ASM

Tập đoàn Sao Mai ·HOSE ·2026Q1

● Maintaining

Part of pre-tax profit currently comes from other profit Net financial result/PBT 20.11%

Price

5,860

Latest close

02 Jun 2026

P/E 20.63x

P/B 0.29x

EPS 284

BVPS 20,413

ROE 1.4%

ROA 0.5%

Profit Margin 1.0%

Asset Turnover 0.47x

Equity Mult. 2.84x

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

What Is Changing

On a TTM 2026Q1 basis, ASM is in an offsetting state — revenue softened slightly but margins improved — profit is at an all-time high. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 11,072bn
	                                
−9.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 226bn
	                                
+5.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	11,317.5	12,013.1	11,973.2	13,749.2	11,397.7
Growth	-6%	+0%	-13%	+21%	—
Net Income	136.8	251.0	251.7	962.6	705.3
Net Margin	1.21%	2.09%	2.10%	7.00%	6.19%

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	2,469.6	2,615.3	2,632.8	3,354.4	2,715.1	2,866.3	3,219.3	3,375.7	2,548.5	2,788.7	2,874.6	3,254.9
Growth	-6%	-1%	-22%	+24%	-5%	-11%	-5%	+32%	-9%	-3%	-12%	—
Net Income	120.1	31.5	34.9	39.3	37.9	0.5	71.2	104.6	75.6	16.5	66.4	105.7
Net Margin	4.86%	1.21%	1.33%	1.17%	1.40%	0.02%	2.21%	3.10%	2.96%	0.59%	2.31%	3.25%

Drivers of ASM's profit

TTM

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

Gross profit ↑ 87.6bn

Financial income ↑ 31.1bn

Selling expenses ↓ 15.1bn

Other profit ↓ 42.7bn

Minority interests ↑ 38.4bn

Administrative expenses ↑ 37.6bn

TTM

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

Gross profit ↑ 68.6bn

Finance costs ↓ 24.5bn

Minority interests ↑ 13.5bn

Tax ↑ 7.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.7% = 1.8% × 0.57 × 2.67

2026Q1 2.7% = 2.0% × 0.47 × 2.84

ROE is broadly flat at 2.7% — the components are offsetting one another.

Net margin: 2.0% +0.3pp Asset turnover: 0.47x -0.09x Leverage: 2.84x +0.17x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 2.04%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 2.04% +0.3pp

Gross Margin 13.10% +1.9pp

SG&A / Revenue 4.98% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 1.29%, broadly flat versus the same period. That translates to 1.29 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.6pp, but capital turnover fell 0.10x, while invested capital rose by 1,694bn — 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 1.29% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.29% +0.1pp

NOPAT Margin 2.45% +0.6pp

Capital Turnover 0.53x −0.10x

Average Invested Capital 20,986.1bn +1,694.5bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.86x equity, net debt at 1.57x equity.

Inventory ended the period at 4,824.6bn, roughly 20.6% of total assets.

Over the last 12 months, working capital absorbed 548.8bn 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: −989.9bn

Inventories increased → lower CFO: −645.0bn

Payables increased → higher CFO: +1,086.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 41.3 days versus the same period last year. The main moves came from DIO rose 29.1 days, DSO rose 17.4 days, and DPO rose 5.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 238.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +17.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 83.5 days +17.4 days

Inventory 177.8 days +29.1 days

Payables 23.2 days +5.3 days

Cash Conversion Cycle 238.2 days +41.3 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.57x and interest coverage only at 0.46x.

At present, short-term debt accounts for 53.6% of total debt, cash equals 4.9% of debt, and total debt stands at 13,696.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.57x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.46x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.57x +0.03x

Interest Coverage 0.46x +0.06x

Cash / Debt 4.9% +0.4pp

Short-term Debt / Total Debt 53.6% +7.5pp

CFO / NI -0.13x +3.91x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -328.6bn in 2025, against investing cash flow of -860.5bn.

Post-investment cash flow was negative +1,189.1bn. Financing cash flow was negative +169.3bn.

CFO / net income was -0.13x.

After spending +600.2bn on fixed-asset investment, the business generated trailing free cash flow of −614.8bn.

