IDC

Tổng Công ty IDICO - CTCP ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 27.48%, +2.85pp YoY

Price

43,500

Latest close

03 Jun 2026

P/E 8.67x

P/B 1.87x

EPS 5,016

BVPS 23,320

ROE 23.3%

ROA 8.7%

Profit Margin 22.5%

Asset Turnover 0.39x

Equity Mult. 2.69x

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

What Is Changing

On a TTM 2026Q1 basis, IDC has not accelerated revenue sharply, but profitability is improving visibly — margins have been expanding consistently over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8,280bn
	                                
+1.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,275bn
	                                
+13.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	8,588.1	8,846.4	7,237.0	7,485.4	4,324.6
Growth	-3%	+22%	-3%	+73%	—
Net Income	2,354.1	2,392.4	1,656.0	2,054.7	576.7
Net Margin	27.41%	27.04%	22.88%	27.45%	13.34%

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	1,485.5	2,160.1	2,871.3	1,763.2	1,793.5	1,955.3	2,275.5	2,148.5	2,467.1	2,239.3	1,443.5	2,407.6
Growth	-31%	-25%	+63%	-2%	-8%	-14%	+6%	-13%	+10%	+55%	-40%	—
Net Income	337.9	540.0	981.1	416.0	417.0	437.7	574.3	583.9	797.2	623.1	194.5	662.7
Net Margin	22.75%	25.00%	34.17%	23.59%	23.25%	22.39%	25.24%	27.18%	32.31%	27.82%	13.48%	27.53%

Drivers of IDC's profit

TTM

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

Financial income ↑ 186.1bn

Gross profit ↑ 107.0bn

Selling expenses ↓ 23.9bn

Tax ↑ 58.4bn

Minority interests ↑ 47.5bn

Finance costs ↑ 25.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 66.4bn

Tax ↓ 24.9bn

Administrative expenses ↓ 20.1bn

Selling expenses ↓ 9.8bn

Gross profit ↓ 162.7bn

Finance costs ↑ 19.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 29.6% = 24.6% × 0.44 × 2.70

2026Q1 28.5% = 27.5% × 0.39 × 2.69

ROE fell from 29.6% to 28.5% — asset turnover weakened the most, though net margin still provided support.

Net margin: 27.5% +2.8pp Asset turnover: 0.39x -0.06x Leverage: 2.69x -0.01x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 27.48%, rising 2.8pp. The main driver is Gross margin rose 0.8pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.9pp added support while Other profit / Revenue fell 0.1pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 27.48% +2.8pp

Gross Margin 34.99% +0.8pp

SG&A / Revenue 4.42% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 20.2% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC fell to 20.18%, losing 3.3pp. That translates to 20.18 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.23x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 2,685bn.

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

CAPITAL EFFICIENCY TREND

ROIC 20.18% −3.3pp

NOPAT Margin 26.86% +2.9pp

Capital Turnover 0.75x −0.23x

Average Invested Capital 11,021.2bn +2,684.7bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.81x equity, net debt at 0.56x equity.

Over the last 12 months, working capital released 826.0bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +67.8bn

Inventories decreased → higher CFO: +25.0bn

Payables increased → higher CFO: +733.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.6 days versus the same period last year. The main moves came from DIO fell 17.6 days, DSO rose 0.3 days, and DPO rose 0.3 days.

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

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 105.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +0.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 33.9 days +0.3 days

Inventory 91.3 days −17.6 days

Payables 19.8 days +0.3 days

Cash Conversion Cycle 105.5 days −17.6 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.56x and interest coverage at 16.64x.

At present, short-term debt accounts for 45.0% of total debt, cash equals 13.9% of debt, and total debt stands at 5,743.6bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 13.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.56x +0.40x

Interest Coverage 16.64x −0.79x

Cash / Debt 13.9% −53.2pp

Short-term Debt / Total Debt 45.0% +0.2pp

CFO / NI 1.89x −0.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,913.9bn in 2025, against investing cash flow of -7,009.9bn.

Post-investment cash flow was negative +3,096.0bn. Financing cash flow was positive +1,460.9bn.

CFO / net income was 1.89x.

