MSR

Masan High-Tech Materials ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.51%, +17.27pp YoY

Price

39,100

Latest close

03 Jun 2026

P/E 55.86x

P/B 3.38x

EPS 700

BVPS 11,564

ROE 6.2%

ROA 2.8%

Profit Margin 8.5%

Asset Turnover 0.33x

Equity Mult. 2.20x

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

What Is Changing

On a TTM 2026Q1 basis, MSR posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,043bn
	                                
−28.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 770bn
	                                
+169.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	7,442.7	14,336.3	14,093.3	15,549.5	13,564.3
Growth	-48%	+2%	-9%	+15%	—
Net Income	11.3	-1,586.6	-1,529.6	105.2	261.1
Net Margin	0.15%	-11.07%	-10.85%	0.68%	1.93%

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	2,993.1	2,394.7	2,041.0	1,614.3	1,392.7	3,868.1	3,726.6	3,652.2	3,089.5	3,188.0	3,589.9	3,528.8
Growth	+25%	+17%	+26%	+16%	-64%	+4%	+2%	+18%	-3%	-11%	+2%	—
Net Income	536.7	222.5	5.2	5.6	-222.0	-206.2	-334.1	-343.9	-702.4	-829.5	-213.5	-500.2
Net Margin	17.93%	9.29%	0.25%	0.35%	-15.94%	-5.33%	-8.97%	-9.42%	-22.73%	-26.02%	-5.95%	-14.18%

Drivers of MSR's profit

TTM

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

Gross profit ↑ 1,077.6bn

Finance costs ↓ 875.9bn

Other profit ↑ 644.2bn

Deferred tax ↓ 408.2bn

Financial income ↓ 1,668.3bn

TTM

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

Gross profit ↑ 770.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -8.9% = -8.8% × 0.39 × 2.63

2026Q1 6.2% = 8.5% × 0.33 × 2.20

ROE rose from -8.9% to 6.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 8.5% +17.3pp Asset turnover: 0.33x -0.05x Leverage: 2.20x -0.43x

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 8.51%, rising 17.3pp. The main driver is Gross margin rose 15.5pp and SG&A / Revenue fell 1.7pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 4.9pp added support while Net financial result / Revenue fell 9.4pp remained a drag).

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

Profitability trend

Net Margin 8.51% +17.3pp

Gross Margin 24.66% +15.5pp

SG&A / Revenue 3.53% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 134.3 days.

Is capital being deployed efficiently?

ROIC expanded to 3.56%, rising 4.5pp. That translates to 3.56 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 11.1pp, with capital turnover fell 0.10x; while invested capital contracted by 2,863bn.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Watchpoints

ROIC remains low

ROIC is currently 3.56% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.56% +4.5pp

NOPAT Margin 9.16% +11.1pp

Capital Turnover 0.39x −0.10x

Average Invested Capital 23,240.3bn −2,863.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.17x equity, net debt at 0.83x equity.

Inventory ended the period at 2,875.4bn, roughly 10.9% of total assets.

Over the last 12 months, working capital released 875.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −547.6bn

Inventories increased → lower CFO: −883.1bn

Payables increased → higher CFO: +2,306.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.6 days versus the same period last year. The main moves came from DIO rose 38.2 days, DSO fell 2.6 days, and DPO rose 50.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 134.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +38.2 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 32.3 days −2.6 days

Inventory 178.9 days +38.2 days

Payables 76.8 days +50.1 days

Cash Conversion Cycle 134.3 days −14.6 days

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 0.83x and interest coverage only at 0.74x.

At present, short-term debt accounts for 25.4% of total debt, cash equals 6.5% of debt, and total debt stands at 11,327.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.74x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.83x −0.11x

Interest Coverage 0.74x +0.59x

Cash / Debt 6.5% +1.7pp

Short-term Debt / Total Debt 25.4% −2.0pp

CFO / NI 2.95x +4.68x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,054.5bn in 2025, against investing cash flow of -961.0bn.

Post-investment cash flow was positive +93.6bn. Financing cash flow was negative +991.2bn.

CFO / net income was 2.95x.

