VEA

Tổng Công ty Máy động lực và Máy nông nghiệp Việt Nam – CTCP ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 167.96%, −2.33pp YoY

Price

34,800

Latest close

12 Jun 2026

P/E 5.92x

P/B 1.61x

EPS 5,875

BVPS 21,647

ROE 27.8%

ROA 26.6%

Profit Margin 166.4%

Asset Turnover 0.16x

Equity Mult. 1.04x

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

What Is Changing

On a TTM 2026Q1 basis, VEA is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,693bn
	                                
+10.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7,882bn
	                                
+8.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4,465.5	4,103.4	3,806.4	4,747.5	4,018.7
Growth	+9%	+8%	-20%	+18%	—
Net Income	7,219.4	7,431.7	6,265.2	7,665.4	5,794.1
Net Margin	161.67%	181.11%	164.60%	161.46%	144.18%

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	1,273.5	1,288.5	1,089.7	1,041.2	1,046.3	1,147.1	1,048.7	1,023.7	899.3	973.9	884.4	973.8
Growth	-1%	+18%	+5%	-0%	-9%	+9%	+2%	+14%	-8%	+10%	-9%	—
Net Income	1,764.5	2,164.5	1,820.5	2,132.5	1,277.7	2,497.4	1,666.7	1,822.2	1,435.4	1,574.6	1,540.3	1,809.0
Net Margin	138.55%	167.99%	167.07%	204.81%	122.11%	217.72%	158.93%	178.01%	159.61%	161.69%	174.16%	185.77%

Drivers of VEA's profit

TTM

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

Associates income ↑ 462.2bn

Financial income ↑ 162.9bn

Gross profit ↑ 72.4bn

TTM

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

Associates income ↑ 430.4bn

Financial income ↑ 50.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 26.6% = 170.3% × 0.15 × 1.04

2026Q1 28.0% = 168.0% × 0.16 × 1.04

ROE rose from 26.6% to 28.0% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 168.0% -2.3pp Asset turnover: 0.16x +0.01x Leverage: 1.04x -0.00x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 167.96%, losing 2.3pp. The weakness is mainly from non-core drags (Net financial result / Revenue rose 1.8pp, Gross margin rose 0.2pp, and SG&A / Revenue fell 0.1pp still provides some support).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 167.96% −2.3pp

Gross Margin 15.18% +0.2pp

SG&A / Revenue 13.82% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 191.3 days.

Is capital being deployed efficiently?

ROIC edged up to 28.19%, rising 1.5pp. That translates to 28.19 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin narrowed 2.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 28.19% +1.5pp

NOPAT Margin 167.90% −2.4pp

Capital Turnover 0.17x +0.01x

Average Invested Capital 27,948.7bn +783.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.01x equity.

Over the last 12 months, working capital released 232.4bn 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: −141.4bn

Inventories decreased → higher CFO: +342.8bn

Payables increased → higher CFO: +31.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 34.6 days versus the same period last year. The main moves came from DIO fell 35.3 days, DSO fell 1.2 days, and DPO fell 1.9 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 191.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 74.9 days −1.2 days

Inventory 144.5 days −35.3 days

Payables 28.2 days −1.9 days

Cash Conversion Cycle 191.3 days −34.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 166.8bn due to capex of 110.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.01x and interest coverage at 1530.48x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 209.6% of debt, and total debt stands at 135.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.01x +0.00x

Interest Coverage 1530.48x +663.49x

Cash / Debt 209.6% −34.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.01x +0.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -82.7bn in 2025, against investing cash flow of 6,309.3bn.

Post-investment cash flow was positive +6,226.6bn. Financing cash flow was negative +6,229.5bn.

CFO / net income was -0.01x.

After spending +110.2bn on fixed-asset investment, the business generated trailing free cash flow of −166.8bn.

Cash Conversion

CFO TTM 56.5bn +17.6bn

Cash Capex 110.2bn +23.5bn

FCF TTM −166.8bn −5.9bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is capital efficiency, with ROIC at 28.2%. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 2.7%. The main risk still sits in core profitability, with net margin down 2.3 pp.

