DVN

Tổng Công ty Dược Việt Nam - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 13.03%, +4.44pp YoY

Price

21,100

Latest close

03 Jun 2026

P/E 7.30x

P/B 1.20x

EPS 2,891

BVPS 17,644

ROE 17.7%

ROA 9.6%

Profit Margin 12.1%

Asset Turnover 0.79x

Equity Mult. 1.85x

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

What Is Changing

On a TTM 2026Q1 basis, DVN has not accelerated revenue sharply, but profitability is improving 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 5,654bn
	                                
+1.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 737bn
	                                
+53.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.35x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	5,661.9	5,521.8	5,583.2	5,540.6	4,438.5
Growth	+3%	-1%	+1%	+25%	—
Net Income	670.9	468.1	390.3	110.4	228.9
Net Margin	11.85%	8.48%	6.99%	1.99%	5.16%

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	1,237.4	1,691.3	1,326.9	1,398.8	1,242.9	1,578.1	1,219.7	1,533.8	1,194.8	1,765.5	1,270.8	1,320.6
Growth	-27%	+27%	-5%	+13%	-21%	+29%	-20%	+28%	-32%	+39%	-4%	—
Net Income	153.7	340.2	92.3	150.5	85.8	54.6	79.1	259.4	94.4	82.9	58.7	168.8
Net Margin	12.42%	20.12%	6.95%	10.76%	6.91%	3.46%	6.49%	16.91%	7.90%	4.70%	4.62%	12.79%

Drivers of DVN's profit

TTM

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

Associates income ↑ 300.2bn

Gross profit ↓ 54.1bn

TTM

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

Associates income ↑ 58.4bn

Finance costs ↓ 20.7bn

Financial income ↓ 12.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.0% = 8.6% × 0.88 × 1.85

2026Q1 19.0% = 13.0% × 0.79 × 1.85

ROE rose from 14.0% to 19.0% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 13.0% +4.4pp Asset turnover: 0.79x -0.10x Leverage: 1.85x -0.00x

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 13.03%, rising 4.4pp. Core operating signals are improving as SG&A / Revenue fell 0.1pp are enough to offset pressure from Gross margin fell 1.1pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 13.03% +4.4pp

Gross Margin 9.65% −1.1pp

SG&A / Revenue 7.39% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 23.7 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 13.26%, rising 3.3pp. That translates to 13.26 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.2pp, with capital turnover fell 0.15x; while invested capital rose by 721bn.

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

CAPITAL EFFICIENCY TREND

ROIC 13.26% +3.3pp

NOPAT Margin 12.39% +4.2pp

Capital Turnover 1.07x −0.15x

Average Invested Capital 5,282.4bn +720.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.92x equity, net debt at 0.38x equity.

Inventory ended the period at 1,975.1bn, roughly 26.3% of total assets.

Over the last 12 months, working capital absorbed 338.5bn 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: −345.2bn

Inventories increased → lower CFO: −269.8bn

Payables increased → higher CFO: +276.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 23.7 days versus the same period last year. The main moves came from DIO rose 18.8 days, DSO rose 12.1 days, and DPO rose 7.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 125.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +12.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 117.7 days +12.1 days

Inventory 129.2 days +18.8 days

Payables 121.3 days +7.2 days

Cash Conversion Cycle 125.6 days +23.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 249.5bn due to capex of 10.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.38x and interest coverage at 7.65x.

At present, short-term debt accounts for 98.2% of total debt, cash equals 2.7% of debt, and total debt stands at 1,616.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.2% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 2.7%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.38x +0.04x

Interest Coverage 7.65x +2.48x

Cash / Debt 2.7% −1.4pp

Short-term Debt / Total Debt 98.2% +0.5pp

CFO / NI -0.35x +0.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -160.2bn in 2025, against investing cash flow of -111.3bn.

Post-investment cash flow was negative +271.6bn. Financing cash flow was positive +28.2bn.

CFO / net income was -0.35x.

After spending +10.4bn on fixed-asset investment, the business generated trailing free cash flow of −249.5bn.

