KSF

Tập đoàn Sunshine ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 44.19%, +16.78pp YoY

Price

102,100

Latest close

03 Jun 2026

P/E 8.11x

P/B 4.56x

EPS 12,593

BVPS 22,406

ROE 63.1%

ROA 12.1%

Profit Margin 41.5%

Asset Turnover 0.29x

Equity Mult. 5.20x

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

What Is Changing

On a TTM 2026Q1 basis, KSF is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 20,600bn
	                                
+1147.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9,103bn
	                                
+1911.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	20,198.2	2,469.5	554.6	1,212.6	1,241.4
Growth	+718%	+345%	-54%	-2%	—
Net Income	8,906.2	773.8	204.2	619.8	412.8
Net Margin	44.09%	31.34%	36.81%	51.11%	33.26%

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	766.8	15,364.4	4,233.5	235.0	413.7	295.6	164.7	777.1	1,232.4	380.4	56.8	69.1
Growth	-95%	+263%	+1701%	-43%	+40%	+79%	-79%	-37%	+224%	+569%	-18%	—
Net Income	297.2	7,255.7	1,508.3	41.4	41.9	166.3	29.5	214.8	381.2	106.0	20.0	29.2
Net Margin	38.76%	47.22%	35.63%	17.61%	10.13%	56.25%	17.92%	27.65%	30.93%	27.87%	35.11%	42.32%

Drivers of KSF's profit

TTM

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

Gross profit ↑ 12,798.5bn

Financial income ↑ 1,069.3bn

Tax ↑ 2,340.4bn

Finance costs ↑ 1,515.7bn

Selling expenses ↑ 935.9bn

TTM

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

Financial income ↑ 640.6bn

Gross profit ↑ 370.5bn

Finance costs ↑ 566.7bn

Tax ↑ 96.9bn

Administrative expenses ↑ 64.4bn

Other profit ↓ 26.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.2% = 27.4% × 0.09 × 2.58

2026Q1 67.3% = 44.2% × 0.29 × 5.20

ROE rose from 6.2% to 67.3% — all three components improved, with leverage contributing the most.

Net margin: 44.2% +16.8pp Asset turnover: 0.29x +0.20x Leverage: 5.20x +2.62x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 44.19%, rising 16.8pp. The main driver is Gross margin rose 20.1pp and SG&A / Revenue fell 9.0pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 7.2pp and Other profit / Revenue fell 0.7pp).

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

Profitability trend

Net Margin 44.19% +16.8pp

Gross Margin 65.80% +20.1pp

SG&A / Revenue 7.14% −9.0pp

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 38.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 38.19%, rising 33.0pp. That translates to 38.19 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 17.4pp and capital turnover rose 0.66x, while invested capital expanded strongly by 15,473bn — capital-return quality improved from both sides.

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 38.19% +33.0pp

NOPAT Margin 44.80% +17.4pp

Capital Turnover 0.85x +0.66x

Average Invested Capital 24,162.8bn +15,472.6bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Leverage is well above the real estate sector norm — liquidity risk becomes material if handover slips — liabilities at 5.05x equity, net debt at 1.03x equity.

Development inventory ended the period at 14,687.1bn, about 12.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 17,180.9bn 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: +14,193.8bn

Inventories increased → lower CFO: −13,016.2bn

Payables increased → higher CFO: +16,003.4bn

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.03x and interest coverage only at 5.61x.

At present, short-term debt accounts for 30.6% of total debt, cash equals 3.8% of debt, and total debt stands at 21,577.4bn.

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.03x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 3.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.03x +0.95x

Interest Coverage 5.61x +4.60x

Cash / Debt 3.8% −29.1pp

Short-term Debt / Total Debt 30.6% −50.1pp

CFO / NI 3.35x −1.73x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23,315.0bn in 2025, against investing cash flow of -15,267.4bn.

Post-investment cash flow was positive +8,047.6bn. Financing cash flow was negative +3,632.8bn.

CFO / net income was 3.35x.

After spending +2,462.8bn on fixed-asset investment, the business generated trailing free cash flow of +26,155.9bn.

