BSR

Lọc hóa Dầu Bình Sơn ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.39%, +8.50pp YoY

Price

28,300

Latest close

03 Jun 2026

P/E 10.02x

P/B 2.06x

EPS 2,823

BVPS 13,736

ROE 20.9%

ROA 14.2%

Profit Margin 8.4%

Asset Turnover 1.69x

Equity Mult. 1.47x

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

What Is Changing

On a TTM 2026Q1 basis, BSR is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 155,603bn
	                                
+25.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13,056bn
	                                
+10095.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	141,582.1	123,027.1	147,423.4	167,123.7	101,079.4
Growth	+15%	-17%	-12%	+65%	—
Net Income	5,217.0	591.1	8,592.6	14,669.3	6,673.1
Net Margin	3.68%	0.48%	5.83%	8.78%	6.60%

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	45,919.5	37,621.4	35,290.2	36,772.2	31,894.6	35,968.3	31,945.9	24,428.6	30,689.3	41,932.7	37,755.7	33,669.0
Growth	+22%	+7%	-4%	+15%	-11%	+13%	+31%	-20%	-27%	+11%	+12%	—
Net Income	8,265.5	3,034.5	908.6	846.9	399.5	-89.1	-1,209.5	768.5	1,115.4	2,268.9	3,235.3	1,326.4
Net Margin	18.00%	8.07%	2.57%	2.30%	1.25%	-0.25%	-3.79%	3.15%	3.63%	5.41%	8.57%	3.94%

Drivers of BSR's profit

TTM

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

Gross profit ↑ 15,623.9bn

Tax ↑ 1,657.8bn

TTM

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

Gross profit ↑ 9,124.2bn

Tax ↑ 911.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.2% = -0.1% × 1.64 × 1.33

2026Q1 20.9% = 8.4% × 1.69 × 1.47

ROE rose from -0.2% to 20.9% — all three components improved, with leverage contributing the most.

Net margin: 8.4% +8.5pp Asset turnover: 1.69x +0.06x Leverage: 1.47x +0.14x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.39%, rising 8.5pp. Core operating signals are improving as Gross margin rose 10.1pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.0pp).

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

Profitability trend

Net Margin 8.39% +8.5pp

Gross Margin 9.76% +10.1pp

SG&A / Revenue 1.18% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 8.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 22.36%, rising 22.7pp. That translates to 22.36 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 8.5pp, with capital turnover fell 0.21x; while invested capital expanded strongly by 15,178bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 22.36% +22.7pp

NOPAT Margin 8.38% +8.5pp

Capital Turnover 2.67x −0.21x

Average Invested Capital 58,310.3bn +15,178.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.41x equity, net debt at 0.10x equity.

Inventory ended the period at 12,666.9bn, roughly 14.9% of total assets.

Over the last 12 months, working capital absorbed 8,794.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −13,325.2bn

Inventories increased → lower CFO: −8,713.1bn

Payables increased → higher CFO: +13,243.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.0 days versus the same period last year. The main moves came from DIO rose 13.8 days, DSO rose 14.5 days, and DPO rose 20.3 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +8.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +14.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 39.7 days +14.5 days

Inventory 44.8 days +13.8 days

Payables 37.3 days +20.3 days

Cash Conversion Cycle 47.2 days +8.0 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 23.39x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 49.5% of debt, and total debt stands at 13,397.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.10x +0.36x

Interest Coverage 23.39x +23.62x

Cash / Debt 49.5% −187.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.45x −37.12x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5,258.1bn in 2025, against investing cash flow of -21,662.2bn.

Post-investment cash flow was negative +16,404.2bn. Financing cash flow was negative +5,354.5bn.

CFO / net income was 0.45x.

After spending +923.4bn on fixed-asset investment, the business generated trailing free cash flow of +4,897.2bn.

