VGT

Tập đoàn Dệt May Việt Nam ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.59%, +2.58pp YoY

Price

11,600

Latest close

03 Jun 2026

P/E 6.37x

P/B 0.56x

EPS 1,822

BVPS 20,681

ROE 9.2%

ROA 4.6%

Profit Margin 4.9%

Asset Turnover 0.94x

Equity Mult. 1.99x

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

What Is Changing

On a TTM 2026Q1 basis, VGT has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 18,639bn
	                                
+4.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,415bn
	                                
+58.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	18,372.9	17,325.8	16,465.9	18,272.5	16,093.7
Growth	+6%	+5%	-10%	+14%	—
Net Income	1,323.9	655.4	395.9	1,083.1	1,312.5
Net Margin	7.21%	3.78%	2.40%	5.93%	8.16%

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	4,486.1	4,647.6	5,055.1	4,450.3	4,267.6	4,819.3	4,588.3	4,127.0	3,956.5	4,300.1	4,088.7	3,909.6
Growth	-3%	-8%	+14%	+4%	-11%	+5%	+11%	+4%	-8%	+5%	+5%	—
Net Income	332.2	392.4	359.3	330.8	250.7	278.7	230.3	131.6	71.9	135.6	80.5	22.3
Net Margin	7.40%	8.44%	7.11%	7.43%	5.88%	5.78%	5.02%	3.19%	1.82%	3.15%	1.97%	0.57%

Drivers of VGT's profit

TTM

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

Gross profit ↑ 354.3bn

Associates income ↑ 153.8bn

Financial income ↑ 104.7bn

Minority interests ↑ 196.0bn

Administrative expenses ↑ 56.6bn

TTM

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

Gross profit ↑ 72.9bn

Financial income ↑ 23.9bn

Associates income ↑ 13.8bn

Finance costs ↓ 11.6bn

Administrative expenses ↑ 23.9bn

Selling expenses ↑ 11.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.5% = 5.0% × 0.94 × 2.03

2026Q1 14.2% = 7.6% × 0.94 × 1.99

ROE rose from 9.5% to 14.2% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 7.6% +2.6pp Asset turnover: 0.94x +0.01x Leverage: 1.99x -0.04x

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 expanded to 7.59%, rising 2.6pp. The main driver is Gross margin rose 1.4pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.0pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 7.59% +2.6pp

Gross Margin 13.12% +1.4pp

SG&A / Revenue 8.32% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 1.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 8.83%, rising 3.1pp. That translates to 8.83 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.6pp, with capital turnover broadly stable; while invested capital rose by 787bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 8.83% +3.1pp

NOPAT Margin 7.44% +2.6pp

Capital Turnover 1.19x −0.01x

Average Invested Capital 15,704.4bn +786.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.05x equity, net debt at 0.58x equity.

Inventory ended the period at 3,447.1bn, roughly 16.8% of total assets.

Over the last 12 months, working capital released 556.2bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +276.3bn

Inventories decreased → higher CFO: +49.6bn

Payables increased → higher CFO: +230.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 1.4 days versus the same period last year. The main moves came from DIO rose 1.8 days, DSO fell 2.6 days, and DPO fell 2.1 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 92.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +1.8 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 46.7 days −2.6 days

Inventory 68.1 days +1.8 days

Payables 22.5 days −2.1 days

Cash Conversion Cycle 92.3 days +1.4 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.58x and interest coverage at 3.30x.

At present, short-term debt accounts for 71.2% of total debt, cash equals 9.5% of debt, and total debt stands at 6,577.5bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 71.2% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 9.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.58x −0.01x

Interest Coverage 3.30x +1.12x

Cash / Debt 9.5% −5.2pp

Short-term Debt / Total Debt 71.2% +7.6pp

CFO / NI 2.11x +1.20x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 862.5bn in 2025, against investing cash flow of -1,008.6bn.

Post-investment cash flow was negative +146.0bn. Financing cash flow was positive +116.5bn.

CFO / net income was 2.11x.

After spending +876.9bn on fixed-asset investment, the business generated trailing free cash flow of +1,049.5bn.

