VCG

Tổng Công ty cổ phần Xuất nhập khẩu và Xây dựng Việt Nam ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 25.87%, +19.20pp YoY

Price

19,750

Latest close

02 Jun 2026

P/E 3.03x

P/B 0.99x

EPS 6,516

BVPS 19,878

ROE 34.7%

ROA 14.1%

Profit Margin 24.8%

Asset Turnover 0.57x

Equity Mult. 2.47x

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

What Is Changing

On a TTM 2026Q1 basis, VCG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 16,918bn
	                                
+32.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4,377bn
	                                
+412.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    69.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	16,071.2	12,870.2	12,703.8	8,452.9	5,741.8
Growth	+25%	+1%	+50%	+47%	—
Net Income	3,865.2	1,108.4	396.4	930.8	531.5
Net Margin	24.05%	8.61%	3.12%	11.01%	9.26%

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	3,424.4	4,651.7	4,429.3	4,412.1	2,596.0	4,733.9	2,675.3	2,799.5	2,649.8	3,789.5	2,381.7	4,566.9
Growth	-26%	+5%	+0%	+70%	-45%	+77%	-4%	+6%	-30%	+59%	-48%	—
Net Income	368.5	347.1	3,304.4	357.0	151.4	392.0	147.5	163.2	482.6	131.8	27.5	130.3
Net Margin	10.76%	7.46%	74.60%	8.09%	5.83%	8.28%	5.51%	5.83%	18.21%	3.48%	1.15%	2.85%

Drivers of VCG's profit

TTM

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

Financial income ↑ 3,418.0bn

Deferred tax ↓ 619.5bn

Gross profit ↑ 561.8bn

Tax ↑ 831.4bn

TTM

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

Financial income ↑ 187.5bn

Gross profit ↑ 114.4bn

Associates income ↑ 27.4bn

Finance costs ↑ 59.5bn

Tax ↑ 54.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.8% = 6.7% × 0.44 × 2.64

2026Q1 36.3% = 25.9% × 0.57 × 2.47

ROE rose from 7.8% to 36.3% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 25.9% +19.2pp Asset turnover: 0.57x +0.13x Leverage: 2.47x -0.17x

Is the profit sustainable?

Margins improved (+19.2pp), 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 expanded to 25.87%, rising 19.2pp. Core operating signals are improving as Gross margin rose 0.3pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Net financial result / Revenue rose 19.9pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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 25.87% +19.2pp

Gross Margin 12.67% +0.3pp

SG&A / Revenue 4.08% +0.6pp

Non-core / Revenue 19.65% +19.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 70.1% of PBT and lifted net margin by 19.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 161.7 days.

Is capital being deployed efficiently?

ROIC expanded to 24.08%, rising 19.7pp. That translates to 24.08 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 19.5pp and capital turnover rose 0.24x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 24.08% +19.7pp

NOPAT Margin 25.98% +19.5pp

Capital Turnover 0.93x +0.24x

Average Invested Capital 18,251.8bn −520.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is relatively light for construction contractors — liabilities at 1.51x equity, net debt at 0.39x equity.

Inventory ended the period at 5,656.6bn, roughly 18.1% of total assets.

Over the last 12 months, working capital released 1,713.1bn 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: −1,728.7bn

Inventories decreased → higher CFO: +2,121.3bn

Payables increased → higher CFO: +1,320.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 80.9 days versus the same period last year. The main moves came from DIO fell 73.0 days, DSO fell 0.5 days, and DPO rose 7.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 161.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 63.7 days −0.5 days

Inventory 162.7 days −73.0 days

Payables 64.6 days +7.4 days

Cash Conversion Cycle 161.7 days −80.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.39x and interest coverage at 11.25x.

At present, short-term debt accounts for 74.0% of total debt, cash equals 30.1% of debt, and total debt stands at 7,085.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 74.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.39x −0.27x

Interest Coverage 11.25x +8.48x

Cash / Debt 30.1% +14.9pp

Short-term Debt / Total Debt 74.0% +22.0pp

CFO / NI 0.56x −0.48x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,838.6bn in 2025, against investing cash flow of -2,710.0bn.

Post-investment cash flow was positive +128.6bn. Financing cash flow was negative +269.2bn.

CFO / net income was 0.56x.

After spending +619.3bn on fixed-asset investment, the business generated trailing free cash flow of +1,725.0bn.

Cash Conversion

CFO TTM 2,344.3bn +1,689.5bn

Cash Capex 619.3bn +574.4bn

FCF TTM +1,725.0bn +1,115.2bn

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 19.2 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 69.7%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 162 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 25.87% after expanding 19.2pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 69.7% of PBT and CFO / net income currently at 0.56x.

