HAG

Hoàng Anh Gia Lai ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 38.81%, +18.27pp YoY

Price

15,100

Latest close

02 Jun 2026

P/E 6.22x

P/B 1.20x

EPS 2,428

BVPS 12,593

ROE 22.6%

ROA 11.7%

Profit Margin 37.0%

Asset Turnover 0.32x

Equity Mult. 1.93x

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

What Is Changing

On a TTM 2026Q1 basis, HAG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7,847bn
	                                
+34.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,046bn
	                                
+154.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    43.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	7,432.3	5,783.1	6,442.4	5,110.8	2,108.0
Growth	+29%	-10%	+26%	+142%	—
Net Income	2,240.2	1,060.1	1,781.7	1,124.7	126.6
Net Margin	30.14%	18.33%	27.66%	22.01%	6.00%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,784.1	1,838.2	1,895.4	2,329.4	1,379.8	1,499.8	1,431.7	1,518.1	1,240.9	1,897.9	1,889.3	1,450.0
Growth	-3%	-3%	-19%	+69%	-8%	+5%	-6%	+22%	-35%	+0%	+30%	—
Net Income	1,172.7	931.2	432.1	509.8	360.4	205.5	350.9	280.9	226.4	1,107.7	324.5	101.6
Net Margin	65.73%	50.66%	22.80%	21.89%	26.12%	13.70%	24.51%	18.50%	18.25%	58.36%	17.18%	7.01%

Drivers of HAG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 1,605.8bn

Gross profit ↑ 593.3bn

Other profit ↓ 374.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 685.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.3% = 20.5% × 0.26 × 2.66

2026Q1 23.7% = 38.8% × 0.32 × 1.93

ROE rose from 14.3% to 23.7% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 38.8% +18.3pp Asset turnover: 0.32x +0.05x Leverage: 1.93x -0.73x

Is the profit sustainable?

Margins improved (+18.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 38.81%, rising 18.3pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 2.4pp (in addition, Net financial result / Revenue rose 23.1pp added support while Other profit / Revenue fell 4.0pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 38.81% +18.3pp

Gross Margin 36.22% −2.4pp

SG&A / Revenue 7.74% −1.7pp

Non-core / Revenue 9.74% +19.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 62.2% of PBT and lifted net margin by 19.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.40x +0.03x

Average Invested Capital 19,679.5bn +3,809.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.41x equity.

Over the last 12 months, working capital released 482.9bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +5,483.6bn

Inventories increased → lower CFO: −2,138.0bn

Payables decreased → lower CFO: −2,862.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 38.1 days versus the same period last year. The main moves came from DIO fell 44.7 days, DSO fell 29.6 days, and DPO fell 36.3 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 71.0 days −29.6 days

Inventory 36.8 days −44.7 days

Payables 75.7 days −36.3 days

Cash Conversion Cycle 32.1 days −38.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 575.3bn due to capex of 1,847.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.41x and interest coverage at 3.65x.

At present, short-term debt accounts for 79.0% of total debt, cash equals 4.9% of debt, and total debt stands at 6,798.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 79.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.41x −0.33x

Interest Coverage 3.65x +1.56x

Cash / Debt 4.9% +0.7pp

Short-term Debt / Total Debt 79.0% −1.9pp

CFO / NI 0.44x +1.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 940.5bn in 2025, against investing cash flow of -3,535.7bn.

Post-investment cash flow was negative +2,595.2bn. Financing cash flow was positive +3,125.1bn.

CFO / net income was 0.44x.

After spending +1,847.5bn on fixed-asset investment, the business generated trailing free cash flow of −575.3bn.