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 28,618.7bn +26,628.0bn

Cash Capex 2,462.8bn +1,401.7bn

FCF TTM +26,155.9bn +25,226.3bn

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 16.8 pp. The next item to monitor is capital efficiency, with ROIC at 38.2%. The main risk still sits in leverage and liquidity, with interest coverage at 5.61x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 44.19% after expanding 16.8pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.03x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	20,200.3	2,469.7	554.6	1,212.6	1,245.5
Revenue Deductions	2.1	0.2	0.0	0.0	0.0
Net Revenue	20,198.2	2,469.5	554.6	1,212.6	1,241.4
Cost of Goods Sold	7,062.3	1,234.7	259.9	453.2	0.0
Gross Profit	13,135.9	1,234.8	294.8	759.4	466.2
Financial Income	1,094.7	698.3	595.5	541.5	620.7
Financial Expenses	1,455.8	634.8	433.7	272.9	-284.3
Interest Expense	664.0	142.6	55.3	49.6	-244.8
Share of Associates and Joint Ventures	1.8	0.0	0.0	-0.1	-18.8
Selling Expenses	984.5	158.2	38.2	19.9	-64.3
General and Administrative Expenses	383.7	166.5	157.5	220.0	-131.7
Operating Profit	11,408.5	973.7	260.9	788.1	587.8
Other Income	14.3	7.0	5.7	10.7	0.0
Other Expenses	128.3	6.2	7.4	18.1	0.0
Other Profit	-114.0	0.7	-1.7	-7.4	-0.1
Profit Before Tax	11,294.5	974.4	259.2	780.7	587.7
Current Income Tax Expense	2,370.4	200.6	55.0	160.9	-174.9
Deferred Income Tax Expense	17.9	0.0	0.0	0.0	0.0
Net Income	8,906.2	773.8	204.2	619.8	412.8
Non-controlling Interest	404.1	94.7	65.3	252.7	41.5
Profit Attributable to Parent	8,502.1	679.2	138.9	367.1	371.3
Earnings per Share	18,708.00	2,264.00	463.00	1,224.00	1,536.00
Diluted EPS	9,449.00	2,263.90	462.96	1,223.70	1,237.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	81,393.6	13,425.3	13,032.9	9,123.7	6,876.2
I. Cash and cash equivalents	4,800.8	386.0	171.2	99.5	377.0
1. Cash	4,790.8	381.0	154.7	61.5	0.0
2. Cash equivalents	10.0	5.0	16.5	38.0	0.0
II. Short-term financial investments	2,249.4	2,153.2	1,411.8	974.1	0.0
1. Available for sale securities	1,167.7	1,669.6	1,407.3	974.1	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	1,081.7	483.6	4.6	0.0	0.0
III. Short-term receivables	57,697.0	9,322.9	9,217.0	7,629.3	5,005.2
1. Short-term trade accounts receivable	1,328.5	279.7	248.9	820.5	0.0
2. Short-term prepayments to suppliers	13,316.9	2,711.3	2,666.7	2,651.4	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	19,864.2	3,821.9	3,826.5	3,451.4	0.0
6. Other short-term receivables	23,203.2	2,518.3	2,485.6	713.4	0.0
7. Provision for short-term doubtful debts (*)	-15.7	-8.3	-10.8	-7.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	14,687.1	865.7	1,902.5	264.7	374.6
1. Inventories	14,688.8	868.2	1,902.5	264.7	0.0
2. Provision for decline in value of inventories	-1.7	-2.5	0.0	0.0	0.0
V. Other short-term assets	1,959.2	697.4	330.3	156.1	62.6
1. Short-term prepayments	1,235.1	615.7	277.8	141.3	0.0
2. Value added tax to be reclaimed	570.0	62.7	48.4	9.5	0.0
3. Taxes and other receivables from state authorities	154.1	19.1	4.1	5.3	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)	38,750.1	7,133.1	5,212.9	3,477.4	3,404.1
I. Long-term receivables	8,214.4	1,059.1	1,017.7	1,015.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	995.7
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	1,339.6	19.3	0.0	0.0	0.0
6. Other long-term receivables	6,874.8	1,039.8	1,017.7	1,015.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	514.5	348.2	82.2	67.9	52.8
1. Tangible fixed assets	489.5	331.7	68.3	48.7	33.7
- Cost	729.5	427.7	104.4	59.0	0.0
- Accumulated depreciation	-240.1	-96.0	-36.0	-10.3	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	25.0	16.5	13.8	19.2	19.2
- Cost	68.7	47.6	29.9	27.9	0.0
- Accumulated depreciation	-43.7	-31.1	-16.1	-8.7	0.0
III. Investment properties	1,163.4	412.5	313.4	88.8	175.5
- Cost	1,846.9	537.2	429.7	216.2	0.0
- Accumulated depreciation	-683.5	-124.7	-116.2	-127.4	0.0
IV. Long-term assets in progress	20,002.1	2,874.3	2,767.8	2,046.9	1,827.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	20,002.1	2,874.3	2,767.8	2,046.9	0.0
V. Long-term financial investments	8,759.8	2,431.1	1,013.9	252.0	252.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,653.5	1,658.0	0.0	0.0	0.0
3. Investments in other entities	5,713.2	206.3	255.0	255.0	0.0
4. Provision for diminution in value of long-term investments	-2.0	-0.8	-3.7	-3.0	0.0
5. Held to maturity investments	395.2	567.5	762.6	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	95.9	8.0	17.9	5.8	0.0
1. Long-term prepayments	88.9	8.0	17.9	5.8	0.0
