FRT

Bán lẻ Kỹ thuật số FPT ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT −1.10x

Price

127,700

Latest close

02 Jun 2026

P/E 23.04x

P/B 3.94x

EPS 5,542

BVPS 32,377

ROE 23.3%

ROA 4.3%

Profit Margin 1.7%

Asset Turnover 2.56x

Equity Mult. 5.44x

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

What Is Changing

On a TTM 2026Q1 basis, FRT is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 54,530bn
	                                
+27.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,146bn
	                                
+104.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.10x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	51,082.9	40,104.5	31,849.6	30,165.8	22,495.0
Growth	+27%	+26%	+6%	+34%	—
Net Income	984.2	408.4	-329.2	398.1	443.9
Net Margin	1.93%	1.02%	-1.03%	1.32%	1.97%

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	15,116.9	14,912.8	13,109.9	11,390.3	11,669.8	11,447.6	10,375.7	9,239.5	9,041.7	8,690.0	8,236.0	7,170.3
Growth	+1%	+14%	+15%	-2%	+2%	+10%	+12%	+2%	+4%	+6%	+15%	—
Net Income	374.6	348.3	265.9	157.2	212.8	133.9	165.4	48.5	60.7	-103.5	-13.0	-214.8
Net Margin	2.48%	2.34%	2.03%	1.38%	1.82%	1.17%	1.59%	0.52%	0.67%	-1.19%	-0.16%	-3.00%

Drivers of FRT's profit

TTM

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

Gross profit ↑ 2,579.9bn

Financial income ↑ 272.1bn

Selling expenses ↑ 1,693.5bn

Administrative expenses ↑ 299.6bn

Finance costs ↑ 168.0bn

Tax ↑ 122.0bn

TTM

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

Gross profit ↑ 670.4bn

Financial income ↑ 103.9bn

Selling expenses ↑ 410.3bn

Administrative expenses ↑ 103.7bn

Finance costs ↑ 61.1bn

Minority interests ↑ 42.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 27.3% = 1.3% × 2.92 × 7.12

2026Q1 29.2% = 2.1% × 2.56 × 5.44

ROE rose from 27.3% to 29.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 2.1% +0.8pp Asset turnover: 2.56x -0.36x Leverage: 5.44x -1.68x

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 edged up to 2.10%, rising 0.8pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.0pp).

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 2.10% +0.8pp

Gross Margin 19.59% +0.6pp

SG&A / Revenue 16.89% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 3.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 9.10%, rising 2.0pp. That translates to 9.10 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.8pp, with capital turnover fell 1.01x; while invested capital expanded strongly by 4,562bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 9.10% +2.0pp

NOPAT Margin 2.09% +0.8pp

Capital Turnover 4.35x −1.01x

Average Invested Capital 12,545.5bn +4,562.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 3.61x equity, net debt at 2.13x equity.

Inventory ended the period at 11,926.7bn, roughly 50.3% of total assets.

Over the last 12 months, working capital absorbed 2,338.9bn 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: −271.3bn

Inventories increased → lower CFO: −4,723.9bn

Payables increased → higher CFO: +2,656.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.0 days versus the same period last year. The main moves came from DIO rose 9.7 days, DSO rose 0.1 days, and DPO rose 6.8 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 +3.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 1.3 days +0.1 days

Inventory 101.4 days +9.7 days

Payables 41.0 days +6.8 days

Cash Conversion Cycle 61.8 days +3.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.13x and interest coverage only at 3.14x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5.2% of debt, and total debt stands at 12,381.4bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.13x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 2.13x −0.23x

Interest Coverage 3.14x +0.58x

Cash / Debt 5.2% −32.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -1.10x −2.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 2,747.3bn in 2025, against investing cash flow of -5,263.9bn.

Post-investment cash flow was negative +2,516.6bn. Financing cash flow was positive +3,288.6bn.

CFO / net income was -1.10x.

After spending +540.1bn on fixed-asset investment, the business generated trailing free cash flow of −1,546.0bn.