Cash Conversion

CFO TTM 1,272.1bn +2,074.0bn

Cash Capex 1,847.5bn +959.5bn

FCF TTM −575.3bn +1,114.5bn

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 18.3 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 3.65x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 38.81% after expanding 18.3pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 43.8% of PBT and CFO / net income currently at 0.44x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.41x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,484.5	5,894.5	6,492.6	5,198.0	2,129.9
Revenue Deductions	52.3	111.5	50.2	87.2	0.0
Net Revenue	7,432.3	5,783.1	6,442.4	5,110.8	2,108.0
Cost of Goods Sold	4,726.8	3,611.1	5,148.9	3,937.4	0.0
Gross Profit	2,705.4	2,171.9	1,293.5	1,173.4	517.1
Financial Income	295.4	280.4	602.8	486.1	735.6
Financial Expenses	-284.4	688.1	-215.4	1,649.1	-823.1
Interest Expense	-322.8	716.1	-270.6	793.2	-698.7
Share of Associates and Joint Ventures	0.2	0.0	-11.1	0.0	-5.8
Selling Expenses	452.9	396.5	255.1	251.9	-129.3
General and Administrative Expenses	159.2	165.3	155.1	-1,349.9	-90.1
Operating Profit	2,673.3	1,202.5	1,690.4	1,108.4	204.5
Other Income	19.4	35.9	281.1	36.0	0.0
Other Expenses	491.0	215.6	178.7	116.1	0.0
Other Profit	-471.6	-179.7	102.5	-80.1	-330.9
Profit Before Tax	2,201.6	1,022.8	1,792.9	1,028.2	-126.5
Current Income Tax Expense	—	0.9	30.9	3.6	253.0
Deferred Income Tax Expense	-38.5	-38.2	-19.8	-100.1	0.0
Net Income	2,240.2	1,060.1	1,781.7	1,124.7	126.6
Non-controlling Interest	117.3	46.7	117.7	-4.1	-57.6
Profit Attributable to Parent	2,122.8	1,013.4	1,664.0	1,128.7	184.2
Earnings per Share	1,910.00	997.00	1,794.00	1,217.00	199.00
Diluted EPS	1,910.00	997.00	1,794.00	1,217.00	198.56