2. Deferred income tax assets	7.0	0.0	0.0	0.0	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	100.2
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)	120,143.7	20,558.3	18,245.8	12,601.1	10,280.3
A. LIABILITIES (300=210+330)	100,280.4	13,679.1	10,966.7	5,838.7	4,037.0
I. Short -term liabilities	52,774.3	8,570.7	7,235.4	3,136.2	3,071.2
1. Short-term trade accounts payable	1,651.7	450.9	266.1	180.6	203.2
2. Short-term advances from customers	24,556.0	5,677.6	2,610.4	698.2	460.0
3. Taxes and other payables to state authorities	6,384.9	576.0	109.3	106.7	0.0
4. Payable to employees	63.3	36.2	16.3	12.0	0.0
5. Short-term acrrued expenses	5,213.2	647.6	597.4	559.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	26.3	3.2	1.8	211.5	77.5
9. Other short-term payables	5,713.0	436.0	1,157.1	703.7	0.0
10. Short-term borrowings and financial leases	9,159.8	737.3	2,472.8	659.8	1,115.5
11. Provision for short-term liabilities	1.9	1.6	0.0	0.0	0.0
12.. Bonus and welfare fund	4.2	4.2	4.2	4.2	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	47,506.1	5,108.4	3,731.3	2,702.5	965.8
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	170.9	23.7	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	215.3	0.0	6.8	11.7	18.9
7. Other long-term liabilities	32,622.1	4,873.6	3,500.2	2,500.2	0.0
8. Long-term borrowings and financial leases	14,463.6	209.2	222.6	188.9	940.7
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	24.9	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	9.3	1.9	1.7	1.8	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)	19,863.3	6,879.2	7,279.1	6,762.4	6,243.3
I. Owner's equity	19,863.3	6,879.2	7,279.1	6,762.4	0.0
1. Owner's capital	8,997.9	3,000.0	3,000.0	3,000.0	6,243.3
- Common stock with voting right	8,997,873,080,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-3.5	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	-2,010.1	-22.4	-291.4	-215.5	0.0
11. Undistributed earnings after tax	10,166.7	2,031.4	1,268.1	1,129.2	779.8
- Accumulated retained earning at the end of the previous period	2,031.4	1,267.1	1,129.2	762.1	408.5
- Undistributed earnings in this period	8,135.4	764.3	138.9	367.1	371.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2,712.3	1,870.3	3,302.4	2,848.6	2,422.1
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)	120,143.7	20,558.3	18,245.8	12,601.1	10,280.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	11,294.5	974.4	259.2	780.7	587.7
Depreciation of Fixed Assets and Investment Property	51.0	40.1	0.6	16.0	129.9
Provision (Increase)/Reversal	15.7	-4.2	4.1	5.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-933.0	-624.4	-479.7	-626.1	0.0
Interest Expense	664.0	142.6	55.3	49.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	11,092.2	528.6	-160.6	225.5	384.5
Increase/(Decrease) in Receivables	5,610.6	92.7	599.5	-136.1	0.0
Increase/(Decrease) in Inventory	-12,982.7	1,055.1	118.9	110.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	15,230.0	4,540.6	1,503.2	2,979.5	0.0
Increase/(Decrease) in Prepaid Expenses	-700.4	-327.9	-148.6	-25.8	0.0
Changes in Trading Securities	501.9	-262.3	-433.2	-32.9	0.0
Interest Paid	-630.9	-123.7	-59.1	-30.1	0.0
Corporate Income Tax Paid	-190.9	-85.6	-64.4	-250.3	0.0
Other Operating Receipts	27,437.0	1,562.2	170.0	0.0	0.0
Other Operating Payments	-22,051.8	-1,604.5	-406.5	0.0	0.0
Net Cash Flow from Operating Activities	23,315.0	5,375.1	1,119.4	2,839.7	486.6
Payments for Fixed Assets and Other Long-term Assets	-1,637.5	-981.2	-466.5	-388.7	-653.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	10.7	305.1	1.8
Loans and Purchases of Debt Instruments	-19,449.4	-4,962.1	-2,710.5	-2,636.1	-1,725.4
Receipts from Loan Repayments and Sale of Debt Instruments	13,300.6	4,795.3	1,942.2	980.6	1,416.9
Investments in Other Entities	-11,167.6	-3,071.9	-1,626.8	-319.9	-317.9
Proceeds from Investments in Other Entities	2,553.0	777.0	0.0	0.0	0.0
Dividends and Interest Income Received	1,133.6	129.8	660.6	155.8	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	-15,267.4	-3,313.2	-2,190.4	-1,903.3	1,687.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	500,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,311.6	626.3	2,042.2	1,132.5	1,027.0
Repayment of Borrowings	-12,944.3	-2,473.4	-899.7	-2,346.4	-3,404.9
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	-3,632.8	-1,847.1	1,142.6	-1,213.9	-1,877.9
Net Cash Flow During the Period	4,414.8	214.9	71.6	-277.5	295.4
Cash and Cash Equivalents at Beginning of Period	386.0	171.2	99.5	377.0	80.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4,800.8	386.0	171.2	99.5	377.0

