BCM

Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex - CTCP ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 58.75%, +16.02pp YoY

Price

53,700

Latest close

03 Jun 2026

P/E 17.02x

P/B 2.47x

EPS 3,156

BVPS 21,718

ROE 15.6%

ROA 5.6%

Profit Margin 58.3%

Asset Turnover 0.10x

Equity Mult. 2.77x

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

What Is Changing

On a TTM 2026Q1 basis, BCM has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 5,830bn
	                                
−6.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,426bn
	                                
+28.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.17x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	6,953.0	5,239.2	7,882.6	6,506.4	6,964.6
Growth	+33%	-34%	+21%	-7%	—
Net Income	3,525.4	2,395.0	2,280.1	1,714.3	1,369.4
Net Margin	50.70%	45.71%	28.93%	26.35%	19.66%

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	1,105.0	1,376.5	828.4	2,520.7	1,842.5	1,999.9	1,227.6	1,161.8	811.6	5,059.6	1,127.3	1,286.0
Growth	-20%	+66%	-67%	+37%	-8%	+63%	+6%	+43%	-84%	+349%	-12%	—
Net Income	288.4	1,247.1	422.4	1,467.7	365.6	1,540.4	363.0	394.1	119.2	2,049.7	215.6	31.6
Net Margin	26.10%	90.60%	50.99%	58.23%	19.84%	77.02%	29.57%	33.92%	14.69%	40.51%	19.13%	2.46%

Drivers of BCM's profit

TTM

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

Associates income ↑ 476.8bn

Gross profit ↑ 455.7bn

Selling expenses ↓ 192.7bn

Minority interests ↓ 184.7bn

Financial income ↓ 207.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower associates income. Supporting and offsetting drivers:

Selling expenses ↓ 51.7bn

Administrative expenses ↓ 18.6bn

Tax ↓ 12.1bn

Associates income ↓ 51.4bn

Financial income ↓ 38.9bn

Finance costs ↑ 36.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.1% = 42.7% × 0.11 × 2.79

2026Q1 15.7% = 58.8% × 0.10 × 2.77

ROE rose from 13.1% to 15.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 58.8% +16.0pp Asset turnover: 0.10x -0.01x Leverage: 2.77x -0.02x

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 58.75%, rising 16.0pp. The main driver is Gross margin rose 11.8pp and SG&A / Revenue fell 1.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 5.6pp and Other profit / Revenue fell 0.8pp).

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

Profitability trend

Net Margin 58.75% +16.0pp

Gross Margin 69.32% +11.8pp

SG&A / Revenue 27.58% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 7.6% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC edged up to 7.60%, rising 1.0pp. That translates to 7.60 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 15.4pp, with capital turnover broadly stable; while invested capital rose by 4,210bn.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC 7.60% +1.0pp

NOPAT Margin 58.56% +15.4pp

Capital Turnover 0.13x −0.02x

Average Invested Capital 44,945.6bn +4,209.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.61x equity, net debt at 1.07x equity.

Development inventory ended the period at 22,179.0bn, about 36.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 566.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +125.2bn

Inventories increased → lower CFO: −872.7bn

Payables increased → higher CFO: +181.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1686.1 days versus the same period last year. The main moves came from DIO rose 1627.0 days, DSO rose 64.2 days, and DPO rose 5.1 days.

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

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 4802.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +64.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 352.0 days +64.2 days

Inventory 4533.9 days +1627.0 days

Payables 83.8 days +5.1 days

Cash Conversion Cycle 4802.1 days +1686.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 730.1bn due to capex of 149.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.07x and interest coverage only at 2.59x.

At present, short-term debt accounts for 31.7% of total debt, cash equals 6.0% of debt, and total debt stands at 25,523.3bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.07x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 6.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.07x +0.00x

Interest Coverage 2.59x +0.53x

Cash / Debt 6.0% +1.6pp

Short-term Debt / Total Debt 31.7% −3.0pp

CFO / NI -0.17x +0.80x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -222.9bn in 2025, against investing cash flow of -1,871.1bn.

Post-investment cash flow was negative +2,094.0bn. Financing cash flow was positive +2,238.7bn.

CFO / net income was -0.17x.

