NVL

Tập đoàn Đầu tư Địa ốc No Va ·HOSE ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 0.84x

Price

14,200

Latest close

02 Jun 2026

P/E 9.92x

P/B 0.53x

EPS 1,431

BVPS 26,808

ROE 5.6%

ROA 1.2%

Profit Margin 34.7%

Asset Turnover 0.04x

Equity Mult. 4.49x

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

What Is Changing

On a TTM 2026Q1 basis, NVL is in an offsetting state — revenue softened slightly but margins improved — this marks a reversal from the difficult phase before. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8,774bn
	                                
−13.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,155bn
	                                
−8.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.89x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	6,965.7	9,073.4	4,756.9	11,134.2	14,902.8
Growth	-23%	+91%	-57%	-25%	—
Net Income	1,861.4	-4,394.6	485.9	2,181.5	3,460.3
Net Margin	26.72%	-48.43%	10.21%	19.59%	23.22%

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	3,586.7	1,567.4	1,683.1	1,936.6	1,778.2	4,778.6	2,010.2	1,549.3	697.2	2,027.7	1,073.1	1,040.2
Growth	+129%	-7%	-13%	+9%	-63%	+138%	+30%	+122%	-66%	+89%	+3%	—
Net Income	859.6	3,638.2	-1,153.2	-189.9	-476.4	25.6	2,950.3	945.5	-600.9	1,642.4	136.8	-200.8
Net Margin	23.97%	232.11%	-68.52%	-9.80%	-26.79%	0.54%	146.76%	61.03%	-86.18%	80.99%	12.74%	-19.31%

Drivers of NVL's profit

TTM

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

Gross profit ↑ 2,157.2bn

Minority interests ↓ 2,024.4bn

Other profit ↑ 1,490.9bn

Tax ↓ 1,125.5bn

Financial income ↓ 5,476.3bn

Deferred tax ↑ 274.6bn

TTM

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

Gross profit ↑ 1,242.9bn

Financial income ↑ 299.6bn

Finance costs ↑ 226.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.4% = 34.1% × 0.04 × 5.04

2026Q1 5.8% = 36.0% × 0.04 × 4.49

ROE fell from 7.4% to 5.8% — leverage weakened the most, though net margin still provided support.

Net margin: 36.0% +1.9pp Asset turnover: 0.04x -0.01x Leverage: 4.49x -0.55x

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 35.96%, rising 1.9pp. Core operating signals are improving as Gross margin rose 30.0pp are enough to offset pressure from SG&A / Revenue rose 1.9pp (in addition, Other profit / Revenue rose 16.4pp added support while Net financial result / Revenue fell 49.3pp remained a drag).

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 35.96% +1.9pp

Gross Margin 65.52% +30.0pp

SG&A / Revenue 21.35% +1.9pp

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 2.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 2.11%, losing 1.6pp. That translates to 2.11 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 9.3pp, outweighing the movement in capital turnover; while invested capital rose by 12,246bn.

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 2.11% −1.6pp

NOPAT Margin 27.24% −9.3pp

Capital Turnover 0.08x −0.02x

Average Invested Capital 113,158.6bn +12,246.4bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 3.24x equity, net debt at 1.08x equity.

Development inventory ended the period at 153,324.0bn, about 61.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 6,092.6bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −1,598.9bn

Inventories decreased → higher CFO: +766.1bn

Payables decreased → lower CFO: −5,259.8bn

Is financial risk significant?

Leverage is safe but FCF is negative at 5,773.3bn due to capex of 27.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.08x and interest coverage only at 0.84x.

At present, short-term debt accounts for 46.8% of total debt, cash equals 6.6% of debt, and total debt stands at 68,971.1bn.

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 1.08x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.84x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.08x −0.01x

Interest Coverage 0.84x −0.47x

Cash / Debt 6.6% −3.7pp

Short-term Debt / Total Debt 46.8% −7.5pp

CFO / NI -1.89x +1.37x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -6,145.4bn in 2025, against investing cash flow of 266.4bn.

Post-investment cash flow was negative +5,879.0bn. Financing cash flow was positive +5,666.9bn.

CFO / net income was -1.89x.

After spending +27.0bn on fixed-asset investment, the business generated trailing free cash flow of −5,773.3bn.