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	767.6	15,365.0	4,235.9	241.6	417.4	295.8	164.7	777.1	1,232.4	380.4	56.8	69.1
Revenue Deductions	0.9	0.6	2.4	6.6	3.8	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	766.8	15,364.4	4,233.5	235.0	413.7	295.6	164.7	777.1	1,232.4	380.4	56.8	69.1
Cost of Goods Sold	305.1	5,047.2	1,547.4	146.1	322.6	80.5	87.8	405.0	658.0	195.3	20.3	25.8
Gross Profit	461.6	10,317.2	2,686.1	88.9	91.1	215.1	77.0	372.1	574.4	185.1	36.5	43.3
Financial Income	777.5	573.4	257.5	126.7	137.0	187.2	164.8	176.9	170.1	178.4	139.8	129.9
Financial Expenses	685.4	882.3	449.0	73.9	118.8	133.3	150.6	172.3	162.3	144.8	118.5	88.3
Interest Expense	274.9	324.9	316.9	10.0	12.2	19.1	34.7	42.4	30.8	33.4	16.7	84.8
Share of Associates and Joint Ventures	1.6	0.3	2.7	-2.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	10.8	499.2	501.0	16.4	7.1	19.4	5.6	59.4	72.4	30.9	1.7	5.1
General and Administrative Expenses	106.2	245.5	46.0	45.3	41.8	41.0	46.2	46.4	33.9	52.6	31.7	38.2
Operating Profit	438.4	9,263.9	1,950.3	77.9	60.6	208.7	39.4	270.8	475.8	135.2	24.4	41.5
Other Income	1.1	5.3	1.2	1.8	3.4	2.2	0.7	2.1	0.3	2.1	2.2	1.1
Other Expenses	29.9	91.8	30.7	16.2	5.8	2.2	0.7	0.6	1.1	2.1	0.6	6.0
Other Profit	-28.8	-86.5	-29.5	-14.4	-2.3	-0.0	0.1	1.5	-0.9	0.0	1.6	-4.9
Profit Before Tax	409.6	9,177.3	1,920.8	63.4	58.2	208.7	39.5	272.3	475.0	135.2	26.0	36.7
Current Income Tax Expense	113.2	1,919.4	413.5	20.4	16.3	42.4	10.0	57.5	93.8	29.2	6.0	7.4
Deferred Income Tax Expense	-0.8	2.2	-1.0	1.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	297.2	7,255.7	1,508.3	41.4	41.9	166.3	29.5	214.8	381.2	106.0	20.0	29.2
Non-controlling Interest	12.3	394.4	150.3	4.5	10.2	24.5	3.0	22.9	47.3	26.2	11.2	1.8
Profit Attributable to Parent	284.9	6,861.4	1,358.0	36.9	31.8	141.8	26.6	192.0	333.9	79.8	8.7	27.4
Earnings per Share	317.00	7,626.00	4,527.00	123.00	106.00	473.00	89.00	640.00	1,113.00	266.00	29.00	92.00
Diluted EPS	316.62	7,625.55	1,509.26	123.02	105.87	472.70	88.55	639.88	1,113.14	265.97	29.15	91.36

