FOX

Viễn thông FPT ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 17.99%, +1.64pp YoY

Price

80,500

Latest close

02 Jun 2026

P/E 16.80x

P/B 4.90x

EPS 4,791

BVPS 16,420

ROE 31.4%

ROA 13.3%

Profit Margin 17.6%

Asset Turnover 0.75x

Equity Mult. 2.36x

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

What Is Changing

On a TTM 2026Q1 basis, FOX 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 20,083bn
	                                
+10.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,613bn
	                                
+21.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	19,506.7	17,610.4	15,805.8	14,729.6	12,686.4
Growth	+11%	+11%	+7%	+16%	—
Net Income	3,486.2	2,861.1	2,433.5	2,258.3	1,915.8
Net Margin	17.87%	16.25%	15.40%	15.33%	15.10%

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	5,158.2	5,219.8	4,929.7	4,775.0	4,582.2	4,810.6	4,555.5	4,232.0	4,012.3	4,115.4	4,008.4	3,891.7
Growth	-1%	+6%	+3%	+4%	-5%	+6%	+8%	+5%	-3%	+3%	+3%	—
Net Income	900.0	905.3	904.8	903.2	772.9	737.0	717.1	746.6	660.4	589.8	627.5	632.1
Net Margin	17.45%	17.34%	18.35%	18.92%	16.87%	15.32%	15.74%	17.64%	16.46%	14.33%	15.65%	16.24%

Drivers of FOX's profit

TTM

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

Gross profit ↑ 1,163.7bn

Financial income ↑ 209.8bn

Selling expenses ↑ 460.7bn

Tax ↑ 157.8bn

Finance costs ↑ 102.1bn

Administrative expenses ↑ 66.5bn

TTM

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

Gross profit ↑ 177.2bn

Financial income ↑ 71.3bn

Deferred tax ↓ 14.9bn

Selling expenses ↑ 46.8bn

Tax ↑ 46.6bn

Finance costs ↑ 44.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 31.0% = 16.4% × 0.79 × 2.40

2026Q1 32.0% = 18.0% × 0.75 × 2.36

ROE rose from 31.0% to 32.0% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 18.0% +1.6pp Asset turnover: 0.75x -0.04x Leverage: 2.36x -0.04x

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 17.99%, rising 1.6pp. The main driver is Gross margin rose 1.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.3pp).

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 17.99% +1.6pp

Gross Margin 49.23% +1.2pp

SG&A / Revenue 29.03% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 18.31%, rising 0.5pp. That translates to 18.31 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.4pp was enough to offset the decline from capital turnover fell 0.05x, while invested capital rose by 2,772bn.

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

CAPITAL EFFICIENCY TREND

ROIC 18.31% +0.5pp

NOPAT Margin 17.96% +1.4pp

Capital Turnover 1.02x −0.05x

Average Invested Capital 19,704.2bn +2,772.0bn

Balance Sheet

Capital structure is balanced — liabilities at 1.32x equity, net debt at 0.79x equity.

Over the last 12 months, working capital absorbed 276.6bn 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: −350.5bn

Inventories increased → lower CFO: −511.8bn

Payables increased → higher CFO: +585.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 5.9 days versus the same period last year. The main moves came from DIO rose 12.6 days, DSO fell 1.9 days, and DPO rose 4.9 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.9 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +12.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 35.7 days −1.9 days

Inventory 53.3 days +12.6 days

Payables 58.9 days +4.9 days

Cash Conversion Cycle 30.2 days +5.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.79x and interest coverage at 10.78x.

At present, short-term debt accounts for 97.0% of total debt, cash equals 6.5% of debt, and total debt stands at 10,295.4bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 97.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.79x +0.10x

Interest Coverage 10.78x −1.13x

Cash / Debt 6.5% +1.1pp

Short-term Debt / Total Debt 97.0% −1.9pp

CFO / NI 0.74x −0.31x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,708.0bn in 2025, against investing cash flow of -2,032.7bn.

Post-investment cash flow was positive +1,675.3bn. Financing cash flow was negative +1,654.5bn.

CFO / net income was 0.74x.

After spending +1,983.6bn on fixed-asset investment, the business generated trailing free cash flow of +640.2bn.