Cash Conversion

CFO TTM 1,926.4bn +1,393.3bn

Cash Capex 876.9bn +463.0bn

FCF TTM +1,049.5bn +930.3bn

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 2.6 pp. The main risk still sits in leverage and liquidity, with interest coverage at 3.30x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.59% after expanding 2.6pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.58x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	18,392.0	17,355.7	16,490.7	18,297.2	16,123.7
Revenue Deductions	19.1	29.9	24.8	24.7	0.0
Net Revenue	18,372.9	17,325.8	16,465.9	18,272.5	16,093.7
Cost of Goods Sold	16,009.3	15,450.9	15,237.8	16,290.6	0.0
Gross Profit	2,363.6	1,875.0	1,228.1	1,982.0	2,224.6
Financial Income	362.0	396.3	371.8	554.9	306.7
Financial Expenses	422.5	600.6	535.3	616.7	-277.6
Interest Expense	317.8	339.6	347.7	305.9	-234.2
Share of Associates and Joint Ventures	677.8	564.2	564.0	716.7	570.0
Selling Expenses	503.1	497.5	444.6	567.3	-511.3
General and Administrative Expenses	1,028.2	933.5	801.6	854.9	-845.1
Operating Profit	1,449.5	803.9	382.5	1,214.6	1,467.4
Other Income	72.9	82.2	211.2	44.6	0.0
Other Expenses	42.6	51.0	55.2	46.8	0.0
Other Profit	30.3	31.2	156.0	-2.2	-21.8
Profit Before Tax	1,479.8	835.1	538.5	1,212.4	1,445.6
Current Income Tax Expense	141.4	121.0	100.4	140.3	-133.1
Deferred Income Tax Expense	14.5	58.7	42.3	-10.9	0.0
Net Income	1,323.9	655.4	395.9	1,083.1	1,312.5
Non-controlling Interest	472.3	331.1	230.4	495.7	456.0
Profit Attributable to Parent	851.7	324.4	165.5	587.3	856.6
Earnings per Share	1,666.00	609.00	289.00	1,133.00	1,713.11
Diluted EPS	1,503.00	549.00	261.00	1,022.00	1,713.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	10,762.5	9,551.6	9,011.9	9,555.8	9,374.2
I. Cash and cash equivalents	980.8	1,004.6	668.7	615.9	639.6
1. Cash	384.8	334.1	288.5	420.5	0.0
2. Cash equivalents	596.0	670.5	380.2	195.3	0.0
II. Short-term financial investments	3,190.2	2,470.4	2,186.4	2,214.7	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	3,190.2	2,470.4	2,186.4	2,214.7	0.0
III. Short-term receivables	2,797.3	2,605.6	2,777.1	2,331.1	3,101.8
1. Short-term trade accounts receivable	2,556.7	2,275.3	2,419.8	2,021.9	0.0
2. Short-term prepayments to suppliers	171.7	210.1	159.9	111.6	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	2.3	4.5	28.7	23.8	0.0
6. Other short-term receivables	405.8	438.7	502.2	497.8	0.0
7. Provision for short-term doubtful debts (*)	-339.3	-323.9	-335.3	-325.4	0.0
8. Assets awaiting resolution	0.0	0.9	1.7	1.5	0.0
IV. Inventories	3,447.1	3,217.9	3,116.5	4,137.9	3,158.7
1. Inventories	3,540.5	3,290.3	3,219.0	4,471.9	0.0
2. Provision for decline in value of inventories	-93.4	-72.4	-102.5	-334.0	0.0
V. Other short-term assets	347.1	253.1	263.3	256.3	222.7
1. Short-term prepayments	37.2	33.5	30.0	28.0	0.0
2. Value added tax to be reclaimed	293.6	206.7	217.9	218.8	0.0
3. Taxes and other receivables from state authorities	16.4	11.7	15.1	9.5	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	1.2	0.4	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9,792.4	9,714.3	10,064.4	10,477.9	10,788.0
I. Long-term receivables	34.2	48.3	47.4	98.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	155.1
2. Long-term prepayments to suppliers	—	0.0	0.0	14.9	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	—	2.3	4.7	34.0	0.0
6. Other long-term receivables	140.3	152.1	148.8	155.1	0.0
7. Provision for long-term doubtful debts	-106.1	-106.1	-106.1	-106.1	0.0
II. Fixed assets	5,016.1	5,553.9	5,871.9	6,254.6	6,371.6
1. Tangible fixed assets	4,850.4	5,306.7	5,631.4	5,980.2	6,096.2
- Cost	14,270.7	14,183.1	14,066.0	14,047.1	0.0
- Accumulated depreciation	-9,420.2	-8,876.4	-8,434.7	-8,067.0	0.0
2. Financial leased fixed assets	128.4	154.7	146.6	178.8	178.2
- Cost	158.9	176.1	168.7	259.9	0.0
- Accumulated depreciation	-30.6	-21.4	-22.1	-81.1	0.0
3. Intangible fixed assets	37.4	92.5	93.9	95.6	97.2
- Cost	72.5	151.3	146.7	155.6	0.0
- Accumulated depreciation	-35.2	-58.7	-52.8	-60.0	0.0
III. Investment properties	481.9	264.9	275.6	382.7	385.9
- Cost	605.4	366.6	369.2	500.1	0.0
- Accumulated depreciation	-123.5	-101.7	-93.6	-117.3	0.0
IV. Long-term assets in progress	579.2	401.0	448.8	466.0	845.3
1. Long-term production in progress	—	0.0	0.0	65.3	0.0
2. Construction in progress	579.2	401.0	448.8	400.6	0.0
V. Long-term financial investments	3,337.2	3,138.8	3,098.8	2,933.0	2,698.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,066.6	2,991.6	2,904.4	2,787.1	0.0
3. Investments in other entities	181.1	183.5	182.6	179.6	0.0
4. Provision for diminution in value of long-term investments	-153.1	-184.9	-147.9	-38.2	0.0
5. Held to maturity investments	242.6	148.6	159.7	4.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	343.7	307.3	321.7	343.7	0.0
1. Long-term prepayments	330.9	291.5	307.1	321.5	0.0
2. Deferred income tax assets	12.3	15.3	14.1	21.7	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	0.6	0.6	0.6	0.6	331.5
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)	20,554.9	19,265.9	19,076.3	20,033.7	20,162.3
A. LIABILITIES (300=210+330)	10,549.2	9,989.5	9,934.4	10,603.7	10,816.6
