VNM

Sữa Việt Nam ·HOSE ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 0.88x

Price

58,600

Latest close

02 Jun 2026

P/E 13.31x

P/B 3.34x

EPS 4,404

BVPS 17,554

ROE 27.6%

ROA 18.6%

Profit Margin 15.4%

Asset Turnover 1.21x

Equity Mult. 1.49x

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

What Is Changing

On a TTM 2026Q1 basis, VNM is improving on both revenue and margins, though the magnitude is still moderate — profit momentum has been slowing across consecutive periods. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 66,860bn
	                                
+10.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10,285bn
	                                
+16.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	63,645.9	61,782.6	60,368.9	59,956.2	60,919.2
Growth	+3%	+2%	+1%	-2%	—
Net Income	9,413.6	9,452.9	9,019.4	8,577.6	10,632.5
Net Margin	14.79%	15.30%	14.94%	14.31%	17.45%

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	16,148.7	17,033.6	16,953.2	16,724.6	12,934.5	15,477.1	15,537.3	16,655.8	14,112.4	15,618.7	15,637.0	15,194.8
Growth	-5%	+0%	+1%	+29%	-16%	-0%	-7%	+18%	-10%	-0%	+3%	—
Net Income	2,458.2	2,827.2	2,510.5	2,488.6	1,587.3	2,146.8	2,403.2	2,696.0	2,207.0	2,350.7	2,533.3	2,229.2
Net Margin	15.22%	16.60%	14.81%	14.88%	12.27%	13.87%	15.47%	16.19%	15.64%	15.05%	16.20%	14.67%

Drivers of VNM's profit

TTM

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

Gross profit ↑ 3,005.8bn

Selling expenses ↑ 764.4bn

Tax ↑ 385.3bn

Associates income ↓ 156.2bn

TTM

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

Gross profit ↑ 1,685.4bn

Selling expenses ↑ 554.9bn

Tax ↑ 182.0bn

Finance costs ↑ 112.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 24.0% = 14.6% × 1.14 × 1.45

2026Q1 27.7% = 15.4% × 1.21 × 1.49

ROE rose from 24.0% to 27.7% — all three components improved, with asset turnover contributing the most.

Net margin: 15.4% +0.8pp Asset turnover: 1.21x +0.07x Leverage: 1.49x +0.03x

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 15.38%, rising 0.8pp. The main driver is SG&A / Revenue fell 1.1pp and Gross margin rose 0.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 15.38% +0.8pp

Gross Margin 41.72% +0.7pp

SG&A / Revenue 24.12% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 54.9 days.

Is capital being deployed efficiently?

ROIC expanded to 22.76%, rising 2.3pp. That translates to 22.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.08x, with invested capital easing up by 2,034bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

CAPITAL EFFICIENCY TREND

ROIC 22.76% +2.3pp

NOPAT Margin 15.37% +0.8pp

Capital Turnover 1.48x +0.08x

Average Invested Capital 45,137.5bn +2,034.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.55x equity, net debt at 0.23x equity.

Inventory ended the period at 6,839.3bn, roughly 12.8% of total assets.

Over the last 12 months, working capital absorbed 1,663.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −907.6bn

Inventories increased → lower CFO: −1,316.8bn

Payables increased → higher CFO: +560.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.0 days versus the same period last year. The main moves came from DIO fell 2.9 days, DSO fell 1.9 days, and DPO fell 1.8 days.

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

Working Capital Efficiency

Receivables 24.6 days −1.9 days

Inventory 67.7 days −2.9 days

Payables 37.4 days −1.8 days

Cash Conversion Cycle 54.9 days −3.0 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 0.23x and interest coverage at 27.43x.

At present, short-term debt accounts for 99.7% of total debt, cash equals 20.0% of debt, and total debt stands at 10,366.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.7% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 20.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.23x +0.02x

Interest Coverage 27.43x −2.03x

Cash / Debt 20.0% −4.8pp

Short-term Debt / Total Debt 99.7% +1.2pp

CFO / NI 0.88x −0.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8,668.1bn in 2025, against investing cash flow of 1,976.1bn.

Post-investment cash flow was positive +10,644.2bn. Financing cash flow was negative +11,081.9bn.

CFO / net income was 0.88x.

After spending +1,767.2bn on fixed-asset investment, the business generated trailing free cash flow of +7,295.0bn.