Cash Conversion

CFO TTM 2,623.8bn −430.2bn

Cash Capex 1,983.6bn +872.4bn

FCF TTM +640.2bn −1,302.6bn

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 1.6 pp. The main risk still sits in leverage and liquidity, with interest coverage at 10.78x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 17.99% after expanding 1.6pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.79x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	19,521.8	17,617.7	15,812.3	14,743.0	12,698.1
Revenue Deductions	15.1	7.3	6.5	13.3	0.0
Net Revenue	19,506.7	17,610.4	15,805.8	14,729.6	12,686.4
Cost of Goods Sold	9,796.9	9,294.6	8,540.9	7,502.5	0.0
Gross Profit	9,709.8	8,315.8	7,264.9	7,227.1	6,088.3
Financial Income	805.2	659.2	848.9	733.4	496.2
Financial Expenses	374.0	334.2	479.8	441.8	-300.7
Interest Expense	346.7	295.5	445.0	335.2	-220.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	3,501.1	2,856.9	2,329.7	2,185.3	-1,961.1
General and Administrative Expenses	2,291.2	2,150.6	2,269.9	2,500.7	-1,933.3
Operating Profit	4,348.8	3,633.3	3,034.5	2,832.7	2,389.4
Other Income	43.2	23.8	44.8	15.7	0.0
Other Expenses	28.0	69.5	37.3	30.8	0.0
Other Profit	15.2	-45.7	7.5	-15.1	5.6
Profit Before Tax	4,364.0	3,587.6	3,042.1	2,817.6	2,394.9
Current Income Tax Expense	866.7	726.1	629.1	553.9	-479.1
Deferred Income Tax Expense	11.1	0.4	-20.5	5.4	0.0
Net Income	3,486.2	2,861.1	2,433.5	2,258.3	1,915.8
Non-controlling Interest	68.2	57.8	50.5	107.6	95.7
Profit Attributable to Parent	3,418.0	2,803.3	2,383.1	2,150.8	1,820.1
Earnings per Share	4,150.00	5,119.00	4,344.00	5,870.00	5,542.91
Diluted EPS	4,150.00	5,119.00	4,344.00	5,970.00	5,542.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	16,933.8	15,257.3	11,507.8	10,099.2	13,672.0
I. Cash and cash equivalents	713.4	679.3	424.0	1,418.7	374.9
1. Cash	442.9	349.2	169.5	226.7	0.0
2. Cash equivalents	270.5	330.1	254.5	1,192.0	0.0
II. Short-term financial investments	12,378.5	11,376.8	8,651.9	5,856.8	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	12,378.5	11,376.8	8,651.9	5,856.8	0.0
III. Short-term receivables	2,152.6	1,815.1	1,446.7	1,357.7	1,209.0
1. Short-term trade accounts receivable	2,048.5	1,757.5	1,885.6	1,600.4	0.0
2. Short-term prepayments to suppliers	163.1	163.3	38.3	75.6	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	191.8	158.9	145.6	130.9	0.0
7. Provision for short-term doubtful debts (*)	-250.9	-264.6	-622.7	-449.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,426.9	1,196.3	808.2	1,117.6	689.7
1. Inventories	1,441.7	1,213.4	825.0	1,153.0	0.0
2. Provision for decline in value of inventories	-14.8	-17.1	-16.8	-35.3	0.0
V. Other short-term assets	262.3	189.9	176.9	348.4	160.0
1. Short-term prepayments	226.0	145.8	151.1	162.3	0.0
2. Value added tax to be reclaimed	20.4	43.9	25.5	25.8	0.0
3. Taxes and other receivables from state authorities	15.9	0.1	0.4	160.4	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9,171.0	8,511.0	8,632.8	8,326.3	7,377.4
I. Long-term receivables	26.2	25.9	27.2	35.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	34.1
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	26.2	25.9	27.2	35.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5,786.0	5,688.2	6,023.5	5,610.4	4,908.0
1. Tangible fixed assets	5,323.3	5,078.7	5,464.1	4,994.6	4,295.5
- Cost	14,676.9	13,369.0	12,673.7	11,206.2	0.0
- Accumulated depreciation	-9,353.6	-8,290.4	-7,209.6	-6,211.6	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	462.7	609.5	559.4	615.8	612.5
- Cost	1,150.2	1,253.9	1,132.6	1,100.8	0.0
- Accumulated depreciation	-687.6	-644.4	-573.2	-485.0	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	696.6	389.6	417.2	359.4	480.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	696.6	389.6	417.2	359.4	0.0
V. Long-term financial investments	6.0	6.2	6.2	6.2	6.2
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	9.7	9.7	9.7	9.7	0.0
4. Provision for diminution in value of long-term investments	-3.7	-3.7	-3.7	-3.7	0.0
5. Held to maturity investments	—	0.2	0.2	0.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,656.2	2,401.1	2,158.7	2,315.2	0.0
1. Long-term prepayments	2,639.0	2,377.3	2,137.0	2,314.7	0.0
2. Deferred income tax assets	17.3	23.9	21.8	0.5	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	1,948.4
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)	26,104.8	23,768.3	20,140.5	18,425.6	21,049.4
A. LIABILITIES (300=210+330)	14,874.0	13,122.1	11,066.8	10,505.9	14,760.4