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,291.6	8,435.4	8,768.5	8,038.6	5,624.7
I. Cash and cash equivalents	679.5	149.7	41.8	72.4	78.2
1. Cash	679.5	149.7	41.8	72.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	6,764.9	7,536.9	7,780.2	6,765.4	5,111.2
1. Short-term trade accounts receivable	1,278.9	1,383.7	1,492.4	906.4	0.0
2. Short-term prepayments to suppliers	186.2	1,022.1	1,795.9	766.2	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	2,820.8	2,684.2	2,248.3	4,017.2	0.0
6. Other short-term receivables	2,522.7	2,504.4	2,283.8	1,156.0	0.0
7. Provision for short-term doubtful debts (*)	-43.7	-57.5	-40.2	-80.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	769.3	694.5	928.7	1,148.0	407.0
1. Inventories	771.6	696.8	931.1	1,150.4	0.0
2. Provision for decline in value of inventories	-2.3	-2.3	-2.3	-2.3	0.0
V. Other short-term assets	77.8	54.2	17.8	52.8	28.3
1. Short-term prepayments	46.8	28.5	4.4	17.3	0.0
2. Value added tax to be reclaimed	27.6	22.6	10.3	32.4	0.0
3. Taxes and other receivables from state authorities	3.4	3.1	3.1	3.1	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)	18,090.0	13,845.5	12,134.7	11,759.8	12,549.0
I. Long-term receivables	13.0	1,293.5	495.2	2,430.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4,119.0
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	—	46.8	274.2	1,745.4	0.0
6. Other long-term receivables	13.0	1,246.7	221.0	702.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	-17.5	0.0
II. Fixed assets	8,472.7	6,567.0	5,997.9	3,821.2	2,890.2
1. Tangible fixed assets	7,899.7	6,319.2	5,743.7	3,559.5	2,767.3
- Cost	10,415.9	8,209.6	7,140.9	4,624.9	0.0
- Accumulated depreciation	-2,516.2	-1,890.5	-1,397.2	-1,065.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	573.0	247.8	254.1	261.7	122.9
- Cost	627.3	288.5	288.5	291.4	0.0
- Accumulated depreciation	-54.3	-40.7	-34.4	-29.7	0.0
III. Investment properties	48.8	34.3	36.2	60.0	62.6
- Cost	63.5	47.0	47.0	74.1	0.0
- Accumulated depreciation	-14.7	-12.7	-10.8	-14.1	0.0
IV. Long-term assets in progress	8,471.1	5,022.3	4,824.9	4,620.3	3,400.6
1. Long-term production in progress	—	0.0	4,824.9	0.0	0.0
2. Construction in progress	8,471.1	5,022.3	0.0	4,620.3	0.0
V. Long-term financial investments	554.4	557.4	492.0	441.7	1,780.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.1	0.0	0.0	0.0	0.0
3. Investments in other entities	917.6	917.6	1,050.0	1,050.0	0.0
4. Provision for diminution in value of long-term investments	-369.3	-360.2	-557.9	-608.3	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	530.1	371.0	288.5	386.6	0.0
1. Long-term prepayments	530.1	371.0	288.5	370.1	0.0
2. Deferred income tax assets	—	0.0	0.0	16.5	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	296.6
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)	26,381.6	22,280.8	20,903.3	19,798.4	18,173.8
A. LIABILITIES (300=210+330)	12,199.0	12,955.2	14,225.8	14,603.6	13,496.7
I. Short -term liabilities	10,119.4	11,122.8	9,710.4	9,218.1	6,450.8
1. Short-term trade accounts payable	910.1	987.3	1,123.3	535.1	359.5
2. Short-term advances from customers	231.5	196.2	329.4	629.6	532.8
3. Taxes and other payables to state authorities	22.6	4.4	52.2	8.8	0.0
4. Payable to employees	81.6	67.9	95.0	80.0	0.0
5. Short-term acrrued expenses	2,283.0	4,005.0	3,382.1	3,857.9	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.1
9. Other short-term payables	118.7	113.6	199.6	106.1	0.0
10. Short-term borrowings and financial leases	6,471.7	5,748.3	4,528.6	4,000.5	2,489.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	2,079.6	1,832.4	4,515.4	5,385.6	7,045.9