Cash Conversion

CFO TTM 9,062.2bn +408.5bn

Cash Capex 1,767.2bn −12.8bn

FCF TTM +7,295.0bn +421.4bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.88x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	63,723.5	61,823.9	60,478.9	60,074.7	61,012.1
Revenue Deductions	77.6	41.3	110.0	118.5	0.0
Net Revenue	63,645.9	61,782.6	60,368.9	59,956.2	60,919.2
Cost of Goods Sold	37,436.4	36,192.4	35,824.2	36,059.0	0.0
Gross Profit	26,209.5	25,590.2	24,544.7	23,897.2	26,278.3
Financial Income	1,496.9	1,585.7	1,716.4	1,379.9	1,214.7
Financial Expenses	350.2	428.2	503.1	617.5	-202.3
Interest Expense	325.8	279.4	354.1	166.0	-88.8
Share of Associates and Joint Ventures	-150.6	32.0	-80.6	-24.5	-45.0
Selling Expenses	13,641.7	13,357.7	13,018.1	12,548.2	-12,950.7
General and Administrative Expenses	1,904.1	1,827.9	1,755.6	1,595.8	-1,567.3
Operating Profit	11,659.8	11,594.0	10,903.6	10,491.1	12,727.6
Other Income	245.7	230.6	353.4	289.0	0.0
Other Expenses	255.5	225.0	289.1	284.6	0.0
Other Profit	-9.8	5.7	64.3	4.5	194.6
Profit Before Tax	11,650.0	11,599.7	10,967.9	10,495.5	12,922.2
Current Income Tax Expense	2,273.3	2,240.9	1,948.4	1,956.2	-2,289.7
Deferred Income Tax Expense	-36.9	-94.1	0.2	-38.3	0.0
Net Income	9,413.6	9,452.9	9,019.4	8,577.6	10,632.5
Non-controlling Interest	3.4	60.6	145.5	61.6	100.1
Profit Attributable to Parent	9,410.2	9,392.3	8,873.8	8,516.0	10,532.5
Earnings per Share	4,028.00	4,022.00	3,796.00	3,632.00	4,518.00
Diluted EPS	4,502.58	4,494.02	4,245.93	4,074.74	5,039.57

