KDC

Tập đoàn KIDO ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.47%, +7.71pp YoY

Price

51,100

Latest close

02 Jun 2026

P/E 23.00x

P/B 2.01x

EPS 2,222

BVPS 25,479

ROE 8.8%

ROA 4.8%

Profit Margin 6.9%

Asset Turnover 0.69x

Equity Mult. 1.86x

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

What Is Changing

On a TTM 2026Q1 basis, KDC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,399bn
	                                
+8.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 702bn
	                                
+3436.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    63.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	9,054.5	8,323.8	8,649.6	12,535.2	10,501.2
Growth	+9%	-4%	-31%	+19%	—
Net Income	587.5	66.9	135.2	374.7	648.2
Net Margin	6.49%	0.80%	1.56%	2.99%	6.17%

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	2,481.6	2,468.4	2,429.4	2,019.9	2,146.0	2,555.7	2,243.7	1,716.6	1,815.4	1,983.3	2,303.0	2,317.1
Growth	+1%	+2%	+20%	-6%	-16%	+14%	+31%	-5%	-8%	-14%	-1%	—
Net Income	32.1	460.7	66.7	142.8	-67.3	13.8	21.5	11.0	21.7	-544.2	81.9	651.4
Net Margin	1.29%	18.66%	2.74%	7.07%	-3.14%	0.54%	0.96%	0.64%	1.19%	-27.44%	3.56%	28.11%

Drivers of KDC's profit

TTM

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

Financial income ↑ 594.2bn

Gross profit ↑ 257.4bn

Associates income ↑ 83.6bn

Tax ↑ 108.8bn

Selling expenses ↑ 76.2bn

TTM

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

Gross profit ↑ 108.1bn

Deferred tax ↓ 26.2bn

Associates income ↑ 12.5bn

Financial income ↑ 12.4bn

Selling expenses ↑ 36.0bn

Tax ↑ 11.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.3% = -0.2% × 0.69 × 1.75

2026Q1 9.6% = 7.5% × 0.69 × 1.86

ROE rose from -0.3% to 9.6% — all three components improved, with leverage contributing the most.

Net margin: 7.5% +7.7pp Asset turnover: 0.69x +0.00x Leverage: 1.86x +0.11x

Is the profit sustainable?

Margins improved (+7.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 7.47%, rising 7.7pp. The main driver is Gross margin rose 1.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 5.6pp and Other profit / Revenue rose 0.6pp).

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

Profitability trend

Net Margin 7.47% +7.7pp

Gross Margin 18.92% +1.4pp

SG&A / Revenue 18.88% −0.3pp

Non-core / Revenue 6.24% +6.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 70.8% of PBT and lifted net margin by 6.2pp — separate the operating contribution from this source.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 2.9 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 6.58%, rising 6.7pp. That translates to 6.58 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7.0pp, with capital turnover broadly stable; while invested capital rose by 746bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 6.58% +6.7pp

NOPAT Margin 6.89% +7.0pp

Capital Turnover 0.96x +0.00x

Average Invested Capital 9,837.6bn +746.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.80x equity, net debt at 0.33x equity.

Inventory ended the period at 1,504.3bn, roughly 10.8% of total assets.

Over the last 12 months, working capital released 591.5bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +13.3bn

Inventories increased → lower CFO: −85.7bn

Payables increased → higher CFO: +664.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 2.9 days versus the same period last year. The main moves came from DIO rose 5.4 days, DSO rose 1.2 days, and DPO rose 3.7 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +2.9 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +1.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 13.9 days +1.2 days

Inventory 58.9 days +5.4 days

Payables 30.8 days +3.7 days

Cash Conversion Cycle 42.0 days +2.9 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 0.33x and interest coverage at 3.30x.

At present, short-term debt accounts for 89.5% of total debt, cash equals 25.2% of debt, and total debt stands at 3,291.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 89.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.33x −0.03x

Interest Coverage 3.30x +3.24x

Cash / Debt 25.2% −17.1pp

Short-term Debt / Total Debt 89.5% +14.5pp

CFO / NI 0.57x −1.92x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 86.2bn in 2025, against investing cash flow of 599.8bn.

Post-investment cash flow was positive +686.0bn. Financing cash flow was negative +498.5bn.

CFO / net income was 0.57x.

After spending +63.8bn on fixed-asset investment, the business generated trailing free cash flow of +302.4bn.

