KDH

Đầu tư và Kinh doanh Nhà Khang Điền ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 43.41%, +19.94pp YoY

Price

22,900

Latest close

03 Jun 2026

P/E 22.45x

P/B 1.19x

EPS 1,020

BVPS 19,180

ROE 5.9%

ROA 3.5%

Profit Margin 28.6%

Asset Turnover 0.12x

Equity Mult. 1.71x

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

What Is Changing

On a TTM 2026Q1 basis, KDH has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,243bn
	                                
+16.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,842bn
	                                
+114.7%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.11x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	4,651.1	3,278.6	2,087.8	2,912.0	3,737.7
Growth	+42%	+57%	-28%	-22%	—
Net Income	1,626.6	803.6	729.5	1,082.2	1,204.4
Net Margin	34.97%	24.51%	34.94%	37.17%	32.22%

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	281.4	1,816.3	1,098.2	1,046.8	709.9	2,047.5	252.6	644.5	334.0	469.5	616.4	586.7
Growth	-85%	+65%	+5%	+47%	-65%	+711%	-61%	+93%	-29%	-24%	+5%	—
Net Income	327.0	793.0	525.9	196.0	118.7	392.6	66.4	280.1	64.0	63.4	210.1	256.8
Net Margin	116.24%	43.66%	47.89%	18.72%	16.72%	19.17%	26.27%	43.46%	19.15%	13.50%	34.08%	43.77%

Drivers of KDH's profit

TTM

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

Gross profit ↑ 771.0bn

Other profit ↑ 379.0bn

Finance costs ↓ 93.3bn

Minority interests ↑ 640.6bn

Deferred tax ↑ 129.6bn

Selling expenses ↑ 93.7bn

TTM

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

Other profit ↑ 284.1bn

Finance costs ↓ 30.5bn

Selling expenses ↓ 26.4bn

Gross profit ↓ 123.9bn

Minority interests ↑ 48.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.9% = 23.5% × 0.13 × 1.63

2026Q1 9.0% = 43.4% × 0.12 × 1.71

ROE rose from 4.9% to 9.0% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 43.4% +19.9pp Asset turnover: 0.12x -0.01x Leverage: 1.71x +0.07x

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 43.41%, rising 19.9pp. Core operating signals are improving as Gross margin rose 11.0pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with additional support from Other profit / Revenue rose 9.2pp and Net financial result / Revenue rose 2.5pp).

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 43.41% +19.9pp

Gross Margin 62.53% +11.0pp

SG&A / Revenue 14.05% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 5.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 5.48%, rising 1.5pp. That translates to 5.48 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 12.5pp, with capital turnover broadly stable; while invested capital expanded strongly by 6,266bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 5.48% +1.5pp

NOPAT Margin 37.55% +12.5pp

Capital Turnover 0.15x −0.01x

Average Invested Capital 29,059.8bn +6,266.3bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.70x equity, net debt at 0.55x equity.

Development inventory ended the period at 23,260.0bn, about 68.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 2,147.9bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −893.8bn

Inventories increased → lower CFO: −1,070.6bn

Payables decreased → lower CFO: −183.5bn

Is financial risk significant?

Leverage is safe but FCF is negative at 2,102.8bn due to capex of 761.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.55x and interest coverage at 12.96x.

At present, short-term debt accounts for 12.7% of total debt, cash equals 23.5% of debt, and total debt stands at 15,348.2bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 23.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.55x +0.27x

Interest Coverage 12.96x +8.08x

Cash / Debt 23.5% −4.9pp

Short-term Debt / Total Debt 12.7% −2.1pp

CFO / NI -1.11x +2.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -2,024.2bn in 2025, against investing cash flow of -1,722.6bn.

Post-investment cash flow was negative +3,746.8bn. Financing cash flow was positive +3,195.4bn.

CFO / net income was -1.11x.