Cash Conversion

CFO TTM 1,005.8bn −1,408.5bn

Cash Capex 540.1bn +76.7bn

FCF TTM −1,546.0bn −1,485.2bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at -1.10x. The main risk still sits in leverage and liquidity, with interest coverage at 3.14x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -1.10x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 2.13x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	51,232.0	40,241.6	31,975.6	30,276.7	22,619.5
Revenue Deductions	149.2	137.1	126.0	110.9	0.0
Net Revenue	51,082.9	40,104.5	31,849.6	30,165.8	22,495.0
Cost of Goods Sold	41,073.2	32,521.4	26,688.0	25,462.6	0.0
Gross Profit	10,009.7	7,583.1	5,161.6	4,703.2	3,151.5
Financial Income	287.8	106.9	80.3	173.7	197.6
Financial Expenses	388.7	253.8	292.3	256.3	-146.2
Interest Expense	388.6	253.4	284.9	231.5	-132.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	7,018.2	5,527.2	4,169.7	3,259.3	-2,067.1
General and Administrative Expenses	1,677.7	1,365.8	1,076.5	887.3	-589.5
Operating Profit	1,212.8	543.1	-296.5	474.0	546.2
Other Income	29.9	24.1	22.1	16.3	0.0
Other Expenses	23.6	40.3	19.7	4.6	0.0
Other Profit	6.3	-16.2	2.3	11.7	7.9
Profit Before Tax	1,219.1	527.0	-294.2	485.6	554.1
Current Income Tax Expense	234.9	118.5	35.0	86.7	-110.2
Deferred Income Tax Expense	—	0.0	0.0	0.9	0.0
Net Income	984.2	408.4	-329.2	398.1	443.9
Non-controlling Interest	189.4	90.9	16.4	7.7	0.2
Profit Attributable to Parent	794.9	317.5	-345.6	390.4	443.7
Earnings per Share	4,653.00	2,293.00	-2,537.00	3,295.00	5,619.00
Diluted EPS	4,653.00	2,293.00	-2,537.00	3,295.00	5,618.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	21,787.1	14,026.2	11,415.3	9,326.8	10,176.6
I. Cash and cash equivalents	2,869.9	2,097.8	960.8	745.6	1,105.2
1. Cash	385.3	475.8	514.8	450.5	0.0
2. Cash equivalents	2,484.6	1,622.0	446.0	295.1	0.0
II. Short-term financial investments	5,929.0	986.0	1,194.0	1,119.0	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	5,929.0	986.0	1,194.0	1,119.0	0.0
III. Short-term receivables	728.9	417.1	394.5	538.3	1,984.6
1. Short-term trade accounts receivable	233.1	176.2	126.0	89.6	0.0
2. Short-term prepayments to suppliers	94.8	44.0	48.9	73.8	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	40.0	0.0
6. Other short-term receivables	410.5	206.5	227.4	342.1	0.0
7. Provision for short-term doubtful debts (*)	-9.5	-9.6	-7.9	-7.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	11,926.7	10,234.7	8,426.9	6,483.8	4,927.6
1. Inventories	12,012.6	10,291.5	8,470.1	6,525.6	0.0
2. Provision for decline in value of inventories	-85.9	-56.7	-43.2	-41.7	0.0
V. Other short-term assets	332.7	290.5	439.2	440.1	338.7
1. Short-term prepayments	262.8	252.1	230.5	260.9	0.0
2. Value added tax to be reclaimed	47.7	16.9	186.4	157.0	0.0
3. Taxes and other receivables from state authorities	22.2	21.5	22.2	22.1	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)	1,927.2	1,806.4	1,683.1	1,197.0	564.1
I. Long-term receivables	194.5	182.8	179.3	170.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	136.8
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	194.5	182.8	179.3	170.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,574.3	1,446.0	1,307.6	847.3	172.0
1. Tangible fixed assets	1,196.5	1,156.7	1,079.5	675.1	16.3
- Cost	2,285.3	1,915.2	1,608.7	979.2	0.0
- Accumulated depreciation	-1,088.8	-758.5	-529.2	-304.1	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	377.8	289.3	228.1	172.1	155.6
- Cost	495.7	348.7	255.2	183.9	0.0
- Accumulated depreciation	-118.0	-59.4	-27.1	-11.8	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	1.4	8.2	0.8	1.8	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	8.2	0.8	1.8	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	157.0	169.4	195.4	177.8	0.0
1. Long-term prepayments	157.0	169.4	195.4	177.8	0.0
2. Deferred income tax assets	—	0.0	0.0	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	255.3
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)	23,714.2	15,832.6	13,098.4	10,523.8	10,740.8
A. LIABILITIES (300=210+330)	18,575.2	13,712.7	11,379.3	8,474.5	9,061.5
