GEX

Tập đoàn GELEX ·HOSE ·2026Q1

▲ Slightly positive

Price

31,400

Latest close

03 Jun 2026

P/E 18.15x

P/B 0.83x

EPS 1,730

BVPS 37,608

ROE 5.3%

ROA 2.2%

Profit Margin 3.7%

Asset Turnover 0.59x

Equity Mult. 2.45x

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

What Is Changing

On a TTM 2026Q1 basis, GEX is maintaining revenue growth, but margins have not improved proportionally — 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 42,336bn
	                                
+20.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,161bn
	                                
+10.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.72x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	39,512.5	33,752.3	29,997.8	32,088.8	28,584.7
Growth	+17%	+13%	-7%	+12%	—
Net Income	2,956.1	2,669.3	863.9	1,531.8	1,666.5
Net Margin	7.48%	7.91%	2.88%	4.77%	5.83%

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	10,721.7	11,642.4	9,841.1	10,130.6	7,916.4	10,142.4	8,708.6	8,250.5	6,660.0	8,105.2	7,487.2	7,995.7
Growth	-8%	+18%	-3%	+28%	-22%	+16%	+6%	+24%	-18%	+8%	-6%	—
Net Income	578.8	595.7	781.3	1,205.1	436.5	1,013.8	297.1	1,103.7	253.5	-79.6	258.2	651.8
Net Margin	5.40%	5.12%	7.94%	11.90%	5.51%	10.00%	3.41%	13.38%	3.81%	-0.98%	3.45%	8.15%

Drivers of GEX's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher tax. Supporting and offsetting drivers:

Gross profit ↑ 1,661.3bn

Associates income ↑ 151.9bn

Other profit ↑ 49.2bn

Tax ↑ 596.7bn

Minority interests ↑ 509.6bn

Finance costs ↑ 398.0bn

TTM

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

Gross profit ↑ 403.6bn

Associates income ↑ 53.1bn

Financial income ↑ 41.3bn

Finance costs ↑ 239.8bn

Minority interests ↑ 130.4bn

Selling expenses ↑ 49.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.4% = 8.1% × 0.63 × 2.39

2026Q1 10.8% = 7.5% × 0.59 × 2.45

ROE fell from 12.4% to 10.8% — asset turnover weakened the most, though leverage still provided support.

Net margin: 7.5% -0.7pp Asset turnover: 0.59x -0.04x Leverage: 2.45x +0.05x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 7.47%, falling 0.7pp. SG&A / Revenue fell 0.7pp and Gross margin rose 0.4pp improved but not enough to offset the weakness in Net financial result / Revenue fell 1.1pp (Other profit / Revenue rose 0.1pp still added support).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 7.47% −0.7pp

Gross Margin 20.85% +0.4pp

SG&A / Revenue 8.34% −0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC narrowed to 5.97%, falling 1.3pp. That translates to 5.97 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.7pp and capital turnover fell 0.08x, while invested capital expanded strongly by 13,019bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

CAPITAL EFFICIENCY TREND

ROIC 5.97% −1.3pp

NOPAT Margin 7.35% −0.7pp

Capital Turnover 0.81x −0.08x

Average Invested Capital 52,124.7bn +13,018.8bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.44x equity, net debt at 0.89x equity.

Inventory ended the period at 14,455.0bn, roughly 19.6% of total assets.

Over the last 12 months, working capital absorbed 4,446.3bn 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: −5,630.5bn

Inventories increased → lower CFO: −382.4bn

Payables increased → higher CFO: +1,566.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 35.5 days versus the same period last year. The main moves came from DIO rose 39.6 days, DSO fell 4.0 days, and DPO rose 0.1 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 152.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +39.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 24.5 days −4.0 days

Inventory 159.4 days +39.6 days

Payables 31.1 days +0.1 days

Cash Conversion Cycle 152.7 days +35.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 6,380.0bn due to capex of 5,264.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.89x and interest coverage at 2.38x.

At present, short-term debt accounts for 39.2% of total debt, cash equals 14.4% of debt, and total debt stands at 35,497.7bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 14.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.89x +0.28x

Interest Coverage 2.38x −0.01x

Cash / Debt 14.4% −7.4pp

Short-term Debt / Total Debt 39.2% −10.4pp

CFO / NI -0.72x −0.92x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 546.2bn in 2025, against investing cash flow of -5,016.7bn.

Post-investment cash flow was negative +4,470.5bn. Financing cash flow was positive +9,049.0bn.

CFO / net income was -0.72x.

After spending +5,264.9bn on fixed-asset investment, the business generated trailing free cash flow of −6,380.0bn.