Key risk: working capital remains tied up for too long, with cash cycle at 161.7 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	16,071.2	12,870.2	12,709.8	8,452.9	5,743.4
Revenue Deductions	—	0.0	6.0	0.0	0.0
Net Revenue	16,071.2	12,870.2	12,703.8	8,452.9	5,741.8
Cost of Goods Sold	13,800.6	10,889.1	11,522.8	7,535.9	0.0
Gross Profit	2,270.6	1,981.1	1,181.0	917.0	830.3
Financial Income	3,766.3	333.2	351.4	1,079.8	531.3
Financial Expenses	440.4	446.1	854.4	765.1	-499.4
Interest Expense	376.3	434.3	832.9	757.1	-500.7
Share of Associates and Joint Ventures	-4.1	-78.6	-112.6	-27.4	24.4
Selling Expenses	157.7	58.1	92.7	57.5	-44.6
General and Administrative Expenses	517.5	379.9	-79.0	222.8	-129.8
Operating Profit	4,917.2	1,351.7	551.6	924.1	712.3
Other Income	35.1	51.2	22.1	91.9	0.0
Other Expenses	76.1	30.4	17.7	30.6	0.0
Other Profit	-41.0	20.8	4.3	61.3	13.9
Profit Before Tax	4,876.3	1,372.5	556.0	985.4	726.1
Current Income Tax Expense	965.6	258.1	171.1	99.6	-194.6
Deferred Income Tax Expense	45.4	6.0	-11.5	-45.0	0.0
Net Income	3,865.2	1,108.4	396.4	930.8	531.5
Non-controlling Interest	199.9	181.9	-7.1	148.5	125.6
Profit Attributable to Parent	3,665.3	926.5	403.5	782.3	405.8
Earnings per Share	5,670.00	1,548.00	752.00	1,607.00	1,192.00
Diluted EPS	5,670.00	1,548.00	752.00	1,607.00	918.77