After spending +3,212.6bn on fixed-asset investment, the business generated trailing free cash flow of +305.7bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 3,518.3bn −7.6bn

Cash Capex 3,212.6bn +2,664.4bn

FCF TTM +305.7bn −2,672.1bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.8 pp. The next item to monitor is capital efficiency, with ROIC at 20.2%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 27.48% after expanding 2.8pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,588.3	8,846.5	7,237.0	7,485.5	4,341.8
Revenue Deductions	0.2	0.1	0.0	0.1	0.0
Net Revenue	8,588.1	8,846.4	7,237.0	7,485.4	4,324.6
Cost of Goods Sold	5,528.1	5,509.2	4,813.9	4,425.6	0.0
Gross Profit	3,060.0	3,337.3	2,423.1	3,059.8	737.4
Financial Income	321.8	168.0	221.2	143.8	593.3
Financial Expenses	145.6	136.1	188.7	185.6	-295.7
Interest Expense	142.5	130.3	184.9	178.6	-173.5
Share of Associates and Joint Ventures	0.1	1.9	1.5	-123.5	-58.5
Selling Expenses	94.9	122.6	115.0	85.9	-71.4
General and Administrative Expenses	301.2	275.1	247.4	248.0	-189.6
Operating Profit	2,840.2	2,973.3	2,094.8	2,560.7	715.4
Other Income	98.0	31.6	15.5	122.4	0.0
Other Expenses	20.4	11.6	53.5	65.5	0.0
Other Profit	77.6	20.0	-38.0	56.9	39.1
Profit Before Tax	2,917.7	2,993.3	2,056.8	2,617.6	754.5
Current Income Tax Expense	619.6	640.0	507.7	563.8	-177.8
Deferred Income Tax Expense	-55.9	-39.1	-106.9	-0.9	0.0
Net Income	2,354.1	2,392.4	1,656.0	2,054.7	576.7
Non-controlling Interest	422.3	396.3	262.4	287.2	123.9
Profit Attributable to Parent	1,931.8	1,996.1	1,393.6	1,767.5	452.8
Earnings per Share	5,090.00	5,976.00	4,223.00	5,605.00	1,510.00
Diluted EPS	5,090.00	5,976.00	4,223.17	5,356.08	1,509.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,856.8	7,422.1	6,017.8	4,167.8	4,368.3
I. Cash and cash equivalents	553.1	2,188.0	1,333.6	1,086.9	495.2
1. Cash	78.6	86.3	154.6	395.0	0.0
2. Cash equivalents	474.5	2,101.7	1,178.9	691.9	0.0
II. Short-term financial investments	6,807.0	2,264.5	909.7	1,042.7	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	6,807.0	2,264.5	909.7	1,042.7	0.0
III. Short-term receivables	1,157.2	1,514.8	2,400.6	877.8	1,095.8
1. Short-term trade accounts receivable	782.9	759.5	843.8	587.5	0.0
2. Short-term prepayments to suppliers	—	86.0	111.7	103.1	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	78.7	310.0	890.0	94.0	0.0
6. Other short-term receivables	393.0	446.5	627.8	146.7	0.0
7. Provision for short-term doubtful debts (*)	-97.5	-87.3	-75.2	-56.0	0.0
8. Assets awaiting resolution	—	0.1	2.6	2.6	0.0
IV. Inventories	1,298.6	1,400.6	1,299.4	1,094.8	549.4
1. Inventories	1,302.2	1,402.4	1,299.4	1,095.0	0.0
2. Provision for decline in value of inventories	-3.6	-1.8	0.0	-0.2	0.0
V. Other short-term assets	41.0	54.2	74.4	65.6	59.2
1. Short-term prepayments	7.4	26.9	51.5	48.5	0.0
2. Value added tax to be reclaimed	24.1	20.6	21.8	15.5	0.0
3. Taxes and other receivables from state authorities	9.4	6.7	1.2	1.6	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)	13,344.7	11,378.1	11,702.7	12,845.6	11,883.8
I. Long-term receivables	80.7	103.4	46.0	1,314.9	0.0
1. Long-term trade receivables	6.7	7.9	7.9	7.9	253.4
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	94.1	95.5	38.2	1,307.0	0.0
7. Provision for long-term doubtful debts	-20.1	0.0	0.0	0.0	0.0
II. Fixed assets	2,930.5	3,069.4	3,220.8	8,580.9	5,820.6
1. Tangible fixed assets	2,822.2	2,957.2	3,106.7	4,176.5	3,831.7
- Cost	6,548.4	6,433.0	6,375.5	8,167.3	0.0
- Accumulated depreciation	-3,726.3	-3,475.9	-3,268.7	-3,990.8	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	108.4	112.3	114.1	4,404.4	1,988.9
- Cost	124.4	129.1	129.4	5,450.9	0.0
- Accumulated depreciation	-16.0	-16.9	-15.3	-1,046.4	0.0
III. Investment properties	2,574.1	2,539.0	6,151.4	107.7	114.3
- Cost	7,233.0	6,485.9	8,807.9	158.6	0.0
- Accumulated depreciation	-4,658.8	-3,946.9	-2,656.5	-50.9	0.0
IV. Long-term assets in progress	7,094.2	4,958.7	1,322.7	2,048.6	4,750.3
1. Long-term production in progress	342.4	339.3	319.8	278.9	0.0
2. Construction in progress	6,751.8	4,619.4	1,002.8	1,769.7	0.0
V. Long-term financial investments	210.8	228.2	158.3	240.3	288.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	40.5	25.8	25.2	24.5	0.0
3. Investments in other entities	74.3	119.3	119.3	119.3	0.0
4. Provision for diminution in value of long-term investments	-4.0	-6.9	-6.2	-3.5	0.0
5. Held to maturity investments	100.0	90.0	20.0	100.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	454.3	479.4	803.5	553.1	0.0
1. Long-term prepayments	191.0	221.2	615.3	447.8	0.0
2. Deferred income tax assets	232.8	180.0	130.0	20.7	0.0
3. Long-term equipment, supplies, spare parts	12.5	12.1	12.0	11.7	0.0
4. Other long-term assets	—	34.1	46.2	0.0	656.8
5. Goodwill	18.0	32.1	0.0	72.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	23,201.5	18,800.2	17,720.4	17,013.4	16,252.1