Cash Conversion

CFO TTM 5,820.7bn +10,836.8bn

Cash Capex 923.4bn +314.7bn

FCF TTM +4,897.2bn +10,522.1bn

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 8.5 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.39% after expanding 8.5pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	141,582.1	123,027.1	147,423.4	167,126.5	101,114.1
Revenue Deductions	—	0.0	0.0	2.7	0.0
Net Revenue	141,582.1	123,027.1	147,423.4	167,123.7	101,079.4
Cost of Goods Sold	135,468.2	122,536.0	137,663.8	151,027.3	0.0
Gross Profit	6,113.9	491.1	9,759.5	16,096.4	7,732.8
Financial Income	1,917.3	2,230.4	2,652.4	1,750.3	1,016.9
Financial Expenses	481.1	799.9	1,154.8	923.2	-619.3
Interest Expense	273.6	260.8	287.7	252.8	-406.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	824.4	652.1	1,032.1	909.0	-780.9
General and Administrative Expenses	751.4	561.4	623.5	514.8	-406.1
Operating Profit	5,974.4	708.1	9,601.5	15,499.7	6,943.4
Other Income	42.2	30.1	40.2	87.0	0.0
Other Expenses	11.8	2.1	2.4	1.0	0.0
Other Profit	30.3	27.9	37.8	86.1	34.0
Profit Before Tax	6,004.7	736.0	9,639.3	15,585.8	6,977.4
Current Income Tax Expense	787.7	135.2	1,036.9	890.4	-304.4
Deferred Income Tax Expense	—	9.7	9.8	26.1	0.0
Net Income	5,217.0	591.1	8,592.6	14,669.3	6,673.1
Non-controlling Interest	3.3	-40.0	-57.2	-56.5	-31.5
Profit Attributable to Parent	5,213.6	631.1	8,649.8	14,725.8	6,704.5
Earnings per Share	1,040.00	203.00	2,789.00	4,750.00	2,163.00
Diluted EPS	1,041.20	203.56	2,789.80	4,749.50	2,162.41