Cash Conversion

CFO TTM 14.5bn +549.2bn

Cash Capex 600.2bn +321.3bn

FCF TTM −614.8bn +227.9bn

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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is 20.1%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.3%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 227.9bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.1% of PBT and CFO / net income currently at -0.13x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	11,340.3	12,021.8	11,991.5	13,807.7	11,465.0
Revenue Deductions	22.8	8.7	18.4	58.5	0.0
Net Revenue	11,317.5	12,013.1	11,973.2	13,749.2	11,397.7
Cost of Goods Sold	9,948.0	10,635.7	10,632.2	11,803.0	0.0
Gross Profit	1,369.5	1,377.4	1,341.0	1,946.3	1,299.4
Financial Income	238.6	198.1	233.5	280.7	200.5
Financial Expenses	809.1	722.0	791.4	564.5	-462.7
Interest Expense	694.1	661.1	741.8	470.4	-445.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	208.6	218.8	164.7	370.9	-236.8
General and Administrative Expenses	331.6	296.1	299.6	246.4	-195.9
Operating Profit	258.7	338.7	318.9	1,045.1	604.4
Other Income	11.1	16.9	18.1	30.1	0.0
Other Expenses	65.4	38.5	17.8	13.2	0.0
Other Profit	-54.3	-21.7	0.3	16.9	183.3
Profit Before Tax	204.4	317.1	319.1	1,062.0	787.7
Current Income Tax Expense	67.1	64.3	70.6	95.2	-82.5
Deferred Income Tax Expense	0.5	1.9	-3.1	4.2	0.0
Net Income	136.8	251.0	251.7	962.6	705.3
Non-controlling Interest	99.1	70.1	56.7	334.2	103.5
Profit Attributable to Parent	37.7	180.9	195.0	628.4	601.8
Earnings per Share	100.00	517.00	580.00	1,883.00	2,325.00
Diluted EPS	100.00	517.00	580.00	1,883.00	2,324.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	14,126.2	13,566.5	11,090.1	9,248.6	9,278.8
I. Cash and cash equivalents	711.8	2,070.3	1,365.0	847.9	800.6
1. Cash	341.8	899.8	444.9	469.3	0.0
2. Cash equivalents	370.0	1,170.5	920.1	378.6	0.0
II. Short-term financial investments	2,445.3	2,064.9	982.0	951.3	0.0
1. Available for sale securities	4.1	6.2	6.5	7.3	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.6	-0.8	-1.3	-2.5	0.0
3. Held to maturity investments	2,441.7	2,059.4	976.8	946.5	0.0
III. Short-term receivables	6,087.5	5,031.7	4,132.3	4,202.3	4,177.9
1. Short-term trade accounts receivable	2,419.6	2,183.1	1,663.3	1,743.9	0.0
2. Short-term prepayments to suppliers	2,952.9	2,595.6	2,227.7	2,196.4	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	200.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	582.5	320.9	309.5	328.7	0.0
7. Provision for short-term doubtful debts (*)	-69.9	-67.9	-68.2	-66.7	0.0
8. Assets awaiting resolution	2.3	0.0	0.0	0.0	0.0
IV. Inventories	4,824.6	4,336.2	4,556.4	3,188.5	2,856.3
1. Inventories	4,824.6	4,336.2	4,556.7	3,188.8	0.0
2. Provision for decline in value of inventories	—	0.0	-0.3	-0.3	0.0
V. Other short-term assets	57.1	63.4	54.5	58.6	54.0
1. Short-term prepayments	12.2	11.6	3.7	6.0	0.0
2. Value added tax to be reclaimed	41.7	48.2	48.3	50.8	0.0
3. Taxes and other receivables from state authorities	3.2	3.5	2.5	1.8	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)	9,350.3	9,289.5	9,217.3	9,837.7	8,885.3
I. Long-term receivables	31.0	32.9	35.4	53.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	40.1
2. Long-term prepayments to suppliers	0.0	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	31.0	32.9	35.3	53.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	6,673.6	6,358.2	6,560.6	6,845.7	6,708.5
1. Tangible fixed assets	5,073.3	4,650.4	4,779.8	4,896.7	5,196.9
- Cost	7,403.8	6,587.6	6,394.3	6,167.2	0.0
- Accumulated depreciation	-2,330.5	-1,937.2	-1,614.5	-1,270.4	0.0
2. Financial leased fixed assets	223.0	310.6	365.9	514.6	249.5
- Cost	338.4	431.2	463.3	616.3	0.0
- Accumulated depreciation	-115.4	-120.5	-97.4	-101.8	0.0
3. Intangible fixed assets	1,377.2	1,397.1	1,415.0	1,434.4	1,262.1
- Cost	1,545.4	1,542.9	1,539.0	1,536.9	0.0
- Accumulated depreciation	-168.3	-145.8	-124.1	-102.6	0.0
III. Investment properties	436.3	508.6	498.0	514.1	323.0
- Cost	560.3	657.4	633.1	632.7	0.0
- Accumulated depreciation	-124.0	-148.7	-135.0	-118.6	0.0
IV. Long-term assets in progress	1,263.5	1,373.4	1,020.7	1,144.3	884.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,263.5	1,373.4	1,020.7	1,144.3	0.0
V. Long-term financial investments	30.0	33.3	33.3	143.3	141.4
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	2.0	2.0	2.0	2.0	0.0
4. Provision for diminution in value of long-term investments	-2.0	-2.0	-2.0	-2.0	0.0
5. Held to maturity investments	30.0	33.3	33.3	143.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	915.9	983.2	1,069.3	1,136.6	0.0
1. Long-term prepayments	639.6	644.0	656.8	659.0	0.0
2. Deferred income tax assets	—	0.5	5.9	2.7	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	787.3
5. Goodwill	276.3	338.8	406.6	474.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	23,476.5	22,856.1	20,307.5	19,086.3	18,164.1
