VGC

Tổng Công ty Viglacera - CTCP ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 11.77%, +1.46pp YoY

Price

42,200

Latest close

04 Jun 2026

P/E 14.57x

P/B 1.57x

EPS 2,896

BVPS 26,938

ROE 11.6%

ROA 5.1%

Profit Margin 9.4%

Asset Turnover 0.54x

Equity Mult. 2.28x

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

What Is Changing

On a TTM 2026Q1 basis, VGC is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 13,746bn
	                                
+13.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,618bn
	                                
+29.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	13,314.8	11,906.4	13,193.8	14,592.4	11,200.6
Growth	+12%	-10%	-10%	+30%	—
Net Income	1,594.5	1,187.6	1,162.2	1,913.0	1,279.2
Net Margin	11.98%	9.97%	8.81%	13.11%	11.42%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	3,274.2	3,978.0	3,254.0	3,240.1	2,854.7	3,727.6	2,834.4	2,711.7	2,639.2	3,020.2	3,471.1	3,927.8
Growth	-18%	+22%	+0%	+13%	-23%	+32%	+5%	+3%	-13%	-13%	-12%	—
Net Income	321.1	638.9	117.6	540.0	298.5	547.1	234.2	170.9	237.4	-48.6	433.6	625.6
Net Margin	9.81%	16.06%	3.62%	16.67%	10.46%	14.68%	8.26%	6.30%	8.99%	-1.61%	12.49%	15.93%

Drivers of VGC's profit

TTM

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

Gross profit ↑ 384.5bn

Financial income ↑ 86.5bn

Associates income ↑ 58.6bn

Other profit ↑ 49.8bn

Minority interests ↑ 287.8bn

Selling expenses ↑ 73.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher minority interests. Supporting and offsetting drivers:

Financial income ↑ 20.3bn

Minority interests ↑ 127.5bn

Selling expenses ↑ 26.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.5% = 10.3% × 0.51 × 2.36

2026Q1 14.5% = 11.8% × 0.54 × 2.28

ROE rose from 12.5% to 14.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 11.8% +1.5pp Asset turnover: 0.54x +0.03x Leverage: 2.28x -0.09x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 11.77%, rising 1.5pp. Core operating signals are improving as SG&A / Revenue fell 1.0pp are enough to offset pressure from Gross margin fell 0.7pp (with additional support from Net financial result / Revenue rose 0.9pp and Other profit / Revenue rose 0.3pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 11.77% +1.5pp

Gross Margin 29.12% −0.7pp

SG&A / Revenue 12.64% −1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 67.7 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 10.76%, rising 1.5pp. That translates to 10.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.2pp, with capital turnover broadly stable; while invested capital rose by 1,216bn.

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

CAPITAL EFFICIENCY TREND

ROIC 10.76% +1.5pp

NOPAT Margin 11.28% +1.2pp

Capital Turnover 0.95x +0.03x

Average Invested Capital 14,418.5bn +1,215.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.28x equity, net debt at 0.34x equity.

Inventory ended the period at 4,019.4bn, roughly 15.2% of total assets.

Over the last 12 months, working capital released 1,342.6bn 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: −440.3bn

Inventories decreased → higher CFO: +938.1bn

Payables increased → higher CFO: +844.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 67.7 days versus the same period last year. The main moves came from DIO rose 62.4 days, DSO fell 4.3 days, and DPO fell 9.6 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 233.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +62.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 22.2 days −4.3 days

Inventory 268.4 days +62.4 days

Payables 56.8 days −9.6 days

Cash Conversion Cycle 233.8 days +67.7 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 0.34x and interest coverage at 6.73x.

At present, short-term debt accounts for 47.1% of total debt, cash equals 29.2% of debt, and total debt stands at 5,767.4bn.

Leverage and liquidity trend

Net Debt / Equity 0.34x +0.10x

Interest Coverage 6.73x +1.42x

Cash / Debt 29.2% −19.6pp

Short-term Debt / Total Debt 47.1% −6.3pp

CFO / NI 2.64x −0.98x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,339.1bn in 2025, against investing cash flow of -4,594.4bn.

Post-investment cash flow was negative +1,255.3bn. Financing cash flow was positive +816.7bn.

CFO / net income was 2.64x.

After spending +2,119.6bn on fixed-asset investment, the business generated trailing free cash flow of +1,312.8bn.

Cash Conversion

CFO TTM 3,432.4bn −987.1bn

Cash Capex 2,119.6bn −471.5bn

FCF TTM +1,312.8bn −515.6bn

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 operating efficiency, with net margin improving 1.5 pp. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 234 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.77% after expanding 1.5pp versus the same period last year.