Cash Conversion

CFO TTM 366.2bn +487.6bn

Cash Capex 63.8bn −44.0bn

FCF TTM +302.4bn +531.6bn

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 7.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.47% after expanding 7.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 63.1% of PBT and CFO / net income currently at 0.57x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	9,291.5	8,591.3	8,905.5	12,787.2	10,679.6
Revenue Deductions	237.0	267.5	255.9	252.0	0.0
Net Revenue	9,054.5	8,323.8	8,649.6	12,535.2	10,501.2
Cost of Goods Sold	7,379.8	6,811.7	7,113.4	10,261.6	0.0
Gross Profit	1,674.7	1,512.1	1,536.2	2,273.6	2,053.6
Financial Income	741.0	163.2	1,330.2	250.0	155.2
Financial Expenses	228.2	135.6	1,016.9	274.0	-192.7
Interest Expense	199.1	130.7	241.0	232.9	-178.1
Share of Associates and Joint Ventures	225.9	150.4	75.3	104.1	110.6
Selling Expenses	1,207.1	1,135.0	1,181.1	1,446.0	-1,203.5
General and Administrative Expenses	517.5	455.8	422.0	409.2	-242.2
Operating Profit	688.8	99.2	321.7	498.5	681.0
Other Income	43.1	9.7	14.8	32.3	0.0
Other Expenses	5.2	4.1	13.5	20.2	0.0
Other Profit	37.9	5.6	1.3	12.1	-0.7
Profit Before Tax	726.7	104.8	323.1	510.6	680.3
Current Income Tax Expense	171.3	69.6	364.0	145.9	-32.1
Deferred Income Tax Expense	-32.1	-31.7	-176.1	-10.0	0.0
Net Income	587.5	66.9	135.2	374.7	648.2
Non-controlling Interest	65.1	29.6	-8.0	12.1	59.1
Profit Attributable to Parent	522.4	37.3	143.2	362.6	589.1
Earnings per Share	1,803.00	139.00	554.00	1,572.00	2,575.00
Diluted EPS	1,803.00	139.00	554.00	1,572.00	2,105.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,674.9	6,299.3	6,964.1	6,980.4	7,073.9
I. Cash and cash equivalents	1,541.6	1,352.7	2,185.0	1,100.2	1,281.3
1. Cash	403.1	1,001.4	1,252.8	1,048.1	0.0
2. Cash equivalents	1,138.6	351.3	932.2	52.0	0.0
II. Short-term financial investments	295.2	174.1	618.8	522.8	0.0
1. Available for sale securities	0.4	0.4	0.4	0.4	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.0	-0.0	-0.0	-0.0	0.0
3. Held to maturity investments	294.8	173.7	618.4	522.4	0.0
III. Short-term receivables	3,158.3	3,351.3	2,957.4	2,948.7	2,612.1
1. Short-term trade accounts receivable	383.0	393.4	378.7	509.6	0.0
2. Short-term prepayments to suppliers	252.9	223.0	269.4	437.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	2,332.8	1,740.0	740.0	258.0	0.0
6. Other short-term receivables	202.3	1,004.3	1,577.2	1,743.4	0.0
7. Provision for short-term doubtful debts (*)	-12.6	-9.5	0.0	-0.8	0.0
8. Assets awaiting resolution	—	0.0	-7.9	0.7	0.0
IV. Inventories	1,504.3	1,274.4	1,072.3	2,212.3	2,493.9
1. Inventories	1,504.3	1,276.1	1,077.2	2,218.6	0.0
2. Provision for decline in value of inventories	—	-1.7	-4.9	-6.3	0.0
V. Other short-term assets	175.5	146.7	130.6	196.4	205.3
1. Short-term prepayments	22.9	24.8	16.3	23.7	0.0
2. Value added tax to be reclaimed	145.3	102.7	82.0	161.2	0.0
3. Taxes and other receivables from state authorities	7.3	19.2	32.3	11.6	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)	7,232.3	7,180.3	5,426.9	7,024.4	7,057.7
I. Long-term receivables	8.9	21.2	21.5	42.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	64.6
2. Long-term prepayments to suppliers	7.3	8.5	9.7	10.8	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	30.0	0.0
6. Other long-term receivables	1.6	12.7	11.9	1.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,522.1	2,592.7	2,582.2	2,628.0	2,540.8
1. Tangible fixed assets	967.8	943.7	994.7	929.3	746.1
- Cost	2,339.4	2,222.8	2,175.7	2,579.5	0.0
- Accumulated depreciation	-1,371.6	-1,279.1	-1,181.0	-1,650.2	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	1,554.3	1,649.0	1,587.5	1,698.7	1,794.8
- Cost	2,477.8	2,462.1	2,288.0	2,346.9	0.0
- Accumulated depreciation	-923.5	-813.1	-700.5	-648.2	0.0
III. Investment properties	993.3	1,043.4	4.2	4.4	4.6
- Cost	1,324.2	1,324.2	11.8	11.8	0.0
- Accumulated depreciation	-330.9	-280.8	-7.6	-7.4	0.0
IV. Long-term assets in progress	8.5	65.0	4.9	75.0	167.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.5	65.0	4.9	75.0	0.0
V. Long-term financial investments	2,662.1	2,252.9	2,042.7	3,975.5	3,953.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,415.7	2,911.7	2,695.2	3,969.1	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-753.7	-753.7	-753.7	0.0	0.0
5. Held to maturity investments	—	94.8	101.1	6.4	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,037.4	1,205.1	771.3	298.9	0.0
1. Long-term prepayments	232.2	288.4	98.8	78.8	0.0
2. Deferred income tax assets	81.0	79.0	61.7	76.5	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	326.6
5. Goodwill	724.2	837.6	610.8	143.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	13,907.2	13,479.5	12,391.0	14,004.8	14,131.6
A. LIABILITIES (300=210+330)	6,169.2	6,214.4	5,277.1	6,952.1	7,242.0
