KBC

Tổng Công ty Phát triển Đô thị Kinh Bắc - CTCP ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 32.77%, +8.71pp YoY

Price

30,050

Latest close

03 Jun 2026

P/E 17.02x

P/B 1.05x

EPS 1,766

BVPS 28,628

ROE 6.5%

ROA 2.5%

Profit Margin 32.3%

Asset Turnover 0.08x

Equity Mult. 2.60x

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

What Is Changing

On a TTM 2026Q1 basis, KBC has not accelerated revenue, but profitability is improving more visibly — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,910bn
	                                
−14.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,609bn
	                                
+16.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -8.19x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	6,687.1	2,775.8	5,618.5	950.3	4,308.6
Growth	+141%	-51%	+491%	-78%	—
Net Income	2,208.1	423.0	2,245.0	1,576.5	955.1
Net Margin	33.02%	15.24%	39.96%	165.90%	22.17%

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	1,335.9	1,648.5	1,347.3	578.7	3,116.9	781.3	950.4	891.7	152.3	1,093.9	247.2	2,051.2
Growth	-19%	+22%	+133%	-81%	+299%	-18%	+7%	+485%	-86%	+343%	-88%	—
Net Income	233.8	664.3	311.9	399.0	849.1	62.6	201.5	267.9	-76.7	149.9	18.5	746.8
Net Margin	17.50%	40.30%	23.15%	68.96%	27.24%	8.01%	21.20%	30.05%	-50.37%	13.70%	7.50%	36.41%

Drivers of KBC's profit

TTM

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

Other profit ↑ 425.4bn

Gross profit ↑ 206.8bn

Financial income ↑ 117.9bn

Minority interests ↓ 66.1bn

Finance costs ↑ 537.5bn

TTM

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

Tax ↓ 180.5bn

Minority interests ↓ 56.3bn

Gross profit ↓ 559.3bn

Finance costs ↑ 150.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.6% = 24.1% × 0.12 × 2.25

2026Q1 6.6% = 32.8% × 0.08 × 2.60

ROE is broadly flat at 6.6% — the components are offsetting one another.

Net margin: 32.8% +8.7pp Asset turnover: 0.08x -0.04x Leverage: 2.60x +0.35x

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 expanded to 32.77%, rising 8.7pp. Core operating signals are improving as Gross margin rose 11.3pp are enough to offset pressure from SG&A / Revenue rose 2.9pp (in addition, Other profit / Revenue rose 8.3pp added support while Net financial result / Revenue fell 8.0pp remained a drag).

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

Profitability trend

Net Margin 32.77% +8.7pp

Gross Margin 53.46% +11.3pp

SG&A / Revenue 14.85% +2.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 3.3% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC fell to 3.32%, losing 1.9pp. That translates to 3.32 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.09x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 13,308bn.

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

CAPITAL EFFICIENCY TREND

ROIC 3.32% −1.9pp

NOPAT Margin 27.98% +2.5pp

Capital Turnover 0.12x −0.09x

Average Invested Capital 41,342.6bn +13,308.0bn

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 1.60x equity, net debt at 0.86x equity.

Development inventory ended the period at 27,073.1bn, about 38.9% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 13,371.5bn 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: −5,239.4bn

Inventories increased → lower CFO: −9,243.7bn

Payables increased → higher CFO: +1,111.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 2175.1 days versus the same period last year. The main moves came from DIO rose 2166.0 days, DSO rose 45.9 days, and DPO rose 36.8 days.

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

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 4055.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +45.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 161.2 days +45.9 days

Inventory 3976.9 days +2166.0 days

Payables 82.7 days +36.8 days

Cash Conversion Cycle 4055.3 days +2175.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 13,231.9bn due to capex of 247.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.86x and interest coverage at 2.11x.

At present, short-term debt accounts for 10.1% of total debt, cash equals 23.0% of debt, and total debt stands at 30,154.1bn.

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 23.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.86x +0.35x

Interest Coverage 2.11x −4.28x

Cash / Debt 23.0% −14.4pp

Short-term Debt / Total Debt 10.1% +7.6pp

CFO / NI -8.19x +0.86x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -17,343.9bn in 2025, against investing cash flow of -3,575.1bn.

Post-investment cash flow was negative +20,919.0bn. Financing cash flow was positive +22,721.5bn.

CFO / net income was -8.19x.