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	36.3	169.5	331.2	490.2	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	222.7	21.9	381.8	308.8	0.0
8. Long-term borrowings and financial leases	1,429.8	1,217.2	3,340.4	4,165.1	5,797.0
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	385.4	418.4	456.6	416.0	0.0
12. Provision for long-term liabilities	5.4	5.4	5.4	5.4	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)	14,182.6	9,325.6	6,677.5	5,194.7	4,677.1
I. Owner's equity	14,182.6	9,325.6	6,677.5	5,194.7	0.0
1. Owner's capital	12,674.7	10,574.7	9,274.7	9,274.7	4,677.1
- Common stock with voting right	12,674,679,470,000.00	10,574,679,470,000.00	9,274,679,470,000.00	9,274,679,470,000.00	9,274,679,470,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	408.4	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	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-1,263.6	-1,407.1	-1,525.8	-1,221.1	0.0
8. Investment and development fund	—	0.0	279.9	282.4	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	1,392.7	-422.7	-1,669.2	-3,341.0	-4,431.9
- Accumulated retained earning at the end of the previous period	-730.2	-1,436.1	-3,333.1	-4,469.8	-4,616.1
- Undistributed earnings in this period	2,122.8	1,013.4	1,664.0	1,128.7	184.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	971.1	581.4	318.5	200.4	150.2
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)	26,381.6	22,280.8	20,903.3	19,798.4	18,173.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,201.6	1,022.8	1,792.9	1,028.2	-126.5
Depreciation of Fixed Assets and Investment Property	674.5	487.7	579.0	337.6	814.2
Provision (Increase)/Reversal	2.6	-110.7	-117.9	-908.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-30.5	29.7	73.1	222.8	0.0
Gain/Loss from Investment Activities	-136.9	-197.2	-713.6	-438.8	0.0
Interest Expense	-322.8	716.1	-270.6	793.2	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	2,388.5	1,948.5	1,342.9	1,034.7	421.7
Increase/(Decrease) in Receivables	4,389.3	-1,139.2	-50.5	23.0	0.0
Increase/(Decrease) in Inventory	-1,763.3	234.3	424.2	-595.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3,059.2	-1,093.9	-1,300.0	-251.4	0.0
Increase/(Decrease) in Prepaid Expenses	1.9	-406.4	124.7	-107.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1,013.8	-294.3	-436.5	-63.2	0.0
Corporate Income Tax Paid	-0.0	-28.9	-2.3	-3.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.1	-2.9	-1.5	0.0	0.0
Net Cash Flow from Operating Activities	940.5	-782.8	101.1	37.3	122.7
Payments for Fixed Assets and Other Long-term Assets	-1,573.5	-793.8	-614.2	-544.3	-1,457.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	159.3	31.2	204.9	18.0	405.7
Loans and Purchases of Debt Instruments	-807.6	-457.0	-125.4	-2,165.5	-2,462.9
Receipts from Loan Repayments and Sale of Debt Instruments	427.9	1,192.7	609.1	2,330.1	775.4
Investments in Other Entities	-1,839.9	0.0	-34.2	-232.4	0.0
Proceeds from Investments in Other Entities	19.4	434.4	2.6	791.2	0.0
Dividends and Interest Income Received	78.7	76.6	7.0	53.2	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	-3,535.7	484.1	49.8	250.2	519.0
Proceeds from Equity Issuance and Capital Contributions	283,292,610,000.00	1,300,000,000,000.00	0.00	22,594,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	11,995.2	7,927.0	5,416.4	1,802.4	1,468.8
Repayment of Borrowings	-9,153.5	-8,820.4	-5,597.8	-2,118.5	-2,129.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	3,125.1	406.6	-181.5	-293.5	-660.7
Net Cash Flow During the Period	529.8	107.9	-30.6	-5.9	-30.5
Cash and Cash Equivalents at Beginning of Period	149.7	41.8	72.4	78.3	97.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	679.5	149.7	41.8	72.4	78.2