After spending +761.0bn on fixed-asset investment, the business generated trailing free cash flow of −2,102.8bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 1,341.8bn +1,695.3bn

Cash Capex 761.0bn +662.9bn

FCF TTM −2,102.8bn +1,032.4bn

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 19.9 pp. The next item to monitor is capital efficiency, with ROIC at 5.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 43.41% after expanding 19.9pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4,689.1	3,295.1	2,166.3	2,973.6	3,765.9
Revenue Deductions	38.0	16.5	78.5	61.6	0.0
Net Revenue	4,651.1	3,278.6	2,087.8	2,912.0	3,737.7
Cost of Goods Sold	1,897.6	1,539.0	501.1	1,452.4	0.0
Gross Profit	2,753.5	1,739.5	1,586.6	1,459.5	1,792.3
Financial Income	40.4	38.2	49.7	17.7	20.0
Financial Expenses	179.9	216.0	147.6	91.0	-72.4
Interest Expense	—	0.0	0.0	9.3	-15.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	373.5	222.7	162.4	175.2	-201.1
General and Administrative Expenses	220.0	209.2	204.6	219.2	-182.9
Operating Profit	2,020.6	1,129.8	1,121.7	991.8	1,355.9
Other Income	65.5	41.5	68.7	490.5	0.0
Other Expenses	47.1	120.3	121.4	71.8	0.0
Other Profit	18.4	-78.8	-52.7	418.8	183.9
Profit Before Tax	2,039.0	1,051.0	1,069.0	1,410.6	1,539.8
Current Income Tax Expense	326.5	273.1	816.4	349.3	-335.4
Deferred Income Tax Expense	85.8	-25.7	-476.8	-21.0	0.0
Net Income	1,626.6	803.6	729.5	1,082.2	1,204.4
Non-controlling Interest	581.2	-6.8	13.8	-20.7	2.0
Profit Attributable to Parent	1,045.5	810.4	715.7	1,103.0	1,202.4
Earnings per Share	870.00	800.00	840.00	1,440.00	1,830.00
Diluted EPS	870.00	800.00	840.00	1,440.00	1,870.22