I. Short -term liabilities	5,066.4	4,582.0	4,214.1	5,427.2	5,461.2
1. Short-term trade accounts payable	446.3	691.6	426.2	548.9	782.7
2. Short-term advances from customers	41.2	42.9	87.2	25.4	142.6
3. Taxes and other payables to state authorities	143.1	58.6	87.0	76.1	0.0
4. Payable to employees	17.2	21.8	17.4	12.3	0.0
5. Short-term acrrued expenses	370.5	369.5	287.8	342.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	10.7	5.0	0.2	0.2	0.2
9. Other short-term payables	620.9	78.0	377.7	107.0	0.0
10. Short-term borrowings and financial leases	3,269.1	3,188.1	2,826.2	4,168.3	3,655.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	147.4	126.6	104.3	146.3	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	1,102.7	1,632.4	1,063.0	1,524.9	1,780.8
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	—	0.0	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	3.2	6.4	0.0	0.0	0.0
7. Other long-term liabilities	56.1	52.3	2.8	14.0	0.0
8. Long-term borrowings and financial leases	374.8	872.8	501.1	751.9	997.6
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	643.6	673.7	529.8	721.5	0.0
12. Provision for long-term liabilities	25.1	27.2	29.4	37.4	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	7,738.0	7,265.2	7,113.9	7,052.7	6,889.5
I. Owner's equity	7,738.0	7,265.2	7,113.9	7,052.7	0.0
1. Owner's capital	2,898.1	2,898.1	2,898.1	2,797.4	6,889.5
- Common stock with voting right	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,797,413,560,000.00	2,797,413,560,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2,292.3	2,292.3	3,157.5	3,107.2	2,970.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	104.0	104.0
5. Treasury shares	—	0.00	-865,273,143,268.00	-865,273,143,268.00	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	69.9	69.9	69.9	74.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	16.1	16.1	16.1	15.9	0.0
11. Undistributed earnings after tax	1,834.5	1,345.6	1,518.1	1,619.4	1,787.7
- Accumulated retained earning at the end of the previous period	1,312.0	1,308.2	1,374.9	1,256.8	1,198.6
- Undistributed earnings in this period	522.4	37.3	143.2	362.6	589.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	627.3	643.3	319.5	199.2	219.3
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)	13,907.2	13,479.5	12,391.0	14,004.8	14,131.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	726.7	104.8	323.1	510.6	680.3
Depreciation of Fixed Assets and Investment Property	374.0	309.8	246.4	267.4	267.0
Provision (Increase)/Reversal	3.5	3.4	708.8	3.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.9	0.0	-0.9	-7.2	0.0
Gain/Loss from Investment Activities	-964.6	-294.5	-1,313.5	-303.9	0.0
Interest Expense	201.6	133.3	243.5	235.5	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	340.3	256.8	207.4	705.8	898.2
Increase/(Decrease) in Receivables	-58.6	585.4	471.7	-275.0	0.0
Increase/(Decrease) in Inventory	-228.2	-199.0	995.0	281.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	298.8	188.0	-105.5	-698.2	0.0
Increase/(Decrease) in Prepaid Expenses	39.4	-76.2	-31.3	-3.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-228.3	-128.5	-256.1	-226.1	0.0
Corporate Income Tax Paid	-73.1	-95.0	-379.0	-148.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.0	-4.5	-64.0	-17.0	0.0
Net Cash Flow from Operating Activities	86.2	527.1	838.3	-380.6	-77.1
Payments for Fixed Assets and Other Long-term Assets	-68.5	-104.2	-114.6	-258.4	-226.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	22.0	4.7	2.0	10.7	2.5
Loans and Purchases of Debt Instruments	-1,486.0	-1,220.0	-3,110.8	-780.8	-405.8
Receipts from Loan Repayments and Sale of Debt Instruments	866.9	671.0	1,368.0	451.2	642.0
Investments in Other Entities	-0.1	-1,062.9	-1,214.0	-267.8	-1,399.6
Proceeds from Investments in Other Entities	1,180.0	50.0	3,523.3	426.9	0.0
Dividends and Interest Income Received	85.5	127.5	127.9	118.6	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	599.8	-1,533.9	581.9	-299.7	-1,328.3
Proceeds from Equity Issuance and Capital Contributions	—	29,910,000.00	1,060,034,380,000.00	402,382,020,000.00	-500,000,000.00
Share Repurchases	—	0.00	0.00	0.00	22,630,000.00
Proceeds from Borrowings	14,194.2	10,525.7	12,143.1	16,019.8	16,672.7
Repayment of Borrowings	-14,613.9	-9,873.5	-13,510.6	-15,594.1	-14,574.5
Repayment of Finance Leases	-0.1	0.0	0.0	0.0	0.0
Dividends Paid	-78.7	-477.8	-28.9	-328.6	-513.2
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	-498.5	174.4	-336.3	499.4	1,584.6
Net Cash Flow During the Period	187.4	-832.4	1,083.8	-180.9	-741.1
Cash and Cash Equivalents at Beginning of Period	1,352.7	2,185.0	1,100.2	1,281.3	1,102.1
FX Difference from Revaluation	1.5	0.1	1.0	-0.3	-0.0
Cash and Cash Equivalents at End of Period	1,541.6	1,352.7	2,185.0	1,100.2	1,281.3