Cash Conversion

CFO TTM 1,115.1bn −1,471.2bn

Cash Capex 5,264.9bn +964.4bn

FCF TTM −6,380.0bn −2,435.6bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 153 days. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 34.9%.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: working capital remains tied up for too long, with cash cycle at 152.7 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	39,908.2	34,060.2	30,296.4	32,262.7	28,794.0
Revenue Deductions	395.6	307.9	298.6	174.0	0.0
Net Revenue	39,512.5	33,752.3	29,997.8	32,088.8	28,584.7
Cost of Goods Sold	31,096.0	26,990.1	24,489.1	25,630.7	0.0
Gross Profit	8,416.5	6,762.2	5,508.7	6,458.0	4,380.8
Financial Income	1,257.0	1,500.3	449.7	731.2	1,157.5
Financial Expenses	1,770.0	1,689.9	1,888.9	2,266.1	-1,575.4
Interest Expense	1,197.9	1,077.0	1,379.0	1,363.2	-1,110.3
Share of Associates and Joint Ventures	131.9	37.0	60.8	36.0	227.4
Selling Expenses	1,428.3	1,278.6	1,140.7	1,290.0	-894.0
General and Administrative Expenses	2,067.8	1,750.3	1,574.5	1,668.2	-1,285.6
Operating Profit	4,539.3	3,580.6	1,415.1	2,001.1	2,010.6
Other Income	155.8	152.4	84.1	135.9	0.0
Other Expenses	74.1	120.2	102.3	56.5	0.0
Other Profit	81.7	32.2	-18.2	79.5	43.8
Profit Before Tax	4,621.0	3,612.8	1,397.0	2,080.6	2,054.4
Current Income Tax Expense	1,588.7	953.3	617.0	540.5	-387.9
Deferred Income Tax Expense	76.2	-9.8	-83.9	8.3	0.0
Net Income	2,956.1	2,669.3	863.9	1,531.8	1,666.5
Non-controlling Interest	1,478.2	1,038.0	533.5	1,162.8	622.8
Profit Attributable to Parent	1,477.9	1,631.3	330.4	368.9	1,043.7
Earnings per Share	1,638.00	1,910.00	388.00	433.00	1,899.00
Diluted EPS	1,637.74	1,898.12	387.97	433.26	1,225.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	39,414.1	22,828.9	20,299.0	19,800.3	29,868.9
I. Cash and cash equivalents	8,659.5	4,074.2	3,312.7	3,156.3	4,781.5
1. Cash	3,300.1	2,033.5	2,303.5	1,928.3	0.0
2. Cash equivalents	5,359.5	2,040.7	1,009.2	1,228.0	0.0
II. Short-term financial investments	9,967.2	5,042.7	4,123.4	2,520.7	0.0
1. Available for sale securities	7,425.6	4,547.6	3,385.2	2,171.4	0.0
2. Provision for diminution in value of available for sale securities (*)	-137.2	-24.0	-31.2	-2.5	0.0
3. Held to maturity investments	2,678.7	519.0	769.4	351.9	0.0
III. Short-term receivables	4,996.9	4,037.2	3,464.4	4,184.5	5,032.1
1. Short-term trade accounts receivable	2,494.6	2,335.8	2,705.9	2,745.4	0.0
2. Short-term prepayments to suppliers	1,296.3	1,211.9	562.3	1,147.7	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	550.0	115.1	4.5	14.8	0.0
6. Other short-term receivables	1,213.0	865.4	725.5	836.6	0.0
7. Provision for short-term doubtful debts (*)	-556.9	-491.0	-533.8	-560.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	14,455.0	8,684.6	8,323.6	9,110.7	11,604.8
1. Inventories	14,701.1	8,879.3	8,588.3	9,281.3	0.0
2. Provision for decline in value of inventories	-246.1	-194.7	-264.7	-170.6	0.0
V. Other short-term assets	1,335.5	990.2	1,075.0	828.1	926.1
1. Short-term prepayments	79.1	69.0	73.8	87.2	0.0
2. Value added tax to be reclaimed	1,225.1	873.3	905.1	698.8	0.0
3. Taxes and other receivables from state authorities	31.3	47.9	96.1	42.1	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)	34,178.5	30,953.4	34,777.8	32,584.5	31,312.8
I. Long-term receivables	2,246.3	1,409.1	799.0	335.2	0.0
1. Long-term trade receivables	9.4	10.4	7.2	0.0	310.6
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	998.6	1,105.1	521.5	15.0	0.0
6. Other long-term receivables	1,319.3	293.6	270.3	320.2	0.0
7. Provision for long-term doubtful debts	-81.1	0.0	0.0	0.0	0.0
II. Fixed assets	13,017.1	13,872.0	18,799.4	16,954.1	17,239.8
1. Tangible fixed assets	12,100.6	12,977.2	17,863.3	16,030.9	16,254.0
- Cost	25,607.0	24,646.5	29,446.4	26,272.9	0.0
- Accumulated depreciation	-13,506.5	-11,669.3	-11,583.1	-10,242.0	0.0
2. Financial leased fixed assets	274.2	288.1	309.1	262.7	276.0
- Cost	284.6	335.8	349.5	290.2	0.0
- Accumulated depreciation	-10.3	-47.7	-40.4	-27.5	0.0
3. Intangible fixed assets	642.3	606.7	627.1	660.5	709.8
- Cost	1,010.4	832.8	814.3	810.3	0.0
- Accumulated depreciation	-368.1	-226.2	-187.2	-149.8	0.0
III. Investment properties	3,307.7	2,516.2	2,585.0	2,626.7	2,532.6
- Cost	15,893.7	13,989.1	12,764.2	10,416.6	0.0
- Accumulated depreciation	-12,585.9	-11,472.9	-10,179.3	-7,789.9	0.0
IV. Long-term assets in progress	9,979.4	7,928.8	7,325.9	8,072.0	6,495.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	9,979.4	7,928.8	7,325.9	8,072.0	0.0
V. Long-term financial investments	3,209.9	2,989.8	2,658.1	1,818.2	1,783.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,947.2	2,855.8	2,518.9	1,685.9	0.0
3. Investments in other entities	328.7	133.4	138.7	133.4	0.0
4. Provision for diminution in value of long-term investments	-69.1	-1.2	-1.2	-1.2	0.0
5. Held to maturity investments	3.1	1.8	1.8	0.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,418.1	2,237.7	2,610.4	2,778.4	0.0
1. Long-term prepayments	1,238.4	1,014.0	1,211.0	1,268.1	0.0
2. Deferred income tax assets	215.6	160.9	128.3	31.0	0.0
3. Long-term equipment, supplies, spare parts	4.8	4.8	5.3	5.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2,951.2
5. Goodwill	959.3	1,058.0	1,265.7	1,473.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	73,592.6	53,782.3	55,076.9	52,384.8	61,181.7
A. LIABILITIES (300=210+330)	43,419.0	30,524.4	33,853.1	31,341.5	40,679.5
