VEF

Trung tâm Hội chợ Triển lãm Việt Nam ·UPCOM ·2026Q1

▼ Under pressure

Capital efficiency remains weak ROE 4.80%, −1.47pp YoY

Price

90,500

Latest close

05 Jun 2026

P/E 23.52x

P/B 2.21x

EPS 3,847

BVPS 40,909

ROE 5.0%

ROA 1.8%

Profit Margin 224.2%

Asset Turnover 0.01x

Equity Mult. 2.75x

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

What Is Changing

On a TTM 2026Q1 basis, VEF is in an offsetting state — revenue softened slightly but margins improved — the growth momentum has held across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 286bn
	                                
−99.4%YoY

	                            
	                                NET MARGIN
	                            
	                                    224.16%
	                                
+189.4ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 641bn
	                                
−95.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    146.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	44,714.3	4.6	9.0	1.0	6.3
Growth	+964401%	-48%	+810%	-84%	—
Net Income	15,402.5	942.2	434.7	319.6	328.2
Net Margin	34.45%	20322.63%	4831.87%	32309.32%	5238.52%

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	121.6	113.3	46.1	4.9	44,560.2	0.1	4.0	0.2	0.3	6.2	0.2	0.2
Growth	+7%	+146%	+849%	-100%	+35306305%	-97%	+1515%	-8%	-96%	+2398%	0%	—
Net Income	139.8	-15.4	167.7	348.7	14,873.3	434.4	84.6	108.9	91.6	91.0	116.4	125.0
Net Margin	115.00%	-13.55%	363.54%	7174.31%	33.38%	344182.56%	2119.08%	44040.63%	34136.84%	1473.81%	47060.11%	50536.02%

Drivers of VEF's profit

TTM

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

Tax ↓ 3,670.2bn

Gross profit ↓ 16,934.0bn

TTM

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

Tax ↓ 3,005.2bn

Gross profit ↓ 16,825.0bn

Financial income ↓ 1,631.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 140.5% = 34.8% × 1.75 × 2.31

2026Q1 5.0% = 224.2% × 0.01 × 2.75

ROE fell from 140.5% to 5.0% — asset turnover weakened the most, though net margin and leverage still provided support.

Net margin: 224.2% +189.4pp Asset turnover: 0.01x -1.74x Leverage: 2.75x +0.44x

Is the profit sustainable?

Margins improved (+189.4pp), 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 224.16%, rising 189.4pp. Despite pressure from SG&A / Revenue rose 78.7pp and Gross margin fell 73.7pp, the offset came from Net financial result / Revenue rose 405.1pp (pressure remains from Other profit / Revenue fell 14.8pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 224.16% +189.4pp

Gross Margin -35.98% −73.7pp

SG&A / Revenue 78.73% +78.7pp

Non-core / Revenue 396.17% +390.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 151.3% of PBT and lifted net margin by 390.3pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 4.80%, losing 146.7pp. That translates to 4.80 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 4.32x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 2,434bn.

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

Watchpoints

ROIC remains low

ROIC is currently 4.80% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 4.80% −146.7pp

NOPAT Margin 213.05% +178.2pp

Capital Turnover 0.02x −4.32x

Average Invested Capital 12,690.0bn +2,434.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 2.52x equity, net debt at 0.56x equity.

Over the last 12 months, working capital released 12,949.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +11,077.3bn

Inventories increased → lower CFO: −1,555.5bn

Payables increased → higher CFO: +3,427.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3549.0 days versus the same period last year. The main moves came from DIO rose 1037.4 days, DSO rose 3994.4 days, and DPO rose 1482.8 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 3582.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +3994.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 4020.0 days +3994.4 days

Inventory 1046.1 days +1037.4 days

Payables 1483.2 days +1482.8 days

Cash Conversion Cycle 3582.9 days +3549.0 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 0.56x and interest coverage at 3.16x.