Key risk: working capital remains tied up for too long, with cash cycle at 233.8 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	13,513.9	12,051.5	13,342.5	14,607.9	11,227.5
Revenue Deductions	199.2	145.1	148.6	15.5	0.0
Net Revenue	13,314.8	11,906.4	13,193.8	14,592.4	11,200.6
Cost of Goods Sold	9,315.4	8,389.0	9,674.7	10,354.3	0.0
Gross Profit	3,999.4	3,517.3	3,519.1	4,238.1	2,878.3
Financial Income	142.8	75.8	60.5	85.6	176.5
Financial Expenses	316.0	310.4	380.9	324.4	-205.7
Interest Expense	255.9	268.9	348.5	251.4	-160.8
Share of Associates and Joint Ventures	-7.6	-74.8	-36.4	112.4	123.4
Selling Expenses	920.1	861.8	812.4	936.3	-677.2
General and Administrative Expenses	785.3	744.5	756.0	911.8	-741.1
Operating Profit	2,113.2	1,601.6	1,594.0	2,263.6	1,554.2
Other Income	139.9	124.0	72.1	83.6	0.0
Other Expenses	51.2	95.3	64.1	42.0	0.0
Other Profit	88.7	28.7	8.0	41.6	-13.8
Profit Before Tax	2,201.8	1,630.3	1,601.9	2,305.2	1,540.4
Current Income Tax Expense	489.7	411.9	425.2	381.8	-261.2
Deferred Income Tax Expense	117.7	30.8	14.5	10.3	0.0
Net Income	1,594.5	1,187.6	1,162.2	1,913.0	1,279.2
Non-controlling Interest	191.2	82.9	-55.9	184.9	52.4
Profit Attributable to Parent	1,403.2	1,104.7	1,218.1	1,728.2	1,226.8
Earnings per Share	3,130.00	2,464.00	2,717.00	3,854.00	1,379.00
Diluted EPS	3,129.79	2,464.00	2,716.90	3,854.55	2,736.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	10,364.4	9,464.3	9,104.8	8,108.0	8,021.9
I. Cash and cash equivalents	2,424.9	2,860.1	1,841.7	2,018.7	2,701.5
1. Cash	961.9	942.6	1,142.0	937.2	0.0
2. Cash equivalents	1,463.0	1,917.5	699.6	1,081.5	0.0
II. Short-term financial investments	2,160.0	433.4	626.6	129.0	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	2,160.0	433.4	626.6	129.0	0.0
III. Short-term receivables	1,119.2	1,080.6	1,117.3	1,183.3	933.2
1. Short-term trade accounts receivable	828.3	918.0	936.5	891.1	0.0
2. Short-term prepayments to suppliers	326.3	187.6	241.2	337.1	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	0.5	0.5	0.5	0.8	0.0
6. Other short-term receivables	270.6	274.3	225.3	277.0	0.0
7. Provision for short-term doubtful debts (*)	-306.5	-299.8	-286.2	-322.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4,019.4	4,376.0	4,739.8	4,235.0	3,730.5
1. Inventories	4,243.8	4,500.2	4,964.1	4,376.0	0.0
2. Provision for decline in value of inventories	-224.4	-124.2	-224.2	-141.0	0.0
V. Other short-term assets	640.9	714.2	779.4	541.9	459.9
1. Short-term prepayments	31.1	29.7	43.0	54.4	0.0
2. Value added tax to be reclaimed	595.9	654.9	662.3	452.3	0.0
3. Taxes and other receivables from state authorities	13.8	29.6	0.0	35.2	0.0
4. Government bonds	—	0.0	74.1	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)	16,072.2	15,363.2	14,995.4	14,850.9	13,993.1
I. Long-term receivables	1,174.9	278.8	255.1	303.8	0.0
1. Long-term trade receivables	4.3	4.3	0.0	0.0	294.0
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	1,170.6	274.5	255.1	303.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5,777.9	6,020.6	5,385.4	5,383.2	5,262.7
1. Tangible fixed assets	5,359.2	5,643.6	4,977.0	5,003.3	4,857.4
- Cost	15,124.9	13,272.1	11,940.4	11,494.0	0.0
- Accumulated depreciation	-9,765.7	-7,628.5	-6,963.3	-6,490.7	0.0
2. Financial leased fixed assets	203.5	216.6	247.8	214.0	241.4
- Cost	284.2	335.6	349.3	290.0	0.0
- Accumulated depreciation	-80.7	-119.0	-101.4	-75.9	0.0
3. Intangible fixed assets	215.2	160.5	160.5	165.9	164.0
- Cost	389.8	224.5	219.1	219.1	0.0
- Accumulated depreciation	-174.6	-64.0	-58.6	-53.2	0.0
III. Investment properties	2,173.6	1,914.2	1,942.4	1,951.9	1,961.5
- Cost	14,531.7	13,123.2	11,885.9	9,540.0	0.0
- Accumulated depreciation	-12,358.1	-11,208.9	-9,943.4	-7,588.2	0.0
IV. Long-term assets in progress	5,912.5	6,093.9	6,229.4	5,774.8	5,128.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5,912.5	6,093.9	6,229.4	5,774.8	0.0
V. Long-term financial investments	229.9	365.1	438.3	688.5	627.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	222.2	356.9	430.1	680.3	0.0