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)	77,833.5	81,072.4	60,137.1	26,117.9	12,512.3	13,237.7	13,768.1	13,323.4	12,729.0	13,033.0	10,624.5	9,358.3
I. Cash and cash equivalents	829.2	4,805.9	1,401.1	197.0	256.9	386.0	108.1	248.0	170.6	171.2	91.5	72.2
1. Cash	829.2	4,790.9	1,391.1	197.0	256.9	381.0	108.1	228.0	149.1	154.7	56.0	56.2
2. Cash equivalents	—	15.0	10.0	0.0	—	5.0	0.0	20.0	21.5	16.5	35.5	16.0
II. Short-term financial investments	18,929.9	2,244.4	1,484.1	1,944.9	1,970.2	1,971.6	1,624.1	1,500.8	1,432.9	1,411.8	1,411.0	1,399.9
1. Available for sale securities	1,378.8	1,167.7	1,406.8	1,552.4	1,494.1	1,488.0	1,475.5	1,453.8	1,406.8	1,407.3	1,406.4	1,399.4
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
3. Held to maturity investments	17,551.2	1,076.7	77.2	392.5	476.2	483.6	148.6	47.1	26.0	4.5	4.5	0.5
III. Short-term receivables	41,418.8	57,487.9	54,586.6	22,066.7	8,925.3	9,317.6	10,507.8	10,117.1	9,412.1	9,217.1	8,621.0	7,372.5
1. Short-term trade accounts receivable	1,316.3	1,332.4	1,307.3	282.9	265.3	283.9	244.0	247.0	254.6	249.2	120.7	121.1
2. Short-term prepayments to suppliers	12,880.7	11,961.1	18,329.5	14,801.7	3,180.4	2,700.0	2,712.5	2,821.9	2,986.3	2,667.5	2,297.8	2,193.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	22,974.1	16,576.4	3,520.3	3,165.1	3,841.2	3,581.7	3,869.3	3,549.5	3,826.5	3,969.0	2,889.1
6. Other short-term receivables	27,237.6	21,236.2	18,389.2	3,469.9	2,322.6	2,498.0	3,974.0	3,186.7	2,629.1	2,484.7	2,242.7	2,178.1
7. Provision for short-term doubtful debts (*)	-15.7	-15.8	-15.8	-8.0	-8.2	-5.5	-4.4	-7.8	-7.4	-10.8	-9.2	-9.2
8. Assets awaiting resolution	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	14,519.7	14,687.1	1,538.9	883.5	664.8	864.6	954.2	1,022.2	1,367.3	1,902.3	216.6	235.8
1. Inventories	14,521.4	14,688.8	1,541.4	886.0	667.3	868.7	954.2	1,022.2	1,367.3	1,902.3	216.6	235.8
2. Provision for decline in value of inventories	-1.7	-1.7	-2.5	-2.5	-2.5	-4.1	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2,135.9	1,847.0	1,126.4	1,025.8	695.1	697.9	573.8	435.3	346.0	330.6	284.5	277.9
1. Short-term prepayments	1,594.5	1,123.2	735.4	690.3	642.4	615.9	496.8	368.8	282.5	277.9	244.1	215.6
2. Value added tax to be reclaimed	538.5	570.0	388.2	333.3	50.2	62.8	57.8	46.8	49.0	48.6	36.4	58.2
3. Taxes and other receivables from state authorities	2.9	153.9	2.8	2.2	2.4	19.1	19.2	19.6	14.5	4.1	4.1	4.2
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)	43,422.0	38,508.6	18,643.2	6,687.7	6,985.2	7,359.3	5,600.0	5,275.6	5,385.0	5,213.7	6,377.5	6,295.0
I. Long-term receivables	1,064.3	7,974.8	2,162.3	1,067.9	1,083.5	1,039.8	994.0	994.0	1,017.8	1,017.7	1,016.1	1,016.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	1,100.0	1,100.0	5.6	19.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,064.3	6,874.8	1,062.3	1,062.3	1,064.2	1,039.8	994.0	994.0	1,017.8	1,017.7	1,016.1	1,016.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	520.0	514.5	522.4	331.8	339.8	290.6	67.3	71.0	76.3	82.2	45.9	50.2