I. Short -term liabilities	14,680.7	13,000.3	11,028.2	10,426.6	13,967.9
1. Short-term trade accounts payable	1,874.6	1,541.3	1,075.7	1,576.6	1,380.3
2. Short-term advances from customers	134.3	123.3	69.0	67.9	131.0
3. Taxes and other payables to state authorities	400.3	426.4	251.3	41.0	0.0
4. Payable to employees	1,783.8	1,497.1	1,296.1	1,330.9	0.0
5. Short-term acrrued expenses	413.2	345.8	225.8	157.8	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	1,881.7	1,745.7	1,354.1	1,550.6	1,380.5
9. Other short-term payables	272.5	279.8	313.7	211.4	0.0
10. Short-term borrowings and financial leases	7,359.5	6,540.6	5,981.7	5,140.5	9,072.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	560.8	500.3	460.9	350.0	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	193.3	121.8	38.6	79.2	792.5
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	31.4	34.9	36.0	37.0	40.9
7. Other long-term liabilities	2.7	1.7	1.7	2.0	0.0
8. Long-term borrowings and financial leases	151.3	81.8	0.0	40.0	744.7
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	7.9	3.4	0.9	0.2	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)	11,230.8	10,646.3	9,073.8	7,919.7	6,289.0
I. Owner's equity	11,230.8	10,646.3	9,073.8	7,919.7	0.0
1. Owner's capital	7,387.6	4,925.1	4,925.1	3,283.4	6,289.0
- Common stock with voting right	7,387,634,630,000.00	4,925,091,640,000.00	4,925,091,640,000.00	3,283,395,380,000.00	3,283,695,530,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	20.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	55.4	55.4	55.4	55.4	55.4
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	580.6	2,122.1	1,709.7	1,424.5	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	2,872.0	3,189.9	2,065.7	2,840.4	1,821.7
- Accumulated retained earning at the end of the previous period	321.2	1,081.5	281.4	1,227.2	532.9
- Undistributed earnings in this period	2,550.8	2,108.4	1,784.3	1,613.2	1,288.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	335.1	353.8	317.9	316.0	283.3
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)	26,104.8	23,768.3	20,140.5	18,425.6	21,049.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	4,364.0	3,587.6	3,042.1	2,817.6	2,394.9
Depreciation of Fixed Assets and Investment Property	1,323.8	1,372.3	1,333.3	1,173.7	1,130.4
Provision (Increase)/Reversal	47.7	87.3	155.1	48.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-13.6	-6.4	-15.5	-19.1	0.0
Gain/Loss from Investment Activities	-719.5	-524.8	-784.8	-675.6	0.0
Interest Expense	346.7	295.5	445.0	335.2	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	5,349.0	4,811.5	4,175.1	3,679.8	3,370.2
Increase/(Decrease) in Receivables	-358.0	-470.0	-145.6	-337.0	0.0
Increase/(Decrease) in Inventory	-228.3	-388.4	327.9	-408.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	897.4	1,256.4	-518.1	378.1	0.0
Increase/(Decrease) in Prepaid Expenses	-341.9	-235.0	189.0	-407.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-356.4	-341.5	-430.6	-323.0	0.0
Corporate Income Tax Paid	-955.4	-558.2	-410.4	-687.4	0.0
Other Operating Receipts	0.0	0.0	0.2	0.1	0.0
Other Operating Payments	-298.5	-248.8	-138.0	-172.6	0.0
Net Cash Flow from Operating Activities	3,708.0	3,826.0	3,049.6	1,722.3	2,324.0
Payments for Fixed Assets and Other Long-term Assets	-1,750.8	-1,032.2	-1,836.8	-1,784.4	-1,317.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.1	6.3	0.7	1.0
Loans and Purchases of Debt Instruments	-26,011.1	-22,296.2	-18,781.1	-15,708.0	-17,751.3
Receipts from Loan Repayments and Sale of Debt Instruments	25,009.6	0.0	15,984.0	21,089.7	13,121.4
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	19,571.3	0.0	0.0	0.0
Dividends and Interest Income Received	718.6	538.0	789.2	737.6	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	-2,032.7	-3,218.9	-3,838.5	4,335.6	-5,559.7
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	19,344.7	15,486.6	18,638.5	11,276.7	12,492.4
Repayment of Borrowings	-18,457.6	-14,849.5	-17,822.6	-15,901.4	-8,470.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2,541.7	-1,000.7	-1,026.2	-392.4	-1,035.4
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	-1,654.5	-363.5	-210.4	-5,017.1	2,987.0
Net Cash Flow During the Period	20.8	243.5	-999.4	1,040.8	-27.9
Cash and Cash Equivalents at Beginning of Period	679.3	424.0	1,418.7	374.9	630.6
FX Difference from Revaluation	13.4	11.8	4.7	2.9	-6.9
Cash and Cash Equivalents at End of Period	713.4	679.3	424.0	1,418.7	374.9