Cash Conversion

CFO TTM 239.0bn −56.0bn

Cash Capex 10.4bn +1.6bn

FCF TTM −249.5bn −57.6bn

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 4.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.5%. The main risk still sits in leverage and liquidity, with interest coverage at 7.65x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.03% after expanding 4.4pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.5% of PBT and CFO / net income currently at -0.35x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.38x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	5,690.9	5,529.4	5,609.4	5,585.0	4,469.1
Revenue Deductions	29.0	7.6	26.2	44.4	0.0
Net Revenue	5,661.9	5,521.8	5,583.2	5,540.6	4,438.5
Cost of Goods Sold	5,108.1	4,929.1	4,985.4	4,996.6	0.0
Gross Profit	553.8	592.7	597.8	544.0	433.9
Financial Income	262.8	258.2	283.9	130.2	120.4
Financial Expenses	120.4	103.7	151.7	202.4	-19.4
Interest Expense	67.3	53.5	73.6	64.0	-57.7
Share of Associates and Joint Ventures	386.1	158.8	104.0	82.3	61.3
Selling Expenses	281.4	274.0	263.5	286.6	-241.1
General and Administrative Expenses	131.6	149.0	143.4	135.7	-112.1
Operating Profit	669.4	483.1	427.3	131.8	243.0
Other Income	43.5	32.2	1.1	1.0	0.0
Other Expenses	7.2	6.1	3.3	0.8	0.0
Other Profit	36.3	26.2	-2.3	0.2	1.1
Profit Before Tax	705.7	509.2	425.0	131.9	244.1
Current Income Tax Expense	32.7	37.3	38.6	21.5	-15.2
Deferred Income Tax Expense	2.1	3.9	-3.9	0.0	0.0
Net Income	670.9	468.1	390.3	110.4	228.9
Non-controlling Interest	52.0	47.3	44.3	26.3	20.9
Profit Attributable to Parent	618.9	420.8	346.0	84.1	208.0
Earnings per Share	2,566.00	1,729.00	1,391.00	322.00	877.00
Diluted EPS	2,566.00	1,729.00	1,391.00	322.00	877.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,695.1	4,363.2	4,079.9	3,766.6	3,764.4
I. Cash and cash equivalents	44.9	289.1	104.3	83.5	193.9
1. Cash	43.4	38.2	104.3	83.5	0.0
2. Cash equivalents	1.5	250.8	0.0	0.0	0.0
II. Short-term financial investments	702.5	755.7	923.2	634.5	0.0
1. Available for sale securities	—	0.1	0.1	0.1	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	702.5	755.6	923.2	634.5	0.0
III. Short-term receivables	1,916.6	1,645.7	1,777.8	1,826.7	1,807.1
1. Short-term trade accounts receivable	1,845.1	1,584.9	1,630.0	1,723.3	0.0
2. Short-term prepayments to suppliers	23.9	31.6	79.7	39.5	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	103.1	70.2	98.0	88.1	0.0
7. Provision for short-term doubtful debts (*)	-55.6	-41.1	-30.0	-24.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,975.1	1,633.2	1,243.5	1,187.6	1,051.5
1. Inventories	1,987.4	1,662.8	1,298.8	1,216.3	0.0
2. Provision for decline in value of inventories	-12.3	-29.6	-55.3	-28.6	0.0
V. Other short-term assets	56.0	39.5	31.1	34.2	38.9
1. Short-term prepayments	2.4	3.0	4.1	1.3	0.0
2. Value added tax to be reclaimed	46.3	34.1	25.2	31.6	0.0
3. Taxes and other receivables from state authorities	7.3	2.4	1.8	1.3	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)	2,811.4	2,092.3	1,997.7	2,011.5	2,095.5
I. Long-term receivables	1.4	0.7	1.7	1.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.8
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	1.4	0.7	1.7	1.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	267.6	281.2	301.2	320.0	331.9
1. Tangible fixed assets	163.9	174.5	191.5	208.1	218.4
- Cost	514.2	518.5	531.7	526.6	0.0
- Accumulated depreciation	-350.3	-344.0	-340.2	-318.5	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	103.7	106.7	109.7	111.9	113.4
- Cost	128.9	129.5	129.5	129.4	0.0
- Accumulated depreciation	-25.2	-22.8	-19.9	-17.6	0.0
III. Investment properties	34.8	35.8	48.5	49.9	0.0