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	1,806.2	1,864.5	1,905.6	2,334.8	1,390.1	1,545.1	1,464.0	1,550.1	1,242.8	1,897.9	1,889.3	1,450.0
Revenue Deductions	22.1	26.3	10.2	5.4	10.3	45.3	32.3	32.0	1.8	0.0	0.0	0.0
Net Revenue	1,784.1	1,838.2	1,895.4	2,329.4	1,379.8	1,499.8	1,431.7	1,518.1	1,240.9	1,897.9	1,889.3	1,450.0
Cost of Goods Sold	1,158.3	1,271.7	1,133.1	1,441.8	815.3	913.1	822.3	1,029.8	742.7	1,680.7	1,370.7	1,264.3
Gross Profit	625.8	566.5	762.4	887.6	564.5	586.8	609.4	488.3	498.3	217.2	518.7	185.7
Financial Income	106.2	81.1	78.9	77.5	58.1	67.5	50.4	89.8	73.0	295.0	35.3	107.2
Financial Expenses	-576.5	-878.1	198.5	284.5	108.8	195.0	165.4	165.0	177.4	-995.8	232.1	362.9
Interest Expense	-582.9	-887.9	203.6	214.0	142.7	259.8	144.4	160.8	167.7	-951.8	195.9	266.7
Share of Associates and Joint Ventures	—	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-11.1
Selling Expenses	83.7	131.0	107.7	107.9	110.1	124.7	69.6	87.1	115.0	83.9	67.7	46.2
General and Administrative Expenses	44.0	50.3	35.8	46.8	36.5	40.0	34.5	50.4	38.7	77.4	38.8	35.6
Operating Profit	1,180.8	1,344.6	499.2	525.9	367.3	294.6	390.3	275.6	240.1	1,346.7	215.4	-162.8
Other Income	16.1	1.6	0.1	4.6	5.9	23.5	27.1	13.5	5.7	9.9	154.0	273.8
Other Expenses	34.2	432.7	67.3	38.7	14.7	135.4	66.5	29.3	19.4	264.3	27.5	26.3
Other Profit	-18.1	-431.2	-67.2	-34.2	-8.8	-111.9	-39.4	-15.8	-13.7	-254.4	126.5	247.5
Profit Before Tax	1,162.7	913.4	432.1	491.7	358.5	182.7	350.9	259.8	226.4	1,092.3	341.9	84.6
Current Income Tax Expense	—	—	—	—	0.0	0.1	0.0	0.9	0.0	0.3	24.2	1.4
Deferred Income Tax Expense	-10.0	-17.8	—	-18.1	-1.9	-22.8	0.0	-22.0	0.0	-15.7	-6.9	-18.3
Net Income	1,172.7	931.2	432.1	509.8	360.4	205.5	350.9	280.9	226.4	1,107.7	324.5	101.6
Non-controlling Interest	47.1	55.2	16.1	26.8	19.7	4.3	19.3	11.0	11.6	100.8	4.6	-11.8
Profit Attributable to Parent	1,125.6	875.9	416.0	483.0	340.7	201.1	331.6	269.9	214.9	1,006.9	320.0	113.4
Earnings per Share	888.00	691.00	392.00	457.00	367.00	157.00	288.00	264.00	232.00	1,086.00	321.00	122.00
Diluted EPS	888.00	691.00	392.00	457.00	367.00	994.00	288.00	264.00	232.00	1,086.00	321.00	122.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,791.5	8,802.4	11,743.7	10,899.8	9,249.1	7,494.8	8,867.5	8,327.1	8,530.6	9,351.5	6,393.7	5,684.8
I. Cash and cash equivalents	332.4	679.5	845.8	193.7	315.6	149.7	114.0	136.0	39.9	42.1	62.3	50.1
1. Cash	332.4	679.5	845.8	193.7	315.6	149.7	114.0	136.0	39.9	42.1	62.3	50.1
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	4,450.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	4,157.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term investments	293.6	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	2,108.8	7,291.8	10,051.3	9,869.2	8,065.3	6,595.1	7,813.7	7,382.8	7,657.1	8,370.4	5,084.7	4,346.1
1. Short-term trade accounts receivable	1,307.6	1,625.5	2,103.0	1,995.4	1,744.2	1,330.9	1,696.8	1,493.9	1,469.4	1,647.0	2,000.8	1,476.4
2. Short-term prepayments to suppliers	221.8	182.4	1,052.1	1,202.2	1,071.7	1,024.0	736.8	909.6	1,266.4	1,843.1	1,227.1	1,226.8
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	2,820.8	3,669.6	3,767.5	2,750.2	1,906.8	2,934.3	2,669.5	2,629.9	2,584.4	1,491.8	1,309.3
6. Other short-term receivables	623.1	2,713.0	3,275.9	2,958.0	2,549.4	2,386.4	2,498.2	2,365.0	2,333.5	2,361.2	455.4	429.4
7. Provision for short-term doubtful debts (*)	-43.7	-50.0	-49.3	-53.9	-50.2	-53.0	-52.4	-55.2	-42.0	-65.3	-90.4	-95.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	213.7	753.2	747.5	737.8	791.5	695.8	892.0	773.1	803.9	921.1	1,221.6	1,258.7
1. Inventories	216.0	755.6	749.8	740.1	793.9	698.1	894.3	775.4	806.3	923.4	1,224.0	1,261.0
2. Provision for decline in value of inventories	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3	-2.3