A. LIABILITIES (300=210+330)	15,263.1	14,768.3	12,481.2	11,246.5	10,592.7
I. Short -term liabilities	8,851.9	7,830.5	8,204.0	7,597.6	6,491.2
1. Short-term trade accounts payable	749.4	464.7	520.9	641.9	963.4
2. Short-term advances from customers	195.3	229.9	382.7	314.8	581.4
3. Taxes and other payables to state authorities	86.8	147.7	536.6	219.8	0.0
4. Payable to employees	42.5	31.1	35.1	41.0	0.0
5. Short-term acrrued expenses	54.9	64.6	42.8	45.5	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	0.6	3.5	3.4	6.2
9. Other short-term payables	504.5	83.8	112.0	102.6	0.0
10. Short-term borrowings and financial leases	7,166.7	6,759.0	6,523.1	6,190.4	4,592.7
11. Provision for short-term liabilities	2.1	0.0	2.0	0.0	0.0
12.. Bonus and welfare fund	49.3	49.2	45.2	38.2	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	6,411.2	6,937.8	4,277.2	3,648.9	4,101.5
1. Long-term trade payables	—	0.0	0.0	0.0	771.3
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	15.4	15.6	14.4	15.0	14.6
7. Other long-term liabilities	3.9	3.3	2.1	1.9	0.0
8. Long-term borrowings and financial leases	6,392.0	6,916.9	4,258.6	3,630.0	3,311.9
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	—	2.0	2.0	2.0	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)	8,213.4	8,087.7	7,826.3	7,839.8	7,571.3
I. Owner's equity	8,200.3	8,077.5	7,816.0	7,829.6	0.0
1. Owner's capital	4,071.9	3,701.8	3,365.3	3,365.3	7,563.7
- Common stock with voting right	4,071,941,830,000.00	3,701,782,500,000.00	3,365,267,520,000.00	3,365,267,520,000.00	2,588,678,490,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	45.1	45.1	45.1	45.1	45.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	600.5	600.5	341.7	341.7	273.0
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	—	0.0	0.0	0.0	0.0
8. Investment and development fund	158.5	158.2	145.5	131.3	0.0
9. Fund to support corporate restructuring	6.4	6.2	6.0	4.9	0.0
10. Other funds from owner's equity	8.9	8.7	8.5	7.4	0.0
11. Undistributed earnings after tax	566.5	897.8	1,312.1	1,314.3	2,046.1
- Accumulated retained earning at the end of the previous period	528.8	716.9	1,285.2	685.9	1,444.3
- Undistributed earnings in this period	37.7	180.9	26.9	628.4	601.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2,742.4	2,659.2	2,591.9	2,619.7	2,479.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	13.1	10.3	10.3	10.3	7.6
1. Subsidized not-for-profit funds	13.1	10.3	10.3	10.3	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	23,476.5	22,856.1	20,307.5	19,086.3	18,164.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	204.4	317.1	319.1	1,062.0	787.7
Depreciation of Fixed Assets and Investment Property	479.5	438.4	450.6	412.8	417.2
Provision (Increase)/Reversal	3.9	-1.2	0.4	2.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	42.4	11.9	-17.6	9.5	0.0
Gain/Loss from Investment Activities	-201.6	-143.0	-191.2	-186.5	0.0
Interest Expense	694.1	661.1	741.8	470.4	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,222.7	1,284.5	1,303.0	1,771.0	1,479.1
Increase/(Decrease) in Receivables	-1,362.7	-790.9	41.2	-269.8	0.0
Increase/(Decrease) in Inventory	-504.6	216.9	-1,541.0	-313.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,094.3	-916.7	691.5	-1,008.0	0.0
Increase/(Decrease) in Prepaid Expenses	3.6	4.9	4.4	-16.1	0.0
Changes in Trading Securities	2.1	0.3	0.8	-5.9	0.0
Interest Paid	-723.5	-710.0	-725.9	-455.7	0.0
Corporate Income Tax Paid	-60.6	-57.2	-127.2	-44.0	0.0
Other Operating Receipts	—	0.1	0.0	2.6	0.0
Other Operating Payments	—	-0.5	-0.0	-0.2	0.0
Net Cash Flow from Operating Activities	-328.6	-968.8	-353.3	-339.8	1,102.5
Payments for Fixed Assets and Other Long-term Assets	-428.0	-254.4	-239.1	-1,483.2	-612.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.1	10.2	222.2	6.6
Loans and Purchases of Debt Instruments	-2,543.7	-1,618.2	-2,161.4	-2,176.2	-2,332.7
Receipts from Loan Repayments and Sale of Debt Instruments	1,969.8	536.0	2,178.9	2,848.9	2,257.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	66.4	0.0	0.0	0.0
Dividends and Interest Income Received	140.2	98.4	132.7	136.6	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	-860.5	-1,171.6	-78.6	-451.8	-570.0
Proceeds from Equity Issuance and Capital Contributions	2,500,000,000.00	8,330,000,000.00	0.00	15,500,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	11,466.2	15,702.9	17,267.4	13,713.2	12,913.0
Repayment of Borrowings	-11,566.5	-12,757.2	-16,195.3	-11,948.8	-13,360.6
Repayment of Finance Leases	-66.2	-80.1	-90.0	-93.5	-64.1
Dividends Paid	-5.4	-27.9	-33.0	-637.4	-0.1
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	-169.3	2,846.1	949.2	1,049.0	-511.8
Net Cash Flow During the Period	-1,358.4	705.7	517.3	257.4	-42.2
Cash and Cash Equivalents at Beginning of Period	2,070.3	1,365.0	847.9	586.0	783.2
FX Difference from Revaluation	-0.1	-0.4	-0.2	4.5	-3.5
Cash and Cash Equivalents at End of Period	711.8	2,070.3	1,365.0	847.9	800.6