At present, cash equals 4.5% of debt and total debt stands at 1,359.8bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 4.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.56x +0.64x

Interest Coverage 3.16x −347.96x

Cash / Debt 4.5% −160.5pp

Short-term Debt / Total Debt — —

CFO / NI 11.95x +9.89x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7,137.3bn in 2025, against investing cash flow of 3,615.1bn.

Post-investment cash flow was positive +10,752.4bn. Financing cash flow was negative +11,383.2bn.

CFO / net income was 11.95x.

After spending +5,530.1bn on fixed-asset investment, the business generated trailing free cash flow of +2,125.5bn.

Cash Conversion

CFO TTM 7,655.6bn −24,268.6bn

Cash Capex 5,530.1bn −11,221.5bn

FCF TTM +2,125.5bn −13,047.1bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 4.8%. The next watchpoint is the earnings mix, when non-core contribution is 146.0%. The main offsetting support comes from operating efficiency, with net margin improving 189.4 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 224.16% after expanding 189.4pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 11.95x. Even so, net financial result still accounts for 146.0% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	44,714.3	4.6	9.0	1.0	6.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	44,714.3	4.6	9.0	1.0	6.3
Cost of Goods Sold	27,913.7	14.4	17.6	12.9	0.0
Gross Profit	16,800.5	-9.8	-8.6	-11.9	-11.4
Financial Income	3,044.8	1,254.5	564.1	512.7	402.9
Financial Expenses	292.5	47.0	0.0	0.0	-0.0
Interest Expense	233.2	7.9	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	75.1	0.5	2.3	0.1	-1.7
General and Administrative Expenses	126.0	8.7	7.0	7.4	-8.1
Operating Profit	19,351.8	1,188.6	546.1	493.4	381.6
Other Income	1.2	46.7	0.4	0.0	0.0
Other Expenses	83.0	50.3	2.4	75.1	0.0
Other Profit	-81.8	-3.6	-2.1	-75.1	0.0
Profit Before Tax	19,270.0	1,185.0	544.0	418.3	381.7
Current Income Tax Expense	3,238.4	875.9	109.6	98.7	-53.5
Deferred Income Tax Expense	629.2	-633.1	-0.3	0.0	0.0
Net Income	15,402.5	942.2	434.7	319.6	328.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	15,402.5	942.2	434.7	319.6	328.2
Earnings per Share	92,451.00	5,655.00	2,610.00	1,918.00	1,969.00
Diluted EPS	92,451.00	5,655.00	2,610.00	1,918.00	1,969.82

