BAF

Nông nghiệp BAF Việt Nam ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.81%, −3.58pp YoY

Price

34,500

Latest close

03 Jun 2026

P/E 191.67x

P/B 2.46x

EPS 180

BVPS 14,046

ROE 4.3%

ROA 1.5%

Profit Margin 2.8%

Asset Turnover 0.55x

Equity Mult. 2.83x

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

What Is Changing

On a TTM 2026Q1 basis, BAF posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,685bn
	                                
+7.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 160bn
	                                
−52.7%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -16.25x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	5,037.9	5,640.7	5,198.8	7,083.4	10,413.6
Growth	-11%	+9%	-27%	-32%	—
Net Income	127.1	318.9	30.3	287.8	321.8
Net Margin	2.52%	5.65%	0.58%	4.06%	3.09%

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	1,762.2	1,399.2	1,136.3	1,387.3	1,123.6	1,626.7	1,313.8	1,226.0	1,292.0	1,625.0	1,219.0	1,638.3
Growth	+26%	+23%	-18%	+23%	-31%	+24%	+7%	-5%	-20%	+33%	-26%	—
Net Income	206.2	-264.9	22.5	196.2	133.5	109.2	60.0	35.2	118.7	-29.5	40.1	12.2
Net Margin	11.70%	-18.93%	1.98%	14.14%	11.89%	6.72%	4.57%	2.87%	9.18%	-1.81%	3.29%	0.74%

Drivers of BAF's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 92.2bn

Administrative expenses ↑ 114.5bn

Finance costs ↑ 89.1bn

Selling expenses ↑ 86.3bn

Other profit ↓ 37.5bn

TTM

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

Gross profit ↑ 160.7bn

Finance costs ↑ 43.1bn

Selling expenses ↑ 25.6bn

Administrative expenses ↑ 23.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.3% = 6.4% × 0.69 × 3.01

2026Q1 4.4% = 2.8% × 0.55 × 2.83

ROE fell from 13.3% to 4.4% — all three components weakened, with leverage being the main drag.

Net margin: 2.8% -3.6pp Asset turnover: 0.55x -0.14x Leverage: 2.83x -0.18x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.81%, losing 3.6pp. The main pressure is SG&A / Revenue rose 3.1pp, outweighing the improvement in Gross margin rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 1.1pp and Other profit / Revenue fell 0.7pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 2.81% −3.6pp

Gross Margin 17.74% +0.4pp

SG&A / Revenue 9.41% +3.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 2.07%, losing 5.0pp. That translates to 2.07 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.2pp and capital turnover fell 0.42x, while invested capital expanded strongly by 2,581bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 2.07% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.07% −5.0pp

NOPAT Margin 2.48% −3.2pp

Capital Turnover 0.83x −0.42x

Average Invested Capital 6,810.7bn +2,581.2bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 1.65x equity, net debt at 1.15x equity.

Inventory ended the period at 2,725.6bn, roughly 25.3% of total assets.

Over the last 12 months, working capital absorbed 2,684.9bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −237.9bn

Inventories increased → lower CFO: −709.8bn

Payables decreased → lower CFO: −1,737.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 28.3 days versus the same period last year. The main moves came from DIO fell 18.2 days, DSO fell 13.6 days, and DPO fell 3.6 days.

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

Working Capital Efficiency

Receivables 17.1 days −13.6 days

Inventory 153.7 days −18.2 days

Payables 143.8 days −3.6 days

Cash Conversion Cycle 27.0 days −28.3 days

Is financial risk significant?

Leverage is safe but FCF is negative at 4,422.0bn due to capex of 1,880.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.15x and interest coverage only at 0.48x.

At present, short-term debt accounts for 39.6% of total debt, cash equals 2.8% of debt, and total debt stands at 5,039.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.15x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.48x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.15x +0.70x

Interest Coverage 0.48x −0.93x

Cash / Debt 2.8% −34.5pp

Short-term Debt / Total Debt 39.6% −17.3pp

CFO / NI -16.25x −17.97x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1,379.7bn in 2025, against investing cash flow of -1,464.1bn.