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	5,159.7	5,229.2	4,932.3	4,776.0	4,584.2	4,817.5	4,555.6	4,232.0	4,012.6	4,120.7	4,008.4	3,891.9
Revenue Deductions	1.5	9.4	2.6	1.0	2.1	6.9	0.0	0.0	0.3	5.3	0.0	0.1
Net Revenue	5,158.2	5,219.8	4,929.7	4,775.0	4,582.2	4,810.6	4,555.5	4,232.0	4,012.3	4,115.4	4,008.4	3,891.7
Cost of Goods Sold	2,672.7	2,743.8	2,412.2	2,367.0	2,273.9	2,593.2	2,389.6	2,200.3	2,111.5	2,211.4	2,080.2	2,137.9
Gross Profit	2,485.5	2,476.0	2,517.6	2,408.0	2,308.3	2,217.4	2,165.9	2,031.7	1,900.8	1,904.0	1,928.3	1,753.8
Financial Income	251.2	208.8	201.3	215.3	179.8	185.1	124.6	177.2	172.3	215.3	274.6	211.4
Financial Expenses	120.3	85.5	106.8	106.2	75.6	80.9	63.4	96.9	93.1	119.2	170.6	118.5
Interest Expense	115.5	83.3	100.3	94.2	68.9	66.5	56.0	87.7	85.2	111.8	155.6	111.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	891.9	923.5	912.0	820.4	845.1	863.6	714.2	664.3	614.8	606.3	573.4	528.1
General and Administrative Expenses	600.0	541.6	566.4	573.6	609.6	535.9	553.6	515.9	545.2	654.3	680.6	529.7
Operating Profit	1,124.4	1,134.2	1,133.6	1,123.1	957.9	922.1	959.4	931.9	820.0	739.4	778.3	788.8
Other Income	10.2	9.8	7.0	11.5	15.0	4.9	3.6	5.7	9.5	8.7	18.9	10.1
Other Expenses	9.1	7.6	8.9	5.4	6.1	5.9	55.5	4.1	3.9	10.4	12.7	8.5
Other Profit	1.1	2.1	-1.9	6.1	8.9	-0.9	-51.9	1.6	5.5	-1.7	6.2	1.7
Profit Before Tax	1,125.5	1,136.3	1,131.7	1,129.2	966.8	921.2	907.5	933.5	825.5	737.7	784.5	790.5
Current Income Tax Expense	239.1	227.1	224.6	222.6	192.4	188.3	189.2	185.5	163.0	165.1	157.3	161.3
Deferred Income Tax Expense	-13.5	4.0	2.3	3.4	1.4	-4.2	1.1	1.3	2.1	-17.2	-0.3	-2.9
Net Income	900.0	905.3	904.8	903.2	772.9	737.0	717.1	746.6	660.4	589.8	627.5	632.1
Non-controlling Interest	13.8	20.6	20.0	19.4	8.2	16.3	19.8	14.6	7.1	20.0	14.8	13.5
Profit Attributable to Parent	886.1	884.6	884.8	883.8	764.8	720.7	697.3	732.0	653.3	569.8	612.8	618.6
Earnings per Share	1,199.49	1,197.46	1,197.69	1,196.30	1,552.80	1,463.35	1,415.81	1,486.34	1,326.42	1,156.97	1,866.21	1,883.89
Diluted EPS	1,199.49	1,197.46	1,197.69	1,196.30	1,552.80	1,463.35	1,415.81	1,486.34	1,326.42	1,156.97	1,866.21	1,883.89

