BCG

Tập đoàn Bamboo Capital ·HOSE ·2024Q4

▲ Showing improvement

Operating efficiency is improving Net margin 19.32%, +14.78pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 483

BVPS 24,305

ROE 2.1%

ROA 0.9%

Profit Margin 9.2%

Asset Turnover 0.10x

Equity Mult. 2.28x

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

What Is Changing

On a TTM 2024Q4 basis, BCG has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,372bn
	                                
+9.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 844bn
	                                
+363.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    32.3%
	                                
affects earnings quality

Metric	2024	2023	2022	2021	2020
Revenue	4,371.9	4,012.2	4,531.2	2,589.5	1,902.2
Growth	+9%	-11%	+75%	+36%	—
Net Income	844.8	171.1	540.7	972.8	279.9
Net Margin	19.32%	4.26%	11.93%	37.57%	14.71%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	1,133.7	1,137.9	1,114.8	985.4	1,178.1	1,017.9	1,114.4	701.3	1,221.1	1,176.7	881.0	1,252.9
Growth	-0%	+2%	+13%	-16%	+16%	-9%	+59%	-43%	+4%	+34%	-30%	—
Net Income	96.5	331.2	318.6	98.2	3.4	9.1	160.7	8.8	-338.9	39.5	354.8	522.3
Net Margin	8.51%	29.11%	28.58%	9.96%	0.29%	0.90%	14.42%	1.25%	-27.75%	3.36%	40.27%	41.69%

Drivers of BCG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 771.7bn

Associates income ↑ 98.3bn

Other profit ↑ 78.0bn

Selling expenses ↓ 34.9bn

Minority interests ↑ 327.8bn

Financial income ↓ 137.5bn

TTM

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

Associates income ↑ 177.8bn

Minority interests ↓ 98.3bn

Financial income ↑ 40.0bn

Gross profit ↓ 87.1bn

Tax ↑ 33.6bn

Administrative expenses ↑ 20.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q4 1.2% = 4.5% × 0.09 × 2.75

2024Q4 4.3% = 19.3% × 0.10 × 2.28

ROE rose from 1.2% to 4.3% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 19.3% +14.8pp Asset turnover: 0.10x +0.01x Leverage: 2.28x -0.47x

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 expanded to 19.32%, rising 14.8pp. Core operating signals are improving as SG&A / Revenue fell 1.0pp are enough to offset pressure from Gross margin fell 3.9pp (with additional support from Net financial result / Revenue rose 15.1pp and Other profit / Revenue rose 1.7pp).

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

Profitability trend

Net Margin 19.32% +14.8pp

Gross Margin 26.31% −3.9pp

SG&A / Revenue 14.82% −1.0pp

Non-core / Revenue 10.05% +16.9pp

TTM YoY · 2023Q4 -> 2024Q4

Watchpoints

Financial result is supporting margin

Financial result accounts for 44.0% of PBT and lifted net margin by 16.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 2.4% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 2.44%, rising 1.9pp. That translates to 2.44 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 13.2pp, with capital turnover broadly stable; while invested capital rose by 2,073bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 2.44% +1.9pp

NOPAT Margin 17.05% +13.2pp

Capital Turnover 0.14x +0.00x

Average Invested Capital 30,546.1bn +2,072.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.17x equity, net debt at 0.51x equity.

Over the last 12 months, working capital absorbed 3,242.1bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −3,903.3bn

Inventories decreased → higher CFO: +526.0bn

Payables increased → higher CFO: +135.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 20.7 days versus the same period last year. The main moves came from DIO fell 22.2 days, DSO rose 32.4 days, and DPO fell 10.5 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 282.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +32.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 130.7 days +32.4 days

Inventory 408.1 days −22.2 days

Payables 255.8 days −10.5 days

Cash Conversion Cycle 282.9 days +20.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2,093.5bn due to capex of 287.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.51x and interest coverage only at 0.55x.

At present, short-term debt accounts for 28.4% of total debt, cash equals 6.2% of debt, and total debt stands at 11,580.4bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 0.55x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.51x −0.14x

Interest Coverage 0.55x +0.45x

Cash / Debt 6.2% +0.0pp

Short-term Debt / Total Debt 28.4% +5.2pp

CFO / NI -4.48x −3.16x

TTM YoY · 2023Q4 -> 2024Q4

Cash Flow

Operating cash flow reached -1,806.2bn in 2024, against investing cash flow of -250.9bn.

Post-investment cash flow was negative +2,057.1bn. Financing cash flow was positive +2,021.1bn.

CFO / net income was -4.48x.

