VJC

Hàng không Vietjet ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 2.78x

Price

184,600

Latest close

05 Jun 2026

P/E 44.00x

P/B 4.20x

EPS 4,195

BVPS 43,997

ROE 11.4%

ROA 2.1%

Profit Margin 2.9%

Asset Turnover 0.70x

Equity Mult. 5.52x

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

What Is Changing

On a TTM 2026Q1 basis, VJC is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 85,162bn
	                                
+18.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,506bn
	                                
+38.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	82,092.9	71,858.7	58,340.6	40,141.9	12,998.4
Growth	+14%	+23%	+45%	+209%	—
Net Income	2,123.4	1,426.6	231.4	-2,262.0	100.2
Net Margin	2.59%	1.99%	0.40%	-5.63%	0.77%

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	21,021.3	29,324.1	16,931.4	17,885.3	17,952.2	19,796.8	18,164.2	16,223.6	17,792.0	18,797.0	14,234.7	16,872.0
Growth	-28%	+73%	-5%	-0%	-9%	+9%	+12%	-9%	-5%	+32%	-16%	—
Net Income	1,023.4	509.2	320.2	652.7	641.3	21.4	570.7	578.7	539.1	151.8	55.5	214.0
Net Margin	4.87%	1.74%	1.89%	3.65%	3.57%	0.11%	3.14%	3.57%	3.03%	0.81%	0.39%	1.27%

Drivers of VJC's profit

TTM

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

Gross profit ↑ 1,485.8bn

Financial income ↑ 538.3bn

Deferred tax ↓ 141.7bn

Administrative expenses ↑ 1,136.2bn

Selling expenses ↑ 152.0bn

Finance costs ↑ 72.1bn

TTM

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

Gross profit ↑ 411.1bn

Finance costs ↓ 160.0bn

Deferred tax ↓ 94.0bn

Selling expenses ↑ 255.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.7% = 2.5% × 0.78 × 5.45

2026Q1 11.4% = 2.9% × 0.70 × 5.52

ROE rose from 10.7% to 11.4% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 2.9% +0.4pp Asset turnover: 0.70x -0.08x Leverage: 5.52x +0.08x

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 2.94%, rising 0.4pp. Core operating signals are improving as Gross margin rose 0.2pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 2.94% +0.4pp

Gross Margin 10.43% +0.2pp

SG&A / Revenue 5.61% +0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 3.14%, broadly flat versus the same period. That translates to 3.14 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.5pp, but capital turnover fell 0.24x, while invested capital expanded strongly by 21,789bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 3.14% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.14% +0.1pp

NOPAT Margin 2.70% +0.5pp

Capital Turnover 1.16x −0.24x

Average Invested Capital 73,104.7bn +21,788.6bn

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 4.62x equity, net debt at 2.36x equity.

Over the last 12 months, working capital released 6,192.0bn 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: +1,320.7bn

Inventories increased → lower CFO: −212.1bn

Payables increased → higher CFO: +5,083.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 21.1 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO rose 0.6 days, and DPO fell 18.6 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +21.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 78.3 days +0.6 days

Inventory 10.5 days +1.9 days

Payables 25.9 days −18.6 days

Cash Conversion Cycle 62.9 days +21.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.36x and interest coverage only at 0.70x.

At present, short-term debt accounts for 34.9% of total debt, cash equals 10.2% of debt, and total debt stands at 68,337.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.36x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.70x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.36x +0.06x

Interest Coverage 0.70x +0.16x

Cash / Debt 10.2% +5.0pp

Short-term Debt / Total Debt 34.9% +4.2pp

CFO / NI 2.78x +3.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 1,509.1bn in 2025, against investing cash flow of -26,554.1bn.

Post-investment cash flow was negative +25,045.1bn. Financing cash flow was positive +31,380.6bn.

CFO / net income was 2.78x.

After spending +34,290.6bn on fixed-asset investment, the business generated trailing free cash flow of −27,363.4bn.