Post-investment cash flow was negative +2,843.8bn. Financing cash flow was positive +3,059.9bn.

CFO / net income was -16.25x.

After spending +1,880.7bn on fixed-asset investment, the business generated trailing free cash flow of −4,422.0bn.

Cash Conversion

CFO TTM 2,541.3bn −3,118.5bn

Cash Capex 1,880.7bn +713.3bn

FCF TTM −4,422.0bn −3,831.8bn

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 -16.25x. The main risk still sits in core profitability, with net margin down 3.6 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -16.25x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.81% after a 3.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,042.1	5,641.0	5,204.2	7,085.4	10,414.2
Revenue Deductions	4.2	0.3	5.4	2.0	0.0
Net Revenue	5,037.9	5,640.7	5,198.8	7,083.4	10,413.6
Cost of Goods Sold	4,356.0	4,924.4	4,855.5	6,558.0	0.0
Gross Profit	681.9	716.3	343.3	525.4	488.3
Financial Income	21.6	22.2	37.9	8.3	5.4
Financial Expenses	290.6	222.2	155.4	31.2	-32.1
Interest Expense	257.8	200.7	141.4	36.3	-8.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.8	-0.7
Selling Expenses	85.1	76.6	93.2	72.2	-15.7
General and Administrative Expenses	241.0	137.3	99.5	87.6	-55.0
Operating Profit	86.7	302.4	33.1	343.5	390.1
Other Income	15.4	110.2	1.3	1.0	0.0
Other Expenses	2.3	6.3	9.9	5.6	0.0
Other Profit	13.2	103.9	-8.5	-4.6	0.4
Profit Before Tax	99.8	406.2	24.5	338.9	390.5
Current Income Tax Expense	17.4	56.6	21.7	56.6	-68.6
Deferred Income Tax Expense	-44.7	30.7	-27.5	-5.5	0.0
Net Income	127.1	318.9	30.3	287.8	321.8
Non-controlling Interest	0.5	1.9	4.0	1.1	0.1
Profit Attributable to Parent	126.6	317.0	26.4	286.7	321.8
Earnings per Share	499.00	1,556.00	184.00	2,592.00	4,125.18
Diluted EPS	499.00	1,556.00	184.00	2,592.00	4,125.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,341.8	3,081.0	3,148.0	2,662.7	4,310.7
I. Cash and cash equivalents	365.0	148.9	95.2	151.4	290.9
1. Cash	363.3	146.4	92.6	108.6	0.0
2. Cash equivalents	1.8	2.5	2.5	42.8	0.0
II. Short-term financial investments	478.3	290.7	326.5	100.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	478.3	290.7	326.5	100.0	0.0
III. Short-term receivables	709.9	444.1	1,105.1	1,502.5	2,863.4
1. Short-term trade accounts receivable	83.3	188.7	890.5	1,314.0	0.0
2. Short-term prepayments to suppliers	537.4	197.4	149.7	142.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.2	0.1	0.0	1.9	0.0
6. Other short-term receivables	98.3	62.2	66.1	48.7	0.0
7. Provision for short-term doubtful debts (*)	-9.3	-4.3	-4.3	-4.3	0.0
8. Assets awaiting resolution	—	0.0	3.0	0.1	0.0
IV. Inventories	2,725.6	2,156.1	1,593.0	881.8	1,087.7
1. Inventories	2,725.6	2,156.1	1,593.0	881.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	63.0	41.2	28.3	27.0	11.5
1. Short-term prepayments	44.7	24.7	23.7	23.2	0.0
2. Value added tax to be reclaimed	12.2	13.2	4.0	3.7	0.0
3. Taxes and other receivables from state authorities	6.1	3.4	0.6	0.1	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)	6,438.2	4,368.0	3,385.6	2,066.4	1,146.5
I. Long-term receivables	260.3	223.7	120.5	81.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	99.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.4	0.7	0.0
6. Other long-term receivables	260.3	223.7	120.1	81.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,457.5	2,394.4	1,617.4	1,096.1	541.2
1. Tangible fixed assets	3,311.5	2,370.1	1,430.2	889.0	359.6
- Cost	3,978.3	2,799.4	1,686.2	1,048.3	0.0
- Accumulated depreciation	-666.8	-429.3	-256.0	-159.3	0.0
2. Financial leased fixed assets	126.9	18.5	0.0	0.0	0.0
- Cost	133.8	19.5	0.0	0.0	0.0
- Accumulated depreciation	-7.0	-1.0	0.0	0.0	0.0
3. Intangible fixed assets	19.1	5.7	187.2	207.1	181.6
- Cost	28.0	12.9	192.8	212.6	0.0
- Accumulated depreciation	-8.9	-7.1	-5.6	-5.5	0.0
III. Investment properties	—	0.0	0.0	14.6	14.9
- Cost	—	0.0	0.0	15.2	0.0
- Accumulated depreciation	—	0.0	0.0	-0.5	0.0
IV. Long-term assets in progress	1,392.2	891.5	901.8	353.4	248.2
1. Long-term production in progress	—	0.0	0.0	353.4	0.0
2. Construction in progress	1,392.2	891.5	901.8	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	29.5	63.3
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	—	0.0	0.0	29.5	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	1,328.2	858.4	746.0	491.1	0.0
1. Long-term prepayments	1,273.6	848.4	707.3	483.4	0.0