After spending +149.0bn on fixed-asset investment, the business generated trailing free cash flow of −730.1bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 581.1bn +1,809.9bn

Cash Capex 149.0bn −105.7bn

FCF TTM −730.1bn +1,915.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 16.0 pp. The next item to monitor is capital efficiency, with ROIC at 7.6%. The main risk still sits in leverage and liquidity, with interest coverage at 2.59x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 58.75% after expanding 16.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.07x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,974.5	5,313.5	8,174.6	6,527.5	7,100.3
Revenue Deductions	21.5	74.3	292.0	21.1	0.0
Net Revenue	6,953.0	5,239.2	7,882.6	6,506.4	6,964.6
Cost of Goods Sold	2,788.4	1,740.9	3,634.7	3,770.4	0.0
Gross Profit	4,164.6	3,498.4	4,247.8	2,735.9	3,225.7
Financial Income	178.8	167.8	131.1	73.5	69.0
Financial Expenses	1,434.2	1,310.4	906.4	879.5	-1,043.1
Interest Expense	1,375.9	1,295.0	906.1	879.3	-821.5
Share of Associates and Joint Ventures	2,633.5	1,947.8	798.1	1,142.6	1,009.7
Selling Expenses	1,006.5	1,067.3	873.2	763.6	-627.5
General and Administrative Expenses	741.5	646.4	592.1	535.6	-560.9
Operating Profit	3,794.6	2,589.8	2,805.4	1,773.3	2,073.0
Other Income	53.8	28.2	18.7	223.0	0.0
Other Expenses	105.6	58.7	126.9	101.5	0.0
Other Profit	-51.9	-30.5	-108.2	121.4	-471.5
Profit Before Tax	3,742.7	2,559.3	2,697.2	1,894.7	1,601.4
Current Income Tax Expense	294.1	254.8	416.3	180.3	-232.1
Deferred Income Tax Expense	-76.8	-90.5	0.7	0.1	0.0
Net Income	3,525.4	2,395.0	2,280.1	1,714.3	1,369.4
Non-controlling Interest	24.5	208.0	-143.1	29.3	96.7
Profit Attributable to Parent	3,500.9	2,187.1	2,423.2	1,685.0	1,272.7
Earnings per Share	3,249.00	2,010.00	2,187.00	1,482.00	1,107.00
Diluted EPS	3,249.00	2,010.00	2,187.00	1,482.00	1,229.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	31,463.5	31,704.0	28,440.9	27,851.2	28,630.0
I. Cash and cash equivalents	2,349.8	2,205.1	1,332.3	1,070.6	2,975.3
1. Cash	2,149.2	2,073.0	1,145.6	891.5	0.0
2. Cash equivalents	200.6	132.1	186.7	179.1	0.0
II. Short-term financial investments	339.3	299.9	87.3	436.5	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	339.3	299.9	87.3	436.5	0.0
III. Short-term receivables	6,565.7	8,063.8	7,024.0	5,315.1	4,869.9
1. Short-term trade accounts receivable	4,400.6	5,351.6	5,667.3	2,989.8	0.0
2. Short-term prepayments to suppliers	735.3	860.4	264.5	263.1	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	—	4.5	4.5	5.5	0.0
6. Other short-term receivables	1,502.1	1,976.2	1,145.9	2,104.5	0.0
7. Provision for short-term doubtful debts (*)	-72.3	-128.9	-58.2	-49.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	1.4	0.0
IV. Inventories	22,179.0	21,054.7	19,833.6	20,861.4	20,469.3
1. Inventories	22,179.0	21,056.0	19,834.5	20,863.7	0.0
2. Provision for decline in value of inventories	—	-1.2	-0.9	-2.3	0.0
V. Other short-term assets	29.6	80.4	163.7	167.6	91.4
1. Short-term prepayments	24.6	59.0	49.7	39.3	0.0
2. Value added tax to be reclaimed	1.0	18.3	107.3	25.9	0.0
3. Taxes and other receivables from state authorities	4.0	3.1	6.7	102.4	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)	29,477.5	27,076.8	24,983.0	20,438.4	19,935.0
I. Long-term receivables	—	412.7	532.9	569.7	0.0
1. Long-term trade receivables	—	89.3	146.2	233.6	321.4