3. Investments in other entities	9.3	9.3	9.3	9.3	0.0
4. Provision for diminution in value of long-term investments	-1.7	-1.2	-1.2	-1.2	0.0
5. Held to maturity investments	0.1	0.1	0.1	0.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	803.4	690.5	744.8	748.7	0.0
1. Long-term prepayments	792.1	678.9	729.3	734.7	0.0
2. Deferred income tax assets	11.3	11.6	15.6	14.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	719.0
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)	26,436.6	24,827.4	24,100.2	22,958.9	22,015.0
A. LIABILITIES (300=210+330)	14,865.7	14,874.4	14,575.9	13,873.5	13,648.1
I. Short -term liabilities	8,357.8	8,746.2	8,337.2	8,390.8	8,630.8
1. Short-term trade accounts payable	1,674.0	1,753.6	1,576.0	1,590.4	1,314.5
2. Short-term advances from customers	1,201.5	1,919.3	1,597.7	2,402.0	3,359.8
3. Taxes and other payables to state authorities	481.6	363.3	400.7	209.0	0.0
4. Payable to employees	396.6	316.5	288.1	365.6	0.0
5. Short-term acrrued expenses	1,214.7	1,149.3	1,036.7	1,052.9	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	142.3	41.0	41.5	38.7	66.6
9. Other short-term payables	244.3	357.4	260.9	567.1	0.0
10. Short-term borrowings and financial leases	2,713.0	2,572.0	2,897.5	1,959.4	1,523.3
11. Provision for short-term liabilities	35.2	31.5	23.1	19.0	0.0
12.. Bonus and welfare fund	254.6	242.2	215.1	186.6	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	6,508.0	6,128.3	6,238.7	5,482.7	5,017.3
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	204.2	238.3	338.8	188.4	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	2,532.4	2,539.0	2,629.2	2,717.9	2,738.5
7. Other long-term liabilities	70.3	58.8	39.3	44.1	0.0
8. Long-term borrowings and financial leases	2,872.4	2,240.2	2,237.3	1,657.1	1,665.8
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	306.3	187.3	160.5	144.4	0.0
12. Provision for long-term liabilities	157.8	435.2	426.5	408.5	0.0
13. Fund for technology development	364.6	429.4	407.0	322.3	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	11,570.9	9,953.0	9,524.3	9,085.4	8,366.9
I. Owner's equity	11,539.2	9,918.2	9,486.5	9,044.6	0.0
1. Owner's capital	4,483.5	4,483.5	4,483.5	4,483.5	8,323.1
- Common stock with voting right	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	929.9	929.9	929.9	929.9	929.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	17.2	17.2	17.2	17.2	17.2
5. Treasury shares	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	0.00
6. Assets revaluation differences	-211.7	-211.7	-211.7	-211.7	0.0
7. Foreign exchange differences	50.8	27.0	6.5	-3.2	0.0
8. Investment and development fund	1,753.8	1,596.0	1,121.2	693.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	6.3	6.3	6.3	6.3	0.0
11. Undistributed earnings after tax	1,609.2	1,426.1	1,462.6	1,659.9	1,413.7
- Accumulated retained earning at the end of the previous period	205.9	321.3	692.9	380.1	185.9
- Undistributed earnings in this period	1,403.2	1,104.7	769.8	1,279.8	1,227.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2,900.3	1,644.0	1,671.1	1,469.6	1,259.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	31.7	34.8	37.8	40.8	43.9
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	31.7	34.8	37.8	40.8	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	26,436.6	24,827.4	24,100.2	22,958.9	22,015.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,201.8	1,630.3	1,601.9	2,305.2	1,541.4
Depreciation of Fixed Assets and Investment Property	1,907.3	1,950.9	3,055.9	2,517.1	2,192.2
Provision (Increase)/Reversal	-188.2	-69.2	68.8	112.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-3.1	5.5	-3.4	3.8	0.0
Gain/Loss from Investment Activities	-117.5	20.7	-12.3	-188.4	0.0
Interest Expense	255.9	268.9	348.5	251.4	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	-46.8	40.0	100.0	118.5	0.0
Operating Profit Before Changes in Working Capital	4,009.4	3,847.2	5,159.4	5,120.4	4,051.5
Increase/(Decrease) in Receivables	-370.7	92.2	-128.7	-474.2	0.0