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	31,619.1	28,843.5	24,736.9	20,505.9	13,399.5
I. Cash and cash equivalents	2,544.3	3,095.6	3,729.6	2,752.8	1,365.4
1. Cash	1,944.5	988.7	1,486.8	713.6	0.0
2. Cash equivalents	599.8	2,106.9	2,242.8	2,039.2	0.0
II. Short-term financial investments	211.0	276.9	8.5	42.9	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	211.0	276.9	8.5	42.9	0.0
III. Short-term receivables	5,482.1	3,018.3	1,830.7	5,208.0	4,181.8
1. Short-term trade accounts receivable	1,262.0	166.2	72.8	405.1	0.0
2. Short-term prepayments to suppliers	3,279.5	1,641.6	636.3	2,584.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	940.6	1,210.5	1,121.7	2,218.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	23,260.0	22,178.0	18,786.9	12,453.3	7,748.1
1. Inventories	23,260.0	22,178.0	18,786.9	12,453.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	121.8	274.7	381.1	48.9	34.8
1. Short-term prepayments	32.9	192.8	342.2	6.7	0.0
2. Value added tax to be reclaimed	54.6	78.7	34.5	41.3	0.0
3. Taxes and other receivables from state authorities	34.3	3.2	4.4	0.9	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,454.9	1,914.2	1,743.8	1,033.4	949.4
I. Long-term receivables	62.4	69.0	75.9	73.4	0.0
1. Long-term trade receivables	52.7	57.2	63.4	60.7	76.4
2. Long-term prepayments to suppliers	—	0.0	1.7	1.6	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	12.4	14.5	12.8	13.0	0.0
7. Provision for long-term doubtful debts	-2.7	-2.7	-2.0	-2.0	0.0
II. Fixed assets	66.6	73.3	81.3	81.1	40.3
1. Tangible fixed assets	66.6	73.3	81.3	81.1	40.3
- Cost	177.0	176.1	176.8	167.9	0.0
- Accumulated depreciation	-110.4	-102.7	-95.5	-86.8	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	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.4	-0.3	-0.3	-0.3	0.0
III. Investment properties	229.7	233.0	130.9	102.0	57.7
- Cost	254.5	252.5	145.0	112.1	0.0
- Accumulated depreciation	-24.8	-19.4	-14.2	-10.1	0.0
IV. Long-term assets in progress	1,734.7	1,027.8	932.6	749.8	751.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,734.7	1,027.8	932.6	749.8	0.0
V. Long-term financial investments	—	0.0	12.0	14.3	14.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	14.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	12.0	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	361.4	511.0	511.1	12.9	0.0
1. Long-term prepayments	3.6	3.8	5.1	8.7	0.0
2. Deferred income tax assets	357.8	507.2	505.9	4.1	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	9.4
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)	34,074.0	30,757.7	26,480.7	21,539.3	14,348.9
A. LIABILITIES (300=210+330)	12,909.7	11,304.3	10,957.8	9,744.7	4,127.8
I. Short -term liabilities	3,515.4	4,182.2	5,345.5	3,502.6	2,064.0
1. Short-term trade accounts payable	113.2	288.3	92.1	108.9	154.6
2. Short-term advances from customers	648.3	1,901.2	2,387.6	892.0	156.7
3. Taxes and other payables to state authorities	389.3	277.5	497.4	427.3	0.0