After spending +251.8bn on fixed-asset investment, the business generated trailing free cash flow of +2,020.7bn.

Cash Conversion

CFO TTM 2,272.5bn +300.1bn

Cash Capex 251.8bn −229.5bn

FCF TTM +2,020.7bn +529.5bn

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 17.3 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 3.6%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.51% after expanding 17.3pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	7,442.7	14,345.3	14,107.0	15,563.0	13,583.6
Revenue Deductions	—	8.9	13.8	13.4	0.0
Net Revenue	7,442.7	14,336.3	14,093.3	15,549.5	13,564.3
Cost of Goods Sold	6,067.4	13,443.6	13,309.0	13,172.7	0.0
Gross Profit	1,375.3	892.7	784.3	2,376.9	2,270.4
Financial Income	183.8	1,917.3	485.3	470.2	344.6
Financial Expenses	1,253.5	2,284.4	2,195.8	1,917.5	-1,435.5
Interest Expense	1,020.1	1,371.7	1,503.0	1,194.6	-1,109.2
Share of Associates and Joint Ventures	—	30.3	9.7	13.9	3.1
Selling Expenses	99.2	361.7	377.2	453.0	-445.6
General and Administrative Expenses	78.6	452.3	499.6	588.0	-638.0
Operating Profit	127.9	-258.1	-1,793.3	-97.4	99.0
Other Income	10.2	69.5	181.1	171.6	0.0
Other Expenses	89.3	745.0	41.8	96.9	0.0
Other Profit	-79.1	-675.5	139.3	74.8	57.5
Profit Before Tax	48.9	-933.6	-1,654.0	-22.6	156.5
Current Income Tax Expense	33.5	309.7	57.0	45.3	104.6
Deferred Income Tax Expense	4.1	343.3	-181.4	-173.1	0.0
Net Income	11.3	-1,586.6	-1,529.6	105.2	261.1
Non-controlling Interest	—	51.9	46.3	36.1	65.5
Profit Attributable to Parent	11.3	-1,638.5	-1,575.9	69.0	195.6
Earnings per Share	10.00	-1,491.00	-1,434.00	63.00	178.00
Diluted EPS	10.27	-1,490.65	-1,433.72	62.80	177.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,244.8	6,992.0	10,603.7	12,228.2	10,576.7
I. Cash and cash equivalents	570.2	1,468.8	974.2	1,502.9	1,043.8
1. Cash	145.2	1,468.8	974.2	802.6	0.0
2. Cash equivalents	425.0	0.0	0.0	700.2	0.0
II. Short-term financial investments	365.0	0.0	8.1	8.1	0.0
1. Available for sale securities	365.0	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
3. Held to maturity investments	—	0.0	8.1	8.1	0.0
III. Short-term receivables	2,693.2	1,873.5	2,757.1	2,940.7	2,653.0
1. Short-term trade accounts receivable	777.5	789.7	1,668.8	2,170.6	0.0
2. Short-term prepayments to suppliers	86.7	99.3	206.9	371.6	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	691.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	993.2	890.1	413.4	0.0
7. Provision for short-term doubtful debts (*)	1,137.4	-8.7	-8.7	-14.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,875.4	2,967.6	5,997.6	6,858.2	5,930.4
1. Inventories	2,928.9	3,071.5	6,191.7	6,905.0	0.0
2. Provision for decline in value of inventories	-53.5	-104.0	-194.1	-46.9	0.0
V. Other short-term assets	741.1	682.2	866.7	918.4	942.2
1. Short-term prepayments	56.0	36.2	61.9	74.9	0.0
2. Value added tax to be reclaimed	685.0	646.1	780.1	807.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	24.8	36.2	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)	19,215.6	19,974.5	29,768.7	29,292.8	28,774.5
I. Long-term receivables	1,140.8	1,199.3	1,447.2	1,403.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1,344.6
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,140.8	1,199.3	1,447.2	1,403.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	14,055.1	14,299.8	20,129.9	20,185.7	21,507.6
1. Tangible fixed assets	13,656.3	13,862.4	16,776.7	16,864.3	17,916.8
- Cost	24,718.2	24,295.4	30,595.8	29,389.7	0.0
- Accumulated depreciation	-11,061.9	-10,433.0	-13,819.1	-12,525.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	67.3	67.3	67.3	67.3	0.0
- Accumulated depreciation	-67.3	-67.3	-67.3	-67.3	0.0
3. Intangible fixed assets	398.9	437.4	3,353.2	3,321.4	3,590.7