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	2,532.1	2,536.5	2,487.9	2,078.0	2,199.8	2,617.3	2,303.1	1,779.4	1,897.7	2,049.3	2,355.6	2,382.3
Revenue Deductions	50.5	68.1	58.6	58.1	53.8	61.6	59.4	62.8	82.3	66.1	52.6	65.1
Net Revenue	2,481.6	2,468.4	2,429.4	2,019.9	2,146.0	2,555.7	2,243.7	1,716.6	1,815.4	1,983.3	2,303.0	2,317.1
Cost of Goods Sold	2,016.7	1,998.1	1,957.1	1,649.2	1,789.2	2,083.7	1,822.1	1,446.2	1,456.2	1,603.5	1,860.3	2,013.6
Gross Profit	464.9	470.2	472.3	370.7	356.7	471.9	421.6	270.4	359.2	379.8	442.7	303.6
Financial Income	46.1	544.8	35.9	127.4	33.7	45.0	34.7	46.6	41.9	60.7	49.1	961.5
Financial Expenses	57.9	69.4	51.5	52.9	53.2	48.2	32.6	28.6	29.2	796.0	51.7	78.9
Interest Expense	50.4	52.1	50.0	50.9	42.4	44.2	31.0	27.8	27.8	39.1	47.5	68.8
Share of Associates and Joint Ventures	33.8	51.6	88.3	64.7	21.3	27.4	44.6	61.4	18.4	25.4	30.8	13.8
Selling Expenses	321.1	314.9	335.6	279.4	285.1	321.3	326.0	242.3	241.9	216.2	263.3	374.3
General and Administrative Expenses	127.8	131.2	143.7	121.1	121.3	141.2	128.0	98.2	103.6	41.6	83.2	108.3
Operating Profit	38.0	551.1	65.8	109.5	-47.8	33.7	14.3	9.2	44.9	-587.9	124.4	717.4
Other Income	8.7	21.9	8.9	46.1	2.7	4.5	2.0	2.2	0.3	7.2	0.1	4.5
Other Expenses	9.0	9.1	1.8	1.4	1.9	1.2	1.0	0.9	0.8	-2.8	9.4	0.7
Other Profit	-0.3	12.8	7.1	44.7	0.8	3.3	1.1	1.2	-0.5	10.1	-9.4	3.9
Profit Before Tax	37.7	563.9	72.9	154.2	-47.0	36.9	15.4	10.5	44.4	-577.8	115.0	721.3
Current Income Tax Expense	28.7	106.3	23.2	19.3	17.1	18.7	18.3	14.6	18.6	-78.3	48.4	89.3
Deferred Income Tax Expense	-23.0	-3.1	-16.9	-7.9	3.2	4.5	-24.4	-15.1	4.1	44.7	-15.3	-19.4
Net Income	32.1	460.7	66.7	142.8	-67.3	13.8	21.5	11.0	21.7	-544.2	81.9	651.4
Non-controlling Interest	18.9	19.1	14.7	5.4	8.2	13.2	-2.9	9.2	12.1	21.1	8.3	-10.5
Profit Attributable to Parent	13.1	441.6	51.9	137.4	-75.5	0.6	24.4	1.8	9.5	-565.3	73.7	662.0
Earnings per Share	45.00	1,524.00	179.00	474.00	-280.00	2.00	94.00	7.00	37.00	-2,198.00	286.00	2,870.00
Diluted EPS	45.00	1,524.00	179.00	474.00	-280.00	135.00	94.00	7.00	37.00	-2,198.00	286.00	2,870.00