Increase/(Decrease) in Inventory	550.0	464.0	-588.0	-600.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	231.8	649.3	-1,081.2	-847.0	0.0
Increase/(Decrease) in Prepaid Expenses	-331.1	63.7	16.8	10.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-260.2	-275.0	-350.4	-249.4	0.0
Corporate Income Tax Paid	-375.0	-426.9	-248.4	-379.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-115.2	-118.8	-75.9	-98.5	0.0
Net Cash Flow from Operating Activities	3,339.1	4,295.7	2,703.7	2,481.5	2,485.7
Payments for Fixed Assets and Other Long-term Assets	-2,788.8	-2,534.1	-3,569.3	-2,751.0	-2,792.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.9	0.3	2.0	7.2	0.9
Loans and Purchases of Debt Instruments	-2,441.4	-938.4	-536.6	-895.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	714.8	1,131.6	39.3	996.9	0.0
Investments in Other Entities	-176.4	0.0	-57.2	-2.5	0.0
Proceeds from Investments in Other Entities	—	0.0	44.7	0.0	0.0
Dividends and Interest Income Received	84.5	51.4	311.5	122.1	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	-4,594.4	-2,289.2	-3,765.7	-2,522.6	-2,766.5
Proceeds from Equity Issuance and Capital Contributions	1,223,020,000,000.00	0.00	294,050,000,000.00	100,232,001,484.00	301,776,611,750.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,594.8	8,566.8	9,032.9	6,463.0	7,227.2
Repayment of Borrowings	-8,776.1	-8,820.2	-7,454.8	-5,980.4	-5,565.3
Repayment of Finance Leases	-75.5	-69.2	-59.8	-55.2	-370.7
Dividends Paid	-1,149.5	-669.3	-930.6	-1,171.1	-556.2
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	816.7	-991.9	881.6	-643.4	1,036.7
Net Cash Flow During the Period	-438.7	1,014.6	-180.4	-684.5	1,488.8
Cash and Cash Equivalents at Beginning of Period	2,860.1	1,841.7	2,018.7	2,711.5	1,950.3
FX Difference from Revaluation	3.4	3.8	3.3	-1.1	-4.7
Cash and Cash Equivalents at End of Period	2,424.9	2,860.1	1,841.7	2,025.9	2,701.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	3,329.3	4,046.7	3,336.1	3,254.1	2,881.2	3,774.1	2,900.8	2,719.6	2,664.2	3,023.0	3,473.8	3,931.2
Revenue Deductions	55.1	68.7	82.1	14.0	26.5	46.5	66.5	7.9	25.0	2.8	2.7	3.3
Net Revenue	3,274.2	3,978.0	3,254.0	3,240.1	2,854.7	3,727.6	2,834.4	2,711.7	2,639.2	3,020.2	3,471.1	3,927.8
Cost of Goods Sold	2,424.7	2,664.2	2,562.3	2,092.7	2,013.0	2,478.1	1,961.8	2,057.6	1,900.9	2,455.1	2,401.9	2,708.9
Gross Profit	849.5	1,313.8	691.6	1,147.3	841.7	1,249.5	872.5	654.0	738.3	565.1	1,069.2	1,218.9
Financial Income	44.1	38.8	26.7	53.8	23.8	24.1	11.6	17.3	22.7	5.8	19.5	22.4
Financial Expenses	88.4	82.5	71.4	71.6	88.2	78.8	75.5	70.7	85.6	89.1	98.7	92.8
Interest Expense	65.1	62.0	63.9	65.1	65.3	67.9	67.7	62.5	71.1	85.0	92.5	88.2
Share of Associates and Joint Ventures	1.1	2.1	0.4	-3.9	-5.4	-0.5	-36.6	-16.5	-21.2	-16.3	-6.2	-9.0
Selling Expenses	199.6	257.2	247.6	242.3	173.4	293.3	214.9	191.8	158.1	210.2	215.0	226.0
General and Administrative Expenses	192.7	197.4	218.4	182.9	183.1	219.1	215.7	168.5	141.4	266.6	185.6	122.3
Operating Profit	413.9	817.6	181.3	700.5	415.4	682.1	341.5	223.9	354.7	-11.4	583.2	791.3
Other Income	6.0	78.4	21.1	40.7	-2.1	87.3	11.2	16.2	9.3	44.8	7.5	14.9
Other Expenses	3.9	16.4	22.4	12.4	0.5	42.7	18.3	9.7	19.8	20.1	27.1	2.2
Other Profit	2.1	62.0	-1.3	28.3	-2.6	44.5	-7.1	6.5	-10.4	24.7	-19.6	12.7
Profit Before Tax	416.0	879.7	180.0	728.8	412.8	726.6	334.4	230.4	344.3	13.3	563.7	804.0
Current Income Tax Expense	87.1	185.1	44.8	161.1	97.4	150.7	99.8	59.6	105.0	58.5	131.0	167.5
Deferred Income Tax Expense	7.8	55.7	17.6	27.7	16.8	28.7	0.4	-0.1	1.9	3.4	-0.9	10.8
Net Income	321.1	638.9	117.6	540.0	298.5	547.1	234.2	170.9	237.4	-48.6	433.6	625.6
Non-controlling Interest	105.4	86.8	25.4	101.7	-22.1	12.4	28.9	12.2	31.3	-66.8	20.5	31.7
Profit Attributable to Parent	215.7	552.1	92.2	438.3	320.7	534.7	205.3	158.6	206.1	18.3	413.1	593.9
Earnings per Share	481.19	1,231.48	205.72	977.64	715.19	1,192.62	457.95	353.77	459.62	40.73	921.38	1,324.74
Diluted EPS	481.19	1,231.48	205.72	977.64	715.19	1,192.62	457.95	353.77	459.62	40.73	921.38	1,324.74