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	23,627.4	17,688.5	18,680.8	19,974.5	21,461.8
I. Cash and cash equivalents	2,330.9	2,471.4	2,669.9	1,710.2	2,742.2
1. Cash	1,437.0	1,779.8	2,231.4	1,396.7	0.0
2. Cash equivalents	893.9	691.6	438.4	313.5	0.0
II. Short-term financial investments	2,897.7	1,780.9	1,487.6	1,616.2	0.0
1. Available for sale securities	—	0.3	0.3	0.3	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-0.2	-0.2	-0.2	0.0
3. Held to maturity investments	2,897.7	1,780.8	1,487.5	1,616.1	0.0
III. Short-term receivables	12,293.5	5,857.9	7,070.1	9,059.0	10,852.0
1. Short-term trade accounts receivable	3,281.1	2,599.2	2,483.1	2,342.8	0.0
2. Short-term prepayments to suppliers	1,513.3	2,047.7	2,443.7	5,563.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	6.6	0.0	0.0	0.0	0.0
5. Short-term loan receivables	6,139.5	645.0	784.7	716.6	0.0
6. Other short-term receivables	2,290.9	1,079.8	1,945.0	1,564.5	0.0
7. Provision for short-term doubtful debts (*)	-939.7	0.0	-586.3	-1,128.6	0.0
8. Assets awaiting resolution	1.7	-513.8	0.0	0.0	0.0
IV. Inventories	5,656.6	7,089.8	6,887.9	7,080.3	3,629.7
1. Inventories	6,062.4	7,124.0	6,922.8	7,114.9	0.0
2. Provision for decline in value of inventories	-405.8	-34.2	-35.0	-34.6	0.0
V. Other short-term assets	448.7	488.6	565.3	508.7	295.2
1. Short-term prepayments	40.7	9.6	9.1	10.2	0.0
2. Value added tax to be reclaimed	314.8	390.9	470.4	404.3	0.0
3. Taxes and other receivables from state authorities	18.6	16.9	16.6	25.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	74.7	71.2	69.2	69.2	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	7,641.4	11,752.1	12,013.5	12,024.8	9,733.0
I. Long-term receivables	20.4	59.2	6.2	171.8	0.0
1. Long-term trade receivables	—	0.0	0.0	2.7	2,380.2
2. Long-term prepayments to suppliers	—	50.0	0.0	150.0	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	1.5	16.0	0.0
6. Other long-term receivables	20.4	9.2	4.6	4.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	-1.1	0.0
II. Fixed assets	3,892.1	3,479.0	3,862.5	2,684.4	2,532.1
1. Tangible fixed assets	3,757.4	3,363.2	3,693.2	2,545.8	2,492.3
- Cost	6,400.4	5,459.8	5,947.6	4,606.2	0.0
- Accumulated depreciation	-2,643.0	-2,096.5	-2,254.4	-2,060.3	0.0
2. Financial leased fixed assets	94.8	106.7	160.2	132.8	33.5
- Cost	184.7	180.8	218.2	174.4	0.0
- Accumulated depreciation	-89.9	-74.1	-58.1	-41.7	0.0
3. Intangible fixed assets	39.8	9.1	9.1	5.8	6.2
- Cost	57.0	19.9	19.6	16.9	0.0
- Accumulated depreciation	-17.2	-10.8	-10.5	-11.1	0.0
III. Investment properties	996.9	484.4	240.3	244.8	745.4
- Cost	1,537.0	920.2	658.5	689.6	0.0
- Accumulated depreciation	-540.1	-435.9	-418.2	-444.7	0.0
IV. Long-term assets in progress	1,757.6	6,745.9	6,652.5	7,486.2	1,909.4
1. Long-term production in progress	96.3	96.3	109.9	111.8	0.0
2. Construction in progress	1,661.3	6,649.7	6,542.5	7,374.5	0.0
V. Long-term financial investments	708.0	675.4	939.6	1,123.9	1,470.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	477.2	635.4	908.9	1,096.8	0.0
3. Investments in other entities	291.6	87.6	82.1	76.5	0.0
4. Provision for diminution in value of long-term investments	-62.4	-47.5	-51.4	-50.7	0.0
5. Held to maturity investments	1.6	0.0	0.0	1.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	266.3	308.2	312.5	313.7	0.0
1. Long-term prepayments	160.9	138.7	123.4	123.7	0.0
2. Deferred income tax assets	54.8	98.8	104.2	90.9	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	0.1	0.1	0.1	0.1	695.6
5. Goodwill	50.5	70.6	84.8	99.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	31,268.7	29,440.6	30,694.4	31,999.3	31,194.8
A. LIABILITIES (300=210+330)	18,786.6	18,324.5	20,453.3	22,068.6	23,554.0
I. Short -term liabilities	16,136.8	12,912.0	14,422.2	12,763.2	15,461.0
1. Short-term trade accounts payable	3,409.4	2,249.9	2,239.7	2,501.6	1,869.3
2. Short-term advances from customers	3,732.6	3,357.1	3,619.1	2,528.5	6,592.1
3. Taxes and other payables to state authorities	969.6	167.8	123.0	135.8	0.0
4. Payable to employees	352.9	245.0	214.1	198.1	0.0
5. Short-term acrrued expenses	937.0	1,344.2	930.2	1,106.6	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	41.2	44.5	47.3	60.4	82.5
9. Other short-term payables	1,038.3	968.9	972.1	815.7	0.0
10. Short-term borrowings and financial leases	5,527.2	4,451.5	6,136.5	5,345.3	5,027.4