2. Deferred income tax assets	52.8	7.9	36.1	4.8	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	179.9
5. Goodwill	1.8	2.2	2.5	2.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	10,780.0	7,449.0	6,533.7	4,729.1	5,457.2
A. LIABILITIES (300=210+330)	6,715.9	4,513.3	4,625.3	2,986.4	4,002.4
I. Short -term liabilities	4,331.8	3,064.6	3,011.1	2,291.7	3,852.9
1. Short-term trade accounts payable	1,991.9	1,771.1	2,187.5	1,900.9	3,774.3
2. Short-term advances from customers	6.0	5.3	30.8	8.6	1.4
3. Taxes and other payables to state authorities	23.6	62.3	19.3	54.8	0.0
4. Payable to employees	75.9	38.6	18.8	23.7	0.0
5. Short-term acrrued expenses	39.2	47.2	36.8	30.6	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	16.2	1.4	14.2	8.7	0.0
10. Short-term borrowings and financial leases	2,179.0	1,138.7	703.7	264.4	16.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	2,384.1	1,448.7	1,614.3	694.7	149.5
1. Long-term trade payables	36.7	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	40.5	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,798.4	965.3	1,156.1	692.9	146.9
9. Convertible bonds	500.1	475.2	452.5	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	8.4	8.1	5.7	1.8	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)	4,064.1	2,935.8	1,908.3	1,742.7	1,454.9
I. Owner's equity	4,064.1	2,935.8	1,908.3	1,742.7	0.0
1. Owner's capital	3,040.2	2,390.2	1,435.2	1,435.2	1,454.9
- Common stock with voting right	3,040,216,420,000.00	2,390,216,420,000.00	1,435,200,000,000.00	1,435,200,000,000.00	780,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	356.6	0.0	0.0	0.0	279.8
3. Convertible bond option	137.6	137.6	137.6	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	—	0.0	0.0	0.0	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	525.2	398.3	324.9	298.7	387.4
- Accumulated retained earning at the end of the previous period	398.3	80.9	298.7	12.0	65.6
- Undistributed earnings in this period	126.9	317.4	26.2	286.7	321.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	4.5	9.6	10.6	8.8	7.7
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)	10,780.0	7,449.0	6,533.7	4,729.1	5,457.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	99.8	406.2	24.5	338.9	390.5
Depreciation of Fixed Assets and Investment Property	251.3	165.2	104.6	58.8	32.5
Provision (Increase)/Reversal	5.1	0.0	-0.0	-3.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.3	3.2	-0.2	0.0
Gain/Loss from Investment Activities	-16.3	-113.1	-45.2	-4.9	0.0
Interest Expense	278.0	216.6	151.5	36.3	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	617.7	675.2	238.6	425.3	428.3
Increase/(Decrease) in Receivables	64.8	232.2	342.3	1,424.1	0.0
Increase/(Decrease) in Inventory	-569.5	-563.1	-711.1	205.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-773.8	-374.1	126.0	-2,040.5	0.0
Increase/(Decrease) in Prepaid Expenses	-401.9	-49.0	-224.4	-303.4	0.0
Changes in Trading Securities	—	0.0	0.0	65.1	0.0
Interest Paid	-261.9	-197.8	-133.1	-27.9	0.0
Corporate Income Tax Paid	-55.2	-25.0	-58.0	-18.0	0.0
Other Operating Receipts	—	9.6	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1,379.7	-291.9	-419.7	-269.4	104.6
Payments for Fixed Assets and Other Long-term Assets	-1,288.1	-797.7	-1,011.5	-504.5	-384.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	294.1	23.9	0.0	23.8
Loans and Purchases of Debt Instruments	-437.0	-302.9	-266.5	-101.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	249.3	339.0	42.2	16.4	21.2
Investments in Other Entities	-1.7	-127.2	0.0	0.0	-197.5
Proceeds from Investments in Other Entities	—	0.0	44.1	15.0	0.0
Dividends and Interest Income Received	13.3	20.9	12.6	-3.6	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	-1,464.1	-573.8	-1,155.3	-578.5	-530.2
Proceeds from Equity Issuance and Capital Contributions	1,006,620,000,000.00	711,036,000,000.00	137,648,613,977.00	0.00	559,844,500,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,644.9	2,094.7	2,140.1	882.8	99.1
Repayment of Borrowings	-1,579.2	-1,879.6	-759.1	-124.4	-10.5
Repayment of Finance Leases	-12.3	-2.3	0.0	0.0	0.0
Dividends Paid	—	-4.3	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	3,059.9	919.5	1,518.7	758.4	648.4
Net Cash Flow During the Period	216.1	53.7	-56.2	-89.5	-174.0
Cash and Cash Equivalents at Beginning of Period	148.9	95.2	151.4	240.9	68.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	365.0	148.9	95.2	151.4	290.9