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	11,286.9	91,181.5	6,792.6	4,539.5	7,329.5
I. Cash and cash equivalents	578.9	1,209.5	10.1	1,793.8	1,301.8
1. Cash	578.9	1,209.5	10.1	28.3	0.0
2. Cash equivalents	—	0.0	0.0	1,765.4	0.0
II. Short-term financial investments	—	0.0	1,319.6	0.0	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	—	0.0	1,319.6	0.0	0.0
III. Short-term receivables	8,055.1	66,836.7	4,180.2	1,700.7	4,211.3
1. Short-term trade accounts receivable	26.8	2.6	2.3	0.1	0.0
2. Short-term prepayments to suppliers	2,196.9	3,189.9	2,105.2	100.9	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	4,050.0	0.0	1,896.0	1,480.4	0.0
6. Other short-term receivables	1,781.4	63,644.3	176.7	119.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,097.3	22,157.3	1,265.9	1,029.4	347.1
1. Inventories	2,097.3	22,157.3	1,265.9	1,029.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	555.6	977.9	16.9	15.6	11.7
1. Short-term prepayments	45.0	977.9	0.0	0.0	0.0
2. Value added tax to be reclaimed	510.6	0.0	16.9	15.6	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	12,186.0	13,925.6	3,006.6	4,158.3	1,312.9
I. Long-term receivables	500.0	11,507.1	1,172.6	2,502.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	146.1
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	500.0	11,507.1	1,138.1	2,486.2	0.0
6. Other long-term receivables	—	0.0	34.5	15.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5.6	0.0	0.0	0.0	0.1
1. Tangible fixed assets	4.8	0.0	0.0	0.0	0.1
- Cost	9.1	5.5	5.5	5.5	0.0
- Accumulated depreciation	-4.4	-5.5	-5.5	-5.5	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	0.8	0.0	0.0	0.0	0.0
- Cost	0.9	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	6,248.9	0.0	0.0	0.0	0.0
- Cost	6,329.6	0.0	0.0	0.0	0.0
- Accumulated depreciation	-80.7	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4,532.0	1,152.6	1,833.4	1,656.1	1,166.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4,532.0	1,152.6	1,833.4	1,656.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	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	899.5	1,265.9	0.6	0.2	0.0
1. Long-term prepayments	895.0	632.2	0.0	0.0	0.0
2. Deferred income tax assets	4.5	633.7	0.6	0.2	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.2
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)	23,472.9	105,107.1	9,799.2	8,697.9	8,642.4
A. LIABILITIES (300=210+330)	16,797.2	101,088.8	6,723.1	6,056.5	6,320.6
I. Short -term liabilities	9,410.2	99,616.4	6,723.1	5,711.5	4,920.6
1. Short-term trade accounts payable	3,396.6	52.4	12.9	21.1	2.3
2. Short-term advances from customers	411.1	63,090.1	0.0	1.0	0.0
3. Taxes and other payables to state authorities	463.9	5,922.0	111.9	58.9	0.0
4. Payable to employees	4.3	1.3	1.1	1.1	0.0
5. Short-term acrrued expenses	4,316.2	678.2	61.0	41.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.1	0.2	0.2	0.2
9. Other short-term payables	818.1	29,872.2	6,190.8	4,901.2	0.0
10. Short-term borrowings and financial leases	—	0.0	345.0	687.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	7,387.0	1,472.5	0.0	345.0	1,400.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	62.2	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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	5,965.0	1,472.5	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,359.8	0.0	0.0	345.0	1,400.0
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,675.7	4,018.3	3,076.1	2,641.4	2,321.8
I. Owner's equity	6,675.7	4,018.3	3,076.1	2,641.4	0.0
1. Owner's capital	1,666.0	1,666.0	1,666.0	1,666.0	2,321.8
- Common stock with voting right	1,666,041,000,000.00	1,666,041,000,000.00	1,666,040,500,000.00	1,666,040,500,000.00	1,666,040,500,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.3	5.3	5.3	5.3	5.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-30,000,000.00	-30,000,000.00	-30,150,000.00	-30,150,000.00	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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	5,004.4	2,347.0	1,404.8	970.1	650.5
- Accumulated retained earning at the end of the previous period	97.8	1,404.8	970.1	650.5	322.3
- Undistributed earnings in this period	4,906.6	942.2	434.7	319.6	328.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	23,472.9	105,107.1	9,799.2	8,697.9	8,642.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	19,270.0	1,185.0	544.0	418.3	287.8
Depreciation of Fixed Assets and Investment Property	89.8	0.0	0.0	0.1	0.1
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-3,021.7	-1,243.5	-564.0	-512.7	0.0
Interest Expense	233.2	7.9	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	75.1	0.0
Operating Profit Before Changes in Working Capital	16,571.2	-50.6	-19.9	-19.3	-15.2
Increase/(Decrease) in Receivables	62,239.7	-63,059.6	-2,013.2	-73.0	0.0
Increase/(Decrease) in Inventory	20,530.0	-18,410.5	-236.4	-218.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-88,236.8	98,889.9	1,281.4	4.0	0.0
Increase/(Decrease) in Prepaid Expenses	-80.3	-978.5	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	1,457.6	0.0
Interest Paid	-233.2	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3,653.3	-109.6	-52.9	-61.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7,137.3	16,281.1	-1,041.0	1,089.7	-6,756.7
Payments for Fixed Assets and Other Long-term Assets	-5,634.2	-3,534.0	-164.5	-191.7	-674.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	724.8	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-9,410.0	-14,957.1	-5,710.6	-260.0	-1,546.0
Receipts from Loan Repayments and Sale of Debt Instruments	16,367.1	7,803.7	5,388.6	0.0	2,300.0
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	1,567.4	850.7	430.9	222.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	3,615.1	-9,836.7	-55.6	-229.7	308.0
Proceeds from Equity Issuance and Capital Contributions	—	2,206,992,000,000.00	0.00	0.00	4,900,000,000,000.00
Share Repurchases	—	-7,106,992,000,000.00	0.00	0.00	0.00
Proceeds from Borrowings	3,859.8	0.0	0.0	345.0	687.0
Repayment of Borrowings	-2,500.0	-345.0	-687.0	-713.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-12,743.0	0.0	0.0	0.0	0.0
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	-11,383.2	-5,245.0	-687.0	-368.0	5,587.0
Net Cash Flow During the Period	-630.8	1,199.4	-1,783.6	492.0	-744.7
Cash and Cash Equivalents at Beginning of Period	1,209.5	10.1	1,793.8	1,301.8	4,962.7
FX Difference from Revaluation	0.2	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	578.9	1,209.5	10.1	1,793.8	1,301.8