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	323.4	386.7	336.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	786.9	1,062.2	1,159.6	1,244.4	1,219.7
1. Tangible fixed assets	721.5	933.5	1,018.9	1,091.1	1,070.4
- Cost	2,353.5	2,786.0	2,620.6	2,545.0	0.0
- Accumulated depreciation	-1,632.0	-1,852.5	-1,601.6	-1,454.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	65.4	128.7	140.7	153.3	149.3
- Cost	193.1	272.5	254.4	233.2	0.0
- Accumulated depreciation	-127.6	-143.8	-113.7	-79.9	0.0
III. Investment properties	2,566.0	2,662.2	2,535.4	424.7	455.6
- Cost	2,922.0	2,931.5	2,721.3	529.1	0.0
- Accumulated depreciation	-356.0	-269.4	-185.9	-104.4	0.0
IV. Long-term assets in progress	1,027.2	3,046.4	3,190.9	1,892.6	2,474.8
1. Long-term production in progress	184.3	2,190.3	2,309.0	1,825.4	0.0
2. Construction in progress	842.9	856.1	881.9	67.2	0.0
V. Long-term financial investments	24,687.3	19,493.1	17,225.9	15,883.7	14,867.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24,095.0	18,900.7	16,633.6	15,291.4	0.0
3. Investments in other entities	592.4	592.4	592.4	592.4	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	410.1	400.3	338.3	423.3	0.0
1. Long-term prepayments	76.5	141.4	174.3	201.1	0.0
2. Deferred income tax assets	333.6	258.8	164.0	222.2	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	595.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	60,941.0	58,780.8	53,423.9	48,289.6	48,565.0
A. LIABILITIES (300=210+330)	37,569.3	38,101.6	33,951.0	30,344.4	31,797.3
I. Short -term liabilities	21,656.5	21,929.5	22,997.6	18,641.6	19,051.0
1. Short-term trade accounts payable	320.6	575.1	747.1	635.0	864.3
2. Short-term advances from customers	857.6	1,900.6	1,322.8	3,902.7	3,449.3
3. Taxes and other payables to state authorities	216.8	229.5	332.3	220.0	0.0
4. Payable to employees	71.4	72.2	72.3	89.3	0.0
5. Short-term acrrued expenses	9,258.6	8,917.5	9,701.7	7,513.7	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	0.0	0.0	599.0
9. Other short-term payables	941.8	1,355.7	926.7	817.8	0.0
10. Short-term borrowings and financial leases	9,672.4	8,444.2	9,385.2	4,950.7	4,244.9
11. Provision for short-term liabilities	—	11.0	8.5	4.1	0.0
12.. Bonus and welfare fund	317.4	423.4	500.9	508.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	15,912.8	16,172.0	10,953.4	11,702.9	12,746.3
1. Long-term trade payables	0.5	0.5	2.4	16.3	16.3
2. Long-term advances from customers	—	0.2	0.2	10.1	9.2
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	1,398.6	946.4	475.5	594.0	186.4
7. Other long-term liabilities	5.9	4.6	5.0	5.4	0.0
8. Long-term borrowings and financial leases	14,275.5	15,183.8	10,331.2	10,935.7	12,389.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	1.8	0.7	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	2.9	0.0
13. Fund for technology development	232.3	34.8	138.5	138.5	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	23,371.7	20,679.2	19,472.9	17,945.1	16,767.7
I. Owner's equity	23,371.7	20,679.2	19,472.9	17,945.1	0.0
1. Owner's capital	10,350.0	10,350.0	10,350.0	10,350.0	16,767.7
- Common stock with voting right	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	9.9	11.9	11.9	11.9	11.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	7.8	7.8	7.8	7.8
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-185.2	-185.2	-185.2	-185.2	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	3,001.5	2,594.1	2,074.6	1,586.2	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	9,598.8	6,810.8	6,302.9	5,161.5	4,613.7