I. Short -term liabilities	21,795.3	16,997.4	18,591.0	17,276.0	22,735.6
1. Short-term trade accounts payable	3,144.8	3,151.5	2,197.0	3,315.6	3,684.4
2. Short-term advances from customers	2,025.8	2,212.8	1,818.6	2,628.9	3,736.1
3. Taxes and other payables to state authorities	1,275.1	660.7	509.0	318.1	0.0
4. Payable to employees	634.2	487.3	444.4	473.6	0.0
5. Short-term acrrued expenses	1,470.0	1,254.3	1,150.7	1,157.6	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	186.1	56.7	50.9	47.8	85.2
9. Other short-term payables	515.6	555.3	2,215.6	1,809.4	0.0
10. Short-term borrowings and financial leases	12,168.4	8,239.1	9,858.4	7,195.9	8,149.0
11. Provision for short-term liabilities	87.6	112.0	97.6	107.2	0.0
12.. Bonus and welfare fund	287.7	267.6	248.8	221.8	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	21,623.7	13,527.0	15,262.2	14,065.4	17,943.9
1. Long-term trade payables	—	0.0	122.9	9.3	9.3
2. Long-term advances from customers	—	214.5	0.0	0.0	0.0
3. Long-term acrrued expenses	204.2	251.0	338.8	188.4	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	3,219.5	3,095.0	3,099.9	2,757.2	2,780.0
7. Other long-term liabilities	129.1	84.0	64.0	66.2	0.0
8. Long-term borrowings and financial leases	16,668.4	8,306.6	10,131.9	9,645.9	13,973.1
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	760.4	630.6	607.8	594.4	0.0
12. Provision for long-term liabilities	277.4	515.6	489.8	481.8	0.0
13. Fund for technology development	364.7	429.5	407.0	322.2	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	30,173.6	23,258.0	21,223.8	21,043.4	20,502.2
I. Owner's equity	30,136.5	23,219.0	21,179.2	20,996.1	0.0
1. Owner's capital	9,024.0	8,594.3	8,515.0	8,515.0	20,452.0
- Common stock with voting right	9,023,989,480,000.00	8,594,297,930,000.00	8,514,957,930,000.00	8,514,957,930,000.00	8,514,957,930,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	662.9	663.0	663.2	663.2	663.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	77.4	77.4	77.4	77.4	77.4
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	23.1	14.6	4.1	-2.1	0.0
8. Investment and development fund	728.1	655.6	431.8	230.0	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	7,263.8	3,952.2	2,616.3	2,546.2	2,628.9
- Accumulated retained earning at the end of the previous period	2,955.0	2,320.9	2,286.0	2,177.3	1,585.2
- Undistributed earnings in this period	4,308.9	1,631.3	330.4	368.9	1,043.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	12,357.3	9,261.9	8,871.4	8,966.3	8,461.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	37.1	39.0	44.6	47.3	50.2
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	37.1	39.0	44.6	47.3	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	73,592.6	53,782.3	55,076.9	52,384.8	61,181.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	4,621.0	3,612.8	1,397.0	2,080.6	2,054.4
Depreciation of Fixed Assets and Investment Property	3,238.1	2,934.9	4,197.2	3,601.0	2,319.0
Provision (Increase)/Reversal	-86.0	-21.3	94.9	74.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-15.2	5.2	41.5	47.7	0.0
Gain/Loss from Investment Activities	-428.7	-1,246.3	-248.9	-535.6	0.0
Interest Expense	1,216.9	1,100.7	1,416.7	1,425.7	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	-46.8	40.0	100.0	118.5	0.0
Operating Profit Before Changes in Working Capital	8,499.3	6,426.0	6,998.4	6,812.4	4,756.7
Increase/(Decrease) in Receivables	-1,143.2	-507.5	416.4	739.3	0.0
Increase/(Decrease) in Inventory	-1,105.1	-344.0	693.5	2,384.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-421.9	26.5	-616.4	-4,825.4	0.0
Increase/(Decrease) in Prepaid Expenses	-224.2	58.3	70.4	15.1	0.0
Changes in Trading Securities	-2,878.0	-1,162.4	-1,213.9	4,882.2	0.0
Interest Paid	-1,134.6	-1,091.7	-1,391.3	-1,428.5	0.0
Corporate Income Tax Paid	-943.1	-783.3	-440.3	-533.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-102.9	-112.5	-90.9	-128.7	0.0
Net Cash Flow from Operating Activities	546.2	2,509.2	4,425.9	7,917.2	-2,511.7
Payments for Fixed Assets and Other Long-term Assets	-5,837.2	-3,835.1	-5,327.0	-4,086.5	-7,847.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	34.8	2.6	5.3	66.5	6.5
Loans and Purchases of Debt Instruments	-4,941.1	-1,288.1	-1,242.8	-1,302.1	-632.4
Receipts from Loan Repayments and Sale of Debt Instruments	2,429.9	1,312.2	327.4	1,273.5	426.8
Investments in Other Entities	-2,353.0	-340.1	-1,275.7	-150.0	542.3
Proceeds from Investments in Other Entities	5,264.4	2,934.8	0.0	519.9	0.0
Dividends and Interest Income Received	385.5	247.2	588.9	546.1	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	-5,016.7	-966.6	-6,923.9	-3,132.6	-5,900.5
Proceeds from Equity Issuance and Capital Contributions	1,052,227,700,000.00	84,031,600,000.00	309,005,000,000.00	208,123,667,750.00	5,267,466,985,968.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	38,751.4	26,855.7	22,283.9	19,654.2	32,174.9
Repayment of Borrowings	-28,322.2	-27,136.3	-19,090.3	-24,982.3	-25,382.1
Repayment of Finance Leases	-75.5	-68.6	-59.8	-12.8	-75.7
Dividends Paid	-2,356.8	-521.8	-792.7	-1,400.0	-350.0
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	9,049.0	-786.9	2,650.0	-6,532.8	11,634.4
Net Cash Flow During the Period	4,578.5	755.7	152.0	-1,748.2	1,447.7
Cash and Cash Equivalents at Beginning of Period	4,074.2	3,312.7	3,156.3	4,906.1	1,559.2
FX Difference from Revaluation	6.8	5.8	4.4	-1.7	0.0
Cash and Cash Equivalents at End of Period	8,659.5	4,074.2	3,312.7	3,156.3	4,781.5

