HUT

Tasco ·HNX ·2026Q1

▲ Showing improvement

Price

15,400

Latest close

03 Jun 2026

P/E 34.92x

P/B 0.90x

EPS 441

BVPS 17,019

ROE 3.0%

ROA 1.1%

Profit Margin 1.1%

Asset Turnover 0.98x

Equity Mult. 2.79x

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

What Is Changing

On a TTM 2026Q1 basis, HUT is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 40,822bn
	                                
+26.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 665bn
	                                
+128.6%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    54.7%

Metric	2025	2024	2023	2022	2021
Revenue	36,317.4	30,228.9	10,981.8	1,073.2	871.9
Growth	+20%	+175%	+923%	+23%	—
Net Income	630.3	304.7	56.3	143.8	30.4
Net Margin	1.74%	1.01%	0.51%	13.40%	3.48%

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	10,989.3	12,443.5	9,151.5	8,237.6	6,976.0	10,897.8	8,031.4	6,430.0	5,183.1	7,794.6	2,556.0	315.0
Growth	-12%	+36%	+11%	+18%	-36%	+36%	+25%	+24%	-34%	+205%	+711%	—
Net Income	53.9	48.2	486.9	75.6	37.0	156.7	36.3	60.6	32.1	23.7	12.2	9.8
Net Margin	0.49%	0.39%	5.32%	0.92%	0.53%	1.44%	0.45%	0.94%	0.62%	0.30%	0.48%	3.11%

Drivers of HUT's profit

TTM

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

Gross profit ↑ 838.7bn

Other profit ↑ 432.4bn

Financial income ↑ 386.6bn

Deferred tax ↓ 202.2bn

Finance costs ↑ 681.3bn

Selling expenses ↑ 287.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 485.3bn

Financial income ↑ 109.3bn

Deferred tax ↓ 5.7bn

Finance costs ↑ 232.8bn

Administrative expenses ↑ 162.5bn

Selling expenses ↑ 156.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.5% = 0.9% × 1.15 × 2.45

2026Q1 4.5% = 1.6% × 0.98 × 2.79

ROE rose from 2.5% to 4.5% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 1.6% +0.7pp Asset turnover: 0.98x -0.17x Leverage: 2.79x +0.34x

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 1.63%, rising 0.7pp. The main driver is SG&A / Revenue fell 0.5pp and Gross margin rose 0.1pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.0pp added support while Net financial result / Revenue fell 0.9pp remained a drag).

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

Profitability trend

Net Margin 1.63% +0.7pp

Gross Margin 9.40% +0.1pp

SG&A / Revenue 8.19% −0.5pp

Non-core / Revenue 0.96% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Margin support from other income remains high (54.7% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to 1.06%, falling 0.3pp. That translates to 1.06 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.24x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 9,078bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 1.06% −0.3pp

NOPAT Margin 0.74% −0.1pp

Capital Turnover 1.44x −0.24x

Average Invested Capital 28,333.5bn +9,077.9bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.91x equity, net debt at 1.00x equity.

Inventory ended the period at 5,935.9bn, roughly 11.4% of total assets.

Over the last 12 months, working capital absorbed 918.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −918.7bn

Inventories increased → lower CFO: −535.2bn

Payables increased → higher CFO: +535.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 14.1 days versus the same period last year. The main moves came from DIO rose 8.8 days, DSO rose 8.3 days, and DPO rose 3.1 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +14.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +8.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 25.4 days +8.3 days

Inventory 47.4 days +8.8 days

Payables 13.5 days +3.1 days

Cash Conversion Cycle 59.3 days +14.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2,578.4bn due to capex of 2,106.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.00x and interest coverage only at 0.28x.

At present, short-term debt accounts for 43.3% of total debt, cash equals 18.5% of debt, and total debt stands at 22,332.3bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.00x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.28x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.00x +0.25x

Interest Coverage 0.28x −0.26x

Cash / Debt 18.5% −2.5pp

Short-term Debt / Total Debt 43.3% −0.8pp

CFO / NI -1.07x −6.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -453.7bn in 2025, against investing cash flow of -2,712.0bn.

Post-investment cash flow was negative +3,165.7bn. Financing cash flow was positive +5,132.7bn.

CFO / net income was -1.07x.