- Cost	45.8	45.8	54.1	56.1	0.0
- Accumulated depreciation	-11.0	-10.1	-5.7	-6.2	0.0
IV. Long-term assets in progress	4.1	0.8	0.3	1.8	5.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.1	0.8	0.3	1.8	0.0
V. Long-term financial investments	2,471.7	1,738.5	1,611.9	1,606.3	1,720.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,913.7	987.9	864.6	840.5	0.0
3. Investments in other entities	697.8	870.8	870.8	862.8	0.0
4. Provision for diminution in value of long-term investments	-139.8	-120.2	-123.5	-96.9	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	31.8	35.3	34.2	31.8	0.0
1. Long-term prepayments	29.3	30.7	30.3	31.8	0.0
2. Deferred income tax assets	2.5	4.6	3.9	0.0	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	35.8
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)	7,506.5	6,455.5	6,077.7	5,778.0	5,859.9
A. LIABILITIES (300=210+330)	3,594.7	2,945.5	2,947.1	3,012.5	2,866.7
I. Short -term liabilities	3,563.6	2,914.0	2,885.7	2,946.0	2,815.7
1. Short-term trade accounts payable	1,810.2	1,555.9	1,612.7	1,840.4	1,480.2
2. Short-term advances from customers	40.5	22.6	36.2	46.3	47.2
3. Taxes and other payables to state authorities	24.3	52.3	14.9	6.0	0.0
4. Payable to employees	33.6	26.7	26.1	22.2	0.0
5. Short-term acrrued expenses	12.6	10.5	8.1	8.5	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	3.2	2.4	2.8	2.7	0.2
9. Other short-term payables	129.3	21.1	38.8	20.9	0.0
10. Short-term borrowings and financial leases	1,488.0	1,207.5	1,136.8	988.5	1,182.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	21.9	15.1	9.4	10.5	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	31.1	31.5	61.3	66.5	51.0
1. Long-term trade payables	—	0.0	30.0	30.0	12.0
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	0.1	0.2	0.2	0.3	0.0
7. Other long-term liabilities	1.1	1.1	0.5	0.5	0.0
8. Long-term borrowings and financial leases	29.8	30.2	30.6	35.7	38.8
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	3,911.8	3,509.9	3,130.6	2,765.5	2,993.3
I. Owner's equity	3,911.8	3,509.9	3,130.6	2,765.5	0.0
1. Owner's capital	2,370.0	2,370.0	2,370.0	2,370.0	2,993.3
- Common stock with voting right	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00
- 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	57.6	57.6	57.7	57.7	57.7
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-366.8	-388.4	-388.4	-433.1	0.0
7. Foreign exchange differences	—	-0.0	-5.9	-5.3	0.0
8. Investment and development fund	417.7	416.3	349.5	333.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.0	1.0	1.0	1.0	0.0
11. Undistributed earnings after tax	1,140.9	792.9	546.8	270.2	691.3
- Accumulated retained earning at the end of the previous period	522.0	376.7	207.3	193.9	528.0
- Undistributed earnings in this period	618.9	416.2	339.5	76.3	163.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	291.4	260.6	199.9	171.9	171.0
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)	7,506.5	6,455.5	6,077.7	5,778.0	5,859.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	705.7	509.2	425.0	131.9	233.2
Depreciation of Fixed Assets and Investment Property	28.5	30.3	29.9	29.9	28.7
Provision (Increase)/Reversal	30.1	-23.1	72.1	120.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.3	3.6	9.8	4.5	0.0
Gain/Loss from Investment Activities	-583.8	-394.0	-335.8	-167.1	0.0
Interest Expense	67.3	53.5	73.6	64.0	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	243.5	179.5	274.6	183.7	140.6
Increase/(Decrease) in Receivables	-318.3	107.3	51.3	-30.6	0.0
Increase/(Decrease) in Inventory	-337.8	-208.5	-95.5	-201.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	385.7	-96.4	-222.5	342.1	0.0