I. Short -term liabilities	18,574.5	13,712.2	11,378.7	8,474.4	9,061.4
1. Short-term trade accounts payable	5,996.0	3,202.4	2,274.3	2,307.4	2,330.7
2. Short-term advances from customers	61.6	37.9	23.5	35.0	54.0
3. Taxes and other payables to state authorities	244.7	124.5	39.7	3.1	0.0
4. Payable to employees	1,331.6	1,034.4	669.1	535.7	0.0
5. Short-term acrrued expenses	281.8	194.9	125.9	103.3	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	498.5	219.9	13.6	0.3	0.2
9. Other short-term payables	94.8	89.0	113.3	112.2	0.0
10. Short-term borrowings and financial leases	10,051.5	8,800.3	8,108.3	5,363.3	6,047.4
11. Provision for short-term liabilities	5.8	3.0	0.3	0.0	0.0
12.. Bonus and welfare fund	8.2	5.7	10.7	14.0	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	0.7	0.6	0.6	0.1	0.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.7	0.5	0.5	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	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)	5,139.1	2,119.8	1,719.2	2,049.3	1,679.3
I. Owner's equity	5,139.1	2,119.8	1,719.2	2,049.3	0.0
1. Owner's capital	1,703.0	1,362.4	1,362.4	1,184.7	1,679.3
- Common stock with voting right	1,703,017,850,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,184,725,350,000.00	789,817,920,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	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	2,468.4	549.4	236.8	823.5	872.4
- Accumulated retained earning at the end of the previous period	197.1	237.0	586.6	438.0	423.9
- Undistributed earnings in this period	2,271.3	312.4	-349.7	385.5	448.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	967.6	208.0	119.9	41.1	17.1
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)	23,714.2	15,832.6	13,098.4	10,523.8	10,740.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,219.1	527.0	-294.2	485.6	554.1
Depreciation of Fixed Assets and Investment Property	402.6	318.4	233.1	115.3	3.8
Provision (Increase)/Reversal	32.0	17.9	2.5	-4.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.2	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	-267.7	-70.7	-50.0	-147.9	0.0
Interest Expense	388.6	253.4	284.9	231.5	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	1,774.6	1,045.9	176.2	680.1	546.3
Increase/(Decrease) in Receivables	-289.5	136.4	27.4	-93.0	0.0
Increase/(Decrease) in Inventory	-1,721.1	-1,821.4	-1,944.5	-1,549.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3,489.0	1,535.6	176.0	36.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.7	4.5	12.7	-226.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-393.2	-225.0	-301.4	-219.0	0.0
Corporate Income Tax Paid	-114.1	-38.9	-0.1	-135.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-10.0	-3.3	-0.8	0.0
Net Cash Flow from Operating Activities	2,747.3	627.1	-1,857.1	-1,507.7	-1,211.6
Payments for Fixed Assets and Other Long-term Assets	-534.4	-489.7	-705.3	-518.2	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-9,601.0	-2,206.0	-2,551.0	-6,940.0	-12,783.9
Receipts from Loan Repayments and Sale of Debt Instruments	4,658.0	2,414.0	2,516.0	9,161.5	10,802.3
Investments in Other Entities	—	0.0	0.0	-2.5	-120.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	213.4	102.1	68.6	159.0	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	-5,263.9	-179.6	-671.7	1,860.1	-1,962.8
Proceeds from Equity Issuance and Capital Contributions	2,037,461,548,491.00	51,569,080,000.00	58,267,830,000.00	11,478,000,000.00	10,244,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	24,716.4	18,698.4	16,941.9	13,421.9	15,431.6
Repayment of Borrowings	-23,465.2	-18,006.3	-14,197.0	-14,105.9	-11,863.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-54.3	-59.2	-39.5	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	3,288.6	689.4	2,744.0	-712.1	3,578.0
Net Cash Flow During the Period	772.0	1,136.8	215.2	-359.7	756.4
Cash and Cash Equivalents at Beginning of Period	2,097.8	960.8	745.6	1,105.2	701.5
FX Difference from Revaluation	0.0	0.2	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	2,869.9	2,097.8	960.8	745.6	1,105.2