A. LIABILITIES (300=210+330)	14,938.5	11,592.5	11,515.5	10,885.5	11,214.6
I. Short -term liabilities	5,620.5	4,533.3	3,986.4	2,321.9	2,626.7
1. Short-term trade accounts payable	324.2	301.6	313.8	342.5	298.2
2. Short-term advances from customers	99.9	307.1	388.1	144.4	81.5
3. Taxes and other payables to state authorities	660.7	505.7	462.2	453.5	0.0
4. Payable to employees	52.9	45.0	42.4	40.6	0.0
5. Short-term acrrued expenses	1,098.3	844.6	707.7	119.4	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	247.9	1,144.3	660.6	172.3	204.3
9. Other short-term payables	494.8	203.9	393.3	277.3	0.0
10. Short-term borrowings and financial leases	2,611.8	1,143.7	937.8	748.2	1,447.7
11. Provision for short-term liabilities	2.5	2.2	50.3	6.1	0.0
12.. Bonus and welfare fund	27.5	35.1	30.2	17.5	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	9,318.0	7,059.2	7,529.2	8,563.6	8,587.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	47.3	279.3	155.5
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	5,529.4	4,599.8	4,584.2	5,190.8	6,048.1
7. Other long-term liabilities	33.4	22.7	12.8	84.9	0.0
8. Long-term borrowings and financial leases	3,265.3	1,992.3	2,584.7	2,719.5	2,084.6
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	52.5	55.5	44.7	42.2	0.0
12. Provision for long-term liabilities	437.4	388.8	255.5	246.9	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)	8,263.0	7,207.6	6,204.9	6,127.9	5,037.5
I. Owner's equity	8,263.0	7,207.6	6,204.9	6,127.9	0.0
1. Owner's capital	3,795.0	3,300.0	3,300.0	3,300.0	5,037.5
- Common stock with voting right	3,794,988,230,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	44.3	44.5	44.5	44.5	41.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	227.0	122.7	79.1	36.2	18.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-43.5	-43.5	-43.5	-43.5	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	714.4	714.4	719.1	207.2	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	1,722.1	1,477.7	873.6	1,401.7	705.7
- Accumulated retained earning at the end of the previous period	359.6	141.7	139.9	184.5	660.1
- Undistributed earnings in this period	1,362.5	1,336.1	733.6	1,217.2	45.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,803.7	1,591.8	1,232.2	1,181.9	1,128.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	23,201.5	18,800.2	17,720.4	17,013.4	16,252.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,917.7	2,993.3	2,056.8	2,617.6	754.1
Depreciation of Fixed Assets and Investment Property	986.2	1,352.7	856.6	1,038.4	388.6
Provision (Increase)/Reversal	79.4	100.7	74.5	84.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	-0.1	0.2	0.0
Gain/Loss from Investment Activities	-362.1	-173.4	-230.0	46.4	0.0
Interest Expense	142.5	130.3	184.9	178.6	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	3,763.7	4,403.5	2,942.7	3,965.4	729.6
Increase/(Decrease) in Receivables	20.8	212.1	161.9	-840.8	0.0
Increase/(Decrease) in Inventory	109.6	-113.4	-222.7	-374.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	728.4	267.5	567.7	-444.4	0.0
Increase/(Decrease) in Prepaid Expenses	49.6	40.4	49.0	49.1	0.0
Changes in Trading Securities	—	0.0	0.0	123.3	0.0
Interest Paid	-164.8	-139.6	-202.3	-182.3	0.0
Corporate Income Tax Paid	-566.7	-561.1	-539.7	-206.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-26.6	-24.2	-21.6	-24.0	0.0
Net Cash Flow from Operating Activities	3,913.9	4,085.2	2,734.9	2,065.4	400.3
Payments for Fixed Assets and Other Long-term Assets	-3,103.5	-793.7	-1,109.6	-1,496.7	-1,201.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	80.3	3.6	148.1	54.3	6.7
Loans and Purchases of Debt Instruments	-8,742.4	-3,254.7	-1,041.3	-1,977.1	-1,267.9
Receipts from Loan Repayments and Sale of Debt Instruments	4,500.0	2,410.2	674.8	2,885.7	308.9
Investments in Other Entities	—	0.0	0.0	-19.4	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	255.6	159.1	216.9	130.3	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	-7,009.9	-1,475.5	-1,111.0	-422.9	-701.8
Proceeds from Equity Issuance and Capital Contributions	20,084,978,000.00	187,549,280,000.00	55,000,000.00	0.00	0.00
Share Repurchases	-80,000,000.00	0.00	0.00	0.00	16,936,074,833.00
Proceeds from Borrowings	7,572.3	3,899.9	2,373.6	3,026.6	2,495.1
Repayment of Borrowings	-4,831.2	-4,286.3	-2,218.8	-3,091.2	-1,717.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1,300.2	-1,556.4	-1,532.4	-985.8	-724.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	1,460.9	-1,755.3	-1,377.7	-1,050.4	70.2
Net Cash Flow During the Period	-1,635.0	854.4	246.2	592.0	-290.4
Cash and Cash Equivalents at Beginning of Period	2,188.0	1,333.6	1,086.9	495.1	726.5
FX Difference from Revaluation	0.1	0.1	0.5	-0.2	0.0
Cash and Cash Equivalents at End of Period	553.1	2,188.0	1,333.6	1,086.9	495.2