- Cost	904.7	904.7	4,709.3	4,419.3	0.0
- Accumulated depreciation	-505.8	-467.3	-1,356.2	-1,097.9	0.0
III. Investment properties	—	0.0	702.9	722.4	800.5
- Cost	—	0.0	1,197.7	1,129.6	0.0
- Accumulated depreciation	—	0.0	-494.8	-407.2	0.0
IV. Long-term assets in progress	163.8	1,209.3	2,510.9	2,081.8	1,157.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	163.8	1,209.3	2,510.9	2,081.8	0.0
V. Long-term financial investments	—	0.0	1,638.0	1,532.5	180.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	211.6	190.2	0.0
3. Investments in other entities	—	0.0	1,426.4	1,342.4	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	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	3,855.8	3,266.0	3,339.9	3,367.0	0.0
1. Long-term prepayments	3,848.7	3,243.3	3,283.7	3,346.2	0.0
2. Deferred income tax assets	7.1	22.7	56.2	20.9	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	3,783.8
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)	26,460.3	26,966.5	40,372.4	41,521.0	39,351.2
A. LIABILITIES (300=210+330)	14,278.7	14,802.8	26,747.9	26,273.6	25,010.0
I. Short -term liabilities	4,699.8	5,185.4	11,020.7	17,154.1	7,877.2
1. Short-term trade accounts payable	1,194.5	466.0	1,085.1	1,574.5	1,508.6
2. Short-term advances from customers	6.5	25.5	757.2	489.8	34.7
3. Taxes and other payables to state authorities	32.7	218.7	187.9	160.2	0.0
4. Payable to employees	0.1	0.2	18.6	14.8	0.0
5. Short-term acrrued expenses	647.9	792.0	832.7	818.7	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	0.0	0.0
9. Other short-term payables	0.7	25.1	235.4	980.6	0.0
10. Short-term borrowings and financial leases	2,817.4	3,657.9	7,896.1	13,105.5	4,800.1
11. Provision for short-term liabilities	—	0.0	7.8	10.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	9,578.9	9,617.4	15,727.2	9,119.5	17,132.8
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	1.5	0.0	0.0
8. Long-term borrowings and financial leases	8,487.0	8,567.4	8,760.5	2,979.1	9,238.2
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	573.2	584.7	1,457.5	1,517.6	0.0
12. Provision for long-term liabilities	518.7	465.3	5,507.6	4,622.8	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)	12,181.7	12,163.7	13,624.5	15,247.4	14,341.2
I. Owner's equity	12,181.7	12,163.7	13,624.5	15,247.4	0.0
1. Owner's capital	10,998.3	10,991.6	10,991.6	10,991.6	14,341.2
- Common stock with voting right	10,998,295,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,098.2	1,098.3	1,098.3	1,098.3	1,098.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-295.7	-295.7	-295.7	-295.7	-295.7
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	-233.8	-419.4	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	—	0.0	396.3	675.5	0.0
11. Undistributed earnings after tax	380.9	369.6	1,455.3	3,031.2	2,962.2
- Accumulated retained earning at the end of the previous period	369.6	1,455.3	3,031.2	2,962.2	2,766.6
- Undistributed earnings in this period	11.3	-1,085.8	-1,575.9	69.0	195.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	212.6	166.0	120.9
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)	26,460.3	26,966.5	40,372.4	41,521.0	39,351.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	48.9	-933.6	-1,654.0	-22.6	156.5
Depreciation of Fixed Assets and Investment Property	667.5	1,341.6	1,193.0	1,501.9	1,588.6
Provision (Increase)/Reversal	-47.5	153.5	321.5	108.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-16.5	11.3	46.8	-59.3	0.0
Gain/Loss from Investment Activities	15.9	-870.8	-20.8	-25.2	0.0
Interest Expense	1,107.0	1,447.2	1,556.9	1,194.6	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	1,775.3	1,149.3	1,443.4	2,697.9	2,898.3
Increase/(Decrease) in Receivables	-72.3	93.5	461.8	-338.1	0.0