After spending +287.3bn on fixed-asset investment, the business generated trailing free cash flow of −2,093.5bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 1,806.2bn −1,715.7bn

Cash Capex 287.3bn +154.8bn

FCF TTM −2,093.5bn −1,870.5bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 14.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.55x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.32% after expanding 14.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 32.3% of PBT and CFO / net income currently at -4.48x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.55x.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	4,731.1	4,112.4	4,595.9	2,618.3	1,902.3
Revenue Deductions	359.2	100.2	64.7	0.0	0.0
Net Revenue	4,371.9	4,012.2	4,531.2	2,589.5	1,902.2
Cost of Goods Sold	3,221.8	2,812.5	3,211.6	0.0	0.0
Gross Profit	1,150.0	1,199.7	1,319.6	938.5	490.5
Financial Income	1,940.2	2,087.2	2,548.1	2,298.6	797.6
Financial Expenses	1,618.1	2,396.2	2,401.8	-1,486.4	-550.4
Interest Expense	1,103.9	1,582.5	1,616.9	-1,047.3	-351.4
Share of Associates and Joint Ventures	58.2	-35.2	0.1	-54.3	-30.6
Selling Expenses	157.5	192.3	215.8	-98.4	-110.4
General and Administrative Expenses	490.5	449.9	483.5	-383.7	-215.4
Operating Profit	882.3	213.3	766.7	1,214.2	381.3
Other Income	166.7	70.0	44.7	0.0	0.0
Other Expenses	49.7	32.0	21.2	0.0	0.0
Other Profit	117.0	38.0	23.5	-3.7	-1.4
Profit Before Tax	999.4	251.4	790.2	1,210.4	379.9
Current Income Tax Expense	183.5	98.7	216.1	-237.7	-100.0
Deferred Income Tax Expense	-28.9	-18.4	33.5	0.0	0.0
Net Income	844.8	171.1	540.7	972.8	279.9
Non-controlling Interest	440.8	112.1	191.1	366.4	65.0
Profit Attributable to Parent	404.0	59.0	349.5	606.3	214.9
Earnings per Share	459.00	111.00	715.00	1,945.00	-126.00
Diluted EPS	459.00	111.00	715.00	2,037.84	1,579.91