After spending +2,106.6bn on fixed-asset investment, the business generated trailing free cash flow of −2,578.4bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 471.8bn −1,270.9bn

Cash Capex 2,106.6bn +1,794.6bn

FCF TTM −2,578.4bn −3,065.5bn

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 next item to monitor is the earnings mix, when non-core contribution is -8.3%. The main risk still sits in leverage and liquidity, with interest coverage at 0.28x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -8.3% of PBT and CFO / net income currently at -1.07x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.28x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	36,380.2	30,248.8	10,995.2	1,073.2	875.1
Revenue Deductions	62.8	19.9	13.5	0.0	0.0
Net Revenue	36,317.4	30,228.9	10,981.8	1,073.2	871.9
Cost of Goods Sold	32,943.7	27,554.7	9,950.0	683.1	0.0
Gross Profit	3,373.7	2,674.2	1,031.8	390.1	285.0
Financial Income	1,269.2	874.7	376.2	368.1	227.4
Financial Expenses	1,144.9	706.0	405.9	310.8	-306.1
Interest Expense	932.2	623.5	385.7	310.1	-306.1
Share of Associates and Joint Ventures	-36.1	-25.1	-18.6	12.1	6.9
Selling Expenses	1,377.4	1,128.8	378.5	25.1	-63.1
General and Administrative Expenses	1,567.3	1,393.4	538.2	242.6	-113.1
Operating Profit	517.3	295.5	66.8	191.7	36.8
Other Income	332.6	162.2	66.5	2.9	0.0
Other Expenses	61.9	31.8	77.4	3.7	0.0
Other Profit	270.7	130.3	-10.9	-0.7	-2.4
Profit Before Tax	788.0	425.8	55.8	191.0	34.4
Current Income Tax Expense	385.3	114.2	29.6	47.1	-4.0
Deferred Income Tax Expense	-227.5	6.9	-30.1	0.0	0.0
Net Income	630.3	304.7	56.3	143.8	30.4
Non-controlling Interest	138.1	148.5	9.2	-0.7	-17.6
Profit Attributable to Parent	492.2	156.3	47.2	144.6	48.0
Earnings per Share	516.00	175.00	91.00	415.00	144.00
Diluted EPS	516.00	146.00	74.00	143.00	137.67