Increase/(Decrease) in Inventory	142.6	725.7	755.7	-946.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	657.7	1,349.2	-1,387.8	772.0	0.0
Increase/(Decrease) in Prepaid Expenses	156.5	114.5	55.8	84.9	0.0
Changes in Trading Securities	-365.0	0.0	0.0	0.0	0.0
Interest Paid	-1,023.7	-1,558.0	-1,410.6	-1,096.6	0.0
Corporate Income Tax Paid	-216.5	-102.2	-74.3	-47.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,054.5	1,772.1	-156.0	1,126.3	-570.5
Payments for Fixed Assets and Other Long-term Assets	-279.9	-536.0	-849.4	-1,330.0	-921.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.0	0.6	3.2	0.0
Loans and Purchases of Debt Instruments	-1,440.9	0.0	-8.1	-8.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	749.4	8.1	-3.7	7.4	1,143.5
Investments in Other Entities	—	0.0	0.0	-1,342.4	0.0
Proceeds from Investments in Other Entities	—	3,264.6	0.0	0.0	0.0
Dividends and Interest Income Received	10.4	9.3	12.3	11.6	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	-961.0	2,747.0	-848.3	-2,658.3	277.9
Proceeds from Equity Issuance and Capital Contributions	6,741,000,000.00	0.00	0.00	0.00	-42,624,809,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,531.7	10,860.4	16,720.4	9,447.9	6,608.1
Repayment of Borrowings	-6,529.6	-14,873.5	-16,247.2	-7,450.1	-5,988.6
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	-991.2	-4,013.1	473.2	1,997.8	576.9
Net Cash Flow During the Period	-897.6	505.9	-531.1	465.8	259.6
Cash and Cash Equivalents at Beginning of Period	1,468.8	974.2	1,502.9	1,043.8	761.9
FX Difference from Revaluation	-1.0	-11.3	2.4	-6.8	-2.5
Cash and Cash Equivalents at End of Period	570.2	1,468.8	974.2	1,502.9	1,043.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,993.1	2,394.7	2,041.0	1,614.3	1,392.7	3,868.4	3,730.9	3,653.6	3,092.5	3,190.7	3,594.8	3,533.0
Revenue Deductions	—	—	—	—	—	0.2	4.3	1.4	3.0	2.7	4.8	4.2
Net Revenue	2,993.1	2,394.7	2,041.0	1,614.3	1,392.7	3,868.1	3,726.6	3,652.2	3,089.5	3,188.0	3,589.9	3,528.8
Cost of Goods Sold	2,076.3	1,879.3	1,640.9	1,216.3	1,246.3	3,487.5	3,461.8	3,291.2	3,203.2	3,572.6	3,192.0	3,298.8
Gross Profit	916.8	515.4	400.1	398.0	146.4	380.7	264.8	361.0	-113.7	-384.6	398.0	230.0
Financial Income	84.5	49.1	35.0	56.9	42.8	1,594.6	138.8	117.6	66.3	129.0	111.8	140.9
Financial Expenses	311.7	292.6	298.3	324.3	338.3	602.3	479.1	683.1	519.9	500.4	547.2	649.8
Interest Expense	236.6	250.7	256.8	256.0	256.5	321.6	334.7	0.0	0.0	366.9	397.8	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	14.2	4.7	4.6	6.9	0.8	2.9	2.5
Selling Expenses	25.3	27.7	23.1	25.1	23.2	98.8	91.8	90.6	80.6	92.8	98.4	86.9
General and Administrative Expenses	69.8	12.5	101.2	34.3	15.3	101.0	117.6	116.5	117.2	114.9	138.9	166.8
Operating Profit	594.6	231.7	12.6	71.2	-187.6	1,187.5	-280.3	-407.0	-758.2	-962.9	-271.8	-530.0
Other Income	3.9	3.1	1.0	4.5	1.6	23.5	5.9	34.0	6.1	148.2	12.8	2.2
Other Expenses	17.7	1.6	-0.1	57.6	30.2	677.8	17.4	48.1	1.7	20.5	5.9	9.1
Other Profit	-13.7	1.5	1.1	-53.1	-28.6	-654.2	-11.5	-14.1	4.4	127.7	6.8	-7.0
Profit Before Tax	580.8	233.2	13.7	18.1	-216.1	533.2	-291.8	-421.2	-753.8	-835.2	-265.0	-537.0
Current Income Tax Expense	49.3	13.6	11.6	1.2	7.1	251.0	23.5	20.4	14.9	19.6	22.1	9.5
Deferred Income Tax Expense	-5.1	-2.8	-3.1	11.2	-1.2	488.5	18.8	-97.6	-66.3	-25.3	-73.6	-46.3
Net Income	536.7	222.5	5.2	5.6	-222.0	-206.2	-334.1	-343.9	-702.4	-829.5	-213.5	-500.2
Non-controlling Interest	—	—	—	—	—	9.6	10.9	15.5	15.9	6.7	15.9	14.5
Profit Attributable to Parent	536.7	222.5	5.2	5.6	-222.0	-215.8	-345.0	-359.3	-718.3	-836.2	-229.4	-514.7
Earnings per Share	488.00	202.00	5.00	5.00	-202.00	-196.00	-314.00	-327.00	-653.00	-761.00	-209.00	-468.00
Diluted EPS	487.97	202.30	4.69	5.13	-201.98	-196.38	-313.89	-326.91	-653.48	-760.76	-208.73	-468.30