I. Short -term liabilities	8,042.8	7,066.9	6,894.0	7,078.5	6,721.1
1. Short-term trade accounts payable	1,036.5	1,258.6	1,183.0	1,205.0	1,610.4
2. Short-term advances from customers	67.7	92.8	75.5	85.9	91.7
3. Taxes and other payables to state authorities	78.7	70.5	216.3	151.6	0.0
4. Payable to employees	965.7	705.3	624.4	769.7	0.0
5. Short-term acrrued expenses	66.5	50.8	68.5	109.3	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	29.4	22.6	18.6	18.4	14.4
9. Other short-term payables	615.9	562.6	529.4	198.6	0.0
10. Short-term borrowings and financial leases	4,901.7	4,040.0	3,901.1	4,232.7	3,528.9
11. Provision for short-term liabilities	62.5	62.5	62.5	103.9	0.0
12.. Bonus and welfare fund	218.3	201.1	214.8	203.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,506.4	2,922.6	3,040.4	3,525.2	4,095.5
1. Long-term trade payables	—	0.0	0.0	0.0	190.0
2. Long-term advances from customers	—	0.0	2.0	4.9	12.3
3. Long-term acrrued expenses	8.8	9.3	9.8	10.2	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	322.7	298.3	308.1	314.8	336.9
7. Other long-term liabilities	84.2	76.7	70.2	71.2	0.0
8. Long-term borrowings and financial leases	1,877.2	2,372.2	2,544.1	3,026.0	3,365.7
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	177.5	166.1	106.2	73.4	0.0
12. Provision for long-term liabilities	—	0.0	0.0	24.7	0.0
13. Fund for technology development	36.0	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)	10,005.7	9,276.3	9,141.9	9,430.1	9,345.7
I. Owner's equity	9,987.0	9,257.0	9,121.7	9,407.8	0.0
1. Owner's capital	5,000.0	5,000.0	5,000.0	5,000.0	9,321.4
- Common stock with voting right	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	30.4	30.4	30.4	30.4	30.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	134.4	216.8	214.7	141.7	43.5
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-747.8	-747.8	-747.8	-747.8	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	989.0	825.0	777.4	729.6	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	1,427.0	930.9	874.9	1,220.7	1,471.1
- Accumulated retained earning at the end of the previous period	575.3	606.5	709.4	633.3	614.5
- Undistributed earnings in this period	851.7	324.4	165.5	587.3	856.6
12. Reserves for investment in construction	543.1	543.1	543.1	543.1	0.0
13. Minority's interest	2,611.0	2,458.7	2,429.1	2,490.3	543.1
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	18.7	19.3	20.2	22.2	24.3
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	18.7	19.3	20.2	22.2	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	20,554.9	19,265.9	19,076.3	20,033.7	20,162.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,479.8	835.1	538.5	1,212.4	1,445.6
Depreciation of Fixed Assets and Investment Property	799.5	786.7	758.1	833.3	757.5
Provision (Increase)/Reversal	4.4	-4.4	-221.8	283.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	56.0	63.3	58.8	23.7	0.0
Gain/Loss from Investment Activities	-870.0	-729.2	-846.7	-979.6	0.0
Interest Expense	317.8	339.6	347.7	305.9	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	36.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,823.6	1,291.1	634.7	1,678.7	2,034.8
Increase/(Decrease) in Receivables	-257.2	76.6	-138.0	552.6	0.0
Increase/(Decrease) in Inventory	-76.8	-84.8	1,176.4	-1,085.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-49.5	35.3	53.2	-1,042.4	0.0
Increase/(Decrease) in Prepaid Expenses	-16.7	0.3	12.8	-7.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-318.8	-371.1	-383.9	-302.8	0.0
Corporate Income Tax Paid	-137.1	-130.4	-100.0	-145.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-104.8	-86.4	-66.0	-79.2	0.0
Net Cash Flow from Operating Activities	862.5	730.6	1,189.2	-431.6	1,157.5
Payments for Fixed Assets and Other Long-term Assets	-839.6	-467.5	-513.4	-434.0	-991.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	14.6	14.0	225.1	16.9	46.1
Loans and Purchases of Debt Instruments	-2,680.1	-1,566.0	-2,268.6	-2,371.7	-1,997.6
Receipts from Loan Repayments and Sale of Debt Instruments	1,872.2	1,319.4	2,166.0	2,609.8	1,533.0
Investments in Other Entities	-10.0	-17.0	-14.4	0.0	0.0
Proceeds from Investments in Other Entities	14.0	19.8	22.7	113.4	0.0
Dividends and Interest Income Received	620.4	711.3	748.0	771.2	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	-1,008.6	13.9	365.4	705.6	-905.1
Proceeds from Equity Issuance and Capital Contributions	1,500,000,000.00	360,000,000.00	3,969,720,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	14,560.3	11,591.3	12,108.7	14,602.2	14,022.9
Repayment of Borrowings	-14,291.1	-11,641.2	-13,090.9	-14,300.1	-13,906.4
Repayment of Finance Leases	—	0.0	-528.6	0.0	0.0
Dividends Paid	-154.2	-362.3	0.0	-595.4	-200.7
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	116.5	-411.9	-1,506.8	-293.3	-84.2
Net Cash Flow During the Period	-29.5	332.5	47.8	-19.2	-129.5
Cash and Cash Equivalents at Beginning of Period	1,004.6	668.7	615.9	637.0	469.8
FX Difference from Revaluation	5.7	3.4	5.0	-1.9	1.7
Cash and Cash Equivalents at End of Period	980.8	1,004.6	668.7	615.9	639.6

