DNP

DNP Holding ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.43x

Price

19,000

Latest close

03 Jun 2026

P/E 16.45x

P/B 0.41x

EPS 1,155

BVPS 46,736

ROE 2.6%

ROA 0.9%

Profit Margin 1.6%

Asset Turnover 0.57x

Equity Mult. 2.88x

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

What Is Changing

On a TTM 2026Q1 basis, DNP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 10,320bn
	                                
+12.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 302bn
	                                
+57.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	9,504.3	8,898.4	7,579.4	7,692.8	5,382.8
Growth	+7%	+17%	-1%	+43%	—
Net Income	249.3	191.8	127.9	94.9	15.9
Net Margin	2.62%	2.16%	1.69%	1.23%	0.30%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,619.8	2,774.0	2,299.7	2,626.7	2,075.3	2,655.2	2,214.5	2,258.4	1,771.0	2,297.7	1,811.7	1,999.5
Growth	-6%	+21%	-12%	+27%	-22%	+20%	-2%	+28%	-23%	+27%	-9%	—
Net Income	50.9	134.7	53.2	63.1	9.1	69.4	67.3	45.7	6.1	2.1	14.2	130.2
Net Margin	1.94%	4.86%	2.32%	2.40%	0.44%	2.61%	3.04%	2.02%	0.34%	0.09%	0.78%	6.51%

Drivers of DNP's profit

TTM

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

Other profit ↑ 236.0bn

Gross profit ↑ 112.1bn

Administrative expenses ↓ 28.1bn

Associates income ↓ 84.6bn

Tax ↑ 76.7bn

Financial income ↓ 60.7bn

TTM

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

Gross profit ↑ 35.7bn

Finance costs ↓ 21.1bn

Other profit ↑ 10.7bn

Financial income ↑ 5.1bn

Minority interests ↑ 26.9bn

Selling expenses ↑ 22.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.3% = 2.1% × 0.52 × 3.04

2026Q1 4.8% = 2.9% × 0.57 × 2.88

ROE rose from 3.3% to 4.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 2.9% +0.8pp Asset turnover: 0.57x +0.04x Leverage: 2.88x -0.16x

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 edged up to 2.93%, rising 0.8pp. Core operating signals are improving as SG&A / Revenue fell 1.2pp are enough to offset pressure from Gross margin fell 0.7pp (in addition, Other profit / Revenue rose 2.5pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 2.93% +0.8pp

Gross Margin 16.00% −0.7pp

SG&A / Revenue 9.88% −1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 1.97%, falling 0.7pp. That translates to 1.97 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.2pp, outweighing the movement in capital turnover; with invested capital easing up by 475bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 1.97% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.97% −0.7pp

NOPAT Margin 2.61% −1.2pp

Capital Turnover 0.75x +0.06x

Average Invested Capital 13,687.3bn +475.3bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.00x equity, net debt at 1.12x equity.

Inventory ended the period at 1,975.9bn, roughly 10.3% of total assets.

Over the last 12 months, working capital absorbed 8.6bn 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: −59.2bn

Inventories increased → lower CFO: −275.4bn

Payables increased → higher CFO: +326.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.7 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 6.8 days, and DPO fell 5.6 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 118.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +1.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 62.6 days −6.8 days

Inventory 84.2 days +1.9 days

Payables 28.1 days −5.6 days

Cash Conversion Cycle 118.7 days +0.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1,309.5bn due to capex of 1,543.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.12x and interest coverage only at 0.55x.

At present, short-term debt accounts for 57.8% of total debt, cash equals 15.8% of debt, and total debt stands at 8,766.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.12x, increasing balance-sheet pressure.

Interest coverage is thin

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

Leverage and liquidity trend

Net Debt / Equity 1.12x −0.08x

Interest Coverage 0.55x −0.08x

Cash / Debt 15.8% +4.4pp

Short-term Debt / Total Debt 57.8% +3.6pp

CFO / NI 1.43x −11.48x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 555.2bn in 2025, against investing cash flow of -1,173.3bn.

Post-investment cash flow was negative +618.1bn. Financing cash flow was positive +465.1bn.

CFO / net income was 1.43x.

After spending +1,543.1bn on fixed-asset investment, the business generated trailing free cash flow of −1,309.5bn.