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)	9,365.1	7,244.8	6,731.6	6,233.2	6,121.9	6,992.0	10,510.8	10,491.2	10,180.7	10,603.7	10,983.4	12,039.6
I. Cash and cash equivalents	732.3	570.2	347.6	254.6	556.5	1,468.8	554.5	595.7	559.6	974.2	392.3	1,400.9
1. Cash	717.2	145.2	196.1	254.6	556.5	1,468.8	554.5	595.7	559.6	974.1	392.2	1,396.4
2. Cash equivalents	15.0	425.0	151.5	—	—	0.0	0.0	0.0	0.0	0.1	0.1	4.5
II. Short-term financial investments	1,859.7	365.0	—	—	—	0.0	0.0	0.0	0.0	8.1	8.1	8.1
1. Available for sale securities	239.6	365.0	—	—	—	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	1,620.1	—	—	—	—	0.0	0.0	0.0	0.0	8.1	8.1	8.1
III. Short-term receivables	2,191.7	2,693.2	2,665.3	2,394.9	1,985.8	1,873.5	3,029.4	2,872.5	2,994.0	2,757.1	2,846.9	2,863.2
1. Short-term trade accounts receivable	984.5	777.5	871.3	603.7	614.3	789.7	1,665.2	1,640.6	1,802.6	1,668.8	1,769.6	1,855.2
2. Short-term prepayments to suppliers	88.4	86.7	103.3	107.7	116.1	99.3	322.0	275.8	246.6	206.9	214.7	327.2
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	—	691.5	691.5	691.5	264.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,118.9	1,137.4	999.1	992.0	991.3	993.2	1,050.9	964.8	953.5	890.1	877.5	695.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	-8.7	-8.7	-8.7	-8.7	-8.7	-14.9	-14.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,676.1	2,875.4	2,937.2	2,880.8	2,806.6	2,967.6	5,967.2	6,019.9	5,724.0	5,997.6	6,807.8	6,810.8
1. Inventories	3,780.7	2,928.9	2,979.5	2,880.8	2,897.7	3,071.5	6,170.6	6,140.3	5,960.9	6,191.7	7,104.0	7,105.1
2. Provision for decline in value of inventories	-104.6	-53.5	-42.3	—	-91.1	-104.0	-203.4	-120.4	-236.9	-194.1	-296.2	-294.3
V. Other short-term assets	905.3	741.1	781.4	702.9	773.1	682.2	959.8	1,003.1	903.1	866.7	928.3	956.5
1. Short-term prepayments	80.3	56.0	79.8	54.4	90.5	36.2	113.7	116.6	104.4	61.9	128.1	123.0
2. Value added tax to be reclaimed	825.0	685.0	701.6	648.4	682.6	646.1	816.5	860.6	772.7	780.1	757.1	802.7
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	29.6	26.0	26.1	24.8	43.1	30.8
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)	19,056.0	19,215.6	19,238.9	19,414.4	19,664.7	19,974.5	28,884.1	29,126.1	29,478.6	29,768.7	29,482.4	29,350.2
I. Long-term receivables	1,154.4	1,140.8	1,114.4	1,114.4	1,199.3	1,199.3	1,318.9	1,319.2	1,447.9	1,447.2	1,415.7	1,413.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	1,154.4	1,140.8	1,114.4	1,114.4	1,199.3	1,199.3	1,318.9	1,319.2	1,447.9	1,447.2	1,415.7	1,413.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	13,938.0	14,055.1	14,165.5	13,968.7	14,124.1	14,299.8	20,216.6	20,486.7	20,692.5	20,129.9	19,790.8	19,677.5