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)	16,095.0	10,355.2	9,604.2	9,633.5	8,912.4	9,472.4	8,822.7	8,397.8	8,382.5	9,103.7	9,358.3	9,240.5
I. Cash and cash equivalents	1,685.9	2,424.9	2,541.4	2,017.8	2,317.9	2,860.6	1,759.1	1,136.4	1,133.6	1,841.7	1,593.1	2,392.3
1. Cash	787.5	961.9	940.8	1,309.3	654.3	943.1	986.8	739.4	477.4	1,142.0	515.2	457.9
2. Cash equivalents	898.3	1,463.0	1,600.6	708.5	1,663.6	1,917.5	772.2	397.0	656.2	699.6	1,077.9	1,934.4
II. Short-term financial investments	3,049.1	2,160.0	728.0	937.2	131.8	433.4	440.8	727.1	627.0	626.6	630.7	128.2
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	3,049.6	2,160.0	728.0	937.2	131.8	433.4	440.8	727.1	627.0	626.6	630.7	128.2
4. Provision for short-term investments held to maturity (*)	-0.5	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	1,149.8	1,111.8	1,271.8	1,189.0	1,121.6	1,092.2	1,200.8	1,080.1	1,166.1	1,116.5	1,642.2	1,488.0
1. Short-term trade accounts receivable	844.8	707.7	932.6	872.8	821.8	929.0	925.6	877.0	936.6	936.2	1,248.0	1,060.0
2. Short-term prepayments to suppliers	337.1	439.5	250.7	253.0	255.6	188.7	216.8	230.7	239.8	241.2	390.6	407.6
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	—	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.7	0.7
6. Other short-term receivables	266.9	270.6	398.5	369.5	345.6	273.8	354.4	271.7	274.5	224.7	281.4	296.1
7. Provision for short-term doubtful debts (*)	-299.1	-306.5	-310.4	-306.8	-301.9	-299.8	-296.4	-299.7	-285.3	-286.2	-278.5	-276.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9,451.1	4,016.8	4,321.3	4,709.1	4,599.7	4,372.2	4,583.5	4,639.8	4,673.9	4,739.6	4,780.8	4,521.9
1. Inventories	9,606.3	4,241.2	4,519.1	4,903.7	4,724.2	4,496.4	4,765.5	4,798.6	4,880.9	4,963.9	4,933.3	4,668.8
2. Provision for decline in value of inventories	-155.2	-224.4	-197.8	-194.5	-124.5	-124.2	-182.0	-158.8	-207.0	-224.2	-152.4	-146.9
V. Other short-term assets	759.2	641.7	741.8	780.3	741.4	714.0	838.4	814.4	781.9	779.4	711.5	710.1
1. Short-term prepayments	65.0	31.0	59.5	93.7	46.1	29.7	123.2	78.2	81.5	43.0	65.2	93.5
2. Value added tax to be reclaimed	564.5	596.6	648.7	649.9	630.1	654.0	683.6	687.6	665.0	662.2	589.2	554.5
3. Taxes and other receivables from state authorities	23.1	14.0	33.6	36.6	65.2	30.2	31.7	48.6	0.0	74.2	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	35.5	0.0	57.0	62.1
5. Other short-term assets	106.6	—	—	—	—	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)	10,772.6	16,085.7	16,019.9	15,868.6	15,050.2	15,369.9	15,408.5	15,243.6	14,935.1	14,995.6	14,247.4	13,914.5
I. Long-term receivables	1,191.5	945.5	1,025.7	1,054.9	282.0	278.8	279.5	279.1	255.2	255.4	262.7	261.0
1. Long-term trade receivables	4.3	4.3	4.3	4.3	4.3	4.3	4.6	4.6	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	1,187.2	941.2	1,021.4	1,050.6	277.7	274.5	274.9	274.6	255.2	255.4	262.7	261.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5,685.5	5,777.9	5,940.5	5,998.9	5,849.8	6,020.6	5,990.5	5,154.3	5,307.8	5,385.4	5,428.8	5,587.8
1. Tangible fixed assets	5,204.0	5,359.2	5,508.3	5,589.9	5,490.8	5,643.6	5,630.1	4,797.4	4,916.9	4,977.0	4,998.2	5,189.9
- Cost	15,065.5	—	—	—	—	13,272.1	13,074.2	12,090.3	12,034.6	11,940.4	11,805.9	11,954.7
- Accumulated depreciation	-9,861.5	—	—	—	—	-7,628.5	-7,444.0	-7,292.9	-7,117.7	-6,963.3	-6,807.8	-6,764.8
2. Financial leased fixed assets	268.6	203.5	214.8	189.1	199.9	216.6	198.2	198.9	231.6	247.8	268.8	234.8