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	27,859.1	12,304.4	10,300.1	3,139.8	2,316.2
I. Cash and cash equivalents	4,843.3	2,876.2	1,701.7	953.4	641.6
1. Cash	2,764.8	2,288.0	1,581.2	936.4	0.0
2. Cash equivalents	2,078.5	588.2	120.5	17.0	0.0
II. Short-term financial investments	1,724.9	567.6	358.5	550.7	0.0
1. Available for sale securities	51.0	28.3	28.3	360.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-8.9	-17.2	-15.8	0.0	0.0
3. Held to maturity investments	1,682.9	556.5	346.0	190.2	0.0
III. Short-term receivables	14,752.3	5,493.8	5,575.1	1,467.1	822.2
1. Short-term trade accounts receivable	4,016.3	1,618.8	1,401.5	456.8	0.0
2. Short-term prepayments to suppliers	2,359.3	759.7	449.9	57.8	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	1,363.9	29.8	541.4	15.3	0.0
6. Other short-term receivables	7,398.9	3,241.9	3,336.0	1,088.1	0.0
7. Provision for short-term doubtful debts (*)	-386.2	-156.4	-153.7	-151.0	0.0
8. Assets awaiting resolution	0.1	0.0	0.0	0.0	0.0
IV. Inventories	5,935.9	3,177.4	2,487.2	98.3	78.1
1. Inventories	5,969.6	3,180.3	2,489.6	98.3	0.0
2. Provision for decline in value of inventories	-33.7	-3.0	-2.5	0.0	0.0
V. Other short-term assets	602.7	189.4	177.6	70.4	156.2
1. Short-term prepayments	154.9	48.6	45.9	4.6	0.0
2. Value added tax to be reclaimed	416.4	89.6	120.2	64.8	0.0
3. Taxes and other receivables from state authorities	31.4	51.2	11.6	0.9	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)	24,372.1	16,682.9	16,448.9	8,492.6	8,515.1
I. Long-term receivables	1,390.4	1,274.1	680.4	183.4	0.0
1. Long-term trade receivables	6.2	6.2	0.0	0.0	128.4
2. Long-term prepayments to suppliers	6.3	103.6	326.3	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	199.1	30.2	0.3	0.0	0.0
6. Other long-term receivables	1,183.8	1,139.0	358.7	186.5	0.0
7. Provision for long-term doubtful debts	-5.0	-5.0	-5.0	-3.1	0.0
II. Fixed assets	13,091.4	7,095.6	7,178.0	5,819.1	6,044.5
1. Tangible fixed assets	11,856.9	6,227.4	6,382.1	5,672.8	5,920.4
- Cost	20,726.3	9,619.8	9,188.8	7,485.0	0.0
- Accumulated depreciation	-8,869.3	-3,392.4	-2,806.7	-1,812.2	0.0
2. Financial leased fixed assets	332.6	24.1	37.8	0.0	0.0
- Cost	393.2	29.7	41.5	0.0	0.0
- Accumulated depreciation	-60.6	-5.6	-3.7	0.0	0.0
3. Intangible fixed assets	901.8	844.0	758.0	146.3	124.1
- Cost	1,114.9	983.5	862.3	197.3	0.0
- Accumulated depreciation	-213.0	-139.5	-104.3	-51.1	0.0
III. Investment properties	1,350.1	1,390.6	1,342.0	0.0	0.0
- Cost	1,842.5	1,820.2	1,700.0	0.0	0.0
- Accumulated depreciation	-492.4	-429.6	-357.9	0.0	0.0
IV. Long-term assets in progress	2,891.9	2,279.2	2,419.5	926.7	1,056.0
1. Long-term production in progress	437.5	416.7	539.9	610.8	0.0
2. Construction in progress	2,454.4	1,862.5	1,879.6	315.9	0.0
V. Long-term financial investments	1,217.5	998.6	1,075.6	361.1	344.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	550.7	825.5	1,022.1	337.3	0.0
3. Investments in other entities	662.3	172.5	50.9	23.8	0.0
4. Provision for diminution in value of long-term investments	-11.7	-0.4	-0.4	0.0	0.0
5. Held to maturity investments	16.1	1.0	3.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4,430.9	3,644.8	3,753.4	1,202.4	0.0
1. Long-term prepayments	1,953.3	1,466.7	1,292.4	1,105.2	0.0
2. Deferred income tax assets	85.6	29.6	46.3	0.0	0.0
3. Long-term equipment, supplies, spare parts	6.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	941.2
5. Goodwill	2,385.9	2,148.5	2,414.7	97.2	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	52,231.2	28,987.3	26,749.0	11,632.4	10,831.3
A. LIABILITIES (300=210+330)	34,288.9	17,436.4	15,435.7	7,758.9	7,028.1
I. Short -term liabilities	17,615.0	8,875.7	8,203.1	2,208.6	1,273.9
1. Short-term trade accounts payable	2,471.2	1,216.4	808.2	430.2	433.7
2. Short-term advances from customers	381.6	334.0	263.6	121.8	40.2
3. Taxes and other payables to state authorities	729.4	271.4	160.3	108.8	0.0
4. Payable to employees	480.8	283.0	178.0	26.6	0.0
5. Short-term acrrued expenses	422.6	213.3	134.4	69.9	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	882.0	408.8	23.3	1.1	0.0
9. Other short-term payables	2,289.6	1,948.5	3,215.3	1,142.9	0.0
10. Short-term borrowings and financial leases	9,694.4	4,074.4	3,320.1	280.3	88.5