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	1,769.2	1,402.2	1,137.0	1,387.5	1,123.8	1,626.8	1,313.8	1,226.1	1,292.1	1,625.1	1,223.2	1,638.6
Revenue Deductions	7.0	3.0	0.7	0.2	0.2	0.1	0.1	0.1	0.1	0.1	4.2	0.3
Net Revenue	1,762.2	1,399.2	1,136.3	1,387.3	1,123.6	1,626.7	1,313.8	1,226.0	1,292.0	1,625.0	1,219.0	1,638.3
Cost of Goods Sold	1,311.0	1,448.2	872.4	1,044.8	833.1	1,397.2	1,091.0	1,052.4	1,120.2	1,583.8	1,075.7	1,535.9
Gross Profit	451.2	-49.0	263.9	342.5	290.5	229.5	222.8	173.6	171.8	41.2	143.3	102.3
Financial Income	8.3	6.2	5.2	5.8	4.3	4.5	4.1	1.6	6.9	11.3	2.9	22.7
Financial Expenses	110.8	88.1	67.9	70.0	67.7	58.4	55.1	66.4	46.9	55.1	44.1	45.7
Interest Expense	99.9	137.2	59.5	62.2	62.2	58.6	61.3	66.1	46.4	53.7	47.1	45.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	61.4	74.1	107.3	13.3	35.8	19.8	68.2	46.0	22.9	25.9	23.8	23.7
General and Administrative Expenses	76.3	72.5	70.2	59.8	52.9	46.3	34.5	30.6	24.3	26.2	25.8	24.8
Operating Profit	211.0	-277.5	23.7	205.3	138.3	109.5	69.1	32.3	84.6	-54.7	52.5	31.0
Other Income	0.4	—	4.9	5.0	8.9	9.8	1.6	45.6	56.0	10.3	0.1	0.0
Other Expenses	0.0	0.3	2.2	—	6.2	0.7	3.3	10.6	2.1	0.0	11.8	17.2
Other Profit	0.4	-0.3	2.7	5.0	2.7	9.1	-1.7	35.1	53.9	10.3	-11.6	-17.2
Profit Before Tax	211.4	-277.8	26.4	210.3	141.0	118.6	67.5	67.3	138.5	-44.4	40.9	13.8
Current Income Tax Expense	5.2	-6.2	4.0	19.8	8.3	11.8	2.3	9.3	19.8	13.0	0.0	2.5
Deferred Income Tax Expense	—	-6.7	—	-5.7	-0.9	-2.4	5.1	22.7	0.0	-27.9	0.8	-0.8
Net Income	206.2	-264.9	22.5	196.2	133.5	109.2	60.0	35.2	118.7	-29.5	40.1	12.2
Non-controlling Interest	0.2	0.0	1.8	1.5	1.1	1.0	-0.4	1.1	-0.9	1.3	0.9	1.2
Profit Attributable to Parent	206.0	-264.9	20.6	194.6	132.4	108.3	60.4	34.1	119.5	-30.8	39.2	11.0
Earnings per Share	678.00	-1,111.00	87.00	526.00	559.00	457.00	578.00	284.00	827.00	-214.64	273.04	76.41
Diluted EPS	677.59	-871.34	67.89	640.23	554.12	453.05	252.55	203.25	827.00	-214.64	273.04	76.41