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	1,485.6	2,160.2	2,871.4	1,763.2	1,793.5	1,955.4	2,275.5	2,148.5	2,467.1	2,239.3	1,443.5	2,407.6
Revenue Deductions	0.1	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,485.5	2,160.1	2,871.3	1,763.2	1,793.5	1,955.3	2,275.5	2,148.5	2,467.1	2,239.3	1,443.5	2,407.6
Cost of Goods Sold	1,096.8	1,453.2	1,614.2	1,218.7	1,242.1	1,319.6	1,482.2	1,338.6	1,368.8	1,418.2	1,038.2	1,515.2
Gross Profit	388.7	707.0	1,257.1	544.5	551.4	635.8	793.3	809.9	1,098.3	821.1	405.2	892.3
Financial Income	131.5	109.0	84.8	63.0	65.1	53.1	44.4	39.4	31.0	89.2	29.2	76.0
Financial Expenses	59.0	42.5	34.1	29.9	39.0	31.9	34.4	35.1	34.7	41.2	43.0	50.7
Interest Expense	58.7	43.9	33.9	28.6	36.1	31.1	31.0	33.7	34.6	40.6	42.8	47.7
Share of Associates and Joint Ventures	0.4	0.2	-0.1	-0.3	0.4	-0.1	0.2	1.2	0.1	0.7	0.0	0.8
Selling Expenses	18.5	18.6	26.6	21.5	28.3	26.2	27.4	27.1	41.9	31.9	25.7	34.3
General and Administrative Expenses	53.9	92.1	70.7	64.5	73.9	99.2	61.0	63.9	51.1	77.8	64.8	60.3
Operating Profit	389.3	662.9	1,210.4	491.3	475.6	531.6	715.1	724.3	1,001.6	760.3	301.0	823.7
Other Income	32.6	10.2	9.8	29.1	48.9	13.3	3.4	13.5	1.8	4.2	2.8	2.7
Other Expenses	1.6	13.9	1.7	1.0	3.7	5.3	1.8	0.4	4.1	4.9	47.8	-0.4
Other Profit	31.0	-3.7	8.1	28.0	45.2	8.0	1.5	13.1	-2.3	-0.8	-45.0	3.1
Profit Before Tax	420.3	659.2	1,218.5	519.3	520.7	539.6	716.6	737.4	999.3	759.5	256.0	826.8
Current Income Tax Expense	83.7	142.6	265.6	102.8	108.5	99.5	153.6	174.7	211.2	247.0	59.9	162.0
Deferred Income Tax Expense	-1.3	-23.4	-28.3	0.5	-4.8	2.4	-11.3	-21.2	-9.0	-110.6	1.5	2.2
Net Income	337.9	540.0	981.1	416.0	417.0	437.7	574.3	583.9	797.2	623.1	194.5	662.7
Non-controlling Interest	67.3	90.9	139.3	118.4	73.7	80.0	63.3	151.4	102.0	72.4	33.6	129.0
Profit Attributable to Parent	270.6	449.1	841.8	297.6	343.3	357.7	511.0	432.5	695.1	550.6	160.9	533.7
Earnings per Share	713.00	1,183.00	2,218.00	902.00	1,040.00	1,084.00	1,549.00	1,311.00	2,106.00	1,669.00	488.00	1,617.00
Diluted EPS	713.00	1,183.00	2,218.00	902.00	1,040.00	6,050.00	1,549.00	1,310.56	2,106.48	1,668.52	487.71	1,617.28