Increase/(Decrease) in Prepaid Expenses	1.3	-0.3	-1.2	7.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-66.0	-54.3	-73.2	-64.2	0.0
Corporate Income Tax Paid	-60.4	-46.5	-32.3	-20.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-8.2	-16.4	-11.8	-13.5	0.0
Net Cash Flow from Operating Activities	-160.2	-135.5	-110.8	203.6	648.7
Payments for Fixed Assets and Other Long-term Assets	-10.7	-8.2	-8.7	-16.5	-6.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	23.7	0.9	0.5	0.0
Loans and Purchases of Debt Instruments	-744.9	-1,036.1	-690.0	-359.0	-81.0
Receipts from Loan Repayments and Sale of Debt Instruments	798.0	1,203.7	401.3	397.5	0.0
Investments in Other Entities	-494.0	0.0	-8.1	-29.2	0.0
Proceeds from Investments in Other Entities	27.3	0.0	44.7	89.9	0.0
Dividends and Interest Income Received	312.0	253.0	264.2	128.9	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	-111.3	436.1	4.3	212.1	-22.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	-20,400,000.00	-20,400,000.00
Proceeds from Borrowings	4,519.5	3,518.4	3,332.6	2,890.7	2,653.8
Repayment of Borrowings	-4,239.4	-3,448.1	-3,189.4	-3,087.3	-3,063.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-251.9	-185.8	-15.2	-318.3	-106.4
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	28.2	-115.5	128.0	-514.9	-515.7
Net Cash Flow During the Period	-243.4	185.1	21.5	-99.1	-58.5
Cash and Cash Equivalents at Beginning of Period	289.1	104.3	83.5	193.9	0.0
FX Difference from Revaluation	-0.8	-0.4	-0.6	-11.3	-0.1
Cash and Cash Equivalents at End of Period	44.9	289.1	104.3	83.5	193.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,239.0	1,706.6	1,333.2	1,407.6	1,243.9	1,579.8	1,223.4	1,536.0	1,196.0	1,771.4	1,275.7	1,331.7
Revenue Deductions	1.6	15.3	6.2	8.8	1.0	1.7	3.7	2.2	1.1	5.9	4.8	11.0
Net Revenue	1,237.4	1,691.3	1,326.9	1,398.8	1,242.9	1,578.1	1,219.7	1,533.8	1,194.8	1,765.5	1,270.8	1,320.6
Cost of Goods Sold	1,099.5	1,544.7	1,201.1	1,263.3	1,104.5	1,401.9	1,090.6	1,377.7	1,040.6	1,604.9	1,110.4	1,181.4
Gross Profit	137.9	146.6	125.9	135.5	138.5	176.2	129.1	156.2	154.3	160.6	160.4	139.2
Financial Income	22.4	32.6	38.8	159.6	34.6	39.1	33.4	156.3	29.4	78.0	27.5	131.5
Financial Expenses	-7.8	37.6	28.0	37.7	12.9	38.6	36.6	7.7	22.1	55.9	56.0	33.0
Interest Expense	24.0	19.7	16.8	15.8	14.9	14.3	12.9	12.3	14.0	16.4	17.9	19.3
Share of Associates and Joint Ventures	82.6	333.4	29.3	-0.9	24.2	22.4	28.4	69.2	39.7	28.3	29.0	40.6
Selling Expenses	65.9	89.7	66.6	68.7	60.4	82.5	63.6	62.5	62.1	68.6	64.2	68.0
General and Administrative Expenses	22.3	40.3	31.2	33.3	28.2	47.8	27.5	44.3	33.3	51.3	29.9	33.3
Operating Profit	162.5	345.1	68.2	154.5	95.8	68.8	63.1	267.3	105.9	91.1	66.8	177.0
Other Income	0.0	-1.1	40.1	4.2	0.2	1.8	29.4	0.8	0.4	2.2	0.5	0.1
Other Expenses	0.2	1.7	0.3	1.3	0.5	1.8	0.2	0.7	0.2	0.4	1.3	1.4
Other Profit	-0.1	-2.7	39.8	2.9	-0.3	-0.1	29.2	0.1	0.2	1.7	-0.8	-1.3
Profit Before Tax	162.4	342.4	108.1	157.5	95.6	68.8	92.3	267.4	106.0	92.8	66.0	175.7
Current Income Tax Expense	8.6	4.0	10.5	8.4	9.7	14.1	8.1	9.3	11.6	13.8	7.3	6.9
Deferred Income Tax Expense	—	-1.8	5.3	-1.4	—	0.0	5.2	-1.3	0.0	-3.9	0.0	0.0
Net Income	153.7	340.2	92.3	150.5	85.8	54.6	79.1	259.4	94.4	82.9	58.7	168.8
Non-controlling Interest	11.7	8.7	19.7	9.7	13.2	10.5	19.1	10.4	13.8	12.2	13.0	9.1
Profit Attributable to Parent	142.0	331.5	72.6	140.8	72.6	44.1	60.0	249.0	80.7	70.7	45.7	159.8
Earnings per Share	592.00	1,398.93	306.17	594.01	300.00	186.19	253.30	1,050.68	340.33	350.00	248.00	712.00
Diluted EPS	592.00	1,398.93	306.17	594.01	300.00	1,760.00	253.30	1,050.68	340.33	298.27	192.97	674.23