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	22,192.3	19,478.6	17,761.7	16,387.8	10,264.1
I. Cash and cash equivalents	722.2	756.9	629.5	1,053.0	903.4
1. Cash	673.6	480.3	540.8	0.0	0.0
2. Cash equivalents	48.6	276.6	88.7	0.0	0.0
II. Short-term financial investments	619.5	541.4	510.6	0.0	0.0
1. Available for sale securities	5.0	5.0	43.5	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.5	0.0	0.0	0.0	0.0
3. Held to maturity investments	614.9	536.4	467.1	0.0	0.0
III. Short-term receivables	16,548.5	13,941.5	13,461.0	10,424.4	5,963.3
1. Short-term trade accounts receivable	1,776.1	1,098.6	805.8	0.0	0.0
2. Short-term prepayments to suppliers	5,275.1	4,259.3	4,156.5	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	702.5	587.6	178.8	0.0	0.0
6. Other short-term receivables	8,850.8	8,039.7	8,417.7	0.0	0.0
7. Provision for short-term doubtful debts (*)	-56.0	-43.8	-97.9	0.0	0.0
8. Assets awaiting resolution	0.0	0.1	0.1	0.0	0.0
IV. Inventories	3,360.9	3,775.3	2,754.8	2,867.3	2,322.3
1. Inventories	3,387.6	3,811.7	2,793.1	0.0	0.0
2. Provision for decline in value of inventories	-26.7	-36.4	-38.3	0.0	0.0
V. Other short-term assets	941.2	463.6	405.8	459.7	481.4
1. Short-term prepayments	761.3	283.4	59.9	0.0	0.0
2. Value added tax to be reclaimed	166.9	173.6	342.4	0.0	0.0
3. Taxes and other receivables from state authorities	12.9	6.6	3.5	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	24,330.3	22,530.7	26,058.7	21,423.8	13,791.0
I. Long-term receivables	9,180.0	8,129.0	11,036.2	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	9,620.0	6,987.7
2. Long-term prepayments to suppliers	0.0	0.0	56.4	0.0	0.0
3. Capital at inter-company	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
5. Long-term loan receivables	213.6	10.7	50.0	0.0	0.0
6. Other long-term receivables	8,966.4	8,118.3	10,929.8	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	9,146.8	9,604.8	8,112.8	5,825.1	365.1
1. Tangible fixed assets	8,724.9	9,173.5	7,706.4	5,811.5	359.0
- Cost	11,118.3	10,935.3	8,899.1	0.0	0.0
- Accumulated depreciation	-2,393.4	-1,761.8	-1,192.7	0.0	0.0
2. Financial leased fixed assets	23.1	23.7	11.0	11.1	3.9
- Cost	33.1	31.6	17.9	0.0	0.0
- Accumulated depreciation	-10.0	-7.9	-6.8	0.0	0.0
3. Intangible fixed assets	398.8	407.6	395.4	2.5	2.2
- Cost	470.4	468.7	446.7	0.0	0.0
- Accumulated depreciation	-71.6	-61.0	-51.2	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2,071.3	1,609.5	2,617.6	3,383.5	4,048.0
1. Long-term production in progress	0.0	0.0	41.3	0.0	0.0
2. Construction in progress	2,071.3	1,609.5	2,576.3	0.0	0.0
V. Long-term financial investments	3,454.3	2,666.3	3,694.3	1,633.7	1,312.4
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,110.8	2,264.7	3,452.3	0.0	0.0
3. Investments in other entities	259.8	387.9	126.1	0.0	0.0
4. Provision for diminution in value of long-term investments	-20.3	-3.3	-1.1	0.0	0.0
5. Held to maturity investments	104.0	17.0	117.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	478.0	521.3	597.8	0.0	0.0
1. Long-term prepayments	179.5	172.5	210.7	0.0	0.0
2. Deferred income tax assets	147.8	150.1	140.8	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	961.4	1,077.7
5. Goodwill	150.6	198.7	246.4	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	46,522.6	42,009.3	43,820.4	37,811.7	24,055.1
A. LIABILITIES (300=210+330)	25,129.0	24,541.6	30,021.3	29,343.9	21,069.9
I. Short -term liabilities	13,228.4	12,090.2	11,380.2	8,968.9	10,625.9
1. Short-term trade accounts payable	2,547.6	1,823.8	1,981.8	1,299.6	4,787.6
2. Short-term advances from customers	4,127.7	3,207.6	3,259.1	2,168.6	1,689.3
3. Taxes and other payables to state authorities	267.2	251.4	265.3	0.0	0.0
4. Payable to employees	38.7	29.2	32.2	0.0	0.0
5. Short-term acrrued expenses	590.0	489.9	542.8	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	410.2	11.6	10.1	6.5	12.3
9. Other short-term payables	808.1	2,679.0	1,917.0	0.0	0.0
10. Short-term borrowings and financial leases	3,293.5	3,149.4	3,035.5	942.2	2,028.3
11. Provision for short-term liabilities	1,135.6	439.9	330.5	0.0	0.0
12.. Bonus and welfare fund	9.9	8.5	5.8	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	11,900.6	12,451.4	18,641.1	20,375.0	10,443.9
1. Long-term trade payables	53.9	105.6	191.0	2,577.8	688.3
2. Long-term advances from customers	0.0	0.0	0.0	40.0	40.0
3. Long-term acrrued expenses	6.4	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	3,216.7	2,962.8	6,547.6	0.0	0.0
8. Long-term borrowings and financial leases	8,286.9	9,014.9	11,687.8	12,228.9	2,551.9
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	333.4	365.7	213.0	0.0	0.0
12. Provision for long-term liabilities	3.3	2.3	1.7	0.0	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	21,393.6	17,467.7	13,799.1	8,467.8	2,985.2
I. Owner's equity	21,393.6	17,467.7	13,799.1	0.0	0.0
1. Owner's capital	8,802.1	5,334.7	5,334.7	8,467.8	2,985.2
- Common stock with voting right	8,802,106,440,000.00	5,334,676,220,000.00	5,334,676,220,000.00	2,975,371,740,000.00	1,360,057,600,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	66.4	866.9	866.9	-0.2	-0.2
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	403.7	210.7	21.4	21.4	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	3.9	3.9	3.9	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.5	0.5	0.5	0.0	0.0
11. Undistributed earnings after tax	677.1	430.5	426.5	575.2	238.7
- Accumulated retained earning at the end of the previous period	230.8	251.2	17.3	-31.1	23.8
- Undistributed earnings in this period	446.3	179.3	409.3	606.3	214.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	11,440.0	10,620.6	7,145.2	4,895.3	1,385.8
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	46,522.6	42,009.3	43,820.4	37,811.7	24,055.1