11. Provision for short-term liabilities	218.1	88.6	63.3	4.1	0.0
12.. Bonus and welfare fund	45.4	37.2	36.7	22.8	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	16,673.9	8,560.8	7,232.6	5,550.3	5,754.2
1. Long-term trade payables	0.4	5.8	0.0	0.0	0.0
2. Long-term advances from customers	37.3	42.7	78.0	94.6	0.0
3. Long-term acrrued expenses	105.2	1.8	1.5	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	41.7	47.7	56.4	0.6	1.0
7. Other long-term liabilities	3,630.1	1,686.2	1,537.2	862.9	0.0
8. Long-term borrowings and financial leases	12,227.3	6,141.5	4,903.7	4,553.8	5,149.9
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	604.6	578.1	590.0	0.0	0.0
12. Provision for long-term liabilities	27.3	57.0	65.8	38.5	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)	17,942.3	11,550.9	11,313.3	3,873.5	3,803.2
I. Owner's equity	17,942.3	11,550.9	11,313.3	3,873.5	0.0
1. Owner's capital	10,682.9	8,925.1	8,925.1	3,486.3	3,803.2
- Common stock with voting right	10,682,855,810,000.00	8,925,119,650,000.00	8,925,119,650,000.00	3,486,319,650,000.00	3,486,319,650,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-790.7	-790.4	-790.3	84.1	84.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	167.3	7.7	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	125.3	125.3	125.3	125.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.4	0.2	0.0	0.0	0.0
11. Undistributed earnings after tax	584.2	327.4	239.6	192.4	139.1
- Accumulated retained earning at the end of the previous period	155.1	47.1	192.4	47.8	53.3
- Undistributed earnings in this period	429.1	280.3	47.2	144.6	85.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	7,173.0	2,955.6	2,813.5	-14.7	-29.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	52,231.2	28,987.3	26,749.0	11,632.4	10,831.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	788.0	425.8	55.8	191.0	51.7
Depreciation of Fixed Assets and Investment Property	1,078.1	865.4	495.0	291.8	252.4
Provision (Increase)/Reversal	29.8	64.3	42.0	24.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	0.9	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-1,262.1	-672.2	-321.2	-378.9	0.0
Interest Expense	932.2	623.5	385.7	310.1	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	1,566.6	1,307.7	657.2	438.4	370.3
Increase/(Decrease) in Receivables	-831.1	1,385.2	-1,064.7	-311.0	0.0
Increase/(Decrease) in Inventory	-1,103.4	-344.4	505.1	62.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,005.5	381.6	1,625.8	1,060.4	0.0
Increase/(Decrease) in Prepaid Expenses	-146.5	-102.1	66.4	-53.3	0.0
Changes in Trading Securities	—	0.0	356.5	-360.5	0.0
Interest Paid	-723.5	-463.6	-420.5	-334.7	0.0
Corporate Income Tax Paid	-216.6	-97.2	-133.6	-21.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.8	-4.5	-0.1	-0.5	0.0
Net Cash Flow from Operating Activities	-453.7	2,062.6	1,592.1	479.9	429.9
Payments for Fixed Assets and Other Long-term Assets	-2,112.4	-711.5	-209.0	-191.5	-58.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	382.5	81.8	20.4	15.4	0.0
Loans and Purchases of Debt Instruments	-8,239.8	-3,182.9	-1,565.8	-1,194.7	-678.8
Receipts from Loan Repayments and Sale of Debt Instruments	8,155.2	2,614.9	1,371.3	1,214.2	49.1
Investments in Other Entities	-3,238.5	-937.4	-174.7	-795.9	0.8
Proceeds from Investments in Other Entities	1,919.2	736.3	536.1	1,041.5	0.0
Dividends and Interest Income Received	421.9	223.2	109.8	60.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2,712.0	-1,175.6	88.0	149.6	-536.8
Proceeds from Equity Issuance and Capital Contributions	1,762,648,160,000.00	330,200,500,000.00	0.00	0.00	800,000,000,000.00
Share Repurchases	-1,895,000,000.00	-970,200,000,000.00	0.00	0.00	0.00
Proceeds from Borrowings	29,180.4	21,169.6	5,872.5	57.9	56.5
Repayment of Borrowings	-25,713.9	-20,090.8	-6,804.4	-374.4	-327.4
Repayment of Finance Leases	-12.9	-20.2	0.0	0.0	0.0
Dividends Paid	-81.7	-131.1	0.0	-1.1	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	5,132.7	287.5	-931.9	-317.6	529.2
Net Cash Flow During the Period	1,967.0	1,174.5	748.3	311.9	318.5
Cash and Cash Equivalents at Beginning of Period	2,876.2	1,701.7	953.4	641.6	219.3
FX Difference from Revaluation	0.1	-0.1	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4,843.3	2,876.2	1,701.7	953.4	641.6