Improvement: capital efficiency is improving, with trailing-12M ROIC at 28.19%, up 1.5pp versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: profitability remains under pressure, with trailing-12M net margin at 167.96% after a 2.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,473.8	4,115.4	3,811.4	4,754.1	4,023.5
Revenue Deductions	8.3	12.0	5.0	6.6	0.0
Net Revenue	4,465.5	4,103.4	3,806.4	4,747.5	4,018.7
Cost of Goods Sold	3,779.8	3,477.8	3,358.5	4,096.3	0.0
Gross Profit	685.7	625.7	447.9	651.2	564.6
Financial Income	930.9	857.6	1,205.1	818.4	713.0
Financial Expenses	5.7	7.2	55.2	23.1	-6.5
Interest Expense	1.6	1.5	50.3	14.1	-2.1
Share of Associates and Joint Ventures	6,630.1	6,729.7	5,640.1	6,985.0	5,177.2
Selling Expenses	98.7	88.5	86.4	105.2	-74.3
General and Administrative Expenses	694.7	486.7	610.7	561.5	-418.0
Operating Profit	7,447.6	7,630.6	6,540.9	7,764.8	5,955.9
Other Income	12.2	8.5	9.6	99.6	0.0
Other Expenses	35.5	12.7	33.4	20.3	0.0
Other Profit	-23.2	-4.3	-23.8	79.3	-14.1
Profit Before Tax	7,424.4	7,626.3	6,517.1	7,844.0	5,941.8
Current Income Tax Expense	207.6	197.3	252.0	179.8	-147.7
Deferred Income Tax Expense	-2.6	-2.7	-0.1	-1.2	0.0
Net Income	7,219.4	7,431.7	6,265.2	7,665.4	5,794.1
Non-controlling Interest	—	70.5	64.1	70.1	42.5
Profit Attributable to Parent	7,219.4	7,361.2	6,201.1	7,595.3	5,751.6
Earnings per Share	5,380.00	5,540.00	4,667.00	5,709.00	2,353.02
Diluted EPS	5,433.05	5,539.73	4,666.70	5,715.89	4,328.45