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	70,241.2	71,515.5	68,680.5	58,471.3	44,548.1
I. Cash and cash equivalents	7,625.8	28,995.0	17,000.6	22,853.1	16,345.7
1. Cash	230.0	559.5	673.8	254.1	0.0
2. Cash equivalents	7,395.9	28,435.5	16,326.8	22,599.0	0.0
II. Short-term financial investments	36,135.9	14,022.3	21,121.7	2,172.3	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	36,135.9	14,022.3	21,121.7	2,172.3	0.0
III. Short-term receivables	13,539.3	12,456.9	14,954.7	16,553.0	13,645.2
1. Short-term trade accounts receivable	12,852.8	11,894.6	13,986.2	16,097.8	0.0
2. Short-term prepayments to suppliers	372.0	283.5	540.0	350.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	314.5	278.8	431.9	105.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	-3.3	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	12,666.9	15,891.0	15,530.9	16,809.0	10,316.7
1. Inventories	12,797.9	15,891.0	15,654.6	16,953.9	0.0
2. Provision for decline in value of inventories	-131.0	0.0	-123.7	-144.9	0.0
V. Other short-term assets	273.2	150.4	72.7	83.9	50.9
1. Short-term prepayments	133.7	61.5	66.5	78.3	0.0
2. Value added tax to be reclaimed	136.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	3.4	88.9	6.2	5.6	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	14,902.0	16,871.3	17,914.1	20,016.6	22,237.3
I. Long-term receivables	548.1	548.7	548.6	534.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	533.5
2. Long-term prepayments to suppliers	548.1	548.1	548.1	533.5	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	0.0	0.6	0.5	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	11,292.2	13,215.7	16,071.4	18,075.4	20,137.3
1. Tangible fixed assets	11,159.1	13,020.1	15,826.9	17,885.2	19,919.3
- Cost	46,500.2	46,260.9	47,677.9	47,550.9	0.0
- Accumulated depreciation	-35,341.1	-33,240.7	-31,851.0	-29,665.7	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	133.1	195.5	244.5	190.2	218.0
- Cost	1,020.8	1,003.0	974.6	842.3	0.0
- Accumulated depreciation	-887.7	-807.5	-730.1	-652.1	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	2,032.3	1,352.5	1,195.2	1,274.6	1,204.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2,032.3	1,352.5	1,195.2	1,274.6	0.0
V. Long-term financial investments	9.4	9.5	9.8	10.0	10.0
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	217.0	217.0	11.2	11.2	0.0
4. Provision for diminution in value of long-term investments	-207.6	-207.5	-1.5	-1.3	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	1,020.0	1,745.0	89.1	122.7	0.0
1. Long-term prepayments	1,020.0	1,745.0	79.4	103.1	0.0
2. Deferred income tax assets	—	0.0	9.7	19.6	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	351.8
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)	85,143.2	88,386.9	86,594.7	78,487.9	66,785.3
A. LIABILITIES (300=210+330)	24,630.1	32,848.9	29,326.0	27,297.6	29,232.0
I. Short -term liabilities	23,773.8	31,984.1	28,442.1	26,015.5	26,940.6
1. Short-term trade accounts payable	11,343.2	14,473.4	14,616.1	14,835.8	9,450.2
2. Short-term advances from customers	59.3	24.6	246.8	37.9	2.4
3. Taxes and other payables to state authorities	1,046.4	1,146.3	1,613.8	1,396.3	0.0
4. Payable to employees	475.2	193.3	231.7	225.0	0.0
5. Short-term acrrued expenses	46.2	44.8	592.1	429.1	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	0.5	0.6	1.0	0.1	0.7
9. Other short-term payables	54.3	52.7	56.5	32.7	0.0
10. Short-term borrowings and financial leases	10,504.2	15,856.5	10,970.3	8,954.4	9,829.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	244.6	191.8	113.8	104.1	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	856.4	864.8	883.9	1,282.1	2,291.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	942.6