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	4,489.6	4,651.3	5,060.1	4,455.8	4,271.9	4,831.9	4,591.1	4,136.2	3,961.9	4,304.8	4,093.7	3,919.2
Revenue Deductions	3.5	3.7	5.0	5.5	4.3	12.6	2.8	9.2	5.3	4.7	5.0	9.6
Net Revenue	4,486.1	4,647.6	5,055.1	4,450.3	4,267.6	4,819.3	4,588.3	4,127.0	3,956.5	4,300.1	4,088.7	3,909.6
Cost of Goods Sold	3,897.2	4,044.4	4,458.9	3,792.8	3,751.6	4,232.4	4,078.1	3,648.6	3,611.2	4,018.4	3,676.4	3,706.3
Gross Profit	588.9	603.2	596.2	657.5	516.0	586.9	510.2	478.5	345.3	281.7	412.3	203.2
Financial Income	100.0	126.0	52.9	113.7	76.2	80.1	65.5	66.2	76.9	110.0	63.2	83.3
Financial Expenses	100.1	124.7	77.2	157.4	111.7	133.7	63.2	135.1	127.4	50.5	201.4	116.8
Interest Expense	82.9	127.9	41.0	92.5	70.5	56.2	48.5	55.6	79.8	38.5	83.3	86.8
Share of Associates and Joint Ventures	141.0	202.8	214.9	130.9	127.2	179.5	117.0	112.1	116.4	144.5	132.4	135.8
Selling Expenses	131.3	129.4	131.2	121.6	119.8	143.2	135.4	121.8	111.0	114.8	113.6	106.7
General and Administrative Expenses	246.9	258.9	283.5	248.3	223.0	264.5	271.1	222.2	202.0	271.3	208.1	187.9
Operating Profit	351.7	419.0	372.2	374.9	264.8	305.2	223.1	177.6	98.2	99.6	84.7	10.9
Other Income	13.3	25.4	18.0	13.7	11.8	38.1	18.1	16.9	12.0	112.8	17.7	64.1
Other Expenses	9.4	10.0	12.5	8.2	5.6	13.3	18.0	13.0	8.2	22.1	-12.8	19.8
Other Profit	3.9	15.4	5.5	5.5	6.2	24.7	0.0	3.9	3.7	90.7	30.5	44.4
Profit Before Tax	355.6	434.4	377.7	380.4	271.0	329.9	223.1	181.5	102.0	190.4	115.2	55.3
Current Income Tax Expense	29.5	36.8	30.4	51.5	19.8	43.4	28.7	31.4	15.8	46.9	24.4	18.2
Deferred Income Tax Expense	-6.1	5.3	-12.0	-2.0	0.5	7.9	-35.9	18.5	14.3	7.8	10.3	14.8
Net Income	332.2	392.4	359.3	330.8	250.7	278.7	230.3	131.6	71.9	135.6	80.5	22.3
Non-controlling Interest	90.0	97.7	134.1	181.9	78.6	78.2	100.9	50.0	35.4	110.4	53.8	16.1
Profit Attributable to Parent	242.1	294.6	225.2	148.9	172.1	200.5	129.4	81.6	36.5	25.2	26.7	6.1
Earnings per Share	484.30	589.27	450.33	297.89	344.24	400.91	258.74	163.24	72.91	50.36	53.35	12.25
Diluted EPS	484.30	589.27	450.33	297.89	344.24	400.91	258.74	163.24	72.91	50.36	53.35	12.25