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	36,261.2	37,553.7	35,935.9	31,560.4	36,109.9
I. Cash and cash equivalents	1,794.9	2,225.9	2,912.0	2,299.9	2,348.6
1. Cash	1,630.9	1,877.9	1,025.5	1,327.4	0.0
2. Cash equivalents	164.0	348.0	1,886.5	972.5	0.0
II. Short-term financial investments	21,354.9	23,260.1	20,137.2	17,414.1	0.0
1. Available for sale securities	1.3	1.2	1.2	1.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.8	-0.9	-0.8	-0.7	0.0
3. Held to maturity investments	21,354.4	23,259.8	20,136.9	17,413.6	0.0
III. Short-term receivables	6,027.7	6,233.8	6,529.7	6,100.4	5,822.0
1. Short-term trade accounts receivable	4,701.7	4,793.1	4,808.2	4,633.9	0.0
2. Short-term prepayments to suppliers	444.0	566.5	655.6	589.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	915.9	896.5	1,080.8	890.5	0.0
7. Provision for short-term doubtful debts (*)	-33.8	-22.3	-14.9	-13.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	6,839.3	5,686.8	6,128.1	5,537.6	6,773.1
1. Inventories	6,897.9	5,723.9	6,165.9	5,560.2	0.0
2. Provision for decline in value of inventories	-58.6	-37.1	-37.9	-22.6	0.0
V. Other short-term assets	244.4	147.0	228.8	208.4	140.5
1. Short-term prepayments	150.0	89.5	82.9	97.6	0.0
2. Value added tax to be reclaimed	64.4	33.6	99.4	89.2	0.0
3. Taxes and other receivables from state authorities	30.1	23.9	46.5	21.6	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)	17,051.2	17,495.4	16,737.5	16,922.3	17,222.5
I. Long-term receivables	23.3	17.6	16.1	38.4	0.0
1. Long-term trade receivables	—	0.4	0.0	0.0	16.7
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	23.3	17.2	16.1	38.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	12,648.9	12,550.6	12,689.7	11,903.2	12,706.6
1. Tangible fixed assets	11,618.1	11,520.2	11,688.5	10,860.4	11,620.1
- Cost	34,581.5	32,713.1	31,109.2	28,502.2	0.0
- Accumulated depreciation	-22,963.4	-21,192.9	-19,420.7	-17,641.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,030.8	1,030.4	1,001.1	1,042.8	1,086.5
- Cost	1,545.9	1,466.2	1,366.4	1,353.4	0.0
- Accumulated depreciation	-515.1	-435.8	-365.3	-310.6	0.0
III. Investment properties	51.8	53.6	55.6	57.6	60.0
- Cost	98.8	98.8	98.8	98.8	0.0
- Accumulated depreciation	-47.0	-45.2	-43.2	-41.2	0.0
IV. Long-term assets in progress	1,320.8	1,539.8	936.9	1,805.1	1,130.0
1. Long-term production in progress	449.0	404.7	382.0	334.5	0.0
2. Construction in progress	871.8	1,135.1	554.9	1,470.6	0.0
V. Long-term financial investments	957.1	1,373.2	831.2	742.7	743.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	511.2	622.2	602.6	664.3	0.0
3. Investments in other entities	94.6	94.5	102.0	102.0	0.0
4. Provision for diminution in value of long-term investments	-24.0	-23.6	-23.6	-23.6	0.0
5. Held to maturity investments	375.3	680.0	150.2	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,049.4	1,960.7	2,208.0	2,375.3	0.0
1. Long-term prepayments	1,104.7	792.5	871.6	772.8	0.0
2. Deferred income tax assets	115.3	92.2	14.4	35.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	1,567.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2,565.3
5. Goodwill	829.4	1,076.0	1,321.9	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	53,312.4	55,049.1	52,673.4	48,482.7	53,332.4
A. LIABILITIES (300=210+330)	18,829.4	18,874.7	17,647.6	15,666.1	17,482.3
I. Short -term liabilities	18,520.3	18,459.5	17,138.7	15,308.4	17,068.4
1. Short-term trade accounts payable	3,923.3	3,874.1	3,805.9	4,284.2	4,213.9
2. Short-term advances from customers	253.1	191.3	164.7	161.7	66.0
3. Taxes and other payables to state authorities	1,804.0	1,014.5	967.9	598.1	0.0
4. Payable to employees	321.6	307.9	289.2	287.9	0.0
5. Short-term acrrued expenses	1,754.1	2,115.8	1,910.2	1,620.9	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	—	0.3	0.3	4.2	4.0
9. Other short-term payables	102.4	1,148.5	1,193.9	3,055.5	0.0
10. Short-term borrowings and financial leases	9,393.7	9,115.4	8,217.8	4,867.1	9,382.4
11. Provision for short-term liabilities	15.1	11.8	16.8	26.6	0.0
12.. Bonus and welfare fund	953.0	680.0	572.1	402.2	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	309.1	415.1	508.9	357.7	413.9