Cash Conversion

CFO TTM 233.6bn −382.8bn

Cash Capex 1,543.1bn +1,027.0bn

FCF TTM −1,309.5bn −1,409.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.0%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.43x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.43x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	9,677.2	9,081.0	7,769.7	7,752.3	5,460.7
Revenue Deductions	172.9	182.6	190.3	59.4	0.0
Net Revenue	9,504.3	8,898.4	7,579.4	7,692.8	5,382.8
Cost of Goods Sold	7,878.2	7,390.4	6,257.4	6,407.8	0.0
Gross Profit	1,626.1	1,508.1	1,322.0	1,285.1	990.3
Financial Income	395.7	470.0	592.4	511.3	265.9
Financial Expenses	696.0	649.7	808.4	772.4	-547.0
Interest Expense	621.2	549.0	658.3	619.3	-523.8
Share of Associates and Joint Ventures	6.3	97.2	5.4	12.1	11.5
Selling Expenses	536.0	527.1	475.8	444.8	-335.9
General and Administrative Expenses	462.3	467.3	442.8	434.2	-402.0
Operating Profit	333.8	431.2	192.7	157.1	-17.2
Other Income	327.7	83.2	12.4	21.9	0.0
Other Expenses	296.6	285.7	16.4	7.8	0.0
Other Profit	31.1	-202.5	-4.0	14.1	53.7
Profit Before Tax	364.9	228.7	188.7	171.2	36.4
Current Income Tax Expense	173.3	101.0	98.4	101.6	-20.5
Deferred Income Tax Expense	-57.7	-64.1	-37.6	-25.3	0.0
Net Income	249.3	191.8	127.9	94.9	15.9
Non-controlling Interest	104.5	148.3	87.5	90.5	12.8
Profit Attributable to Parent	144.8	43.5	40.5	4.4	3.1
Earnings per Share	1,027.00	336.00	340.00	37.00	28.00
Diluted EPS	1,027.00	336.00	340.00	37.00	25.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	10,635.1	8,859.0	8,307.3	7,603.8	4,841.7
I. Cash and cash equivalents	1,740.0	1,892.7	980.5	921.2	450.9
1. Cash	299.5	572.2	253.3	262.3	0.0
2. Cash equivalents	1,440.4	1,320.6	727.2	658.9	0.0
II. Short-term financial investments	437.0	397.4	325.7	879.7	0.0
1. Available for sale securities	37.5	37.5	0.0	541.9	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	399.5	359.9	325.7	337.8	0.0
III. Short-term receivables	6,300.9	4,825.8	5,415.4	4,157.1	1,430.6
1. Short-term trade accounts receivable	1,913.4	1,444.7	1,570.3	1,349.0	0.0
2. Short-term prepayments to suppliers	1,276.3	827.3	754.7	824.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	866.9	570.9	351.7	188.6	0.0
6. Other short-term receivables	2,487.9	2,210.9	2,871.8	1,900.7	0.0
7. Provision for short-term doubtful debts (*)	-243.6	-228.0	-133.2	-105.6	0.0
8. Assets awaiting resolution	0.1	0.0	0.0	0.0	0.0
IV. Inventories	1,975.9	1,583.0	1,503.3	1,487.6	1,250.7
1. Inventories	2,006.7	1,597.5	1,517.5	1,500.7	0.0
2. Provision for decline in value of inventories	-30.8	-14.5	-14.3	-13.0	0.0
V. Other short-term assets	181.4	160.2	82.5	158.3	103.1
1. Short-term prepayments	40.1	30.5	24.6	16.9	0.0
2. Value added tax to be reclaimed	124.7	84.5	53.7	126.6	0.0
3. Taxes and other receivables from state authorities	16.5	13.1	4.2	14.8	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	32.1	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	8,529.3	8,814.5	7,769.4	8,925.0	9,381.0
I. Long-term receivables	80.5	83.7	191.2	342.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	44.4
2. Long-term prepayments to suppliers	0.1	0.1	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	80.4	83.6	191.2	342.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	6,859.2	7,280.7	5,858.3	6,974.5	7,613.8
1. Tangible fixed assets	5,591.5	5,710.5	4,113.6	5,129.4	5,358.2
- Cost	11,332.0	11,513.6	8,495.0	9,080.9	0.0
- Accumulated depreciation	-5,740.5	-5,803.0	-4,381.5	-3,951.5	0.0
2. Financial leased fixed assets	253.2	245.3	137.1	190.5	244.4
- Cost	279.1	283.1	168.4	242.7	0.0
- Accumulated depreciation	-25.9	-37.8	-31.3	-52.2	0.0
3. Intangible fixed assets	1,014.5	1,324.9	1,607.6	1,654.5	2,011.1
- Cost	1,271.7	1,541.0	1,766.7	1,761.3	0.0
- Accumulated depreciation	-257.2	-216.1	-159.1	-106.7	0.0
III. Investment properties	—	0.0	30.7	31.2	0.0
- Cost	—	0.0	31.8	31.8	0.0
- Accumulated depreciation	—	0.0	-1.1	-0.5	0.0