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	11,030.3	12,481.8	9,155.0	8,323.1	6,977.9	10,901.5	8,033.5	6,434.4	5,186.2	7,804.1	2,556.4	315.0
Revenue Deductions	41.0	38.3	3.5	85.5	1.9	3.7	2.1	4.4	3.1	9.4	0.4	0.0
Net Revenue	10,989.3	12,443.5	9,151.5	8,237.6	6,976.0	10,897.8	8,031.4	6,430.0	5,183.1	7,794.6	2,556.0	315.0
Cost of Goods Sold	9,762.4	11,533.3	8,193.8	7,493.4	6,234.3	9,905.5	7,350.0	5,845.0	4,671.2	7,247.9	2,285.1	193.0
Gross Profit	1,226.9	910.2	957.7	744.2	741.7	992.3	681.4	585.0	511.9	546.8	270.8	122.0
Financial Income	189.4	219.5	610.4	301.2	80.0	353.7	147.6	352.5	53.6	284.0	48.3	34.0
Financial Expenses	428.3	485.9	218.1	259.1	195.5	189.6	161.8	163.2	141.6	127.5	118.2	81.8
Interest Expense	410.0	304.3	180.3	212.2	188.7	159.0	150.3	162.9	135.2	106.9	118.2	71.8
Share of Associates and Joint Ventures	-1.4	-17.2	-7.4	-12.5	0.7	-18.1	12.2	-20.0	5.8	-3.4	-7.4	-3.5
Selling Expenses	483.7	488.0	391.3	268.8	326.9	463.4	290.6	263.4	238.2	288.1	91.5	4.5
General and Administrative Expenses	445.3	475.9	383.5	408.1	282.9	414.1	354.2	422.9	183.0	350.9	95.9	50.1
Operating Profit	57.6	-337.3	567.9	96.9	17.1	260.8	34.6	67.9	8.6	60.8	6.2	16.1
Other Income	39.6	406.0	72.8	21.5	41.9	7.4	27.5	25.0	33.3	18.0	12.7	0.8
Other Expenses	21.4	8.0	26.1	20.0	7.3	41.9	11.7	8.9	6.7	60.1	4.5	4.6
Other Profit	18.2	398.0	46.7	1.6	34.6	-34.5	15.8	16.1	26.6	-42.1	8.2	-3.8
Profit Before Tax	75.7	60.7	614.6	98.4	51.8	226.2	50.4	84.0	35.2	18.7	14.4	12.3
Current Income Tax Expense	33.6	196.9	130.7	31.9	20.7	62.8	16.8	27.5	13.0	24.0	2.2	2.5
Deferred Income Tax Expense	-11.8	-184.4	-3.1	-9.0	-6.0	6.8	-2.8	-4.1	-9.9	-29.0	0.0	0.0
Net Income	53.9	48.2	486.9	75.6	37.0	156.7	36.3	60.6	32.1	23.7	12.2	9.8
Non-controlling Interest	26.7	-56.2	184.2	70.0	8.2	69.2	18.5	55.9	6.1	4.7	4.8	0.2
Profit Attributable to Parent	27.2	104.4	302.7	5.6	28.9	87.4	17.8	4.7	26.0	19.1	7.4	9.6
Earnings per Share	25.00	98.00	312.00	6.00	32.00	98.00	20.00	5.00	29.00	21.00	14.00	27.00
Diluted EPS	25.42	97.69	283.39	6.27	32.34	97.95	19.98	5.31	29.16	21.37	8.28	27.45