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)	5,852.1	6,359.1	5,188.2	6,357.2	6,627.9	6,299.8	5,618.7	5,927.3	5,889.3	7,021.8	6,948.3	7,701.0
I. Cash and cash equivalents	829.7	1,741.7	607.1	1,224.7	1,931.3	1,354.6	1,358.1	1,637.0	1,503.8	2,185.0	2,057.9	1,350.5
1. Cash	807.3	403.1	357.1	904.7	1,484.2	1,003.4	711.5	952.0	693.6	1,252.8	1,022.9	720.5
2. Cash equivalents	22.4	1,338.6	250.0	320.0	447.1	351.3	646.6	685.0	810.2	932.2	1,035.0	630.0
II. Short-term financial investments	2,958.0	0.4	0.4	3.4	14.4	174.1	174.1	174.1	548.8	618.8	662.6	513.9
1. Available for sale securities	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
2. Provision for diminution in value of available for sale securities (*)	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
3. Held to maturity investments	2,957.6	—	—	3.0	14.0	173.7	173.7	173.7	548.4	618.4	662.2	513.5
III. Short-term receivables	628.9	2,940.4	3,059.6	3,710.6	3,354.8	3,352.6	3,294.0	3,194.2	2,797.7	3,008.5	3,002.3	4,368.5
1. Short-term trade accounts receivable	390.4	389.4	366.5	427.8	324.1	393.3	334.9	310.6	278.3	340.6	328.4	420.2
2. Short-term prepayments to suppliers	50.2	45.1	296.2	49.4	27.1	222.8	231.8	349.2	274.5	265.7	272.1	420.5
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	—	2,332.8	2,197.8	1,802.8	1,882.8	1,740.0	1,740.0	1,040.0	785.0	790.0	740.0	1,953.0
6. Other short-term receivables	200.0	183.0	209.0	1,440.2	1,130.3	1,004.4	995.2	1,502.4	1,467.9	1,613.0	1,748.0	1,575.4
7. Provision for short-term doubtful debts (*)	-11.8	-9.9	-9.9	-9.5	-9.5	-7.9	-7.9	-7.9	0.0	-0.8	-86.5	-0.8
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	-7.9	0.0	0.3	0.3
IV. Inventories	1,272.6	1,499.5	1,378.4	1,263.4	1,186.5	1,270.6	674.3	792.1	904.7	1,077.2	1,118.7	1,345.8
1. Inventories	1,272.6	1,499.5	1,378.7	1,263.8	1,186.8	1,272.3	676.8	792.7	906.8	1,082.1	1,133.9	1,348.6
2. Provision for decline in value of inventories	—	—	-0.3	-0.3	-0.3	-1.7	-2.4	-0.7	-2.1	-4.9	-15.2	-2.8
V. Other short-term assets	163.1	177.1	142.8	155.1	140.9	147.8	118.2	130.0	134.3	132.3	106.8	122.2
1. Short-term prepayments	31.6	24.5	20.4	32.0	30.0	25.8	22.4	28.0	22.3	17.9	22.7	25.4
2. Value added tax to be reclaimed	116.5	145.4	113.3	110.5	93.8	102.8	71.9	75.5	81.6	82.0	84.1	96.0
3. Taxes and other receivables from state authorities	15.0	7.2	9.1	12.6	17.0	19.2	23.8	26.4	30.4	32.3	0.1	0.8
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)	7,469.2	7,621.8	7,886.7	6,892.4	7,121.2	6,923.7	6,828.2	5,450.2	5,389.3	5,414.9	6,231.0	5,246.3
I. Long-term receivables	8.9	26.2	24.3	24.3	21.2	21.2	21.0	24.7	22.1	21.5	21.2	15.0
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	7.3	7.3	8.5	8.5	8.5	8.5	9.7	9.7	9.7	9.7	10.8	10.8
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	1.6	18.9	15.8	15.8	12.7	12.7	11.3	15.1	12.4	11.9	10.4	4.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,482.2	2,522.1	2,536.2	2,498.0	2,546.1	2,593.6	2,456.0	2,499.2	2,543.7	2,581.7	2,612.7	2,164.4
1. Tangible fixed assets	955.5	967.8	954.4	901.0	924.5	943.7	943.8	962.0	981.3	994.2	997.5	526.1
- Cost	2,350.4	—	—	—	—	2,222.8	2,212.4	2,187.3	2,184.9	2,175.7	2,156.4	1,637.7