IV. Long-term assets in progress	887.4	672.5	469.3	757.8	398.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	887.4	672.5	469.3	757.8	0.0
V. Long-term financial investments	474.5	472.9	864.1	410.3	950.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	104.4	100.7	837.4	356.5	0.0
3. Investments in other entities	357.0	357.0	3.9	23.8	0.0
4. Provision for diminution in value of long-term investments	-2.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	15.1	15.3	22.8	30.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	227.7	304.6	355.8	409.2	0.0
1. Long-term prepayments	103.5	113.0	129.0	141.3	0.0
2. Deferred income tax assets	—	13.9	16.2	5.3	0.0
3. Long-term equipment, supplies, spare parts	6.0	6.1	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	374.1
5. Goodwill	118.2	171.6	210.6	262.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	19,164.4	17,673.5	16,076.7	16,528.9	14,222.7
A. LIABILITIES (300=210+330)	12,786.3	11,598.2	11,418.2	11,968.0	10,224.5
I. Short -term liabilities	6,421.4	5,842.2	6,098.8	6,177.8	3,993.8
1. Short-term trade accounts payable	904.3	775.2	968.9	1,302.7	776.9
2. Short-term advances from customers	53.6	33.7	24.3	68.3	49.5
3. Taxes and other payables to state authorities	202.5	121.2	118.9	95.9	0.0
4. Payable to employees	124.1	132.6	85.7	97.4	0.0
5. Short-term acrrued expenses	170.2	140.5	151.5	179.8	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	0.1	0.1	0.0	0.0	0.0
9. Other short-term payables	315.5	141.3	602.0	438.3	0.0
10. Short-term borrowings and financial leases	4,633.2	4,484.8	4,138.4	3,982.6	2,612.9
11. Provision for short-term liabilities	8.2	5.6	2.5	6.6	0.0
12.. Bonus and welfare fund	9.8	7.2	6.6	6.3	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	6,364.9	5,756.0	5,319.4	5,790.2	6,230.8
1. Long-term trade payables	—	0.0	1.3	36.2	56.4
2. Long-term advances from customers	5.5	44.7	54.2	47.8	22.9
3. Long-term acrrued expenses	49.7	41.7	0.6	0.6	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	1.3	2.0	0.2	0.4	0.4
7. Other long-term liabilities	1,924.4	1,503.1	1,625.1	1,526.3	0.0
8. Long-term borrowings and financial leases	4,099.9	3,809.1	3,254.6	3,769.6	4,663.8
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	279.8	351.4	381.3	409.3	0.0
12. Provision for long-term liabilities	4.4	3.9	2.2	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,378.1	6,075.3	4,658.5	4,560.9	3,998.2
I. Owner's equity	6,378.1	6,075.3	4,658.5	4,560.9	0.0
1. Owner's capital	1,409.7	1,409.7	1,189.1	1,189.1	3,998.2
- Common stock with voting right	1,409,748,460,000.00	1,409,748,460,000.00	1,189,099,130,000.00	1,189,099,130,000.00	1,189,099,130,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	506.9	506.9	270.8	270.8	270.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	45.8	45.8	45.8	45.8	45.8
5. Treasury shares	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	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	21.8	17.2	3.5	20.1	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	231.4	92.9	60.6	1.5	6.8
- Accumulated retained earning at the end of the previous period	86.6	49.4	20.1	-42.2	4.8
- Undistributed earnings in this period	144.8	43.5	40.5	43.8	2.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	4,162.6	4,002.8	3,088.7	3,033.6	2,460.1
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)	19,164.4	17,673.5	16,076.7	16,528.9	14,222.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	364.9	228.7	188.7	171.2	36.4
Depreciation of Fixed Assets and Investment Property	736.3	712.4	655.8	654.3	543.8
Provision (Increase)/Reversal	36.9	18.7	29.3	12.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	0.5	-2.1	3.5	0.0
Gain/Loss from Investment Activities	-683.8	-349.5	-491.0	-433.6	0.0
Interest Expense	621.2	549.0	658.3	619.3	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,076.0	1,159.8	1,039.1	1,027.4	972.5
Increase/(Decrease) in Receivables	-8.6	716.1	-321.9	-946.0	0.0