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
Revenue	10,822.9	11,764.5	9,970.1	10,200.4	7,983.3	10,246.7	8,856.4	8,319.7	6,705.4	8,176.5	7,523.3	8,032.0
Revenue Deductions	101.2	122.0	128.9	69.8	67.0	104.3	147.8	69.2	45.4	71.4	36.1	36.3
Net Revenue	10,721.7	11,642.4	9,841.1	10,130.6	7,916.4	10,142.4	8,708.6	8,250.5	6,660.0	8,105.2	7,487.2	7,995.7
Cost of Goods Sold	8,719.9	8,981.9	8,009.5	7,797.0	6,318.1	7,732.5	7,048.4	6,752.5	5,460.4	6,946.2	6,092.5	6,308.1
Gross Profit	2,001.8	2,660.6	1,831.6	2,333.6	1,598.2	2,409.9	1,660.2	1,498.0	1,199.6	1,159.0	1,394.7	1,687.6
Financial Income	131.0	63.6	756.1	346.8	89.7	214.6	30.9	1,085.9	165.3	68.2	196.9	105.9
Financial Expenses	576.1	671.9	426.8	331.7	336.2	377.3	400.4	494.5	418.1	415.4	533.8	331.9
Interest Expense	404.1	342.7	323.6	272.2	244.6	256.8	244.8	273.2	302.5	326.3	358.8	350.1
Share of Associates and Joint Ventures	48.8	100.8	38.3	3.5	-4.3	74.5	-26.9	-3.8	-8.6	12.9	1.0	39.6
Selling Expenses	314.0	404.7	384.3	374.4	264.9	422.2	305.4	316.1	230.9	311.2	293.5	298.2
General and Administrative Expenses	472.4	560.9	567.1	453.0	425.2	601.7	442.8	391.3	327.6	520.6	375.5	315.5
Operating Profit	819.1	1,187.5	1,247.8	1,524.8	657.2	1,297.8	515.6	1,378.1	379.8	-7.1	389.8	887.6
Other Income	16.7	85.1	30.5	35.6	3.5	106.4	13.7	19.8	27.0	52.4	16.6	2.2
Other Expenses	29.6	26.0	25.7	7.9	15.2	58.1	27.6	12.9	21.8	35.3	32.3	19.5
Other Profit	-12.8	59.1	4.8	27.8	-11.7	48.4	-13.9	6.9	5.2	17.1	-15.7	-17.3
Profit Before Tax	806.3	1,246.6	1,252.6	1,552.5	645.5	1,346.2	501.6	1,385.0	385.0	9.9	374.0	870.4
Current Income Tax Expense	239.0	622.8	464.9	309.1	220.7	310.5	217.7	290.0	138.6	112.1	179.2	210.6
Deferred Income Tax Expense	-11.4	28.1	6.5	38.3	-11.7	21.9	-13.2	-8.7	-7.0	-22.6	-63.4	8.0
Net Income	578.8	595.7	781.3	1,205.1	436.5	1,013.8	297.1	1,103.7	253.5	-79.6	258.2	651.8
Non-controlling Interest	333.1	579.1	159.3	539.7	202.7	446.5	198.3	254.2	144.9	-59.7	136.2	330.7
Profit Attributable to Parent	245.6	16.6	621.9	665.4	233.7	567.3	98.9	849.5	108.5	-19.9	122.0	321.1
Earnings per Share	272.00	18.00	689.00	751.00	272.00	664.00	116.00	998.00	127.00	-23.00	143.00	377.00
Diluted EPS	272.20	18.40	689.20	737.32	271.97	660.04	115.03	997.62	127.48	-23.33	143.31	377.14