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	—	0.0	10.3	10.3	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	856.4	864.7	873.5	1,271.7	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	60,513.1	55,538.0	57,268.7	51,190.3	37,553.3
I. Owner's equity	60,513.1	55,538.0	57,268.7	51,190.3	0.0
1. Owner's capital	50,073.0	31,005.0	31,005.0	31,005.0	37,553.3
- Common stock with voting right	50,072,996,860,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	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	2,993.5	12,674.5	10,048.0	5,598.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.0
11. Undistributed earnings after tax	7,414.3	11,826.1	16,340.2	14,651.5	6,551.2
- Accumulated retained earning at the end of the previous period	2,205.6	11,196.6	7,691.9	-73.1	24.8
- Undistributed earnings in this period	5,208.7	629.5	8,648.3	14,724.7	6,526.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	32.1	32.3	-124.6	-65.1	-5.4
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)	85,143.2	88,386.9	86,594.7	78,487.9	66,785.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	6,004.7	736.0	9,639.3	15,585.8	6,977.4
Depreciation of Fixed Assets and Investment Property	2,201.9	2,220.8	2,270.3	2,192.1	2,309.1
Provision (Increase)/Reversal	131.2	-124.7	-18.0	126.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-380.5	-265.7	-870.0	-321.2	0.0
Gain/Loss from Investment Activities	-1,344.8	-1,640.1	-1,601.2	-907.2	0.0
Interest Expense	273.6	260.8	287.7	252.8	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	6,886.1	1,187.0	9,708.0	16,928.7	8,834.8
Increase/(Decrease) in Receivables	-1,178.8	2,337.3	1,891.9	-2,943.4	0.0
Increase/(Decrease) in Inventory	3,093.0	-236.3	1,299.3	-6,577.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3,333.3	-674.6	585.4	882.9	0.0
Increase/(Decrease) in Prepaid Expenses	652.8	-1,660.7	35.6	183.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-276.7	-227.4	-234.0	-199.1	0.0
Corporate Income Tax Paid	-390.0	-522.5	-886.5	-917.7	0.0
Other Operating Receipts	—	0.0	1.0	0.7	0.0
Other Operating Payments	-195.0	-283.1	-727.3	-270.9	0.0
Net Cash Flow from Operating Activities	5,258.1	-80.5	11,673.3	7,087.8	8,470.7
Payments for Fixed Assets and Other Long-term Assets	-856.5	-520.9	-229.6	-219.6	-62.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	1.5	1.5	0.1	0.0
Loans and Purchases of Debt Instruments	-60,739.7	-24,507.6	-29,789.4	-7,826.1	-6,697.8
Receipts from Loan Repayments and Sale of Debt Instruments	38,626.1	31,607.0	10,840.0	9,843.4	3,466.4
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1,307.4	1,409.8	1,303.4	897.4	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	-21,662.2	7,989.8	-17,874.1	2,695.3	-2,777.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,143.6	105,385.8	95,396.4	77,968.7	87,252.2
Repayment of Borrowings	-7,496.0	-99,372.4	-93,407.4	-79,886.3	-89,390.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.1	-2,180.5	-2,165.5	-1,346.9	-1.7
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	-5,354.5	3,832.9	-176.6	-3,264.5	-2,139.5
Net Cash Flow During the Period	-21,758.6	11,742.2	-6,377.3	6,518.5	3,896.9
Cash and Cash Equivalents at Beginning of Period	28,995.0	17,000.6	22,853.1	16,345.7	12,792.5
FX Difference from Revaluation	389.5	252.2	524.8	-11.1	-0.3
Cash and Cash Equivalents at End of Period	7,625.8	28,995.0	17,000.6	22,853.1	16,345.7