11. Provision for short-term liabilities	67.9	20.5	75.3	2.1	0.0
12.. Bonus and welfare fund	60.7	62.6	64.9	69.2	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	2,649.8	5,412.5	6,031.1	9,305.4	8,093.1
1. Long-term trade payables	0.6	0.1	0.1	0.1	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	33.2	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	473.2	476.9	444.8	471.6	1,407.5
7. Other long-term liabilities	246.4	0.9	2.1	2.5	0.0
8. Long-term borrowings and financial leases	1,892.6	4,307.4	4,962.2	8,168.3	6,648.6
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	17.7	608.0	607.4	605.6	0.0
12. Provision for long-term liabilities	19.3	19.2	14.6	24.1	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)	12,482.1	11,116.1	10,241.0	9,930.7	7,640.8
I. Owner's equity	12,395.7	11,019.2	10,144.1	9,833.6	0.0
1. Owner's capital	6,464.7	5,985.9	5,344.7	4,858.8	7,539.9
- Common stock with voting right	6,464,683,360,000.00	5,985,934,580,000.00	5,344,655,140,000.00	4,858,798,780,000.00	4,417,106,730,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	16.3	16.3	16.3	16.3	16.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	233.8	152.2	171.5	160.4	156.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	40.1	40.1	40.1	40.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	4,495.0	1,869.0	1,582.7	1,683.4	1,813.9
- Accumulated retained earning at the end of the previous period	829.7	1,030.5	1,183.8	902.7	1,091.0
- Undistributed earnings in this period	3,665.3	838.5	398.9	780.7	722.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,145.7	2,955.7	2,988.8	3,074.5	1,043.6
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	86.4	96.9	97.0	97.0	100.9
1. Subsidized not-for-profit funds	86.4	96.9	97.0	97.0	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)	31,268.7	29,440.6	30,694.4	31,999.3	31,194.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	4,876.3	1,372.5	556.0	985.4	726.1
Depreciation of Fixed Assets and Investment Property	332.1	358.6	338.2	275.7	265.9
Provision (Increase)/Reversal	78.3	-86.5	-455.8	-184.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.4	-3.2	0.2	-14.8	0.0
Gain/Loss from Investment Activities	-3,743.6	-255.3	-240.5	-1,089.9	0.0
Interest Expense	376.3	435.1	843.2	757.1	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	1,916.9	1,821.2	1,041.2	728.7	668.7
Increase/(Decrease) in Receivables	-1,139.7	272.4	2,489.8	354.7	0.0
Increase/(Decrease) in Inventory	1,858.4	-521.5	164.7	-2,900.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	826.0	807.8	937.4	1,206.3	0.0
Increase/(Decrease) in Prepaid Expenses	-31.0	-34.9	-0.6	-233.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-378.0	-527.6	-805.6	-832.1	0.0
Corporate Income Tax Paid	-199.8	-168.3	-174.2	-73.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-14.1	-2.3	-4.4	-17.1	0.0
Net Cash Flow from Operating Activities	2,838.6	1,646.7	3,648.3	-1,766.7	2,276.0
Payments for Fixed Assets and Other Long-term Assets	-628.9	-564.0	-783.8	-1,458.8	-1,193.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.6	9.5	97.7	306.9	15.8
Loans and Purchases of Debt Instruments	-10,793.4	-2,457.2	-7,714.3	-5,713.7	-4,456.8
Receipts from Loan Repayments and Sale of Debt Instruments	4,735.0	2,242.3	7,774.1	7,952.2	1,658.5
Investments in Other Entities	-1,227.4	-2.5	0.0	-50.5	-7,739.6
Proceeds from Investments in Other Entities	4,851.0	389.7	158.5	477.0	0.0
Dividends and Interest Income Received	347.1	384.2	300.1	373.5	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	-2,710.0	2.0	-167.8	1,886.5	-7,972.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	39,117,300,000.00	13,076,500,000.00	145,307,368,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,668.4	11,224.9	9,749.1	10,096.5	13,194.5
Repayment of Borrowings	-9,342.0	-12,962.3	-12,177.2	-10,661.0	-5,799.2
Repayment of Finance Leases	-32.5	-39.3	-35.7	-16.6	-6.3
Dividends Paid	-563.1	-70.5	-96.2	-653.4	-1,089.0
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	-269.2	-1,847.2	-2,520.9	-1,221.5	6,445.2
Net Cash Flow During the Period	-140.5	-198.6	959.6	-1,101.7	1,413.7
Cash and Cash Equivalents at Beginning of Period	2,471.4	2,669.9	1,710.2	2,812.0	1,995.3
FX Difference from Revaluation	0.1	0.0	0.0	-0.0	-2.1
Cash and Cash Equivalents at End of Period	2,330.9	2,471.4	2,669.9	1,710.2	2,742.2