- Cost	359.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-91.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	213.0	215.2	217.5	219.8	159.1	160.5	162.2	158.1	159.3	160.5	161.8	163.1
- Cost	389.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-176.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2,152.2	2,173.6	2,273.2	2,073.8	2,005.6	1,914.2	1,918.4	1,942.0	1,946.4	1,942.4	1,949.5	1,964.0
- Cost	3,291.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,139.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	715.4	5,924.2	5,777.5	5,767.4	5,886.5	6,100.9	6,056.7	6,643.4	6,259.5	6,229.4	5,403.0	4,893.0
1. Long-term production in progress	—	—	5,777.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	715.4	5,924.2	—	5,767.4	5,886.5	6,100.9	6,056.7	6,643.4	6,259.5	6,229.4	5,403.0	4,893.0
V. Long-term financial investments	249.2	231.2	217.4	217.0	358.8	365.1	365.3	406.5	411.2	438.3	438.8	446.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	241.5	223.0	209.2	208.8	350.6	356.9	357.0	398.3	403.0	430.1	430.6	438.1
3. Investments in other entities	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3
4. Provision for diminution in value of long-term investments	-1.7	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
5. Held to maturity investments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.6
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	778.8	1,033.3	785.5	756.6	667.5	690.2	798.1	818.2	755.0	744.7	764.5	762.0
1. Long-term prepayments	771.5	1,021.6	761.5	735.0	660.6	678.9	775.8	799.3	739.4	729.1	751.3	750.3
2. Deferred income tax assets	7.3	11.7	24.0	21.6	6.9	11.4	22.3	18.9	15.5	15.6	13.1	11.7
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	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)	26,867.6	26,440.9	25,624.1	25,502.1	23,962.6	24,842.2	24,231.2	23,641.4	23,317.5	24,099.3	23,605.7	23,155.0
A. LIABILITIES (300=210+330)	14,790.1	14,869.7	14,751.0	14,626.6	13,712.8	14,887.1	14,277.6	13,898.1	13,563.0	14,575.0	13,565.4	13,650.6
I. Short -term liabilities	8,208.7	8,316.0	8,601.9	8,361.5	7,698.6	8,758.5	7,850.1	7,510.3	7,161.2	8,336.5	8,015.1	8,259.9
1. Short-term trade accounts payable	1,434.6	1,666.4	1,805.2	1,834.0	1,598.6	1,751.4	1,725.1	1,694.6	1,497.1	1,576.0	1,433.8	1,571.4
2. Short-term advances from customers	1,454.1	1,201.5	1,425.6	1,216.2	1,296.5	1,919.3	886.6	880.4	972.4	1,597.7	1,548.7	2,190.6
3. Dividends and profits payable	20.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	191.7	480.9	328.6	355.3	198.6	366.5	401.5	281.5	232.9	400.7	474.8	489.2
4. Payable to employees	201.5	397.6	323.5	244.0	193.0	316.6	228.7	197.1	143.2	288.1	259.1	211.8
5. Short-term acrrued expenses	1,387.1	1,224.6	1,370.6	1,286.3	1,269.4	1,160.3	1,224.6	1,102.6	1,124.8	1,036.7	977.7	649.7
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	161.2	143.2	99.8	107.1	112.9	41.1	41.4	41.1	38.0	41.5	33.8	28.2
9. Other short-term payables	342.2	200.3	291.2	282.6	230.3	357.6	435.2	223.0	241.9	260.1	302.8	258.0
10. Short-term borrowings and financial leases	2,719.3	2,713.0	2,666.2	2,736.7	2,537.7	2,572.0	2,602.5	2,767.7	2,682.7	2,897.5	2,724.2	2,597.6
11. Provision for short-term liabilities	52.5	33.9	30.0	31.4	38.4	31.5	34.5	30.4	26.2	23.1	28.7	22.2
12.. Bonus and welfare fund	243.8	254.6	261.1	268.0	223.1	242.2	270.0	292.0	201.9	215.1	231.6	241.2