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)	5,052.4	4,355.9	3,810.8	3,499.7	4,032.6	3,130.3	3,080.3	3,531.5	3,296.9	3,157.0	3,705.6	3,679.4
I. Cash and cash equivalents	142.4	364.5	142.8	383.9	825.0	161.2	90.3	859.0	44.8	108.4	70.8	115.7
1. Cash	142.4	363.3	142.8	277.9	819.9	152.4	86.7	855.5	31.0	94.5	57.7	100.1
2. Cash equivalents	—	1.2	—	106.0	5.1	8.8	3.5	3.5	13.8	13.8	13.1	15.6
II. Short-term financial investments	538.1	478.9	360.8	244.8	316.3	267.7	323.3	296.3	346.0	315.0	330.0	317.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	538.1	478.9	360.8	244.8	316.3	267.7	323.3	296.3	346.0	315.0	330.0	317.0
III. Short-term receivables	1,168.5	714.7	747.3	586.8	604.6	511.2	572.5	409.6	996.3	1,093.8	1,866.9	2,000.6
1. Short-term trade accounts receivable	343.4	83.0	41.3	40.7	189.1	194.0	332.1	211.8	700.3	890.7	1,557.2	1,723.3
2. Short-term prepayments to suppliers	609.1	531.6	607.2	485.7	356.4	244.4	188.1	144.7	228.9	138.8	235.8	163.8
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	—	0.2	0.2	0.2	—	0.0	0.1	0.0	0.0	0.0	0.9	0.9
6. Other short-term receivables	225.3	106.9	103.7	64.4	63.4	82.6	62.0	57.3	71.3	68.5	77.2	116.9
7. Provision for short-term doubtful debts (*)	-9.3	-6.9	-6.9	-4.3	-4.3	-9.9	-9.9	-4.3	-4.3	-4.3	-4.3	-4.3
8. Assets awaiting resolution	0.1	—	1.8	—	—	0.0	0.1	0.1	0.1	0.1	0.1	0.2
IV. Inventories	1,700.7	2,692.0	2,511.9	2,231.9	2,238.0	2,151.7	2,068.8	1,942.7	1,882.6	1,604.6	1,405.0	1,216.6
1. Inventories	1,700.7	2,692.0	2,511.9	2,231.9	2,238.0	2,151.7	2,068.8	1,942.7	1,882.6	1,604.6	1,405.0	1,216.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Short-term Biological Assets	1,432.9	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	1,432.9	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	69.7	105.8	48.0	52.3	48.7	38.6	25.5	23.9	27.1	35.3	32.9	29.5
1. Short-term prepayments	49.5	90.1	32.5	38.8	34.7	25.3	17.4	15.4	19.7	31.3	28.8	25.6
2. Value added tax to be reclaimed	15.5	12.2	9.1	10.1	10.4	13.3	8.1	7.8	7.3	3.9	4.1	3.8
3. Taxes and other receivables from state authorities	4.7	3.5	6.4	3.4	3.6	0.1	0.0	0.7	0.1	0.1	0.0	0.1
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)	7,120.7	6,387.7	5,795.5	5,022.6	4,555.5	4,336.2	3,878.5	3,802.0	3,463.7	3,417.1	3,023.9	2,700.8
I. Long-term receivables	270.8	246.3	233.3	222.5	227.6	212.5	178.1	182.0	178.9	124.4	125.6	93.1
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.1	0.0	0.2	0.3	0.4	0.5	0.5
6. Other long-term receivables	270.8	246.3	233.3	222.5	227.6	212.4	178.1	181.8	178.6	124.0	125.1	92.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3,584.2	3,447.7	2,981.5	2,933.0	2,415.6	2,375.0	1,799.8	1,758.0	1,529.1	1,615.4	1,412.7	1,082.5