- Accumulated depreciation	-1,394.9	—	—	—	—	-1,279.1	-1,268.6	-1,225.2	-1,203.6	-1,181.5	-1,158.8	-1,111.6
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	1,526.8	1,554.3	1,581.7	1,597.0	1,621.6	1,649.9	1,512.1	1,537.2	1,562.3	1,587.5	1,615.2	1,638.3
- Cost	2,477.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-951.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	980.8	993.3	1,005.8	1,018.3	1,030.9	408.5	413.4	4.1	4.2	4.2	4.3	4.3
- Cost	1,324.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-343.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	9.9	8.5	29.5	16.5	77.9	65.0	50.4	50.5	5.7	4.9	4.1	9.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	9.9	8.5	29.5	16.5	77.9	65.0	50.4	50.5	5.7	4.9	4.1	9.7
V. Long-term financial investments	2,695.9	2,756.8	3,221.1	2,253.6	2,274.2	2,254.3	2,226.8	2,122.4	2,061.1	2,036.3	2,764.6	2,838.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3,449.5	3,415.7	3,880.0	2,912.5	2,933.0	2,913.2	2,885.7	2,775.0	2,713.6	2,688.9	2,663.4	2,737.7
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-753.7	-753.7	-753.7	-753.7	-753.7	-753.7	-753.7	-753.7	-753.7	-753.7	0.0	0.0
5. Held to maturity investments	—	94.8	94.8	94.8	94.8	94.8	94.8	101.1	101.1	101.1	101.1	101.1
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,291.6	1,314.8	1,069.7	1,081.6	1,171.0	1,581.1	1,660.7	749.2	162.3	152.1	198.9	85.7
1. Long-term prepayments	515.3	512.2	235.1	229.7	292.7	287.3	250.5	115.9	109.6	97.2	94.2	16.7
2. Deferred income tax assets	80.3	78.4	82.1	70.9	69.0	80.0	90.6	63.5	52.7	54.9	104.6	69.1
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	695.9	724.2	752.6	780.9	809.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	1,213.7	1,319.6	569.7	590.3	614.0	625.3	128.3
TOTAL ASSETS (280=100+200)	13,321.4	13,980.8	13,074.9	13,249.5	13,749.2	13,223.5	12,446.9	11,377.6	11,278.6	12,436.6	13,179.3	12,947.2
A. LIABILITIES (300=210+330)	5,937.5	6,243.1	5,797.7	6,011.2	6,551.3	6,084.4	5,220.4	4,287.9	4,143.8	5,355.3	5,048.0	5,098.9
I. Short -term liabilities	4,885.4	5,141.6	4,663.0	4,721.6	4,659.2	4,528.9	3,314.9	3,486.2	3,335.3	4,291.6	3,978.1	4,015.2
1. Short-term trade accounts payable	613.9	516.2	378.1	232.3	673.1	676.2	325.7	367.2	389.3	428.8	425.8	374.0
2. Short-term advances from customers	43.3	41.2	40.8	36.3	32.6	42.9	42.5	32.0	48.1	48.6	30.6	23.3
3. Dividends and profits payable	6.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	37.1	137.7	75.0	76.5	26.3	59.1	102.1	42.1	33.2	83.1	257.0	341.4
4. Payable to employees	4.7	24.4	13.9	8.4	4.7	18.6	14.4	7.2	4.0	33.1	17.3	7.3
5. Short-term acrrued expenses	375.9	372.8	435.4	277.9	280.0	372.6	430.7	250.8	201.9	306.2	478.4	374.3
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	7.1	10.7	5.0	5.5	7.0	6.6	4.3	3.0	0.2	0.2	0.5	0.9
9. Other short-term payables	704.3	623.4	119.1	107.0	85.9	87.8	144.8	89.8	84.5	461.3	481.5	122.2
10. Short-term borrowings and financial leases	2,945.4	3,267.9	3,448.0	3,830.0	3,423.1	3,138.3	2,123.7	2,566.0	2,470.4	2,826.2	2,181.8	2,664.4
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	147.3	147.4	147.6	147.7	126.5	126.6	126.8	128.1	103.7	104.3	105.1	107.4