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	19,583.1	18,721.9	19,149.6	18,195.2	17,287.3
I. Cash and cash equivalents	408.4	411.8	358.4	297.5	279.3
1. Cash	242.6	262.1	215.7	200.2	0.0
2. Cash equivalents	165.7	149.7	142.8	97.3	0.0
II. Short-term financial investments	13,758.0	13,098.4	12,887.7	12,587.9	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	13,758.0	13,098.4	12,887.7	12,587.9	0.0
III. Short-term receivables	4,150.8	3,831.8	4,465.9	3,622.1	3,603.1
1. Short-term trade accounts receivable	961.2	924.7	866.4	986.4	0.0
2. Short-term prepayments to suppliers	216.2	199.9	196.3	219.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	3,762.9	3,342.1	4,037.1	2,938.3	0.0
7. Provision for short-term doubtful debts (*)	-799.5	-645.0	-644.6	-532.7	0.0
8. Assets awaiting resolution	10.1	10.1	10.6	10.8	0.0
IV. Inventories	1,129.1	1,250.9	1,283.9	1,541.4	1,472.1
1. Inventories	1,545.9	1,783.2	1,818.5	1,941.2	0.0
2. Provision for decline in value of inventories	-416.8	-532.3	-534.6	-399.8	0.0
V. Other short-term assets	136.9	129.0	153.7	146.4	130.6
1. Short-term prepayments	19.1	22.2	24.0	21.9	0.0
2. Value added tax to be reclaimed	115.8	105.4	126.8	122.5	0.0
3. Taxes and other receivables from state authorities	2.0	1.4	3.0	2.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	8,794.3	8,821.3	7,986.6	9,249.8	7,714.2
I. Long-term receivables	11.0	11.4	11.8	11.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	11.1
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	11.0	11.4	11.8	11.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,286.3	1,423.0	1,591.3	1,732.8	1,895.3
1. Tangible fixed assets	1,210.6	1,346.6	1,519.4	1,659.2	1,820.7
- Cost	5,571.9	5,490.4	5,420.6	5,306.1	0.0
- Accumulated depreciation	-4,361.2	-4,143.8	-3,901.2	-3,646.9	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	75.7	76.4	71.9	73.6	74.6
- Cost	128.1	126.1	119.5	119.5	0.0
- Accumulated depreciation	-52.4	-49.7	-47.6	-45.9	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	86.4	84.3	100.4	99.4	86.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	86.4	84.3	100.4	99.4	0.0
V. Long-term financial investments	6,762.2	6,702.9	5,719.5	6,895.6	5,249.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6,697.3	6,637.7	5,653.0	6,827.3	0.0
3. Investments in other entities	66.3	66.3	66.3	66.3	0.0
4. Provision for diminution in value of long-term investments	-1.5	-1.1	-1.9	0.0	0.0
5. Held to maturity investments	0.1	0.0	2.0	2.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	648.4	599.8	563.6	510.5	0.0
1. Long-term prepayments	648.4	599.7	563.5	510.4	0.0
2. Deferred income tax assets	0.0	0.0	0.1	0.1	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	472.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	28,377.4	27,543.2	27,136.2	27,445.0	25,001.4
A. LIABILITIES (300=210+330)	1,336.5	1,295.0	1,407.1	2,221.7	1,310.1
I. Short -term liabilities	1,285.9	1,244.2	1,349.9	2,166.3	1,250.3
1. Short-term trade accounts payable	298.1	340.4	334.5	385.9	326.9
2. Short-term advances from customers	14.8	18.6	18.2	24.1	48.8
3. Taxes and other payables to state authorities	80.7	75.8	162.0	78.8	0.0
4. Payable to employees	224.0	205.4	240.2	241.4	0.0
5. Short-term acrrued expenses	109.2	87.8	88.5	79.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	4.8	5.6	4.3	3.1	1.3
9. Other short-term payables	201.6	170.5	163.3	165.7	0.0
10. Short-term borrowings and financial leases	108.0	127.2	142.8	1,014.2	247.6
11. Provision for short-term liabilities	7.6	2.7	13.4	13.3	0.0
12.. Bonus and welfare fund	237.0	210.2	182.7	160.5	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	50.6	50.8	57.2	55.4	59.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.4	0.4	0.4	0.4	0.4