After spending +247.2bn on fixed-asset investment, the business generated trailing free cash flow of −13,231.9bn.

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

Cash Conversion

CFO TTM 12,984.7bn −1,299.8bn

Cash Capex 247.2bn +117.3bn

FCF TTM −13,231.9bn −1,417.1bn

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 8.7 pp. The next item to monitor is capital efficiency, with ROIC at 3.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 32.77% after expanding 8.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,687.1	2,775.8	5,858.8	1,397.5	4,308.6
Revenue Deductions	—	0.0	240.3	447.2	0.0
Net Revenue	6,687.1	2,775.8	5,618.5	950.3	4,308.6
Cost of Goods Sold	3,497.5	1,492.3	1,923.1	684.5	0.0
Gross Profit	3,189.6	1,283.5	3,695.4	265.8	2,465.8
Financial Income	678.6	451.3	426.1	339.7	163.1
Financial Expenses	706.1	258.8	426.2	595.4	-535.2
Interest Expense	680.6	268.6	379.7	522.9	-481.9
Share of Associates and Joint Ventures	192.0	15.9	-8.1	2,186.8	12.6
Selling Expenses	161.6	98.0	354.4	45.9	-189.9
General and Administrative Expenses	591.4	459.9	458.4	464.5	-430.6
Operating Profit	2,601.2	933.9	2,874.4	1,686.4	1,485.8
Other Income	332.8	49.6	22.3	21.3	0.0
Other Expenses	4.6	261.0	5.5	11.2	0.0
Other Profit	328.2	-211.4	16.8	10.1	-121.2
Profit Before Tax	2,929.3	722.5	2,891.2	1,696.6	1,364.7
Current Income Tax Expense	717.8	295.4	420.0	150.2	-409.5
Deferred Income Tax Expense	3.4	4.1	226.1	-30.1	0.0
Net Income	2,208.1	423.0	2,245.0	1,576.5	955.1
Non-controlling Interest	104.5	41.1	214.3	50.2	171.4
Profit Attributable to Parent	2,103.6	381.9	2,030.7	1,526.4	783.7
Earnings per Share	2,450.00	498.00	2,646.00	1,993.00	1,588.00
Diluted EPS	2,450.00	498.00	2,646.00	1,993.00	1,361.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	55,045.5	36,075.4	25,029.4	27,674.1	26,435.5
I. Cash and cash equivalents	8,368.5	6,566.0	841.3	1,683.1	2,562.2
1. Cash	938.5	533.0	314.8	1,401.5	0.0
2. Cash equivalents	7,430.1	6,033.0	526.5	281.6	0.0
II. Short-term financial investments	1,877.9	1,858.0	1,864.2	2,441.8	0.0
1. Available for sale securities	1,862.4	1,862.4	1,862.4	1,862.4	0.0
2. Provision for diminution in value of available for sale securities (*)	-6.8	-6.8	-5.5	-6.2	0.0
3. Held to maturity investments	22.4	2.4	7.3	585.7	0.0
III. Short-term receivables	17,214.9	13,308.9	9,662.5	10,895.9	10,149.8
1. Short-term trade accounts receivable	1,264.9	670.9	615.2	957.7	0.0
2. Short-term prepayments to suppliers	5,867.3	3,500.4	3,273.1	3,564.5	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	4,166.8	3,281.3	2,384.9	2,762.4	0.0
6. Other short-term receivables	6,034.7	5,963.1	3,496.1	3,654.8	0.0
7. Provision for short-term doubtful debts (*)	-118.8	-106.8	-106.8	-43.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	27,073.1	13,849.7	12,218.8	12,330.2	11,461.4
1. Inventories	27,073.1	13,849.7	12,218.8	12,330.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	511.1	492.9	442.6	323.0	246.4
1. Short-term prepayments	76.7	63.3	59.8	61.2	0.0
2. Value added tax to be reclaimed	365.6	347.6	311.9	208.0	0.0
3. Taxes and other receivables from state authorities	68.6	81.9	70.8	53.8	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	0.1	0.1	0.1	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	14,535.6	8,654.5	8,404.8	7,232.4	4,169.7
I. Long-term receivables	916.9	1,365.6	1,532.2	820.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	711.0
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	632.5	757.2	880.6	148.4	0.0
6. Other long-term receivables	284.4	608.4	651.6	672.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	514.7	408.3	448.8	365.4	248.6
1. Tangible fixed assets	514.6	408.1	448.6	365.3	248.5
- Cost	1,072.3	887.0	858.8	722.5	0.0
- Accumulated depreciation	-557.7	-478.8	-410.2	-357.2	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	0.1	0.2	0.2	0.1	0.1
- Cost	0.6	0.6	0.6	0.4	0.0
- Accumulated depreciation	-0.5	-0.5	-0.4	-0.4	0.0
III. Investment properties	1,106.6	1,292.3	1,201.0	167.6	190.8
- Cost	1,450.0	1,549.0	1,365.1	255.6	0.0
- Accumulated depreciation	-343.4	-256.7	-164.1	-88.0	0.0
IV. Long-term assets in progress	4,200.7	731.3	426.5	1,169.8	1,101.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4,200.7	731.3	426.5	1,169.8	0.0
V. Long-term financial investments	7,731.6	4,817.4	4,776.8	4,697.4	1,898.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	7,325.3	4,394.3	4,378.4	4,323.9	0.0
3. Investments in other entities	—	424.5	424.5	399.5	0.0
4. Provision for diminution in value of long-term investments	-0.3	-1.3	-26.0	-26.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	406.6	0.0	0.0	0.0	0.0
VI. Other long-term assets	65.1	39.6	19.4	11.7	0.0
1. Long-term prepayments	65.1	39.6	19.4	10.4	0.0
2. Deferred income tax assets	—	0.0	0.0	1.3	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	18.9