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 5,746.3bn −1,480.5bn

Cash Capex 27.0bn —

FCF TTM −5,773.3bn —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 1.9 pp. The next item to monitor is the earnings mix, when non-core contribution is 24.2%. The main risk still sits in leverage and liquidity, with interest coverage at 0.84x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 35.96% after expanding 1.9pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.2% of PBT and CFO / net income currently at -1.89x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.84x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,966.4	9,079.6	4,770.0	11,150.7	14,967.3
Revenue Deductions	0.6	6.2	13.0	16.5	0.0
Net Revenue	6,965.7	9,073.4	4,756.9	11,134.2	14,902.8
Cost of Goods Sold	2,540.5	8,989.8	3,434.7	6,882.7	0.0
Gross Profit	4,425.2	83.6	1,322.2	4,251.5	6,134.6
Financial Income	3,188.1	5,940.9	5,128.1	5,004.8	3,644.6
Financial Expenses	3,672.7	4,710.9	3,244.0	4,148.5	-3,849.3
Interest Expense	148.5	291.4	327.7	844.3	-514.3
Share of Associates and Joint Ventures	22.2	-6.2	-151.5	3.6	0.3
Selling Expenses	611.3	534.0	292.0	960.1	-1,289.5
General and Administrative Expenses	1,289.6	1,449.9	1,490.2	1,536.2	-1,428.0
Operating Profit	2,061.9	-676.5	1,272.6	2,615.0	3,212.7
Other Income	2,174.3	405.9	1,075.0	1,668.8	0.0
Other Expenses	1,209.0	2,285.1	348.7	301.8	0.0
Other Profit	965.3	-1,879.2	726.3	1,367.0	1,880.6
Profit Before Tax	3,027.2	-2,555.7	1,998.9	3,982.1	5,093.4
Current Income Tax Expense	-42.9	861.8	408.2	778.7	-1,633.0
Deferred Income Tax Expense	1,208.6	977.2	1,104.8	1,021.8	0.0
Net Income	1,861.4	-4,394.6	485.9	2,181.5	3,460.3
Non-controlling Interest	—	2,060.1	-119.7	19.5	230.1
Profit Attributable to Parent	1,861.4	-6,454.8	605.6	2,162.1	3,230.2
Earnings per Share	867.00	-3,310.00	311.00	1,112.00	2,143.00
Diluted EPS	867.00	-3,310.00	311.00	1,112.00	1,673.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	206,852.3	207,831.1	191,154.8	198,114.7	155,626.9
I. Cash and cash equivalents	4,395.5	4,607.6	3,412.5	8,600.2	17,249.2
1. Cash	2,905.4	3,343.7	1,713.8	2,996.0	0.0
2. Cash equivalents	1,490.0	1,263.9	1,698.8	5,604.2	0.0
II. Short-term financial investments	53.8	31.3	43.5	326.7	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	53.8	31.3	43.5	326.7	0.0
III. Short-term receivables	46,997.6	54,813.4	47,011.0	52,345.6	26,409.5
1. Short-term trade accounts receivable	3,274.3	2,996.1	2,837.4	2,939.7	0.0
2. Short-term prepayments to suppliers	8,153.1	7,857.8	7,457.6	8,050.6	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	13,339.6	6,050.9	6,602.4	4,466.8	0.0
6. Other short-term receivables	22,309.5	37,982.7	30,139.3	36,899.0	0.0
7. Provision for short-term doubtful debts (*)	-78.8	-74.1	-25.6	-10.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	153,324.0	146,607.4	138,935.3	134,955.7	109,765.1
1. Inventories	153,744.7	147,027.9	139,096.2	134,957.8	0.0
2. Provision for decline in value of inventories	-420.7	-420.5	-160.9	-2.1	0.0
V. Other short-term assets	2,081.4	1,771.4	1,752.5	1,886.5	1,366.1
1. Short-term prepayments	613.0	432.5	273.5	282.5	0.0
2. Value added tax to be reclaimed	1,228.8	1,084.3	1,216.5	1,340.8	0.0
3. Taxes and other receivables from state authorities	239.5	254.5	262.5	263.2	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)	43,055.5	29,946.9	50,331.6	59,620.2	45,892.9
I. Long-term receivables	27,062.5	15,901.0	34,560.1	44,082.0	0.0
1. Long-term trade receivables	—	0.0	86.1	0.0	33,582.2
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	2,879.4	176.2	176.2	98.0	0.0
6. Other long-term receivables	24,199.6	15,741.3	34,297.9	43,984.1	0.0
7. Provision for long-term doubtful debts	-16.5	-16.5	-0.1	-0.1	0.0