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)	18,673.8	16,933.8	16,022.8	16,656.9	16,151.1	15,229.0	13,243.1	13,477.6	12,978.0	11,499.9	15,059.2	13,271.6
I. Cash and cash equivalents	665.2	713.4	413.1	786.2	407.1	679.3	474.9	364.5	313.1	424.0	230.2	163.7
1. Cash	654.6	442.9	412.6	786.0	406.5	349.2	474.3	364.3	312.7	169.5	229.4	163.5
2. Cash equivalents	10.6	270.5	0.5	0.2	0.6	330.1	0.6	0.2	0.4	254.5	0.8	0.2
II. Short-term financial investments	13,820.8	12,378.5	12,054.5	12,439.1	12,286.3	11,376.8	9,784.4	10,461.8	10,081.0	8,651.9	11,946.3	10,468.7
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	13,820.8	12,378.5	12,054.5	12,439.1	12,286.3	11,376.8	9,784.4	10,461.8	10,081.0	8,651.9	11,946.3	10,468.7
III. Short-term receivables	2,106.1	2,152.6	2,213.3	1,999.0	1,988.4	1,786.8	1,776.0	1,607.0	1,532.8	1,435.6	1,787.0	1,517.5
1. Short-term trade accounts receivable	2,151.3	2,048.5	2,031.3	1,885.7	1,779.1	1,757.5	1,784.9	2,054.6	1,965.6	1,877.7	1,855.8	1,696.8
2. Short-term prepayments to suppliers	189.2	163.1	173.4	190.4	172.3	134.9	57.9	41.1	40.0	35.1	50.7	108.7
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	30.0	30.0
6. Other short-term receivables	33.4	191.8	256.1	167.7	217.8	158.9	182.3	172.2	177.7	145.6	373.7	183.4
7. Provision for short-term doubtful debts (*)	-267.8	-250.9	-247.5	-244.8	-180.7	-264.6	-249.1	-660.8	-650.5	-622.7	-523.2	-501.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,730.2	1,426.9	1,086.9	1,179.1	1,219.1	1,196.3	1,019.8	864.8	851.7	808.2	900.5	945.0
1. Inventories	1,745.1	1,441.7	1,101.6	1,193.9	1,233.3	1,213.4	1,037.9	883.5	875.1	825.0	925.8	976.9
2. Provision for decline in value of inventories	-14.9	-14.8	-14.7	-14.8	-14.2	-17.1	-18.1	-18.7	-23.3	-16.8	-25.3	-31.9
V. Other short-term assets	351.4	262.3	255.1	253.6	250.2	189.9	188.0	179.5	199.3	180.1	195.1	176.6
1. Short-term prepayments	307.8	226.0	224.4	217.3	174.6	145.8	159.3	153.7	170.5	154.3	163.0	140.2
2. Value added tax to be reclaimed	33.8	20.4	30.7	22.2	37.3	43.9	28.7	25.7	28.2	25.5	26.4	27.7
3. Taxes and other receivables from state authorities	9.8	15.9	—	14.1	38.3	0.1	0.0	0.1	0.6	0.4	5.7	8.7
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)	9,965.8	9,171.0	8,772.5	8,589.6	8,512.0	8,539.3	8,296.8	8,302.7	8,390.4	8,632.8	8,611.3	8,535.4
I. Long-term receivables	24.5	26.2	22.9	23.0	23.8	25.9	26.1	26.0	26.3	27.2	27.1	27.4
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	24.5	26.2	22.9	23.0	23.8	25.9	26.1	26.0	26.3	27.2	27.1	27.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5,804.4	5,786.0	5,425.8	5,601.9	5,617.5	5,688.2	5,741.4	5,821.2	5,847.3	6,023.5	5,933.7	5,794.8