Increase/(Decrease) in Inventory	-409.2	-65.9	-36.7	-241.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	616.9	-451.5	46.7	1,024.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	14.4	6.5	-40.4	0.0
Changes in Trading Securities	—	-37.5	541.9	-504.3	0.0
Interest Paid	-609.2	-584.2	-663.9	-582.1	0.0
Corporate Income Tax Paid	-104.6	-108.0	-95.9	-50.4	0.0
Other Operating Receipts	—	0.0	0.0	2.2	0.0
Other Operating Payments	-6.0	-2.5	-1.3	-2.8	0.0
Net Cash Flow from Operating Activities	555.2	640.7	514.4	-313.5	150.9
Payments for Fixed Assets and Other Long-term Assets	-1,397.2	-545.2	-312.6	-1,098.6	-668.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	360.6	103.3	8.1	102.4	7.6
Loans and Purchases of Debt Instruments	-526.5	-43.8	-361.2	-403.8	-1,880.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	1,839.8
Investments in Other Entities	-36.0	-248.9	-1,038.2	-351.6	-906.9
Proceeds from Investments in Other Entities	140.3	823.0	656.8	1,316.2	0.0
Dividends and Interest Income Received	285.6	439.4	304.1	128.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,173.3	527.7	-743.0	-306.9	-1,478.2
Proceeds from Equity Issuance and Capital Contributions	122,824,055,000.00	140,000,000.00	30,997,520,000.00	90,744,760,000.00	263,140,153,160.00
Share Repurchases	—	0.00	-11,040,033,600.00	0.00	0.00
Proceeds from Borrowings	10,027.4	9,565.4	7,829.8	6,397.4	6,099.8
Repayment of Borrowings	-9,617.8	-9,752.2	-7,491.8	-5,269.7	-4,702.6
Repayment of Finance Leases	-45.8	-48.5	-50.0	-104.2	-69.3
Dividends Paid	-21.5	-20.5	-20.6	-22.1	-8.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	465.1	-255.6	287.4	1,092.2	1,582.9
Net Cash Flow During the Period	-153.0	912.8	58.7	471.8	280.5
Cash and Cash Equivalents at Beginning of Period	1,892.7	980.5	921.2	451.0	195.3
FX Difference from Revaluation	0.3	-0.5	0.5	-1.6	-0.0
Cash and Cash Equivalents at End of Period	1,740.0	1,892.7	980.5	921.2	450.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,655.8	2,825.2	2,346.2	2,670.0	2,107.1	2,717.0	2,275.8	2,289.3	1,799.5	2,384.4	1,878.2	2,028.5
Revenue Deductions	35.9	51.2	46.5	43.3	31.8	61.8	61.3	30.9	28.5	86.6	66.6	29.0
Net Revenue	2,619.8	2,774.0	2,299.7	2,626.7	2,075.3	2,655.2	2,214.5	2,258.4	1,771.0	2,297.7	1,811.7	1,999.5
Cost of Goods Sold	2,217.0	2,363.1	1,862.1	2,227.0	1,708.2	2,263.4	1,845.4	1,847.5	1,441.0	1,946.1	1,454.5	1,705.1
Gross Profit	402.8	410.9	437.6	399.7	367.2	391.8	369.1	410.9	330.0	351.7	357.1	294.4
Financial Income	84.8	129.8	92.2	112.2	79.6	248.6	81.7	69.6	69.0	99.3	81.3	417.0
Financial Expenses	176.9	146.1	173.2	183.3	198.0	135.9	141.1	189.5	182.6	186.8	178.5	319.9
Interest Expense	162.5	140.7	145.1	176.8	152.0	111.9	114.6	160.0	165.3	142.5	164.4	189.1
Share of Associates and Joint Ventures	1.2	2.4	1.1	-0.3	0.5	23.5	29.6	35.4	7.4	1.1	1.8	-0.8
Selling Expenses	144.5	152.6	143.4	114.9	122.3	146.6	129.7	129.8	120.5	142.5	119.7	118.0
General and Administrative Expenses	110.3	120.1	109.6	124.4	107.7	132.0	119.0	133.9	92.6	124.5	104.5	110.7
Operating Profit	57.1	124.2	104.8	89.0	19.2	249.4	90.6	62.8	10.7	-1.7	37.6	162.0
Other Income	13.9	310.2	3.6	6.2	4.8	37.2	2.9	27.6	2.6	5.0	2.7	4.4
Other Expenses	5.1	252.1	29.2	2.2	6.8	226.3	3.5	26.7	2.5	3.0	9.5	2.8
Other Profit	8.7	58.1	-25.6	4.0	-2.0	-189.1	-0.6	0.9	0.2	2.0	-6.8	1.6
Profit Before Tax	65.8	182.4	79.1	92.9	17.2	60.3	89.9	63.7	10.9	0.4	30.8	163.6
Current Income Tax Expense	20.0	88.2	36.8	35.2	13.2	38.0	28.5	23.8	10.8	3.8	23.2	44.7
Deferred Income Tax Expense	-5.0	-40.6	-10.9	-5.4	-5.1	-47.1	-5.9	-5.9	-6.0	-5.6	-6.6	-11.2
Net Income	50.9	134.7	53.2	63.1	9.1	69.4	67.3	45.7	6.1	2.1	14.2	130.2
Non-controlling Interest	27.9	54.8	23.6	32.8	1.0	67.8	43.6	31.4	5.5	1.3	12.2	79.0
Profit Attributable to Parent	23.0	80.0	29.6	30.3	8.1	1.6	23.7	14.3	0.6	0.9	2.0	51.2
Earnings per Share	163.00	567.00	210.00	215.00	57.00	11.00	170.00	120.00	51.00	7.00	16.00	431.00
Diluted EPS	163.00	567.00	210.00	215.00	57.44	337.00	170.00	120.00	51.00	7.00	16.00	431.00