Cash Conversion

CFO TTM 6,927.1bn +8,416.6bn

Cash Capex 34,290.6bn +24,236.6bn

FCF TTM −27,363.4bn −15,820.0bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 2.78x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.1%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.78x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	82,092.9	71,858.7	58,340.6	40,141.9	12,998.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	82,092.9	71,858.7	58,340.6	40,141.9	12,998.4
Cost of Goods Sold	73,624.0	64,892.1	55,819.9	42,135.2	0.0
Gross Profit	8,468.9	6,966.6	2,520.7	-1,993.3	-1,953.2
Financial Income	2,604.3	2,080.2	2,955.0	2,246.2	3,920.0
Financial Expenses	4,146.2	3,669.0	2,242.1	2,483.1	-798.2
Interest Expense	3,619.7	2,796.1	1,950.3	1,383.6	-807.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2,406.4	2,597.4	1,950.1	936.3	-607.8
General and Administrative Expenses	2,131.7	1,348.8	1,099.3	534.5	-383.3
Operating Profit	2,388.9	1,431.6	184.3	-3,700.9	177.6
Other Income	272.1	475.7	662.2	1,316.1	0.0
Other Expenses	30.7	38.2	240.4	263.8	0.0
Other Profit	241.4	437.5	421.8	1,052.3	8.9
Profit Before Tax	2,630.3	1,869.1	606.1	-2,648.7	186.4
Current Income Tax Expense	40.4	11.5	3.2	172.1	-86.2
Deferred Income Tax Expense	466.5	431.0	371.5	-558.8	0.0
Net Income	2,123.4	1,426.6	231.4	-2,262.0	100.2
Non-controlling Interest	0.9	0.8	0.8	0.5	5.1
Profit Attributable to Parent	2,122.5	1,425.8	230.6	-2,262.5	95.2
Earnings per Share	3,728.00	2,632.00	426.00	-4,177.00	182.00
Diluted EPS	3,728.00	2,632.00	426.00	-4,177.00	175.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	49,719.1	42,388.6	40,827.0	33,587.5	27,375.8
I. Cash and cash equivalents	10,986.6	4,559.0	5,050.7	1,858.3	1,868.3
1. Cash	10,899.5	4,028.7	2,427.8	895.3	0.0
2. Cash equivalents	87.1	530.3	2,623.0	963.0	0.0
II. Short-term financial investments	2,697.6	3,825.8	613.3	687.8	0.0
1. Available for sale securities	990.0	990.0	990.0	990.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-450.0	-386.8	-486.4	-490.0	0.0
3. Held to maturity investments	2,157.6	3,222.6	109.8	187.8	0.0
III. Short-term receivables	33,547.3	31,756.5	34,243.1	29,729.8	23,770.1
1. Short-term trade accounts receivable	13,684.6	16,307.7	12,316.8	12,402.3	0.0
2. Short-term prepayments to suppliers	1,874.1	769.4	1,778.9	1,626.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	1,724.2	1,035.6	457.0	657.0	0.0
6. Other short-term receivables	16,417.8	13,871.3	19,690.4	15,044.3	0.0
7. Provision for short-term doubtful debts (*)	-153.3	-227.4	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,194.1	2,005.4	703.4	982.7	811.2
1. Inventories	2,194.1	2,005.4	703.4	982.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	293.6	241.8	216.4	328.9	66.7
1. Short-term prepayments	276.0	200.4	139.4	164.7	0.0
2. Value added tax to be reclaimed	6.2	6.7	9.0	139.4	0.0
3. Taxes and other receivables from state authorities	11.3	34.7	68.0	24.9	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)	89,671.9	57,135.1	46,098.5	34,449.5	24,409.0
I. Long-term receivables	28,355.8	29,051.5	26,305.7	21,238.1	0.0
1. Long-term trade receivables	4,941.2	0.0	1,942.1	3,863.3	13,533.6
2. Long-term prepayments to suppliers	3,525.4	6,572.5	6,115.7	1,132.6	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	899.6	921.6	874.8	868.2	0.0
6. Other long-term receivables	18,989.6	21,557.3	17,373.1	15,374.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	34,938.5	14,165.9	10,173.3	5,709.7	1,159.1