1. Tangible fixed assets	13,548.7	13,656.3	13,757.0	13,550.6	13,696.3	13,862.4	16,941.3	17,179.2	17,385.9	16,776.7	16,538.8	16,403.2
- Cost	24,752.4	—	—	—	—	24,295.4	31,611.5	31,618.8	31,479.5	30,595.8	29,932.9	29,443.2
- Accumulated depreciation	-11,203.7	—	—	—	—	-10,433.0	-14,670.2	-14,439.6	-14,093.6	-13,819.1	-13,394.1	-13,040.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	67.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-67.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	389.2	398.9	408.5	418.1	427.8	437.4	3,275.3	3,307.6	3,306.6	3,353.2	3,251.9	3,274.3
- Cost	904.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-515.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	669.0	683.5	687.4	702.9	691.4	704.2
- 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
IV. Long-term assets in progress	138.0	163.8	159.6	1,194.8	1,183.6	1,209.3	1,873.6	1,782.7	1,674.2	2,510.9	2,427.5	2,565.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	138.0	163.8	159.6	1,194.8	1,183.6	1,209.3	1,873.6	1,782.7	1,674.2	2,510.9	2,427.5	2,565.5
V. Long-term financial investments	—	—	—	—	—	0.0	1,533.8	1,541.2	1,646.0	1,638.0	1,570.5	1,564.1
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	232.6	226.7	218.5	211.6	202.6	199.3
3. Investments in other entities	—	—	—	—	—	0.0	1,439.7	1,453.1	1,427.4	1,426.4	1,367.9	1,364.8
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	-138.5	-138.5	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3,825.6	3,855.8	3,799.4	3,136.5	3,157.6	3,266.0	3,272.2	3,312.9	3,330.8	3,339.9	3,449.2	3,425.8
1. Long-term prepayments	3,825.6	3,848.7	3,792.3	3,129.3	3,136.8	3,243.3	3,228.7	3,252.4	3,278.5	3,283.7	3,353.2	3,363.8
2. Deferred income tax assets	—	7.1	7.1	7.1	20.8	22.7	43.4	60.5	52.2	56.2	96.1	62.0
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	137.3	0.0
TOTAL ASSETS (280=100+200)	28,421.1	26,460.3	25,970.5	25,647.6	25,786.6	26,966.5	39,394.9	39,617.4	39,659.4	40,372.4	40,465.8	41,389.9
A. LIABILITIES (300=210+330)	15,702.8	14,278.7	14,011.3	13,700.3	13,844.9	14,802.8	26,989.8	26,810.1	26,672.9	26,747.9	25,701.9	26,608.4
I. Short -term liabilities	6,165.4	4,699.8	4,443.3	4,131.0	4,238.8	5,185.4	10,495.0	11,027.8	11,217.7	11,020.7	12,151.1	15,879.4
1. Short-term trade accounts payable	2,447.5	1,194.5	832.3	449.5	421.0	466.0	1,290.9	1,446.7	1,260.6	1,085.1	1,319.1	1,520.4
2. Short-term advances from customers	6.5	6.5	14.7	5.7	5.9	25.5	329.4	476.1	743.8	757.2	270.3	505.0
3. Taxes and other payables to state authorities	50.5	32.7	18.8	8.5	9.4	218.7	208.8	200.7	170.5	187.9	202.6	126.6
4. Payable to employees	0.1	0.1	0.0	0.1	0.1	0.2	3.6	3.6	6.4	18.6	3.7	4.5
5. Short-term acrrued expenses	786.1	647.9	490.4	436.5	551.8	792.0	869.6	642.1	935.9	832.7	967.2	904.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.6	0.7	5.3	18.4	25.0	25.1	1,442.5	1,494.3	124.7	235.4	265.6	244.1