- Accumulated retained earning at the end of the previous period	6,098.0	4,623.7	3,879.8	3,476.4	3,340.9
- Undistributed earnings in this period	3,500.9	2,187.1	2,423.2	1,685.0	1,272.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	596.6	1,089.8	910.9	1,012.9	1,104.2
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)	60,941.0	58,780.8	53,423.9	48,289.6	48,565.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,742.7	2,559.3	2,697.2	1,894.7	1,601.4
Depreciation of Fixed Assets and Investment Property	237.7	262.2	267.4	189.7	186.2
Provision (Increase)/Reversal	2.5	74.0	10.1	-8.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2,767.8	-2,108.0	-928.5	-1,322.0	0.0
Interest Expense	1,375.9	1,295.0	906.1	879.3	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	195.2	0.0	-43.8	-14.4	0.0
Operating Profit Before Changes in Working Capital	2,786.2	2,082.5	2,908.5	1,618.4	2,421.6
Increase/(Decrease) in Receivables	-278.3	-396.3	-2,261.8	340.7	0.0
Increase/(Decrease) in Inventory	-732.3	-204.6	-1,165.7	1,380.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	786.8	677.2	-414.3	-818.5	0.0
Increase/(Decrease) in Prepaid Expenses	67.3	23.6	26.4	10.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2,275.4	-2,209.7	-1,995.9	-1,685.5	0.0
Corporate Income Tax Paid	-356.2	-413.1	-80.8	-241.9	0.0
Other Operating Receipts	0.1	0.0	0.0	0.0	0.0
Other Operating Payments	-221.0	-205.2	-167.1	-100.8	0.0
Net Cash Flow from Operating Activities	-222.9	-645.6	-3,150.6	503.9	358.6
Payments for Fixed Assets and Other Long-term Assets	-156.2	-319.9	-114.8	-212.2	-56.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.0	-12.1	1.3	103.4	4.9
Loans and Purchases of Debt Instruments	344.4	-326.9	350.2	-222.4	-201.5
Receipts from Loan Repayments and Sale of Debt Instruments	-384.3	114.3	0.0	1.4	45.4
Investments in Other Entities	-2,739.1	-1,300.4	-859.1	-743.8	-1,005.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1,054.1	556.0	1,094.8	193.4	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	-1,871.1	-1,289.0	472.4	-880.2	-1,085.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	60,172,282,579.00
Share Repurchases	—	0.00	0.00	0.00	-15,921,068,244.00
Proceeds from Borrowings	10,776.5	14,731.4	9,983.9	5,608.3	9,861.7
Repayment of Borrowings	-8,526.7	-10,888.9	-6,216.1	-6,421.5	-7,088.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.1	-1,035.0	-828.0	-724.5	-890.0
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	2,238.7	2,807.5	2,939.8	-1,537.8	1,927.1
Net Cash Flow During the Period	144.7	872.9	261.6	-1,914.1	161.4
Cash and Cash Equivalents at Beginning of Period	2,205.1	1,332.3	1,070.6	2,984.7	1,775.6
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	2,349.8	2,205.1	1,332.3	1,070.6	2,975.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,106.2	1,376.8	828.7	2,524.4	1,847.3	2,012.5	1,241.3	1,164.7	811.9	5,169.7	1,143.2	1,292.0
Revenue Deductions	1.2	0.3	0.4	3.8	4.8	12.6	13.7	2.9	0.2	110.0	15.8	6.0
Net Revenue	1,105.0	1,376.5	828.4	2,520.7	1,842.5	1,999.9	1,227.6	1,161.8	811.6	5,059.6	1,127.3	1,286.0
Cost of Goods Sold	422.3	336.4	318.5	711.7	1,138.4	660.1	385.3	462.2	237.4	2,469.3	399.0	558.9
Gross Profit	682.7	1,040.0	509.9	1,809.0	704.2	1,339.8	842.3	699.6	574.2	2,590.3	728.4	727.1
Financial Income	63.1	16.1	10.0	-31.3	102.0	25.9	3.4	133.6	2.7	19.8	6.8	10.3