1. Tangible fixed assets	24,091.7	8,284.2	3,990.6	5,681.3	1,150.4
- Cost	25,527.4	9,121.3	4,638.9	6,113.5	0.0
- Accumulated depreciation	-1,435.7	-837.1	-648.3	-432.2	0.0
2. Financial leased fixed assets	5,517.3	5,826.3	6,135.4	0.0	0.0
- Cost	6,181.1	6,181.1	6,181.1	0.0	0.0
- Accumulated depreciation	-663.8	-354.8	-45.7	0.0	0.0
3. Intangible fixed assets	5,329.5	55.4	47.3	28.4	8.7
- Cost	5,455.1	108.6	88.7	61.9	0.0
- Accumulated depreciation	-125.7	-53.3	-41.4	-33.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	13,916.5	3,545.4	380.6	308.7	275.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13,916.5	3,545.4	380.6	308.7	0.0
V. Long-term financial investments	149.4	149.4	149.4	149.4	3,777.4
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	149.4	149.4	149.4	149.4	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	12,311.6	10,222.9	9,089.3	7,043.5	0.0
1. Long-term prepayments	12,311.6	10,222.9	9,056.5	6,639.2	0.0
2. Deferred income tax assets	—	0.0	32.8	404.3	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	5,663.2
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)	139,391.0	99,523.7	86,925.4	68,037.0	51,784.8
A. LIABILITIES (300=210+330)	114,581.8	82,593.5	71,672.3	53,138.7	34,910.0
I. Short -term liabilities	46,604.7	33,852.8	38,861.5	30,417.3	16,809.5
1. Short-term trade accounts payable	4,769.5	6,194.9	8,805.3	9,659.9	4,343.5
2. Short-term advances from customers	1,758.3	1,515.6	3,546.1	1,986.7	657.2
3. Taxes and other payables to state authorities	112.4	280.7	449.8	358.4	0.0
4. Payable to employees	224.0	213.0	155.1	190.1	0.0
5. Short-term acrrued expenses	3,155.7	2,414.4	1,926.4	855.1	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	5,178.8	4,253.0	3,600.0	3,503.5	381.6
9. Other short-term payables	2,753.1	3,055.3	4,157.2	3,409.1	0.0
10. Short-term borrowings and financial leases	26,056.1	13,561.6	13,553.8	8,549.9	7,253.7
11. Provision for short-term liabilities	2,585.3	2,355.4	2,662.3	1,758.4	0.0
12.. Bonus and welfare fund	11.7	8.7	5.5	146.3	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	67,977.1	48,740.8	32,810.8	22,721.4	18,100.5
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	—	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	6,770.8	843.1	1.6	69.1	0.0
8. Long-term borrowings and financial leases	42,943.5	30,052.4	17,257.0	10,309.7	8,206.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	818.8	540.4	0.0	0.0	0.0
12. Provision for long-term liabilities	17,443.9	17,304.9	15,552.1	12,342.5	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)	24,809.2	16,930.2	15,253.1	14,898.3	16,874.8
I. Owner's equity	24,809.2	16,930.2	15,253.1	14,898.3	0.0
1. Owner's capital	5,916.1	5,416.1	5,416.1	5,416.1	16,874.8
- Common stock with voting right	5,916,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4,747.4	247.5	247.5	247.5	247.5
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	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	1,325.9	569.2	318.8	195.3	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	12,775.2	10,675.3	9,249.5	9,018.9	11,302.0
- Accumulated retained earning at the end of the previous period	10,652.7	9,249.5	9,018.9	11,281.4	11,208.6
- Undistributed earnings in this period	2,122.5	1,425.8	230.6	-2,262.5	93.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	44.5	22.1	21.3	20.4	19.9
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)	139,391.0	99,523.7	86,925.4	68,037.0	51,784.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,630.3	1,869.1	606.1	-2,648.7	186.4