1. Tangible fixed assets	495.0	489.5	487.9	317.7	324.5	274.3	59.1	61.0	64.4	68.4	32.1	34.6
- Cost	743.6	—	—	—	—	366.1	107.0	104.9	104.4	104.4	49.7	49.6
- Accumulated depreciation	-248.6	—	—	—	—	-91.9	-47.9	-44.0	-40.0	-36.0	-17.6	-15.0
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	25.0	25.0	34.5	14.1	15.3	16.3	8.3	10.0	11.9	13.8	13.8	15.6
- Cost	69.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-44.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1,155.8	1,164.4	1,185.3	407.2	409.8	438.7	307.5	311.0	312.2	313.4	89.3	87.6
- Cost	1,846.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-691.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	21,620.3	20,022.2	9,749.4	2,934.1	2,908.9	2,959.7	3,258.9	3,055.4	2,950.4	2,767.8	4,379.0	4,292.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	21,620.3	20,022.2	9,749.4	2,934.1	2,908.9	2,959.7	3,258.9	3,055.4	2,950.4	2,767.8	4,379.0	4,292.4
V. Long-term financial investments	18,975.5	8,758.8	4,922.2	1,941.7	2,236.2	2,612.7	954.1	832.1	1,013.3	1,015.0	830.4	830.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,655.1	2,652.4	2,652.5	1,655.8	1,658.2	1,658.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	5,713.2	5,713.2	2,203.8	206.3	206.3	206.3	63.0	63.0	255.0	310.2	255.0	255.0
4. Provision for diminution in value of long-term investments	-2.0	-2.0	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-3.7	-2.6	-2.6	-2.6
5. Held to maturity investments	10,609.2	395.2	66.8	80.4	372.6	749.1	891.9	769.9	762.0	707.4	578.0	578.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	86.1	74.0	101.5	5.0	6.9	17.9	18.2	12.0	14.9	17.6	16.8	18.2
1. Long-term prepayments	79.1	74.0	101.5	5.0	6.9	17.9	18.2	12.0	14.9	17.6	16.8	18.2
2. Deferred income tax assets	7.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	121,255.5	119,581.0	78,780.3	32,805.6	19,497.4	20,596.9	19,368.1	18,599.0	18,114.0	18,246.7	17,001.9	15,653.3
A. LIABILITIES (300=210+330)	101,095.0	99,781.8	64,963.2	26,633.7	12,603.3	13,707.5	11,383.0	10,627.1	10,453.7	10,970.9	9,972.3	8,645.8
I. Short -term liabilities	52,148.4	51,965.6	39,448.2	13,912.9	9,149.8	11,944.2	10,685.5	7,026.8	6,723.5	7,239.7	6,099.9	5,688.2
1. Short-term trade accounts payable	1,437.5	1,141.1	1,527.4	499.8	434.5	448.9	298.7	460.5	345.7	266.1	222.5	231.4
2. Short-term advances from customers	27,587.1	24,556.7	18,903.8	6,076.0	5,861.5	5,683.3	3,819.2	2,973.1	2,123.4	2,610.7	2,200.9	1,753.8
3. Taxes and other payables to state authorities	5,159.2	6,376.2	2,086.2	468.1	529.2	577.5	370.9	251.8	127.6	109.9	83.5	105.7
4. Payable to employees	35.6	54.4	32.4	23.4	22.0	28.3	11.3	12.0	9.6	13.4	5.6	5.9