Financial Expenses	344.5	434.3	308.5	339.5	308.5	355.2	342.1	374.0	164.3	296.3	149.2	269.0
Interest Expense	342.4	407.4	307.7	318.9	291.5	355.1	341.9	373.9	164.3	296.2	149.2	269.0
Share of Associates and Joint Ventures	219.6	1,283.2	529.8	603.0	271.0	1,189.4	243.2	455.3	59.5	568.7	6.4	90.1
Selling Expenses	204.8	279.0	204.4	239.3	256.5	313.8	223.6	326.2	203.1	290.2	181.7	252.1
General and Administrative Expenses	118.0	334.6	129.0	98.8	136.6	168.0	139.2	222.2	145.9	223.5	140.9	124.4
Operating Profit	298.1	1,291.5	407.9	1,703.1	375.5	1,718.1	384.0	366.1	123.2	2,368.9	269.9	181.9
Other Income	4.3	16.6	9.8	8.6	3.9	5.3	7.8	2.2	11.1	3.7	4.7	-99.4
Other Expenses	13.5	35.3	26.8	35.1	7.2	22.9	12.9	2.5	6.5	10.6	5.9	-3.1
Other Profit	-9.2	-18.7	-17.0	-26.5	-3.3	-17.6	-5.1	-0.2	4.6	-6.9	-1.3	-96.2
Profit Before Tax	288.9	1,272.8	391.0	1,676.6	372.2	1,700.6	378.9	365.9	127.8	2,362.0	268.6	85.7
Current Income Tax Expense	0.5	63.6	3.4	213.7	12.6	167.6	15.9	65.9	8.6	312.3	53.0	54.1
Deferred Income Tax Expense	—	-37.8	-34.8	-4.7	-5.9	-7.3	0.0	-94.2	0.0	0.0	-0.0	-0.0
Net Income	288.4	1,247.1	422.4	1,467.7	365.6	1,540.4	363.0	394.1	119.2	2,049.7	215.6	31.6
Non-controlling Interest	8.9	8.2	6.7	1.4	7.3	170.6	18.6	13.5	1.1	-1.2	-1.7	-107.0
Profit Attributable to Parent	279.6	1,238.9	415.7	1,466.3	358.3	1,369.8	344.4	380.7	118.1	2,051.0	217.4	138.6
Earnings per Share	241.00	1,164.00	368.00	1,383.00	313.00	1,212.00	230.00	244.00	114.00	1,827.00	74.00	134.00
Diluted EPS	241.00	1,164.00	368.00	1,383.00	313.00	1,923.00	230.00	244.00	114.00	1,827.00	74.00	134.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	31,731.7	31,384.5	31,593.9	31,456.7	32,104.0	31,833.4	28,158.1	28,454.9	28,160.5	31,086.1	28,481.9	27,997.3
I. Cash and cash equivalents	1,526.5	2,349.8	1,869.4	2,833.1	1,015.1	2,210.2	663.0	2,099.9	2,479.8	1,332.3	593.3	406.6
1. Cash	1,419.5	2,149.2	1,695.0	2,681.9	895.0	2,073.1	512.0	1,515.8	1,105.7	1,145.6	539.4	144.3
2. Cash equivalents	107.0	200.6	174.4	151.2	120.1	137.1	151.0	584.1	1,374.1	186.7	53.9	262.3
II. Short-term financial investments	542.9	339.3	309.8	298.6	317.3	294.9	279.9	263.9	230.3	87.3	265.3	335.3
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	542.9	339.3	309.8	298.6	317.3	294.9	279.9	263.9	230.3	87.3	265.3	335.3
III. Short-term receivables	6,945.3	6,474.0	7,180.1	7,028.0	8,877.8	8,066.2	6,213.0	5,326.5	4,869.1	7,067.2	5,276.5	5,439.4
1. Short-term trade accounts receivable	4,658.2	4,361.5	5,287.5	5,186.2	6,498.8	5,352.2	4,555.4	4,070.9	3,113.5	5,803.6	3,557.5	3,507.1
2. Short-term prepayments to suppliers	709.3	735.3	303.8	367.6	933.7	859.8	241.9	248.1	254.0	251.9	298.0	314.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	1.1	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	—	—	—	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5
6. Other short-term receivables	1,650.1	1,444.9	1,656.3	1,537.2	1,569.7	1,978.5	1,531.9	1,122.6	1,555.4	1,065.8	1,466.4	1,662.9
7. Provision for short-term doubtful debts (*)	-72.3	-67.7	-67.4	-67.4	-128.9	-128.9	-120.6	-120.6	-58.2	-58.6	-49.9	-50.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	22,644.4	22,192.8	22,202.5	21,264.0	21,797.1	21,206.3	20,903.1	20,647.6	20,347.7	22,448.0	22,165.5	21,600.8
1. Inventories	22,644.4	22,192.8	22,202.5	21,264.0	21,798.3	21,207.2	20,904.0	20,648.6	20,348.6	22,449.4	22,166.9	21,602.1
2. Provision for decline in value of inventories	—	—	—	—	-1.2	-0.9	-0.9	-0.9	-0.9	-1.4	-1.4	-1.4
