778.8	4,762.6	4,795.7	4,821.7
7. Other long-term liabilities	168.5	163.2	142.8	147.8	348.7	330.7	148.2	127.6	115.7	162.9	147.8	144.8
8. Long-term borrowings and financial leases	1,011.6	1,056.6	1,074.3	1,130.5	1,210.2	2,601.2	2,655.3	2,736.7	2,774.5	2,799.9	2,617.3	2,595.1
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	—	—	16.3	72.7	114.1	52.9	67.4	75.6	76.8	78.2	32.3	35.1
12. Provision for long-term liabilities	4.3	4.3	4.3	5.2	5.2	5.2	6.1	6.1	6.1	21.1	21.8	22.1
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)	4,887.7	4,685.1	4,721.0	4,805.4	4,548.5	4,247.2	4,096.5	4,032.1	4,133.9	4,076.3	4,041.9	3,947.5
I. Owner's equity	4,887.7	4,685.0	4,721.0	4,805.4	4,548.4	4,247.1	4,096.4	4,032.0	4,133.9	4,076.2	4,041.8	3,947.4
1. Owner's capital	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0
- Common stock with voting right	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0	83.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-34.1	-34.1	-34.1	-34.1	-34.1	-216.7	-216.7	-216.7	-216.7	-216.7	-216.7	-216.7
7. Foreign exchange differences	-10.7	-10.1	-10.3	-13.4	-12.0	-10.8	-11.4	-13.4	-12.0	-11.6	-12.2	-10.8
8. Investment and development fund	202.3	198.4	198.4	198.4	174.4	174.0	174.0	174.0	153.1	155.5	152.9	152.9
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	1.2	1.1	1.1	1.1	1.1	1.1	1.3	1.3	1.2	1.2	1.2	1.2
11. Undistributed earnings after tax	933.1	778.3	808.4	896.9	692.0	311.9	165.4	113.7	257.4	227.3	105.2	42.2
- Accumulated retained earning at the end of the previous period	812.5	142.1	142.7	362.7	400.5	-8.8	-8.1	-8.1	229.0	-7.1	-0.9	-0.1
- Undistributed earnings in this period	120.6	636.3	665.7	534.2	291.6	320.6	173.4	121.8	28.4	234.4	106.1	42.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,707.1	1,662.6	1,668.7	1,667.7	1,638.3	1,899.1	1,895.2	1,884.5	1,862.3	1,831.9	1,922.7	1,889.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Subsidized not-for-profit funds	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	18,353.5	17,943.2	16,719.5	17,316.4	17,534.6	18,094.7	15,865.5	16,090.5	16,027.9	15,563.1	14,347.4	14,908.7