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	0.6	0.7	1.1	3.7	0.0
8. Long-term borrowings and financial leases	62.9	157.9	238.5	66.0	75.6
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	245.5	256.5	269.4	288.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	34,483.0	36,174.4	35,025.7	32,816.5	35,850.1
I. Owner's equity	34,483.0	36,174.4	35,025.7	32,816.5	0.0
1. Owner's capital	20,899.6	20,899.6	20,899.6	20,899.6	35,850.1
- Common stock with voting right	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	34.1	34.1	34.1	34.1	34.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	746.8	499.1	499.1	202.7	202.7
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	403.6	295.7	174.1	92.5	0.0
8. Investment and development fund	78.7	7,079.1	6,163.7	5,266.8	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	8,522.6	3,471.2	3,926.2	3,353.5	7,594.3
- Accumulated retained earning at the end of the previous period	5,330.4	349.3	1,068.5	2,682.9	2,521.1
- Undistributed earnings in this period	3,192.2	3,121.9	2,857.8	670.6	5,073.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3,797.6	3,895.6	3,328.9	2,967.5	2,766.8
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)	53,312.4	55,049.1	52,673.4	48,482.7	53,332.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	11,650.0	11,599.7	10,967.9	10,495.5	12,922.2
Depreciation of Fixed Assets and Investment Property	2,116.2	2,095.2	2,300.1	2,095.4	2,121.3
Provision (Increase)/Reversal	63.7	27.5	26.9	-4.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	6.3	-13.3	7.4	3.2	0.0
Gain/Loss from Investment Activities	150.6	-1,367.5	-1,397.0	-1,210.7	0.0
Interest Expense	325.8	279.4	354.1	166.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	88.5	0.0
Interest Income and Dividends	-1,330.2	0.0	0.0	0.0	0.0
Amortization of Goodwill	246.7	245.9	0.0	245.5	0.0
Other Adjustments	—	0.0	0.0	24.5	0.0
Operating Profit Before Changes in Working Capital	13,229.0	12,866.8	12,259.5	11,903.5	14,351.8
Increase/(Decrease) in Receivables	136.3	332.8	-245.0	-288.1	0.0
Increase/(Decrease) in Inventory	-1,689.6	-54.0	-1,021.3	851.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-197.1	-188.1	-443.4	-386.0	0.0
Increase/(Decrease) in Prepaid Expenses	-217.3	91.2	7.9	-73.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-311.5	-336.7	-302.7	-141.3	0.0
Corporate Income Tax Paid	-1,536.1	-2,127.7	-1,564.1	-1,975.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-745.6	-898.4	-803.4	-1,063.6	0.0
Net Cash Flow from Operating Activities	8,668.1	9,685.9	7,887.4	8,827.3	9,432.0
Payments for Fixed Assets and Other Long-term Assets	-1,762.0	-1,741.5	-1,579.6	-1,456.9	-1,531.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	117.7	113.6	104.9	137.1	133.9
Loans and Purchases of Debt Instruments	—	-3,620.0	-2,856.3	0.0	-3,514.5
Receipts from Loan Repayments and Sale of Debt Instruments	2,232.4	0.0	0.0	3,634.7	0.1
Investments in Other Entities	-62.9	0.0	-35.8	-43.2	-23.2
Proceeds from Investments in Other Entities	22.0	35.7	10.6	0.0	0.0
Dividends and Interest Income Received	1,428.9	1,473.1	1,367.7	1,201.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1,976.1	-3,739.1	-2,988.5	3,472.8	-3,933.2
Proceeds from Equity Issuance and Capital Contributions	7,200,000,000.00	722,407,000,000.00	489,787,009,008.00	338,100,000,000.00	317,860,664,553.00
Share Repurchases	—	0.00	-142,548,827,636.00	0.00	0.00
Proceeds from Borrowings	19,498.8	17,420.4	11,788.4	6,257.5	9,597.0
Repayment of Borrowings	-19,323.4	-16,624.5	-8,276.8	-10,789.0	-7,551.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11,264.5	-8,159.6	-8,151.6	-8,046.3	-7,620.8
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	-120.6	0.0
Net Cash Flow from Financing Activities	-11,081.9	-6,641.3	-4,292.8	-12,360.3	-5,257.4
Net Cash Flow During the Period	-437.7	-694.4	606.1	-60.2	283.8
Cash and Cash Equivalents at Beginning of Period	2,225.9	2,912.0	2,299.9	2,348.6	2,111.2
FX Difference from Revaluation	6.6	8.3	6.0	11.6	-4.0
Cash and Cash Equivalents at End of Period	1,794.9	2,225.9	2,912.0	2,299.9	2,348.6