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)	10,290.4	10,682.7	10,807.1	10,292.6	9,444.4	9,355.3	9,354.6	9,217.6	8,802.6	8,928.3	8,638.5	8,807.0
I. Cash and cash equivalents	628.1	981.2	1,566.1	1,102.3	965.0	992.3	621.9	722.0	927.6	660.6	572.3	591.6
1. Cash	432.7	404.7	389.8	278.2	263.3	396.3	292.0	312.4	354.7	288.7	246.5	335.6
2. Cash equivalents	195.4	576.5	1,176.4	824.1	701.8	596.1	329.9	409.7	572.9	371.9	325.7	256.0
II. Short-term financial investments	3,460.8	3,184.7	2,999.7	2,670.1	2,276.7	2,506.5	2,658.3	2,322.8	2,054.6	2,343.0	2,434.7	2,409.4
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	3,460.8	3,184.7	2,999.7	2,670.1	2,276.7	2,506.5	2,658.3	2,322.8	2,054.6	2,343.0	2,434.7	2,409.4
III. Short-term receivables	2,783.6	2,677.5	2,836.7	2,966.2	3,020.3	2,706.2	2,792.2	2,606.7	2,866.5	2,581.9	2,228.7	2,112.8
1. Short-term trade accounts receivable	2,339.9	2,435.9	2,443.1	2,496.2	2,434.6	2,285.1	2,285.9	2,181.0	2,375.9	2,429.8	2,032.2	1,894.3
2. Short-term prepayments to suppliers	348.7	163.9	290.5	271.9	369.0	310.2	313.1	211.3	277.1	194.0	217.4	177.0
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	—	2.3	2.3	3.7	4.0	4.3	19.6	21.7	17.6	28.7	21.5	13.6
6. Other short-term receivables	433.9	411.1	441.9	527.2	532.6	437.3	505.7	523.9	585.2	308.7	290.6	364.7
7. Provision for short-term doubtful debts (*)	-339.0	-335.8	-341.4	-333.7	-320.8	-331.6	-333.0	-332.4	-390.5	-381.1	-335.5	-337.9
8. Assets awaiting resolution	0.0	0.0	0.3	0.9	0.9	0.8	0.9	1.2	1.2	1.7	2.4	1.1
IV. Inventories	2,995.6	3,491.4	3,074.4	3,249.2	2,897.2	2,904.0	3,027.9	3,320.4	2,680.4	3,088.7	3,081.8	3,382.5
1. Inventories	3,082.7	3,580.1	3,133.6	3,307.2	2,959.0	2,976.0	3,084.1	3,377.6	2,746.1	3,214.3	3,159.8	3,503.9
2. Provision for decline in value of inventories	-87.2	-88.8	-59.2	-58.1	-61.7	-72.0	-56.2	-57.3	-65.7	-125.7	-78.0	-121.5
V. Other short-term assets	422.4	348.0	330.2	304.8	285.1	246.4	254.3	245.8	273.5	254.2	321.0	310.8
1. Short-term prepayments	49.8	36.6	44.1	40.3	39.7	33.5	36.3	34.5	35.4	27.4	27.2	30.0
2. Value added tax to be reclaimed	357.1	293.5	271.9	248.5	228.5	199.2	202.3	195.6	216.3	211.7	281.1	267.1
3. Taxes and other receivables from state authorities	15.5	17.7	14.1	16.0	16.5	12.5	14.6	15.6	21.6	15.1	12.7	12.9
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.2	0.1	0.1	0.5	1.2	1.1	0.2	0.2	0.0	0.0	0.7
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10,019.3	9,901.0	9,629.9	9,662.1	9,779.0	9,781.8	9,727.4	9,705.0	10,050.6	10,064.0	10,277.9	10,318.8
I. Long-term receivables	38.7	44.2	47.1	175.9	163.1	44.1	46.3	44.1	47.0	52.7	115.2	92.9
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	5.1	14.9	14.9
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	—	—	1.2	1.2	2.3	2.3	3.5	3.5	4.7	4.7	31.4	31.4
6. Other long-term receivables	144.8	150.3	152.0	280.8	266.9	147.9	148.9	146.6	148.4	149.0	175.0	152.6
7. Provision for long-term doubtful debts	-106.1	-106.1	-106.1	-106.1	-106.1	-106.1	-106.1	-106.1	-106.1	-106.1	-106.1	-106.1
II. Fixed assets	5,124.2	5,033.1	5,215.9	5,302.4	5,396.2	5,566.0	5,486.3	5,488.8	5,717.5	5,877.7	5,972.2	6,049.6
1. Tangible fixed assets	4,942.8	4,867.4	4,980.6	5,064.5	5,153.8	5,319.6	5,267.0	5,263.0	5,488.9	5,637.2	5,681.7	5,751.7