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)	10,087.5	9,856.8	9,562.5	7,811.3	8,117.3	7,422.0	6,744.3	6,040.2	6,149.1	6,032.0	4,838.5	4,891.1
I. Cash and cash equivalents	800.7	553.1	791.7	863.3	2,292.8	2,188.0	1,287.6	1,010.4	1,108.0	1,333.6	1,250.5	1,236.4
1. Cash	135.9	78.6	104.7	147.7	374.6	86.3	104.8	364.5	172.7	154.6	184.6	119.0
2. Cash equivalents	664.8	474.5	687.0	715.5	1,918.2	2,101.7	1,182.8	645.9	935.4	1,178.9	1,065.9	1,117.4
II. Short-term financial investments	6,841.7	6,807.0	5,646.0	4,019.3	2,908.3	2,264.5	1,633.1	1,266.3	966.8	909.7	834.1	997.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	6,841.7	6,807.0	5,646.0	4,019.3	2,908.3	2,264.5	1,633.1	1,266.3	966.8	909.7	834.1	997.0
III. Short-term receivables	1,039.1	1,157.2	1,774.5	1,559.6	1,531.0	1,514.8	2,302.3	2,204.4	2,168.6	2,400.6	1,585.3	1,502.8
1. Short-term trade accounts receivable	769.3	782.9	852.5	740.3	756.9	759.5	802.9	769.9	732.0	843.8	570.9	529.8
2. Short-term prepayments to suppliers	110.8	78.7	174.9	90.9	99.6	86.0	100.7	94.5	103.4	111.7	143.8	81.6
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	—	—	—	310.0	310.0	310.0	990.0	990.0	835.0	890.0	144.0	144.0
6. Other short-term receivables	245.0	393.0	840.0	508.9	455.3	446.5	486.4	429.8	570.8	627.8	794.9	804.6
7. Provision for short-term doubtful debts (*)	-86.0	-97.5	-92.9	-90.5	-90.9	-87.3	-80.3	-82.4	-75.1	-75.2	-70.9	-59.8
8. Assets awaiting resolution	—	—	0.1	0.1	0.1	0.1	2.6	2.6	2.6	2.6	2.6	2.6
IV. Inventories	1,336.5	1,298.6	1,311.8	1,326.6	1,352.1	1,400.6	1,461.4	1,520.7	1,858.2	1,299.4	1,107.7	1,092.3
1. Inventories	1,340.1	1,302.2	1,315.9	1,329.0	1,354.0	1,402.4	1,461.4	1,520.7	1,858.2	1,299.4	1,108.0	1,092.5
2. Provision for decline in value of inventories	-3.6	-3.6	-4.1	-2.3	-1.8	-1.8	0.0	0.0	0.0	0.0	-0.2	-0.2
V. Other short-term assets	69.5	41.0	38.6	42.5	33.1	54.2	59.9	38.4	47.5	88.6	61.0	62.5
1. Short-term prepayments	38.4	7.4	13.6	17.2	14.0	26.9	37.2	19.1	27.3	53.6	47.7	45.9
2. Value added tax to be reclaimed	29.0	24.1	23.8	24.2	15.3	20.6	20.7	18.0	19.1	33.9	12.8	15.6
3. Taxes and other receivables from state authorities	2.1	9.4	1.2	1.1	3.8	6.7	2.0	1.3	1.1	1.2	0.5	1.1
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)	13,452.0	13,344.7	11,730.5	11,795.1	11,293.2	11,377.5	11,390.6	11,504.3	11,237.3	11,699.9	12,059.7	12,026.7
I. Long-term receivables	79.9	80.7	109.6	109.6	109.6	103.4	103.4	103.4	44.9	46.0	707.2	704.9
1. Long-term trade receivables	5.9	6.7	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	94.1	94.1	101.8	101.8	101.8	95.5	95.5	95.5	37.0	38.2	699.3	697.0
7. Provision for long-term doubtful debts	-20.1	-20.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,875.7	2,930.5	2,979.2	3,035.4	3,077.3	3,070.3	3,145.3	3,187.0	3,155.3	3,220.8	7,784.4	8,029.9
1. Tangible fixed assets	2,767.4	2,822.2	2,868.1	2,923.8	2,965.4	2,958.0	3,032.7	3,074.0	3,041.6	3,106.7	3,888.7	3,997.1
- Cost	6,564.6	—	—	—	—	6,438.2	6,488.2	6,464.3	6,374.9	6,375.5	8,223.0	8,192.2