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	3,424.4	4,651.7	4,429.3	4,412.1	2,596.0	4,733.9	2,675.3	2,799.5	2,655.8	3,789.5	2,381.7	4,566.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	6.0	0.0	0.0	0.0
Net Revenue	3,424.4	4,651.7	4,429.3	4,412.1	2,596.0	4,733.9	2,675.3	2,799.5	2,649.8	3,789.5	2,381.7	4,566.9
Cost of Goods Sold	2,992.4	4,113.1	3,818.3	3,850.9	2,278.4	4,201.4	2,284.0	2,459.9	1,895.5	3,498.3	2,318.5	4,136.8
Gross Profit	432.0	538.7	611.0	561.2	317.6	532.5	391.3	339.7	754.3	291.2	63.2	430.0
Financial Income	234.4	281.2	3,186.1	70.6	46.9	211.7	40.6	55.3	70.7	98.0	44.7	119.3
Financial Expenses	125.9	99.0	138.8	64.8	66.4	108.4	99.1	101.4	134.8	179.3	159.0	245.1
Interest Expense	116.3	95.1	85.0	55.9	65.2	99.1	96.2	103.8	134.3	171.7	158.3	213.3
Share of Associates and Joint Ventures	6.2	7.2	4.3	5.3	-21.2	-18.8	-15.6	-17.9	-22.1	-26.1	-35.5	-12.2
Selling Expenses	34.7	13.4	78.7	54.3	20.0	8.8	31.0	1.1	24.6	27.4	31.3	23.9
General and Administrative Expenses	85.9	239.9	71.4	112.5	79.5	136.1	99.1	74.7	79.4	25.7	-201.5	104.5
Operating Profit	426.2	474.8	3,512.7	405.4	177.4	472.1	187.1	199.9	564.1	130.7	83.5	163.5
Other Income	28.6	16.3	3.8	6.1	4.7	33.9	7.9	6.5	6.2	14.9	11.3	51.7
Other Expenses	3.8	62.8	6.9	1.6	0.4	17.2	6.1	1.8	2.2	6.3	2.4	24.3
Other Profit	24.8	-46.5	-3.1	4.5	4.3	16.7	1.9	4.7	4.0	8.6	8.8	27.5
Profit Before Tax	451.0	428.3	3,509.6	409.9	181.7	488.8	188.9	204.7	568.1	139.3	92.4	191.0
Current Income Tax Expense	86.9	84.4	811.3	49.7	32.5	84.8	52.2	31.4	87.5	18.3	70.7	64.8
Deferred Income Tax Expense	-4.4	-3.2	-606.2	3.3	-2.3	12.0	-10.7	10.1	-2.0	-10.8	-5.8	-4.1
Net Income	368.5	347.1	3,304.4	357.0	151.4	392.0	147.5	163.2	482.6	131.8	27.5	130.3
Non-controlling Interest	15.3	103.3	22.3	48.2	23.5	87.9	67.2	46.6	19.5	-14.3	-76.4	27.5
Profit Attributable to Parent	353.2	243.8	3,282.1	308.7	128.0	304.1	80.3	116.6	463.1	146.1	103.9	102.8
Earnings per Share	546.00	377.00	5,077.00	516.00	214.00	508.00	134.00	102.00	866.00	248.00	159.00	239.00
Diluted EPS	546.00	377.00	5,077.00	516.00	214.00	1,579.00	134.00	102.00	866.00	248.00	159.00	239.00