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	15,161.5	14,959.5	13,147.2	11,425.7	11,699.6	11,492.3	10,409.5	9,272.0	9,067.8	8,722.4	8,265.6	7,199.8
Revenue Deductions	44.6	46.7	37.3	35.4	29.8	44.7	33.8	32.5	26.1	32.4	29.7	29.5
Net Revenue	15,116.9	14,912.8	13,109.9	11,390.3	11,669.8	11,447.6	10,375.7	9,239.5	9,041.7	8,690.0	8,236.0	7,170.3
Cost of Goods Sold	12,122.0	12,038.1	10,570.5	9,119.2	9,345.3	9,373.2	8,485.4	7,428.5	7,234.3	7,167.4	6,864.6	6,086.7
Gross Profit	2,994.9	2,874.7	2,539.4	2,271.1	2,324.5	2,074.5	1,890.3	1,811.0	1,807.3	1,522.6	1,371.3	1,083.7
Financial Income	141.7	104.5	83.2	62.2	37.9	36.3	26.1	19.2	25.3	32.9	21.3	9.5
Financial Expenses	149.8	106.5	99.9	93.7	88.7	78.9	59.5	54.7	60.6	64.3	65.3	76.2
Interest Expense	149.8	106.5	99.9	93.7	88.6	78.9	59.5	54.6	60.4	63.9	62.8	72.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1,998.4	1,979.9	1,789.9	1,660.3	1,588.2	1,465.1	1,319.8	1,361.9	1,380.4	1,266.8	1,029.1	963.0
General and Administrative Expenses	522.1	475.0	410.6	373.7	418.5	405.4	337.8	320.1	302.5	318.2	296.8	256.1
Operating Profit	466.3	417.8	322.3	205.7	267.1	161.3	199.3	93.5	89.1	-93.8	1.4	-202.2
Other Income	8.7	6.6	7.2	8.7	7.5	10.8	5.4	3.8	4.1	7.7	5.0	4.4
Other Expenses	3.4	9.3	4.6	7.7	2.0	2.7	7.5	25.6	4.5	11.1	5.0	2.6
Other Profit	5.3	-2.8	2.6	1.0	5.4	8.1	-2.2	-21.7	-0.3	-3.4	-0.1	1.8
Profit Before Tax	471.6	415.0	324.9	206.7	272.5	169.3	197.1	71.8	88.7	-97.2	1.4	-200.4
Current Income Tax Expense	97.0	66.7	59.0	49.4	59.7	35.5	31.7	23.3	28.1	6.3	14.4	14.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	374.6	348.3	265.9	157.2	212.8	133.9	165.4	48.5	60.7	-103.5	-13.0	-214.8
Non-controlling Interest	87.2	58.8	47.1	38.6	44.8	22.8	24.5	21.7	21.9	-2.6	8.1	3.9
Profit Attributable to Parent	287.4	289.5	218.7	118.7	168.0	111.1	140.9	26.7	38.8	-100.9	-21.1	-218.6
Earnings per Share	1,687.00	1,700.00	1,284.00	871.00	1,233.00	815.00	1,034.00	196.00	285.00	-740.00	-155.00	-1,605.00
Diluted EPS	1,687.31	1,699.99	1,284.39	870.93	1,232.82	815.45	1,034.27	196.29	284.52	-740.42	-154.77	-1,604.54