Item	2024	2023	2022	2021	2020
Profit Before Tax	999.4	251.4	790.2	1,210.4	379.9
Depreciation of Fixed Assets and Investment Property	646.4	614.8	566.4	413.0	67.0
Provision (Increase)/Reversal	711.5	55.4	192.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	123.1	106.8	20.2	0.0	0.0
Gain/Loss from Investment Activities	-305.5	-375.2	-1,162.2	0.0	0.0
Interest Expense	1,107.4	1,603.2	1,451.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3,282.1	2,256.4	1,858.2	462.3	85.8
Increase/(Decrease) in Receivables	-3,903.3	3,048.7	-8,383.8	0.0	0.0
Increase/(Decrease) in Inventory	526.0	92.2	-330.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	135.3	-3,667.0	3,851.2	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-492.6	-44.1	26.3	0.0	0.0
Changes in Trading Securities	0.0	35.4	819.7	0.0	0.0
Interest Paid	-1,158.3	-1,660.1	-1,161.7	0.0	0.0
Corporate Income Tax Paid	-168.2	-139.3	-242.7	0.0	0.0
Other Operating Receipts	0.2	2.5	0.0	0.0	0.0
Other Operating Payments	-27.5	-15.3	-45.0	0.0	0.0
Net Cash Flow from Operating Activities	-1,806.2	-90.5	-3,608.6	-9,314.8	1,869.7
Payments for Fixed Assets and Other Long-term Assets	-287.3	-132.4	-3,453.0	-2,121.5	-3,946.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	31.1	25.6	83.5	-13.2	6.9
Loans and Purchases of Debt Instruments	-1,535.6	-449.0	-2,132.4	-1,102.6	-7.3
Receipts from Loan Repayments and Sale of Debt Instruments	792.2	552.3	2,395.2	946.8	3.8
Investments in Other Entities	-821.9	-520.0	-6,518.4	-2,288.7	-1,953.4
Proceeds from Investments in Other Entities	1,290.0	947.5	5,647.7	0.0	0.0
Dividends and Interest Income Received	280.6	221.4	-53.3	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-250.9	645.3	-4,030.6	63.5	-3,374.0
Proceeds from Equity Issuance and Capital Contributions	2,824,671,850,000.00	2,899,428,979,979.00	5,512,837,775,380.00	1,992,617,396,000.00	280,000,000,000.00
Share Repurchases	0.00	-228,540,000.00	0.00	0.00	0.00
Proceeds from Borrowings	2,882.9	5,046.1	9,431.7	14,197.3	4,333.9
Repayment of Borrowings	-3,667.4	-8,312.1	-7,351.3	-6,369.7	-2,161.3
Repayment of Finance Leases	-8.5	-8.5	-4.5	-3.0	-1.2
Dividends Paid	-10.6	-52.4	-364.0	-417.3	-193.8
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2,021.1	-427.7	7,224.7	9,399.9	2,257.6
Net Cash Flow During the Period	-36.0	127.1	-414.6	364.4	161.7
Cash and Cash Equivalents at Beginning of Period	756.9	629.5	1,044.0	903.4	150.2
FX Difference from Revaluation	1.4	0.3	0.0	1.1	-0.2
Cash and Cash Equivalents at End of Period	722.2	756.9	629.5	1,053.0	903.4

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	1,395.9	1,170.8	1,167.3	999.3	1,195.3	1,040.6	1,152.1	726.5	1,242.3	1,178.2	912.4	1,263.6
Revenue Deductions	262.1	32.9	52.4	13.8	17.2	22.7	37.7	25.2	21.2	1.4	31.3	10.7
Net Revenue	1,133.7	1,137.9	1,114.8	985.4	1,178.1	1,017.9	1,114.4	701.3	1,221.1	1,176.7	881.0	1,252.9
Cost of Goods Sold	919.9	814.7	777.8	709.2	877.2	729.9	698.6	494.8	1,089.4	822.1	612.3	710.6
Gross Profit	213.8	323.2	337.0	276.2	300.9	288.0	415.8	206.4	131.6	354.6	268.7	542.3
Financial Income	480.7	496.5	587.0	375.9	440.7	525.7	626.8	484.5	385.2	433.8	929.7	732.2
Financial Expenses	463.3	282.5	464.2	408.0	474.0	631.1	738.2	546.4	640.2	563.5	703.4	461.6
Interest Expense	294.0	254.3	289.2	266.3	396.7	385.9	414.8	395.8	385.6	295.7	407.6	311.7
Share of Associates and Joint Ventures	92.2	-2.6	-11.0	-21.0	-85.6	12.2	35.7	-3.0	-15.2	-11.2	31.5	-9.2
Selling Expenses	34.1	33.0	43.4	46.9	41.0	54.8	71.9	24.6	63.5	41.9	35.4	31.0
General and Administrative Expenses	162.1	118.0	108.0	102.5	141.8	114.2	103.7	83.8	129.1	114.7	119.6	119.9
Operating Profit	127.3	383.6	297.5	73.7	-0.8	25.8	164.5	33.1	-331.2	57.1	371.5	652.7
Other Income	14.6	8.5	93.4	51.2	17.7	13.3	28.0	9.1	18.3	4.3	39.7	8.7
Other Expenses	28.6	9.7	4.7	7.8	14.5	3.3	4.5	6.9	5.5	2.1	6.5	2.1
Other Profit	-14.0	-1.2	88.7	43.4	3.2	10.0	23.5	2.3	12.8	2.2	33.2	6.6
Profit Before Tax	113.4	382.4	386.2	117.1	2.5	35.8	188.0	35.4	-318.3	59.3	404.7	659.3
Current Income Tax Expense	44.1	51.4	67.8	20.0	10.5	25.4	32.0	23.6	-77.6	62.9	120.0	130.9
Deferred Income Tax Expense	-27.2	-0.2	-0.2	-1.1	-11.4	1.2	-4.8	3.0	98.1	-43.1	-70.0	6.0
Net Income	96.5	331.2	318.6	98.2	3.4	9.1	160.7	8.8	-338.9	39.5	354.8	522.3
Non-controlling Interest	-30.5	199.7	187.2	84.5	67.8	3.5	46.1	-4.2	-136.7	0.0	90.7	251.6
Profit Attributable to Parent	126.9	131.5	131.4	13.6	-64.5	5.7	114.6	13.0	-202.2	39.5	264.0	270.7
Earnings per Share	144.22	149.43	164.25	25.56	-120.85	10.67	214.85	24.39	-378.96	74.04	524.58	606.48
Diluted EPS	144.22	149.43	164.25	25.56	-120.85	10.67	214.85	24.39	-378.96	74.04	524.58	606.48