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)	22,698.7	24,110.3	22,987.2	17,503.0	17,270.0	17,671.6	17,379.2	16,832.0	17,063.9	17,598.5	17,969.2	19,015.2
I. Cash and cash equivalents	2,131.9	2,346.8	2,539.2	1,835.3	1,331.7	2,461.3	1,129.3	1,544.4	1,309.2	2,282.5	1,269.1	1,273.9
1. Cash	1,591.5	1,429.0	740.1	1,161.7	463.3	1,779.8	600.1	1,037.7	685.6	1,895.2	901.2	844.7
2. Cash equivalents	540.4	917.8	1,799.1	673.7	868.5	681.5	529.2	506.6	623.6	387.3	367.9	429.2
II. Short-term financial investments	7,786.8	2,881.6	2,767.4	2,043.4	2,027.6	1,790.9	1,354.6	1,210.6	1,114.5	1,504.9	1,386.1	1,928.3
1. Available for sale securities	—	—	—	0.3	0.3	0.3	0.3	0.2	0.2	0.3	0.3	0.2
2. Provision for diminution in value of available for sale securities (*)	—	—	—	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Held to maturity investments	7,895.4	2,881.6	2,767.4	2,043.4	2,027.5	1,790.9	1,354.6	1,210.5	1,114.5	1,504.8	1,386.0	1,928.2
4. Provision for short-term investments held to maturity (*)	-108.6	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	6,832.4	12,330.7	12,154.4	6,030.4	6,143.9	5,812.5	6,739.9	5,977.3	6,945.8	6,952.1	7,852.7	8,612.8
1. Short-term trade accounts receivable	3,560.7	3,050.7	2,763.3	2,423.1	2,343.6	2,601.6	2,161.8	2,130.6	2,160.0	2,450.3	2,290.2	2,584.9
2. Short-term prepayments to suppliers	1,839.7	1,513.8	1,659.4	2,171.1	2,213.7	1,940.5	2,724.8	2,427.9	2,849.6	2,478.7	3,323.2	4,337.9
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	3.2	6.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	6,139.5	6,264.2	665.6	690.8	637.8	538.9	481.9	712.2	786.0	1,035.3	943.6
6. Other short-term receivables	2,260.2	2,251.8	1,994.9	1,304.6	1,410.4	1,144.4	1,842.7	1,482.2	1,810.3	1,877.8	1,987.6	1,865.3
7. Provision for short-term doubtful debts (*)	-833.1	-632.1	-527.3	-534.0	-514.6	-511.7	-528.2	-545.2	-586.2	-640.7	-783.5	-1,118.9
8. Assets awaiting resolution	1.7	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5,517.2	6,099.8	5,203.6	7,066.6	7,211.5	7,117.9	7,643.2	7,595.8	7,213.6	6,293.5	6,953.6	6,690.4
1. Inventories	5,923.0	6,135.4	5,237.7	7,100.8	7,245.7	7,152.0	7,664.7	7,630.7	7,248.5	6,328.4	6,988.3	6,725.1
2. Provision for decline in value of inventories	-405.8	-35.5	-34.2	-34.2	-34.2	-34.2	-21.5	-35.0	-35.0	-35.0	-34.6	-34.6
V. Other short-term assets	430.4	451.4	322.5	527.2	555.2	489.0	512.2	503.9	480.7	565.5	507.7	509.8
1. Short-term prepayments	27.2	46.7	32.9	34.0	32.7	10.2	19.9	13.5	12.0	9.7	8.6	8.3
2. Value added tax to be reclaimed	304.2	315.3	206.9	400.4	428.2	390.8	405.9	260.8	378.8	469.6	422.9	395.4
3. Taxes and other receivables from state authorities	28.2	18.5	11.7	19.8	22.9	16.6	17.2	160.4	20.6	17.0	6.9	36.9
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	70.9	70.9	71.0	72.9	71.4	71.4	69.2	69.2	69.3	69.2	69.2	69.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	7,769.0	7,419.5	6,033.4	11,887.0	11,720.6	11,739.3	11,897.7	11,812.2	12,007.6	12,600.6	12,063.4	12,394.2
I. Long-term receivables	14.8	16.8	7.0	57.0	57.5	56.9	55.9	56.3	6.1	5.3	158.4	160.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.6	1.6
2. Long-term prepayments to suppliers	—	—	—	50.0	50.0	50.0	50.0	50.0	0.0	0.0	150.0	150.0
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	1.2	1.5	1.5	0.0	2.2	2.2
6. Other long-term receivables	14.8	16.8	7.0	7.0	7.5	6.9	4.7	4.7	4.5	5.3	4.6	6.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,020.5	4,436.6	3,247.6	3,352.1	3,408.6	3,729.2	3,967.6	3,761.8	3,815.5	3,805.6	3,685.8	3,704.7
1. Tangible fixed assets	3,892.0	4,302.1	3,134.4	3,232.8	3,298.5	3,613.5	3,812.6	3,603.5	3,652.1	3,636.2	3,514.5	3,533.6
- Cost	6,609.0	—	—	—	—	5,706.0	6,265.1	5,991.2	5,972.8	5,894.1	5,705.8	5,672.4
- Accumulated depreciation	-2,716.9	—	—	—	—	-2,092.6	-2,452.4	-2,387.8	-2,320.7	-2,257.8	-2,191.4	-2,138.8
2. Financial leased fixed assets	89.2	94.8	104.5	110.6	101.2	106.7	146.0	149.3	154.2	160.2	165.8	165.4
- Cost	184.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-95.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	39.3	39.7	8.7	8.7	8.9	9.1	9.0	9.0	9.1	9.2	5.5	5.6
- Cost	57.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-17.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1,006.0	312.5	458.5	474.5	479.4	209.5	234.2	237.9	237.2	241.2	243.3	237.0
- Cost	1,550.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-544.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,724.1	1,680.4	1,379.9	7,056.9	6,820.5	6,774.9	6,606.8	6,740.2	6,712.7	7,277.5	6,717.2	6,964.0
1. Long-term production in progress	96.3	96.3	96.3	96.3	96.3	96.3	110.0	110.1	110.1	109.9	109.9	111.1
2. Construction in progress	1,627.9	1,584.2	1,283.6	6,960.6	6,724.2	6,678.6	6,496.8	6,630.1	6,602.6	7,167.6	6,607.3	6,852.9
V. Long-term financial investments	731.6	710.8	706.3	642.7	654.0	676.6	698.1	707.8	927.9	941.0	965.0	1,016.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	483.5	480.0	550.2	545.8	614.2	636.6	655.6	673.8	889.3	910.2	934.3	983.1
3. Investments in other entities	313.5	291.6	203.6	144.5	87.6	87.6	82.1	82.1	88.8	82.1	82.1	80.2
4. Provision for diminution in value of long-term investments	-65.4	-62.4	-48.8	-47.7	-47.8	-47.5	-51.3	-49.5	-51.5	-51.4	-51.4	-46.4