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)	48,969.8	39,391.8	31,982.8	26,575.0	25,588.2	22,912.0	23,343.4	22,464.3	19,474.6	20,260.8	20,591.0	19,878.0
I. Cash and cash equivalents	5,127.1	8,659.5	4,682.2	3,817.2	4,254.1	4,073.9	2,706.3	4,321.8	3,212.1	3,315.8	3,895.5	3,644.3
1. Cash	3,045.9	3,297.7	2,811.9	2,887.2	2,045.1	2,040.5	1,632.3	3,626.0	2,415.1	2,303.5	2,262.7	1,424.6
2. Cash equivalents	2,081.3	5,361.8	1,870.3	930.0	2,209.0	2,033.5	1,074.0	695.8	797.0	1,012.3	1,632.8	2,219.7
II. Short-term financial investments	11,995.1	9,968.6	7,877.9	6,988.5	5,958.5	5,049.7	5,449.8	3,939.3	3,186.2	4,120.2	2,812.2	3,225.1
1. Available for sale securities	6,673.9	7,224.5	6,608.0	5,012.3	4,813.5	4,547.6	4,994.0	3,208.4	2,455.7	3,385.2	2,096.0	2,423.8
2. Provision for diminution in value of available for sale securities (*)	-102.5	-137.2	-53.0	-21.5	-41.2	-24.0	-46.7	-13.7	-9.8	-31.2	-48.0	-49.8
3. Held to maturity investments	5,423.7	2,881.2	1,322.8	1,997.8	1,186.2	526.0	502.4	744.6	740.2	766.2	764.3	851.1
III. Short-term receivables	11,006.3	4,971.8	8,227.0	4,424.7	4,795.7	4,118.3	4,611.4	3,760.5	3,673.3	3,425.2	4,442.6	3,883.1
1. Short-term trade accounts receivable	2,947.5	2,374.0	2,598.6	2,509.5	2,712.6	2,349.3	2,509.9	2,296.7	2,733.4	2,704.7	3,473.7	3,030.0
2. Short-term prepayments to suppliers	7,387.8	1,383.2	1,649.0	1,386.6	1,786.7	1,214.2	1,049.7	802.9	656.1	561.1	873.1	792.3
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	—	550.0	550.0	113.0	93.0	175.1	540.4	553.0	4.5	4.5	19.7	19.7
6. Other short-term receivables	1,221.7	1,208.4	4,011.8	954.9	719.1	870.7	994.6	592.1	811.7	688.7	596.0	558.8
7. Provision for short-term doubtful debts (*)	-550.7	-543.8	-582.3	-539.2	-515.7	-491.0	-483.2	-484.3	-532.4	-533.8	-519.9	-517.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	19,405.8	14,456.1	9,929.6	10,115.9	9,489.9	8,679.5	9,356.4	9,289.7	8,358.0	8,324.6	8,488.9	8,230.8
1. Inventories	19,584.6	14,702.3	10,172.6	10,379.9	9,678.2	8,874.3	9,555.6	9,467.9	8,593.7	8,589.3	8,666.6	8,411.3
2. Provision for decline in value of inventories	-178.9	-246.1	-243.0	-264.0	-188.2	-194.7	-199.2	-178.2	-235.8	-264.7	-177.6	-180.5
V. Other short-term assets	1,435.5	1,335.7	1,266.0	1,228.7	1,089.9	990.6	1,219.5	1,153.0	1,045.1	1,075.0	951.8	894.7
1. Short-term prepayments	137.7	78.4	101.4	145.0	86.3	69.6	160.9	120.8	118.3	73.8	97.1	124.5
2. Value added tax to be reclaimed	1,266.8	1,225.8	1,114.5	1,027.0	921.0	872.4	1,010.3	964.7	872.1	905.0	784.5	727.3
3. Taxes and other receivables from state authorities	30.9	31.5	50.1	56.6	82.6	48.5	48.3	67.5	54.6	96.2	70.2	43.0
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)	38,045.4	34,165.3	33,268.3	32,686.2	30,929.5	30,891.4	30,273.6	29,978.6	34,418.7	34,815.3	33,692.8	32,530.2
I. Long-term receivables	1,245.0	2,007.2	2,101.1	2,166.5	1,535.7	1,347.1	1,308.2	1,222.7	824.5	811.5	758.6	711.0
1. Long-term trade receivables	9.4	9.4	12.1	6.7	9.4	10.7	21.2	10.7	7.2	7.2	7.2	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	—	998.6	1,003.6	1,050.8	1,082.9	1,045.1	997.2	922.3	547.2	521.5	417.4	432.7
6. Other long-term receivables	1,316.7	1,089.7	1,166.5	1,197.8	443.3	291.3	289.8	289.7	270.1	282.9	334.0	278.4
7. Provision for long-term doubtful debts	-81.1	-90.5	-81.1	-88.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	12,818.6	13,018.2	14,066.9	14,188.9	13,623.7	13,871.8	13,923.8	13,214.6	18,502.4	18,799.4	18,418.2	17,945.7
1. Tangible fixed assets	11,843.4	12,101.6	13,126.6	13,265.7	12,752.4	12,977.0	13,047.4	12,335.7	17,589.2	17,863.3	17,454.7	17,009.4
- Cost	25,613.6	—	—	—	—	24,646.5	24,514.3	23,509.4	29,558.2	29,445.8	28,652.8	27,946.1