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	22,192.3	21,088.0	20,986.3	19,947.0	19,099.1	20,193.3	22,414.8	19,536.3	17,901.2	19,831.2	19,977.3	17,294.5
I. Cash and cash equivalents	722.2	485.1	1,179.7	422.2	756.9	653.3	734.7	600.7	629.5	1,325.3	832.3	882.4
1. Cash	673.6	384.1	981.6	369.7	480.3	435.9	663.5	480.5	540.8	984.5	423.5	546.4
2. Cash equivalents	48.6	101.1	198.0	52.6	276.6	217.4	71.2	120.1	88.7	340.8	408.8	336.0
II. Short-term financial investments	619.5	572.6	520.9	1,062.2	589.5	650.4	469.8	461.5	510.6	1,581.1	1,883.6	1,531.3
1. Available for sale securities	5.0	5.0	5.0	495.0	153.1	188.5	43.5	43.5	43.5	998.6	998.6	1,001.4
2. Provision for diminution in value of available for sale securities (*)	-0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	614.9	567.6	515.9	567.2	436.4	461.9	426.3	418.0	467.1	582.5	884.9	529.9
III. Short-term receivables	16,548.5	15,756.8	14,872.7	14,213.2	13,576.9	14,770.5	16,938.2	13,797.9	13,610.8	13,646.5	14,064.1	12,003.2
1. Short-term trade accounts receivable	1,776.1	1,559.3	1,490.2	1,363.5	1,354.5	1,364.2	974.7	852.2	806.1	1,678.2	1,738.9	1,157.5
2. Short-term prepayments to suppliers	5,275.1	4,833.7	4,629.1	4,369.7	4,260.5	4,339.5	4,103.5	4,034.4	4,323.2	3,733.1	3,453.9	1,421.9
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	702.5	421.5	601.8	605.0	587.6	635.9	607.1	691.5	178.8	267.1	267.4	190.7
6. Other short-term receivables	8,850.8	8,989.8	8,199.6	7,917.9	7,418.0	8,463.6	11,285.5	8,317.5	8,400.4	8,058.2	8,700.9	9,441.7
7. Provision for short-term doubtful debts (*)	-56.0	-47.6	-48.2	-43.1	-43.8	-32.8	-32.7	-97.8	-97.7	-90.2	-97.1	-230.5
8. Assets awaiting resolution	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	22.1
IV. Inventories	3,360.9	3,631.4	3,820.5	3,749.1	3,781.8	3,715.3	3,870.3	4,275.5	2,749.0	2,848.5	2,773.4	2,524.4
1. Inventories	3,387.6	3,656.2	3,848.6	3,781.6	3,815.5	3,749.7	3,904.4	4,313.8	2,787.3	2,848.5	2,773.4	2,524.4
2. Provision for decline in value of inventories	-26.7	-24.8	-28.1	-32.5	-33.7	-34.4	-34.1	-38.3	-38.3	0.0	0.0	0.0
V. Other short-term assets	941.2	642.0	592.5	500.3	394.1	403.8	401.8	400.6	401.3	429.9	424.0	353.1
1. Short-term prepayments	761.3	465.9	402.0	316.3	213.9	173.5	170.3	137.7	54.8	85.0	120.9	23.9
2. Value added tax to be reclaimed	166.9	161.9	177.2	170.9	173.5	225.2	227.6	259.3	343.0	342.8	301.9	328.0
3. Taxes and other receivables from state authorities	12.9	14.3	13.3	13.1	6.6	5.1	3.9	3.6	3.5	2.1	1.1	1.2
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	24,330.3	24,319.9	24,322.0	22,645.1	22,879.9	22,783.4	21,174.8	26,722.3	26,105.1	23,921.1	24,384.0	24,210.2
I. Long-term receivables	9,180.0	9,222.2	9,220.6	7,802.1	8,479.5	7,895.4	5,850.9	11,711.4	10,894.0	8,842.5	10,886.3	9,980.6
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.4	1.8	11.2
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	56.4	56.4	56.4	20.4	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	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	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	213.6	120.2	91.4	13.0	10.7	0.0	0.0	50.0	50.0	35.0	35.0	42.1
6. Other long-term receivables	8,966.4	9,102.0	9,129.2	7,789.2	8,468.8	7,839.0	5,794.5	11,605.0	10,823.6	8,799.1	10,849.5	9,927.2