1. Tangible fixed assets	5,351.8	5,323.3	4,956.4	5,010.0	5,018.7	5,078.7	5,164.9	5,300.1	5,305.9	5,464.1	5,353.8	5,209.1
- Cost	14,977.9	—	—	—	—	13,369.0	13,213.2	13,060.6	12,775.8	12,673.7	12,340.8	11,930.8
- Accumulated depreciation	-9,626.1	—	—	—	—	-8,290.4	-8,048.3	-7,760.5	-7,469.9	-7,209.6	-6,987.0	-6,721.7
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	452.5	462.7	469.4	592.0	598.8	609.5	576.5	521.1	541.4	559.4	579.9	585.7
- Cost	1,150.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-697.8	—	—	—	—	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	863.1	696.6	766.4	472.6	420.8	389.6	372.0	381.6	455.9	417.2	391.0	345.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	863.1	696.6	766.4	472.6	420.8	389.6	372.0	381.6	455.9	417.2	391.0	345.5
V. Long-term financial investments	6.0	6.0	6.0	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2
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	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7
4. Provision for diminution in value of long-term investments	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7
5. Held to maturity investments	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3,267.9	2,656.2	2,551.5	2,485.9	2,443.7	2,429.4	2,151.0	2,067.7	2,054.7	2,158.7	2,253.3	2,361.4
1. Long-term prepayments	3,241.4	2,639.0	2,536.9	2,468.9	2,423.6	2,405.6	2,134.3	2,049.3	2,035.3	2,137.0	2,249.3	2,358.0
2. Deferred income tax assets	26.5	17.3	14.6	17.0	20.1	23.9	16.7	18.3	19.4	21.8	4.0	3.4
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)	28,639.6	26,104.8	24,795.4	25,246.5	24,663.1	23,768.3	21,539.9	21,780.3	21,368.4	20,132.7	23,670.4	21,807.0
A. LIABILITIES (300=210+330)	16,509.0	14,874.0	14,110.8	15,466.8	14,228.9	13,122.1	11,342.4	12,283.8	12,618.3	11,063.0	14,938.7	13,702.8
I. Short -term liabilities	16,162.2	14,680.7	13,864.4	15,329.6	14,105.9	13,000.3	11,305.0	12,245.7	12,580.7	11,024.4	14,898.8	13,663.0
1. Short-term trade accounts payable	1,831.8	1,874.6	1,428.5	1,514.1	1,456.8	1,541.3	1,182.7	1,206.4	1,342.1	1,075.7	1,073.7	1,095.5
2. Short-term advances from customers	118.9	134.3	113.6	121.8	91.9	123.3	113.6	87.1	68.4	69.0	85.0	106.7
3. Dividends and profits payable	3.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	280.3	400.3	329.4	327.1	262.1	426.4	267.3	277.3	262.0	250.1	233.0	219.2
4. Payable to employees	1,122.0	1,783.8	1,833.5	1,521.9	1,147.7	1,497.1	1,353.0	1,237.1	1,005.2	1,301.6	1,268.1	897.0
5. Short-term acrrued expenses	438.0	413.2	407.9	429.3	374.8	308.5	344.4	363.9	281.1	226.0	344.0	248.2
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	1,867.3	1,881.7	1,704.2	1,767.6	1,640.4	1,745.7	1,463.2	1,545.2	1,452.1	1,354.1	1,478.3	1,594.7