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	1,052.0	1,101.4	1,134.7	1,289.6	1,892.1	1,555.5	1,905.5	801.7	808.5	1,063.6	1,070.0	1,083.7
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	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	3.2	3.2	6.4	6.4	6.4	6.4	9.6	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	57.8	56.1	51.3	50.3	52.3	52.9	51.2	1.5	2.6	2.8	2.9	0.1
8. Long-term borrowings and financial leases	346.3	376.0	404.5	547.0	1,139.7	922.6	1,301.9	252.3	251.7	501.1	501.3	503.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	619.9	641.0	647.8	660.8	666.9	546.5	515.9	520.6	525.0	529.8	534.8	550.0
12. Provision for long-term liabilities	24.9	25.1	24.8	25.1	26.8	27.2	26.9	27.2	29.2	30.0	31.0	30.4
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)	7,383.9	7,737.8	7,277.2	7,238.4	7,197.9	7,139.2	7,226.5	7,089.6	7,134.7	7,081.4	8,131.2	7,848.3
I. Owner's equity	7,383.9	7,737.8	7,277.2	7,238.4	7,197.9	7,139.2	7,226.5	7,089.6	7,134.7	7,081.4	8,131.2	7,848.3
1. Owner's capital	2,898.1	2,898.1	2,898.1	2,898.1	2,898.1	2,898.1	2,898.1	2,898.1	2,898.1	2,898.1	2,797.4	2,797.4
- Common stock with voting right	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,898,063,160,000.00	2,797,413,560,000.00	2,797,413,560,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2,292.3	2,292.3	2,292.3	2,292.3	2,292.3	2,292.3	2,292.3	2,292.3	3,157.5	3,157.5	3,107.2	3,107.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	-865,273,143,268.00	-865,273,143,268.00	-865,273,143,268.00	-865,273,143,268.00
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	69.9	69.9	69.9	69.9	69.9	69.9	69.9	69.9	69.9	69.9	69.9	74.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1	16.1
11. Undistributed earnings after tax	1,499.8	1,835.7	1,394.2	1,357.0	1,270.1	1,344.5	1,517.7	1,493.3	1,526.8	1,483.4	2,554.0	2,402.9
- Accumulated retained earning at the end of the previous period	1,486.7	1,312.0	1,312.0	1,312.0	1,345.6	1,308.2	1,482.0	1,482.0	1,517.2	1,375.6	1,880.9	2,059.9
- Undistributed earnings in this period	13.1	523.7	82.2	45.0	-75.5	36.2	35.7	11.3	9.5	107.8	673.1	343.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	607.8	625.7	606.7	605.1	651.5	518.4	432.5	320.0	331.7	321.7	451.9	315.2
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)	13,321.4	13,980.8	13,074.9	13,249.5	13,749.2	13,223.5	12,446.9	11,377.6	11,278.6	12,436.6	13,179.3	12,947.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	37.7	569.4	72.9	131.4	-47.0	36.9	16.7	9.2	44.4	-547.7	115.0	750.1
Depreciation of Fixed Assets and Investment Property	93.6	93.3	96.3	91.8	92.6	88.1	80.6	68.4	68.7	70.8	55.5	53.8
Provision (Increase)/Reversal	-1.1	3.1	0.0	0.4	—	-0.1	-0.0	-1.5	-3.0	605.9	10.7	90.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.7	0.6	-0.9	0.0	0.5	1.5	-1.9	0.2	-0.3	-0.5	8.7
Gain/Loss from Investment Activities	-78.1	-692.8	-43.9	-177.8	-50.1	-141.3	0.9	-100.6	-53.2	-22.6	-76.3	-1,115.5
Interest Expense	50.4	56.4	50.7	51.6	43.0	44.8	31.7	28.4	28.4	38.4	48.1	70.3
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	102.6	28.7	176.6	96.4	38.6	28.9	131.4	2.0	85.6	144.4	152.5	-142.7