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	9,146.8	9,256.0	9,391.1	9,932.3	9,598.4	9,657.8	9,790.9	8,024.5	8,112.8	8,329.9	8,287.7	7,942.9
1. Tangible fixed assets	8,724.9	8,831.2	8,962.8	9,504.8	9,173.5	9,244.9	9,381.9	7,615.9	7,706.3	7,808.0	8,275.7	7,929.5
- Cost	11,118.3	11,080.1	11,083.9	11,402.0	10,954.3	10,882.2	10,885.0	9,003.3	8,899.1	8,883.9	9,249.5	8,777.3
- Accumulated depreciation	-2,393.4	-2,248.9	-2,121.2	-1,897.2	-1,780.8	-1,637.3	-1,503.1	-1,387.4	-1,192.8	-1,075.9	-973.8	-847.8
2. Financial leased fixed assets	23.1	24.2	25.5	22.6	23.7	24.3	18.1	15.3	11.1	11.0	10.2	11.4
- Cost	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	398.8	400.6	402.9	405.0	401.2	388.6	390.9	393.3	395.4	510.9	1.8	2.0
- Cost	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	265.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2,071.3	1,709.6	1,687.9	1,164.0	1,604.5	1,597.0	1,535.3	2,921.8	2,622.2	2,465.3	1,970.3	3,225.8
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	41.3	41.3	41.3	41.3	41.3	44.9	1,337.0
2. Construction in progress	2,071.3	1,709.6	1,687.9	1,164.0	1,604.5	1,555.7	1,494.0	2,880.5	2,580.8	2,424.0	1,925.5	1,888.8
V. Long-term financial investments	3,454.3	3,487.1	3,503.9	2,977.8	2,620.5	3,039.3	3,354.4	3,441.6	3,869.5	3,488.5	2,495.2	2,195.9
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,110.8	3,132.9	3,021.1	2,453.8	2,264.3	2,667.2	2,656.7	2,621.6	3,418.5	3,333.3	2,330.5	2,042.1
3. Investments in other entities	259.8	259.8	388.1	510.4	239.8	254.4	579.4	701.7	126.1	45.1	45.1	34.1
4. Provision for diminution in value of long-term investments	-20.3	-20.1	-20.1	-3.3	-0.6	-1.2	-0.6	-0.6	-0.3	-0.9	-0.9	-0.9
5. Held to maturity investments	104.0	114.5	114.9	16.9	117.0	119.0	119.0	119.0	325.3	111.0	120.5	120.5
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	478.0	644.9	518.5	317.1	378.3	377.3	413.4	376.2	358.6	409.9	441.5	387.1
1. Long-term prepayments	179.5	331.0	191.1	167.2	228.2	230.5	267.4	233.6	216.1	243.8	315.3	335.0
2. Deferred income tax assets	147.8	151.2	152.7	149.9	150.1	146.8	146.0	142.6	142.5	166.1	126.2	52.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	150.6	162.7	174.7	186.7	198.7	216.6	229.9	246.8	248.0	385.1	302.9	478.1
TOTAL ASSETS (280=100+200)	46,522.6	45,407.9	45,308.3	42,592.1	41,979.0	42,976.6	43,589.6	46,258.5	44,006.2	43,752.4	44,361.3	41,504.8
A. LIABILITIES (300=210+330)	25,129.0	24,110.4	24,320.4	24,918.8	24,522.8	28,299.0	28,993.8	31,876.6	30,204.8	30,117.6	30,659.9	30,354.3
I. Short -term liabilities	13,228.4	11,460.0	11,210.6	12,641.5	11,603.2	14,677.9	17,604.2	15,165.7	11,331.3	8,668.1	10,278.8	9,867.5
1. Short-term trade accounts payable	2,547.6	2,206.2	2,307.2	2,276.0	1,808.7	1,975.5	2,038.5	1,811.4	1,981.7	1,436.6	1,312.9	1,254.1
2. Short-term advances from customers	4,127.7	3,693.8	3,533.2	3,257.8	3,207.5	3,446.4	3,648.6	4,002.1	3,253.8	1,592.5	2,532.1	2,249.2
3. Taxes and other payables to state authorities	267.2	242.7	252.0	211.5	240.0	317.9	317.3	281.7	287.0	413.2	424.6	390.5
4. Payable to employees	38.7	31.4	27.0	26.4	27.2	26.7	26.0	25.6	32.1	17.9	19.2	21.1
5. Short-term acrrued expenses	590.0	554.1	443.5	574.0	490.6	756.2	552.4	649.3	532.4	500.5	330.1	371.3