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	2,486.4	2,627.7	2,632.9	3,360.0	2,719.9	2,867.2	3,223.3	3,375.9	2,552.2	2,789.1	2,876.7	3,256.7
Revenue Deductions	16.8	12.3	0.1	5.6	4.8	0.9	4.0	0.2	3.6	0.4	2.2	1.9
Net Revenue	2,469.6	2,615.3	2,632.8	3,354.4	2,715.1	2,866.3	3,219.3	3,375.7	2,548.5	2,788.7	2,874.6	3,254.9
Cost of Goods Sold	2,094.9	2,259.1	2,316.0	2,951.7	2,409.0	2,547.1	2,874.6	2,982.8	2,227.9	2,515.0	2,569.9	2,867.4
Gross Profit	374.7	356.2	316.8	402.7	306.1	319.1	344.7	392.9	320.6	273.7	304.6	387.5
Financial Income	45.0	94.1	36.7	68.1	42.4	80.8	38.7	51.0	29.3	91.9	55.9	56.2
Financial Expenses	150.3	214.4	150.6	267.8	174.8	205.1	175.1	195.1	151.3	203.1	167.8	220.0
Interest Expense	144.8	194.7	139.7	203.3	154.5	180.3	164.4	173.6	147.7	176.2	161.9	212.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	40.6	58.2	55.1	50.0	44.7	63.5	56.4	54.4	44.5	47.0	35.7	36.0
General and Administrative Expenses	89.3	90.8	78.3	88.9	85.3	96.8	56.2	71.5	71.7	86.9	72.5	69.6
Operating Profit	139.6	86.9	69.5	64.1	43.7	34.5	95.6	122.9	82.4	28.5	84.6	118.1
Other Income	3.1	3.6	3.2	-5.7	10.0	3.6	2.2	5.0	5.3	3.0	2.2	7.1
Other Expenses	4.0	32.7	20.6	7.1	4.2	19.2	9.9	5.1	2.8	2.9	10.8	6.7
Other Profit	-0.9	-29.1	-17.4	-12.8	5.8	-15.7	-7.7	-0.0	2.5	0.1	-8.6	0.4
Profit Before Tax	138.6	57.8	52.1	51.3	49.5	18.9	87.9	122.9	84.9	28.7	76.0	118.5
Current Income Tax Expense	18.5	26.2	17.1	12.0	11.2	18.2	16.5	17.8	8.3	16.2	10.3	12.7
Deferred Income Tax Expense	—	—	—	—	0.5	0.1	0.1	0.5	1.1	-4.0	-0.7	0.1
Net Income	120.1	31.5	34.9	39.3	37.9	0.5	71.2	104.6	75.6	16.5	66.4	105.7
Non-controlling Interest	35.5	30.1	23.5	23.9	22.0	13.9	21.9	16.7	17.1	0.9	21.1	25.2
Profit Attributable to Parent	84.6	1.4	11.4	15.5	15.9	-13.4	49.3	87.8	58.5	15.6	45.3	80.5
Earnings per Share	208.00	3.50	30.82	41.76	43.00	-36.14	133.31	260.96	174.00	46.36	134.73	239.20
Diluted EPS	208.00	3.50	30.82	41.76	43.00	523.00	133.31	260.96	174.00	46.36	134.73	239.20