1. Tangible fixed assets	3,359.9	3,316.8	2,918.3	2,871.3	2,374.1	2,350.7	1,780.2	1,737.6	1,522.9	1,428.2	1,225.6	894.9
- Cost	4,086.5	—	—	—	—	2,772.1	2,139.8	2,056.2	1,812.3	1,684.2	1,452.0	1,096.3
- Accumulated depreciation	-726.6	—	—	—	—	-421.4	-359.6	-318.7	-289.4	-256.0	-226.4	-201.4
2. Financial leased fixed assets	205.7	126.9	58.6	57.0	36.3	18.5	13.6	14.0	0.0	0.0	0.0	0.0
- Cost	217.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	18.6	4.1	4.5	4.7	5.2	5.7	6.0	6.5	6.1	187.2	187.1	187.5
- Cost	28.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	694.7	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	694.7	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	694.7	—	—	—	—	—	—	—	—	—	—	—
- Cost	1,019.8	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-325.1	—	—	—	—	—	—	—	—	—	—	—
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	1,872.7	1,396.1	1,314.6	870.5	988.8	932.0	1,091.3	1,037.1	932.3	905.1	815.6	966.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,872.7	1,396.1	1,314.6	870.5	988.8	932.0	1,091.3	1,037.1	932.3	905.1	815.6	966.6
V. Long-term financial investments	—	—	—	—	—	0.0	0.2	0.2	0.2	0.2	0.2	0.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.2	0.2	0.2	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	698.3	1,297.6	1,266.1	996.5	923.5	816.7	809.0	824.6	780.7	740.7	667.2	555.7
1. Long-term prepayments	643.7	1,273.1	1,249.2	980.0	912.6	805.1	764.5	749.6	744.6	706.4	661.5	550.9
2. Deferred income tax assets	52.9	21.9	14.7	14.5	8.8	9.4	5.5	36.1	36.1	34.4	5.7	4.8
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	1.7	2.5	2.2	2.0	2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2.2	39.0	38.9	42.5	31.2	2.6	2.7
TOTAL ASSETS (280=100+200)	12,173.1	10,743.6	9,606.3	8,522.2	8,588.1	7,466.5	6,958.8	7,333.5	6,760.6	6,574.0	6,729.5	6,380.2
A. LIABILITIES (300=210+330)	7,902.7	6,706.5	5,304.2	4,255.8	5,518.8	4,526.2	4,124.9	5,271.3	4,733.7	4,667.4	4,790.4	4,470.2
I. Short -term liabilities	4,305.1	4,343.6	3,356.8	2,191.1	3,069.2	2,782.8	2,449.9	3,519.1	3,100.2	3,057.1	3,200.9	3,275.5
1. Short-term trade accounts payable	2,084.8	2,004.7	1,584.9	952.7	1,563.7	1,801.6	1,497.6	1,576.0	1,968.3	2,204.9	2,387.4	2,718.5
2. Short-term advances from customers	3.3	6.0	10.2	5.2	5.7	5.3	78.3	71.9	49.1	31.4	1.5	2.0
3. Taxes and other payables to state authorities	13.0	21.3	23.4	31.7	11.4	47.4	33.2	41.2	39.9	18.0	7.1	3.9
4. Payable to employees	65.0	45.3	19.3	37.4	37.5	38.4	24.2	20.9	20.3	34.4	18.9	16.0