9. Other short-term payables	224.0	272.5	254.5	237.4	1,224.7	317.1	244.6	195.6	166.2	305.8	232.6	229.3
10. Short-term borrowings and financial leases	9,986.6	7,359.5	7,588.5	9,173.0	7,534.7	6,540.6	6,120.8	7,112.9	7,779.9	5,981.7	9,969.8	9,054.7
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	289.7	560.8	204.4	237.4	372.7	500.3	215.5	220.3	223.7	460.4	214.4	217.8
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	346.8	193.3	246.4	137.1	123.0	121.8	37.4	38.1	37.6	38.6	40.0	39.8
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	31.2	31.4	32.2	34.0	34.4	34.9	35.3	35.4	35.3	36.0	36.0	36.3
7. Other long-term liabilities	3.2	2.7	2.2	1.8	1.8	1.7	1.7	1.8	1.7	1.7	3.6	3.4
8. Long-term borrowings and financial leases	308.8	151.3	210.9	100.0	85.7	81.8	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	3.6	7.9	1.2	1.4	1.1	3.4	0.4	0.9	0.6	0.9	0.3	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)	12,130.6	11,230.8	10,684.5	9,779.7	10,434.2	10,646.3	10,197.6	9,496.5	8,750.1	9,069.7	8,731.7	8,104.1
I. Owner's equity	12,130.6	11,230.8	10,684.5	9,779.7	10,434.2	10,646.3	10,197.6	9,496.5	8,750.1	9,069.7	8,731.7	8,104.1
1. Owner's capital	7,387.6	7,387.6	7,387.6	7,387.6	4,925.1	4,925.1	4,925.1	4,925.1	4,925.1	4,925.1	3,283.4	3,283.4
- Common stock with voting right	7,387,634,630,000.00	7,387,634,630,000.00	7,387,634,630,000.00	7,387,634,630,000.00	4,925,091,640,000.00	4,925,091,640,000.00	4,925,091,640,000.00	4,925,091,640,000.00	4,925,091,640,000.00	4,925,091,640,000.00	3,283,395,380,000.00	3,283,395,380,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	55.4	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	55.4	55.4	55.4	55.4	55.4	55.4	55.4	0.0	55.4	55.4	55.4	55.4
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	580.6	515.0	—	—	2,122.1	2,122.1	1,709.7	1,709.7	1,709.7	1,709.7	1,424.5	1,424.5
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	3,758.0	2,937.6	2,920.2	2,035.4	2,969.6	3,189.9	3,164.1	2,466.8	1,735.0	2,063.4	3,663.9	3,051.2
- Accumulated retained earning at the end of the previous period	2,871.9	386.9	386.9	386.9	2,204.8	1,081.5	1,081.5	1,081.5	1,081.7	281.4	1,853.2	1,853.3
- Undistributed earnings in this period	886.1	2,550.8	2,533.4	1,648.5	764.8	2,108.4	2,082.6	1,385.3	653.3	1,782.0	1,810.7	1,197.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	349.0	335.1	321.3	301.3	362.0	353.8	343.3	339.5	324.9	316.1	304.6	289.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	28,639.6	26,104.8	24,795.4	25,246.5	24,663.1	23,768.3	21,539.9	21,780.3	21,368.4	20,132.7	23,670.4	21,807.0