V. Short-term Biological Assets	622.0	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	55.7	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	566.3	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	63.8	77.8	99.1	99.2	76.6	54.3	47.8	35.2	29.7	18.0	25.0	29.9
1. Short-term prepayments	25.0	46.8	65.6	74.2	42.8	28.5	15.4	8.7	9.7	4.3	9.1	11.3
2. Value added tax to be reclaimed	35.5	27.6	29.8	21.8	30.7	22.6	29.3	23.3	16.9	10.5	12.8	15.5
3. Taxes and other receivables from state authorities	3.3	3.4	3.8	3.2	3.1	3.1	3.1	3.2	3.1	3.1	3.1	3.1
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	18,431.8	18,090.1	16,000.3	15,101.9	14,229.4	14,858.2	13,624.6	13,232.6	12,639.1	12,176.3	15,102.6	15,657.6
I. Long-term receivables	26.0	13.0	629.6	576.6	1,421.6	2,303.8	1,857.7	1,960.2	1,012.8	495.7	3,299.4	3,608.2
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	46.8	858.9	697.0	965.2	606.0	292.2	1,316.4	1,671.4
6. Other long-term receivables	26.0	13.0	629.6	576.6	1,374.8	1,444.9	1,160.7	995.0	406.8	221.5	2,000.5	1,954.3
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-18.1	-17.5	-17.5
II. Fixed assets	8,475.6	8,471.8	7,620.2	7,509.1	6,582.0	6,545.5	6,030.3	5,601.3	5,903.3	5,398.6	5,598.8	5,755.3
1. Tangible fixed assets	7,906.4	7,898.8	7,229.1	6,562.5	6,336.2	6,297.7	5,781.4	5,351.3	5,650.2	5,146.5	5,344.5	5,499.0
- Cost	10,624.2	—	—	—	8,310.3	8,187.7	7,621.9	7,075.8	7,125.4	6,450.3	6,777.2	6,811.1
- Accumulated depreciation	-2,717.8	—	—	—	-1,974.1	-1,890.0	-1,840.5	-1,724.4	-1,475.1	-1,303.8	-1,432.7	-1,312.2
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	569.2	573.0	391.1	946.6	245.8	247.8	248.9	250.0	253.1	252.1	254.2	256.3
- Cost	627.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-58.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	183.3	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	165.1	—	—	—	—	—	—	—	—	—	—	—
a) Immature bearer livestock	147.1	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	17.9	—	—	—	—	—	—	—	—	—	—	—
- Cost	19.5	—	—	—	—	—	—	—	—	—	—	—
- Accumulated depreciation (*)	-1.6	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	18.3	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	48.2	48.8	32.9	33.4	33.8	34.3	34.8	35.2	35.7	36.2	36.7	37.1
- Cost	63.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	9,069.9	8,569.4	6,610.5	6,034.1	5,239.9	5,010.5	4,897.8	4,962.0	4,992.3	5,434.9	5,403.1	5,458.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	4,962.0	0.0	5,434.9	0.0	0.0
2. Construction in progress	9,069.9	8,569.4	6,610.5	6,034.1	5,239.9	5,010.5	4,897.8	0.0	4,992.3	0.0	5,403.1	5,458.1
V. Long-term financial investments	114.7	554.4	548.3	539.1	608.1	557.4	443.2	443.2	429.5	498.2	449.2	449.2
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	6.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	16.9	16.9
3. Investments in other entities	8.5	917.6	917.6	917.6	922.6	917.6	917.6	917.6	917.6	1,050.0	1,050.0	1,050.0
4. Provision for diminution in value of long-term investments	-8.5	-369.3	-369.3	-378.4	-314.5	-360.2	-474.4	-474.4	-488.1	-551.7	-617.7	-617.7
5. Held to maturity investments	114.7	—	—	—	0.0	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	0.0
VI. Other long-term assets	514.2	432.6	558.9	409.7	344.0	406.8	360.8	230.6	265.6	312.6	315.5	349.8
1. Long-term prepayments	514.2	432.6	558.9	409.7	342.1	406.8	360.8	230.6	265.6	289.0	298.1	332.4
2. Deferred income tax assets	—	—	—	—	1.9	0.0	0.0	0.0	0.0	23.6	17.4	17.4
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	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	0.0
5. Goodwill	—	—	—	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	26,223.3	26,892.5	27,743.9	26,001.7	23,478.5	22,353.1	22,492.1	21,559.7	21,169.8	21,527.8	21,496.3	21,342.4