5. Short-term acrrued expenses	5,472.9	5,306.2	2,416.2	1,127.4	709.5	731.7	874.8	754.1	689.7	598.7	536.5	560.8
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	20.0	25.1	61.2	2.1	4.1	3.2	4.4	1.2	1.4	1.8	7.8	14.6
9. Other short-term payables	5,835.0	5,323.7	7,103.7	2,372.2	954.7	3,728.2	3,879.1	997.0	1,170.9	1,156.9	1,214.2	1,164.2
10. Short-term borrowings and financial leases	6,595.2	9,176.1	7,309.7	3,338.0	628.6	737.3	1,422.9	1,572.9	2,251.1	2,472.8	1,824.7	1,847.6
11. Provision for short-term liabilities	1.9	1.9	3.3	1.7	1.6	1.6	0.0	0.0	0.0	5.2	0.0	0.0
12.. Bonus and welfare fund	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2
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	48,946.7	47,816.2	25,515.1	12,720.8	3,453.5	1,763.3	697.5	3,600.2	3,730.2	3,731.3	3,872.3	2,957.6
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	135.9	170.6	168.2	5.4	44.0	23.7	17.1	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	214.0	173.6	174.8	—	—	0.0	0.0	4.6	5.7	6.8	8.2	9.2
7. Other long-term liabilities	33,581.0	33,012.6	11,225.0	4,190.5	3,256.5	1,527.9	534.1	3,500.2	3,500.2	3,500.2	3,500.2	2,500.2
8. Long-term borrowings and financial leases	14,982.2	14,447.3	13,942.8	8,521.9	151.1	209.2	143.8	93.9	222.6	222.6	362.2	446.5
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	24.2	2.8	0.6	1.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	9.4	9.2	3.6	1.4	1.9	2.5	2.4	1.7	1.7	1.7	1.8	1.8
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)	20,160.5	19,799.3	13,817.0	6,171.9	6,894.2	6,889.4	7,985.1	7,971.9	7,660.3	7,275.7	7,029.7	7,007.5
I. Owner's equity	20,160.5	19,799.3	13,817.0	6,171.9	6,894.2	6,889.4	7,985.1	7,971.9	7,660.3	7,275.7	7,029.7	7,007.5
1. Owner's capital	8,997.9	8,997.9	8,997.9	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0
- Common stock with voting right	8,997,873,080,000.00	8,997,873,080,000.00	8,997,873,080,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00	3,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-3.5	-3.5	-3.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-2,010.1	-2,036.1	-762.4	-449.3	-22.4	-18.7	-23.9	-23.9	-291.4	-291.4	-203.9	-203.9
11. Undistributed earnings after tax	10,451.6	10,693.0	3,659.1	2,301.2	2,064.9	2,033.2	1,805.8	1,794.0	1,602.1	1,267.0	1,187.2	1,176.2
- Accumulated retained earning at the end of the previous period	10,166.7	2,031.4	2,031.4	2,031.4	2,031.4	1,267.1	1,267.1	1,268.1	1,268.1	1,129.2	1,129.2	1,129.2
- Undistributed earnings in this period	284.9	8,661.7	1,627.8	269.9	33.6	766.1	538.7	525.9	333.9	137.8	58.0	47.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,724.6	2,148.0	1,925.9	1,319.9	1,851.6	1,874.9	3,203.2	3,201.8	3,349.6	3,300.1	3,046.4	3,035.2
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)	121,255.5	119,581.0	78,780.3	32,805.6	19,497.4	20,596.9	19,368.1	18,599.0	18,114.0	18,246.7	17,001.9	15,653.3