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)	69,581.2	44,729.9	33,434.2	34,906.5	30,605.1
A. LIABILITIES (300=210+330)	42,855.3	24,085.0	13,213.3	17,061.0	14,432.4
I. Short -term liabilities	11,947.6	7,092.7	6,578.8	10,684.2	6,651.9
1. Short-term trade accounts payable	595.3	529.5	436.1	453.1	152.2
2. Short-term advances from customers	1,572.5	757.5	552.9	877.9	514.3
3. Taxes and other payables to state authorities	684.7	210.2	364.6	145.3	0.0
4. Payable to employees	0.7	0.2	0.1	0.1	0.0
5. Short-term acrrued expenses	3,302.9	2,205.8	1,823.6	1,418.5	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	3.6	5.3	1.2	1.1	2.3
9. Other short-term payables	3,487.5	3,005.5	3,055.8	3,829.8	0.0
10. Short-term borrowings and financial leases	2,287.0	371.5	337.3	3,951.4	1,435.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.4	7.0	7.0	7.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	30,907.8	16,992.4	6,634.6	6,376.8	7,780.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.6	2,149.4	1,760.3	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	31.2	35.9	4.3	4.4	4.5
7. Other long-term liabilities	2,786.0	6,079.3	27.4	18.4	0.0
8. Long-term borrowings and financial leases	26,351.2	9,741.1	3,322.0	3,687.1	5,642.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1,738.4	1,134.6	1,130.5	905.6	0.0
12. Provision for long-term liabilities	1.0	1.0	1.0	1.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	26,725.8	20,644.9	20,220.9	17,845.5	16,172.7
I. Owner's equity	26,725.8	20,644.9	20,220.9	17,845.5	0.0
1. Owner's capital	9,417.5	7,676.0	7,676.0	7,676.0	16,172.7
- Common stock with voting right	9,417,547,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	5,757,111,670,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5,163.2	2,743.5	2,743.5	2,743.5	3,397.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	3,324.8	3,324.8	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	11.7	2.2	2.2	2.2	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	6,883.9	4,811.3	7,754.2	5,646.3	5,100.2
- Accumulated retained earning at the end of the previous period	4,811.3	4,429.3	5,723.5	4,120.0	4,316.5
- Undistributed earnings in this period	2,072.6	381.9	2,030.7	1,526.4	783.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,924.7	2,087.0	2,044.9	1,777.4	2,280.3
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)	69,581.2	44,729.9	33,434.2	34,906.5	30,605.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,929.3	722.5	2,891.2	1,696.6	1,364.7
Depreciation of Fixed Assets and Investment Property	181.8	165.1	132.5	76.2	75.7
Provision (Increase)/Reversal	11.0	-23.4	62.5	34.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1,245.7	-485.1	-414.7	-2,527.1	0.0
Interest Expense	700.4	275.4	422.3	580.1	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	2,576.7	654.5	3,093.8	-140.1	1,820.6
Increase/(Decrease) in Receivables	-6,816.5	-1,357.6	562.6	-1,510.9	0.0
Increase/(Decrease) in Inventory	-13,223.5	-1,630.9	396.1	-815.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,175.1	6,332.9	-535.4	1,886.5	0.0
Increase/(Decrease) in Prepaid Expenses	-38.8	-23.7	-7.7	23.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-763.6	-2,370.0	-314.5	-489.7	0.0
Corporate Income Tax Paid	-253.4	-453.4	-192.6	-172.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-17,343.9	1,151.8	3,002.4	-1,217.6	-929.5
Payments for Fixed Assets and Other Long-term Assets	-130.0	-530.4	-1,251.4	-274.5	-211.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	132.6	55.6	0.0	0.6	0.0
Loans and Purchases of Debt Instruments	-1,785.5	-7,664.1	-1,413.7	-2,998.3	-4,104.9
Receipts from Loan Repayments and Sale of Debt Instruments	3,056.9	6,798.1	1,637.4	2,950.0	1,393.3
Investments in Other Entities	-5,637.2	-1,197.2	-68.8	-666.0	-735.8
Proceeds from Investments in Other Entities	358.3	339.0	1,174.0	243.9	0.0
Dividends and Interest Income Received	429.9	324.5	75.2	221.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-3,575.1	-1,874.5	152.7	-523.2	-3,548.8
Proceeds from Equity Issuance and Capital Contributions	4,215,965,000,000.00	1,000,000,000.00	130,350,000,000.00	334,718,570,000.00	4,583,280,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	20,233.2	9,416.9	1,068.3	1,992.5	4,284.8
Repayment of Borrowings	-1,727.3	-2,970.5	-5,065.2	-1,465.6	-2,858.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.4	-0.0	-130.4	-0.2	-18.8
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	22,721.5	6,447.4	-3,996.9	861.5	5,990.8
Net Cash Flow During the Period	1,802.5	5,724.7	-841.8	-879.3	-1,133.8
Cash and Cash Equivalents at Beginning of Period	6,566.0	841.3	1,683.1	2,562.5	1,049.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8,368.5	6,566.0	841.3	1,683.1	2,562.2