Depreciation of Fixed Assets and Investment Property	1,077.2	613.6	413.3	79.7	592.6
Provision (Increase)/Reversal	30.4	1,063.2	3,711.5	1,915.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-411.8	-510.3	-59.1	-159.9	0.0
Gain/Loss from Investment Activities	-1,067.9	-749.5	-876.5	-431.1	0.0
Interest Expense	3,619.7	2,796.1	1,950.3	1,383.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	5,878.0	5,082.2	5,745.6	138.7	1,226.5
Increase/(Decrease) in Receivables	2,010.2	4,086.0	-5,993.7	-10,296.3	0.0
Increase/(Decrease) in Inventory	-188.7	-1,302.1	279.3	-171.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	125.7	-4,083.9	639.2	10,128.9	0.0
Increase/(Decrease) in Prepaid Expenses	-2,586.4	-1,227.4	-2,639.5	-473.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3,557.8	-2,376.4	-2,133.3	-1,399.1	0.0
Corporate Income Tax Paid	-172.0	-0.6	-3.5	-140.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.1	-140.8	-180.9	0.0
Net Cash Flow from Operating Activities	1,509.1	177.7	-4,246.6	-2,393.4	-3,548.4
Payments for Fixed Assets and Other Long-term Assets	-31,207.4	-10,657.0	-1,425.8	-1,217.5	-172.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	3,393.9	859.0	2,023.8	1.0	0.0
Loans and Purchases of Debt Instruments	-1,013.0	-3,809.7	-2,186.6	-238.4	-0.5
Receipts from Loan Repayments and Sale of Debt Instruments	2,027.6	118.3	278.0	0.0	6.6
Investments in Other Entities	-205.0	0.0	0.0	0.0	-5,279.3
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	449.8	213.4	353.9	336.9	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	-26,554.1	-13,276.0	-956.7	-1,118.0	-3,716.9
Proceeds from Equity Issuance and Capital Contributions	5,000,000,000,000.00	0.00	0.00	0.00	2,364,154,987,714.00
Share Repurchases	-100,000,000.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	71,312.9	61,181.1	34,763.8	29,657.7	17,350.6
Repayment of Borrowings	-44,606.4	-48,245.5	-26,207.0	-26,177.9	-13,306.1
Repayment of Finance Leases	-325.8	-313.4	-145.1	0.0	0.0
Dividends Paid	—	-57.8	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	31,380.6	12,564.5	8,411.7	3,479.8	6,408.6
Net Cash Flow During the Period	6,335.5	-533.9	3,208.4	-31.6	189.5
Cash and Cash Equivalents at Beginning of Period	4,559.0	5,050.7	1,858.3	1,868.3	2,926.4
FX Difference from Revaluation	92.1	42.1	-15.9	21.6	-201.4
Cash and Cash Equivalents at End of Period	10,986.6	4,559.0	5,050.7	1,858.3	1,868.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	21,021.3	29,324.1	16,931.4	17,885.3	17,952.2	19,796.8	18,164.2	16,223.6	17,792.0	18,797.0	14,234.7	16,872.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	21,021.3	29,324.1	16,931.4	17,885.3	17,952.2	19,796.8	18,164.2	16,223.6	17,792.0	18,797.0	14,234.7	16,872.0
Cost of Goods Sold	18,206.5	27,771.6	14,835.7	15,468.3	15,548.5	18,786.6	15,961.7	14,445.7	16,046.7	18,899.4	12,993.9	15,769.8
Gross Profit	2,814.8	1,552.5	2,095.7	2,417.0	2,403.7	1,010.1	2,202.5	1,777.9	1,745.3	-102.3	1,240.8	1,102.3
Financial Income	376.0	1,104.8	366.1	598.5	405.7	690.6	242.1	568.5	584.5	2,717.7	309.9	245.8
Financial Expenses	982.9	501.6	1,196.1	1,176.3	1,143.0	560.5	1,084.5	996.9	940.5	1,464.3	548.4	417.3
Interest Expense	828.6	1,047.0	928.2	896.7	810.0	826.2	717.1	555.7	718.7	618.8	484.9	393.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	823.1	591.7	631.1	615.8	567.7	644.7	695.4	601.9	657.2	765.5	618.9	453.5
General and Administrative Expenses	258.3	1,152.1	237.6	468.5	273.5	507.8	-17.4	216.3	189.8	552.0	182.0	240.8