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
Profit Before Tax	409.6	9,252.1	1,920.8	63.3	58.2	208.7	39.5	254.2	475.0	138.1	26.0	38.9
Depreciation of Fixed Assets and Investment Property	17.2	18.9	10.2	10.8	11.1	15.7	7.8	8.6	7.1	3.9	-13.9	5.3
Provision (Increase)/Reversal	0.1	4.7	11.6	-0.5	-0.1	6.8	-2.6	-2.5	-3.4	2.5	0.0	-6.2
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	-777.9	-536.5	-172.5	-95.9	-128.1	-163.1	-150.1	-160.1	-152.4	-113.9	-136.4	-229.4
Interest Expense	274.9	324.7	316.9	10.2	12.2	19.1	34.7	58.0	30.8	19.4	16.7	19.2
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	0.2	0.0	-0.2
Operating Profit Before Changes in Working Capital	-76.1	9,064.0	2,087.0	-12.1	-46.8	87.2	-70.7	158.3	357.1	50.3	-107.6	-172.4
Increase/(Decrease) in Receivables	8,493.3	5,098.9	696.1	-94.4	-89.9	1,264.3	-578.7	-2,041.9	986.1	-285.9	-203.6	1,245.5
Increase/(Decrease) in Inventory	167.4	-13,160.1	-29.7	6.2	200.9	55.7	67.9	345.1	535.2	70.8	19.2	68.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-169.4	3,431.2	10,245.7	2,495.8	-942.8	2,943.9	37.9	1,044.2	-165.8	771.0	1,378.1	-761.5
Increase/(Decrease) in Prepaid Expenses	-349.6	-569.3	-59.4	-46.0	-25.6	-117.5	-134.1	-83.4	-1.7	-34.9	-27.0	-59.3
Changes in Trading Securities	-211.1	—	—	—	—	-12.5	-21.7	-46.9	0.4	-0.9	-4.8	-358.2
Interest Paid	-225.5	-466.6	-81.9	-74.6	-7.8	-76.3	-28.6	-30.3	-23.2	-29.3	-21.6	-8.2
Corporate Income Tax Paid	-114.8	-87.3	-39.2	-45.5	-18.9	-0.0	0.0	-15.9	-52.9	-38.4	-16.0	-7.1
Other Operating Receipts	4,899.6	—	—	—	—	0.0	0.0	0.0	0.0	170.0	0.0	0.0
Other Operating Payments	-7,865.4	-3,929.4	-13,962.4	-4,160.0	—	0.0	0.0	0.0	0.0	-406.5	0.0	0.0
Net Cash Flow from Operating Activities	4,548.5	17,760.5	7,272.7	-962.9	-755.3	4,144.8	-727.9	-670.9	1,635.2	266.3	1,016.9	-52.8
Payments for Fixed Assets and Other Long-term Assets	-1,328.0	-1,086.6	18.6	-66.8	-502.7	-209.2	-104.9	-244.3	-356.4	-425.3	-0.1	-20.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	1.6	0.0	9.1
Loans and Purchases of Debt Instruments	-18,144.8	-5,024.9	-11,551.1	-1,500.1	-1,373.3	-454.6	9.2	-4.1	-2,714.2	-1,104.6	-1,313.9	-292.0
Receipts from Loan Repayments and Sale of Debt Instruments	12,707.5	2,471.7	5,652.1	2,784.8	2,392.0	613.8	734.8	986.4	1,637.8	1,347.9	324.4	208.4
Investments in Other Entities	—	—	—	—	—	-3,126.0	0.0	0.0	0.0	-753.3	0.0	-873.5
Proceeds from Investments in Other Entities	—	2,553.0	—	—	—	0.0	0.0	777.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	291.3	585.0	126.4	118.2	303.9	27.4	49.1	40.0	18.8	118.6	98.8	363.9
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	-6,474.1	-2,867.3	-13,550.8	357.7	793.0	-3,148.6	688.1	1,555.1	-1,414.0	-815.1	-890.8	-604.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,419.0	5,599.8	2,940.2	749.7	21.9	238.6	100.0	203.3	84.4	850.3	89.9	1,094.5
Repayment of Borrowings	-3,465.1	-11,098.9	-1,452.4	-204.3	-188.7	-957.0	-200.1	-1,010.2	-306.1	-221.8	-196.8	-412.4
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	-2,046.1	-11,493.5	7,482.2	545.4	-166.8	-718.4	-100.1	-806.9	-221.7	628.5	-106.9	682.1
Net Cash Flow During the Period	-3,971.7	3,399.7	1,204.1	-59.9	-129.1	277.8	-139.8	77.3	-0.5	79.7	19.3	24.5
Cash and Cash Equivalents at Beginning of Period	4,800.8	1,401.1	197.0	256.9	386.0	171.2	171.2	171.2	171.2	99.5	99.5	99.5
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	829.2	4,800.8	1,401.1	197.0	256.9	386.0	108.1	248.0	170.6	171.2	91.5	72.2

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