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)	10,004.2	10,684.6	9,103.3	9,448.0	8,773.3	8,959.1	7,847.9	8,155.6	8,214.4	8,035.9	8,192.6	8,025.5
I. Cash and cash equivalents	1,384.8	1,755.3	1,071.2	1,855.1	946.4	2,273.9	341.2	1,110.4	386.1	1,005.3	344.0	858.4
1. Cash	187.4	301.1	174.9	208.0	281.5	571.2	229.8	282.8	178.5	253.3	195.7	189.9
2. Cash equivalents	1,197.4	1,454.2	896.4	1,647.0	664.9	1,702.8	111.4	827.7	207.6	752.0	148.3	668.5
II. Short-term financial investments	1,243.3	422.3	365.4	349.8	364.4	491.7	483.7	398.3	450.2	310.9	697.2	740.0
1. Available for sale securities	37.5	37.5	37.5	37.5	37.5	128.2	0.0	0.0	0.0	0.0	400.2	425.2
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	1,205.8	384.8	327.9	312.3	326.9	363.5	483.7	398.3	450.2	310.9	297.0	314.9
III. Short-term receivables	5,003.3	6,320.7	5,603.5	5,499.8	5,407.2	4,443.1	5,108.8	4,944.2	5,662.8	5,141.9	5,383.2	4,727.1
1. Short-term trade accounts receivable	1,894.4	1,922.0	1,781.5	1,823.1	1,647.2	1,446.1	1,994.0	1,795.0	1,854.1	1,567.5	1,751.5	1,469.0
2. Short-term prepayments to suppliers	833.6	1,279.5	864.8	730.8	928.1	838.1	875.8	837.4	879.4	756.3	832.0	936.9
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	—	866.9	1,001.3	993.4	775.7	196.7	152.7	137.8	156.7	352.5	34.6	227.5
6. Other short-term receivables	2,518.8	2,495.9	2,197.7	2,195.3	2,284.3	2,196.0	2,312.2	2,399.6	3,019.8	2,597.2	2,881.3	2,209.9
7. Provision for short-term doubtful debts (*)	-243.6	-243.8	-241.7	-242.8	-228.0	-233.9	-225.9	-225.7	-247.2	-131.5	-116.2	-116.2
8. Assets awaiting resolution	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,106.6	2,004.9	1,917.0	1,585.8	1,847.4	1,582.4	1,786.0	1,570.2	1,580.0	1,495.6	1,664.8	1,547.6
1. Inventories	2,137.4	2,032.8	1,929.6	1,598.4	1,862.0	1,596.9	1,799.8	1,584.6	1,592.2	1,508.6	1,677.5	1,557.7
2. Provision for decline in value of inventories	-30.8	-28.0	-12.6	-12.6	-14.5	-14.5	-13.8	-14.3	-12.3	-13.0	-12.7	-10.1
V. Other short-term assets	266.2	181.4	146.1	157.5	207.8	168.0	128.3	132.5	135.4	82.2	103.4	152.4
1. Short-term prepayments	86.9	40.1	51.0	63.1	84.2	30.1	36.7	48.1	49.9	24.6	38.6	75.6
2. Value added tax to be reclaimed	166.1	124.1	82.8	81.0	78.8	82.3	78.2	72.0	71.9	53.3	58.6	73.7
3. Taxes and other receivables from state authorities	13.2	17.2	12.3	13.4	12.6	13.5	13.3	12.3	13.5	4.2	6.2	3.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	0.0	0.1	0.1	32.1	42.1	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9,120.0	8,510.3	8,789.8	8,399.6	8,568.1	8,694.9	9,406.3	9,453.9	9,575.5	7,745.2	7,402.2	7,731.3
I. Long-term receivables	85.4	80.5	89.3	79.4	72.1	105.9	117.8	131.7	143.7	203.9	217.7	219.9
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	3.2	0.1	0.1	0.1	0.1	1.2	0.1	0.5	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	—	80.4	89.2	79.3	72.0	104.7	117.7	131.2	143.7	203.9	217.7	219.9
7. Provision for long-term doubtful debts	82.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	6,711.8	6,830.5	7,183.1	6,991.8	7,144.7	7,181.5	7,447.0	7,471.2	7,529.6	5,859.2	5,921.0	6,018.9
1. Tangible fixed assets	5,460.2	5,539.1	5,694.5	5,483.8	5,582.7	5,590.3	5,627.2	5,698.7	5,801.1	4,113.8	4,146.5	4,223.3