Operating Profit	1,126.5	411.8	397.1	754.8	825.3	-12.3	682.1	531.2	542.2	-166.5	201.3	236.3
Other Income	15.8	172.2	4.1	83.3	12.5	124.5	88.5	121.1	140.7	461.1	15.9	47.8
Other Expenses	0.3	4.9	1.2	23.3	1.3	3.8	10.3	17.5	6.5	17.2	18.6	8.4
Other Profit	15.5	167.2	2.9	60.1	11.1	120.7	78.2	103.6	134.2	443.9	-2.7	39.4
Profit Before Tax	1,142.0	579.1	400.0	814.9	836.4	108.4	760.3	634.8	676.4	277.4	198.6	275.7
Current Income Tax Expense	20.6	-18.0	1.2	54.2	3.0	8.2	1.0	1.4	0.9	-90.4	216.7	1.1
Deferred Income Tax Expense	98.1	87.9	78.6	108.0	192.0	78.8	188.6	54.8	136.3	216.0	-73.6	60.6
Net Income	1,023.4	509.2	320.2	652.7	641.3	21.4	570.7	578.7	539.1	151.8	55.5	214.0
Non-controlling Interest	9.9	-1.2	1.0	0.3	0.9	-1.9	-0.9	0.7	3.0	25.7	-79.7	0.9
Profit Attributable to Parent	1,013.5	510.4	319.3	652.4	640.5	23.4	571.6	578.0	536.2	126.2	135.1	213.1
Earnings per Share	1,780.00	908.00	505.00	1,002.00	1,183.00	43.00	1,055.00	1,067.00	990.00	233.00	249.00	393.00
Diluted EPS	1,780.00	908.00	505.00	1,002.00	1,183.00	2,632.00	1,055.00	1,067.00	990.00	233.00	249.00	393.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	50,569.5	54,676.1	39,859.8	42,095.7	36,445.8	42,388.6	43,484.4	42,583.4	38,743.3	37,272.4	33,866.8	36,839.7
I. Cash and cash equivalents	6,950.8	10,986.6	5,470.4	7,148.7	2,224.2	4,559.0	2,060.9	4,105.5	3,040.7	5,050.7	2,076.6	2,165.0
1. Cash	6,832.2	10,899.5	5,392.3	6,532.3	1,711.6	4,028.7	1,545.7	2,042.4	1,595.2	2,427.8	752.2	864.6
2. Cash equivalents	118.6	87.1	78.1	616.3	512.6	530.3	515.3	2,063.1	1,445.5	2,623.0	1,324.5	1,300.5
II. Short-term financial investments	7,572.5	2,697.6	2,741.8	2,438.8	3,914.0	3,825.8	2,672.9	904.5	799.0	613.3	559.0	528.9
1. Available for sale securities	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0	990.0
2. Provision for diminution in value of available for sale securities (*)	-58.4	-450.0	-405.5	-415.0	-345.0	-386.8	-311.9	-398.8	-486.4	-486.4	-440.8	-470.9
3. Held to maturity investments	6,640.9	2,157.6	2,157.3	1,863.8	3,269.0	3,222.6	1,994.7	313.2	295.5	109.8	9.8	9.8
III. Short-term receivables	33,364.2	38,504.3	29,322.4	29,946.8	27,918.7	31,756.5	37,282.6	36,355.1	33,766.0	30,695.9	29,945.5	32,898.6
1. Short-term trade accounts receivable	14,826.2	18,625.8	9,251.6	9,653.2	12,001.4	16,307.7	11,577.6	12,717.4	11,996.6	10,721.7	11,581.1	12,098.1
2. Short-term prepayments to suppliers	2,400.1	1,874.1	1,701.4	1,522.6	995.3	769.4	2,178.0	1,062.8	1,751.5	1,958.8	898.3	896.1
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	—	1,724.2	1,538.7	1,538.7	1,538.7	1,035.6	511.1	509.5	476.1	457.0	657.0	657.0
6. Other short-term receivables	16,292.2	16,433.5	17,063.5	17,463.2	13,611.2	13,871.3	23,101.4	22,065.4	19,541.7	17,558.5	16,809.1	19,247.4
7. Provision for short-term doubtful debts (*)	-154.2	-153.3	-232.9	-230.9	-227.9	-227.4	-85.5	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	2,302.0	2,194.1	2,009.7	2,328.5	2,089.9	2,005.4	1,151.7	997.5	962.5	703.4	1,115.8	1,039.6
1. Inventories	2,302.0	2,194.1	2,009.7	2,328.5	2,089.9	2,005.4	1,151.7	997.5	962.5	703.4	1,115.8	1,039.6
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	379.9	293.6	315.6	232.9	299.0	241.8	316.3	220.9	175.1	209.0	169.9	207.6
1. Short-term prepayments	371.5	276.0	307.6	227.3	275.7	200.4	274.9	170.1	116.1	139.4	134.1	174.1
2. Value added tax to be reclaimed	5.7	6.2	5.6	5.7	5.9	6.7	6.8	6.6	7.8	9.0	14.2	11.8
3. Taxes and other receivables from state authorities	2.7	11.3	2.4	—	17.5	34.7	34.6	44.1	51.2	60.6	21.6	21.7