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	16,178.0	17,045.4	16,968.1	16,744.6	12,965.4	15,485.1	15,548.7	16,665.2	14,124.9	15,630.5	15,681.5	15,212.9
Revenue Deductions	29.3	11.9	14.9	20.0	30.9	8.0	11.4	9.5	12.5	11.7	44.5	18.1
Net Revenue	16,148.7	17,033.6	16,953.2	16,724.6	12,934.5	15,477.1	15,537.3	16,655.8	14,112.4	15,618.7	15,637.0	15,194.8
Cost of Goods Sold	9,252.7	10,143.5	9,865.9	9,702.9	7,724.0	9,267.4	9,135.9	9,588.3	8,200.9	9,177.1	9,082.1	9,044.6
Gross Profit	6,895.9	6,890.0	7,087.3	7,021.7	5,210.5	6,209.7	6,401.4	7,067.5	5,911.5	6,441.6	6,554.9	6,150.2
Financial Income	386.5	358.3	395.8	376.3	366.3	394.6	430.5	373.2	387.4	428.9	483.8	384.0
Financial Expenses	154.6	107.6	91.4	109.5	41.8	140.1	98.0	87.7	102.5	118.8	110.1	116.0
Interest Expense	118.3	90.0	75.5	85.2	75.2	66.1	62.6	64.3	86.4	96.2	79.6	96.0
Share of Associates and Joint Ventures	48.5	24.0	-194.5	3.8	16.2	23.4	-5.1	3.3	10.3	-28.0	-27.6	-11.2
Selling Expenses	3,724.7	3,186.8	3,573.8	3,711.3	3,169.8	3,351.1	3,336.4	3,574.9	3,095.3	3,493.7	3,382.5	3,199.7
General and Administrative Expenses	459.8	545.1	465.8	462.3	430.9	554.6	421.7	455.7	395.9	504.1	432.2	430.5
Operating Profit	2,991.8	3,432.9	3,157.8	3,118.6	1,950.6	2,581.9	2,970.7	3,325.8	2,715.5	2,725.8	3,086.3	2,776.7
Other Income	41.4	128.0	37.4	32.2	48.2	121.6	37.2	34.8	37.0	240.8	38.0	33.5
Other Expenses	18.8	83.9	69.5	54.7	47.4	60.1	66.2	52.0	46.7	114.6	48.4	82.3
Other Profit	22.6	44.1	-32.2	-22.5	0.7	61.4	-28.9	-17.1	-9.7	126.2	-10.5	-48.7
Profit Before Tax	3,014.4	3,477.0	3,125.6	3,096.1	1,951.3	2,643.4	2,941.8	3,308.6	2,705.8	2,852.1	3,075.8	2,728.0
Current Income Tax Expense	508.8	688.3	644.3	613.8	326.8	555.1	573.8	614.2	497.7	527.2	548.4	494.9
Deferred Income Tax Expense	47.3	-38.5	-29.3	-6.3	37.2	-58.6	-35.2	-1.5	1.2	-25.8	-5.9	3.9
Net Income	2,458.2	2,827.2	2,510.5	2,488.6	1,587.3	2,146.8	2,403.2	2,696.0	2,207.0	2,350.7	2,533.3	2,229.2
Non-controlling Interest	29.5	-13.2	-16.2	14.0	18.8	23.1	-0.4	25.5	12.3	24.7	41.0	30.3
Profit Attributable to Parent	2,428.7	2,840.4	2,526.8	2,474.6	1,568.5	2,123.6	2,403.5	2,670.5	2,194.7	2,326.0	2,492.3	2,198.8
Earnings per Share	1,051.00	1,223.00	1,084.00	1,046.00	674.00	908.00	1,032.00	1,138.00	944.00	999.00	1,066.00	934.00
Diluted EPS	1,162.09	1,359.06	1,209.00	1,184.04	750.49	1,016.12	1,150.03	1,277.77	1,050.10	1,112.95	1,192.49	1,052.09