- Cost	11,310.1	—	—	—	—	11,357.5	11,280.0	11,205.9	11,187.4	8,496.2	8,396.2	8,338.9
- Accumulated depreciation	-5,849.8	—	—	—	—	-5,767.2	-5,652.8	-5,507.2	-5,386.3	-4,382.4	-4,249.7	-4,115.6
2. Financial leased fixed assets	249.3	277.0	229.5	209.3	250.2	245.6	249.2	188.8	131.3	137.7	156.4	168.6
- Cost	284.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-34.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,002.3	1,014.5	1,259.0	1,298.8	1,311.8	1,345.7	1,570.6	1,583.7	1,597.2	1,607.7	1,618.2	1,627.1
- Cost	1,271.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-269.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	29.9	30.1	30.4	30.7	30.7	30.7
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,621.3	896.9	830.0	731.5	723.6	631.1	548.6	577.1	547.3	421.8	410.5	623.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,621.3	896.9	830.0	731.5	723.6	631.1	548.6	577.1	547.3	421.8	410.5	623.6
V. Long-term financial investments	477.7	473.5	431.5	327.7	330.3	477.4	951.3	921.6	977.9	865.6	448.5	458.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	107.6	103.4	98.6	100.8	101.1	109.5	786.7	820.7	808.1	837.2	156.5	166.9
3. Investments in other entities	357.0	357.0	357.0	213.9	213.9	351.8	141.8	141.8	147.0	3.9	267.5	267.5
4. Provision for diminution in value of long-term investments	-2.0	-2.0	-39.2	—	—	0.0	0.0	-63.7	0.0	0.0	0.0	0.0
5. Held to maturity investments	15.1	15.1	15.1	15.1	15.3	16.0	22.8	22.8	22.8	24.5	24.5	24.0
6. Other long-term investments	—	—	—	-2.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	223.8	228.9	255.9	269.2	297.4	299.0	311.6	322.1	139.7	140.3	136.6	129.3
1. Long-term prepayments	112.9	104.0	105.2	106.7	119.7	113.1	116.4	115.1	119.4	129.1	125.0	124.8
2. Deferred income tax assets	—	0.7	13.1	13.1	13.4	13.9	15.0	15.4	15.8	11.3	11.6	4.5
3. Long-term equipment, supplies, spare parts	6.0	6.0	6.0	4.4	6.1	4.5	4.5	4.5	4.6	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	104.9	118.2	131.5	144.9	158.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	167.5	175.7	187.1	206.8	223.7	237.1	250.4
TOTAL ASSETS (280=100+200)	19,124.3	19,194.9	17,893.2	17,847.6	17,341.3	17,654.0	17,254.2	17,609.6	17,789.9	15,781.1	15,594.7	15,756.8
A. LIABILITIES (300=210+330)	12,535.7	12,800.6	11,715.4	11,718.4	11,261.2	11,565.3	11,218.1	12,091.7	12,297.7	11,154.7	10,961.3	11,087.1
I. Short -term liabilities	6,588.6	6,393.6	5,851.1	5,816.5	5,509.4	6,017.9	6,028.6	6,157.9	6,104.8	5,776.1	5,923.0	6,133.1
1. Short-term trade accounts payable	761.4	909.6	739.2	783.9	573.7	763.8	726.7	1,184.6	841.8	884.1	979.6	1,029.9
2. Short-term advances from customers	105.6	38.5	45.7	38.8	80.8	34.7	53.0	39.9	41.7	24.5	76.0	133.2
3. Dividends and profits payable	2.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	111.1	198.0	115.9	92.5	73.2	120.0	90.9	84.5	93.6	105.2	98.2	87.9
4. Payable to employees	68.7	118.2	86.8	77.5	65.7	126.4	85.3	77.9	67.3	82.4	93.4	72.1
5. Short-term acrrued expenses	181.5	173.9	182.1	178.5	114.0	145.7	164.3	176.5	150.0	171.8	159.5	188.5