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)	4,732.4	4,695.1	4,805.6	4,940.4	4,612.7	4,235.2	4,086.1	4,216.3	3,988.7	4,061.1	3,671.2	3,723.2
I. Cash and cash equivalents	44.2	44.9	549.3	101.0	52.9	289.2	540.6	55.2	63.7	104.3	50.2	67.9
1. Cash	34.2	43.4	55.3	100.0	23.9	38.4	51.3	53.7	63.7	104.3	40.7	67.9
2. Cash equivalents	10.0	1.5	494.0	1.0	29.0	250.8	489.3	1.5	0.0	0.0	9.5	0.0
II. Short-term financial investments	653.2	702.5	621.4	763.6	975.9	755.7	498.9	1,087.2	952.5	923.2	813.5	765.4
1. Available for sale securities	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	653.2	702.5	621.4	763.6	975.8	755.6	498.9	1,087.1	952.4	923.2	813.4	765.3
III. Short-term receivables	2,042.7	1,916.6	1,731.3	2,360.5	1,906.4	1,647.5	1,684.5	1,726.6	1,644.8	1,778.8	1,575.0	1,711.0
1. Short-term trade accounts receivable	1,939.6	1,845.1	1,650.5	1,731.4	1,707.0	1,586.9	1,507.1	1,604.7	1,518.2	1,628.6	1,438.2	1,581.6
2. Short-term prepayments to suppliers	71.4	23.9	35.4	47.4	43.5	31.6	156.6	69.8	75.0	79.2	77.8	43.0
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	89.6	103.1	91.1	621.6	196.7	70.1	58.9	90.6	82.2	100.7	82.0	109.8
7. Provision for short-term doubtful debts (*)	-58.0	-55.6	-45.7	-39.9	-40.7	-41.1	-38.1	-38.5	-30.7	-29.7	-23.0	-23.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,940.3	1,975.1	1,860.2	1,683.1	1,637.6	1,503.3	1,325.3	1,315.4	1,287.1	1,223.7	1,191.6	1,143.4
1. Inventories	1,952.7	1,987.4	1,870.1	1,717.9	1,664.6	1,532.0	1,353.6	1,373.8	1,344.4	1,279.0	1,239.3	1,191.4
2. Provision for decline in value of inventories	-12.4	-12.3	-9.9	-34.8	-27.0	-28.7	-28.3	-58.4	-57.4	-55.3	-47.7	-48.0
V. Other short-term assets	52.0	56.0	43.3	32.2	39.9	39.5	36.7	31.9	40.7	31.1	41.0	35.6
1. Short-term prepayments	3.0	2.4	2.2	1.6	3.0	2.9	3.2	2.7	7.2	4.3	5.5	3.0
2. Value added tax to be reclaimed	43.7	46.3	39.6	28.3	34.9	34.1	30.8	27.5	32.0	24.8	33.2	29.0
3. Taxes and other receivables from state authorities	5.3	7.3	1.5	2.2	2.0	2.4	2.8	1.7	1.5	2.0	2.3	3.5
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)	3,018.5	2,811.4	1,996.5	1,984.3	2,016.6	2,092.8	2,076.0	2,090.0	2,005.2	2,009.8	2,052.6	2,052.7
I. Long-term receivables	1.3	1.4	1.4	1.4	0.7	0.7	0.7	0.7	2.3	2.5	1.7	1.7
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.3	1.4	1.4	1.4	0.7	0.7	0.7	0.7	2.3	2.5	1.7	1.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	264.2	267.6	263.0	269.0	275.0	281.2	282.7	287.5	294.5	296.6	301.5	310.2
1. Tangible fixed assets	158.7	163.9	158.5	163.8	169.0	174.5	175.3	179.3	185.6	186.9	191.1	199.8