5. Short-term acrrued expenses	117.7	63.1	141.1	103.0	52.0	47.3	41.6	62.9	38.4	47.3	73.0	65.9
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	0.2	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	27.7	24.8	10.3	47.2	143.1	1.2	109.2	909.4	131.1	17.4	86.0	59.7
10. Short-term borrowings and financial leases	1,993.5	2,178.2	1,567.3	1,014.0	1,255.8	841.6	665.9	836.9	853.0	703.7	627.0	409.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	3,597.7	2,362.9	1,947.4	2,064.7	2,449.6	1,743.4	1,674.9	1,752.1	1,633.5	1,610.4	1,589.6	1,194.7
1. Long-term trade payables	36.7	36.7	—	—	—	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	—	38.3	—	—	1,006.6	0.0	0.0	14.1	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3,046.1	1,779.1	1,445.8	1,569.4	953.7	1,262.4	1,201.4	1,246.0	1,169.9	1,156.1	1,149.7	1,193.8
9. Convertible bonds	506.5	500.1	493.5	487.2	481.1	475.2	469.3	463.6	457.9	452.5	438.1	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	8.4	8.7	8.1	8.1	8.1	5.7	4.2	28.4	5.7	1.8	1.8	1.0
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)	4,270.3	4,037.1	4,302.0	4,266.4	3,069.3	2,931.4	2,834.0	2,062.2	2,027.0	1,906.6	1,939.1	1,910.0
I. Owner's equity	4,270.3	4,037.1	4,302.0	4,266.4	3,069.3	2,931.4	2,834.0	2,062.2	2,027.0	1,906.6	1,939.1	1,910.0
1. Owner's capital	3,040.2	3,040.2	3,040.2	3,040.2	2,390.2	2,390.2	2,390.2	1,679.2	1,435.2	1,435.2	1,435.2	1,435.2
- Common stock with voting right	3,040,216,420,000.00	3,040,216,420,000.00	3,040,216,420,000.00	3,040,216,420,000.00	2,390,216,420,000.00	2,390,216,420,000.00	2,390,216,420,000.00	1,679,180,420,000.00	1,435,200,000,000.00	1,435,200,000,000.00	1,435,200,000,000.00	1,435,200,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	356.6	356.6	356.6	356.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	137.6	137.6	137.6	137.6	137.6	137.6	137.6	137.6	137.6	137.6	145.7	153.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	731.2	496.5	761.4	725.3	530.7	403.5	295.2	234.5	444.4	317.9	349.2	312.6
- Accumulated retained earning at the end of the previous period	525.2	398.3	398.3	398.3	398.3	80.9	80.9	80.9	324.9	298.7	298.7	298.7
- Undistributed earnings in this period	206.0	98.3	363.2	327.1	132.4	322.6	214.3	153.7	119.5	19.2	50.5	14.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	4.7	6.1	6.1	6.6	10.7	0.0	10.9	10.8	9.7	15.9	8.9	8.7
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	—	—	—	—	—	9.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	12,173.1	10,743.6	9,606.3	8,522.2	8,588.1	7,466.5	6,958.8	7,333.5	6,760.6	6,574.0	6,729.5	6,380.2