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	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	269.7	319.0	301.8	116.9	98.7	339.7	508.9	639.4	655.2	396.7	495.0	344.1
10. Short-term borrowings and financial leases	5,070.4	4,615.3	4,356.7	4,508.0	4,489.1	4,471.1	4,384.9	3,942.3	4,245.4	4,096.7	4,007.6	4,261.8
11. Provision for short-term liabilities	8.6	10.5	12.0	9.6	7.2	8.6	6.6	4.8	3.6	8.0	6.8	8.4
12.. Bonus and welfare fund	9.3	10.6	11.0	10.5	7.0	7.7	8.0	7.8	6.3	6.6	6.7	7.3
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	5,947.1	6,407.0	5,864.3	5,902.0	5,751.8	5,547.4	5,189.6	5,933.8	6,192.9	5,378.6	5,038.3	4,954.0
1. Long-term trade payables	—	—	69.6	64.7	1.7	0.0	0.0	0.0	0.0	3.8	4.3	8.2
2. Long-term advances from customers	5.0	22.8	36.0	33.1	41.1	44.7	46.3	48.7	52.7	54.2	52.0	50.8
3. Long-term acrrued expenses	49.5	49.7	46.5	44.9	43.4	0.0	19.6	16.8	10.4	0.6	0.0	9.8
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	1.0	1.3	1.5	1.8	1.8	2.0	2.6	2.4	0.1	0.2	0.2	0.2
7. Other long-term liabilities	1,917.2	1,935.4	1,787.5	1,658.2	1,533.7	1,415.4	1,043.5	1,845.6	2,054.8	2,222.3	1,746.5	1,539.8
8. Long-term borrowings and financial leases	3,695.8	4,120.5	3,592.0	3,758.5	3,781.9	3,734.1	3,677.5	3,620.7	3,667.8	2,716.3	2,848.0	2,950.9
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	274.7	276.3	329.3	340.2	345.8	350.2	398.5	397.7	404.9	381.3	387.3	394.3
12. Provision for long-term liabilities	3.9	1.1	1.8	0.6	2.3	0.9	1.6	1.8	2.1	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,588.6	6,394.2	6,177.8	6,129.2	6,080.2	6,088.7	6,036.1	5,517.9	5,492.2	4,626.4	4,633.5	4,669.7
I. Owner's equity	6,588.6	6,394.2	6,177.8	6,129.2	6,080.2	6,088.7	6,036.1	5,517.9	5,492.2	4,626.4	4,633.5	4,669.7
1. Owner's capital	1,409.7	1,409.7	1,409.7	1,409.7	1,409.7	1,409.7	1,409.7	1,189.1	1,189.1	1,189.1	1,189.1	1,189.1
- Common stock with voting right	1,409,748,460,000.00	1,409,748,460,000.00	1,409,748,460,000.00	1,409,748,460,000.00	1,409,748,460,000.00	1,409,748,460,000.00	1,409,748,460,000.00	1,189,099,130,000.00	1,189,099,130,000.00	1,189,099,130,000.00	1,189,099,130,000.00	1,189,099,130,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	506.9	506.9	506.9	506.9	506.9	506.9	506.9	270.8	270.8	270.8	270.8	270.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8	45.8
5. Treasury shares	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00	-28,342,000.00
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	21.8	21.8	21.8	21.8	17.2	5.2	5.2	5.2	3.5	3.5	3.5	24.5
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	310.4	236.8	154.3	124.7	100.9	100.7	99.7	73.8	62.0	62.3	70.5	48.6
- Accumulated retained earning at the end of the previous period	287.5	88.9	86.3	86.3	92.8	57.0	59.8	58.9	61.4	20.1	20.2	-3.2
- Undistributed earnings in this period	23.0	147.9	68.0	38.4	8.1	43.7	39.9	14.9	0.6	42.2	50.3	51.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	4,293.9	4,173.2	4,039.3	4,020.2	3,999.7	4,020.5	3,968.8	3,933.1	3,921.0	3,054.9	3,053.7	3,091.0
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)	19,124.3	19,194.9	17,893.2	17,847.6	17,341.3	17,654.0	17,254.2	17,609.6	17,789.9	15,781.1	15,594.7	15,756.8