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	1,125.5	1,136.3	1,131.7	1,129.2	966.8	921.2	907.5	933.5	825.5	743.4	784.5	790.5
Depreciation of Fixed Assets and Investment Property	328.1	332.8	335.8	331.2	324.1	343.1	344.7	341.3	343.1	347.6	340.0	329.3
Provision (Increase)/Reversal	17.0	20.9	18.3	8.4	0.1	24.3	23.1	5.7	34.3	91.0	15.1	22.3
FX Gain/Loss from Revaluation of Monetary Items	1.1	-1.5	-2.6	-7.1	-2.4	-12.0	48.8	-28.6	-14.7	-15.8	2.2	6.7
Gain/Loss from Investment Activities	-226.5	-193.0	-180.0	-182.3	-164.2	-156.1	-103.6	-130.1	-135.0	-194.3	-257.3	-197.3
Interest Expense	115.5	83.3	100.3	94.2	68.9	66.5	56.0	87.7	85.2	111.8	155.6	111.2
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	1,360.8	1,378.7	1,403.4	1,373.6	1,193.3	1,187.0	1,276.5	1,209.4	1,138.5	1,083.8	1,040.2	1,062.7
Increase/(Decrease) in Receivables	-140.5	-32.8	-148.5	-28.7	-148.0	-53.3	-226.8	-88.0	-73.6	-8.7	-95.7	37.7
Increase/(Decrease) in Inventory	-303.3	-340.2	92.3	39.4	-19.9	-175.5	-154.4	-8.4	-50.0	100.8	51.1	243.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-903.1	694.6	147.9	646.2	-591.4	831.3	165.5	268.2	-8.7	-58.3	233.5	-195.3
Increase/(Decrease) in Prepaid Expenses	-684.2	-103.7	-75.1	-88.0	-75.2	-257.7	-90.7	2.9	82.2	124.2	86.0	57.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-84.6	-102.9	-100.8	-68.0	-84.7	-46.3	-128.9	-68.0	-98.3	-192.5	-69.2	-79.6
Corporate Income Tax Paid	-241.7	-213.3	-220.8	-191.1	-330.2	-50.1	-185.4	-158.1	-164.6	-155.5	-134.4	-106.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.0
Other Operating Payments	-271.1	-2.6	-33.0	-135.4	-127.5	-3.4	-4.8	-3.4	-237.2	-2.3	-3.4	-48.0
Net Cash Flow from Operating Activities	-1,267.7	1,277.9	1,065.5	1,548.2	-183.6	1,431.9	651.1	1,154.6	588.3	891.6	1,108.0	971.7
Payments for Fixed Assets and Other Long-term Assets	-521.1	-629.9	-461.3	-371.3	-288.3	-312.1	-266.3	-244.5	-209.3	-470.4	-536.8	-501.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.3	0.0	0.3	0.5	0.0	0.0	0.0	0.0	0.0	6.2	0.0
Loans and Purchases of Debt Instruments	-4,618.3	-8,905.6	-3,461.1	-8,873.8	-4,770.6	-7,749.7	-3,672.5	-6,420.3	-4,453.7	-5,195.5	-2,989.1	-8,960.7
Receipts from Loan Repayments and Sale of Debt Instruments	3,460.5	8,581.6	3,845.9	8,721.0	3,861.1	6,157.3	4,349.9	6,039.5	3,024.6	8,517.9	1,511.5	4,417.0
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	113.5	264.0	109.8	236.3	108.5	159.1	108.3	162.1	108.5	424.8	71.7	223.8
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,565.4	-689.7	33.3	-287.5	-1,088.8	-1,745.3	519.4	-463.2	-1,529.9	3,276.9	-1,936.5	-4,821.0
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	6,502.9	4,591.8	3,863.6	5,744.1	5,145.2	3,303.5	3,822.5	2,977.7	5,382.9	3,717.6	4,786.3	7,695.1
Repayment of Borrowings	-3,718.0	-4,878.2	-5,338.1	-4,093.0	-4,148.2	-2,801.0	-4,854.5	-3,622.7	-3,571.2	-7,690.5	-3,877.8	-3,230.9
Repayment of Finance Leases	—	—	—	—	—	-1,000.7	0.0	0.0	0.0	1,024.7	-1,024.7	0.0
Dividends Paid	-0.2	0.0	0.0	-2,541.7	—	0.0	-16.0	0.0	-984.6	-1,026.2	1,007.0	-678.8
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	2,784.6	-286.5	-1,474.5	-890.6	997.0	502.5	-1,048.0	-645.0	827.0	-3,974.5	890.8	3,785.5
Net Cash Flow During the Period	-48.4	301.7	-375.8	370.2	-275.3	189.1	122.4	46.4	-114.6	194.0	62.4	-63.8
Cash and Cash Equivalents at Beginning of Period	713.4	413.1	786.2	407.1	679.3	424.0	424.0	424.0	424.0	1,418.7	1,418.7	1,418.7
FX Difference from Revaluation	0.2	13.4	14.8	12.1	3.1	15.2	-12.0	5.0	3.7	-0.2	4.1	0.4
Cash and Cash Equivalents at End of Period	665.2	713.4	413.1	786.2	407.1	679.3	474.9	364.5	313.1	424.0	230.2	163.7

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FOX

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