- Cost	515.1	—	—	—	—	520.3	527.2	527.2	532.4	527.5	523.8	529.6
- Accumulated depreciation	-356.4	—	—	—	—	-345.8	-351.9	-347.9	-346.8	-340.5	-332.7	-329.9
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	105.5	103.7	104.5	105.2	106.0	106.7	107.4	108.2	108.9	109.7	110.4	110.4
- Cost	131.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-25.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	34.5	34.8	35.0	35.2	35.5	35.8	36.0	36.3	36.2	53.1	53.7	49.3
- Cost	45.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.4	4.1	8.8	6.9	5.1	0.8	5.3	3.1	0.4	0.3	0.6	2.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	4.1	8.8	6.9	5.1	0.8	5.3	3.1	0.4	0.3	0.6	2.7
V. Long-term financial investments	2,686.1	2,471.7	1,658.7	1,635.8	1,665.1	1,739.1	1,722.3	1,727.7	1,638.4	1,623.3	1,664.6	1,657.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,096.1	1,913.7	911.9	882.5	901.9	988.4	966.5	957.7	890.0	876.0	907.1	880.4
3. Investments in other entities	697.8	697.8	870.8	870.8	870.8	870.8	870.8	870.8	870.8	870.8	862.8	862.8
4. Provision for diminution in value of long-term investments	-107.8	-139.8	-124.0	-117.5	-107.6	-120.2	-115.1	-100.9	-122.4	-123.5	-105.3	-85.7
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	30.9	31.8	29.5	35.9	35.2	35.3	29.0	34.9	33.5	33.9	30.4	31.3
1. Long-term prepayments	28.4	29.3	28.8	29.9	30.6	30.7	29.0	29.7	29.6	30.0	30.4	31.3
2. Deferred income tax assets	2.5	2.5	0.7	6.0	4.6	4.6	0.0	5.2	3.9	3.9	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)	7,750.9	7,506.5	6,802.0	6,924.7	6,629.3	6,328.1	6,162.1	6,306.3	5,993.9	6,070.9	5,723.8	5,775.8
A. LIABILITIES (300=210+330)	3,569.2	3,594.7	3,228.0	3,445.1	3,036.6	2,907.2	2,791.9	3,013.5	2,762.8	2,921.2	2,652.9	2,757.2
I. Short -term liabilities	3,538.1	3,563.6	3,196.5	3,411.6	3,005.1	2,875.8	2,730.0	2,951.6	2,700.8	2,859.9	2,589.0	2,693.6
1. Short-term trade accounts payable	1,794.6	1,810.2	1,608.6	1,596.0	1,602.0	1,555.9	1,444.8	1,513.8	1,479.2	1,590.0	1,484.9	1,659.4
2. Short-term advances from customers	45.0	40.5	23.5	30.7	25.5	23.6	32.4	30.0	30.0	37.2	36.7	38.5
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	28.0	24.3	37.0	53.4	53.1	9.7	11.4	7.6	14.5	13.4	11.5	5.5
4. Payable to employees	13.4	33.6	23.3	15.9	11.7	26.5	17.1	14.3	12.2	25.4	18.4	15.6
5. Short-term acrrued expenses	16.2	12.6	8.2	13.2	10.8	9.8	7.1	3.2	7.4	8.1	11.7	9.2
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	2.8	3.2	3.0	2.0	1.5	2.3	1.2	1.1	3.3	2.8	2.7	2.3