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)	24,121.4	21,787.1	17,794.0	16,455.1	14,823.7	14,026.2	12,691.5	10,593.0	10,921.0	11,415.3	10,056.5	7,687.8
I. Cash and cash equivalents	644.9	2,869.9	1,162.2	2,352.2	3,391.1	2,097.8	2,169.6	690.9	870.9	960.8	541.3	382.5
1. Cash	644.9	385.3	442.2	399.2	427.1	475.8	472.6	500.9	472.6	514.8	539.3	379.5
2. Cash equivalents	—	2,484.6	720.0	1,953.0	2,964.0	1,622.0	1,697.1	190.0	398.2	446.0	2.0	2.9
II. Short-term financial investments	8,004.3	5,929.0	5,188.0	3,600.0	881.0	986.0	626.0	1,250.0	1,573.0	1,194.0	1,037.0	342.0
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	8,004.3	5,929.0	5,188.0	3,600.0	881.0	986.0	626.0	1,250.0	1,573.0	1,194.0	1,037.0	342.0
III. Short-term receivables	691.2	728.9	676.3	561.7	525.2	417.1	487.9	629.0	655.1	394.5	733.5	512.1
1. Short-term trade accounts receivable	235.8	233.1	208.7	203.9	167.3	176.2	145.8	146.1	125.5	126.0	134.3	87.2
2. Short-term prepayments to suppliers	127.5	94.8	51.4	71.6	51.1	44.0	71.3	107.5	71.5	48.9	107.5	103.7
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	100.0	0.0	60.0	0.0
6. Other short-term receivables	337.2	410.5	425.8	295.7	316.3	206.5	279.7	383.3	366.0	227.4	442.2	331.4
7. Provision for short-term doubtful debts (*)	-9.3	-9.5	-9.7	-9.6	-9.6	-9.6	-9.0	-7.9	-7.9	-7.9	-10.4	-10.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2
IV. Inventories	14,447.6	11,926.7	10,509.2	9,676.3	9,765.9	10,234.7	9,116.6	7,788.8	7,537.1	8,426.9	7,290.0	6,064.9
1. Inventories	14,549.6	12,012.6	10,588.5	9,739.6	9,825.7	10,291.5	9,167.6	7,835.9	7,577.2	8,470.1	7,334.7	6,091.6
2. Provision for decline in value of inventories	-102.0	-85.9	-79.3	-63.3	-59.8	-56.7	-51.0	-47.1	-40.1	-43.2	-44.7	-26.7
V. Other short-term assets	333.4	332.7	258.3	264.9	260.5	290.5	291.4	234.3	284.9	439.2	454.7	386.3
1. Short-term prepayments	229.4	262.8	227.9	242.6	229.0	252.1	226.1	208.8	205.7	230.5	240.3	261.8
2. Value added tax to be reclaimed	81.7	47.7	9.4	1.3	10.1	16.9	43.6	3.7	57.3	186.4	191.8	102.8
3. Taxes and other receivables from state authorities	22.2	22.2	21.0	21.1	21.4	21.5	21.7	21.8	21.9	22.2	22.6	21.7
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)	1,905.8	1,927.2	1,907.8	1,871.6	1,812.4	1,806.4	1,783.2	1,733.9	1,715.9	1,683.1	1,663.5	1,490.7
I. Long-term receivables	198.8	194.5	193.7	189.8	185.0	182.8	183.3	182.3	183.5	179.3	180.0	177.7
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	198.8	194.5	193.7	189.8	185.0	182.8	183.3	182.3	183.5	179.3	180.0	177.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,553.7	1,574.3	1,555.7	1,518.9	1,453.9	1,446.0	1,430.3	1,376.2	1,347.4	1,307.6	1,263.7	977.9
1. Tangible fixed assets	1,169.9	1,196.5	1,205.9	1,193.5	1,147.6	1,156.7	1,156.9	1,120.3	1,105.7	1,079.5	1,074.0	797.8
- Cost	2,347.9	—	—	—	—	1,915.2	1,841.4	1,737.9	1,690.7	1,608.7	1,550.0	1,226.2
- Accumulated depreciation	-1,178.1	—	—	—	—	-758.5	-684.5	-617.6	-585.0	-529.2	-476.0	-428.4
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	383.8	377.8	349.8	325.5	306.3	289.3	273.4	255.9	241.7	228.1	189.7	180.0
- Cost	521.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-137.4	—	—	—	—	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	1.4	1.4	—	—	—	8.2	0.0	0.0	1.0	0.8	19.2	137.7
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	1.4	—	—	—	8.2	0.0	0.0	1.0	0.8	19.2	137.7