4. Payable to employees	—	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	175.1	182.6	106.1	92.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.1	0.3
9. Other short-term payables	335.1	379.5	736.0	733.5	0.0
10. Short-term borrowings and financial leases	1,801.8	1,100.0	1,444.3	1,194.7	647.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	52.6	53.1	81.9	53.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	9,394.3	7,122.0	5,612.3	6,242.2	2,063.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	3.7	4.6	3.7	3.8	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	25.9	34.6	14.2	12.4	7.9
7. Other long-term liabilities	445.5	449.3	33.1	31.9	0.0
8. Long-term borrowings and financial leases	8,347.6	5,998.2	4,901.5	5,576.3	1,904.5
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	570.0	633.6	658.0	615.8	0.0
12. Provision for long-term liabilities	1.7	1.7	1.8	1.9	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)	18,522.9	19,453.4	15,522.9	11,794.5	10,221.1
I. Owner's equity	18,522.9	19,453.4	15,522.9	11,794.5	0.0
1. Owner's capital	11,222.1	10,111.4	7,993.1	7,168.3	10,221.1
- Common stock with voting right	11,222,148,990,000.00	10,111,425,650,000.00	7,993,119,710,000.00	7,168,299,950,000.00	6,429,370,690,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3,353.4	3,313.6	1,338.9	1,311.9	1,177.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	351.9	351.9	352.2	297.1	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	3,595.4	3,617.8	3,766.5	2,780.2	2,341.8
- Accumulated retained earning at the end of the previous period	2,550.0	2,807.4	3,050.8	1,677.2	1,139.3
- Undistributed earnings in this period	1,045.5	810.4	715.7	1,103.0	1,202.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	2,058.8	2,072.1	237.1	35.5
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	2,641.4	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	34,074.0	30,757.7	26,480.7	21,539.3	14,348.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,039.0	1,051.0	1,069.0	1,410.6	1,539.8
Depreciation of Fixed Assets and Investment Property	13.3	13.6	-4.5	-254.9	10.5
Provision (Increase)/Reversal	-0.1	0.6	-0.1	-0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-40.4	-38.2	-49.7	-17.7	0.0
Interest Expense	—	0.0	0.0	9.3	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	2,011.7	1,027.0	1,014.7	1,146.7	1,547.1
Increase/(Decrease) in Receivables	-1,318.7	-624.4	3,204.2	-997.2	0.0
Increase/(Decrease) in Inventory	-1,082.0	-3,494.1	-6,144.0	-1,612.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-627.2	492.0	2,307.7	1,205.5	0.0
Increase/(Decrease) in Prepaid Expenses	160.1	150.8	-332.0	3.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-818.2	-744.9	-739.6	-496.4	0.0
Corporate Income Tax Paid	-292.7	-375.2	-805.1	-235.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-57.3	-78.7	-49.1	-60.0	0.0
Net Cash Flow from Operating Activities	-2,024.2	-3,647.5	-1,543.2	-1,046.7	-2,015.5
Payments for Fixed Assets and Other Long-term Assets	-683.4	-100.1	-193.7	-61.5	-49.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.5