9. Other short-term payables	28.1	129.3	17.1	278.4	44.7	22.2	34.0	206.1	33.7	36.8	23.3	31.8
10. Short-term borrowings and financial leases	1,587.0	1,488.0	1,451.0	1,395.9	1,240.6	1,207.5	1,170.3	1,161.9	1,114.3	1,136.8	993.9	927.2
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	22.7	21.9	24.9	26.1	15.2	18.2	11.7	13.7	6.3	9.4	5.9	4.1
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	31.1	31.1	31.5	33.5	31.5	31.5	61.9	61.9	61.9	61.3	63.8	63.6
1. Long-term trade payables	—	—	0.0	—	—	0.0	30.0	30.0	30.0	30.0	30.0	30.0
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	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3
7. Other long-term liabilities	1.1	1.1	1.1	3.1	1.1	1.1	1.1	1.1	1.1	0.5	0.5	0.5
8. Long-term borrowings and financial leases	29.8	29.8	30.2	30.2	30.2	30.2	30.6	30.6	30.6	30.6	33.0	32.8
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	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	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4,181.6	3,911.8	3,574.0	3,479.6	3,592.7	3,420.8	3,370.2	3,292.8	3,231.2	3,149.7	3,070.9	3,018.7
I. Owner's equity	4,181.6	3,911.8	3,574.0	3,479.6	3,592.7	3,420.8	3,370.2	3,292.8	3,231.2	3,149.7	3,070.9	3,018.7
1. Owner's capital	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0	2,370.0
- Common stock with voting right	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00	2,370,000,000,000.00
- 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	57.6	57.6	57.6	57.6	57.6	57.7	57.7	57.7	57.7	57.7	57.7	57.7
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-366.8	-366.8	-366.8	-366.8	-366.8	-388.4	-388.4	-388.4	-388.4	-388.4	-433.1	-433.1
7. Foreign exchange differences	—	—	—	—	—	1.3	-2.0	-4.4	-1.9	-3.8	-4.4	-6.9
8. Investment and development fund	417.7	417.7	417.7	417.7	416.3	416.3	416.8	435.8	365.7	349.5	349.8	348.8
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
11. Undistributed earnings after tax	1,399.0	1,140.9	809.4	735.4	840.8	732.3	691.0	613.2	611.3	561.3	539.2	500.0
- Accumulated retained earning at the end of the previous period	918.9	522.0	522.0	510.7	753.9	308.5	303.6	288.6	548.8	205.6	248.2	241.9
- Undistributed earnings in this period	480.0	618.9	287.4	224.7	86.9	423.8	387.3	324.6	62.5	355.8	291.0	258.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	303.1	291.4	285.1	264.7	273.8	230.6	224.1	207.8	215.7	202.4	190.8	181.2
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)	7,750.9	7,506.5	6,802.0	6,924.7	6,629.3	6,328.1	6,162.1	6,306.3	5,993.9	6,070.9	5,723.8	5,775.8