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	6,581.5	6,553.7	6,149.0	6,265.1	6,014.2	6,128.6	6,427.6	6,387.9	6,401.8	6,238.5	5,550.3	5,390.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	392.9	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	2,580.9	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	1.6	204.2	163.6	213.8	237.2	238.3	420.5	45.1	338.8	338.8	154.2	154.1
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	2,624.4	2,532.4	2,583.5	2,556.4	2,447.1	2,539.0	2,557.5	2,580.9	2,602.1	2,629.1	2,652.7	2,672.5
7. Other long-term liabilities	71.0	114.3	59.8	74.4	63.1	58.8	37.1	45.1	39.4	39.3	49.1	47.3
8. Long-term borrowings and financial leases	3,048.1	2,872.4	2,254.6	2,349.9	2,208.3	2,240.2	2,415.6	2,376.5	2,423.6	2,237.3	1,814.4	1,628.4
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	310.1	306.6	263.3	243.5	199.4	187.3	169.5	165.7	162.4	160.5	154.6	154.1
12. Provision for long-term liabilities	162.9	159.2	457.5	454.0	434.1	435.6	432.2	427.6	431.7	426.5	414.4	418.6
13. Fund for technology development	363.4	364.6	366.8	373.1	425.1	429.4	395.2	399.2	403.8	407.0	310.9	315.6
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)	12,077.5	11,571.2	10,873.2	10,875.5	10,249.9	9,955.1	8,322.4	9,743.3	9,754.5	9,524.3	10,040.3	9,504.5
I. Owner's equity	12,077.5	11,539.4	10,840.7	10,842.2	10,215.9	9,920.4	8,286.9	9,707.0	9,717.5	9,486.5	10,001.7	9,465.1
1. Owner's capital	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5	4,483.5
- Common stock with voting right	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00	4,483,500,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	929.4	929.9	929.9	929.9	929.9	929.9	929.9	929.9	929.9	929.9	929.9	929.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	48.1	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2	17.2
5. Treasury shares	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00	-1,713,600.00
6. Assets revaluation differences	-211.7	-211.7	-211.7	-211.7	-211.7	-211.7	-211.7	-211.7	-211.7	-211.7	-211.7	-211.7
7. Foreign exchange differences	52.1	50.8	46.5	47.5	32.8	27.0	10.1	29.2	12.0	6.5	8.1	-4.6
8. Investment and development fund	1,785.1	1,753.8	1,753.8	1,753.8	1,596.4	1,596.0	1,596.0	1,595.5	1,124.1	1,121.2	1,121.2	1,121.2
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	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
11. Undistributed earnings after tax	1,787.9	1,609.1	2,058.8	1,962.0	1,741.8	1,426.2	1,455.6	1,250.9	1,656.9	1,462.6	1,889.9	1,480.7
- Accumulated retained earning at the end of the previous period	1,572.2	206.8	1,207.8	1,203.0	1,421.2	321.3	885.5	886.2	1,450.8	692.9	690.0	694.0
- Undistributed earnings in this period	215.7	1,402.3	851.0	759.0	320.7	1,104.9	570.2	364.7	206.1	769.7	1,199.8	786.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,196.8	2,900.7	1,756.5	1,853.8	1,619.7	1,646.0	0.0	1,606.3	1,699.4	1,671.1	1,757.5	1,642.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	31.7	32.5	33.3	34.0	34.8	35.5	36.3	37.1	37.8	38.6	39.3
1. Subsidized not-for-profit funds	—	—	—	33.3	—	0.0	0.0	0.0	0.0	0.0	38.6	0.0
2. Funds invested in fixed assets	—	31.7	32.5	—	34.0	34.8	35.5	36.3	37.1	37.8	0.0	39.3
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	1,631.2	1,606.3	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	26,867.6	26,440.9	25,624.1	25,502.1	23,962.6	24,842.2	24,231.2	23,641.4	23,317.5	24,099.3	23,605.7	23,155.0