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)	14,648.7	14,157.7	13,598.5	13,440.3	13,306.4	13,612.3	11,722.1	11,491.1	10,999.2	11,097.8	10,011.1	9,775.1
I. Cash and cash equivalents	674.3	716.8	712.8	1,001.1	598.7	2,070.3	660.4	723.6	657.5	1,365.0	859.3	324.9
1. Cash	338.1	341.8	452.1	468.4	481.2	899.8	325.6	398.3	278.7	444.9	367.2	265.5
2. Cash equivalents	336.2	375.0	260.7	532.7	117.5	1,170.5	334.8	325.3	378.8	920.1	492.1	59.4
II. Short-term financial investments	2,821.1	2,440.3	2,569.0	2,506.6	2,806.8	2,064.9	1,294.6	1,238.1	1,153.5	982.0	1,101.8	1,700.8
1. Available for sale securities	4.2	4.1	3.8	4.0	6.1	6.2	6.2	6.3	6.0	6.5	6.8	6.7
2. Provision for diminution in value of available for sale securities (*)	-0.6	-0.6	-0.5	-0.9	-0.7	-0.8	-0.8	-0.8	-0.7	-1.3	-1.2	-1.5
3. Held to maturity investments	2,817.5	2,436.7	2,565.7	2,503.6	2,801.4	2,059.4	1,289.2	1,232.7	1,148.2	976.8	1,096.2	1,695.6
III. Short-term receivables	6,079.0	6,120.8	5,609.0	5,447.4	5,440.0	5,081.4	5,152.5	5,158.9	4,687.4	4,132.2	4,309.3	4,198.3
1. Short-term trade accounts receivable	2,747.0	2,419.7	2,332.2	2,324.6	2,320.3	2,182.8	2,415.3	2,338.8	2,088.4	1,663.3	1,869.4	1,886.7
2. Short-term prepayments to suppliers	3,040.9	3,385.9	3,024.6	2,844.5	2,849.7	2,645.5	2,462.1	2,503.7	2,345.4	2,227.7	2,147.7	2,019.5
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	358.7	380.9	320.1	346.2	337.9	321.0	343.3	384.6	321.8	309.5	358.9	358.8
7. Provision for short-term doubtful debts (*)	-69.9	-68.0	-67.9	-67.9	-67.9	-67.9	-68.2	-68.2	-68.2	-68.2	-66.7	-66.7
8. Assets awaiting resolution	2.3	2.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5,002.4	4,822.7	4,649.0	4,433.3	4,373.7	4,332.5	4,553.9	4,309.2	4,440.1	4,555.8	3,659.9	3,486.1
1. Inventories	5,002.4	4,822.7	4,649.0	4,433.3	4,373.7	4,332.5	4,553.9	4,309.5	4,440.4	4,556.1	3,660.2	3,486.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	-0.3	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	71.8	57.1	58.7	51.8	87.3	63.2	60.7	61.4	60.7	62.8	80.8	64.9
1. Short-term prepayments	13.1	12.3	17.8	16.5	16.3	11.8	6.9	9.9	11.0	3.8	10.1	14.5
2. Value added tax to be reclaimed	54.7	41.4	38.1	32.3	66.7	48.6	52.0	49.9	47.2	50.9	48.8	49.6
3. Taxes and other receivables from state authorities	4.0	3.4	2.8	3.0	4.3	2.9	1.9	1.5	2.5	8.1	21.9	0.8
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)	9,442.2	9,350.2	9,333.9	9,334.3	9,244.9	9,292.3	9,080.3	9,151.8	9,295.0	9,217.2	9,403.0	9,506.0
I. Long-term receivables	28.4	31.0	32.3	31.9	36.1	32.9	33.8	33.4	33.2	35.4	37.5	85.6
1. Long-term trade receivables	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	2.8	0.0	0.0	0.0	0.0	0.0	0.0	32.0
6. Other long-term receivables	28.4	31.0	32.2	31.9	33.2	32.9	33.8	33.3	33.2	35.3	37.5	53.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	6,572.2	6,673.6	6,717.5	6,231.0	6,282.1	6,360.6	6,452.6	6,518.4	6,640.4	6,560.3	6,620.9	6,685.9
1. Tangible fixed assets	4,998.5	5,073.3	5,085.0	4,584.4	4,587.9	4,652.9	4,717.1	4,772.2	4,876.9	4,779.5	4,826.9	4,780.9
- Cost	7,411.3	—	—	—	—	6,589.0	6,551.7	6,532.2	6,567.6	6,394.3	6,366.2	6,192.8