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)	38,757.0	36,261.2	38,746.9	38,255.1	38,408.0	37,553.7	40,582.4	37,332.8	35,013.9	35,935.9	37,680.2	33,403.5
I. Cash and cash equivalents	2,077.6	1,794.9	5,154.5	2,498.4	2,538.0	2,225.9	2,616.2	1,198.6	1,788.3	2,912.0	6,875.6	1,582.5
1. Cash	2,003.6	1,630.9	1,427.5	2,137.4	1,228.7	1,877.9	1,421.2	1,018.6	790.2	1,025.5	4,244.4	791.8
2. Cash equivalents	74.0	164.0	3,727.0	361.0	1,309.3	348.0	1,195.0	180.0	998.1	1,886.5	2,631.2	790.7
II. Short-term financial investments	23,002.4	21,354.9	21,133.9	22,249.4	23,170.8	23,260.1	25,982.8	23,030.9	20,268.1	20,137.2	19,012.1	19,083.0
1. Available for sale securities	1.3	1.3	1.3	1.3	1.3	1.2	1.2	1.2	1.2	1.2	1.2	1.2
2. Provision for diminution in value of available for sale securities (*)	-0.8	-0.8	-1.1	-1.1	-0.9	-0.9	-0.9	-0.9	-0.8	-0.8	-0.7	-0.7
3. Held to maturity investments	23,002.0	21,354.4	21,133.7	22,249.2	23,170.5	23,259.8	25,982.5	23,030.5	20,267.8	20,136.9	19,011.6	19,082.5
III. Short-term receivables	5,591.4	6,027.7	5,910.6	6,147.2	5,469.2	6,233.8	5,606.2	6,344.9	5,868.6	6,529.7	5,931.4	6,142.4
1. Short-term trade accounts receivable	4,883.1	4,701.7	4,813.1	4,539.2	4,116.4	4,793.1	4,528.3	5,132.6	4,665.0	4,808.2	4,432.0	4,504.8
2. Short-term prepayments to suppliers	399.0	444.0	320.5	596.1	438.0	566.5	368.0	339.9	414.6	655.6	633.3	762.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	328.9	915.9	795.3	1,034.1	936.0	896.5	727.5	888.4	804.4	1,080.8	880.9	889.1
7. Provision for short-term doubtful debts (*)	-19.6	-33.8	-18.4	-22.2	-21.2	-22.3	-17.6	-16.0	-15.4	-14.9	-14.8	-14.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	7,399.2	6,839.3	6,308.6	7,047.7	6,979.2	5,686.8	6,103.0	6,524.3	6,780.8	6,128.1	5,697.8	6,319.9
1. Inventories	7,443.7	6,897.9	6,348.3	7,090.2	7,015.8	5,723.9	6,131.9	6,551.8	6,807.9	6,165.9	5,723.7	6,346.3
2. Provision for decline in value of inventories	-44.5	-58.6	-39.7	-42.5	-36.6	-37.1	-28.9	-27.5	-27.1	-37.9	-25.9	-26.4
V. Short-term Biological Assets	329.0	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	315.0	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	13.9	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	357.4	244.4	239.3	312.3	250.7	147.0	274.1	234.2	308.1	228.8	163.3	275.7
1. Short-term prepayments	225.5	150.0	150.9	177.8	163.8	89.5	138.2	118.5	180.7	82.9	76.7	102.0
2. Value added tax to be reclaimed	108.4	64.4	56.0	105.7	65.3	33.6	121.4	104.0	98.7	99.4	79.8	170.0
3. Taxes and other receivables from state authorities	23.6	30.1	32.3	28.8	21.6	23.9	14.4	11.7	28.7	46.5	6.7	3.7
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)	16,672.0	17,051.2	16,931.0	17,027.6	16,605.8	17,495.4	17,094.7	16,861.2	16,640.0	16,737.5	17,287.3	17,565.3
I. Long-term receivables	24.4	23.3	21.1	20.5	18.4	17.6	16.6	17.4	16.7	16.1	16.1	16.2
1. Long-term trade receivables	—	—	0.2	0.3	0.4	0.4	0.6	0.6	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	24.4	23.3	20.8	20.2	18.0	17.2	16.0	16.8	16.7	16.1	16.1	16.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	11,345.2	12,648.9	12,862.9	12,784.8	12,309.7	12,550.6	11,854.2	12,295.7	12,472.4	12,689.7	12,056.3	11,821.4
1. Tangible fixed assets	10,336.3	11,618.1	11,812.0	11,720.6	11,292.6	11,520.2	10,824.6	11,241.9	11,408.5	11,688.5	11,043.0	10,802.6
- Cost	33,106.9	—	—	—	—	32,713.1	31,567.6	31,544.5	31,284.5	31,109.2	30,026.7	29,336.9
- Accumulated depreciation	-22,770.5	—	—	—	—	-21,192.9	-20,743.0	-20,302.7	-19,876.0	-19,420.7	-18,983.7	-18,534.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,008.9	1,030.8	1,051.0	1,064.2	1,017.0	1,030.4	1,029.7	1,053.9	1,063.9	1,001.1	1,013.3	1,018.9
- Cost	1,544.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-536.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	1,563.9	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	1,554.7	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	413.7	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	1,141.0	—	—	—	—	—	—	—	—	—	—	—
- Cost	1,761.0	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-620.0	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	9.3	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	51.4	51.8	52.2	52.6	53.1	53.6	54.1	54.6	55.1	55.6	56.1	56.6
- Cost	98.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-47.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	952.3	1,320.8	1,220.5	1,494.6	1,661.9	1,539.8	1,925.7	1,633.4	1,288.2	936.9	1,536.4	1,892.3
1. Long-term production in progress	—	449.0	417.9	372.8	360.4	404.7	444.6	404.0	370.5	382.0	343.4	290.3
2. Construction in progress	952.3	871.8	802.6	1,121.9	1,301.5	1,135.1	1,481.1	1,229.4	917.7	554.9	1,193.1	1,601.9
V. Long-term financial investments	731.1	957.1	820.2	813.5	709.4	1,373.2	1,279.3	831.4	691.6	831.2	1,424.8	1,529.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	559.6	511.2	439.3	642.2	638.4	622.2	608.1	614.5	612.9	602.6	646.2	651.2