- Cost	14,528.4	—	—	—	—	14,203.1	14,079.0	13,946.5	14,072.8	14,053.3	14,078.7	14,015.5
- Accumulated depreciation	-9,585.6	—	—	—	—	-8,883.5	-8,812.0	-8,683.5	-8,583.9	-8,416.1	-8,397.0	-8,263.8
2. Financial leased fixed assets	144.3	128.4	145.0	147.1	150.9	154.7	128.5	134.0	135.8	146.6	196.7	202.5
- Cost	178.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-34.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	37.1	37.4	90.3	90.8	91.5	91.6	90.9	91.8	92.9	93.9	93.9	95.4
- Cost	72.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-35.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	476.8	434.9	257.5	260.0	262.3	264.6	267.1	269.7	272.9	275.6	375.6	373.0
- Cost	605.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-128.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	424.7	589.1	609.8	534.1	442.8	451.2	614.0	570.3	527.4	445.3	489.2	524.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	65.3	65.3
2. Construction in progress	424.7	589.1	609.8	534.1	442.8	451.2	614.0	570.3	527.4	445.3	423.8	459.5
V. Long-term financial investments	3,626.7	3,464.4	3,173.4	3,062.9	3,191.2	3,155.2	3,019.8	3,025.0	3,174.2	3,096.2	3,007.4	2,942.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,341.9	3,229.2	3,056.3	2,937.9	3,051.9	2,966.4	2,828.4	2,848.0	2,943.4	2,912.6	2,862.5	2,790.1
3. Investments in other entities	181.1	181.1	180.6	185.6	183.5	183.5	184.6	184.6	184.6	184.6	184.6	181.6
4. Provision for diminution in value of long-term investments	-31.1	-188.5	-198.5	-197.2	-192.6	-143.2	-147.2	-155.7	-109.9	-12.1	-42.8	-33.8
5. Held to maturity investments	256.7	242.6	135.0	136.5	148.5	148.6	154.0	148.0	156.1	11.2	3.2	4.4
6. Provision for long-term investments held to maturity (*)	-121.9	—	—	—	—	—	—	—	—	—	—	—
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	328.2	335.3	326.2	326.8	323.3	300.7	293.7	307.1	311.5	316.4	318.2	336.1
1. Long-term prepayments	316.7	321.6	314.0	313.5	311.0	284.7	279.9	294.4	299.7	296.4	301.3	318.8
2. Deferred income tax assets	10.9	13.1	11.7	12.8	11.8	15.4	12.4	12.1	11.2	19.5	16.3	16.7
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	0.6	0.6	0.6	0.6	0.6	0.6	1.4	0.6	0.6	0.6	0.6	0.6
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)	20,309.7	20,583.7	20,437.1	19,954.8	19,223.4	19,137.1	19,082.0	18,922.6	18,853.2	18,992.3	18,916.3	19,125.8
A. LIABILITIES (300=210+330)	9,969.4	10,539.0	10,610.0	10,321.8	9,696.5	9,845.4	9,916.1	10,010.8	9,639.8	9,806.8	9,854.9	9,979.4
I. Short -term liabilities	7,467.5	8,048.2	7,564.7	7,315.7	6,735.6	6,936.7	6,961.6	6,967.6	6,595.5	6,757.3	6,470.1	6,518.8
1. Short-term trade accounts payable	962.5	1,042.8	1,193.1	1,063.9	1,035.6	1,116.7	1,076.8	1,391.2	1,085.7	1,162.4	1,037.0	1,053.6
2. Short-term advances from customers	84.9	70.6	99.9	100.7	101.2	98.3	123.3	195.4	195.1	77.2	128.9	116.5
3. Dividends and profits payable	11.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	81.6	79.4	225.8	231.7	72.1	99.4	191.2	90.0	171.3	213.6	296.5	215.0
4. Payable to employees	744.0	956.1	938.4	666.6	569.8	710.9	623.6	497.2	435.9	618.2	562.5	548.2
5. Short-term acrrued expenses	74.9	69.0	73.1	60.2	62.3	54.0	65.6	55.7	49.8	53.6	126.2	95.4
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	24.2	28.6	19.6	32.4	27.8	22.1	19.9	19.9	20.2	18.4	21.2	18.3