V. Other short-term assets	72.7	28.6	32.1	32.9	96.8	55.9	99.1	116.9	233.7	151.4	181.2	215.2
1. Short-term prepayments	18.1	25.5	28.1	28.3	39.9	35.2	26.5	36.2	130.6	50.4	71.1	31.2
2. Value added tax to be reclaimed	1.1	1.0	1.0	1.0	21.8	18.4	63.7	71.6	93.3	94.3	95.2	128.0
3. Taxes and other receivables from state authorities	53.6	2.2	3.1	3.6	35.1	2.4	8.8	9.1	9.8	6.6	14.9	56.0
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)	29,578.3	29,523.7	26,588.1	25,834.3	27,196.9	26,944.0	26,283.1	26,574.4	25,908.5	22,094.4	20,972.3	20,814.3
I. Long-term receivables	—	—	—	0.0	321.5	243.8	261.1	479.3	516.6	572.1	520.8	523.9
1. Long-term trade receivables	—	—	—	—	87.7	89.3	86.3	89.3	126.5	143.0	135.1	138.1
2. Long-term prepayments to suppliers	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	233.8	154.5	174.8	390.0	390.0	429.1	385.8	385.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	764.1	774.9	802.8	828.2	1,028.0	1,050.3	1,075.9	1,117.2	1,126.1	1,174.8	1,198.3	1,227.4
1. Tangible fixed assets	703.8	721.4	746.3	770.1	906.9	921.7	943.2	973.4	991.7	1,020.4	1,053.6	1,078.6
- Cost	2,362.4	—	—	—	—	2,633.0	2,621.6	2,635.6	2,622.3	2,623.6	2,620.5	2,606.8
- Accumulated depreciation	-1,658.7	—	—	—	—	-1,711.3	-1,678.4	-1,662.3	-1,630.6	-1,603.2	-1,566.8	-1,528.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	60.3	53.5	56.5	58.1	121.1	128.5	132.7	143.8	134.5	154.4	144.7	148.8
- Cost	193.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-132.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2,544.4	2,566.0	2,587.5	2,609.2	2,640.5	2,674.3	2,696.2	2,705.6	2,524.6	475.8	480.3	484.9
- Cost	2,922.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-377.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,027.2	1,027.2	1,028.3	1,025.4	3,047.0	3,046.3	3,163.6	3,150.7	3,150.4	2,233.4	2,212.7	2,217.8
1. Long-term production in progress	184.3	184.3	184.3	184.3	2,178.4	2,190.2	2,305.7	2,294.7	2,294.6	2,182.9	2,142.8	2,142.1
2. Construction in progress	842.9	842.9	844.0	841.1	868.7	856.1	857.9	856.0	855.8	50.5	69.9	75.7
V. Long-term financial investments	24,842.2	24,746.7	21,787.4	21,009.8	19,765.5	19,488.1	18,667.5	18,707.6	18,265.2	17,244.5	16,156.0	15,949.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24,249.8	24,154.3	21,195.0	20,417.5	19,173.1	18,895.8	18,075.2	18,115.3	17,672.8	16,652.1	15,563.6	15,357.0
3. Investments in other entities	592.4	592.4	592.4	592.4	592.4	592.4	592.4	592.4	592.4	592.4	592.4	592.4
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	400.5	408.9	382.1	361.6	394.4	441.2	418.8	414.0	325.6	393.8	404.1	410.9
1. Long-term prepayments	66.8	75.3	86.2	94.1	129.7	165.1	150.1	155.9	161.6	170.5	180.8	188.7
2. Deferred income tax assets	333.6	333.6	295.8	267.5	264.7	276.1	268.8	258.1	164.0	223.3	223.3	222.2
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	61,310.1	60,908.2	58,182.0	57,290.9	59,300.9	58,777.4	54,441.2	55,029.4	54,069.1	53,180.5	49,454.2	48,811.5
A. LIABILITIES (300=210+330)	38,832.2	37,590.8	36,094.3	35,878.3	38,256.1	38,297.5	34,370.0	35,202.2	34,542.7	34,091.5	31,481.1	30,874.9
I. Short -term liabilities	19,756.6	21,678.3	20,052.0	22,469.5	21,967.9	21,453.1	20,843.0	22,159.9	22,551.2	22,997.8	19,478.6	20,413.4
1. Short-term trade accounts payable	255.5	322.8	511.4	340.1	564.9	574.1	570.4	527.1	573.8	738.7	708.3	727.2
2. Short-term advances from customers	883.3	841.1	905.2	965.9	1,835.1	1,978.9	1,309.7	1,413.9	1,415.9	1,320.1	3,447.1	3,394.0