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	1,335.9	1,648.5	1,347.3	578.7	3,116.9	781.3	950.4	891.7	152.3	1,093.9	247.2	2,051.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,335.9	1,648.5	1,347.3	578.7	3,116.9	781.3	950.4	891.7	152.3	1,093.9	247.2	2,051.2
Cost of Goods Sold	686.4	1,045.1	563.7	-9.9	1,908.1	396.1	590.7	427.1	78.4	606.3	136.3	558.7
Gross Profit	649.5	603.4	783.6	588.6	1,208.8	385.2	359.7	464.6	73.9	487.6	110.9	1,492.5
Financial Income	89.5	292.7	90.0	164.1	135.0	157.8	116.4	109.3	67.8	161.8	57.8	138.3
Financial Expenses	263.4	244.1	236.7	112.1	113.1	64.9	85.4	55.4	54.1	163.5	39.0	152.4
Interest Expense	262.8	221.1	211.3	102.8	103.2	84.3	82.5	50.0	52.9	162.8	38.9	145.1
Share of Associates and Joint Ventures	-2.4	113.3	-2.7	24.0	45.2	71.1	-5.2	-4.9	-6.6	-12.7	-2.2	3.8
Selling Expenses	9.2	43.5	67.5	22.6	28.0	24.6	20.9	49.0	3.5	51.7	7.3	151.9
General and Administrative Expenses	151.6	202.5	139.7	92.8	147.4	190.1	111.1	116.7	110.9	177.0	68.3	299.6
Operating Profit	312.5	519.2	427.1	549.2	1,100.5	334.5	253.5	348.0	-33.5	244.5	52.0	1,030.7
Other Income	7.5	323.2	1.1	-17.1	24.8	5.6	5.1	38.0	0.6	21.6	0.6	0.5
Other Expenses	1.4	2.2	0.5	1.3	0.7	176.5	8.3	4.3	3.5	5.9	5.4	4.0
Other Profit	6.1	321.0	0.6	-18.4	24.1	-170.9	-3.2	33.7	-2.9	15.7	-4.8	-3.5
Profit Before Tax	318.5	840.2	427.6	530.8	1,124.6	163.7	250.3	381.7	-36.4	260.2	47.2	1,027.3
Current Income Tax Expense	84.5	177.0	133.3	147.5	265.0	115.1	39.2	98.4	47.1	119.6	31.4	256.3
Deferred Income Tax Expense	0.2	-1.1	-17.6	-15.8	10.5	-14.0	9.5	15.3	-6.8	-9.3	-2.8	24.2
Net Income	233.8	664.3	311.9	399.0	849.1	62.6	201.5	267.9	-76.7	149.9	18.5	746.8
Non-controlling Interest	10.1	12.7	4.6	-3.0	66.4	-12.0	5.3	30.9	9.0	75.1	4.7	35.7
Profit Attributable to Parent	223.7	651.5	307.3	402.1	782.7	74.6	196.2	237.0	-85.7	74.8	13.8	711.1
Earnings per Share	238.00	692.00	326.00	510.00	1,020.00	97.00	256.00	309.00	-112.00	92.00	8.00	926.00
Diluted EPS	238.00	692.00	326.00	510.00	1,020.00	555.00	256.00	309.00	-112.00	92.00	8.00	926.00