- Accumulated depreciation	-2,412.7	—	—	—	—	-1,936.1	-1,834.6	-1,759.9	-1,690.6	-1,614.9	-1,539.3	-1,411.9
2. Financial leased fixed assets	201.9	223.0	249.7	258.2	300.7	310.6	329.7	341.8	353.8	365.9	378.0	483.7
- Cost	307.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-105.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,371.7	1,377.2	1,382.8	1,388.3	1,393.5	1,397.1	1,405.8	1,404.4	1,409.6	1,415.0	1,416.0	1,421.3
- Cost	1,545.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-173.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	446.0	436.3	437.8	881.9	504.2	508.6	485.6	489.7	493.9	498.0	500.8	505.8
- Cost	592.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-146.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,474.2	1,263.5	1,171.1	1,200.8	1,404.5	1,373.3	1,081.9	1,068.0	1,054.3	1,021.0	1,149.4	1,140.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,474.2	1,263.5	1,171.1	1,200.8	1,404.5	1,373.3	1,081.9	1,068.0	1,054.3	1,021.0	1,149.4	1,140.1
V. Long-term financial investments	30.0	30.0	31.3	31.3	33.3	33.3	33.3	33.3	33.3	33.3	33.4	3.3
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.1	2.0
4. Provision for diminution in value of long-term investments	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0
5. Held to maturity investments	30.0	30.0	31.3	31.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	3.3
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	891.4	915.8	943.9	957.4	984.7	983.6	993.1	1,009.1	650.3	662.5	637.3	644.5
1. Long-term prepayments	628.0	639.5	652.0	649.9	661.6	644.4	628.3	635.8	645.5	656.6	635.3	643.2
2. Deferred income tax assets	—	—	—	—	—	0.5	0.6	0.8	4.8	5.9	2.0	1.3
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	2.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	260.7	276.3	291.9	307.5	323.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	338.8	364.2	372.5	389.6	406.6	423.7	440.8
TOTAL ASSETS (280=100+200)	24,090.9	23,507.9	22,932.3	22,774.7	22,551.3	22,904.7	20,802.4	20,643.0	20,294.2	20,315.0	19,414.1	19,281.1
A. LIABILITIES (300=210+330)	15,778.8	15,287.4	14,743.3	14,612.6	14,427.4	14,814.6	12,708.9	12,622.0	12,386.1	12,466.3	11,577.1	11,501.9
I. Short -term liabilities	9,399.2	9,347.3	7,684.7	7,477.2	7,327.4	7,803.6	8,213.2	8,243.8	8,008.3	7,868.0	7,297.5	7,230.8
1. Short-term trade accounts payable	761.5	774.6	731.8	619.2	461.7	513.8	742.1	538.6	601.0	520.9	706.4	667.6
2. Short-term advances from customers	301.7	196.2	216.7	250.7	222.4	230.2	226.3	229.7	418.1	382.8	405.4	298.3
3. Dividends and profits payable	26.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	121.0	87.2	98.3	108.0	143.4	144.8	142.0	323.0	386.4	521.7	101.3	149.0
4. Payable to employees	31.8	39.6	30.4	35.3	28.5	31.1	32.3	30.7	29.5	35.1	29.3	32.4
5. Short-term acrrued expenses	61.8	53.3	44.2	59.3	81.2	64.5	33.6	50.3	32.8	42.8	30.5	41.3
6. Short-term inter-company payables	—	—	—	—	0.1	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	0.0	0.3	0.3	0.5	0.3	0.6	3.2	3.7	3.2	3.5	4.5	4.9
9. Other short-term payables	708.6	1,000.4	531.4	327.1	306.0	83.8	123.0	121.4	155.5	111.9	110.3	119.1