Loans and Purchases of Debt Instruments	-251.2	-258.8	-22.0	26.5	-69.4
Receipts from Loan Repayments and Sale of Debt Instruments	317.0	2.5	44.7	0.0	0.0
Investments in Other Entities	-1,146.0	-600.0	-254.2	-778.6	0.0
Proceeds from Investments in Other Entities	—	0.0	3,190.2	0.0	0.0
Dividends and Interest Income Received	41.0	38.3	48.4	17.0	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	-1,722.6	-918.1	2,813.4	-796.5	-98.6
Proceeds from Equity Issuance and Capital Contributions	144,240,000,000.00	3,183,800,024,000.00	135,000,000,000.00	230,750,000,000.00	936,403,291,000.00
Share Repurchases	—	-4,473,280,000.00	-3,250,000,000.00	-100,000,000.00	0.00
Proceeds from Borrowings	5,458.6	4,365.0	4,094.6	4,208.5	2,174.2
Repayment of Borrowings	-2,407.4	-3,612.6	-4,519.8	-1,208.5	-1,466.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	3,195.4	3,931.7	-293.4	3,230.7	1,643.7
Net Cash Flow During the Period	-551.3	-634.0	976.8	1,387.4	-1,486.4
Cash and Cash Equivalents at Beginning of Period	3,095.6	3,729.6	2,752.8	1,365.4	1,835.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2,544.3	3,095.6	3,729.6	2,752.8	1,365.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	281.4	1,817.4	1,098.5	1,051.8	716.3	2,063.2	252.8	645.2	334.0	470.1	616.4	587.0
Revenue Deductions	—	1.1	0.2	5.0	6.4	15.7	0.2	0.6	0.0	0.6	0.0	0.4
Net Revenue	281.4	1,816.3	1,098.2	1,046.8	709.9	2,047.5	252.6	644.5	334.0	469.5	616.4	586.7
Cost of Goods Sold	98.5	526.7	322.5	641.9	403.2	1,139.2	94.7	135.4	159.8	177.9	183.7	92.7
Gross Profit	182.8	1,289.6	775.7	404.9	306.7	908.4	157.8	509.1	174.2	291.6	432.7	494.0
Financial Income	7.1	11.7	4.9	4.2	19.6	7.4	7.4	10.5	12.0	16.2	13.0	7.7
Financial Expenses	17.3	75.4	2.7	53.9	47.8	170.8	12.6	11.4	21.2	56.0	67.9	12.5
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	36.1	211.9	71.5	58.6	62.5	162.7	17.7	41.5	11.0	58.8	72.7	10.0
General and Administrative Expenses	60.0	56.3	47.7	53.9	54.4	67.5	49.4	44.8	45.4	53.0	47.7	50.6
Operating Profit	76.5	957.6	658.8	242.6	161.6	514.7	85.5	421.9	108.6	140.1	257.4	428.5
Other Income	290.5	30.6	8.7	17.5	8.7	6.8	10.7	15.3	9.4	32.5	12.6	11.1
Other Expenses	11.4	4.9	13.9	14.9	13.7	16.8	22.1	65.7	16.3	56.7	14.4	23.9
Other Profit	279.1	25.6	-5.2	2.6	-5.0	-10.0	-11.5	-50.4	-6.9	-24.2	-1.8	-12.8
Profit Before Tax	355.7	983.3	653.5	245.2	156.6	504.7	74.0	371.5	101.7	115.8	255.6	415.7
Current Income Tax Expense	31.7	136.5	79.8	58.4	37.6	111.6	40.2	99.8	31.5	45.5	68.3	635.5
Deferred Income Tax Expense	-3.1	53.8	47.9	-9.2	0.3	0.4	-32.5	-8.4	6.2	6.9	-22.8	-476.6
Net Income	327.0	793.0	525.9	196.0	118.7	392.6	66.4	280.1	64.0	63.4	210.1	256.8
Non-controlling Interest	45.7	297.1	290.1	-2.8	-3.3	-4.9	-4.0	1.6	0.6	1.2	2.6	8.6
Profit Attributable to Parent	281.4	496.0	235.8	198.7	121.9	397.5	70.4	278.5	63.4	62.2	207.5	248.2
Earnings per Share	230.00	410.00	200.00	180.00	110.00	390.00	80.00	320.00	70.00	70.00	270.00	320.00
Diluted EPS	230.00	410.00	200.00	180.00	110.00	800.00	80.00	320.00	70.00	70.00	270.00	320.00