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	410.2	13.6	13.9	12.5	11.6	9.7	10.1	9.9	10.1	8.8	26.3	31.8
9. Other short-term payables	808.1	441.3	733.5	2,470.6	2,542.5	3,076.9	3,587.8	2,206.1	1,920.9	1,511.3	2,313.0	3,094.5
10. Short-term borrowings and financial leases	3,293.5	3,487.1	3,261.5	3,285.0	2,826.7	4,688.4	7,076.0	5,881.6	2,977.5	2,878.7	2,998.9	2,235.5
11. Provision for short-term liabilities	1,135.6	782.4	617.4	507.1	439.9	376.2	342.9	289.7	330.0	304.5	316.1	213.6
12.. Bonus and welfare fund	9.9	7.5	21.3	20.6	8.5	4.1	4.7	8.3	5.8	4.1	5.7	5.9
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	11,900.6	12,650.4	13,109.7	12,277.2	12,919.6	13,621.1	11,389.6	16,710.9	18,873.5	21,449.4	20,381.0	20,486.8
1. Long-term trade payables	53.9	79.6	105.6	105.6	105.6	218.7	87.1	191.0	191.0	1,201.5	1,201.5	1,999.2
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.6	0.0	0.0	0.0	0.0	0.0	40.0
3. Long-term acrrued expenses	6.4	6.4	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3,216.7	3,843.2	3,879.9	2,963.4	3,122.6	3,751.0	4,047.2	7,038.7	6,547.6	7,347.9	7,499.7	5,015.0
8. Long-term borrowings and financial leases	8,286.9	8,354.4	8,755.5	8,841.5	9,314.5	9,268.8	6,875.2	9,099.6	11,957.3	12,658.0	11,242.7	12,963.1
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	121.2	365.8	365.8
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	333.4	363.9	365.9	364.4	374.7	379.7	377.8	379.2	175.8	119.6	70.3	102.6
12. Provision for long-term liabilities	3.3	2.8	2.8	2.2	2.3	2.2	2.2	2.4	1.7	1.1	1.1	1.2
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	21,393.6	21,297.6	20,987.9	17,673.3	17,456.2	14,677.6	14,595.8	14,382.0	13,801.5	13,634.8	13,701.4	11,150.5
I. Owner's equity	21,393.6	21,297.6	20,987.9	17,673.3	17,456.2	14,677.6	14,595.8	14,382.0	13,801.5	13,634.8	13,701.4	11,150.5
1. Owner's capital	8,802.1	8,802.1	8,002.0	5,334.7	5,334.7	5,334.7	5,334.7	5,334.7	5,334.7	5,334.7	5,033.1	4,463.1
- Common stock with voting right	8,802,106,440,000.00	8,802,106,440,000.00	8,001,966,250,000.00	5,334,676,220,000.00	5,334,676,220,000.00	5,334,676,220,000.00	5,334,676,220,000.00	5,334,676,220,000.00	5,334,676,220,000.00	5,334,676,220,000.00	5,033,054,370,000.00	4,463,054,370,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	66.4	66.4	866.9	866.9	866.9	866.9	866.9	866.9	866.9	867.0	867.0	297.1
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	403.7	403.7	310.0	210.7	210.7	210.7	210.7	21.4	21.4	21.4	21.4	21.4
5. Treasury shares	0.00	0.00	0.00	0.00	0.00	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	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.5	0.5	0.5	0.5	0.5
11. Undistributed earnings after tax	677.1	555.0	517.9	426.7	424.1	335.5	334.0	434.9	593.0	809.7	1,304.6	800.4
- Accumulated retained earning at the end of the previous period	230.8	233.2	331.2	426.2	228.6	235.7	235.7	424.7	17.3	17.3	570.0	464.1
- Undistributed earnings in this period	446.3	321.8	186.7	0.5	195.4	99.9	98.3	10.2	575.7	792.5	734.6	336.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	11,440.0	11,466.0	11,286.9	10,829.9	10,615.4	7,925.5	7,845.2	7,719.7	6,981.1	6,597.6	6,470.9	5,564.2
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	46,522.6	45,407.9	45,308.3	42,592.1	41,979.0	42,976.6	43,589.6	46,258.5	44,006.2	43,752.4	44,361.3	41,504.8