10. Short-term borrowings and financial leases	7,336.8	7,144.4	5,982.3	6,028.0	6,034.9	6,685.8	6,861.3	6,896.8	6,336.0	6,202.1	5,864.5	5,872.9
11. Provision for short-term liabilities	0.6	2.1	—	—	—	0.0	0.0	0.0	0.5	2.0	0.0	0.0
12.. Bonus and welfare fund	49.3	49.3	49.3	49.3	49.2	49.2	49.4	49.6	45.2	45.2	45.2	45.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	6,379.6	5,940.0	7,058.7	7,135.4	7,100.0	7,011.1	4,495.7	4,378.2	4,377.8	4,598.3	4,279.6	4,271.1
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	15.7	15.4	15.7	15.8	16.6	15.6	14.3	14.2	14.6	14.4	14.9	14.7
7. Other long-term liabilities	3.9	3.9	3.9	3.9	3.9	3.3	2.7	2.6	2.0	2.1	1.9	1.9
8. Long-term borrowings and financial leases	6,360.0	5,918.7	7,037.0	7,113.7	7,077.4	6,990.1	4,476.6	4,359.3	4,359.1	4,579.7	4,260.7	4,252.4
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	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.1	2.1
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)	8,312.1	8,220.5	8,189.0	8,162.0	8,123.9	8,090.0	8,093.6	8,021.0	7,908.1	7,848.7	7,837.0	7,779.2
I. Owner's equity	8,312.1	8,207.4	8,175.9	8,148.9	8,107.2	8,079.8	8,083.3	8,010.7	7,897.9	7,838.4	7,826.7	7,768.9
1. Owner's capital	4,071.9	4,071.9	3,701.8	3,701.8	3,701.8	3,701.8	3,701.8	3,365.3	3,365.3	3,365.3	3,365.3	3,365.3
- Common stock with voting right	4,071,941,830,000.00	4,071,941,830,000.00	3,701,782,500,000.00	3,701,782,500,000.00	3,701,782,500,000.00	3,701,782,500,000.00	3,701,782,500,000.00	3,365,267,520,000.00	3,365,267,520,000.00	3,365,267,520,000.00	3,365,267,520,000.00	3,365,267,520,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	45.1	45.1	45.1	45.1	45.1	45.1	45.1	45.1	45.1	45.1	45.1	45.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	600.5	600.5	600.5	600.5	600.5	624.8	624.8	341.7	341.7	0.0	341.7	341.7
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	341,715,380,976.00	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	158.5	158.5	158.5	158.5	158.2	158.2	158.2	158.2	145.5	145.5	145.5	145.5
9. Fund to support corporate restructuring	—	6.4	6.4	6.4	6.2	6.2	6.2	6.2	6.0	6.0	6.0	6.0
10. Other funds from owner's equity	15.4	8.9	8.9	8.9	8.7	8.7	8.7	8.7	8.5	8.5	8.5	8.5
11. Undistributed earnings after tax	651.2	573.2	941.9	928.3	913.6	867.4	884.9	1,454.5	1,370.6	1,336.1	1,312.0	1,275.1
- Accumulated retained earning at the end of the previous period	566.5	526.8	896.9	896.9	897.8	684.5	688.6	1,308.2	1,312.1	1,293.8	1,285.2	1,293.4
- Undistributed earnings in this period	84.6	46.4	45.0	31.3	15.9	182.9	196.3	146.3	58.5	42.3	26.8	-18.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,769.5	2,742.8	2,712.7	2,699.4	2,673.0	2,667.5	2,653.6	2,630.9	2,615.2	2,590.2	2,602.7	2,581.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	13.1	13.1	13.1	16.7	10.3	10.3	10.3	10.3	10.3	10.3	10.3
1. Subsidized not-for-profit funds	—	13.1	13.1	13.1	16.7	10.3	10.3	10.3	10.3	10.3	10.3	10.3
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)	24,090.9	23,507.9	22,932.3	22,774.7	22,551.3	22,904.7	20,802.4	20,643.0	20,294.2	20,315.0	19,414.1	19,281.1