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)	28,247.8	29,010.7	19,257.8	15,268.6	12,975.9	12,886.1	11,789.3	11,160.0	9,790.8	10,780.8	8,953.6	2,917.4
I. Cash and cash equivalents	4,121.9	4,791.9	3,063.8	2,431.1	2,303.9	2,855.1	2,021.0	1,808.5	1,678.4	1,737.9	1,582.1	1,044.2
1. Cash	2,470.5	2,845.7	2,299.7	2,179.3	1,985.2	2,329.0	1,829.8	1,705.8	1,556.9	1,590.9	1,455.4	1,038.0
2. Cash equivalents	1,651.5	1,946.2	764.2	251.7	318.7	526.1	191.2	102.7	121.5	146.9	126.7	6.2
II. Short-term financial investments	3,263.4	2,809.8	1,032.7	1,081.5	804.7	603.1	590.4	348.7	345.2	692.3	741.2	283.7
1. Available for sale securities	51.0	65.8	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	27.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-8.9	-18.2	-17.5	-17.5	-17.2	-17.2	-15.5	-15.5	-15.8	-15.8	-15.2	0.0
3. Held to maturity investments	3,221.3	2,762.3	1,021.9	1,070.7	793.5	592.0	577.6	335.9	332.7	679.8	729.0	283.7
III. Short-term receivables	14,174.3	14,651.3	10,219.0	7,406.0	5,932.6	6,011.9	5,869.8	6,079.9	5,057.7	5,648.0	3,490.3	1,428.9
1. Short-term trade accounts receivable	3,874.7	4,196.5	2,007.4	1,791.1	1,793.9	1,761.0	1,584.9	1,380.3	1,231.3	1,474.7	1,255.6	505.0
2. Short-term prepayments to suppliers	1,927.1	3,025.3	1,632.4	1,106.3	792.7	781.4	417.7	506.1	689.0	875.6	351.7	79.4
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	—	1,812.4	45.8	38.0	10.5	29.8	22.8	79.2	567.4	22.8	17.8	15.3
6. Other short-term receivables	8,752.4	6,021.7	6,685.4	4,622.6	3,493.0	3,596.1	4,000.4	4,270.3	2,723.7	3,426.0	2,014.3	974.8
7. Provision for short-term doubtful debts (*)	-386.2	-404.7	-152.0	-152.0	-157.5	-156.4	-156.0	-156.0	-153.7	-151.1	-149.1	-145.6
8. Assets awaiting resolution	6.3	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5,878.5	5,997.6	4,357.7	4,098.0	3,687.4	3,100.9	3,113.9	2,729.8	2,504.2	2,521.2	2,948.1	95.9
1. Inventories	5,912.3	6,028.5	4,360.2	4,099.0	3,689.5	3,103.6	3,116.0	2,731.9	2,506.2	2,523.6	2,950.5	95.9
2. Provision for decline in value of inventories	-33.8	-30.9	-2.5	-1.0	-2.1	-2.7	-2.0	-2.1	-1.9	-2.5	-2.5	0.0
V. Other short-term assets	809.7	760.0	584.6	251.9	247.2	315.3	194.2	193.1	205.3	181.5	192.0	64.7
1. Short-term prepayments	303.4	153.7	97.9	65.1	68.5	69.7	72.0	60.8	56.9	47.0	40.4	11.5
2. Value added tax to be reclaimed	481.3	576.5	408.0	173.3	161.0	88.7	109.4	120.3	135.9	122.9	143.4	51.9
3. Taxes and other receivables from state authorities	24.9	29.8	78.7	13.5	17.8	60.6	12.8	11.9	12.5	11.5	8.1	1.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	0.0	—	—	—	96.3	0.0	0.1	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	25,007.7	26,282.6	15,952.4	16,334.6	16,657.3	16,297.0	16,265.9	16,096.1	16,613.2	16,118.2	16,135.7	8,747.3
I. Long-term receivables	1,410.6	1,424.4	1,423.2	1,346.5	1,320.0	814.3	846.4	678.0	1,017.5	365.7	314.8	161.5
1. Long-term trade receivables	7.6	12.4	6.2	6.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	9.3	107.5	104.9	212.1	110.2	107.6	173.2	106.4	326.3	2.6	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	—	0.1	0.2	0.2	30.2	30.2	376.5	0.2	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,398.7	1,309.4	1,317.0	1,133.0	1,184.6	681.5	301.6	576.4	696.2	368.1	319.7	164.7
7. Provision for long-term doubtful debts	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-5.0	-3.1
II. Fixed assets	12,863.4	13,141.1	7,113.9	6,697.0	7,076.5	7,131.3	7,055.9	7,117.2	7,153.8	7,181.7	7,145.8	5,670.0
1. Tangible fixed assets	11,626.7	11,911.4	6,265.4	6,131.1	6,214.8	6,263.5	6,278.7	6,333.8	6,368.0	6,407.0	6,377.6	5,529.7
- Cost	20,744.6	—	—	—	—	9,658.0	9,462.9	9,395.4	9,294.1	9,214.6	9,075.2	7,491.7
- Accumulated depreciation	-9,117.9	—	—	—	—	-3,394.5	-3,184.2	-3,061.6	-2,926.0	-2,807.6	-2,697.6	-1,962.0
2. Financial leased fixed assets	343.9	333.7	20.4	22.8	22.9	23.7	29.2	33.9	34.2	37.9	39.5	0.0
- Cost	420.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-76.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	892.8	896.0	828.1	543.1	838.8	844.1	748.0	749.4	751.6	736.8	728.7	140.3
- Cost	1,115.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-222.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1,329.8	1,342.7	1,346.4	1,662.6	1,376.5	1,390.3	1,310.4	1,331.4	1,331.6	1,348.5	1,361.2	0.0
- Cost	1,844.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-514.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3,718.6	2,578.3	1,778.8	2,251.0	2,314.7	2,345.2	2,371.7	2,330.6	2,332.4	2,410.6	2,548.4	882.0
1. Long-term production in progress	427.3	436.7	447.3	363.1	408.1	450.4	470.7	486.7	501.5	539.9	550.8	549.4
2. Construction in progress	3,291.3	2,141.6	1,331.5	1,887.9	1,906.6	1,894.8	1,900.9	1,843.9	1,830.9	1,870.7	1,997.6	332.6