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	151.9	157.0	158.5	162.9	173.5	169.4	169.7	175.3	183.9	195.4	200.7	197.4
1. Long-term prepayments	151.9	157.0	158.5	162.9	173.5	169.4	169.7	175.3	183.9	195.4	200.7	197.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	26,027.2	23,714.2	19,701.9	18,326.8	16,636.1	15,832.6	14,474.8	12,326.9	12,636.9	13,098.4	11,720.1	9,178.5
A. LIABILITIES (300=210+330)	20,513.3	18,575.2	16,058.9	14,949.7	14,303.5	13,712.7	12,483.7	10,498.6	10,857.0	11,379.3	9,924.7	7,401.1
I. Short -term liabilities	20,512.6	18,574.5	16,058.3	14,949.1	14,303.0	13,712.2	12,483.2	10,487.3	10,856.5	11,378.7	9,924.1	7,400.6
1. Short-term trade accounts payable	5,950.4	5,996.0	4,944.4	3,814.8	3,890.5	3,202.4	3,502.8	2,995.8	2,586.4	2,274.3	3,176.9	2,512.4
2. Short-term advances from customers	55.7	61.6	63.9	40.0	35.9	37.9	48.6	30.7	29.9	23.5	71.1	25.1
3. Taxes and other payables to state authorities	101.8	244.7	183.2	137.4	118.6	124.5	113.1	79.2	56.5	39.7	45.2	31.7
4. Payable to employees	964.2	1,331.6	1,075.8	924.6	723.2	1,034.4	924.1	773.4	615.8	669.1	499.7	388.9
5. Short-term acrrued expenses	399.0	281.8	352.7	293.6	255.9	194.9	245.8	198.4	189.6	125.9	177.6	146.4
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	552.4	498.5	408.9	307.5	266.0	219.9	203.9	162.2	62.6	13.6	1.3	0.2
9. Other short-term payables	93.6	94.8	99.3	109.1	104.9	89.0	110.0	95.6	90.2	113.3	295.1	68.1
10. Short-term borrowings and financial leases	12,381.4	10,051.5	8,919.3	9,312.8	8,899.1	8,800.3	7,316.3	6,149.6	7,217.0	8,108.3	5,646.4	4,217.0
11. Provision for short-term liabilities	5.9	5.8	5.1	3.5	3.3	3.0	18.0	1.8	7.8	0.3	0.3	0.2
12.. Bonus and welfare fund	8.2	8.2	5.7	5.7	5.7	5.7	0.7	0.7	0.7	10.7	10.7	10.7
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	0.7	0.7	0.5	0.6	0.6	0.6	0.5	11.2	0.5	0.6	0.5	0.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.7	0.7	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	10.7	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)	5,513.9	5,139.1	3,643.0	3,377.1	2,332.6	2,119.8	1,991.0	1,828.3	1,779.9	1,719.2	1,795.4	1,777.4
I. Owner's equity	5,513.9	5,139.1	3,643.0	3,377.1	2,332.6	2,119.8	1,991.0	1,828.3	1,779.9	1,719.2	1,795.4	1,777.4
1. Owner's capital	1,703.0	1,703.0	1,703.0	1,362.4	1,362.4	1,362.4	1,362.4	1,362.4	1,362.4	1,362.4	1,362.4	1,362.4
- Common stock with voting right	1,703,017,850,000.00	1,703,017,850,000.00	1,703,017,850,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,362,423,890,000.00	1,362,423,890,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2,756.0	2,468.4	1,382.2	1,504.1	717.3	549.4	443.3	302.3	275.6	236.8	340.4	362.9
- Accumulated retained earning at the end of the previous period	2,468.5	197.1	203.5	544.1	549.4	237.0	237.0	236.8	236.8	586.6	586.6	586.6
- Undistributed earnings in this period	287.5	2,271.3	1,178.7	959.9	168.0	312.4	206.4	65.5	38.8	-349.7	-246.1	-223.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,054.9	967.6	557.8	510.6	252.8	208.0	185.2	163.5	141.8	119.9	92.5	52.1
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)	26,027.2	23,714.2	19,701.9	18,326.8	16,636.1	15,832.6	14,474.8	12,326.9	12,636.9	13,098.4	11,720.1	9,178.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	471.6	415.0	324.9	206.7	272.5	169.3	197.1	71.8	88.7	-97.2	1.4	-200.4