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	9.6	7.1	10.8	8.9	11.3
7. Other long-term liabilities	1.5	1.7	2.2	2.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	38.3	40.9	43.6	43.7	0.0
12. Provision for long-term liabilities	1.0	0.8	0.2	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.3	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	27,040.9	26,248.2	25,729.1	25,223.3	23,691.3
I. Owner's equity	27,038.0	26,245.7	25,725.4	25,218.7	0.0
1. Owner's capital	13,288.0	13,288.0	13,288.0	13,288.0	23,683.6
- Common stock with voting right	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	27.1	27.1	27.1	27.1	27.1
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-71.4	-71.4	-71.4	-71.4	0.0
7. Foreign exchange differences	4.0	4.4	4.3	4.1	0.0
8. Investment and development fund	28.1	28.1	28.1	28.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	13,541.4	12,749.1	12,218.3	11,706.6	10,192.0
- Accumulated retained earning at the end of the previous period	6,392.9	5,387.9	6,017.2	4,121.0	4,450.0
- Undistributed earnings in this period	7,148.5	7,361.2	6,201.1	7,585.6	5,742.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	220.8	220.4	231.1	236.2	215.5
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	2.8	2.5	3.7	4.6	7.7
1. Subsidized not-for-profit funds	0.8	-0.1	0.5	0.8	0.0
2. Funds invested in fixed assets	2.0	2.6	3.2	3.8	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	28,377.4	27,543.2	27,136.2	27,445.0	25,001.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	7,424.4	7,626.3	6,517.1	7,844.0	5,941.8
Depreciation of Fixed Assets and Investment Property	255.9	245.6	257.6	284.5	302.6
Provision (Increase)/Reversal	44.0	-13.1	248.6	84.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.5	-1.1	0.2	-0.2	0.0
Gain/Loss from Investment Activities	-7,552.0	-7,570.4	-6,835.2	-7,788.9	0.0
Interest Expense	1.6	1.5	50.3	14.1	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	173.3	288.9	238.7	438.3	304.2
Increase/(Decrease) in Receivables	-59.3	-42.4	139.7	-68.0	0.0
Increase/(Decrease) in Inventory	210.4	35.3	122.7	-57.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.7	-8.8	-38.8	84.2	0.0
Increase/(Decrease) in Prepaid Expenses	-45.5	-34.5	-55.2	-36.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-4.2	-54.8	-7.6	0.0
Corporate Income Tax Paid	-202.9	-277.6	-182.9	-152.4	0.0
Other Operating Receipts	1.1	0.4	0.1	0.8	0.0
Other Operating Payments	-143.7	-146.9	-138.0	-108.7	0.0
Net Cash Flow from Operating Activities	-82.7	-189.8	31.4	93.1	-280.2
Payments for Fixed Assets and Other Long-term Assets	-103.4	-81.1	-101.9	-123.3	-61.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.7	0.2	0.0	0.6	9.2
Loans and Purchases of Debt Instruments	-20,033.8	-19,036.0	-18,639.9	-13,858.1	-11,937.2
Receipts from Loan Repayments and Sale of Debt Instruments	19,378.2	18,827.3	18,333.6	13,065.5	13,480.6
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7,064.6	7,285.1	6,908.6	6,069.8	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	6,309.3	6,995.5	6,500.3	5,154.4	8,240.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	51.5	52.1	91.9	2,317.9	208.6
Repayment of Borrowings	-70.7	-67.7	-963.3	-1,551.4	-124.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6,210.4	-6,737.8	-5,599.8	-5,996.9	-8,068.9
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	-6,229.5	-6,753.5	-6,471.2	-5,230.4	-7,985.2
Net Cash Flow During the Period	-2.9	52.2	60.6	17.2	-93.7
Cash and Cash Equivalents at Beginning of Period	411.8	358.4	297.5	280.2	305.7
FX Difference from Revaluation	-0.5	1.1	0.4	0.1	-1.9
Cash and Cash Equivalents at End of Period	408.4	411.8	358.4	297.5	279.3