9. Other short-term payables	566.5	618.3	459.2	436.2	463.4	549.4	478.8	641.9	491.0	436.2	180.7	453.1
10. Short-term borrowings and financial leases	4,681.5	4,908.1	4,264.0	4,400.5	4,166.4	4,015.7	4,074.2	3,767.6	3,902.7	3,901.1	3,831.8	3,676.1
11. Provision for short-term liabilities	60.2	63.3	58.2	56.9	57.6	61.9	56.1	55.1	62.3	61.9	60.9	110.5
12.. Bonus and welfare fund	176.3	212.0	233.5	266.5	179.5	208.2	252.2	253.6	181.6	214.7	224.4	232.0
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	2,501.9	2,490.7	3,045.3	3,006.1	2,960.8	2,908.7	2,954.5	3,043.2	3,044.3	3,049.5	3,384.9	3,460.6
1. Long-term trade payables	1.7	0.0	0.0	0.0	0.0	0.0	0.1	0.0	1.1	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.4	0.9	2.0	2.8	3.5
3. Long-term acrrued expenses	8.8	8.8	8.8	8.8	9.3	9.3	9.3	9.3	9.8	9.8	9.8	9.8
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	304.8	323.5	333.8	314.0	321.0	300.3	305.7	308.9	314.2	313.0	313.4	317.9
7. Other long-term liabilities	84.5	84.4	83.7	79.3	76.7	75.7	77.4	72.5	73.0	70.0	71.6	71.0
8. Long-term borrowings and financial leases	1,896.0	1,870.8	2,457.7	2,441.8	2,390.8	2,385.5	2,434.8	2,515.1	2,527.6	2,545.7	2,890.7	2,968.7
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	170.0	167.3	161.2	162.1	163.0	137.9	127.2	137.0	117.7	108.9	96.6	89.8
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	36.0	36.0	—	—	—	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)	10,340.3	10,044.8	9,827.0	9,633.0	9,526.9	9,291.7	9,165.9	8,911.8	9,213.4	9,185.5	9,061.4	9,146.3
I. Owner's equity	10,340.3	10,026.1	9,808.2	9,614.0	9,507.8	9,272.4	9,146.4	8,892.1	9,193.6	9,165.4	9,040.7	9,125.2
1. Owner's capital	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0	5,000.0
- Common stock with voting right	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00	5,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	30.4	30.4	30.4	30.4	30.4	30.4	30.4	30.4	30.4	30.4	30.4	30.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	696.0	216.8	216.8	216.8	216.8	216.8	216.8	214.7	214.7	214.7	214.7	141.7
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-747.8	-747.8	-747.8	-747.8	-747.8	-747.8	-747.8	-747.8	-747.8	-747.8	-747.8	-747.8
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,024.2	900.2	879.1	927.4	825.0	855.7	798.7	825.0	777.4	817.4	812.4	793.3
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	1,663.7	1,420.1	1,321.0	957.6	1,103.0	809.1	787.1	631.5	911.4	745.9	656.9	821.7
- Accumulated retained earning at the end of the previous period	1,421.6	547.4	742.9	636.5	930.9	436.8	615.3	513.4	874.9	684.0	620.2	759.4
- Undistributed earnings in this period	242.1	872.7	578.1	321.1	172.1	372.3	171.8	118.1	36.5	61.9	36.7	62.3
12. Reserves for investment in construction	—	543.1	543.1	543.1	543.1	543.1	543.1	543.1	543.1	543.1	543.1	543.1
13. Minority's interest	2,673.7	2,663.3	2,565.6	2,686.6	2,537.3	2,565.2	2,518.2	2,395.3	2,464.5	2,561.7	2,531.0	2,542.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	18.7	18.8	19.0	19.2	19.3	19.5	19.6	19.8	20.2	20.7	21.2
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	—	18.7	18.8	19.0	19.2	19.3	19.5	19.6	19.8	20.2	20.7	21.2
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)	20,309.7	20,583.7	20,437.1	19,954.8	19,223.4	19,137.1	19,082.0	18,922.6	18,853.2	18,992.3	18,916.3	19,125.8