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	162.4	342.4	108.1	159.7	95.6	68.8	92.3	266.6	106.0	74.9	66.0	163.7
Depreciation of Fixed Assets and Investment Property	6.6	6.9	7.0	7.2	7.4	8.0	7.4	7.7	7.3	7.6	7.4	7.5
Provision (Increase)/Reversal	-35.0	36.7	-11.5	17.4	-12.4	8.6	-16.3	-11.6	1.8	39.4	19.3	26.1
FX Gain/Loss from Revaluation of Monetary Items	-3.2	-5.4	-3.4	0.8	3.7	-5.7	4.2	-3.5	5.9	-2.4	4.9	7.2
Gain/Loss from Investment Activities	-97.3	-348.2	-51.8	-141.8	-42.0	-48.2	-49.3	-237.9	-59.3	-78.2	-50.2	-140.6
Interest Expense	24.0	19.7	16.8	15.8	14.9	14.3	12.9	12.3	14.0	16.4	17.9	19.3
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	57.4	52.1	65.1	59.1	67.2	45.8	51.3	33.6	75.7	57.6	65.3	83.2
Increase/(Decrease) in Receivables	-173.6	-216.5	90.0	-45.1	-146.7	35.9	9.4	-73.2	133.4	-194.5	86.6	66.7
Increase/(Decrease) in Inventory	63.1	-125.8	-150.8	-56.3	-4.9	-178.5	22.5	-32.9	-45.6	-66.2	-42.1	-82.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-59.4	329.5	21.2	-14.9	49.8	78.6	-41.1	12.2	-145.1	148.1	-157.9	-30.6
Increase/(Decrease) in Prepaid Expenses	0.9	-0.5	0.2	1.7	-0.1	-1.8	-0.0	3.9	-2.4	1.6	-1.4	0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-22.0	-17.7	-17.8	-16.0	-14.5	-13.9	-13.3	-12.8	-14.2	-17.3	-17.0	-17.6
Corporate Income Tax Paid	-4.6	-9.7	-33.6	-7.5	-9.6	-10.6	-8.4	-15.2	-12.2	-8.1	-6.8	-10.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.5	-3.0	492.8	-494.9	-3.0	-1.0	-2.7	-8.9	-3.8	0.7	-3.9	-3.4
Net Cash Flow from Operating Activities	-140.7	8.3	467.1	-573.8	-61.9	-45.5	17.7	-93.3	-14.2	-78.2	-77.0	6.4
Payments for Fixed Assets and Other Long-term Assets	-0.8	-0.8	-5.9	-2.9	-1.1	-2.0	-2.5	-3.2	-0.5	-1.3	-1.6	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.3	0.4	0.1	2.3	0.1	21.0	0.3	0.9	-0.0	0.0
Loans and Purchases of Debt Instruments	-43.9	-110.4	-91.1	-222.3	-321.1	-531.7	-16.6	-394.2	-97.2	-114.3	-88.1	-120.6
Receipts from Loan Repayments and Sale of Debt Instruments	118.8	29.3	233.2	434.6	100.9	274.9	604.9	259.5	68.0	4.5	40.0	1.3
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-8.1	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.1	5.6	21.6	0.0	0.0	0.0	0.0	44.7	0.0	0.0
Dividends and Interest Income Received	14.7	21.9	47.6	250.2	-7.7	19.6	57.5	150.6	25.4	68.7	49.8	123.5
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	88.8	-553.8	184.2	465.5	-207.3	-236.9	643.3	33.7	-4.0	-4.8	0.1	0.8
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	1,099.7	1,215.4	1,274.3	1,214.3	815.5	1,042.2	765.9	945.9	764.5	1,074.4	829.3	759.8
Repayment of Borrowings	-1,100.5	-1,178.8	-1,219.2	-1,059.0	-782.4	-1,005.3	-757.5	-898.4	-786.9	-934.1	-762.2	-765.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	2.4	1.3	-252.9	-0.1	-0.1	-5.8	-180.0	0.0	-0.0	-2.5	-10.9	-1.8
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	1.6	37.9	-197.9	155.2	33.0	31.1	-171.7	47.5	-22.4	137.8	56.2	-7.1
Net Cash Flow During the Period	-50.3	-507.5	453.4	46.9	-236.2	-251.4	489.3	-12.1	-40.6	54.8	-20.8	0.1
Cash and Cash Equivalents at Beginning of Period	91.3	549.3	99.9	52.9	289.1	104.3	104.3	104.3	104.3	83.5	83.5	83.5
FX Difference from Revaluation	3.2	-0.8	-3.9	0.1	0.1	-0.1	-3.6	3.3	0.0	-0.6	3.0	-3.0
Cash and Cash Equivalents at End of Period	44.2	44.9	549.3	99.9	52.9	289.2	540.6	54.9	63.7	104.3	50.2	67.9

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DVN

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