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
Revenue	1,276.1	1,291.2	1,090.9	1,042.9	1,048.9	1,149.1	1,051.8	1,025.3	904.6	975.3	885.2	974.7
Revenue Deductions	2.5	2.7	1.2	1.8	2.6	2.1	3.0	1.6	5.3	1.4	0.8	1.0
Net Revenue	1,273.5	1,288.5	1,089.7	1,041.2	1,046.3	1,147.1	1,048.7	1,023.7	899.3	973.9	884.4	973.8
Cost of Goods Sold	1,090.2	1,076.0	909.5	904.9	891.8	979.8	900.2	854.0	765.6	947.8	748.0	820.3
Gross Profit	183.3	212.6	180.2	136.3	154.5	167.3	148.5	169.7	133.7	26.1	136.4	153.5
Financial Income	250.7	255.3	252.6	222.9	200.1	210.8	204.7	202.9	239.3	322.0	335.0	295.1
Financial Expenses	1.7	2.3	-1.1	2.5	2.1	0.6	4.2	1.6	0.7	11.3	13.4	14.4
Interest Expense	0.5	0.6	0.4	0.3	0.2	0.3	0.2	0.6	0.4	8.3	13.2	28.7
Share of Associates and Joint Ventures	1,531.2	1,964.8	1,590.4	1,968.6	1,100.8	2,363.9	1,500.4	1,627.8	1,237.7	1,607.2	1,285.5	1,571.0
Selling Expenses	28.0	31.9	22.1	22.2	22.4	24.0	22.8	22.9	19.7	22.8	21.3	20.9
General and Administrative Expenses	114.1	187.1	123.4	119.8	108.8	176.1	112.5	103.0	99.3	277.2	115.2	109.7
Operating Profit	1,821.4	2,211.4	1,878.8	2,183.3	1,322.1	2,541.3	1,714.1	1,872.9	1,491.0	1,644.0	1,607.0	1,874.5
Other Income	3.5	3.8	1.7	1.4	5.4	2.3	2.3	3.2	0.7	3.3	4.3	0.9
Other Expenses	1.8	2.2	1.5	1.9	2.9	2.9	4.3	2.2	3.2	10.2	4.5	3.9
Other Profit	1.7	1.5	0.2	-0.5	2.5	-0.7	-2.0	1.0	-2.5	-7.0	-0.2	-3.0
Profit Before Tax	1,823.1	2,213.0	1,879.0	2,182.8	1,324.5	2,540.6	1,712.1	1,873.9	1,488.6	1,637.0	1,606.9	1,871.5
Current Income Tax Expense	59.5	49.4	59.1	51.0	47.2	44.3	46.2	52.4	53.2	62.2	66.6	62.4
Deferred Income Tax Expense	-0.8	-1.0	-0.6	-0.7	-0.4	-1.1	-0.8	-0.7	-0.1	0.1	0.0	0.2
Net Income	1,764.5	2,164.5	1,820.5	2,132.5	1,277.7	2,497.4	1,666.7	1,822.2	1,435.4	1,574.6	1,540.3	1,809.0
Non-controlling Interest	22.4	12.1	21.2	19.0	18.2	11.4	14.5	23.7	15.3	15.0	14.8	20.6
Profit Attributable to Parent	1,742.1	2,152.5	1,799.3	2,113.5	1,259.5	2,486.0	1,652.2	1,798.5	1,420.1	1,559.7	1,525.5	1,788.4
Earnings per Share	1,311.00	1,619.87	1,354.10	1,590.51	948.00	1,870.86	1,243.38	1,353.46	1,069.00	1,173.75	1,148.02	1,345.87
Diluted EPS	1,311.03	1,619.87	1,354.10	1,590.51	947.81	1,870.86	1,243.38	1,353.46	1,068.71	1,173.75	1,148.02	1,345.87