- Accumulated depreciation	-3,797.2	—	—	—	—	-3,480.1	-3,455.5	-3,390.3	-3,333.3	-3,268.7	-4,334.3	-4,195.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	108.4	108.4	111.2	111.6	111.8	112.3	112.6	113.0	113.7	114.1	3,895.7	4,032.9
- Cost	124.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-16.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2,620.9	2,574.1	2,581.2	2,541.1	2,480.4	2,538.1	2,182.1	6,155.7	5,978.5	6,150.7	102.8	104.4
- Cost	7,328.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4,707.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7,214.7	7,094.2	5,373.6	5,532.2	4,961.2	4,958.7	5,338.0	1,009.7	1,122.1	1,322.7	2,680.6	2,483.0
1. Long-term production in progress	342.5	342.4	340.8	340.7	340.0	339.3	344.9	321.5	0.0	319.8	321.7	318.3
2. Construction in progress	6,872.3	6,751.8	5,032.8	5,191.5	4,621.2	4,619.4	4,993.1	688.2	1,122.1	1,002.8	2,358.9	2,164.8
V. Long-term financial investments	211.2	210.8	243.2	146.3	218.6	227.6	179.0	189.4	138.4	158.3	262.3	178.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	40.9	40.5	25.7	25.8	26.2	25.2	26.6	26.4	25.3	25.2	25.3	25.1
3. Investments in other entities	74.3	74.3	74.3	74.3	119.3	119.3	119.3	119.3	119.3	119.3	119.3	119.3
4. Provision for diminution in value of long-term investments	-4.0	-4.0	-6.8	-6.8	-6.8	-6.9	-6.9	-6.3	-6.1	-6.2	-6.3	-6.3
5. Held to maturity investments	100.0	100.0	150.0	53.0	80.0	90.0	40.0	50.0	0.0	20.0	124.0	40.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	449.5	454.3	443.7	430.5	446.0	479.4	442.8	859.2	755.4	755.2	472.6	473.0
1. Long-term prepayments	188.2	191.0	200.0	211.0	220.9	221.2	223.5	647.4	604.0	613.1	438.4	439.7
2. Deferred income tax assets	234.4	232.8	209.8	183.1	184.5	180.0	171.6	160.7	139.4	130.1	22.2	21.7
3. Long-term equipment, supplies, spare parts	12.5	12.5	12.5	11.4	12.1	12.1	12.1	12.0	12.0	12.0	12.0	11.7
4. Other long-term assets	—	—	—	—	—	34.1	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	14.5	18.0	21.5	25.0	28.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	32.1	35.6	39.1	42.7	46.2	49.8	53.4
TOTAL ASSETS (280=100+200)	23,539.5	23,201.5	21,293.0	19,606.4	19,410.5	18,799.5	18,134.9	17,544.5	17,386.4	17,731.9	16,898.2	16,917.8
A. LIABILITIES (300=210+330)	14,689.8	14,938.5	12,926.2	12,150.9	12,280.8	11,591.1	11,444.2	11,406.4	10,894.3	11,527.7	11,287.4	10,714.9
I. Short -term liabilities	5,593.0	5,620.5	4,317.4	3,669.6	5,348.7	4,532.0	4,602.5	4,309.1	3,519.2	3,998.5	2,693.6	2,032.2
1. Short-term trade accounts payable	303.3	324.2	313.3	351.8	279.3	301.5	282.5	297.9	293.3	313.8	337.3	304.6
2. Short-term advances from customers	81.7	99.9	100.7	108.3	173.8	307.1	245.9	223.9	144.1	457.5	178.9	140.6
3. Dividends and profits payable	7.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	130.7	660.7	550.4	263.2	132.1	504.8	684.5	458.3	277.0	474.1	336.5	329.6
4. Payable to employees	32.9	52.9	41.0	34.1	24.6	45.0	34.0	25.5	28.8	42.4	31.0	20.5
5. Short-term acrrued expenses	1,150.4	1,098.3	1,045.5	884.2	981.6	844.6	982.2	837.7	870.9	707.9	57.0	51.6
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	803.7	247.9	639.4	840.1	1,406.3	1,144.3	1,352.9	1,122.0	498.0	660.6	211.9	238.3