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	45,919.5	37,621.4	35,290.2	36,772.2	31,894.6	35,968.3	31,945.9	24,428.6	30,689.3	41,932.7	37,755.7	33,669.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	45,919.5	37,621.4	35,290.2	36,772.2	31,894.6	35,968.3	31,945.9	24,428.6	30,689.3	41,932.7	37,755.7	33,669.0
Cost of Goods Sold	36,413.0	33,980.0	34,281.7	35,741.9	31,512.3	35,816.2	33,415.5	23,930.4	29,433.7	39,404.0	33,925.2	32,491.4
Gross Profit	9,506.6	3,641.4	1,008.5	1,030.4	382.3	152.1	-1,469.6	498.2	1,255.6	2,528.7	3,830.5	1,177.6
Financial Income	529.2	450.5	552.9	445.5	464.5	410.2	553.7	745.8	520.3	959.4	419.9	714.6
Financial Expenses	250.6	92.5	163.8	121.8	102.8	280.4	125.4	138.0	256.1	351.1	318.9	92.9
Interest Expense	84.1	74.3	73.5	60.6	65.3	82.8	70.4	50.3	57.3	84.7	46.3	44.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	277.5	281.7	195.1	190.4	156.8	214.5	164.3	125.3	147.9	356.3	176.4	176.1
General and Administrative Expenses	272.3	280.0	145.7	190.0	126.0	177.4	128.7	144.8	111.2	242.7	136.6	158.0
Operating Profit	9,235.4	3,437.7	1,056.9	973.7	461.2	-110.0	-1,334.3	835.9	1,260.7	2,538.0	3,618.5	1,465.1
Other Income	13.3	5.8	5.8	7.7	10.3	8.1	5.2	4.7	11.9	8.6	2.0	7.3
Other Expenses	0.1	0.3	11.4	0.1	—	0.2	0.3	0.4	1.3	0.3	0.1	0.1
Other Profit	13.2	5.5	-5.6	7.6	10.3	7.9	5.0	4.4	10.7	8.3	1.9	7.3
Profit Before Tax	9,248.6	3,443.2	1,051.3	981.2	471.5	-102.0	-1,329.3	840.2	1,271.4	2,546.2	3,620.4	1,472.4
Current Income Tax Expense	983.1	408.6	142.7	134.3	72.1	-12.9	-119.8	71.7	146.2	277.4	385.1	146.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	9.7	0.0	0.0	0.0
Net Income	8,265.5	3,034.5	908.6	846.9	399.5	-89.1	-1,209.5	768.5	1,115.4	2,268.9	3,235.3	1,326.4
Non-controlling Interest	0.8	0.5	1.0	1.0	0.7	0.7	0.7	0.8	-28.4	-10.3	-25.0	-13.0
Profit Attributable to Parent	8,264.7	3,034.0	907.5	845.9	398.7	-89.8	-1,210.2	767.7	1,143.8	2,279.1	3,260.3	1,339.4
Earnings per Share	1,651.00	606.00	293.00	273.00	129.00	-29.00	-390.00	248.00	369.00	735.00	1,052.00	432.00
Diluted EPS	1,650.53	605.92	292.71	272.82	128.60	-28.98	-390.31	247.62	368.91	735.09	1,051.55	432.01