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	121.6	113.3	46.1	4.9	44,560.2	0.1	4.0	0.2	0.3	6.2	0.2	0.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	121.6	113.3	46.1	4.9	44,560.2	0.1	4.0	0.2	0.3	6.2	0.2	0.2
Cost of Goods Sold	110.7	157.5	105.5	15.1	27,724.4	3.0	3.2	3.0	3.0	6.2	3.5	4.4
Gross Profit	10.9	-44.2	-59.3	-10.2	16,835.8	-2.8	0.8	-2.7	-2.7	-0.1	-3.3	-4.2
Financial Income	225.5	249.9	387.4	581.0	1,857.1	560.0	129.0	148.6	124.9	117.8	150.2	163.6
Financial Expenses	19.2	33.4	107.4	108.5	36.0	8.1	11.3	0.0	0.0	0.0	0.0	0.0
Interest Expense	19.2	—	—	—	36.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	7.3	65.6	2.6	0.7	—	15.1	0.3	0.0	0.0	2.2	0.0	-0.2
General and Administrative Expenses	28.1	114.5	3.5	2.9	5.6	3.5	4.2	1.8	1.7	1.9	1.4	0.6
Operating Profit	181.8	-7.8	214.5	458.7	18,651.4	530.5	114.1	144.1	120.5	113.7	145.5	159.0
Other Income	0.0	-3.1	—	—	4.5	46.6	0.0	0.0	0.1	0.4	0.0	0.0
Other Expenses	7.0	13.8	0.4	18.2	50.8	30.9	7.9	5.2	6.0	0.2	0.0	2.2
Other Profit	-7.0	-16.9	-0.4	-18.2	-46.3	15.7	-7.9	-5.2	-5.9	0.1	-0.0	-2.2
Profit Before Tax	174.8	-24.7	214.1	440.5	18,605.1	546.1	106.2	138.9	114.5	113.8	145.5	156.8
Current Income Tax Expense	92.8	-5.3	46.4	92.3	3,098.0	746.8	21.6	30.0	22.9	23.2	29.1	31.8
Deferred Income Tax Expense	-57.8	-4.0	—	-0.6	633.7	-635.1	0.0	0.0	0.0	-0.3	0.0	0.0
Net Income	139.8	-15.4	167.7	348.7	14,873.3	434.4	84.6	108.9	91.6	91.0	116.4	125.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	139.8	-15.4	167.7	348.7	14,873.3	434.4	84.6	108.9	91.6	91.0	116.4	125.0
Earnings per Share	839.00	-92.00	1,007.00	2,093.00	89,275.00	2,607.00	508.00	654.00	550.00	546.00	698.00	750.00
Diluted EPS	839.22	-92.19	1,006.60	2,093.24	89,273.53	2,607.34	508.00	653.65	549.90	546.32	698.46	750.05