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	416.0	880.3	180.0	728.8	412.8	726.6	334.4	230.6	344.3	13.4	563.7	804.0
Depreciation of Fixed Assets and Investment Property	193.3	576.5	313.2	185.5	832.1	505.0	328.2	687.3	437.1	717.8	506.0	979.9
Provision (Increase)/Reversal	-54.3	-293.3	29.9	67.1	8.1	-54.0	27.2	-32.3	-9.8	86.0	7.5	-34.2
FX Gain/Loss from Revaluation of Monetary Items	-0.6	2.3	-7.7	4.8	-2.5	16.8	-7.7	-2.0	0.1	-5.4	0.9	0.7
Gain/Loss from Investment Activities	-42.8	-74.5	15.1	-43.5	-14.5	-15.7	27.1	9.0	0.4	15.3	-9.8	-11.0
Interest Expense	65.1	61.7	63.9	65.1	65.3	74.1	61.4	62.3	71.0	114.6	62.9	87.1
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	—	—	—	—	—	40.0	0.0	0.0	0.0	100.0	0.0	0.0
Operating Profit Before Changes in Working Capital	576.7	1,153.0	594.2	961.0	1,301.2	1,292.8	770.5	955.0	843.1	1,041.8	1,131.2	1,826.5
Increase/(Decrease) in Receivables	-118.3	224.1	38.4	-584.4	-48.7	147.4	-102.5	30.3	-3.1	336.4	-80.5	-360.7
Increase/(Decrease) in Inventory	164.0	568.9	90.4	114.7	-224.0	269.1	33.1	82.3	83.2	-30.8	-262.1	-72.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-77.2	-364.4	389.8	896.8	-690.3	989.0	691.4	-386.0	-466.2	-75.5	-474.7	-477.3
Increase/(Decrease) in Prepaid Expenses	-13.2	-218.7	4.3	-118.5	1.9	190.4	-21.5	-56.5	-48.7	44.3	27.2	-16.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-68.2	-70.3	-58.3	-66.1	-65.5	-75.1	-60.2	-65.1	-74.0	-117.9	-62.7	-85.0
Corporate Income Tax Paid	-377.0	-12.8	-85.4	-3.9	-272.9	-130.8	-10.3	-11.4	-274.3	-23.6	-116.6	-1.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-19.1	-33.8	-13.0	-41.1	-27.4	-33.4	-26.2	-27.0	-22.4	-21.7	-11.9	41.8
Net Cash Flow from Operating Activities	67.6	1,246.0	960.4	1,158.4	-25.7	2,649.3	1,274.3	521.6	37.6	1,152.9	149.9	855.2
Payments for Fixed Assets and Other Long-term Assets	-107.1	-841.1	-420.8	-750.6	-776.3	-642.0	-811.6	-361.2	-739.1	-1,223.2	-675.4	-760.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	11.7	-9.4	10.5	0.1	0.1	-0.1	0.3	0.1	1.1	0.0	0.8
Loans and Purchases of Debt Instruments	-1,441.5	-1,507.1	-136.7	-793.6	-4.0	-1,088.8	781.3	-630.4	-0.4	-17.6	-502.0	-17.0
Receipts from Loan Repayments and Sale of Debt Instruments	552.9	75.1	345.9	-11.9	305.6	1,096.3	-495.0	530.3	0.0	21.9	0.0	13.8
Investments in Other Entities	-18.8	—	—	—	—	0.0	0.0	0.0	0.0	-12.5	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	44.7
Dividends and Interest Income Received	41.8	25.8	23.2	10.0	25.5	16.2	5.3	6.9	24.1	90.8	-76.1	281.3
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	-972.7	-2,235.5	-197.7	-1,712.1	-449.1	-618.3	-520.2	-454.1	-715.3	-1,139.5	-1,253.4	-437.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	104,800,000,000.00	0.00	189,250,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,675.2	3,022.9	2,164.2	2,541.9	1,865.9	2,403.9	2,043.4	2,238.3	1,844.2	2,885.9	2,341.1	2,149.1
Repayment of Borrowings	-1,475.5	0.0	0.0	-46.8	-1,913.7	-2,590.4	-2,164.1	-2,175.2	-1,853.2	-2,272.9	-2,011.4	-1,954.4
Repayment of Finance Leases	-17.8	-15.3	-21.5	-20.4	-18.4	-19.3	-5.4	-25.3	-19.5	-16.7	-17.1	-10.0
Dividends Paid	-16.1	-987.1	-126.6	-34.9	-1.0	-723.9	-4.2	-104.6	-1.0	-470.9	-6.9	-452.8
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	165.9	870.6	-238.7	252.1	-67.2	-929.7	-130.3	-66.7	-29.4	230.1	305.7	-78.9
Net Cash Flow During the Period	-739.2	-119.0	523.9	-301.6	-542.0	1,101.3	623.8	0.7	-707.2	243.5	-797.9	339.3
Cash and Cash Equivalents at Beginning of Period	2,424.9	2,541.4	2,017.8	2,317.9	2,860.1	1,841.7	1,841.7	1,841.7	1,841.7	2,018.7	2,018.7	2,018.7
FX Difference from Revaluation	0.2	3.4	1.0	1.3	-0.2	0.2	-1.1	2.1	-0.9	5.0	-1.3	0.6
Cash and Cash Equivalents at End of Period	1,685.9	2,424.9	2,541.4	2,017.8	2,317.9	2,860.6	1,759.1	1,136.4	1,133.6	1,841.7	1,593.1	2,392.3

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VGC

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