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)	92,456.2	70,173.1	68,425.6	68,396.7	60,656.8	71,632.1	71,984.5	68,566.8	56,709.9	68,545.9	70,494.6	56,093.0
I. Cash and cash equivalents	6,634.9	7,625.8	11,009.7	17,233.4	25,744.5	28,995.0	30,159.3	26,142.2	21,812.9	17,000.6	18,560.7	19,857.9
1. Cash	429.6	229.9	292.9	311.9	398.0	559.5	423.8	438.2	410.9	673.8	839.7	405.5
2. Cash equivalents	6,205.3	7,395.9	10,716.8	16,921.5	25,346.5	28,435.5	29,735.5	25,704.0	21,402.0	16,326.8	17,721.0	19,452.4
II. Short-term financial investments	39,912.9	36,135.9	31,112.0	24,722.3	11,522.3	14,022.3	14,122.3	13,822.3	18,522.3	21,121.7	17,909.7	9,372.3
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	39,912.9	36,135.9	31,112.0	24,722.3	11,522.3	14,022.3	14,122.3	13,822.3	18,522.3	21,121.7	17,909.7	9,372.3
III. Short-term receivables	24,233.9	13,503.9	14,358.8	14,520.7	10,768.9	12,523.4	9,920.8	14,242.4	8,058.3	14,998.7	15,810.8	12,668.8
1. Short-term trade accounts receivable	23,734.5	12,810.4	13,537.9	13,898.8	10,133.5	11,952.3	9,326.8	13,505.7	7,049.5	13,987.6	14,889.8	11,882.1
2. Short-term prepayments to suppliers	449.1	379.2	521.8	397.1	474.1	286.5	376.6	374.8	657.3	582.0	586.6	495.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	50.2	314.3	297.2	224.8	161.3	284.5	217.5	361.9	354.7	432.5	334.7	292.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	-3.3	-3.3	-0.4	-0.4
8. Assets awaiting resolution	0.2	—	1.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	21,573.8	12,634.7	11,870.8	11,846.6	12,479.3	15,891.0	17,658.8	14,282.4	8,213.0	15,352.1	18,119.4	14,106.5
1. Inventories	21,573.8	12,757.9	12,458.5	11,973.3	12,860.7	15,891.0	17,948.7	14,395.1	8,260.2	15,649.0	19,020.0	14,185.4
2. Provision for decline in value of inventories	—	-123.1	-587.7	-126.8	-381.4	0.0	-290.0	-112.6	-47.3	-296.9	-900.7	-78.9
V. Other short-term assets	100.7	272.7	74.3	73.8	141.9	200.5	123.3	77.4	103.5	72.8	94.0	87.5
1. Short-term prepayments	87.4	133.7	69.7	67.3	66.8	61.5	58.1	65.0	66.6	66.4	61.7	62.7
2. Value added tax to be reclaimed	3.2	135.6	2.5	2.8	2.2	0.0	1.7	0.0	3.0	0.0	0.0	0.9
3. Taxes and other receivables from state authorities	10.0	3.4	2.2	3.7	72.9	139.0	63.5	12.4	34.0	6.4	32.3	23.8
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	14,329.9	14,895.6	15,418.1	15,775.3	16,315.0	16,814.3	17,116.2	17,676.7	18,276.6	17,907.5	18,423.1	18,950.0
I. Long-term receivables	548.1	548.1	548.2	548.2	548.2	548.7	548.7	548.7	548.6	548.6	548.6	548.6
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	548.1	548.1	548.1	548.1	548.1	548.1	548.1	548.1	548.1	548.1	548.1	548.1
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	0.0	0.0	0.1	0.1	0.1	0.6	0.6	0.6	0.5	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	10,799.4	11,292.2	11,702.2	12,181.8	12,686.3	13,215.7	13,555.4	14,022.1	15,518.0	16,059.0	16,583.7	17,111.8
1. Tangible fixed assets	10,677.7	11,159.2	11,559.5	12,017.9	12,502.8	13,020.1	13,343.2	13,803.4	15,291.9	15,814.5	16,339.6	16,852.2
- Cost	46,492.1	—	—	—	—	46,262.8	46,053.1	45,980.8	47,685.4	47,662.4	47,636.8	47,604.7
- Accumulated depreciation	-35,814.4	—	—	—	—	-33,242.7	-32,709.9	-32,177.4	-32,393.5	-31,847.9	-31,297.3	-30,752.6
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	121.7	133.1	142.8	163.9	183.5	195.5	212.2	218.6	226.1	244.5	244.2	259.6
- Cost	1,016.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-894.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2,131.8	2,025.6	1,948.7	1,644.5	1,507.2	1,352.5	1,436.8	1,369.6	2,127.0	1,210.7	1,192.0	1,183.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2,131.8	2,025.6	1,948.7	1,644.5	1,507.2	1,352.5	1,436.8	1,369.6	2,127.0	1,210.7	1,192.0	1,183.7
V. Long-term financial investments	9.4	9.5	9.5	9.5	9.5	9.5	9.8	9.8	9.8	9.8	9.8	9.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	217.0	217.0	217.0	217.0	217.0	217.0	217.0	217.0	11.2	11.2	11.2	11.2