- Accumulated depreciation	-13,770.1	—	—	—	—	-11,669.5	-11,466.9	-11,173.7	-11,969.0	-11,582.5	-11,198.1	-10,936.7
2. Financial leased fixed assets	339.9	274.4	284.8	258.1	267.1	288.1	267.5	265.5	295.5	309.1	327.2	290.4
- Cost	360.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-20.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	635.2	642.3	655.5	665.1	604.2	606.7	608.8	613.4	617.6	627.1	636.4	645.9
- Cost	1,014.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-379.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	3,255.4	3,307.7	2,861.8	2,741.9	2,631.0	2,516.2	2,527.1	2,559.2	2,580.5	2,585.0	2,600.6	2,623.7
- Cost	6,720.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3,464.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6,111.3	9,973.7	8,853.7	8,120.9	7,972.0	7,932.4	7,422.3	7,811.3	7,438.1	7,325.8	6,537.3	6,591.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6,111.3	9,973.7	8,853.7	8,120.9	7,972.0	7,932.4	7,422.3	7,811.3	7,438.1	7,325.8	6,537.3	6,591.7
V. Long-term financial investments	12,327.1	3,210.9	3,000.4	3,041.1	2,937.4	2,989.8	2,704.1	2,716.2	2,631.8	2,683.4	2,686.5	1,973.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11,051.9	2,947.9	2,737.6	2,905.7	2,802.1	2,855.8	2,564.9	2,577.0	2,492.6	2,544.2	2,549.0	1,840.9
3. Investments in other entities	328.7	334.3	328.7	201.3	201.3	133.4	138.7	138.7	138.7	138.7	138.7	133.4
4. Provision for diminution in value of long-term investments	-68.4	-73.1	-67.7	-67.7	-67.7	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
5. Held to maturity investments	1,014.9	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	0.1	0.6
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2,288.0	2,647.5	2,384.3	2,427.0	2,229.8	2,234.1	2,388.1	2,454.6	1,227.7	1,344.5	1,373.8	1,314.9
1. Long-term prepayments	1,175.5	1,467.8	1,208.2	1,180.5	1,035.9	1,012.5	1,110.0	1,139.8	1,086.1	1,210.9	1,268.1	1,279.0
2. Deferred income tax assets	201.7	215.6	194.7	186.5	182.1	158.8	163.3	148.1	136.2	128.3	100.4	35.5
3. Long-term equipment, supplies, spare parts	4.8	4.8	4.6	47.7	4.8	4.8	4.8	4.8	5.3	5.3	5.3	0.4
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	905.9	959.3	976.9	1,012.3	1,007.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	1,058.0	1,109.9	1,161.9	1,213.8	1,265.7	1,317.7	1,369.6
TOTAL ASSETS (280=100+200)	87,015.1	73,557.1	65,251.0	59,261.2	56,517.7	53,803.3	53,617.0	52,442.9	53,893.3	55,076.2	54,283.7	52,408.2
A. LIABILITIES (300=210+330)	53,078.0	43,382.8	37,625.1	33,975.1	31,813.8	30,547.8	30,993.9	30,163.7	32,459.1	33,851.5	32,666.3	31,005.5
I. Short -term liabilities	26,440.5	21,724.7	19,952.4	17,877.1	16,737.6	16,995.2	17,467.8	16,766.2	16,756.1	18,716.9	17,471.8	16,243.8
1. Short-term trade accounts payable	3,390.8	3,100.8	3,250.2	3,289.6	2,325.9	3,156.5	2,776.8	2,704.6	2,328.3	2,318.8	2,448.7	2,843.5
2. Short-term advances from customers	5,458.6	2,025.8	1,822.6	1,637.6	1,746.0	2,189.2	1,185.5	1,238.2	1,109.5	1,818.6	1,780.4	2,404.0
3. Dividends and profits payable	308.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	355.7	1,305.0	1,076.0	752.6	365.2	664.2	807.8	544.9	305.2	509.3	740.2	671.4
4. Payable to employees	332.1	640.1	458.8	361.8	286.5	487.2	366.6	303.1	199.1	444.4	351.7	277.9
5. Short-term acrrued expenses	1,509.5	1,461.0	1,640.6	1,444.7	1,407.0	1,285.0	1,404.4	1,217.0	1,254.6	1,150.4	1,162.8	759.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	217.4	187.0	112.0	117.8	125.9	84.1	50.8	50.3	42.5	50.7	45.2	39.5
9. Other short-term payables	545.9	466.6	1,256.5	527.7	418.7	535.7	596.0	1,061.7	1,887.7	2,215.0	2,306.9	1,433.6