3. Investments in other entities	94.6	94.6	94.6	94.6	94.6	94.5	94.5	102.0	102.0	102.0	102.0	102.0
4. Provision for diminution in value of long-term investments	-24.0	-24.0	-24.0	-23.6	-23.6	-23.6	-23.6	-23.6	-23.6	-23.6	-23.6	-23.6
5. Held to maturity investments	100.9	375.3	310.3	100.3	—	680.0	600.2	138.6	0.2	150.2	700.2	800.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,003.7	2,049.4	1,954.1	1,861.5	1,853.4	1,960.7	1,964.8	2,028.6	855.5	886.0	814.2	804.3
1. Long-term prepayments	1,160.0	1,104.7	982.7	853.5	785.5	792.5	794.4	818.5	834.1	871.6	814.2	804.3
2. Deferred income tax assets	75.1	115.3	79.8	54.3	52.7	92.2	32.1	11.0	21.4	14.4	0.0	0.0
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	768.5	829.4	891.5	953.7	1,015.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	1,076.0	1,138.3	1,199.2	1,260.5	1,321.9	1,383.3	1,444.7
TOTAL ASSETS (280=100+200)	55,429.0	53,312.4	55,677.8	55,282.7	55,013.8	55,049.1	57,677.1	54,194.0	51,653.9	52,673.4	54,967.4	50,968.8
A. LIABILITIES (300=210+330)	18,740.9	18,829.4	17,725.0	19,595.6	17,391.3	18,874.7	22,432.8	15,856.5	15,786.3	17,647.6	20,964.4	14,308.7
I. Short -term liabilities	18,456.9	18,520.3	17,327.8	19,190.7	16,981.8	18,459.5	22,021.3	15,403.3	15,294.4	17,138.7	20,399.3	13,742.8
1. Short-term trade accounts payable	4,069.4	3,923.3	3,494.3	4,333.7	3,916.4	3,874.1	3,667.2	3,726.1	3,747.0	3,805.9	3,550.8	3,483.2
2. Short-term advances from customers	308.9	253.1	272.6	410.6	123.0	191.3	146.4	97.1	148.4	164.7	200.1	315.8
3. Dividends and profits payable	8.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	763.2	1,804.0	1,945.0	1,500.9	418.4	1,014.5	1,944.9	1,021.4	624.7	967.9	2,127.3	1,616.5
4. Payable to employees	231.8	321.6	276.4	250.2	217.4	307.9	266.7	237.0	227.3	289.2	274.5	225.9
5. Short-term acrrued expenses	1,865.1	1,754.1	2,174.6	2,229.7	1,680.7	2,115.8	1,857.3	1,896.5	1,628.1	1,910.2	1,720.0	1,512.1
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	0.2	—	0.1	0.0	0.2	0.3	0.1	0.2	0.2	0.3	0.1	1.2
9. Other short-term payables	113.2	102.4	90.4	96.2	123.0	1,148.5	5,257.2	103.4	2,017.6	1,193.9	5,258.2	116.4
10. Short-term borrowings and financial leases	10,334.8	9,393.7	8,124.8	9,636.8	10,060.1	9,115.4	8,291.5	7,794.3	6,616.8	8,217.8	6,873.9	6,128.1
11. Provision for short-term liabilities	12.4	15.1	8.8	12.3	10.0	11.8	9.4	18.1	17.1	16.8	10.4	11.8
12.. Bonus and welfare fund	749.5	953.0	940.7	720.3	432.7	680.0	580.5	509.3	267.1	572.1	384.1	331.7
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	284.0	309.1	397.2	404.9	409.5	415.1	411.5	453.2	491.9	508.9	565.0	565.9
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	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	0.0	0.0
7. Other long-term liabilities	0.6	0.6	0.7	0.7	0.7	0.7	1.4	1.1	1.0	1.1	1.3	1.6
8. Long-term borrowings and financial leases	31.1	62.9	147.7	152.1	154.0	157.9	157.8	183.4	211.8	238.5	282.9	279.4
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	252.3	245.5	248.9	252.1	254.9	256.5	252.4	268.8	279.1	269.4	280.8	284.9
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	36,688.1	34,483.0	37,952.8	35,687.1	37,622.5	36,174.4	35,244.3	38,337.4	35,867.6	35,025.7	34,003.1	36,660.0
I. Owner's equity	36,688.1	34,483.0	37,952.8	35,687.1	37,622.5	36,174.4	35,244.3	38,337.4	35,867.6	35,025.7	34,003.1	36,660.0
1. Owner's capital	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6	20,899.6
- Common stock with voting right	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00	20,899,554,450,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1	34.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	746.8	746.8	746.8	746.8	746.8	499.1	499.1	499.1	499.1	499.1	202.7	202.7
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	388.3	403.6	412.1	394.4	321.3	295.7	205.0	288.1	239.6	174.1	175.7	94.7
8. Investment and development fund	78.7	78.7	78.7	78.7	7,221.1	7,079.1	6,863.1	6,624.9	6,365.5	6,163.7	5,932.2	5,679.5
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	10,719.0	8,522.6	11,926.6	9,620.7	4,474.3	3,471.2	2,870.3	6,000.4	3,816.3	3,926.2	3,411.3	6,557.8
- Accumulated retained earning at the end of the previous period	8,522.6	5,330.4	6,066.5	6,025.6	3,207.0	349.3	384.9	2,119.8	2,045.3	1,068.5	1,364.9	3,350.3
- Undistributed earnings in this period	2,196.4	3,192.2	5,860.2	3,595.1	1,267.3	3,121.9	2,485.4	3,880.6	1,771.0	2,857.8	2,046.4	3,207.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,821.5	3,797.6	3,854.8	3,912.7	3,925.3	3,895.6	3,873.2	3,991.3	4,013.4	3,328.9	3,347.5	3,191.8
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)	55,429.0	53,312.4	55,677.8	55,282.7	55,013.8	55,049.1	57,677.1	54,194.0	51,653.9	52,673.4	54,967.4	50,968.8