9. Other short-term payables	474.7	494.8	148.5	235.8	797.6	203.6	195.3	410.6	694.5	323.9	1,021.2	237.0
10. Short-term borrowings and financial leases	2,582.7	2,611.8	1,444.2	913.6	1,527.7	1,143.7	785.5	886.7	644.1	937.8	480.9	665.1
11. Provision for short-term liabilities	1.0	2.5	2.4	1.5	1.9	2.2	0.0	0.1	46.6	50.3	2.9	2.9
12.. Bonus and welfare fund	24.8	27.5	32.1	37.0	23.9	35.1	39.7	46.3	21.8	30.2	36.2	42.1
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	9,096.7	9,318.0	8,608.8	8,481.4	6,932.1	7,059.2	6,841.8	7,097.3	7,375.1	7,529.2	8,593.7	8,682.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	47.3	47.3	218.8	234.5
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	33.0	33.0
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	5,396.2	5,529.4	5,412.6	5,468.3	4,555.7	4,599.8	4,537.8	4,523.2	4,588.2	4,584.2	5,159.8	5,099.1
7. Other long-term liabilities	33.4	33.4	30.8	26.6	25.2	22.7	19.7	16.1	13.5	12.8	9.6	9.6
8. Long-term borrowings and financial leases	3,160.8	3,265.3	2,675.2	2,519.1	1,885.3	1,992.3	1,865.7	2,166.2	2,395.1	2,584.7	2,833.3	2,994.1
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	52.7	52.5	52.8	54.3	55.2	55.5	44.8	45.1	45.0	44.7	47.4	45.4
12. Provision for long-term liabilities	453.6	437.4	437.4	413.1	410.7	388.8	373.8	346.8	286.0	255.5	291.9	266.9
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)	8,849.7	8,263.0	8,366.8	7,455.5	7,129.6	7,208.4	6,690.7	6,138.1	6,492.1	6,204.2	5,610.8	6,202.9
I. Owner's equity	8,849.7	8,263.0	8,366.8	7,455.5	7,129.6	7,208.4	6,690.7	6,138.1	6,492.1	6,204.2	5,610.8	6,202.9
1. Owner's capital	3,795.0	3,795.0	3,795.0	3,300.0	3,300.0	3,300.0	3,300.0	3,300.0	3,300.0	3,300.0	3,300.0	3,300.0
- Common stock with voting right	3,794,988,230,000.00	3,794,988,230,000.00	3,794,988,230,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00	3,299,999,290,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	44.3	44.3	44.5	44.5	44.5	44.5	44.5	44.5	44.5	44.5	44.5	44.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	227.0	227.0	227.0	122.7	122.7	122.7	122.7	79.1	79.1	79.1	79.1	79.1
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-43.5	-43.5	-43.5	-43.5	-43.5	-43.5	-43.5	-43.5	-43.5	-43.5	-43.5	-43.5
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	714.4	714.4	714.4	714.4	714.4	714.4	714.4	719.1	719.1	719.1	719.1	719.1
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	1,989.2	1,722.1	1,842.3	1,603.4	1,326.0	1,478.0	1,130.5	658.5	1,073.7	872.9	322.3	822.1
- Accumulated retained earning at the end of the previous period	1,718.6	359.6	359.6	962.5	982.7	141.7	151.9	190.9	378.6	139.9	139.9	140.6
- Undistributed earnings in this period	270.6	1,362.5	1,482.7	640.9	343.3	1,336.4	978.6	467.6	695.1	733.0	182.4	681.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,123.3	1,803.7	1,787.1	1,714.0	1,665.5	1,592.3	1,422.1	1,380.4	1,319.3	1,232.2	1,189.4	1,281.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	23,539.5	23,201.5	21,293.0	19,606.4	19,410.5	18,799.5	18,134.9	17,544.5	17,386.4	17,731.9	16,898.2	16,917.8