5. Held to maturity investments	—	1.6	1.4	—	—	0.0	11.7	1.4	1.4	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	271.9	262.4	234.1	303.9	300.7	292.2	335.1	308.2	226.9	245.2	205.3	219.0
1. Long-term prepayments	163.8	155.0	128.9	140.4	130.3	122.3	148.7	133.8	119.7	141.6	107.0	119.1
2. Deferred income tax assets	58.8	107.3	103.8	99.9	103.2	99.2	112.1	96.5	107.0	103.5	98.2	99.8
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
5. Goodwill	49.3	—	1.3	63.5	67.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	70.6	74.2	77.7	81.3	84.8	88.4	91.9
TOTAL ASSETS (280=100+200)	30,467.6	31,529.9	29,020.5	29,390.0	28,990.6	29,411.0	29,276.9	28,644.2	29,071.4	30,199.2	30,032.6	31,409.4
A. LIABILITIES (300=210+330)	17,617.0	18,953.7	16,753.2	18,272.6	17,723.7	18,275.8	18,340.1	17,837.3	18,344.8	20,016.8	20,006.9	21,454.7
I. Short -term liabilities	15,200.8	15,910.6	13,878.1	12,816.9	12,401.4	12,550.7	13,237.0	12,980.9	12,472.8	13,893.6	13,511.9	14,252.4
1. Short-term trade accounts payable	3,307.3	3,454.0	2,174.3	2,303.8	1,920.1	2,258.1	1,637.1	1,773.2	1,599.9	2,198.3	1,938.7	2,168.0
2. Short-term advances from customers	3,509.6	3,682.3	3,022.8	2,875.8	3,354.7	3,261.3	3,503.7	3,651.5	3,898.9	3,215.0	2,511.4	2,139.0
3. Dividends and profits payable	4.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	127.7	984.1	913.2	105.0	65.3	163.2	140.5	126.4	148.2	122.9	262.3	418.7
4. Payable to employees	289.4	356.1	235.1	216.9	197.8	244.9	213.1	197.0	177.8	222.4	149.5	207.7
5. Short-term acrrued expenses	1,194.0	915.5	1,598.8	1,020.2	1,183.1	1,352.1	1,030.1	913.4	805.0	897.6	1,131.5	899.1
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	46.7	94.6	124.4	30.6	58.0	48.3	78.2	51.6	69.2	44.0	71.3	47.5
9. Other short-term payables	1,345.2	1,065.6	977.3	984.2	986.5	1,006.3	1,582.3	1,041.8	1,048.9	1,010.3	1,152.3	1,001.7
10. Short-term borrowings and financial leases	5,241.4	5,247.2	4,740.6	5,194.1	4,550.9	4,131.2	4,957.6	5,134.7	4,601.2	6,027.8	6,203.3	7,291.8
11. Provision for short-term liabilities	75.2	50.7	32.5	26.2	23.6	22.7	31.2	28.1	60.3	90.5	26.5	13.0
12.. Bonus and welfare fund	59.5	60.7	59.0	60.1	61.5	62.6	63.1	63.3	63.5	64.9	65.1	65.7
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	2,416.2	3,043.1	2,875.1	5,455.6	5,322.3	5,725.0	5,103.1	4,856.4	5,872.0	6,123.2	6,495.1	7,202.3
1. Long-term trade payables	5.5	0.6	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	164.1	25.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	16.7
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	474.2	428.5	432.6	472.1	481.7	477.1	485.6	444.8	433.5	444.1	443.0	467.3
7. Other long-term liabilities	54.8	243.6	0.9	78.2	0.9	4.1	48.8	2.7	2.7	36.9	2.6	31.6
8. Long-term borrowings and financial leases	1,844.6	2,172.6	2,393.7	4,270.0	4,212.9	4,617.1	3,944.2	3,784.9	4,826.7	5,036.5	5,421.5	6,058.9
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	17.7	14.3	2.4	607.8	607.8	607.8	607.8	607.4	607.4	605.6	605.6	605.6
12. Provision for long-term liabilities	19.5	19.3	19.9	27.5	18.9	18.9	16.6	16.6	1.6	0.0	22.3	22.3
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)	12,850.6	12,576.2	12,267.3	11,117.5	11,266.9	11,135.2	10,936.9	10,806.8	10,726.6	10,182.4	10,025.6	9,954.8
I. Owner's equity	12,850.6	12,489.8	12,180.7	11,029.3	11,170.1	11,038.3	10,840.0	10,709.9	10,629.7	10,085.4	9,928.7	9,857.8
1. Owner's capital	6,464.7	6,464.7	6,464.7	5,985.9	5,985.9	5,985.9	5,985.9	5,985.9	5,344.7	5,344.7	5,344.7	4,858.8
- Common stock with voting right	6,464,683,360,000.00	6,464,683,360,000.00	6,464,683,360,000.00	5,985,934,580,000.00	5,985,934,580,000.00	5,985,934,580,000.00	5,985,934,580,000.00	5,985,934,580,000.00	5,344,655,140,000.00	5,344,655,140,000.00	5,344,655,140,000.00	4,858,798,780,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	16.3	—	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.1	16.2	16.3
3. Convertible bond option	—	16.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	320.2	233.8	233.8	152.2	152.2	190.6	209.9	171.5	171.5	171.5	160.4	160.4
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	40.1	40.1	40.1	40.1	40.1	40.1	40.1	40.1	40.1	40.1	40.1	40.2
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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	4,848.2	4,762.6	4,518.8	1,826.9	1,997.1	1,848.3	1,545.1	1,511.3	2,048.8	1,563.9	1,429.1	1,787.5
- Accumulated retained earning at the end of the previous period	4,481.4	829.7	829.7	1,350.3	1,829.1	929.1	904.1	940.7	1,582.5	1,422.1	1,423.4	1,713.0
- Undistributed earnings in this period	366.8	3,932.8	3,689.0	476.7	168.0	919.1	641.0	570.6	466.3	141.8	5.7	74.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,161.1	972.3	907.1	3,007.8	2,978.4	2,957.1	3,042.7	2,984.8	3,008.3	2,949.1	2,938.1	2,994.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	86.4	86.6	88.1	96.8	96.9	96.9	96.9	96.9	97.0	97.0	97.0
1. Subsidized not-for-profit funds	—	86.4	86.6	88.1	96.8	96.9	96.9	96.9	96.9	97.0	97.0	97.0
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)	30,467.6	31,529.9	29,020.5	29,390.0	28,990.6	29,411.0	29,276.9	28,644.2	29,071.4	30,199.2	30,032.6	31,409.4