A. LIABILITIES (300=210+330)	10,261.8	12,707.8	14,459.8	15,635.8	13,735.2	13,158.2	13,532.3	13,126.8	14,137.3	14,801.9	15,952.7	15,954.4
I. Short -term liabilities	8,372.5	10,218.7	11,659.5	13,715.5	11,729.3	11,096.0	9,530.3	9,096.9	9,656.0	10,607.8	10,409.7	10,434.3
1. Short-term trade accounts payable	927.6	1,419.9	1,145.7	1,028.4	1,148.9	968.3	1,023.4	954.0	1,048.5	1,142.3	1,207.9	1,038.7
2. Short-term advances from customers	217.8	248.7	229.9	199.8	190.8	197.2	230.4	333.0	300.8	897.8	669.5	682.4
3. Taxes and other payables to state authorities	3.1	22.6	2.8	3.0	3.2	4.4	7.4	8.1	36.9	52.4	53.4	7.7
4. Payable to employees	52.1	81.6	97.0	99.4	73.4	67.9	101.8	87.3	100.7	95.0	100.0	74.0
5. Short-term acrrued expenses	250.0	2,118.6	2,275.7	2,230.3	4,104.3	3,995.7	3,762.0	3,578.7	3,525.4	3,381.4	4,284.0	4,272.0
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1,550.9	119.0	1,651.6	2,242.2	139.8	114.1	188.7	185.3	193.2	210.1	164.5	169.6
10. Short-term borrowings and financial leases	5,371.0	6,208.2	6,256.6	7,912.3	6,068.8	5,748.3	4,216.6	3,950.4	4,450.3	4,828.6	3,930.4	4,189.8
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	1,889.2	2,489.1	2,800.4	1,920.3	2,006.0	2,062.2	4,002.0	4,029.9	4,481.3	4,194.1	5,542.9	5,520.1
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	38.4	182.3	111.6	95.8	139.4	179.0	219.1	296.5	293.8	331.1	571.9	408.5
4. Inter-company payables on business capital	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	42.9	222.7	165.5	7.7	7.7	205.9	239.6	201.9	359.3	395.5	727.3	812.5
8. Long-term borrowings and financial leases	1,427.1	1,693.3	2,114.7	1,407.5	1,435.2	1,253.6	3,096.7	3,091.5	3,366.1	3,081.7	3,848.4	3,895.1
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	375.5	385.4	403.2	403.9	418.4	418.4	441.2	434.7	456.6	380.4	389.9	398.6
12. Provision for long-term liabilities	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	15,961.5	14,184.6	13,284.1	10,365.9	9,743.3	9,194.8	8,959.8	8,432.9	7,032.5	6,725.9	5,543.6	5,388.0
I. Owner's equity	15,961.5	14,184.6	13,284.1	10,365.9	9,743.3	9,194.8	8,959.8	8,432.9	7,032.5	6,725.9	5,543.6	5,388.0
1. Owner's capital	12,674.7	12,674.7	12,674.7	10,574.7	10,574.7	10,574.7	10,574.7	10,574.7	9,274.7	9,274.7	9,274.7	9,274.7
- Common stock with voting right	12,674,679,470,000.00	12,674,679,470,000.00	12,674,679,470,000.00	10,574,679,470,000.00	10,574,679,470,000.00	10,574,679,470,000.00	10,574,679,470,000.00	10,574,679,470,000.00	9,274,679,470,000.00	9,274,679,470,000.00	9,274,679,470,000.00	9,274,679,470,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	408.4	408.4	408.4	—	0.0	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	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00	-686,640,000.00
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-1,006.6	-1,264.4	-1,245.4	-1,214.3	-1,348.4	-1,534.3	-1,564.6	-1,749.3	-1,570.0	-1,513.0	-1,588.2	-1,431.4
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	279.9	279.9	283.8	283.8
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	2,663.1	1,395.4	824.6	399.5	-82.7	-425.8	-626.2	-903.8	-1,452.4	-1,633.5	-2,640.6	-2,946.8
- Accumulated retained earning at the end of the previous period	1,537.6	-730.2	-425.0	-424.2	-423.4	-1,436.1	-1,435.3	-1,388.6	-1,667.3	-3,342.7	-3,342.8	-3,351.2
- Undistributed earnings in this period	1,125.6	2,125.5	1,249.6	823.7	340.7	1,010.3	809.1	484.8	214.9	1,709.1	702.2	404.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,222.5	971.2	622.5	606.7	600.4	581.0	576.6	512.0	501.0	318.5	214.6	208.4
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	26,223.3	26,892.5	27,743.9	26,001.7	23,478.5	22,353.1	22,492.1	21,559.7	21,169.8	21,527.8	21,496.3	21,342.4