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	211.4	-279.9	26.4	212.3	141.0	118.6	67.5	68.6	138.5	-34.7	40.9	14.4
Depreciation of Fixed Assets and Investment Property	80.3	77.1	61.4	60.1	52.7	63.2	42.6	39.5	35.1	33.4	26.3	22.6
Provision (Increase)/Reversal	—	2.5	—	2.6	—	5.6	0.0	0.0	0.0	-0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.2	-0.2	0.1	0.1	0.6	0.4	-0.7	0.0	3.2	-0.0	0.0
Gain/Loss from Investment Activities	—	-4.6	-4.5	-7.0	-0.1	-3.1	-3.4	-6.7	-100.4	-10.3	-2.6	-23.0
Interest Expense	109.1	90.0	59.5	66.2	62.2	58.6	53.4	57.6	46.4	42.5	43.9	42.7
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	400.6	-115.1	142.7	334.3	255.9	243.6	160.6	158.3	119.6	34.0	108.5	56.8
Increase/(Decrease) in Receivables	-473.4	314.9	-385.2	305.9	-170.7	13.1	-154.2	429.5	327.5	743.7	55.7	-276.9
Increase/(Decrease) in Inventory	-222.1	-202.7	-287.8	2.9	-81.9	-82.9	-124.2	-62.0	-289.7	-187.9	-183.2	203.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	99.1	-732.4	918.7	-2,022.7	1,062.7	-72.9	-25.6	-556.2	-67.2	-874.6	514.2	-106.4
Increase/(Decrease) in Prepaid Expenses	-15.7	6.8	-235.1	-99.2	-74.3	-15.0	-17.5	3.4	-73.3	-41.0	-129.0	-35.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-73.0	-74.1	-79.2	-31.9	-76.8	-50.4	-76.1	-38.8	-53.9	-57.1	-27.5	-22.6
Corporate Income Tax Paid	-17.7	0.1	0.0	0.1	-55.4	4.2	-11.3	-7.8	0.0	-0.5	0.5	-58.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-302.1	-813.6	84.9	-1,510.5	859.5	39.6	-248.2	-73.7	-37.0	-383.4	339.2	-239.1
Payments for Fixed Assets and Other Long-term Assets	-832.5	-213.0	-645.5	-189.6	-239.9	-406.1	-267.4	-253.9	-156.8	-149.3	-568.8	-124.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	155.8	25.0	295.2	0.0	-2.9	2.9	23.0
Loans and Purchases of Debt Instruments	-234.5	-239.0	-139.0	-3.4	-55.6	-129.4	-67.0	-152.5	-19.7	-36.3	1.8	-231.8
Receipts from Loan Repayments and Sale of Debt Instruments	178.3	194.1	-48.7	73.9	30.0	185.4	40.7	201.4	0.0	-3.1	44.1	0.3
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	44.1	0.0	0.0
Dividends and Interest Income Received	—	-0.3	6.0	7.6	—	1.5	3.6	6.5	0.0	1.6	2.8	8.2
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	-888.6	-167.5	-747.9	-283.1	-265.6	-192.9	-265.1	96.8	-176.6	-145.9	-517.3	-324.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	3,580,000.00	4,779,815,001.00	706,252,604,999.00	0.00	137,648,613,977.00	-161,135,571,787.00	161,135,571,787.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,451.9	1,237.6	1,083.6	991.7	332.0	685.9	107.4	746.5	465.6	701.1	451.8	208.2
Repayment of Borrowings	-474.2	-29.9	2.6	-644.1	-247.9	-460.8	-317.3	-706.3	-302.4	-285.1	-142.5	-220.0
Repayment of Finance Leases	-7.8	-4.3	-3.5	-2.6	-1.9	-1.1	-0.9	-0.3	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	-4.3	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	969.9	1,203.4	422.8	1,351.5	82.2	224.1	-206.0	741.9	163.2	553.6	148.2	149.3
Net Cash Flow During the Period	-220.9	222.2	-240.2	-442.0	676.1	70.8	-719.4	764.9	-50.3	24.4	-29.9	-414.7
Cash and Cash Equivalents at Beginning of Period	363.3	142.8	383.0	825.0	148.9	95.2	95.2	95.2	95.2	151.4	151.4	151.4
FX Difference from Revaluation	—	—	0.0	—	-0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	142.4	365.0	142.8	383.0	825.0	161.2	90.3	809.7	44.8	95.2	70.8	100.7

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BAF

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