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
Profit Before Tax	355.6	435.1	377.7	396.0	271.0	329.9	223.1	180.6	102.0	250.1	115.2	55.2
Depreciation of Fixed Assets and Investment Property	196.0	245.0	155.8	217.5	181.2	247.3	114.9	201.0	188.7	215.6	136.2	242.0
Provision (Increase)/Reversal	-8.4	-9.1	27.6	-3.1	-11.0	16.3	-18.6	-17.2	-19.9	87.2	-91.2	-0.0
FX Gain/Loss from Revaluation of Monetary Items	21.4	-14.6	17.5	24.0	29.1	2.9	17.0	33.9	29.4	1.0	47.0	23.1
Gain/Loss from Investment Activities	-94.4	-321.5	-205.1	-240.1	-103.3	-242.3	-56.9	-295.9	-34.4	-381.2	-84.5	-376.4
Interest Expense	82.9	113.7	41.0	92.6	70.5	56.2	48.5	94.6	79.8	62.9	83.3	99.0
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	553.1	484.7	414.5	486.9	437.6	410.4	327.9	196.9	345.7	235.6	205.9	43.0
Increase/(Decrease) in Receivables	7.1	-9.3	65.4	213.0	-526.3	89.6	-323.1	455.2	-144.7	-214.0	18.3	357.8
Increase/(Decrease) in Inventory	457.8	-233.5	371.5	-546.1	331.4	108.1	261.6	-599.6	472.8	-135.7	339.3	-149.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-130.1	-182.1	233.8	308.8	-410.0	156.3	-55.3	159.2	-212.8	387.2	-183.5	310.3
Increase/(Decrease) in Prepaid Expenses	1.6	16.3	2.7	-10.1	-25.7	-2.1	23.0	-4.1	1.9	-8.1	10.9	14.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	16.1
Interest Paid	-89.2	-77.8	-79.7	-81.8	-79.5	-35.7	-27.0	-120.3	-82.8	-85.8	-85.5	-103.9
Corporate Income Tax Paid	-47.6	-54.8	-34.9	-4.4	-43.1	-40.5	-20.4	-31.5	-37.2	-28.6	-19.7	-35.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-18.7	-46.5	-45.6	1.5	-14.2	-4.0	-25.3	-36.5	-13.2	4.2	-22.1	-37.9
Net Cash Flow from Operating Activities	734.0	-103.1	927.7	367.7	-329.9	682.1	161.5	19.4	329.7	154.9	263.6	415.3
Payments for Fixed Assets and Other Long-term Assets	-136.6	-480.0	-84.4	-175.9	-99.4	-174.6	-39.0	-101.0	-94.2	-223.8	-3.7	-229.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	8.8	1.6	3.1	1.1	3.0	0.9	16.0	1.7	152.9	28.8	42.9
Loans and Purchases of Debt Instruments	-1,056.2	-1,359.8	-178.6	-121.1	-1,020.5	-936.3	-329.3	418.9	-1,067.8	-842.4	53.6	21.3
Receipts from Loan Repayments and Sale of Debt Instruments	655.0	861.8	54.4	-184.6	1,140.6	1,081.4	206.9	-616.1	1,113.4	1,270.1	-359.9	10.7
Investments in Other Entities	—	—	—	—	—	0.0	13.6	-13.6	0.0	-14.4	0.0	0.0
Proceeds from Investments in Other Entities	—	14.0	—	—	—	10.3	-9.1	9.1	0.0	22.7	0.0	0.0
Dividends and Interest Income Received	126.9	222.3	65.5	73.5	259.0	100.0	23.0	208.0	248.1	263.8	22.0	286.8
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	-409.9	-740.8	-141.5	-407.2	280.9	83.8	-132.9	-78.7	201.2	628.9	-259.2	131.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	3,969,720,000.00	-3,969,720,000.00	3,969,720,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,867.7	3,546.1	2,841.7	4,305.5	3,866.9	3,924.4	2,913.3	2,724.7	3,204.5	3,454.5	2,957.8	1,971.0
Repayment of Borrowings	-4,394.6	36.0	-3,160.1	-3,978.3	-3,857.5	-4,097.9	-3,116.5	-2,661.2	-3,476.5	-3,965.6	-2,745.6	-2,434.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	-528.6	0.0	0.0
Dividends Paid	-150.0	0.4	0.0	-154.5	—	-222.0	0.0	-137.4	0.0	345.9	-193.1	55.8
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	-676.9	252.9	-318.4	172.7	9.4	-395.5	-203.2	-73.9	-272.0	-689.9	15.2	-403.8
Net Cash Flow During the Period	-352.7	-591.0	467.8	133.3	-39.6	370.4	-174.6	-133.2	258.9	93.9	19.6	143.4
Cash and Cash Equivalents at Beginning of Period	980.8	1,566.1	1,102.0	965.0	1,004.6	668.7	668.7	668.7	668.7	615.9	615.9	615.9
FX Difference from Revaluation	—	5.7	—	3.7	—	0.0	0.0	2.1	0.0	2.5	0.0	1.5
Cash and Cash Equivalents at End of Period	628.1	980.8	1,566.1	1,102.0	965.0	992.3	621.9	796.5	927.6	668.7	572.3	552.7

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VGT

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