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)	92,964.1	84,782.5	75,368.6	70,234.3	62,320.3	57,135.1	50,281.9	49,171.8	47,084.9	47,408.6	42,671.7	34,656.4
I. Long-term receivables	26,086.1	23,414.6	37,892.5	41,115.9	33,881.9	29,051.5	27,784.9	27,889.0	27,076.7	29,649.9	27,814.2	19,548.5
1. Long-term trade receivables	4,992.1	—	5,113.2	4,925.9	4,734.1	0.0	0.0	0.0	2,013.4	3,930.0	3,977.1	3,860.9
2. Long-term prepayments to suppliers	3,428.6	3,525.4	3,855.2	3,927.2	3,101.3	6,572.5	6,047.5	6,215.0	6,223.1	6,191.8	4,841.6	2,811.8
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	—	899.6	954.0	942.7	924.7	921.6	895.8	925.8	904.4	896.1	886.5	867.7
6. Other long-term receivables	17,665.3	18,989.6	27,970.0	31,320.1	25,121.7	21,557.3	20,841.6	20,748.3	17,935.7	18,631.9	18,109.1	12,008.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	37,265.5	34,938.5	18,839.6	17,830.1	14,032.2	14,165.9	9,865.1	11,015.8	10,646.9	8,865.1	5,840.8	5,923.2
1. Tangible fixed assets	26,549.6	24,091.7	11,687.2	10,577.7	8,214.7	8,284.2	3,903.0	4,973.6	4,551.9	3,990.6	5,455.1	5,524.0
- Cost	28,371.0	—	—	—	—	9,121.3	4,720.6	5,801.6	5,285.7	4,638.9	6,142.2	6,123.3
- Accumulated depreciation	-1,821.4	—	—	—	—	-837.1	-817.6	-828.0	-733.7	-648.3	-687.2	-599.3
2. Financial leased fixed assets	5,441.1	5,517.3	5,595.2	5,673.1	5,750.1	5,826.3	5,904.0	5,981.7	6,031.6	4,827.2	336.6	348.2
- Cost	6,181.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-740.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5,274.8	5,329.5	1,557.3	1,579.3	67.5	55.4	58.1	60.5	63.4	47.3	49.1	51.0
- Cost	5,455.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-180.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	16,380.7	13,968.4	8,549.9	1,275.7	1,439.8	3,545.4	576.2	475.5	436.7	333.1	334.1	316.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	16,380.7	13,968.4	8,549.9	1,275.7	1,439.8	3,545.4	576.2	475.5	436.7	333.1	334.1	316.7
V. Long-term financial investments	1,054.1	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4	149.4
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	904.7	—	—	—	—	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	12,177.8	12,311.6	9,937.2	9,863.2	12,816.9	10,222.9	11,906.4	9,642.0	8,775.1	8,411.2	8,533.2	8,718.6
1. Long-term prepayments	12,177.8	12,311.6	9,937.2	9,863.2	12,816.9	10,222.9	11,906.4	9,642.0	8,775.1	8,256.6	8,162.6	8,443.9
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	154.6	370.6	274.7
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)	143,533.6	139,458.6	115,228.4	112,329.9	98,766.1	99,523.7	93,766.3	91,755.2	85,828.2	84,681.1	76,538.5	71,496.1
A. LIABILITIES (300=210+330)	117,504.6	114,608.2	90,816.9	88,452.9	80,938.9	82,593.5	77,043.1	74,964.2	69,776.2	69,048.5	61,324.8	56,144.5
I. Short -term liabilities	44,814.3	46,631.1	37,274.1	37,255.8	31,945.4	33,852.8	38,937.9	37,845.1	35,373.0	36,187.4	29,553.5	32,521.1
1. Short-term trade accounts payable	4,271.3	4,769.5	5,637.8	4,930.7	6,311.8	6,194.9	6,504.0	8,479.4	9,495.3	9,764.1	10,130.2	10,551.4
2. Short-term advances from customers	1,480.1	1,758.3	1,578.1	1,318.5	1,325.2	1,515.6	1,203.7	1,014.5	2,221.7	2,331.8	2,136.1	2,117.1
3. Taxes and other payables to state authorities	143.3	112.3	382.7	382.0	253.1	280.7	334.6	361.5	380.4	575.2	675.9	406.0
4. Payable to employees	238.7	224.0	230.3	245.6	222.4	213.0	191.6	191.4	183.1	155.1	153.4	151.2
5. Short-term acrrued expenses	4,097.5	3,155.9	2,327.6	2,363.0	2,596.7	2,414.4	2,000.9	2,431.8	1,887.8	1,344.0	2,661.5	1,753.7