10. Short-term borrowings and financial leases	2,872.2	2,817.4	3,081.9	3,212.3	3,225.7	3,657.9	6,342.6	6,757.4	7,968.8	7,896.1	9,113.0	12,565.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	7.7	7.0	6.9	7.8	9.6	8.6
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	9,537.3	9,578.9	9,568.0	9,569.3	9,606.1	9,617.4	16,494.8	15,782.3	15,455.2	15,727.2	13,550.8	10,729.0
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	—	—	—	—	—	0.0	3.7	1.9	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	1.5	1.5	1.5	1.5	0.0	0.0
8. Long-term borrowings and financial leases	8,455.0	8,487.0	8,518.0	8,519.2	8,556.4	8,567.4	9,723.5	9,084.2	8,644.3	8,760.5	7,288.5	4,585.3
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	560.9	573.2	576.0	579.1	581.5	584.7	1,355.1	1,382.6	1,445.7	1,457.5	1,513.0	1,497.3
12. Provision for long-term liabilities	521.3	518.7	474.0	471.1	468.2	465.3	5,411.0	5,312.1	5,363.7	5,507.6	4,749.4	4,646.4
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)	12,718.4	12,181.7	11,959.2	11,947.3	11,941.7	12,163.7	12,405.1	12,807.3	12,986.4	13,624.5	14,763.9	14,781.5
I. Owner's equity	12,718.4	12,181.7	11,959.2	11,947.3	11,941.7	12,163.7	12,405.1	12,807.3	12,986.4	13,624.5	14,763.9	14,781.5
1. Owner's capital	10,998.3	10,998.3	10,998.3	10,991.6	10,991.6	10,991.6	10,991.6	10,991.6	10,991.6	10,991.6	10,991.6	10,991.6
- Common stock with voting right	10,998,295,200,000.00	10,998,295,200,000.00	10,998,295,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00	10,991,554,200,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,098.2	1,098.2	1,098.2	1,098.3	1,098.3	1,098.3	1,098.3	1,098.3	1,098.3	1,098.3	1,098.3	1,098.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-295.7	-295.7	-295.7	-295.7	-295.7	-295.7	-295.7	-295.7	-295.7	-295.7	-295.7	-295.7
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	-149.0	-160.9	-219.0	-233.8	-335.5	-384.2
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	—	—	—	—	—	0.0	467.1	545.4	444.7	396.3	813.0	670.8
11. Undistributed earnings after tax	917.5	380.9	158.4	153.2	147.6	369.6	32.7	377.8	737.1	1,455.3	2,291.5	2,521.0
- Accumulated retained earning at the end of the previous period	380.9	369.6	369.6	369.6	369.6	1,455.3	1,455.3	1,455.3	1,455.3	3,031.2	3,031.2	3,031.2
- Undistributed earnings in this period	536.7	11.3	-211.2	-216.4	-222.0	-1,085.8	-1,422.6	-1,077.6	-718.3	-1,575.9	-739.7	-510.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	260.1	250.9	229.6	212.6	200.7	179.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	28,421.1	26,460.3	25,970.5	25,647.6	25,786.6	26,966.5	39,394.9	39,617.4	39,659.4	40,372.4	40,465.8	41,389.9