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	65.8	176.6	79.1	92.0	17.2	60.3	89.9	67.6	10.9	-5.4	30.8	156.2
Depreciation of Fixed Assets and Investment Property	177.1	175.2	196.4	183.2	181.6	180.9	181.1	192.2	163.3	154.0	160.6	193.1
Provision (Increase)/Reversal	-0.1	-18.3	2.5	52.6	-0.0	16.1	-2.2	-101.4	112.1	16.4	2.8	15.6
FX Gain/Loss from Revaluation of Monetary Items	0.4	0.0	0.0	0.2	0.2	-4.9	-0.7	6.2	0.8	-2.5	0.4	0.2
Gain/Loss from Investment Activities	-97.8	-431.9	-71.4	-141.3	-39.2	-76.7	-146.0	-57.6	-73.5	-72.0	-72.3	-292.9
Interest Expense	162.5	147.3	145.1	176.8	152.0	111.9	114.6	156.9	165.3	139.1	164.4	186.5
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	—	—	—	—	—	-1.0	0.0	0.9	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	308.0	48.9	351.8	363.5	311.7	286.7	236.8	264.9	378.9	229.6	286.6	258.7
Increase/(Decrease) in Receivables	-119.1	330.4	-68.0	-202.5	-68.4	952.3	285.8	-493.9	-63.1	471.0	-459.3	-160.1
Increase/(Decrease) in Inventory	-130.7	-77.1	-331.2	263.5	-264.5	198.1	-208.4	18.7	-74.7	160.0	-132.1	91.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-226.2	278.5	165.7	108.1	64.6	-575.7	-202.6	409.3	-141.9	75.4	426.9	-417.2
Increase/(Decrease) in Prepaid Expenses	-56.2	12.6	13.6	34.0	-60.3	3.5	15.4	11.3	-15.7	22.9	12.5	54.3
Changes in Trading Securities	—	—	—	—	—	-128.2	0.0	0.0	0.0	400.2	125.0	16.7
Interest Paid	-146.2	-159.4	-148.1	-130.8	-170.8	-184.3	-156.6	-122.4	-161.1	-118.2	-210.8	-123.0
Corporate Income Tax Paid	-88.9	-15.5	-17.1	-124.6	52.6	204.4	-27.5	-33.6	-34.6	-6.3	-29.9	-28.4
Other Operating Receipts	—	—	—	—	—	-7.0	2.4	3.3	1.3	-6.0	2.1	1.5
Other Operating Payments	2.9	-5.4	0.7	-1.3	—	1.7	-1.3	-1.8	-0.7	0.1	-0.8	-0.4
Net Cash Flow from Operating Activities	-456.3	413.0	-32.6	309.6	-134.8	751.5	-56.1	55.9	-111.6	1,228.6	20.2	-306.6
Payments for Fixed Assets and Other Long-term Assets	-226.0	-809.1	-466.9	-41.3	-80.0	-196.6	-114.6	-125.0	-89.8	-99.4	-43.5	-58.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	35.8	354.8	0.0	4.1	1.6	57.0	-5.6	26.7	0.0	4.6	1.5	2.0
Loans and Purchases of Debt Instruments	-157.8	-138.6	-33.6	117.2	-471.6	-116.4	-1,253.9	488.3	-488.3	1,076.0	-1,437.2	283.1
Receipts from Loan Repayments and Sale of Debt Instruments	170.3	—	—	—	—	1,201.9	236.4	264.2	0.0	-1,425.9	1,132.0	293.9
Investments in Other Entities	—	—	—	—	—	-235.5	-0.0	-0.1	-13.7	-414.3	-251.4	-372.5
Proceeds from Investments in Other Entities	158.6	0.0	0.0	34.3	106.0	814.7	5.7	2.5	0.0	-25.5	-92.0	568.5
Dividends and Interest Income Received	87.9	7.9	110.9	129.6	37.2	174.9	82.0	115.4	75.8	73.1	131.7	60.9
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	68.9	-620.9	-389.5	243.9	-406.7	1,700.0	-1,050.0	772.2	-516.0	-811.4	-558.9	777.0
Proceeds from Equity Issuance and Capital Contributions	353,700,000.00	—	—	—	—	40,000,000.00	100,000,000.00	0.00	0.00	0.00	0.00	5,761,520,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-11,040,033,600.00	0.00	0.00
Proceeds from Borrowings	2,621.9	2,863.5	2,785.9	2,418.8	1,959.2	4,293.6	2,505.0	2,205.0	1,904.2	3,058.8	1,565.9	1,569.8
Repayment of Borrowings	-2,573.6	-2,100.4	-3,125.1	-2,043.1	-2,349.3	-4,800.9	-2,157.2	-2,274.2	-1,858.8	-2,816.0	-1,525.2	-1,715.4
Repayment of Finance Leases	-15.3	-4.2	-14.1	-14.6	-12.9	-7.2	-12.9	-18.0	-10.5	-10.2	-13.2	-13.3
Dividends Paid	-1.0	-0.1	-8.4	-11.4	-1.6	-3.9	-3.3	-11.9	-2.0	-2.3	-3.7	-8.6
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	32.4	876.7	-361.7	354.7	-404.6	-518.3	331.7	-99.1	32.9	219.3	23.8	-161.6
Net Cash Flow During the Period	-355.1	668.7	-783.9	908.2	-946.1	1,933.1	-774.5	729.0	-594.7	636.5	-514.9	308.8
Cash and Cash Equivalents at Beginning of Period	1,740.0	1,071.2	1,855.1	946.4	1,892.7	980.5	980.5	980.5	980.5	921.2	921.2	921.2
FX Difference from Revaluation	-0.1	0.3	0.3	0.3	-0.2	-0.4	-0.1	0.7	0.3	-0.0	0.4	0.1
Cash and Cash Equivalents at End of Period	1,384.8	1,740.0	1,071.2	1,855.1	946.4	2,273.9	341.2	1,115.8	386.1	980.5	344.0	858.4

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DNP

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