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)	11,331.5	10,370.1	20,745.8	21,900.6	21,306.4	87,994.5	33,752.6	4,120.4	6,825.6	5,989.2	6,580.2	3,825.7
I. Cash and cash equivalents	61.6	578.9	181.6	314.2	4,125.4	1,209.5	33.1	181.1	62.8	1,329.7	1,688.5	1,741.3
1. Cash	61.6	578.9	81.6	114.2	4,125.4	1,209.5	33.1	181.1	62.8	10.1	30.8	509.0
2. Cash equivalents	—	—	100.0	200.0	—	0.0	0.0	0.0	0.0	1,319.6	1,657.7	1,232.3
II. Short-term financial investments	4,854.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	4,854.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	4,030.9	7,133.6	18,156.8	17,771.2	17,081.5	63,568.1	11,576.5	2,860.9	5,515.4	2,180.2	3,654.0	968.2
1. Short-term trade accounts receivable	67.2	38.1	23.7	2,231.5	6,230.6	2.6	4.5	4.4	5.0	2.3	0.1	0.3
2. Short-term prepayments to suppliers	2,264.0	2,156.5	2,638.7	3,966.7	3,072.6	3,361.5	190.9	2,846.9	2,087.8	105.2	123.3	87.4
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	—	4,050.0	12,851.1	8,060.0	—	3,637.1	0.0	0.0	3,196.0	1,896.0	3,391.0	828.8
6. Other short-term receivables	1,699.6	888.9	2,643.3	3,512.9	7,778.4	56,567.0	11,381.1	9.6	226.5	176.7	139.6	51.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,129.4	2,097.3	2,050.4	3,796.5	99.2	22,082.8	21,891.8	1,038.8	1,230.3	2,462.4	1,220.7	1,099.3
1. Inventories	2,129.4	2,097.3	2,050.4	3,796.5	99.2	22,082.8	21,891.8	1,038.8	1,230.3	2,462.4	1,220.7	1,099.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	255.1	560.3	357.0	18.7	0.4	1,134.1	251.2	39.6	17.1	16.9	17.0	16.8
1. Short-term prepayments	235.0	45.0	2.8	—	0.4	1,134.1	251.1	21.9	0.0	0.0	0.6	0.6
2. Value added tax to be reclaimed	20.1	515.3	354.2	18.7	—	0.0	0.0	17.7	17.1	16.9	16.3	16.2
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	19,182.3	12,186.0	11,231.5	14,342.4	18,830.5	10,386.2	1,829.4	6,881.0	4,026.6	3,814.0	2,332.7	5,136.0
I. Long-term receivables	—	500.0	—	10,982.2	17,507.2	7,880.5	0.0	4,844.9	2,179.0	1,172.6	538.3	3,425.5
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	—	500.0	—	10,982.1	17,507.1	7,870.0	0.0	4,470.0	2,150.0	1,138.1	518.1	3,391.0
6. Other long-term receivables	—	—	—	0.2	0.2	10.5	0.0	374.9	29.0	34.5	20.3	34.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	6.8	5.6	2.2	2.0	2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	6.0	4.8	2.2	2.0	2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	10.6	—	—	—	—	5.5	5.5	5.5	5.5	5.5	5.5	5.5
- Accumulated depreciation	-4.6	—	—	—	—	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5
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	0.8	0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	6,196.2	6,248.9	6,252.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	6,325.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-129.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4,531.4	4,532.0	4,088.0	2,471.4	689.5	1,237.8	1,828.9	2,035.5	1,847.0	2,640.9	1,794.2	1,710.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4,531.4	4,532.0	4,088.0	2,471.4	689.5	1,237.8	1,828.9	2,035.5	1,847.0	2,640.9	1,794.2	1,710.3
V. Long-term financial investments	7,490.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	7,490.0	—	—	—	—	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	957.8	899.5	888.6	886.7	631.6	1,267.8	0.6	0.6	0.6	0.6	0.2	0.2