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	3,014.4	3,477.0	3,125.6	3,096.1	1,951.3	2,643.4	2,941.8	3,308.6	2,705.8	2,852.1	3,075.8	2,728.0
Depreciation of Fixed Assets and Investment Property	537.3	541.7	541.0	521.7	511.8	319.3	624.7	585.2	566.0	579.3	675.8	454.4
Provision (Increase)/Reversal	-16.8	46.1	-0.3	15.3	2.5	18.7	4.5	3.0	1.3	17.3	0.4	4.7
FX Gain/Loss from Revaluation of Monetary Items	12.2	-0.8	2.0	0.5	4.7	-8.9	3.3	-5.4	-2.3	3.6	2.9	11.1
Gain/Loss from Investment Activities	-389.3	989.8	-168.5	-327.5	-343.2	-350.0	-357.8	-314.8	-344.9	-340.2	-1,081.7	333.9
Interest Expense	118.3	90.0	75.5	85.2	75.2	66.1	62.6	64.3	86.4	96.2	79.6	96.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-26.9	26.9
Interest Income and Dividends	—	-1,330.2	—	—	—	0.0	0.0	0.0	0.0	0.0	707.8	-707.8
Amortization of Goodwill	60.8	—	—	—	—	245.9	0.0	0.0	0.0	-184.2	61.4	122.8
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3,336.9	3,875.8	3,637.4	3,452.7	2,263.1	2,934.4	3,279.2	3,640.9	3,012.3	3,208.2	3,310.9	3,069.9
Increase/(Decrease) in Receivables	-127.9	-169.3	9.8	-620.1	915.9	-534.6	502.1	-386.7	752.0	-764.1	300.2	662.8
Increase/(Decrease) in Inventory	-1,036.6	-696.3	608.2	-192.1	-1,409.4	285.4	286.1	137.2	-762.7	-578.1	516.8	291.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	327.9	-449.9	-686.3	1,369.0	-429.9	-329.8	305.9	357.5	-521.6	-442.4	392.2	-521.8
Increase/(Decrease) in Prepaid Expenses	-126.2	-86.1	-50.1	-19.2	-61.9	54.4	1.9	90.3	-55.4	12.0	24.9	23.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-81.0	-90.0	-85.5	-77.1	-58.9	-79.6	-37.6	-80.6	-138.8	-58.1	-77.1	-98.1
Corporate Income Tax Paid	-1,580.0	-367.0	-230.3	-6.9	-931.9	-903.0	6.9	-384.9	-846.7	-835.1	-307.0	-7.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-443.8	-278.3	-46.2	-9.4	-411.8	-131.5	-180.2	-55.2	-531.5	-57.1	-219.0	-89.1
Net Cash Flow from Operating Activities	269.3	1,738.9	3,157.0	3,896.9	-124.7	1,295.6	4,164.3	3,318.4	907.5	485.3	3,941.9	3,331.4
Payments for Fixed Assets and Other Long-term Assets	-422.2	-345.7	-578.2	-421.1	-417.0	-381.3	-392.2	-589.6	-378.5	-519.9	-191.4	-511.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	29.4	35.5	30.7	25.9	25.7	29.9	30.6	30.4	22.8	28.7	27.8	25.5
Loans and Purchases of Debt Instruments	-661.2	—	—	—	—	2,667.5	-3,434.6	-2,853.0	0.0	-575.4	187.8	-2,468.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	-287.5	908.5	836.6	774.8	0.0	0.0	-34.2	34.2	0.0	0.0	-595.3
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-23.9	0.0
Proceeds from Investments in Other Entities	—	15.0	6.0	0.0	1.0	9.3	26.4	0.0	0.0	10.6	0.0	0.0
Dividends and Interest Income Received	173.0	371.8	654.0	245.1	158.0	366.1	550.4	262.5	294.0	495.3	463.3	183.5
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	-881.0	62.2	62.2	61.5	60.8	2,691.5	-3,219.2	-3,183.9	-27.4	-560.8	463.6	-3,366.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	46,207,000,000.00	676,200,000,000.00	-192,872,992.00	151,879,882,000.00	338,100,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	-142,548,827,636.00
Proceeds from Borrowings	5,616.7	6,403.0	3,247.7	4,945.6	4,902.4	6,973.2	2,575.7	5,106.9	2,764.6	3,046.0	1,011.8	3,233.1
Repayment of Borrowings	-4,721.0	-5,218.3	-4,765.2	-5,376.3	-3,963.7	-6,160.3	-2,093.3	-3,967.4	-4,403.4	-1,746.4	-279.2	-3,789.1
Repayment of Finance Leases	—	—	—	—	-1,045.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-6,007.5	-4.7	-5,252.2	—	-5,196.6	0.0	-1,918.1	-1,045.0	-5,190.5	-0.1	-35.0
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	895.7	-4,822.8	-1,522.2	-4,630.7	-106.2	-4,383.7	482.4	-732.4	-2,007.6	-3,891.0	884.3	-395.5
Net Cash Flow During the Period	284.0	-3,357.6	2,655.8	-47.4	311.5	-396.6	1,427.5	-597.8	-1,127.5	-3,966.5	5,289.9	-430.2
Cash and Cash Equivalents at Beginning of Period	1,794.9	5,154.5	2,498.4	2,538.0	2,225.9	2,912.0	2,912.0	2,912.0	2,912.0	2,299.9	2,299.9	2,299.9
FX Difference from Revaluation	-1.3	6.6	8.6	8.4	0.6	6.3	-9.8	8.1	3.7	3.0	3.2	1.5
Cash and Cash Equivalents at End of Period	2,077.6	1,794.9	5,154.5	2,498.4	2,538.0	2,225.9	2,616.2	1,198.6	1,788.3	2,912.0	6,875.6	1,582.5

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VNM

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