Increase/(Decrease) in Receivables	175.0	102.2	-103.2	-160.8	103.1	-64.1	129.4	-159.1	170.5	-48.1	393.7	130.1
Increase/(Decrease) in Inventory	231.8	-125.6	-109.0	-82.9	89.3	-597.5	191.7	40.2	170.4	57.6	241.4	651.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	258.1	534.3	268.1	-396.5	-107.0	177.5	99.2	68.6	-170.4	-294.5	136.1	137.7
Increase/(Decrease) in Prepaid Expenses	-293.4	-1.3	-9.3	61.1	-11.1	-28.8	-20.0	-9.9	-17.1	1.3	1.7	-16.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-49.2	-58.1	-57.4	-43.9	-68.9	-24.0	-34.0	-18.1	-52.9	-18.5	-72.3	-50.6
Corporate Income Tax Paid	-143.9	-17.6	-12.7	0.0	-42.9	-22.4	0.0	-10.7	-61.9	-105.8	-154.8	-60.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-1.2	-0.1	-2.5	-0.2	-0.1	-1.3	-1.2	-0.6	-0.8	-2.3	9.8
Net Cash Flow from Operating Activities	280.9	461.6	152.9	-529.2	0.9	-530.6	496.4	-88.1	123.5	-264.4	695.9	658.5
Payments for Fixed Assets and Other Long-term Assets	-12.6	-16.0	-7.0	-28.1	-17.4	-35.1	-6.1	-49.2	-8.5	-64.2	-12.5	25.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	19.8	0.3	0.8	1.0	10.4	-0.8	0.8	0.0	0.2	-0.1	0.5
Loans and Purchases of Debt Instruments	-330.0	-715.0	-395.0	-3.0	-373.0	0.0	-850.0	-255.0	-115.0	-286.1	-148.7	-2,281.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	380.0	3.0	94.0	389.9	0.0	156.4	374.7	140.0	330.0	848.0	140.0
Investments in Other Entities	—	—	—	—	—	0.0	-615.7	0.0	-0.9	-495.1	-252.5	-465.0
Proceeds from Investments in Other Entities	—	1,068.0	112.0	—	—	0.0	70.5	47.8	0.0	166.6	0.0	1,076.8
Dividends and Interest Income Received	87.8	-14.2	13.3	10.3	76.0	91.2	-57.3	23.1	70.6	24.7	62.4	27.1
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	-254.8	722.6	-273.4	74.1	76.6	66.5	-1,303.1	142.2	86.3	-323.9	496.6	-1,476.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	29,910,000.00	0.00	100,034,380,000.00	0.00	960,000,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,595.3	2,730.9	2,612.8	4,154.4	4,696.0	3,259.0	3,135.8	2,402.5	1,698.7	3,532.1	2,826.3	2,515.4
Repayment of Borrowings	-2,947.5	-2,940.3	-3,137.7	-4,341.1	-4,194.8	-2,624.3	-2,607.8	-2,307.0	-2,304.4	-2,888.7	-3,311.3	-3,577.5
Repayment of Finance Leases	—	-0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-385.8	-40.3	27.8	-66.1	-0.1	-210.7	0.0	0.0	-267.1	-28.8	0.3	-0.3
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	36.7	-0.1	-18.6	-18.0	0.3	-0.3	0.0
Net Cash Flow from Financing Activities	-738.0	-249.9	-497.1	-252.8	501.2	460.7	527.9	77.0	-890.9	714.9	-485.0	-102.5
Net Cash Flow During the Period	-711.9	934.2	-617.6	-707.9	578.7	-3.5	-278.7	131.1	-681.2	126.5	707.4	-920.4
Cash and Cash Equivalents at Beginning of Period	1,541.6	607.1	1,224.7	1,931.3	1,352.7	2,185.0	2,185.0	2,185.0	2,185.0	1,100.2	1,100.2	1,100.2
FX Difference from Revaluation	-0.0	1.5	1.2	1.2	-0.0	0.0	-0.0	2.0	-0.0	0.6	-0.0	-1.0
Cash and Cash Equivalents at End of Period	829.7	1,541.6	607.1	1,224.7	1,931.3	1,354.6	1,358.1	1,636.9	1,503.8	2,185.0	2,057.9	1,350.5

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KDC

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