1. Long-term prepayments	895.4	895.0	888.1	886.1	631.6	632.2	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	62.4	4.5	0.6	0.6	—	635.6	0.6	0.6	0.6	0.6	0.2	0.2
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)	30,513.8	22,556.1	31,977.3	36,242.9	40,137.0	98,380.7	35,582.0	11,001.4	10,852.2	9,803.2	8,913.0	8,961.7
A. LIABILITIES (300=210+330)	23,698.2	15,880.0	25,286.0	24,221.3	21,245.4	94,605.8	32,241.5	7,724.8	7,684.4	6,727.0	5,927.7	6,092.9
I. Short -term liabilities	16,251.8	7,912.2	18,440.1	17,405.0	21,245.3	93,133.3	32,241.4	7,724.7	7,684.4	6,727.0	5,927.7	5,952.8
1. Short-term trade accounts payable	3,109.6	2,462.0	2,929.4	171.0	50.0	52.4	28.5	10.8	12.9	12.9	7.5	6.9
2. Short-term advances from customers	6,191.0	411.1	18.5	0.0	—	63,261.2	12,168.5	0.4	0.1	0.0	2.8	0.6
3. Dividends and profits payable	2.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	567.4	469.7	742.0	695.6	4,385.6	5,860.4	5,771.0	174.7	133.0	112.0	88.5	101.0
4. Payable to employees	3.4	15.8	2.5	0.6	0.4	1.4	0.8	0.5	0.3	1.1	0.7	0.5
5. Short-term acrrued expenses	4,314.1	4,316.2	6,156.2	4,228.0	4,277.9	678.4	255.1	0.2	0.2	64.9	48.0	50.4
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	1.4	—	0.3	0.1	0.1	0.1	0.1	0.3	0.2	0.2	0.1	0.2
9. Other short-term payables	2,062.9	237.4	6,091.3	9,809.6	10,031.5	23,279.4	14,017.4	7,397.8	7,397.8	6,190.8	5,191.0	4,901.2
10. Short-term borrowings and financial leases	—	—	2,500.0	2,500.0	2,500.0	0.0	0.0	140.0	140.0	345.0	589.0	892.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	7,446.5	7,967.8	6,845.9	6,816.4	0.0	1,472.5	0.0	0.0	0.0	0.0	0.0	140.0
1. Long-term trade payables	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	83.6	62.2	40.3	18.3	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	6,003.0	6,545.7	5,445.8	5,438.2	0.0	1,472.5	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,359.8	1,359.8	1,359.8	1,359.8	—	0.0	0.0	0.0	0.0	0.0	0.0	140.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,815.6	6,676.1	6,691.4	12,021.6	18,891.6	3,774.9	3,340.5	3,276.6	3,167.7	3,076.3	2,985.2	2,868.9
I. Owner's equity	6,815.6	6,676.1	6,691.4	12,021.6	18,891.6	3,774.9	3,340.5	3,276.6	3,167.7	3,076.3	2,985.2	2,868.9
1. Owner's capital	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0	1,666.0
- Common stock with voting right	1,666,041,000,000.00	1,666,041,000,000.00	1,666,041,000,000.00	1,666,041,000,000.00	1,666,041,000,000.00	1,666,040,500,000.00	1,666,040,500,000.00	1,666,040,500,000.00	1,666,040,500,000.00	1,666,040,500,000.00	1,666,040,500,000.00	1,666,040,500,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-30,000,000.00	-30,000,000.00	-30,000,000.00	-30,000,000.00	-30,000,000.00	-30,150,000.00	-30,150,000.00	-30,150,000.00	-30,150,000.00	-30,150,000.00	-30,150,000.00	-30,150,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	5,144.3	5,004.8	5,020.1	10,350.3	17,220.3	2,103.6	1,669.2	1,605.3	1,496.4	1,405.0	1,313.9	1,197.6
- Accumulated retained earning at the end of the previous period	5,004.4	97.8	97.8	97.8	2,347.0	1,404.8	1,404.8	1,404.8	1,404.8	970.1	970.1	970.1
- Undistributed earnings in this period	139.8	4,907.0	4,922.2	10,252.5	14,873.3	698.8	264.4	200.5	91.6	434.9	343.9	227.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	30,513.8	22,556.1	31,977.3	36,242.9	40,137.0	98,380.7	35,582.0	11,001.4	10,852.2	9,803.2	8,913.0	8,961.7