V. Long-term financial investments	1,233.1	1,343.9	888.8	896.5	1,029.7	1,017.1	1,063.8	1,069.3	1,085.1	1,074.3	1,027.5	768.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	547.7	578.3	742.9	750.5	826.7	825.2	972.2	977.7	1,031.5	1,020.8	977.0	745.1
3. Investments in other entities	681.1	750.7	145.3	145.3	193.6	191.3	88.9	88.9	50.9	50.9	48.4	23.8
4. Provision for diminution in value of long-term investments	-11.7	-3.1	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.5	-0.5	0.0
5. Held to maturity investments	16.1	18.0	1.0	1.0	9.8	1.0	3.0	3.0	3.1	3.1	2.5	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	4,452.2	6,452.1	3,401.3	3,481.0	3,539.8	3,598.7	3,617.8	3,569.6	1,349.4	1,321.3	1,285.9	1,172.7
1. Long-term prepayments	2,041.7	4,413.4	1,423.9	1,414.9	1,427.9	1,420.2	1,348.5	1,322.2	1,295.9	1,285.6	1,262.0	1,172.7
2. Deferred income tax assets	92.8	92.7	38.1	45.0	39.8	37.6	38.5	51.0	53.4	35.7	23.8	0.0
3. Long-term equipment, supplies, spare parts	6.0	4.4	—	—	—	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	2,311.6	1,941.5	1,939.3	2,021.1	2,072.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2,140.9	2,230.8	2,196.3	2,343.4	2,416.0	2,452.2	92.2
TOTAL ASSETS (280=100+200)	53,255.4	55,293.2	35,210.3	31,603.2	29,633.2	29,183.2	28,055.3	27,256.1	26,404.0	26,899.0	25,089.4	11,664.8
A. LIABILITIES (300=210+330)	35,074.1	35,580.5	21,489.4	20,057.5	18,069.7	17,620.6	15,868.0	15,657.9	15,058.7	15,646.9	13,867.3	7,780.7
I. Short -term liabilities	17,452.1	18,628.7	11,112.6	9,651.8	9,688.7	8,810.4	7,924.4	7,606.0	7,348.3	8,287.3	6,614.6	2,577.8
1. Short-term trade accounts payable	1,783.2	2,828.6	1,228.7	1,151.2	938.2	1,305.6	1,169.4	809.2	729.7	882.9	815.9	430.3
2. Short-term advances from customers	833.0	615.1	458.2	330.4	344.2	348.1	367.2	345.0	289.8	377.1	343.9	143.0
3. Dividends and profits payable	11.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	444.2	932.4	616.5	284.6	194.7	274.4	213.1	155.9	159.6	164.4	139.8	142.6
4. Payable to employees	260.3	428.7	173.2	142.7	130.0	286.1	139.1	111.3	92.1	167.3	124.6	19.8
5. Short-term acrrued expenses	459.9	545.3	301.4	252.4	196.9	251.0	188.8	192.9	121.5	163.8	141.0	112.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1,097.2	854.6	711.9	482.5	463.1	60.5	32.0	19.7	11.9	29.7	17.2	0.9
9. Other short-term payables	2,588.8	2,746.3	1,980.4	1,806.4	2,402.7	1,801.5	1,698.2	2,715.9	2,745.4	3,111.7	1,849.2	1,290.5
10. Short-term borrowings and financial leases	9,674.1	9,400.7	5,399.9	4,999.7	4,859.1	3,935.2	3,782.9	3,032.4	3,093.0	3,303.1	3,115.6	395.4
11. Provision for short-term liabilities	257.3	231.5	209.4	168.7	126.3	510.7	300.0	189.5	70.6	50.7	31.5	20.3
12.. Bonus and welfare fund	42.4	45.4	32.9	33.1	33.5	37.2	33.9	34.3	34.8	36.7	35.9	22.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	17,622.0	16,951.9	10,376.8	10,405.7	8,381.0	8,810.3	7,943.6	8,051.9	7,710.4	7,359.7	7,252.7	5,203.0
1. Long-term trade payables	1.2	1.2	0.3	—	5.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	12.4	36.6	22.6	28.8	38.5	42.7	51.6	60.9	70.8	78.0	56.0	51.4
3. Long-term acrrued expenses	141.0	107.7	47.2	27.2	14.2	17.5	38.6	18.0	0.0	1.5	0.2	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	39.7	49.4	43.2	41.2	42.5	44.3	47.3	48.9	52.4	58.7	53.5	1.6
7. Other long-term liabilities	4,148.5	3,951.8	1,584.7	2,280.1	1,487.5	1,760.5	1,718.4	1,665.8	1,444.9	1,593.9	1,245.2	769.6
8. Long-term borrowings and financial leases	12,658.1	11,825.9	8,202.1	7,413.0	6,156.7	6,299.4	5,459.3	5,627.1	5,476.0	4,947.3	5,186.7	4,341.9
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	586.1	967.3	426.7	572.2	575.4	578.1	580.7	583.5	590.0	602.8	607.8	0.0
12. Provision for long-term liabilities	34.9	12.0	50.0	43.2	60.5	67.8	47.7	47.7	76.2	77.5	103.4	38.5
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)	18,181.4	19,712.7	13,720.8	11,545.7	11,563.5	11,562.5	12,187.2	11,598.2	11,345.4	11,252.1	11,222.0	3,884.1
I. Owner's equity	18,181.4	19,712.7	13,720.8	11,545.7	11,563.5	11,562.5	12,187.2	11,598.2	11,345.4	11,252.1	11,222.0	3,884.1
1. Owner's capital	10,682.9	10,682.9	10,682.9	8,925.1	8,925.1	8,925.1	8,925.1	8,925.1	8,925.1	8,925.1	8,925.1	3,486.3
- Common stock with voting right	10,682,855,810,000.00	10,682,855,810,000.00	10,682,855,810,000.00	8,925,119,650,000.00	8,925,119,650,000.00	8,925,119,650,000.00	8,925,119,650,000.00	8,925,119,650,000.00	8,925,119,650,000.00	8,925,119,650,000.00	8,925,119,650,000.00	3,486,319,650,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-790.7	-790.7	-790.6	-790.5	-790.5	-790.4	-790.3	-790.3	-790.3	-852.8	-852.8	84.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	167.3	163.7	25.1	25.9	16.6	0.0	7.7	7.8	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	125.3	123.8	124.6	125.4	125.0	125.3	125.3	125.5	125.3	125.3	125.3	125.3