10. Short-term borrowings and financial leases	13,903.7	12,164.4	9,895.3	9,313.7	9,671.4	8,213.8	9,876.1	9,189.1	9,278.0	9,862.9	8,254.3	7,430.3
11. Provision for short-term liabilities	127.1	86.3	142.1	125.1	120.4	112.0	105.7	127.8	117.5	97.9	113.1	105.2
12.. Bonus and welfare fund	291.1	287.7	298.2	306.5	270.8	267.6	298.0	329.6	233.7	248.8	268.4	278.9
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	26,637.5	21,658.2	17,672.7	16,097.9	15,076.1	13,552.6	13,526.1	13,397.5	15,703.0	15,134.6	15,194.6	14,761.7
1. Long-term trade payables	—	—	—	—	—	0.0	13.3	17.8	77.9	0.0	0.1	9.3
2. Long-term advances from customers	—	—	85.6	124.2	214.5	214.5	308.0	210.8	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	199.6	204.2	174.7	226.7	249.9	251.0	442.4	395.7	338.8	338.8	154.2	154.1
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	3,356.5	3,219.5	3,276.0	3,236.0	3,122.9	3,095.0	3,108.0	3,064.3	2,957.3	3,099.8	2,992.9	2,711.3
7. Other long-term liabilities	130.8	173.1	83.4	100.3	89.3	84.0	62.0	69.5	67.1	64.0	77.9	73.2
8. Long-term borrowings and financial leases	21,594.0	16,672.4	12,422.1	10,804.8	9,820.5	8,331.8	8,070.5	8,138.6	10,769.9	10,127.3	10,580.1	10,411.2
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	736.4	745.5	699.0	665.3	640.1	630.6	613.2	611.9	608.8	607.8	601.2	601.1
12. Provision for long-term liabilities	256.8	278.8	565.0	567.3	513.6	516.0	513.5	489.6	479.4	489.9	477.4	486.0
13. Fund for technology development	363.4	364.7	366.9	373.2	425.3	429.5	395.3	399.2	403.8	407.0	310.9	315.5
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)	33,937.1	30,174.4	27,626.0	25,286.2	24,703.9	23,255.5	22,623.1	22,279.2	21,434.3	21,224.6	21,617.4	21,402.8
I. Owner's equity	33,937.1	30,137.4	27,588.4	25,248.1	24,665.4	23,216.5	22,581.4	22,237.0	21,390.4	21,180.1	21,572.2	21,356.8
1. Owner's capital	9,024.0	9,024.0	9,024.0	9,024.0	8,594.3	8,594.3	8,594.3	8,515.0	8,515.0	8,515.0	8,515.0	8,515.0
- Common stock with voting right	9,023,989,480,000.00	9,023,989,480,000.00	9,023,989,480,000.00	9,023,989,480,000.00	8,594,297,930,000.00	8,594,297,930,000.00	8,594,297,930,000.00	8,514,957,930,000.00	8,514,957,930,000.00	8,514,957,930,000.00	8,514,957,930,000.00	8,514,957,930,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	662.9	662.9	662.9	662.9	663.0	663.0	663.0	663.2	663.2	663.2	663.2	663.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	114.0	77.4	77.4	77.4	77.4	77.4	77.4	77.4	77.4	77.4	77.4	77.4
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	23.5	23.1	24.5	24.2	20.6	14.6	6.6	18.0	7.5	4.1	11.4	-2.4
8. Investment and development fund	740.0	728.1	728.1	726.9	655.8	655.6	655.6	655.4	432.8	431.8	431.8	431.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	8,727.9	7,263.6	5,616.5	4,095.0	4,342.0	3,944.9	3,390.0	3,294.6	2,719.7	2,617.0	2,629.4	2,520.2
- Accumulated retained earning at the end of the previous period	7,229.9	6,510.0	4,825.8	3,195.9	4,108.3	2,320.9	2,333.2	2,336.6	2,611.2	2,286.0	2,278.5	2,291.4
- Undistributed earnings in this period	1,498.1	753.5	790.6	899.1	233.7	1,624.1	1,056.8	958.0	108.5	331.0	350.9	228.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	14,644.8	12,358.4	11,455.1	10,637.7	10,312.3	9,266.7	9,194.5	9,013.5	8,974.8	8,871.6	9,244.0	9,151.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	37.1	37.5	38.0	38.5	39.0	41.7	42.1	43.9	44.6	45.2	45.9
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	—	37.1	37.5	38.0	38.5	39.0	41.7	42.1	43.9	44.6	45.2	45.9
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)	87,015.1	73,557.3	65,251.0	59,261.2	56,517.7	53,803.3	53,617.0	52,442.9	53,893.3	55,076.2	54,283.7	52,408.2