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)	57,181.3	55,217.1	57,193.6	60,877.1	45,585.1	34,338.7	33,683.5	32,230.8	30,806.5	25,291.3	25,975.8	26,107.8
I. Cash and cash equivalents	6,930.7	8,386.5	9,418.6	18,139.1	6,581.0	6,566.0	7,652.2	1,210.3	580.0	786.3	911.4	1,367.2
1. Cash	332.4	948.6	1,115.8	12,015.2	459.5	632.0	1,335.3	931.4	254.1	259.8	296.5	934.6
2. Cash equivalents	6,598.3	7,438.0	8,302.8	6,123.9	6,121.5	5,934.0	6,317.0	278.8	325.8	526.5	614.9	432.6
II. Short-term financial investments	7,427.4	1,916.9	1,898.3	1,879.8	1,879.8	1,858.0	1,857.8	7,564.9	7,515.1	1,919.2	2,283.9	2,580.5
1. Available for sale securities	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4	1,862.4
2. Provision for diminution in value of available for sale securities (*)	-6.8	-6.8	-6.8	-6.8	-6.8	-6.8	-6.8	-5.9	-5.6	-5.5	-5.6	-5.8
3. Held to maturity investments	4,856.6	61.4	42.7	24.2	24.2	2.4	2.2	5,708.4	5,658.4	62.4	427.1	723.9
4. Provision for short-term investments held to maturity (*)	-12.5	—	—	—	—	—	—	—	—	—	—	—
5. Other short-term investments	727.6	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	12,737.6	17,431.1	20,242.5	16,604.9	16,349.4	11,547.1	10,480.4	10,084.9	9,573.3	9,932.6	10,088.6	9,856.0
1. Short-term trade accounts receivable	1,232.8	1,264.9	1,432.8	1,722.8	3,104.0	670.9	599.5	566.8	523.1	615.2	614.7	748.6
2. Short-term prepayments to suppliers	6,978.4	5,895.4	6,682.8	6,359.7	3,731.8	3,387.8	3,339.9	3,249.5	3,225.6	3,203.7	3,302.0	2,726.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	3,866.8	3,679.8	3,529.6	3,388.3	3,012.5	2,714.5	2,425.8	2,402.7	2,741.1	2,554.5	2,447.8
6. Other short-term receivables	4,632.8	6,522.8	8,558.9	5,099.5	6,232.0	4,582.7	3,933.2	3,949.6	3,528.7	3,479.3	3,724.2	4,040.1
7. Provision for short-term doubtful debts (*)	-106.4	-118.7	-111.8	-106.8	-106.8	-106.8	-106.8	-106.8	-106.8	-106.8	-106.8	-106.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	29,521.1	26,954.8	25,091.2	23,761.1	20,277.4	13,867.0	13,236.6	12,887.4	12,684.9	12,211.3	12,257.9	11,897.8
1. Inventories	29,521.1	26,954.8	25,091.2	23,761.1	20,277.4	13,867.0	13,236.6	12,887.4	12,684.9	12,211.3	12,257.9	11,897.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	564.5	527.7	543.0	492.3	497.6	500.6	456.4	483.3	453.2	441.9	434.0	406.4
1. Short-term prepayments	77.3	76.7	72.3	80.5	76.8	76.1	69.5	82.2	60.2	59.8	74.8	69.6
2. Value added tax to be reclaimed	407.4	365.6	392.7	342.7	338.7	347.6	308.6	171.1	313.2	311.5	292.0	280.7
3. Taxes and other receivables from state authorities	79.7	85.4	78.0	68.9	82.0	76.9	78.3	229.9	79.8	70.6	67.2	56.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.2	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	14,621.9	14,533.5	9,363.8	9,425.4	8,618.3	10,426.7	8,661.5	8,673.2	8,530.9	8,129.1	7,771.4	7,508.7
I. Long-term receivables	77.0	929.7	1,308.7	1,335.5	1,350.8	3,130.8	1,595.9	1,543.0	1,633.7	1,195.1	906.9	807.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	111.5	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	—	632.5	742.5	742.5	784.3	1,025.9	750.6	730.5	880.3	524.3	276.4	368.9