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)	19,658.8	19,753.9	25,262.5	25,035.8	18,728.5	18,739.7	25,053.2	24,364.2	19,145.1	19,151.0	25,095.5	24,156.8
I. Cash and cash equivalents	284.4	400.4	509.6	318.4	354.4	378.8	486.0	369.8	285.4	333.4	584.5	287.7
1. Cash	191.1	242.6	294.0	215.2	175.2	262.1	245.9	268.6	210.8	215.7	211.1	189.2
2. Cash equivalents	93.3	157.7	215.6	103.3	179.2	116.7	240.1	101.2	74.7	117.8	373.4	98.5
II. Short-term financial investments	17,118.7	13,766.1	19,038.3	16,272.3	16,041.1	13,129.7	19,470.5	16,447.4	16,274.5	12,912.7	18,482.3	14,991.7
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	17,118.7	13,766.1	19,038.3	16,272.3	16,041.1	13,129.7	19,470.5	16,447.4	16,274.5	12,912.7	18,482.3	14,991.7
III. Short-term receivables	1,075.6	4,299.5	4,340.5	7,076.3	965.9	3,854.3	3,716.9	6,150.8	1,158.4	4,462.9	4,446.5	7,271.2
1. Short-term trade accounts receivable	1,025.9	962.5	906.3	925.1	901.3	948.4	876.3	881.5	879.6	864.4	862.4	895.9
2. Short-term prepayments to suppliers	205.1	216.3	213.0	205.2	201.4	199.3	204.5	198.9	202.8	202.5	221.3	211.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	633.9	3,762.5	3,861.2	6,581.8	499.3	3,341.6	3,268.4	5,704.2	712.5	4,037.0	3,887.1	6,686.3
7. Provision for short-term doubtful debts (*)	-799.2	-651.9	-649.9	-645.8	-646.2	-645.0	-642.3	-643.8	-646.4	-651.6	-535.0	-533.3
8. Assets awaiting resolution	9.9	10.1	9.9	9.9	10.0	10.1	10.0	10.0	10.0	10.6	10.7	10.7
IV. Inventories	1,029.7	1,151.1	1,237.2	1,229.2	1,229.1	1,247.1	1,245.8	1,245.9	1,276.4	1,290.6	1,432.3	1,452.5
1. Inventories	1,391.4	1,571.5	1,788.1	1,790.2	1,761.1	1,779.3	1,764.1	1,770.2	1,810.9	1,820.0	1,830.7	1,851.2
2. Provision for decline in value of inventories	-361.6	-420.4	-550.9	-561.0	-532.0	-532.2	-518.3	-524.4	-534.4	-529.3	-398.4	-398.7
V. Other short-term assets	150.3	136.8	136.9	139.6	138.0	129.8	134.0	150.3	150.3	151.4	149.8	153.8
1. Short-term prepayments	27.1	19.1	23.5	25.5	28.9	22.3	23.4	23.4	23.8	23.3	24.1	25.7
2. Value added tax to be reclaimed	118.5	115.9	112.5	111.6	108.0	106.4	108.9	124.6	123.8	126.8	123.9	126.2
3. Taxes and other receivables from state authorities	4.6	1.9	0.8	2.5	1.1	1.1	1.8	2.3	2.7	1.3	1.8	1.9
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)	10,320.5	8,788.1	7,261.0	5,721.9	9,889.9	8,822.0	6,689.9	5,676.5	9,178.7	7,987.1	6,550.8	5,974.4
I. Long-term receivables	12.1	11.0	11.3	11.5	10.8	11.4	11.6	11.8	11.7	11.8	11.4	11.4
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	12.1	11.0	11.3	11.5	10.8	11.4	11.6	11.8	11.7	11.8	11.4	11.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,254.4	1,286.3	1,296.3	1,344.8	1,385.9	1,423.1	1,461.7	1,498.4	1,538.7	1,591.4	1,597.0	1,657.2
1. Tangible fixed assets	1,179.3	1,210.6	1,221.6	1,269.6	1,310.2	1,346.7	1,389.3	1,425.4	1,467.2	1,519.5	1,524.7	1,584.4
- Cost	5,594.7	—	—	—	—	5,490.4	5,473.5	5,448.9	5,429.7	5,420.6	5,365.2	5,360.6
- Accumulated depreciation	-4,415.3	—	—	—	—	-4,143.7	-4,084.2	-4,023.5	-3,962.5	-3,901.1	-3,840.5	-3,776.2
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	75.1	75.7	74.7	75.2	75.8	76.4	72.4	73.0	71.5	71.9	72.3	72.8
- Cost	128.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-53.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	103.7	86.4	90.6	85.5	84.7	84.1	86.8	87.4	91.8	103.4	87.4	87.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	103.7	86.4	90.6	85.5	84.7	84.1	86.8	87.4	91.8	103.4	87.4	87.1
V. Long-term financial investments	8,295.4	6,756.7	5,235.9	3,661.0	7,803.7	6,704.7	4,546.3	3,505.3	6,957.2	5,718.0	4,310.3	3,685.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	8,228.5	6,691.8	5,170.7	3,595.9	7,738.6	6,637.8	4,479.9	3,438.8	6,890.7	5,651.5	4,242.0	3,616.7
3. Investments in other entities	66.3	66.3	66.3	66.3	66.3	66.3	66.3	66.3	66.3	66.3	66.3	66.3
4. Provision for diminution in value of long-term investments	-1.5	-1.5	-1.1	-1.1	-1.1	-1.1	-1.9	-1.9	-1.9	-1.9	0.0	0.0
5. Held to maturity investments	2.1	—	—	—	—	1.7	2.0	2.0	2.0	2.0	2.0	2.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	654.8	647.7	627.1	619.0	604.7	598.7	583.4	573.6	579.3	562.5	544.7	533.8