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)	37,310.7	31,619.5	30,594.4	29,315.2	28,282.9	28,840.3	29,855.4	26,654.6	25,486.5	24,719.6	21,802.2	21,311.2
I. Cash and cash equivalents	3,613.8	2,546.6	2,378.2	2,461.2	2,107.0	3,095.6	3,295.3	2,561.6	2,534.6	3,729.6	2,334.3	2,021.7
1. Cash	2,514.1	1,932.5	888.1	2,220.2	462.6	988.7	2,548.2	535.3	1,004.6	1,452.4	920.2	858.0
2. Cash equivalents	1,099.7	614.1	1,490.1	241.0	1,644.4	2,106.9	747.1	2,026.3	1,530.0	2,277.2	1,414.1	1,163.7
II. Short-term financial investments	210.8	208.6	304.5	370.5	260.0	276.9	20.3	19.5	9.2	8.5	3.8	3.8
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	210.8	208.6	304.5	370.5	260.0	276.9	20.3	19.5	9.2	8.5	3.8	3.8
III. Short-term receivables	4,260.6	5,478.0	4,715.7	3,366.7	3,302.5	3,012.7	3,476.3	2,037.6	1,917.8	1,810.8	2,130.5	6,012.5
1. Short-term trade accounts receivable	1,249.6	1,262.0	986.6	111.4	173.1	166.2	90.4	66.4	69.7	41.5	107.3	188.0
2. Short-term prepayments to suppliers	2,125.0	3,279.5	2,594.7	1,626.5	1,632.3	1,641.5	1,781.1	760.7	633.1	633.8	767.9	3,563.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	886.0	936.5	1,134.4	1,628.9	1,497.1	1,205.0	1,604.8	1,210.5	1,215.0	1,135.5	1,255.3	2,260.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	29,125.9	23,264.4	23,086.4	23,007.6	22,404.5	22,179.6	22,450.0	21,458.3	20,490.8	18,787.7	17,152.8	12,969.9
1. Inventories	29,125.9	23,264.4	23,086.4	23,007.6	22,404.5	22,179.6	22,450.0	21,458.3	20,490.8	18,787.7	17,152.8	12,969.9
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	99.6	121.8	109.5	109.2	208.9	275.5	613.5	577.6	534.0	382.9	180.8	303.2
1. Short-term prepayments	50.1	32.9	6.9	11.6	118.3	193.6	508.7	513.9	490.5	342.4	140.8	262.7
2. Value added tax to be reclaimed	47.3	54.6	100.3	93.9	87.0	78.3	101.3	60.3	40.0	38.5	38.5	39.2
3. Taxes and other receivables from state authorities	2.3	34.3	2.3	3.6	3.6	3.7	3.5	3.4	3.6	2.0	1.6	1.3
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)	2,551.2	2,444.8	2,486.5	1,935.9	1,918.8	1,912.5	1,750.0	1,746.7	1,751.3	1,698.4	1,615.1	1,571.0
I. Long-term receivables	62.1	62.4	67.6	71.0	69.0	69.0	69.7	70.4	83.0	75.9	68.3	70.7
1. Long-term trade receivables	52.3	52.7	55.7	59.1	57.1	57.2	57.1	58.1	72.3	63.4	59.5	59.1
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	1.7	1.6	1.6
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	12.4	12.4	14.6	14.6	14.6	14.5	15.3	15.0	12.7	12.8	9.2	12.0
7. Provision for long-term doubtful debts	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.0	-2.0	-2.0	-2.0
II. Fixed assets	64.9	66.6	68.4	70.0	71.9	73.3	75.5	77.3	79.7	81.3	84.2	85.7
1. Tangible fixed assets	64.9	66.6	68.4	70.0	71.9	73.3	75.5	77.3	79.7	81.3	84.2	85.7
- Cost	177.1	—	—	—	—	176.1	176.8	176.5	176.8	176.8	177.3	177.4
- Accumulated depreciation	-112.2	—	—	—	—	-102.7	-101.3	-99.2	-97.1	-95.5	-93.0	-91.6
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	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	231.4	229.7	231.0	229.9	231.2	233.0	127.8	128.8	129.7	130.9	131.9	83.2
- Cost	258.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-26.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,844.0	1,730.6	1,672.1	1,053.3	1,035.3	1,026.9	966.6	959.7	937.3	932.6	877.4	862.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,844.0	1,730.6	1,672.1	1,053.3	1,035.3	1,026.9	966.6	959.7	937.3	932.6	877.4	862.4
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	12.0	12.0	0.0	14.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	14.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	12.0	12.0	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	348.8	355.4	447.3	511.8	511.4	510.2	510.4	510.5	509.6	465.6	453.3	455.0
1. Long-term prepayments	3.2	3.7	4.2	4.8	4.2	3.1	3.2	3.5	3.7	4.9	7.1	8.7
2. Deferred income tax assets	345.6	351.8	443.1	507.0	507.2	507.2	507.2	507.0	505.9	460.7	446.2	446.3