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	580.8	233.2	13.7	18.1	-216.1	533.2	-291.8	-421.2	-753.8	-835.2	-265.0	-537.0
Depreciation of Fixed Assets and Investment Property	151.4	159.2	156.9	161.2	190.2	347.3	321.4	335.0	337.9	249.7	318.6	291.9
Provision (Increase)/Reversal	53.7	14.2	45.2	-88.2	-18.7	-121.8	126.5	68.4	80.4	-59.0	50.1	314.6
FX Gain/Loss from Revaluation of Monetary Items	-9.3	-24.2	-21.8	23.4	6.1	91.6	27.3	-53.5	-54.1	50.6	-15.0	6.3
Gain/Loss from Investment Activities	-5.1	-11.3	-9.1	7.2	29.0	-906.3	8.4	35.6	-8.5	3.8	-5.1	-10.3
Interest Expense	260.9	268.5	281.3	283.3	273.9	338.4	350.8	370.9	387.0	375.7	405.6	410.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,032.4	639.8	466.2	405.0	264.3	282.5	542.6	335.3	-11.2	-214.4	489.2	476.2
Increase/(Decrease) in Receivables	-351.3	-34.0	-316.1	153.8	124.0	310.3	-182.9	80.9	-114.9	214.8	318.3	274.4
Increase/(Decrease) in Inventory	-851.8	50.6	-98.7	16.8	173.9	704.6	-30.3	-179.4	230.7	911.9	43.8	-205.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,313.8	601.8	425.1	-34.5	-334.6	1,708.4	-172.8	-64.3	-122.0	-223.7	-466.5	-417.5
Increase/(Decrease) in Prepaid Expenses	-1.3	41.8	26.4	45.2	43.0	44.0	39.2	32.4	-1.1	128.0	3.8	6.5
Changes in Trading Securities	125.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-149.3	-328.7	-221.6	-286.5	-186.8	-485.7	-261.3	-508.0	-303.0	-368.9	-366.8	-383.9
Corporate Income Tax Paid	-32.6	0.0	0.0	-0.0	-216.5	-52.6	-37.7	-0.1	-11.7	21.8	-38.4	-7.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,085.3	606.2	281.3	299.7	-132.7	2,511.5	-103.1	-303.2	-333.1	469.4	-16.7	-257.1
Payments for Fixed Assets and Other Long-term Assets	-38.8	-97.4	-43.4	-72.2	-66.8	-113.9	-174.7	-125.9	-121.5	-174.1	-147.6	-161.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	1.0	0.0	0.0	0.0	0.0	0.0	0.6
Loans and Purchases of Debt Instruments	-896.0	0.0	0.0	-1,176.9	-264.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	749.4	—	0.0	0.0	0.0	8.1	-11.8	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	14.3	-14.3	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	1,921.6	-40.2	1,383.2	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.1	2.3	0.4	6.6	1.1	2.3	2.3	2.6	2.0	-3.4	2.0	7.2
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	-931.7	-95.1	-43.0	-493.1	-329.8	1,811.1	-212.6	1,259.9	-111.4	-175.1	-160.0	-153.2
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	1,094.0	1,542.0	1,327.2	1,348.2	1,314.3	1,394.7	3,135.6	4,485.3	1,844.8	3,555.0	5,510.8	5,462.8
Repayment of Borrowings	-1,087.1	-3,309.9	—	-1,454.5	-1,765.3	-4,792.9	-2,861.0	-5,405.4	-1,814.2	-3,269.6	-6,343.4	-5,102.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	-4,699.1	—	—	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	7.0	-288.6	-145.4	-106.3	-451.0	-3,398.3	274.6	-920.1	30.7	285.4	-832.6	360.6
Net Cash Flow During the Period	160.6	222.6	92.9	-299.6	-913.5	924.3	-41.2	36.6	-413.8	579.7	-1,009.3	-49.8
Cash and Cash Equivalents at Beginning of Period	570.4	347.6	254.6	556.5	1,468.8	974.2	974.2	974.2	974.2	1,502.9	1,502.9	1,502.9
FX Difference from Revaluation	1.4	-1.0	-0.9	-1.1	1.2	-10.0	-0.0	-0.5	-0.8	2.1	0.7	5.2
Cash and Cash Equivalents at End of Period	732.3	570.2	347.6	254.6	556.5	1,468.8	554.5	595.7	559.6	974.2	392.3	1,400.9

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