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	420.3	659.2	1,218.5	519.3	520.7	539.6	716.6	737.4	999.3	760.3	256.0	826.8
Depreciation of Fixed Assets and Investment Property	123.4	267.6	370.7	147.1	200.8	305.9	340.4	357.1	349.3	-205.7	289.9	637.0
Provision (Increase)/Reversal	3.2	22.9	29.3	2.1	25.2	25.9	26.4	21.7	26.7	15.0	35.7	5.5
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.0	-0.0	-0.1	0.1	-0.1	-0.1	-0.2	-0.1	-0.0
Gain/Loss from Investment Activities	-131.9	-101.3	-85.4	-109.9	-65.5	-56.7	-44.6	-40.6	-30.8	-89.6	-31.0	-109.4
Interest Expense	58.7	43.9	33.9	28.6	36.1	31.1	31.0	33.7	34.6	40.6	42.8	47.7
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	473.7	892.2	1,566.9	587.2	717.3	845.7	1,069.9	1,109.2	1,378.9	520.5	593.3	1,407.4
Increase/(Decrease) in Receivables	39.0	632.1	-514.8	-88.4	-8.0	77.1	-65.9	110.8	172.0	0.4	-103.5	838.9
Increase/(Decrease) in Inventory	-30.9	6.3	18.5	31.1	53.7	67.2	37.2	17.3	-235.1	-166.7	-19.2	-18.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	356.7	-470.9	517.7	329.7	351.9	-565.4	192.4	351.5	5.7	842.8	101.2	-1,273.8
Increase/(Decrease) in Prepaid Expenses	-28.2	15.1	14.7	6.6	13.2	-17.2	115.8	-93.7	35.4	38.7	-0.5	-1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-64.3	-49.1	-35.4	-50.3	-30.0	-39.6	-26.7	-43.7	-29.6	-70.7	-29.2	-57.0
Corporate Income Tax Paid	-542.3	-50.9	-21.2	-0.8	-493.8	-60.3	-58.9	-74.3	-367.5	-21.9	-61.2	-10.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.3
Other Operating Payments	-6.2	-4.5	-4.9	-6.0	-11.2	-4.6	-6.6	-4.5	-8.4	-5.9	-7.0	-5.8
Net Cash Flow from Operating Activities	197.5	970.2	1,541.5	809.0	593.2	302.9	1,257.2	1,372.6	951.3	1,137.1	473.9	879.2
Payments for Fixed Assets and Other Long-term Assets	-271.9	-1,300.4	-893.7	-746.6	-162.8	-35.8	-215.4	-134.2	-207.0	-319.3	-196.6	-244.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	8.7	71.0	—	3.5	0.0	0.1	0.0	139.4	2.6	1.7
Loans and Purchases of Debt Instruments	-2,848.6	-2,968.3	-2,642.5	-2,114.8	-1,016.8	-1,140.4	-746.0	-1,086.5	-282.0	-785.9	133.8	-360.9
Receipts from Loan Repayments and Sale of Debt Instruments	2,938.3	1,857.2	1,229.0	1,030.8	383.1	1,139.1	389.1	580.9	301.1	284.8	-54.8	306.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	113.6	81.5	56.2	66.5	51.4	67.9	15.7	42.3	33.1	76.9	38.2	67.4
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	-68.6	-2,329.4	-2,242.3	-1,693.1	-745.1	34.2	-556.7	-597.3	-154.7	-604.1	-76.9	-230.1
Proceeds from Equity Issuance and Capital Contributions	288,995,022,000.00	—	—	—	—	187,539,280,000.00	10,000,000.00	0.00	0.00	55,000,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,008.2	2,580.8	1,525.3	1,855.0	1,611.1	1,704.3	1,001.0	885.2	309.3	1,173.4	239.5	383.9
Repayment of Borrowings	-1,141.8	-823.1	-838.6	-1,835.3	-1,334.1	-1,219.4	-1,402.8	-871.5	-792.7	-865.0	-584.5	-415.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	538.9	-538.9	0.0	0.0	0.0
Dividends Paid	-36.6	-654.1	-57.5	-568.3	-20.3	-109.2	-21.5	-1,425.7	0.0	-758.9	-37.9	-731.3
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	118.8	1,120.5	629.2	-545.5	256.7	563.3	-423.3	-873.0	-1,022.3	-450.5	-383.0	-762.4
Net Cash Flow During the Period	247.7	-238.6	-71.6	-1,429.6	104.8	900.4	277.2	-97.7	-225.7	82.5	14.0	-113.3
Cash and Cash Equivalents at Beginning of Period	553.1	791.7	863.3	2,292.8	2,188.0	1,333.6	1,333.6	1,333.6	1,333.6	1,086.9	1,086.9	1,086.9
FX Difference from Revaluation	0.0	0.1	0.1	0.0	0.0	0.1	-0.1	0.1	0.1	0.6	0.1	0.0
Cash and Cash Equivalents at End of Period	800.7	553.1	791.7	863.3	2,292.8	2,188.0	1,287.6	1,010.4	1,108.0	1,333.6	1,250.5	1,236.4

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IDC

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