6. Other long-term receivables	77.0	297.2	566.2	593.0	566.6	1,993.4	845.3	812.5	753.4	670.8	630.5	438.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	504.4	488.9	362.1	378.6	392.2	408.3	422.9	428.2	431.7	448.8	361.4	372.4
1. Tangible fixed assets	504.3	488.8	361.9	378.4	392.1	408.1	422.7	428.0	431.5	448.6	361.4	372.4
- Cost	1,084.3	—	—	—	—	887.0	884.1	872.1	858.8	858.8	771.6	757.9
- Accumulated depreciation	-580.0	—	—	—	—	-478.8	-461.4	-444.1	-427.3	-410.2	-410.2	-385.6
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	0.1	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.1
- Cost	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1,082.0	1,106.6	1,125.1	1,192.7	1,224.1	1,292.3	1,167.2	1,157.5	1,178.2	1,201.0	1,181.5	1,040.8
- Cost	1,450.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-368.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4,281.4	4,224.4	801.5	753.9	750.1	710.6	692.2	767.4	504.0	492.9	546.2	513.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	513.9
2. Construction in progress	4,281.4	4,224.4	801.5	753.9	750.1	710.6	692.2	767.4	504.0	492.9	546.2	0.0
V. Long-term financial investments	8,642.6	7,718.8	5,707.2	5,708.9	4,862.6	4,859.0	4,763.2	4,765.3	4,770.2	4,773.7	4,759.2	4,759.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	7,322.9	7,312.5	5,301.0	5,303.7	4,439.5	4,435.8	4,364.7	4,366.8	4,371.7	4,375.2	4,385.7	4,385.9
3. Investments in other entities	527.6	406.6	406.6	406.6	424.5	424.5	424.5	424.5	424.5	424.5	399.5	399.5
4. Provision for diminution in value of long-term investments	-0.3	-0.3	-0.3	-1.3	-1.3	-1.3	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0
5. Held to maturity investments	792.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	34.5	65.2	59.2	55.9	38.5	25.8	20.1	11.8	13.1	17.6	16.1	14.7
1. Long-term prepayments	34.5	65.2	46.0	45.5	38.5	25.8	20.1	11.8	13.1	17.6	16.1	11.6
2. Deferred income tax assets	—	—	13.2	10.4	—	0.0	0.0	0.0	0.0	0.0	0.0	3.1
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	71,803.2	69,750.7	66,557.4	70,302.5	54,203.4	44,765.4	42,345.0	40,903.9	39,337.4	33,420.5	33,747.2	33,616.5
A. LIABILITIES (300=210+330)	44,843.1	43,006.1	40,494.1	44,605.3	32,709.4	24,083.7	21,726.9	20,491.8	19,193.3	13,226.3	13,684.3	13,837.4
I. Short -term liabilities	13,178.5	14,964.4	13,623.1	12,217.4	8,142.6	7,403.9	7,244.9	6,773.9	6,606.4	6,579.4	7,172.6	7,331.8
1. Short-term trade accounts payable	576.3	595.4	699.5	651.2	459.6	528.4	222.1	443.3	376.7	436.1	440.1	382.5
2. Short-term advances from customers	1,410.2	1,572.5	1,434.8	1,091.4	888.4	757.5	921.2	767.9	701.9	552.9	926.3	858.7
3. Dividends and profits payable	72.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	186.9	677.9	511.4	646.6	512.6	202.4	115.3	116.4	96.2	365.6	344.2	321.7
4. Payable to employees	0.8	0.7	0.1	0.8	0.1	0.2	0.1	0.1	0.8	0.1	0.6	0.0
5. Short-term acrrued expenses	4,202.7	3,467.8	2,883.0	3,399.8	2,958.3	2,213.5	2,536.2	1,928.6	1,810.2	1,823.3	1,781.1	1,769.1
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	10.0	3.6	13.8	4.8	11.7	3.6	6.1	0.8	6.7	1.2	7.2	3.8
9. Other short-term payables	3,663.7	5,840.2	5,470.9	5,451.3	2,862.4	3,323.5	3,045.0	3,154.6	3,138.0	3,055.8	3,095.3	3,084.9