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	174.8	-25.1	214.1	476.0	18,605.1	546.1	106.2	111.5	114.5	113.6	145.5	156.8
Depreciation of Fixed Assets and Investment Property	48.7	55.0	34.7	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.2	—	—	—	-0.1	0.0	-0.2	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-225.5	-240.7	-381.3	-540.8	-1,858.8	-549.8	-121.2	-148.6	-124.9	-117.8	-150.2	-163.6
Interest Expense	19.2	-25.8	123.4	99.7	36.0	30.0	11.6	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-5.9	5.9	0.0	0.0	-65.1
Operating Profit Before Changes in Working Capital	17.2	-236.9	-9.1	34.9	16,782.3	26.1	-3.4	-43.2	-4.5	-4.1	-4.8	-71.9
Increase/(Decrease) in Receivables	385.7	-734.5	2,517.4	8,908.7	51,548.1	-47,117.5	-8,845.7	-760.3	36.8	-1,987.9	-29.1	462.9
Increase/(Decrease) in Inventory	-27.3	423.1	-527.9	-1,423.4	22,058.2	-191.0	-20,581.1	-80.4	35.5	-45.1	-121.4	-45.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6,789.0	-1,264.3	249.3	-2,346.8	-84,875.0	78,305.8	26,817.2	-2,126.2	1,145.5	1,102.2	183.0	-115.2
Increase/(Decrease) in Prepaid Expenses	-190.5	-799.6	718.7	-977.6	978.1	-1,134.1	0.0	0.0	-0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	1,319.6	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-8.2	-94.5	-94.5	-36.0	19.3	-27.3	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-3,653.3	—	0.0	-109.6	0.0	0.0	0.0	-35.1	-17.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	6,974.1	-2,620.4	2,853.9	448.1	6,455.8	29,908.7	-1,430.2	-3,010.1	1,213.4	-935.0	-7.4	212.2
Payments for Fixed Assets and Other Long-term Assets	-1.5	829.8	-2,276.1	-4,082.4	-105.5	-16,685.3	13.2	26.1	-43.8	-136.8	17.8	179.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	723.1	—	—	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-7,490.0	11,428.0	-12,778.0	-2,060.0	-6,000.0	-2,773.0	-2,250.0	576.4	-4,026.4	-2,319.6	0.0	-3,252.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-3,126.9	18,969.0	525.0	—	-8,734.1	5,400.4	299.6	3,034.1	1,875.0	360.0	2,698.7
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	0.0	1,158.8	344.7	0.0	63.9	-540.0	465.5	19.3	80.4	82.0	19.7	294.6
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	-7,491.5	11,014.5	4,259.6	-5,619.1	-6,039.9	-28,732.4	3,629.1	921.4	-955.7	-499.4	397.5	-79.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	-2,206,992,400,000.00	2,206,992,400,000.00	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	—	0.0	0.0	1,359.8	2,500.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-2,500.0	—	—	—	0.0	-140.0	0.0	-205.0	-244.0	-443.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-5,497.0	-7,246.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-7,997.0	-7,246.0	1,359.8	2,500.0	0.0	-2,347.0	2,207.0	-205.0	-244.0	-443.0	0.0
Net Cash Flow During the Period	-517.3	397.0	-132.5	-3,811.2	2,915.9	1,176.3	-148.1	118.3	52.6	-1,678.4	-52.9	133.1
Cash and Cash Equivalents at Beginning of Period	578.9	181.6	314.2	4,125.4	1,209.5	10.1	10.1	10.1	10.1	1,793.8	1,793.8	1,793.8
FX Difference from Revaluation	—	0.2	—	—	—	0.1	-0.0	0.2	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	61.6	578.9	181.6	314.2	4,125.4	1,209.5	33.1	181.3	62.8	10.1	1,688.5	1,741.3

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VEF

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