1. Long-term prepayments	654.7	647.7	627.0	619.0	604.7	598.7	583.3	573.5	579.2	562.4	544.6	533.7
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	29,979.2	28,542.0	32,523.5	30,757.7	28,618.3	27,561.8	31,743.1	30,040.7	28,323.8	27,138.1	31,646.3	30,131.2
A. LIABILITIES (300=210+330)	1,215.1	1,325.3	1,134.3	1,193.5	1,127.2	1,323.5	1,252.6	1,173.5	1,160.1	1,377.2	1,855.9	1,774.7
I. Short -term liabilities	1,165.9	1,274.2	1,081.3	1,139.6	1,076.6	1,272.3	1,200.1	1,119.3	1,103.4	1,320.9	1,799.0	1,720.3
1. Short-term trade accounts payable	325.4	298.8	255.8	295.0	289.5	354.5	330.0	283.5	307.7	333.2	244.8	272.7
2. Short-term advances from customers	12.4	15.0	13.1	19.3	16.5	17.0	13.5	12.5	17.6	16.7	22.5	17.3
3. Dividends and profits payable	26.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	84.5	79.9	104.1	88.7	68.2	74.4	85.1	70.4	85.9	142.0	115.3	94.7
4. Payable to employees	93.9	213.6	149.6	121.4	96.0	192.0	150.8	115.2	111.6	223.1	163.4	140.9
5. Short-term acrrued expenses	95.2	108.5	88.4	90.1	81.6	86.9	79.1	79.8	81.3	89.0	117.4	101.9
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	3.6	4.4	3.3	5.3	4.8	5.1	4.5	4.7	3.6	4.2	5.6	5.5
9. Other short-term payables	192.6	201.4	200.3	192.5	173.5	170.3	204.4	215.2	162.9	173.6	186.3	185.0
10. Short-term borrowings and financial leases	135.7	108.0	122.0	135.3	145.4	127.2	135.2	137.8	169.8	142.8	750.6	777.3
11. Provision for short-term liabilities	7.6	7.6	4.4	2.7	2.7	34.6	13.0	13.4	13.4	13.6	12.7	12.7
12.. Bonus and welfare fund	189.0	237.0	140.3	189.1	198.5	210.2	184.6	186.7	149.6	182.7	180.5	112.3
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	49.2	51.1	53.0	53.8	50.7	51.3	52.5	54.2	56.6	56.2	56.9	54.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	9.0	9.9	10.6	10.9	6.6	7.5	7.6	8.5	10.3	9.8	9.9	8.0
7. Other long-term liabilities	1.5	1.6	1.7	1.6	1.7	1.7	2.1	2.1	2.1	2.2	2.2	2.2
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	37.4	38.2	39.2	39.9	40.5	40.9	42.0	42.8	43.5	43.6	43.5	43.6
12. Provision for long-term liabilities	1.0	1.0	1.0	1.0	1.4	0.8	0.4	0.4	0.4	0.2	0.9	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	28,764.1	27,216.7	31,389.2	29,564.3	27,491.1	26,238.2	30,490.5	28,867.2	27,163.7	25,761.0	29,790.4	28,356.5
I. Owner's equity	28,764.1	27,213.9	31,386.0	29,562.0	27,488.7	26,235.8	30,487.9	28,864.5	27,160.8	25,757.3	29,786.3	28,352.2
1. Owner's capital	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0	13,288.0
- Common stock with voting right	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00	13,288,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	27.1	27.1	27.1	27.1	27.1	27.1	27.1	27.1	27.1	27.1	27.1	27.1
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-71.4	-71.4	-71.4	-71.4	-71.4	-71.4	-71.4	-71.4	-71.4	-71.4	-71.4	-71.4
7. Foreign exchange differences	4.8	4.0	4.3	4.5	3.7	4.4	4.3	4.2	4.2	4.3	3.8	3.7
8. Investment and development fund	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1
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	15,272.7	13,717.7	17,870.4	16,067.3	13,974.6	12,744.7	17,008.2	15,399.5	13,638.4	12,250.7	16,295.0	14,841.6
- Accumulated retained earning at the end of the previous period	13,530.6	6,393.0	12,698.1	12,694.4	12,715.2	5,387.9	12,137.5	12,180.9	12,218.3	6,017.2	11,621.1	11,694.4
- Undistributed earnings in this period	1,742.1	7,324.7	5,172.2	3,372.9	1,259.5	7,356.8	4,870.8	3,218.6	1,420.1	6,233.6	4,673.9	3,147.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	214.8	220.4	239.6	218.4	238.6	214.9	203.5	188.9	246.4	230.5	215.6	235.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	2.8	3.2	2.2	2.3	2.5	2.6	2.8	2.9	3.7	4.1	4.3
1. Subsidized not-for-profit funds	—	0.8	1.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.5	0.8	0.8
2. Funds invested in fixed assets	—	2.0	2.2	2.3	2.4	2.6	2.7	2.9	3.0	3.2	3.4	3.5
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)	29,979.2	28,542.0	32,523.5	30,757.7	28,618.3	27,561.8	31,743.1	30,040.7	28,323.8	27,138.1	31,646.3	30,131.2