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	138.6	48.5	52.1	54.3	49.5	18.9	87.9	124.4	84.9	29.4	76.0	118.5
Depreciation of Fixed Assets and Investment Property	116.5	112.4	113.7	108.5	144.9	117.7	100.7	65.4	152.8	107.2	92.0	108.2
Provision (Increase)/Reversal	-1.5	4.1	-0.4	0.2	-0.0	-0.3	-0.2	-1.3	0.6	1.6	-0.3	-0.6
FX Gain/Loss from Revaluation of Monetary Items	-10.7	-8.1	-6.2	52.2	4.6	14.8	-8.4	8.2	-2.7	-18.1	4.9	-3.9
Gain/Loss from Investment Activities	-37.4	-73.4	-30.6	-58.8	-38.7	-58.7	-27.6	-36.4	-20.3	-85.6	-40.4	-46.2
Interest Expense	144.8	196.7	139.7	203.2	154.5	180.3	164.4	173.6	147.7	176.2	161.9	212.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	1.1	-1.1	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	350.3	280.2	268.3	359.6	314.7	272.7	316.8	335.0	362.0	210.9	294.2	388.0
Increase/(Decrease) in Receivables	-202.4	-301.7	-248.8	-237.0	-575.2	130.4	-37.6	-348.8	-586.1	108.7	-62.8	324.4
Increase/(Decrease) in Inventory	-177.8	-191.8	-212.5	-62.8	-37.4	221.4	-259.9	178.1	81.1	-1,069.6	-190.0	-351.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	374.1	-125.8	366.7	471.1	382.2	-450.3	34.3	-262.9	-193.7	616.7	273.5	-316.2
Increase/(Decrease) in Prepaid Expenses	4.1	11.8	4.9	9.2	-22.2	-21.0	10.4	10.9	4.0	-16.6	12.5	-4.9
Changes in Trading Securities	-0.1	—	—	—	—	-0.1	0.1	-0.3	0.5	0.3	-0.1	0.4
Interest Paid	-134.6	-180.0	-161.5	-234.1	-147.8	-182.3	-177.4	-186.5	-163.9	-162.9	-169.7	-192.8
Corporate Income Tax Paid	-15.5	-6.2	-1.2	-22.9	-30.3	-1.0	-15.7	-13.6	-26.9	-17.2	-29.7	-30.3
Other Operating Receipts	—	—	—	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	—	—	—	—	-0.3	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	198.2	-513.9	16.0	285.1	-115.9	-30.6	-129.1	-288.1	-523.0	-329.7	127.9	-183.0
Payments for Fixed Assets and Other Long-term Assets	-239.8	0.6	-159.0	-202.0	-67.6	-108.7	-51.7	-51.0	-41.5	40.9	-147.8	-59.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.2	0.0	0.0	—	-0.1	0.0	0.1	0.0	5.1	0.0	5.1
Loans and Purchases of Debt Instruments	-800.5	-690.3	-600.1	-338.7	-914.6	-848.2	-234.2	42.5	-577.3	-524.7	-344.9	-645.0
Receipts from Loan Repayments and Sale of Debt Instruments	625.4	620.4	538.2	641.4	169.8	78.0	178.2	-223.4	502.7	638.0	778.8	376.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	-0.4	0.0
Proceeds from Investments in Other Entities	8.6	—	25.8	73.8	—	0.0	56.0	19.1	-8.7	0.0	0.0	0.0
Dividends and Interest Income Received	39.4	108.6	—	—	31.6	29.6	24.5	25.4	18.9	-7.1	91.4	31.0
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	-366.8	-27.5	-195.2	143.0	-780.8	-849.3	-27.3	-187.1	-105.8	152.5	377.0	-292.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	-8,670,000,000.00	17,000,000,000.00	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	2,906.9	3,366.3	2,769.6	2,463.4	2,867.0	6,078.4	3,471.0	3,833.5	2,300.0	5,580.3	2,584.4	5,373.8
Repayment of Borrowings	-2,765.0	-2,806.8	-2,871.1	-2,470.2	-3,418.4	-3,740.4	-3,357.8	-3,263.1	-2,375.9	-4,918.4	-2,469.6	-5,161.4
Repayment of Finance Leases	-10.8	-15.1	-15.7	-17.3	-18.0	-20.6	-19.8	-20.0	-19.7	-19.7	-19.6	-25.3
Dividends Paid	—	-3.8	7.9	-3.8	-5.6	-27.2	-0.2	-0.5	0.0	41.2	-66.0	-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	131.2	540.5	-109.4	-25.5	-574.9	2,290.2	93.2	541.3	-78.7	683.5	29.2	187.0
Net Cash Flow During the Period	-37.5	-0.9	-288.5	402.6	-1,471.6	1,410.3	-63.2	66.1	-707.5	506.3	534.1	-288.0
Cash and Cash Equivalents at Beginning of Period	711.8	712.8	1,001.0	598.7	2,070.3	1,365.0	1,365.0	1,365.0	1,365.0	847.9	847.9	847.9
FX Difference from Revaluation	-0.0	-0.1	0.0	-0.2	—	-0.4	0.0	0.0	0.0	-0.5	0.3	0.1
Cash and Cash Equivalents at End of Period	674.3	711.8	712.8	1,001.0	598.7	2,070.3	660.4	723.6	657.5	1,365.0	859.3	324.9

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ASM

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