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	4,408.6	5,178.8	3,354.3	3,424.7	2,722.2	4,253.0	3,034.0	3,168.5	2,287.5	3,600.0	1,952.2	2,805.6
9. Other short-term payables	3,670.3	2,779.2	2,566.4	3,218.4	2,902.4	3,055.3	5,179.6	3,860.0	3,669.7	1,954.7	1,941.3	1,989.2
10. Short-term borrowings and financial leases	23,828.2	26,056.1	19,055.9	19,118.1	13,246.4	13,561.6	17,600.7	16,700.1	13,543.5	13,878.1	7,106.5	7,121.9
11. Provision for short-term liabilities	2,663.6	2,585.3	2,129.6	2,244.6	2,355.4	2,355.4	2,881.0	1,630.5	1,697.9	2,578.9	2,682.9	5,506.0
12.. Bonus and welfare fund	12.8	11.7	11.4	10.1	9.8	8.7	7.8	7.4	6.2	5.5	113.5	119.1
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	72,690.2	67,977.1	53,542.8	51,197.1	48,993.6	48,740.8	38,105.3	37,119.1	34,403.1	32,861.1	31,771.3	23,623.3
1. Long-term trade payables	249.0	—	—	—	—	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	—	—	—	—	—	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	81.9	0.0
7. Other long-term liabilities	9,429.9	6,770.8	1,340.1	1,243.0	1,013.0	843.1	737.4	436.0	1.7	1.4	7.2	7.6
8. Long-term borrowings and financial leases	44,509.2	42,943.5	33,799.0	31,896.1	29,944.5	30,052.4	20,079.1	18,565.0	17,283.5	17,224.2	16,190.9	11,809.0
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	939.8	818.8	659.2	615.5	549.2	540.4	415.3	343.0	103.5	0.0	0.0	0.0
12. Provision for long-term liabilities	17,562.2	17,443.9	17,744.6	17,442.5	17,487.0	17,304.9	16,873.5	17,775.2	17,014.4	15,635.5	15,491.4	11,806.8
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)	26,029.0	24,850.4	24,411.4	23,877.0	17,827.2	16,930.2	16,723.2	16,791.0	16,052.0	15,632.6	15,213.7	15,351.7
I. Owner's equity	26,029.0	24,850.4	24,411.4	23,877.0	17,827.2	16,930.2	16,723.2	16,791.0	16,052.0	15,632.6	15,213.7	15,351.7
1. Owner's capital	5,916.1	5,916.1	5,916.1	5,916.1	5,416.1	5,416.1	5,416.1	5,416.1	5,416.1	5,416.1	5,416.1	5,416.1
- Common stock with voting right	5,916,113,340,000.00	5,916,113,340,000.00	5,916,113,340,000.00	5,916,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00	5,416,113,340,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4,747.4	4,747.4	4,747.4	4,747.4	247.5	247.5	247.5	247.5	247.5	247.5	247.5	247.5
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	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	1,522.3	1,367.2	1,458.9	1,244.7	900.8	569.2	383.7	738.8	578.5	585.8	318.7	262.0
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	13,788.7	12,775.2	12,264.8	11,945.6	11,239.8	10,675.3	10,651.9	10,363.7	9,785.7	9,362.0	9,235.8	9,404.2
- Accumulated retained earning at the end of the previous period	12,775.2	10,652.7	10,652.7	10,652.7	10,599.4	9,249.5	9,249.5	9,249.5	9,249.5	9,018.9	9,018.9	9,018.9
- Undistributed earnings in this period	1,013.5	2,122.5	1,612.1	1,292.9	640.5	1,425.8	1,402.4	1,114.2	536.2	343.0	216.9	385.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	54.5	44.5	24.2	23.3	23.0	22.1	24.0	24.9	24.2	21.3	-4.4	21.9
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)	143,533.6	139,458.6	115,228.4	112,329.9	98,766.1	99,523.7	93,766.3	91,755.2	85,828.2	84,681.1	76,538.5	71,496.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1,142.0	579.1	400.0	814.8	836.4	108.4	760.3	324.0	676.4	161.3	198.6	3.2
Depreciation of Fixed Assets and Investment Property	516.6	351.4	275.9	243.1	206.8	133.8	138.5	149.1	192.3	117.1	102.5	99.6
Provision (Increase)/Reversal	-92.9	226.2	89.3	-333.2	48.1	-263.3	345.4	728.4	252.6	227.8	354.4	1,879.3