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	0.4	0.3	0.3	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	670.8	533.3	587.3	343.4	338.8	228.6	490.6	293.1	265.6	236.0	215.3	202.9
- Accumulated retained earning at the end of the previous period	643.7	117.5	249.8	309.0	310.0	93.2	354.8	268.5	236.8	194.3	192.8	192.4
- Undistributed earnings in this period	27.2	415.8	337.4	34.5	28.9	135.4	135.8	24.6	28.8	41.7	22.5	10.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	7,325.4	8,999.5	3,091.4	2,916.3	2,948.2	3,073.8	3,428.8	3,037.0	2,819.6	2,818.4	2,809.1	-14.5
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)	53,255.4	55,293.2	35,210.3	31,603.2	29,633.2	29,183.2	28,055.3	27,256.1	26,404.0	26,899.0	25,089.4	11,664.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	75.7	2.9	614.6	118.8	51.8	226.2	50.4	80.5	35.2	21.8	14.4	16.0
Depreciation of Fixed Assets and Investment Property	401.4	377.2	209.0	254.9	237.0	241.8	183.6	307.3	144.4	176.5	155.0	82.2
Provision (Increase)/Reversal	39.2	-86.6	49.4	25.6	41.4	211.1	131.6	100.1	7.4	18.1	12.3	3.2
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.5	—	—	—	0.0	-0.1	0.0	0.0	-0.1	-0.0	0.0
Gain/Loss from Investment Activities	-172.2	-227.2	-668.2	-336.1	-30.6	-335.7	-156.6	-321.6	-59.4	-229.8	-40.8	-41.0
Interest Expense	410.0	344.9	180.3	214.2	192.8	159.0	150.3	155.2	135.2	111.3	118.2	82.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	754.1	411.7	385.1	277.5	492.3	502.5	359.3	321.5	262.8	97.8	259.0	142.7
Increase/(Decrease) in Receivables	348.3	-627.6	-472.0	-167.3	435.8	-604.6	668.7	-650.7	573.4	-955.7	-164.3	380.8
Increase/(Decrease) in Inventory	67.6	107.0	-374.5	-335.3	-500.6	11.7	-442.3	-168.2	-16.3	1,048.0	-585.9	-36.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-499.8	97.7	723.5	213.8	-29.6	357.2	148.8	836.2	-666.5	1,192.6	368.8	96.0
Increase/(Decrease) in Prepaid Expenses	-236.9	-140.0	-6.3	-19.1	18.9	-36.4	-13.5	-53.4	0.7	26.4	21.6	-8.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	-32.8	28.9	0.0
Interest Paid	-177.4	-292.8	-132.1	-8.4	-290.2	-163.3	-129.0	-123.0	-111.2	-150.7	-90.5	-90.0
Corporate Income Tax Paid	-225.5	-117.1	27.2	-48.7	-78.0	-31.1	-28.7	-10.9	-27.4	-21.9	-86.7	-22.2
Other Operating Receipts	—	—	—	—	—	0.0	-10.2	10.2	0.0	0.0	0.0	0.0
Other Operating Payments	—	-1.8	—	-3.0	—	-0.0	5.4	-5.5	0.0	-0.1	0.1	-0.1
Net Cash Flow from Operating Activities	30.5	-565.9	153.9	-90.4	48.7	35.9	558.4	156.1	15.5	1,203.6	-249.0	462.2
Payments for Fixed Assets and Other Long-term Assets	-111.0	-1,662.6	-151.9	-181.1	-116.8	-82.3	-18.3	-94.5	-87.0	-203.6	22.1	-27.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	293.1	54.5	35.0	—	0.0	15.5	34.6	0.0	20.4	-0.2	0.2
Loans and Purchases of Debt Instruments	-1,955.5	-4,935.4	-1,410.8	-1,206.4	-687.2	-972.2	-934.1	-279.4	-516.5	-1,195.3	220.0	-532.9
Receipts from Loan Repayments and Sale of Debt Instruments	683.9	7,408.0	-69.1	543.0	273.3	744.0	1,152.5	307.9	210.6	885.9	247.1	235.8
Investments in Other Entities	-18.8	—	—	—	—	-102.4	-429.4	-620.1	0.0	-396.3	300.7	-24.6
Proceeds from Investments in Other Entities	158.6	1,541.8	18.1	359.2	—	0.0	121.4	267.1	0.0	536.1	0.0	0.0
Dividends and Interest Income Received	95.0	316.6	9.1	82.1	14.2	218.6	2.9	84.0	8.9	108.2	-0.9	-0.4
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	-1,147.6	-232.2	-95.2	-1,531.6	-853.0	-194.3	-89.5	-300.5	-384.1	-244.5	788.7	-348.9
Proceeds from Equity Issuance and Capital Contributions	353,700,000.00	—	—	—	—	0.00	0.00	315,057,500,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	-970,200,000,000.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,630.3	8,662.2	7,269.3	8,074.1	5,174.9	8,032.4	5,789.2	4,422.9	3,840.1	4,591.5	1,271.2	2.9
Repayment of Borrowings	-9,219.8	-6,081.8	-8,575.8	-6,138.3	-4,918.0	-7,039.9	-5,143.9	-4,395.0	-3,494.8	-5,431.0	-1,266.8	-56.9
Repayment of Finance Leases	-2.4	-10.6	1.2	-3.6	—	0.0	11.0	-11.0	0.0	0.0	0.0	0.0
Dividends Paid	-12.7	12.8	-24.0	-39.7	-30.8	0.0	64.8	-64.8	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
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	395.9	2,577.5	433.7	1,889.4	232.1	992.4	-249.1	267.2	345.3	-839.4	4.4	-54.0
Net Cash Flow During the Period	-721.2	1,779.4	492.4	267.4	-572.2	834.1	219.7	122.8	-23.3	119.7	544.1	59.3
Cash and Cash Equivalents at Beginning of Period	4,843.3	3,063.8	2,571.4	2,303.9	2,876.2	1,701.7	1,701.7	1,701.7	1,701.7	953.4	953.4	953.4
FX Difference from Revaluation	-0.1	0.1	—	—	—	0.0	0.0	0.0	-0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	4,121.9	4,843.3	3,063.8	2,571.4	2,303.9	2,855.1	2,021.0	1,801.3	1,678.4	1,701.7	1,582.1	1,038.0

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HUT

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