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)	39,861.9	34,064.3	33,080.9	31,251.1	30,201.7	30,752.9	31,605.4	28,401.3	27,237.8	26,418.0	23,417.4	22,882.2
A. LIABILITIES (300=210+330)	18,337.7	12,893.5	12,703.1	11,543.7	10,633.6	11,302.4	12,722.5	12,585.0	11,651.6	10,889.8	8,088.5	9,414.8
I. Short -term liabilities	3,394.1	3,499.0	3,380.9	3,513.6	3,214.0	4,179.5	4,906.6	5,382.8	4,664.0	5,328.7	2,903.6	3,434.8
1. Short-term trade accounts payable	77.3	113.2	143.8	200.3	220.8	288.2	195.2	147.4	69.5	96.5	18.8	52.5
2. Short-term advances from customers	688.6	648.3	379.3	384.3	1,315.1	1,902.7	2,927.1	2,939.2	2,702.4	2,353.6	896.6	1,354.9
3. Dividends and profits payable	3.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	137.9	371.1	450.1	88.1	40.4	276.5	158.7	128.4	49.5	512.9	715.4	699.9
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	192.3	133.4	184.5	138.9	106.2	182.6	151.9	114.8	92.2	103.6	69.6	83.3
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	1.1	1.1	1.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	327.8	377.5	502.5	404.4	409.6	376.2	309.8	310.4	313.9	736.0	683.9	679.4
10. Short-term borrowings and financial leases	1,952.4	1,801.8	1,651.2	2,225.6	1,100.0	1,100.0	1,100.0	1,669.5	1,400.6	1,444.3	420.9	460.6
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	13.0	52.6	68.4	71.9	22.0	53.1	63.9	73.1	35.9	81.9	98.5	104.1
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	14,943.6	9,394.5	9,322.1	8,030.2	7,419.6	7,122.9	7,815.8	7,202.2	6,987.6	5,561.1	5,184.9	5,980.0
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	4.5	3.7	4.7	5.7	3.7	4.6	5.2	4.3	4.3	3.7	3.6	4.1
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	24.8	25.9	25.9	34.8	33.5	34.6	14.1	13.9	14.0	14.2	14.0	6.4
7. Other long-term liabilities	445.0	444.7	448.5	446.8	446.9	450.1	453.1	454.6	29.5	33.1	33.7	33.8
8. Long-term borrowings and financial leases	13,395.8	8,347.6	8,233.0	6,916.8	6,299.9	5,998.1	6,708.4	6,070.9	6,273.7	4,901.5	4,563.5	5,342.5
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	1,071.9	570.9	608.4	624.5	633.9	633.7	633.3	656.8	664.2	606.8	568.1	591.3
12. Provision for long-term liabilities	1.6	1.7	1.6	1.7	1.7	1.7	1.8	1.7	1.8	1.8	1.9	1.9
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)	21,524.2	21,170.8	20,377.8	19,707.4	19,568.1	19,450.5	18,882.9	15,816.3	15,586.3	15,528.2	15,328.8	13,467.3
I. Owner's equity	21,524.2	21,170.8	20,377.8	19,707.4	19,568.1	19,450.5	18,882.9	15,816.3	15,586.3	15,528.2	15,328.8	13,467.3
1. Owner's capital	11,222.1	11,222.1	11,222.1	10,111.4	10,111.4	10,111.4	9,094.0	7,993.1	7,993.1	7,993.1	7,168.3	7,168.3
- Common stock with voting right	11,222,148,990,000.00	11,222,148,990,000.00	11,222,148,990,000.00	10,111,425,650,000.00	10,111,425,650,000.00	10,111,425,650,000.00	9,094,037,150,000.00	7,993,119,710,000.00	7,993,119,710,000.00	7,993,119,710,000.00	7,168,299,950,000.00	7,168,299,950,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3,353.4	3,353.4	3,353.4	3,313.6	3,313.6	3,313.6	3,238.0	1,338.9	1,338.9	1,338.9	1,311.9	1,311.9
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	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	351.9	351.9	351.9	351.9	351.9	351.9	352.2	352.2	352.2	352.2	352.2	352.2
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	3,876.8	3,602.7	3,106.7	3,881.8	3,739.8	3,616.8	4,128.6	4,058.2	3,829.9	3,767.8	4,422.4	3,346.9
- Accumulated retained earning at the end of the previous period	3,595.4	2,550.0	2,550.0	3,561.1	3,617.8	2,807.0	3,716.4	3,716.4	3,766.5	3,050.9	3,767.7	2,898.5
- Undistributed earnings in this period	281.4	1,052.7	556.7	320.7	121.9	809.7	412.2	341.8	63.4	716.9	654.7	448.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,719.9	2,640.7	2,343.7	2,048.7	2,051.5	2,056.8	2,070.0	2,073.8	2,072.2	2,076.2	2,074.0	1,288.0
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)	39,861.9	34,064.3	33,080.9	31,251.1	30,201.7	30,752.9	31,605.4	28,401.3	27,237.8	26,418.0	23,417.4	22,882.2