10. Short-term borrowings and financial leases	3,046.0	2,793.0	2,602.7	964.5	442.3	367.7	391.9	355.2	469.1	337.3	570.8	904.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.5	13.4	6.9	6.9	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0
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	31,664.6	28,041.7	26,871.0	32,387.8	24,566.9	16,679.8	14,482.0	13,717.9	12,586.8	6,646.9	6,511.7	6,505.6
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	881.3	4.1	166.9	0.6	2,052.3	2,326.1	2,242.0	2,161.9	2,050.7	2,079.9
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	30.6	31.2	33.9	32.6	36.9	37.6	4.2	4.2	4.2	4.3	4.3	4.3
7. Other long-term liabilities	2,786.7	433.0	425.7	6,100.9	6,070.6	5,761.3	5,737.2	5,702.9	5,681.7	27.4	19.8	18.5
8. Long-term borrowings and financial leases	27,108.1	25,845.2	24,404.4	25,109.6	17,146.4	9,744.9	5,538.8	4,544.8	3,534.2	3,322.0	3,296.5	3,262.3
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	1,738.2	1,731.3	1,124.9	1,139.7	1,145.1	1,134.5	1,148.5	1,139.0	1,123.7	1,130.3	1,139.4	1,139.6
12. Provision for long-term liabilities	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	26,960.1	26,744.5	26,063.3	25,697.2	21,494.0	20,681.8	20,618.1	20,412.1	20,144.1	20,194.2	20,062.9	19,779.0
I. Owner's equity	26,960.1	26,744.5	26,063.3	25,697.2	21,494.0	20,681.8	20,618.1	20,412.1	20,144.1	20,194.2	20,062.9	19,779.0
1. Owner's capital	9,417.5	9,417.5	9,417.5	9,417.5	7,676.0	7,676.0	7,676.0	7,676.0	7,676.0	7,676.0	7,676.0	7,676.0
- Common stock with voting right	9,417,547,590,000.00	9,417,547,590,000.00	9,417,547,590,000.00	9,417,547,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00	7,676,047,590,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5,163.2	5,163.2	5,163.2	5,163.2	2,743.5	2,743.5	2,743.5	2,743.5	2,743.5	2,743.5	2,743.5	2,743.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3,324.8	3,324.8	3,324.8	3,324.8	3,324.8	3,861.0	2,828.8	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	11.7	11.7	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
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	7,108.0	6,927.0	6,304.0	5,993.5	5,594.0	4,319.3	5,276.9	7,905.5	7,668.5	7,719.0	7,649.0	7,298.2
- Accumulated retained earning at the end of the previous period	6,883.9	4,780.2	4,808.8	4,808.7	4,811.3	3,893.2	4,925.4	7,754.2	7,754.2	5,723.5	5,723.5	5,646.3
- Undistributed earnings in this period	224.1	2,146.8	1,495.2	1,184.8	782.7	426.2	351.6	151.3	-85.7	1,995.6	1,925.5	1,651.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,934.8	1,900.3	1,851.5	1,795.9	2,153.4	2,079.6	2,090.6	2,084.8	2,053.9	2,053.4	1,992.1	2,059.0
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)	71,803.2	69,750.7	66,557.4	70,302.5	54,203.4	44,765.4	42,345.0	40,903.9	39,337.4	33,420.5	33,747.2	33,616.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	318.5	844.8	427.6	532.3	1,124.6	163.7	250.3	386.2	-36.4	239.0	47.2	1,291.3
Depreciation of Fixed Assets and Investment Property	47.0	60.9	33.9	50.0	36.9	39.8	42.0	39.5	39.9	50.4	20.4	33.2
Provision (Increase)/Reversal	—	7.0	4.0	0.0	0.0	-24.7	0.9	0.3	0.1	-0.1	-0.2	62.8
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-89.4	-837.7	-21.8	-206.9	-179.4	-200.5	-109.6	-105.8	-59.6	-59.7	30.6	-464.4