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
Profit Before Tax	1,823.1	2,038.0	1,879.0	2,182.8	1,324.5	2,540.6	1,712.1	1,873.8	1,488.6	1,614.2	1,606.9	1,872.9
Depreciation of Fixed Assets and Investment Property	55.6	82.3	56.2	57.2	60.2	61.2	61.3	61.3	61.7	62.3	64.7	65.0
Provision (Increase)/Reversal	-55.5	18.8	-4.5	28.9	0.8	37.6	-8.0	-12.7	1.8	248.2	1.4	-0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	-0.6	0.4	-0.1	-2.5	1.3	-0.0	-0.8	1.0	-0.9	-0.4
Gain/Loss from Investment Activities	-1,780.2	-2,222.8	-1,842.6	-2,186.6	-1,299.9	-2,567.7	-1,703.4	-1,825.4	-1,473.8	-1,928.4	-1,616.4	-1,866.0
Interest Expense	0.5	0.6	0.4	0.3	0.2	0.3	0.2	0.6	0.4	8.3	13.2	14.0
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	43.5	-83.2	87.9	82.9	85.8	69.5	63.5	97.6	77.9	5.7	69.0	85.3
Increase/(Decrease) in Receivables	-60.0	-62.4	15.3	-34.3	22.0	-66.2	16.1	6.1	-21.8	20.8	23.3	42.5
Increase/(Decrease) in Inventory	154.5	215.3	5.8	-32.9	22.1	-15.2	6.1	40.7	7.6	12.2	20.5	56.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-111.6	90.9	0.4	51.3	-158.3	73.5	85.4	-26.4	-139.1	137.7	50.8	-79.9
Increase/(Decrease) in Prepaid Expenses	-14.4	-16.9	-6.0	-10.9	-11.6	-14.3	-9.8	6.1	-15.5	-18.7	-9.2	-10.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.1	-0.0	3.2	-3.6	-4.2	0.2	-0.1	-0.2	-50.2	-0.3	-1.2
Corporate Income Tax Paid	-60.1	-61.7	-48.3	-35.5	-57.4	-51.0	-39.0	-53.7	-134.1	-19.1	-58.4	-45.2
Other Operating Receipts	—	—	—	—	—	1.1	3.0	-0.8	1.6	-3.8	1.8	1.5
Other Operating Payments	-72.0	3.7	-51.4	-48.2	-47.7	-34.5	-48.8	-32.8	-35.4	-34.7	-28.6	-33.1
Net Cash Flow from Operating Activities	-120.3	82.9	7.1	-26.2	-146.5	-41.3	76.8	36.8	-258.9	49.8	68.8	15.6
Payments for Fixed Assets and Other Long-term Assets	-32.3	-39.4	-18.8	-19.7	-25.5	-13.9	-30.7	-16.7	-22.8	-33.0	-39.7	-6.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	3.0	-3.0	3.7	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-10,907.3	-1,481.5	-3,223.9	-1,895.7	-13,432.7	-961.7	-4,735.8	-3,978.8	-10,450.8	-567.6	-7,082.8	-3,895.5
Receipts from Loan Repayments and Sale of Debt Instruments	7,544.6	6,765.9	446.9	1,675.5	10,490.0	7,302.6	1,722.7	3,793.9	7,066.0	6,165.2	3,582.6	3,639.8
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3,377.9	791.4	2,985.4	247.6	3,040.1	339.2	3,098.1	280.8	3,566.8	363.2	3,794.6	298.6
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	-17.1	6,039.4	186.5	11.4	71.9	6,666.5	54.2	79.3	159.2	5,927.9	254.7	36.0
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	45.5	1.2	2.3	15.6	32.3	2.3	1.6	5.1	43.1	3.0	7.2	32.2
Repayment of Borrowings	-17.9	-15.2	-15.6	-25.7	-14.1	-10.3	-4.2	-37.1	-16.1	-610.8	-33.9	-61.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-15.1	-6,208.7	-0.0	-1.3	-0.3	-6,725.6	-11.9	-0.0	-0.3	-5,596.6	-0.1	-1.5
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	12.6	-6,222.7	-13.4	-11.4	17.9	-6,733.6	-14.5	-32.0	26.6	-6,204.4	-26.8	-30.7
Net Cash Flow During the Period	-124.9	-100.4	180.2	-26.1	-56.7	-108.5	116.5	84.1	-73.1	-226.7	296.7	20.9
Cash and Cash Equivalents at Beginning of Period	408.4	509.6	329.4	354.4	411.8	358.4	358.4	358.4	358.4	297.5	297.5	297.5
FX Difference from Revaluation	0.9	-0.5	0.4	0.5	-0.6	1.3	-0.4	0.3	0.1	0.5	0.2	-0.0
Cash and Cash Equivalents at End of Period	284.4	408.4	509.6	329.4	354.4	378.8	486.0	369.8	285.4	358.4	584.5	287.7

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VEA

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