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	1,162.7	910.6	432.1	500.5	358.5	182.7	350.9	259.2	226.4	1,079.6	341.9	67.6
Depreciation of Fixed Assets and Investment Property	182.3	291.4	81.8	224.3	77.1	29.1	79.5	280.7	83.0	230.4	118.9	155.9
Provision (Increase)/Reversal	-360.8	-5.6	-11.6	65.5	-45.7	-113.6	-0.0	66.6	-68.1	-137.3	8.5	32.8
FX Gain/Loss from Revaluation of Monetary Items	4.1	-15.8	-3.4	-5.4	-5.9	4.3	2.4	17.1	5.5	1.1	27.1	59.2
Gain/Loss from Investment Activities	-87.1	-61.7	16.2	-56.9	-34.6	-179.3	-62.0	-70.4	-68.0	-398.8	181.6	-371.6
Interest Expense	-582.9	-886.4	203.6	217.3	142.7	259.8	144.4	159.3	167.7	-948.6	195.9	314.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	318.4	232.4	718.8	945.2	492.1	183.0	515.2	712.4	346.6	-173.6	873.8	258.4
Increase/(Decrease) in Receivables	561.6	5,423.6	-197.6	-303.9	-532.7	-155.3	-1,470.7	500.7	-1,263.5	124.1	567.5	-119.0
Increase/(Decrease) in Inventory	-584.7	-915.1	-503.0	-135.2	-210.0	8.2	-221.1	98.3	62.9	266.8	45.7	29.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	404.4	-1,925.1	39.1	-1,381.1	207.9	-253.1	1,352.9	-1,510.0	770.9	-38.4	-1,035.6	-426.5
Increase/(Decrease) in Prepaid Expenses	22.4	168.0	-6.1	-117.5	-42.5	-60.8	-58.5	1.4	17.9	-9.8	33.8	72.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-576.7	-711.1	-102.8	-98.7	-101.1	-59.4	-53.4	-113.2	-60.6	-269.3	-102.8	-28.3
Corporate Income Tax Paid	—	0.0	-0.0	0.0	-0.0	0.0	-0.0	-28.9	0.0	-0.0	-0.8	-1.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-0.8	-0.8	-0.8	-0.8	-0.6	-0.9	-1.0	-0.4	-0.4	-1.2	0.4
Net Cash Flow from Operating Activities	144.6	2,271.9	-52.3	-1,092.0	-187.1	-338.0	63.6	-340.3	-126.2	-100.6	380.4	-214.1
Payments for Fixed Assets and Other Long-term Assets	-449.3	-405.1	-491.8	-501.4	-175.3	-321.3	-182.9	-208.6	-125.2	-366.6	-180.7	-15.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.5	139.8	-17.9	33.4	4.0	11.9	-13.7	23.0	3.1	-23.2	218.2	9.5
Loans and Purchases of Debt Instruments	-572.7	-265.2	-54.5	-469.3	-18.5	43.8	-326.4	-84.4	-173.8	-16.2	-23.9	-43.5
Receipts from Loan Repayments and Sale of Debt Instruments	523.1	0.1	140.9	284.7	2.1	993.0	161.1	197.3	0.1	399.7	-103.0	311.3
Investments in Other Entities	-13.5	—	—	—	0.0	0.0	0.0	0.0	0.0	-34.2	14.1	-14.1
Proceeds from Investments in Other Entities	943.9	11.9	0.0	7.5	0.0	0.0	-19.7	19.7	414.7	2.6	0.0	0.0
Dividends and Interest Income Received	178.8	27.1	17.7	13.9	20.0	0.1	44.8	-25.2	35.0	-9.6	6.2	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	615.9	-2,123.7	-405.6	-833.6	-172.7	727.6	-336.8	-78.2	153.8	-47.5	-69.2	248.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	1,300,000,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,016.4	2,106.6	3,477.1	4,432.5	1,979.0	3,467.6	2,092.0	674.4	1,750.1	3,397.6	711.6	723.8
Repayment of Borrowings	-4,123.9	-2,704.2	-2,367.1	-2,628.8	-1,453.3	-3,821.4	-1,840.8	-1,459.8	-1,779.7	-3,270.0	-1,010.6	-751.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-1,107.5	-314.4	1,110.0	1,803.7	525.7	-353.8	251.2	514.5	-29.5	127.7	-299.0	-27.6
Net Cash Flow During the Period	-347.1	-166.2	652.1	-121.9	165.9	35.7	-22.1	96.1	-1.9	-20.5	12.3	6.8
Cash and Cash Equivalents at Beginning of Period	679.5	845.8	193.7	315.6	149.7	41.8	41.8	41.8	41.8	72.4	72.4	72.4
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	332.4	679.5	845.8	193.7	315.6	149.7	114.0	136.0	39.9	41.8	62.3	50.1

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HAG

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