4. Provision for diminution in value of long-term investments	-207.6	-207.5	-207.5	-207.5	-207.5	-207.5	-207.3	-207.3	-1.5	-1.5	-1.5	-1.5
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	841.1	1,020.0	1,209.4	1,391.3	1,563.8	1,688.0	1,565.6	1,726.6	73.2	79.4	88.9	96.1
1. Long-term prepayments	841.1	1,020.0	1,209.4	1,391.3	1,563.8	1,688.0	1,565.6	1,726.6	73.2	79.4	88.9	96.1
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	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)	106,786.1	85,068.6	83,843.7	84,172.0	76,971.9	88,446.4	89,100.7	86,243.5	74,986.5	86,453.4	88,917.6	75,043.0
A. LIABILITIES (300=210+330)	38,007.5	24,583.2	26,389.9	27,624.6	21,034.4	32,914.2	33,477.4	29,419.9	16,946.1	29,322.4	34,049.9	23,419.8
I. Short -term liabilities	37,155.8	23,726.8	25,530.1	26,763.0	20,170.8	32,049.3	32,610.4	28,547.3	16,063.1	28,438.5	33,150.7	22,153.1
1. Short-term trade accounts payable	20,608.7	11,291.2	8,524.1	12,163.0	8,098.1	14,462.7	12,985.0	9,104.2	3,536.7	14,616.9	16,945.7	8,660.2
2. Short-term advances from customers	37.0	63.1	21.0	271.8	171.3	82.3	156.5	28.7	31.4	246.8	357.1	26.1
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1,934.1	1,016.0	2,198.2	2,328.8	451.9	1,135.9	2,180.0	1,323.8	960.2	1,583.7	4,850.3	2,863.3
4. Payable to employees	462.7	510.7	222.8	208.7	147.1	193.2	255.9	260.6	179.1	226.0	145.1	182.4
5. Short-term acrrued expenses	475.0	46.1	105.5	71.2	236.6	58.0	453.6	420.8	2,015.9	625.0	1,536.2	4,494.6
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	0.6	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.8	1.0	0.1	1.0
9. Other short-term payables	50.8	50.5	40.9	55.7	41.2	68.3	2,220.9	2,231.0	47.9	55.1	43.3	2,208.3
10. Short-term borrowings and financial leases	13,397.7	10,504.2	14,136.9	11,345.9	10,886.3	15,856.5	14,119.8	14,887.9	8,956.9	10,970.3	9,052.7	3,416.7
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	189.1	244.6	280.2	317.5	137.6	191.8	238.1	289.6	334.2	113.8	220.1	300.4
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	851.7	856.4	859.9	861.6	863.6	864.8	866.9	872.6	883.0	883.9	899.2	1,266.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	10.3	10.3	10.3	10.3
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	851.7	856.4	859.9	861.5	863.5	864.8	866.8	872.6	872.7	873.5	888.8	1,256.4
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)	68,778.6	60,485.4	57,453.7	56,547.4	55,937.5	55,532.3	55,623.4	56,823.6	58,040.5	57,131.0	54,867.8	51,623.2
I. Owner's equity	68,778.6	60,485.4	57,453.7	56,547.4	55,937.5	55,532.3	55,623.4	56,823.6	58,040.5	57,131.0	54,867.8	51,623.2
1. Owner's capital	50,073.0	50,073.0	31,005.0	31,005.0	31,005.0	31,005.0	31,005.0	31,005.0	31,005.0	31,005.0	31,005.0	31,005.0
- Common stock with voting right	50,072,996,860,000.00	50,072,996,860,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00	31,004,996,160,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2,993.5	2,993.5	12,760.0	12,760.0	12,674.5	12,674.2	12,674.2	12,674.5	10,048.0	10,048.0	10,048.0	10,048.2
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	15,679.0	7,386.7	13,656.5	12,750.9	12,224.8	11,820.4	11,911.9	13,112.4	17,140.3	16,201.9	13,928.1	10,658.5
- Accumulated retained earning at the end of the previous period	7,414.3	2,204.8	11,506.3	11,506.3	11,826.1	11,196.6	11,196.6	11,187.0	15,996.5	7,691.7	7,695.8	7,686.5
- Undistributed earnings in this period	8,264.7	5,181.9	2,150.3	1,244.6	398.7	623.7	715.2	1,925.4	1,143.8	8,510.2	6,232.3	2,972.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	32.9	32.1	32.1	31.3	33.0	32.6	32.2	31.6	-152.9	-123.9	-113.4	-88.6
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)	106,786.1	85,068.6	83,843.7	84,172.0	76,971.9	88,446.4	89,100.7	86,243.5	74,986.5	86,453.4	88,917.6	75,043.0