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	113.4	382.4	386.5	117.1	-13.4	35.8	193.6	35.4	-301.8	59.3	373.4	659.3
Depreciation of Fixed Assets and Investment Property	163.1	161.0	157.2	165.0	175.9	158.8	143.2	136.9	139.1	154.0	118.1	155.2
Provision (Increase)/Reversal	364.3	161.0	114.3	71.9	78.7	33.7	-15.5	-41.5	72.3	-18.5	102.5	36.2
FX Gain/Loss from Revaluation of Monetary Items	83.6	-85.8	66.7	58.5	-2.6	85.4	26.2	-2.1	-26.8	15.5	29.8	1.7
Gain/Loss from Investment Activities	-242.8	-42.3	-9.2	-11.2	6.5	-234.1	-96.8	-50.8	-184.4	-46.2	-405.6	-525.9
Interest Expense	295.7	246.7	297.6	267.5	356.2	431.5	418.6	396.8	445.5	302.4	391.5	311.7
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	777.3	822.9	1,013.1	668.8	601.3	511.1	669.3	474.7	143.9	466.5	609.7	638.1
Increase/(Decrease) in Receivables	-908.6	-1,047.6	-1,657.9	-289.2	355.3	464.2	2,261.8	-32.5	-4,677.1	1,274.2	-3,861.0	-1,119.9
Increase/(Decrease) in Inventory	291.7	198.0	-7.5	43.7	-77.1	160.9	24.0	-15.8	67.7	-153.3	-268.9	23.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,269.5	-309.0	-1,183.0	357.7	-1,262.8	-1,300.4	-1,513.7	409.9	2,258.3	-1,513.0	4,124.3	-1,018.4
Increase/(Decrease) in Prepaid Expenses	-159.1	-193.6	-112.3	-27.6	-33.0	37.8	-66.4	17.5	45.0	63.3	-94.6	12.6
Changes in Trading Securities	0.0	0.0	490.0	-490.0	35.4	0.0	0.1	0.0	819.7	300.0	-300.0	0.0
Interest Paid	-271.5	-334.5	-256.6	-295.6	-884.7	138.8	-521.0	-393.2	-303.2	-244.5	-377.2	-236.8
Corporate Income Tax Paid	-64.2	-17.6	-30.8	-55.6	-92.4	-20.3	-5.9	-20.6	-57.1	-81.7	-83.4	-20.5
Other Operating Receipts	-0.1	0.2	0.0	0.1	1.2	0.8	0.5	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-15.5	-1.3	-10.6	-1.0	-1.4	-4.7	-8.2	-33.4	-3.3	0.5	-8.8
Net Cash Flow from Operating Activities	935.0	-896.7	-1,746.3	-98.3	-1,358.0	-8.4	844.1	431.8	-1,736.4	108.2	-250.6	-1,729.9
Payments for Fixed Assets and Other Long-term Assets	-92.5	-64.3	-41.5	-89.0	-62.1	32.6	-73.1	-29.8	-385.5	-136.3	-2,583.1	-348.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	2.9	1.1	26.1	4.2	1.8	-56.6	76.3	7.0	10.7	65.7	0.0
Loans and Purchases of Debt Instruments	-615.4	-362.3	-157.0	-400.9	41.5	-130.9	-237.6	-122.0	-369.9	-244.1	-1,455.1	-63.3
Receipts from Loan Repayments and Sale of Debt Instruments	207.4	470.9	68.4	45.5	523.7	-208.4	193.0	44.0	552.4	263.4	949.8	629.5
Investments in Other Entities	-671.7	-0.9	-17.5	-131.8	94.9	-220.2	177.4	-572.1	-657.4	-2,279.3	-200.9	-3,380.8
Proceeds from Investments in Other Entities	650.5	211.6	221.5	206.4	496.9	35.2	-9.8	425.1	2,035.2	1,570.0	1,697.5	345.1
Dividends and Interest Income Received	8.7	202.1	24.3	45.4	-3.9	136.8	45.3	43.2	-25.9	-42.1	-260.5	275.2
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-512.0	460.0	99.3	-298.2	1,095.2	-353.1	38.6	-135.3	1,155.9	-857.6	-1,786.6	-2,542.3
Proceeds from Equity Issuance and Capital Contributions	12,200,000,000.00	-275,000,000.00	2,667,676,490,000.00	145,070,360,000.00	2,800,165,979,979.00	98,760,000,000.00	503,000,000.00	0.00	493,309,885,398.00	725,706,000,000.00	1,386,257,623,982.00	2,907,564,266,000.00
Share Repurchases	0.00	0.00	0.00	0.00	-5,548,000.00	-222,992,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,305.7	521.3	675.3	380.6	1,182.9	750.7	2,743.8	368.7	3,005.4	1,199.7	1,198.0	4,028.6
Repayment of Borrowings	-1,491.8	-778.1	-934.7	-462.8	-3,571.2	-557.7	-3,490.4	-692.8	-3,584.5	-430.9	-520.8	-2,815.0
Repayment of Finance Leases	-1.6	-1.7	-4.1	-1.1	-1.0	-3.7	-2.6	-1.2	-1.2	-1.1	-1.4	-0.8
Dividends Paid	-10.6	0.0	-0.0	0.0	-44.4	-8.0	0.0	0.0	-27.8	-251.1	-75.3	-9.8
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-186.1	-258.7	2,404.2	61.8	366.5	279.7	-748.7	-325.3	-114.9	1,242.3	1,986.6	4,110.6
Net Cash Flow During the Period	236.9	-695.4	757.2	-334.7	103.7	-81.8	134.0	-28.8	-695.3	492.9	-50.5	-161.6
Cash and Cash Equivalents at Beginning of Period	756.9	756.9	756.9	756.9	629.5	629.5	629.5	629.5	1,044.0	1,044.0	1,044.0	1,044.0
FX Difference from Revaluation	0.2	0.9	0.2	0.1	-0.2	0.3	0.1	-0.0	-0.5	0.2	0.4	-0.0
Cash and Cash Equivalents at End of Period	722.2	485.1	1,179.7	422.2	756.9	653.3	734.7	600.7	629.5	1,325.3	832.3	882.4

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BCG

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