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
Profit Before Tax	183.1	87.9	198.8	365.2	426.8	226.4	83.1	173.4	61.3	209.4	137.3	40.1
Depreciation of Fixed Assets and Investment Property	40.7	40.0	40.2	41.5	41.2	50.7	39.4	42.0	39.2	47.1	36.8	42.6
Provision (Increase)/Reversal	0.5	4.8	-8.2	22.0	-2.3	-2.1	0.1	-4.5	-5.8	-58.0	4.6	32.7
FX Gain/Loss from Revaluation of Monetary Items	-0.1	3.4	-0.8	-2.5	1.7	-0.5	13.4	-10.5	-4.2	8.5	-16.5	0.2
Gain/Loss from Investment Activities	-44.9	-200.6	-33.6	-392.2	-435.3	-186.8	-13.6	-92.3	1.1	55.6	-78.5	-12.8
Interest Expense	51.0	47.8	41.4	61.4	57.2	42.6	31.9	36.4	32.9	62.5	10.7	25.6
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	230.2	-16.7	237.8	95.5	89.2	130.3	154.3	144.6	124.6	325.1	94.3	128.5
Increase/(Decrease) in Receivables	-1,002.3	-90.3	338.6	263.7	154.2	-1,898.3	-33.5	-79.1	28.5	-793.3	181.8	6.0
Increase/(Decrease) in Inventory	-97.5	211.6	242.9	663.6	-992.8	-110.6	71.5	556.3	-594.8	-119.5	242.0	181.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	299.8	801.0	332.4	-186.7	1,026.1	322.3	208.4	21.0	170.5	-123.7	-48.7	-38.3
Increase/(Decrease) in Prepaid Expenses	-31.1	-4.4	6.6	43.1	-40.1	-1.6	6.2	24.1	-15.3	11.1	7.4	3.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.0
Interest Paid	-47.2	-30.2	-47.8	-47.1	-82.1	-16.7	-0.1	-4.2	-50.0	66.0	-66.1	12.6
Corporate Income Tax Paid	-168.2	-84.8	-132.2	-5.2	-58.5	-50.6	-2.9	-19.9	-49.9	-38.9	-6.4	-15.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-16.7	1.0	-8.0	-7.3	-4.7	-0.7	-5.4	-6.2	-17.3	-3.3	-1.4	-6.9
Net Cash Flow from Operating Activities	-833.0	787.2	970.2	819.6	91.3	-1,625.8	398.6	636.6	-403.8	-676.6	402.9	277.1
Payments for Fixed Assets and Other Long-term Assets	-105.9	-175.0	-61.5	134.9	-285.2	-62.6	-79.4	-207.7	-38.8	-117.9	-5.6	-113.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	106.1	-72.7	336.5	7.8	103.2	0.0	0.0	0.1	7.2	0.5	0.1
Loans and Purchases of Debt Instruments	-1,497.6	485.2	-845.9	-21.4	-597.4	-311.3	-152.3	-90.2	-7.3	56.9	-79.8	52.1
Receipts from Loan Repayments and Sale of Debt Instruments	713.0	-439.7	712.4	-181.6	364.5	102.2	92.9	2.2	10.5	-108.0	74.3	-20.8
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	2.2	-2.2	2.1	679.3	0.0	0.0	0.0	0.0	30.0	-4.0	4.0
Dividends and Interest Income Received	30.0	-6.5	139.5	70.5	10.8	13.6	49.8	37.3	9.7	-32.8	48.2	30.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-860.0	-27.7	-130.4	341.1	179.8	-154.9	-89.0	-258.3	-25.9	-164.6	33.5	-46.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,554.7	2,317.2	1,590.9	2,242.7	3,504.5	3,582.6	1,617.1	1,411.8	2,853.9	2,689.8	1,245.4	1,721.6
Repayment of Borrowings	-2,455.6	-1,407.4	-2,693.3	-2,999.0	-2,989.2	-1,680.5	-2,009.8	-1,505.0	-2,591.6	-1,525.7	-1,865.1	-1,793.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	-170.0	0.0	0.0
Dividends Paid	-11.5	-31.6	-265.8	-4.2	-38.7	-106.1	-99.5	-10.5	-3.2	135.5	-1.5	-110.1
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	87.6	887.0	-1,368.1	-760.5	476.5	1,795.9	-492.1	-103.7	259.1	1,129.6	-621.3	-181.9
Net Cash Flow During the Period	-1,605.4	1,646.6	-528.3	400.2	747.6	15.2	-182.5	274.5	-170.6	288.3	-184.8	48.5
Cash and Cash Equivalents at Beginning of Period	2,801.1	1,158.1	1,684.6	1,282.3	536.5	602.1	602.1	602.1	602.1	474.2	474.2	474.2
FX Difference from Revaluation	0.2	-1.6	2.0	0.2	-1.9	0.7	-13.0	14.3	0.1	4.5	3.3	-1.1
Cash and Cash Equivalents at End of Period	1,195.9	2,801.1	1,158.1	1,684.6	1,282.3	540.8	524.9	720.4	431.6	602.1	309.3	490.9

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TID

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