3. Dividends and profits payable	1.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	65.0	184.0	46.2	243.9	78.4	232.2	77.4	129.8	18.7	330.8	134.9	133.4
4. Payable to employees	61.3	71.2	53.6	53.5	67.7	66.8	57.5	60.6	58.6	69.2	58.0	57.7
5. Short-term acrrued expenses	9,560.2	9,331.6	9,861.3	9,675.8	9,728.7	8,909.5	9,242.8	9,175.6	9,480.5	9,749.0	7,623.4	7,707.8
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	—	—	0.1	0.1	0.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	606.1	935.9	894.3	796.8	1,204.8	1,352.2	857.1	977.8	934.5	911.9	1,034.9	1,533.3
10. Short-term borrowings and financial leases	8,085.4	9,672.4	7,410.4	9,963.3	8,116.2	7,903.3	8,228.1	9,323.4	9,638.0	9,384.3	5,923.5	6,264.0
11. Provision for short-term liabilities	—	—	—	—	8.5	11.0	6.0	5.8	5.6	8.5	8.4	4.5
12.. Bonus and welfare fund	238.4	319.2	369.4	430.2	363.3	424.7	493.9	546.0	425.5	485.4	540.3	591.6
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	19,075.6	15,912.6	16,042.3	13,408.8	16,288.2	16,844.4	13,527.0	13,042.3	11,991.4	11,093.6	12,002.4	10,461.5
1. Long-term trade payables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	2.4	2.4	2.4	2.4	2.4
2. Long-term advances from customers	—	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	1,398.6	1,398.6	1,173.7	999.7	976.0	976.0	946.4	946.4	475.5	594.0	594.0	594.0
7. Other long-term liabilities	6.3	5.7	4.7	4.5	4.5	4.5	4.4	4.5	4.7	4.8	4.8	5.0
8. Long-term borrowings and financial leases	17,437.9	14,275.5	14,828.6	12,369.3	15,270.6	15,724.8	12,437.0	11,950.4	11,370.2	10,353.8	11,262.5	9,718.5
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	—	—	—	—	1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.9
13. Fund for technology development	232.3	232.3	34.8	34.8	34.8	138.5	138.5	138.5	138.5	138.5	138.5	138.5
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)	22,477.9	23,317.4	22,087.7	21,412.6	21,044.8	20,479.9	20,071.1	19,827.1	19,526.4	19,089.0	17,973.1	17,936.7
I. Owner's equity	22,477.9	23,317.4	22,087.7	21,412.6	21,044.8	20,479.9	20,071.1	19,827.1	19,526.4	19,089.0	17,973.1	17,936.7
1. Owner's capital	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0	10,350.0
- Common stock with voting right	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00	10,350,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	9.9	9.9	9.9	9.9	11.9	11.9	11.9	11.9	11.9	11.9	11.9	11.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-185.2	-185.2	-185.2	-185.2	-185.2	-185.2	-185.2	-185.2	-185.2	-185.2	-185.2	-185.2
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	3,001.5	3,001.5	3,006.0	3,003.7	2,594.1	2,594.1	2,594.1	2,594.1	2,074.6	2,074.5	2,068.3	2,067.9
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	8,698.3	9,537.4	8,311.5	7,819.6	7,169.1	6,606.4	6,355.2	6,123.9	6,354.7	5,954.0	4,831.5	4,795.6
- Accumulated retained earning at the end of the previous period	8,418.8	6,049.0	6,061.9	5,995.1	6,810.8	4,500.8	5,619.4	5,625.1	6,236.5	3,512.7	4,441.2	4,565.5
- Undistributed earnings in this period	279.6	3,488.5	2,249.6	1,824.5	358.3	2,105.7	735.9	498.8	118.1	2,441.3	390.3	230.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	603.3	603.7	595.5	414.6	1,097.1	1,094.9	937.3	924.7	912.7	876.0	888.9	888.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	61,310.1	60,908.2	58,182.0	57,290.9	59,300.9	58,777.4	54,441.2	55,029.4	54,069.1	53,180.5	49,454.2	48,811.5