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	451.0	809.2	3,509.6	375.9	181.7	488.8	188.9	174.5	568.1	202.4	92.4	222.9
Depreciation of Fixed Assets and Investment Property	86.5	20.0	142.2	85.3	84.6	56.4	90.9	87.9	86.1	104.4	58.7	92.2
Provision (Increase)/Reversal	12.3	49.6	0.6	24.2	3.8	21.4	-26.0	-59.5	-28.0	-155.8	-291.7	-8.5
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.1	-0.8	-1.4	-0.1	-0.0	0.0	-2.9	-0.0	-0.0	-0.0	-1.8
Gain/Loss from Investment Activities	-226.5	-456.3	-3,184.9	-92.7	-9.7	-182.8	-30.1	-35.8	-46.1	-133.3	39.5	-166.1
Interest Expense	116.3	124.2	85.0	101.9	65.2	99.1	95.4	102.7	134.3	203.5	158.3	263.9
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	439.4	546.6	551.6	493.2	325.5	482.9	319.1	266.8	714.5	221.1	57.3	402.6
Increase/(Decrease) in Receivables	-842.0	-1,132.1	151.0	94.5	-253.1	106.2	-586.5	686.0	-28.4	809.8	882.1	431.5
Increase/(Decrease) in Inventory	141.2	-19.6	1,940.5	59.2	-121.7	190.4	-122.6	-293.5	-325.9	61.6	262.9	56.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.7	1,317.6	213.4	-211.3	-493.7	384.0	226.9	307.5	-541.2	724.6	615.5	-140.6
Increase/(Decrease) in Prepaid Expenses	10.6	-16.1	13.3	-13.5	-14.8	36.0	-26.6	-10.3	0.7	-16.9	8.9	17.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-87.6	-83.2	-121.7	-96.7	-76.5	-137.5	-58.2	-239.9	-83.5	-226.8	-93.0	-335.4
Corporate Income Tax Paid	-918.6	-32.3	-13.9	-25.8	-127.8	-31.2	-32.0	-49.2	-45.6	-117.0	-15.7	-1.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.2	-0.9	-2.0	-10.1	-1.2	-0.0	-0.2	-0.2	-1.4	-0.2	-0.6	-0.1
Net Cash Flow from Operating Activities	-1,257.6	580.0	2,732.4	289.5	-763.2	1,030.7	-280.0	667.2	-310.8	1,456.3	1,717.4	430.9
Payments for Fixed Assets and Other Long-term Assets	-77.4	-330.4	-98.3	-113.2	-87.0	148.1	222.3	-328.4	-62.7	229.7	-529.9	-191.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	5.0	0.6	-0.2	1.1	-6.3	3.4	4.3	0.0	24.5	-13.6	86.8
Loans and Purchases of Debt Instruments	-137.2	-3,457.2	-5,951.3	-84.6	-1,300.3	-5,288.0	-1,048.8	-882.0	-137.8	736.0	-4,512.2	-1,427.8
Receipts from Loan Repayments and Sale of Debt Instruments	1,588.0	4,005.9	-374.6	99.9	1,003.8	4,823.6	813.0	1,150.5	509.5	-675.4	5,041.3	2,104.9
Investments in Other Entities	-21.9	—	—	—	—	0.0	0.0	4.2	-6.7	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	127.4	4,685.4	38.3	—	173.8	0.0	213.8	0.0	108.8	0.0	-95.6
Dividends and Interest Income Received	194.1	182.7	34.7	127.7	2.0	52.0	-73.0	-34.6	306.6	128.3	23.9	194.7
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	1,545.5	-581.2	-1,762.6	14.1	-380.4	-96.8	-83.1	127.8	609.0	551.8	9.5	671.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	28,907,000,000.00	10,300,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,029.1	2,577.4	2,487.0	2,862.4	1,741.6	1,804.1	2,627.0	2,028.6	1,897.1	2,000.8	2,910.4	2,542.9
Repayment of Borrowings	-2,508.4	-2,712.0	-2,735.5	-2,165.4	-1,729.1	-1,406.0	-2,684.9	-2,486.8	-3,554.1	-2,589.6	-4,650.0	-3,254.2
Repayment of Finance Leases	-7.7	-8.7	-8.2	-8.0	-7.7	0.2	-7.1	-6.0	-13.8	-3.6	-15.2	-9.6
Dividends Paid	-0.0	-63.9	-11.2	-487.1	-0.8	-0.3	-48.9	-33.7	11.8	-43.8	-8.4	-26.7
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	-486.9	-207.1	-268.0	201.9	4.0	398.1	-113.9	-497.9	-1,658.9	-607.3	-1,763.2	-747.5
Net Cash Flow During the Period	-199.0	-208.3	701.8	505.6	-1,139.6	1,332.0	-477.0	297.1	-1,360.7	1,400.8	-36.3	354.6
Cash and Cash Equivalents at Beginning of Period	2,330.9	2,539.2	1,837.4	1,331.7	2,471.4	2,669.9	2,669.9	2,669.9	2,669.9	1,710.2	1,710.2	1,710.2
FX Difference from Revaluation	-0.0	0.1	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	2,131.9	2,330.9	2,539.2	1,837.4	1,331.7	2,461.3	1,129.3	1,606.3	1,309.2	2,669.9	1,269.1	1,305.4

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VCG

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Balance Sheet

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Cash Flow