FX Gain/Loss from Revaluation of Monetary Items	276.8	-152.6	-87.0	-321.4	149.1	-387.8	170.6	-169.6	-123.5	-290.0	99.1	49.0
Gain/Loss from Investment Activities	-225.4	-453.5	-218.6	-177.9	-217.9	-23.3	-277.5	-151.6	-297.1	-578.5	-96.2	-143.9
Interest Expense	828.6	1,047.0	928.2	834.5	810.0	826.2	494.6	756.6	718.7	696.2	484.9	393.8
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	2,445.7	1,597.6	1,387.9	1,060.0	1,832.5	394.1	1,631.8	1,636.9	1,419.4	333.9	1,143.3	2,281.0
Increase/(Decrease) in Receivables	111.3	5,291.0	-5,146.2	1,064.5	800.8	1,755.2	5,372.8	-5,525.9	2,483.8	-1,928.9	-2,922.4	-868.1
Increase/(Decrease) in Inventory	-107.9	-184.4	318.8	-238.6	-84.5	-853.7	-154.2	-35.0	-259.2	412.4	-40.7	-47.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,466.3	2,660.1	-221.5	178.6	-2,491.5	-854.6	-1,497.1	917.8	-2,650.1	1,535.3	-891.3	628.8
Increase/(Decrease) in Prepaid Expenses	38.3	-6,340.6	3,603.6	449.6	-298.9	1,758.0	-2,712.3	-577.8	304.7	-1,146.6	176.8	-927.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-355.9	-1,793.5	-132.2	-1,025.8	-606.4	-471.7	-445.0	-979.3	-480.5	-1,116.2	-111.6	-656.8
Corporate Income Tax Paid	-29.7	-1.7	-0.2	-169.1	-0.9	0.0	0.0	-0.0	-0.5	-2.4	-0.4	-0.6
Other Operating Receipts	1.2	—	—	—	—	0.0	0.0	-0.7	0.7	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	-0.1	0.0	-108.0	-5.7	-1.3
Net Cash Flow from Operating Activities	4,569.3	1,228.5	-189.8	1,319.2	-848.8	1,727.4	2,196.1	-4,564.2	818.3	-2,020.3	-2,652.0	408.4
Payments for Fixed Assets and Other Long-term Assets	-5,307.8	-14,743.1	-3,555.6	-10,684.1	-2,224.6	-3,652.2	-5,435.1	1,257.9	-2,827.7	518.4	-1,817.0	-78.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	3,096.1	154.3	143.4	—	285.3	573.6	0.1	0.0	2,022.7	-103.4	104.5
Loans and Purchases of Debt Instruments	-4,928.1	-363.4	-397.2	-205.9	-46.4	-1,752.4	-175.3	-1,559.0	-323.1	-2,186.6	0.0	-178.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,073.4	217.7	103.7	1,611.2	95.0	0.0	0.0	0.0	118.3	100.0	-0.0	178.0
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	184.2	-88.9	445.5	67.8	25.4	83.7	-158.9	10.2	278.3	44.2	191.7	41.6
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	-7,978.3	-12,086.5	-3,249.3	-9,067.7	-2,150.6	-5,035.5	-5,195.6	-290.7	-2,754.1	498.8	-1,728.7	67.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	12,733.4	28,675.9	13,102.8	18,555.5	10,978.8	19,868.4	11,874.1	18,591.0	10,847.5	12,057.4	11,144.3	3,844.6
Repayment of Borrowings	-13,347.4	-12,296.5	-11,259.8	-10,796.1	-10,254.0	-13,969.4	-9,322.0	-13,976.2	-10,977.9	-7,410.8	-6,852.2	-4,096.6
Repayment of Finance Leases	-81.9	-82.5	-82.4	-81.3	-79.7	-78.7	-79.0	-155.6	0.0	-140.8	-1.1	-3.3
Dividends Paid	—	—	—	—	—	0.0	-57.8	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	-695.9	16,296.9	1,760.6	12,677.9	645.1	5,820.3	2,415.4	4,459.2	-130.4	4,505.8	4,291.0	-255.3
Net Cash Flow During the Period	-4,105.0	5,438.8	-1,678.5	4,929.5	-2,354.3	2,512.2	-584.1	-395.7	-2,066.2	2,984.3	-89.8	220.5
Cash and Cash Equivalents at Beginning of Period	10,986.6	5,470.4	7,148.7	2,224.2	4,559.0	5,050.7	5,050.7	5,050.7	5,050.7	1,858.3	1,858.3	1,858.3
FX Difference from Revaluation	69.2	92.1	14.7	14.5	19.5	-14.1	47.4	-47.4	56.1	-10.2	1.4	-37.9
Cash and Cash Equivalents at End of Period	6,950.8	10,986.6	5,470.4	7,148.7	2,224.2	4,559.0	2,060.9	2,597.6	3,040.7	5,050.7	2,076.6	2,165.0

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VJC

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