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	9,248.6	3,500.9	1,051.3	981.0	471.5	-102.0	-1,329.3	840.2	1,271.4	2,700.0	3,622.1	1,474.1
Depreciation of Fixed Assets and Investment Property	533.5	546.4	556.9	553.2	545.4	553.0	552.3	554.7	560.7	574.3	569.8	574.3
Provision (Increase)/Reversal	-131.0	-456.5	460.9	-254.6	381.4	-289.8	177.3	64.2	-76.5	-773.9	821.8	-479.6
FX Gain/Loss from Revaluation of Monetary Items	21.0	-23.8	-118.8	-108.2	-129.6	-2.5	-114.9	-44.8	-103.4	-156.1	-262.5	-307.0
Gain/Loss from Investment Activities	-480.2	-403.5	-362.5	-306.1	-272.7	-321.2	-287.0	-676.3	-355.3	-424.9	-413.8	-392.5
Interest Expense	84.1	74.3	73.5	60.6	65.3	82.8	70.4	50.3	57.3	84.7	46.3	44.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	9,276.0	3,237.7	1,661.3	925.9	1,061.3	-79.7	-931.2	788.2	1,354.3	2,004.1	4,383.6	913.2
Increase/(Decrease) in Receivables	-10,787.5	809.1	109.8	-3,456.6	1,359.0	-2,537.4	4,168.6	-6,153.2	6,792.0	962.8	-3,124.5	863.1
Increase/(Decrease) in Inventory	-8,775.9	-339.4	-485.2	887.4	3,030.3	2,057.8	-3,548.7	-6,139.8	7,394.4	3,365.4	-4,834.6	-2,798.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9,916.9	1,673.9	-4,100.0	5,753.0	-6,660.2	-47.1	4,950.2	5,813.8	-11,344.2	-6,285.2	7,562.8	3,643.8
Increase/(Decrease) in Prepaid Expenses	225.2	125.3	179.5	172.0	175.9	-125.8	167.1	-1,651.1	6.1	4.8	8.2	9.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-79.6	-84.2	-65.2	-56.9	-70.4	-94.8	-65.8	-26.4	-40.5	-68.5	-28.2	-37.5
Corporate Income Tax Paid	-312.7	-389.2	0.0	0.0	-0.8	-72.1	-0.0	-171.9	-278.5	-529.9	-202.8	-0.0
Other Operating Receipts	—	—	—	—	—	2.4	0.0	0.0	1.0	1.0	-1.0	-0.2
Other Operating Payments	-60.2	-41.9	-41.3	-56.5	-55.3	-50.4	-59.6	-48.8	-124.2	-123.7	-447.3	-78.2
Net Cash Flow from Operating Activities	-597.7	4,991.3	-2,741.2	4,168.3	-1,160.3	-947.1	4,680.6	-7,589.3	3,760.4	-669.3	3,316.1	2,515.4
Payments for Fixed Assets and Other Long-term Assets	-208.3	-141.5	-290.8	-282.8	-141.4	-171.9	-118.4	-177.0	-53.6	-93.1	-27.1	-57.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.0	0.4	—	0.0	0.0	0.5	1.0	1.5	0.0	0.0
Loans and Purchases of Debt Instruments	-3,358.5	-20,827.9	-15,242.7	-15,817.1	-8,852.0	-2,600.0	-11,350.0	-2,300.0	-8,257.6	-7,637.4	-13,225.0	-4,025.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	15,804.0	8,853.0	2,617.1	11,352.0	2,700.0	11,050.0	7,000.0	10,857.0	4,425.4	4,687.6	1,525.0
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	0.0	0.0	0.0
Dividends and Interest Income Received	303.8	377.8	301.2	230.4	397.9	264.8	434.4	279.1	431.5	338.6	386.8	327.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.4	0.4	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	-3,262.9	-4,787.4	-6,379.3	-13,252.0	2,756.5	192.9	16.0	4,802.6	2,978.3	-2,965.5	-8,177.4	-2,230.9
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	2,893.5	-93,667.1	39,106.7	31,476.9	25,227.0	31,753.4	26,655.6	21,522.9	25,454.0	35,568.1	20,003.4	14,838.8
Repayment of Borrowings	—	90,034.3	-36,315.7	-31,017.4	-30,197.3	-30,016.6	-27,423.7	-14,425.6	-27,506.5	-33,648.8	-14,398.6	-17,084.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	10.3	-12.4	0.0	-0.0	-2,163.6	-2.0	0.0	0.0	5.9	-2,171.5	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	2,893.5	-3,622.4	2,778.6	459.5	-4,970.2	-426.8	-770.1	7,097.2	-2,052.5	1,925.3	3,433.3	-2,245.9
Net Cash Flow During the Period	-967.1	-3,418.5	-6,341.8	-8,624.2	-3,374.1	-1,181.0	3,926.5	4,310.5	4,686.1	-1,709.4	-1,427.9	-1,961.5
Cash and Cash Equivalents at Beginning of Period	7,625.8	11,009.7	17,233.4	25,744.5	28,995.0	17,000.6	17,000.6	17,000.6	17,000.6	22,853.1	22,853.1	22,853.1
FX Difference from Revaluation	-23.8	389.5	354.8	236.7	123.6	16.6	90.6	18.8	126.2	149.3	130.7	127.2
Cash and Cash Equivalents at End of Period	6,634.9	7,625.8	11,009.7	17,233.4	25,744.5	28,995.0	30,159.3	26,142.2	21,812.9	17,000.6	18,560.7	19,857.9

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BSR

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