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
Profit Before Tax	806.3	1,177.9	1,252.6	1,545.0	645.5	1,346.2	501.6	1,383.1	385.0	8.8	374.0	870.4
Depreciation of Fixed Assets and Investment Property	693.5	789.5	619.7	784.9	1,044.0	715.5	537.6	683.7	1,001.8	756.2	1,054.7	1,243.7
Provision (Increase)/Reversal	-90.0	-267.4	59.3	150.4	-28.4	-9.9	50.7	-19.4	-42.2	81.0	-3.2	-145.5
FX Gain/Loss from Revaluation of Monetary Items	61.5	-13.4	-1.2	-1.2	0.6	7.6	-2.1	-38.7	34.7	-26.9	64.0	7.9
Gain/Loss from Investment Activities	-94.4	-62.0	-139.4	-184.6	-42.7	-225.5	52.1	-1,031.7	-38.1	-84.3	6.0	-109.5
Interest Expense	411.4	362.1	328.2	277.2	249.4	262.4	250.8	278.9	308.6	335.9	365.1	359.8
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	100.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,788.3	1,986.6	2,119.3	2,524.9	1,868.4	2,096.3	1,390.7	1,255.8	1,649.8	1,170.8	1,860.6	2,226.8
Increase/(Decrease) in Receivables	-5,438.1	3,394.7	-3,495.6	-91.5	-950.8	200.5	-861.9	180.9	-149.8	889.0	-744.6	478.3
Increase/(Decrease) in Inventory	315.0	-503.7	249.9	-443.5	-407.7	627.9	-87.7	-873.7	-5.4	78.3	-260.2	172.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,356.2	-907.0	357.3	760.3	-632.4	1,027.3	320.7	-312.6	-1,228.2	-332.3	593.2	262.1
Increase/(Decrease) in Prepaid Expenses	-97.4	-8.0	0.5	-184.5	-32.3	182.3	-10.3	-193.3	80.4	80.4	38.3	-13.5
Changes in Trading Securities	751.7	—	—	—	—	446.4	-1,785.7	-752.6	929.5	-1,289.3	327.9	-61.2
Interest Paid	-342.3	-376.0	-274.5	-265.8	-218.3	-279.4	-232.0	-292.7	-288.1	-341.2	-344.5	-366.9
Corporate Income Tax Paid	-1,164.2	-239.3	-172.4	-7.9	-523.6	-371.8	-48.3	-31.5	-340.6	-97.6	-169.2	28.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-25.9	-29.1	-14.6	-26.4	-32.8	3.8	-35.6	-12.1	-28.7	-25.0	-15.1	-19.6
Net Cash Flow from Operating Activities	-2,856.7	2,500.6	-2,825.9	2,066.9	-1,195.4	3,933.5	-1,350.2	-1,031.9	618.9	133.1	1,286.5	2,706.6
Payments for Fixed Assets and Other Long-term Assets	-869.5	-1,856.1	-1,237.1	-1,302.3	-1,441.8	-1,136.9	-1,177.1	-544.8	-809.0	-1,420.8	-1,446.0	-1,263.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	21.1	2.9	10.5	0.4	0.1	0.9	0.4	1.1	2.0	0.0	3.0
Loans and Purchases of Debt Instruments	-2,754.3	-2,022.2	-1,001.1	-1,763.0	-154.8	-1,699.9	839.6	-1,091.6	-28.6	-704.0	605.0	-1,096.4
Receipts from Loan Repayments and Sale of Debt Instruments	645.8	729.1	1,211.6	22.6	466.6	1,976.8	-485.1	675.5	32.0	608.4	-502.4	54.2
Investments in Other Entities	-8,113.0	—	—	—	—	-282.2	-58.0	0.0	0.0	-14.2	-736.0	-470.7
Proceeds from Investments in Other Entities	—	2,326.7	2,584.3	-52.6	405.9	152.0	-78.8	2,843.7	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	194.4	58.5	184.7	43.6	98.8	111.4	11.5	49.3	73.2	33.7	37.0	232.8
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	-10,896.4	-2,688.8	1,832.4	-2,574.8	-1,585.6	-878.7	-946.9	1,932.6	-731.3	-1,495.0	-2,042.5	-2,540.9
Proceeds from Equity Issuance and Capital Contributions	3,475,453,330,000.00	—	—	—	—	3,450,000,000.00	79,125,599,999.00	0.00	1,456,000,000.00	2,000,000,000.00	113,837,000,000.00	189,235,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	15,240.7	12,134.3	8,796.0	9,073.7	8,747.4	7,018.9	6,822.8	5,881.0	7,099.2	6,732.3	5,146.7	4,954.0
Repayment of Borrowings	-8,449.6	0.0	0.0	-46.8	-5,791.1	-8,381.7	-6,202.4	-5,489.5	-7,030.4	-5,555.8	-4,148.4	-5,421.5
Repayment of Finance Leases	-29.1	-16.9	-19.6	-28.3	-10.7	-18.7	-3.6	-31.7	-13.0	-26.2	-7.7	-10.5
Dividends Paid	-17.0	-1,249.2	-374.0	-699.2	-34.4	-311.0	-7.6	-159.5	-44.5	-379.1	-95.3	-300.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	10,220.4	4,162.8	1,857.0	68.2	2,961.0	-1,689.1	688.4	200.3	12.7	773.2	1,009.1	-588.8
Net Cash Flow During the Period	-3,532.7	3,974.6	863.5	-439.7	180.0	1,365.7	-1,608.7	1,101.0	-99.7	-588.7	253.1	-423.1
Cash and Cash Equivalents at Beginning of Period	8,659.5	4,682.2	3,817.2	4,254.1	4,074.2	3,312.7	3,312.7	3,312.7	3,312.7	3,156.3	3,156.3	3,156.3
FX Difference from Revaluation	0.3	6.8	4.2	2.7	-0.1	1.9	-0.8	2.7	-0.9	5.9	-1.9	1.6
Cash and Cash Equivalents at End of Period	5,127.1	8,659.5	4,682.2	3,817.2	4,254.1	4,073.9	2,706.3	4,315.8	3,212.1	3,312.7	3,895.5	3,644.3

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GEX

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