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	288.9	1,281.1	391.0	1,698.4	372.2	1,700.6	378.9	244.2	127.8	2,328.8	203.6	85.7
Depreciation of Fixed Assets and Investment Property	69.3	63.5	48.4	61.0	64.7	59.9	69.9	65.9	66.4	131.5	34.9	50.2
Provision (Increase)/Reversal	—	5.0	—	0.0	-2.5	13.3	-62.0	60.2	0.0	101.8	-92.7	1.1
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	-912.7	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-132.8	-2,419.9	-227.5	—	-120.4	-613.6	125.7	-622.5	-38.3	-553.9	-99.1	-214.3
Interest Expense	342.4	407.4	307.7	369.3	291.5	355.1	341.9	432.5	164.3	296.8	149.0	269.0
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	1.5	-3.9	0.0	-43.8	0.0	0.0
Operating Profit Before Changes in Working Capital	567.8	-470.2	1,314.7	1,336.1	605.6	1,515.2	856.0	176.5	320.1	2,261.1	195.6	191.7
Increase/(Decrease) in Receivables	-317.6	510.9	-20.3	-47.8	-721.2	-1,353.4	-723.5	-442.3	2,061.3	-2,093.9	-75.9	258.1
Increase/(Decrease) in Inventory	-804.2	1,796.3	-2,229.0	364.2	-663.8	-794.3	-471.6	44.2	-146.9	-308.9	140.2	-516.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	234.8	-972.5	808.1	111.0	840.2	974.8	-85.9	335.4	-333.9	-145.9	-790.0	612.1
Increase/(Decrease) in Prepaid Expenses	16.1	18.1	3.0	15.3	30.9	-23.6	17.3	99.5	-68.2	35.2	-29.1	60.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-538.8	-646.9	-477.8	-573.5	-577.2	-441.6	-563.3	-545.5	-565.7	-623.7	-477.0	-426.7
Corporate Income Tax Paid	-172.2	-15.9	-147.9	-0.4	-192.0	-27.7	-36.3	-28.3	-321.8	-15.5	-6.1	-9.0
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-81.6	-55.4	-58.1	-47.5	-60.0	-69.0	-52.3	-13.9	-68.8	-45.2	-61.2	-42.5
Net Cash Flow from Operating Activities	-1,095.7	164.5	-807.3	1,157.3	-737.5	-219.5	-1,059.7	-374.3	876.2	-937.0	-1,103.4	127.7
Payments for Fixed Assets and Other Long-term Assets	-8.6	-63.0	-53.3	-24.1	-15.7	-10.6	113.0	-341.4	-21.6	-30.7	43.4	-98.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	12.7	-12.3	9.6	—	-0.0	3.8	1.1	1.1	0.7	0.6	0.1
Loans and Purchases of Debt Instruments	-215.2	385.5	178.4	-202.1	-17.4	-35.8	14.0	-63.6	-146.5	634.5	-130.0	-117.4
Receipts from Loan Repayments and Sale of Debt Instruments	11.6	-415.0	-185.1	215.8	—	20.8	-25.0	25.0	3.5	-306.6	200.0	35.8
Investments in Other Entities	—	—	—	—	—	-259.1	-19.4	0.0	-1,007.9	-760.1	-99.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	16.9	874.9	81.5	234.1	-136.5	170.9	129.5	149.5	140.3	482.0	48.1	561.8
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	-195.1	-1,633.1	221.8	-273.3	-186.5	-113.8	215.9	-229.4	-1,031.2	20.0	63.1	381.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,853.8	5,408.3	2,762.4	1,755.5	850.2	8,898.2	2,078.1	1,460.2	2,295.5	5,525.8	2,363.4	761.2
Repayment of Borrowings	-3,299.7	195.5	-3,139.0	-0.3	-1,116.3	-6,020.6	-2,635.6	-1,240.4	-992.8	-3,045.4	-1,139.2	-1,293.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-1,086.6	-5.2	-1.5	-4.3	-0.0	-997.1	-31.7	0.2	-0.2	-824.4	2.8	-6.3
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	467.4	1,949.0	-378.1	933.9	-266.1	1,880.5	-589.3	220.0	1,302.5	1,655.9	1,227.0	-538.9
Net Cash Flow During the Period	-823.3	480.4	-963.6	1,818.0	-1,190.0	1,547.2	-1,433.1	-383.7	1,147.5	738.9	186.7	-29.6
Cash and Cash Equivalents at Beginning of Period	2,349.8	1,869.4	2,833.1	1,015.1	2,205.1	1,332.3	1,332.3	1,332.3	1,332.3	1,070.6	1,070.6	1,070.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1,526.5	2,349.8	1,869.4	2,833.1	1,015.1	2,210.2	663.0	2,096.0	2,479.8	1,332.3	593.3	406.6

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BCM

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