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	355.7	983.5	653.5	245.4	156.6	504.7	74.0	370.6	101.7	113.5	255.6	413.0
Depreciation of Fixed Assets and Investment Property	3.8	2.9	3.7	3.2	3.5	-0.3	2.9	3.0	2.5	-16.3	4.0	4.6
Provision (Increase)/Reversal	-0.1	0.0	-0.0	-0.1	—	-0.0	0.0	0.6	0.0	-0.1	0.0	-0.0
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	-292.3	-11.7	-4.9	-4.2	-19.6	-7.4	-7.3	-10.5	-12.0	-15.7	-13.5	-7.7
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-1.5	0.8
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	67.1	974.7	652.3	244.4	140.4	497.0	69.6	363.7	92.1	81.3	244.6	410.7
Increase/(Decrease) in Receivables	131.1	372.3	-1,322.2	-75.0	-293.9	492.0	-1,470.7	-143.2	-93.4	126.6	3,710.3	-320.5
Increase/(Decrease) in Inventory	-215.1	-789.2	536.6	-602.9	-226.4	168.4	-896.1	-1,063.0	-1,704.0	-1,444.6	-4,148.0	-348.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-69.8	960.3	-323.3	-750.7	-513.5	-638.1	185.2	1,017.6	-57.6	2,007.1	-415.9	904.1
Increase/(Decrease) in Prepaid Expenses	-16.8	-25.4	5.2	106.1	74.1	315.2	6.8	-24.6	-146.8	-199.5	123.6	-245.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-195.0	-204.1	-238.3	-175.0	-200.7	-184.9	-216.7	-174.1	-189.8	-158.8	-154.3	-216.1
Corporate Income Tax Paid	-295.7	-2.4	-19.5	-5.7	-265.1	-1.4	-1.1	10.2	-385.2	-394.0	-51.0	-14.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-39.5	-15.8	-3.5	-6.8	-31.1	-10.6	-9.2	-12.9	-46.0	-16.6	-5.6	-1.1
Net Cash Flow from Operating Activities	-633.7	1,270.4	-712.8	-1,265.7	-1,316.1	637.6	-2,332.2	-26.4	-2,530.7	1.6	-696.4	169.0
Payments for Fixed Assets and Other Long-term Assets	-85.7	-333.1	-324.3	-17.9	-8.1	-55.8	-10.0	-24.2	-4.7	-63.8	-12.8	-108.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.3	0.0	0.0	-0.6	0.6	0.0
Loans and Purchases of Debt Instruments	-0.2	-136.0	-2.5	-111.4	-1.2	-257.1	-0.3	-0.7	-0.7	-22.0	3.8	-3.8
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	229.5	69.4	0.0	18.1	0.6	-0.6	2.5	0.0	5.3	-3.8	3.0
Investments in Other Entities	-1,318.5	—	—	—	—	0.0	0.0	0.0	0.0	-23.3	0.0	-230.9
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-5.5	1,827.0	1,368.8
Dividends and Interest Income Received	7.2	12.7	5.5	2.5	20.3	6.4	8.1	9.7	12.7	13.2	13.1	9.5
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	-1,396.8	-1,372.9	-252.0	-126.8	29.1	-306.0	-2.4	-12.7	7.3	-96.6	1,827.8	1,038.2
Proceeds from Equity Issuance and Capital Contributions	1,230,400,000.00	—	—	—	—	183,600,000,000.00	3,000,200,024,000.00	0.00	0.00	131,610,000,000.00	0.00	3,390,000,000.00
Share Repurchases	—	—	—	—	—	-4,473,280,000.00	0.00	0.00	0.00	-2,750,000,000.00	0.00	-500,000,000.00
Proceeds from Borrowings	3,198.8	614.4	1,541.8	3,000.7	301.7	265.4	2,142.1	180.4	1,776.9	1,876.0	104.3	2,114.3
Repayment of Borrowings	-100.0	-349.2	-800.0	-1,258.2	—	-975.7	-2,074.1	-114.3	-448.4	-514.5	-923.1	-2,779.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	3,100.0	268.6	882.7	1,745.8	298.4	-531.2	3,068.2	66.1	1,328.5	1,490.4	-818.8	-661.7
Net Cash Flow During the Period	1,069.5	166.0	-82.0	353.3	-988.6	-199.7	733.7	27.0	-1,195.0	1,395.3	312.6	545.4
Cash and Cash Equivalents at Beginning of Period	2,544.3	2,378.2	2,460.3	2,107.0	3,095.6	3,729.6	3,729.6	3,729.6	3,729.6	2,752.8	2,752.8	2,752.8
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	3,613.8	2,544.3	2,378.2	2,460.3	2,107.0	3,095.6	3,295.3	2,561.6	2,534.6	3,729.6	2,334.3	2,021.7

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