Interest Expense	262.8	267.3	216.3	113.6	103.2	89.2	84.4	48.5	52.9	96.9	38.9	154.7
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	538.9	342.5	662.9	486.1	1,085.3	67.5	267.9	368.8	-3.1	326.5	136.9	1,077.5
Increase/(Decrease) in Receivables	-1,206.4	-1,930.7	-1,403.3	-699.0	-2,783.5	-1,774.2	-155.1	-446.9	64.8	1,404.1	-1,502.6	1,745.7
Increase/(Decrease) in Inventory	-2,447.9	-1,981.9	-1,439.5	-3,374.4	-6,427.7	-630.4	-461.7	-167.2	-388.9	323.8	-375.2	404.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,116.7	1,801.3	-4,670.1	2,863.7	1,180.3	655.3	368.2	267.5	5,816.7	-1,432.6	1,211.5	-1,481.2
Increase/(Decrease) in Prepaid Expenses	2.7	-23.5	7.7	-10.7	-12.3	-12.3	5.3	-21.7	6.0	11.7	-14.0	8.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-325.5	-324.4	-255.1	-52.4	-131.7	-2,556.1	-24.2	-30.0	-31.7	46.3	-212.2	-14.7
Corporate Income Tax Paid	-591.8	-11.4	-48.7	-10.4	-182.9	-24.9	-39.5	-68.7	-320.3	-79.3	-11.7	-5.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-2,913.3	-2,128.1	-7,146.1	-797.1	-7,272.5	-4,275.1	-39.1	-98.1	5,143.6	600.5	-767.3	1,734.7
Payments for Fixed Assets and Other Long-term Assets	-167.4	42.3	-20.8	-101.4	-50.2	-18.3	89.0	-150.4	-76.8	56.8	-165.5	-902.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	107.2	-42.2	42.2	25.4	0.0	0.0	0.0	0.0	-0.5	0.5	0.0
Loans and Purchases of Debt Instruments	-35.4	1,017.7	-1,669.6	-929.2	-204.5	-1,503.2	-553.0	-261.8	-5,718.5	-240.5	-1,036.6	263.2
Receipts from Loan Repayments and Sale of Debt Instruments	69.1	2,198.6	-19.7	832.7	45.3	1,615.6	5,868.7	240.5	50.0	79.8	1,327.0	-63.0
Investments in Other Entities	—	—	—	—	—	-1,197.2	-3.0	0.0	-12.8	-3.8	-2.4	229.9
Proceeds from Investments in Other Entities	—	340.9	-339.0	356.4	—	0.0	0.0	0.0	0.0	0.0	0.0	83.0
Dividends and Interest Income Received	66.0	146.9	-69.2	290.8	61.5	201.7	30.9	3.4	9.1	32.8	-40.5	72.5
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	-67.7	-638.2	-2,465.7	-348.8	-122.5	-901.5	5,432.6	-168.3	-5,748.9	-75.4	82.5	-316.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	1,000,000,000.00	0.00	0.00	0.00	0.00	0.00	130,350,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,950.0	3,182.5	94.9	9,373.1	7,582.7	6,514.9	1,140.9	1,288.1	394.7	339.8	-53.3	439.2
Repayment of Borrowings	-406.8	-1,519.7	796.6	-2.9	-172.7	-2,425.4	-92.4	-391.4	-50.8	-804.6	11.1	-2,636.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.4	—	—	—	0.0	0.0	0.0	0.0	-130.4	133.1	-133.1
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	1,543.2	1,716.3	891.5	12,703.8	7,409.9	4,090.5	1,048.4	896.7	343.9	-595.1	90.9	-2,199.8
Net Cash Flow During the Period	-1,437.9	-1,050.0	-8,720.3	11,557.9	14.9	-1,086.2	6,442.0	630.3	-261.3	-70.1	-593.9	-781.8
Cash and Cash Equivalents at Beginning of Period	8,368.5	9,418.6	18,138.9	6,581.0	6,566.0	841.3	841.3	841.3	841.3	1,683.1	1,683.1	1,683.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6,930.7	8,368.5	9,418.6	18,138.9	6,581.0	6,566.0	7,652.2	1,210.3	580.0	841.3	911.4	1,505.4

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KBC

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