Depreciation of Fixed Assets and Investment Property	114.3	109.5	104.4	98.2	90.4	86.7	81.3	76.7	73.7	70.4	61.8	21.6
Provision (Increase)/Reversal	15.9	7.2	17.7	3.7	3.4	-8.7	10.4	11.8	4.3	-4.0	18.1	-19.2
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.1	0.1	-0.0	-0.1	-0.0	0.0	0.1	-0.2	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-137.8	-98.3	-76.6	-57.9	-34.9	-33.8	-20.4	2.5	-19.0	-21.1	-12.9	-5.4
Interest Expense	149.8	106.5	99.9	93.7	88.6	78.9	59.5	54.6	60.4	63.9	62.8	72.8
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	613.7	540.0	470.4	344.3	419.9	292.5	328.0	217.4	208.1	12.0	131.2	-130.5
Increase/(Decrease) in Receivables	-87.2	-86.5	-78.3	-19.3	-105.3	103.0	92.5	-15.7	-43.4	268.8	-242.7	47.9
Increase/(Decrease) in Inventory	-2,537.0	-1,424.1	-848.9	86.1	465.8	-1,123.9	-1,331.7	-258.7	892.9	-1,135.4	-1,243.1	255.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-285.4	1,316.2	1,430.0	195.6	547.3	-294.2	772.7	674.3	382.8	-1,008.4	1,119.3	685.9
Increase/(Decrease) in Prepaid Expenses	38.5	-33.4	19.2	-2.9	18.9	-25.6	-11.7	5.4	36.4	15.0	18.2	-33.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-117.1	-109.6	-87.4	-106.4	-89.8	-61.8	-54.3	-48.0	-60.9	-68.9	-71.3	-73.8
Corporate Income Tax Paid	-235.9	0.0	0.0	0.0	-114.1	0.0	-0.0	0.0	-38.9	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	-10.0	0.0	0.0	-3.3
Net Cash Flow from Operating Activities	-2,610.5	202.5	904.9	497.3	1,142.6	-1,110.1	-204.6	574.8	1,367.0	-1,916.9	-288.4	748.1
Payments for Fixed Assets and Other Long-term Assets	-96.3	-133.7	-144.9	-165.2	-90.5	-111.2	-137.9	-123.8	-116.8	-104.1	-233.1	-215.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-3,769.0	-3,948.0	-2,083.0	-3,165.0	-405.0	-496.0	-540.0	-6.0	-1,164.0	-1,304.0	-875.0	-312.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,851.0	3,207.0	465.0	476.0	510.0	136.0	1,164.0	429.0	685.0	1,207.0	120.0	205.0
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	69.8	97.5	31.6	47.0	37.4	25.4	33.3	13.5	30.0	17.2	6.0	11.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	-1,944.5	-777.2	-1,731.4	-2,807.2	51.9	-445.8	519.4	312.7	-565.9	-183.8	-982.1	-311.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	51,569,080,000.00	0.00	0.00	58,267,830,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	8,150.0	7,448.6	6,028.6	5,913.7	5,325.5	5,790.6	4,621.7	5,219.6	3,066.5	5,825.5	4,899.4	2,436.7
Repayment of Borrowings	-5,820.1	-6,316.5	-6,422.1	-5,500.0	-5,226.7	-4,306.5	-3,455.1	-6,287.0	-3,957.8	-3,363.6	-3,470.0	-3,118.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	-54.3	0.0	0.0	0.0	0.0	-59.2
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	2,329.9	2,282.4	-393.5	1,301.0	98.8	1,484.1	1,163.9	-1,067.4	-891.2	2,520.2	1,429.3	-740.6
Net Cash Flow During the Period	-2,225.1	1,707.7	-1,219.9	-1,009.0	1,293.2	-71.9	1,478.7	-179.9	-90.1	419.5	158.8	-304.3
Cash and Cash Equivalents at Beginning of Period	2,869.9	1,162.2	2,382.2	3,391.1	2,097.8	960.8	960.8	960.8	960.8	745.6	745.6	745.6
FX Difference from Revaluation	0.1	0.0	0.1	0.2	0.1	0.0	-0.0	-0.1	0.2	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	644.9	2,869.9	1,162.2	2,382.2	3,391.1	2,097.8	2,169.6	690.9	870.9	960.8	541.3	382.5

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FRT

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