II. Fixed assets	1,900.5	1,937.7	2,401.4	3,937.0	1,571.7
1. Tangible fixed assets	1,839.5	1,875.7	2,331.6	3,853.8	1,475.1
- Cost	2,363.7	2,286.2	2,684.5	4,161.6	0.0
- Accumulated depreciation	-524.2	-410.5	-352.9	-307.8	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	61.0	62.0	69.8	83.2	96.7
- Cost	171.0	170.3	170.3	166.4	0.0
- Accumulated depreciation	-110.0	-108.3	-100.5	-83.2	0.0
III. Investment properties	5,151.2	5,737.2	5,543.2	3,140.9	2,724.1
- Cost	6,080.3	6,503.7	6,114.6	3,539.3	0.0
- Accumulated depreciation	-929.1	-766.5	-571.4	-398.4	0.0
IV. Long-term assets in progress	424.6	544.0	528.7	573.0	292.9
1. Long-term production in progress	67.9	182.0	182.0	182.0	0.0
2. Construction in progress	356.7	362.0	346.7	391.0	0.0
V. Long-term financial investments	5,292.8	1,709.4	1,728.1	1,615.9	1,624.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4,996.6	1,411.3	1,423.1	1,582.1	0.0
3. Investments in other entities	301.4	302.3	304.9	33.8	0.0
4. Provision for diminution in value of long-term investments	-5.3	-4.3	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	3,223.9	4,117.7	5,570.1	6,271.5	0.0
1. Long-term prepayments	1,438.5	1,500.1	1,689.5	1,575.1	0.0
2. Deferred income tax assets	146.2	141.7	183.9	152.1	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	6,098.0
5. Goodwill	1,639.3	2,475.8	3,696.8	4,544.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	249,907.8	237,778.0	241,486.4	257,734.9	201,519.8
A. LIABILITIES (300=210+330)	191,014.9	190,487.0	196,183.5	212,917.1	160,341.1
I. Short -term liabilities	95,996.8	107,222.4	87,282.7	78,174.1	48,634.9
1. Short-term trade accounts payable	8,067.8	8,467.3	9,876.7	10,541.1	4,507.8
2. Short-term advances from customers	20,353.0	18,915.2	19,115.0	15,962.6	8,305.6
3. Taxes and other payables to state authorities	2,128.7	7,908.9	1,087.3	836.4	0.0
4. Payable to employees	32.4	7.7	11.0	6.5	0.0
5. Short-term acrrued expenses	17,962.0	13,876.9	9,991.1	8,300.4	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	1.6	0.3	1.4	0.4	0.7
9. Other short-term payables	15,684.5	21,051.4	16,238.7	13,315.1	0.0
10. Short-term borrowings and financial leases	31,718.0	36,978.2	30,937.5	29,202.4	19,087.7
11. Provision for short-term liabilities	44.0	11.6	19.1	4.3	0.0
12.. Bonus and welfare fund	4.8	4.8	4.8	4.8	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	95,018.0	83,264.6	108,900.9	134,743.0	111,706.2
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	606.3	1,636.9	1,459.2	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	223.4	74.0	77.6	13.0	13.3
7. Other long-term liabilities	42,367.7	42,056.0	66,620.0	86,214.8	0.0
8. Long-term borrowings and financial leases	35,672.7	24,587.7	26,774.9	35,666.5	41,430.8
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	15,847.1	14,631.7	13,707.7	12,616.1	0.0
12. Provision for long-term liabilities	300.7	278.3	261.5	232.7	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)	58,893.0	47,291.0	45,302.9	44,817.7	41,178.7
I. Owner's equity	58,893.0	47,291.0	45,302.9	44,817.7	0.0
1. Owner's capital	22,320.2	19,501.0	19,501.0	19,501.0	41,178.7
- Common stock with voting right	22,320,185,490,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,304,213,190,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6,043.4	5,051.6	5,051.6	5,051.6	5,023.2
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	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	16,975.6	13,281.1	13,494.2	12,888.8	10,713.0
- Accumulated retained earning at the end of the previous period	13,281.1	13,494.2	12,888.8	10,707.5	7,483.3
- Undistributed earnings in this period	3,694.5	-213.1	605.4	2,181.3	3,229.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	13,553.8	9,457.3	7,256.0	7,376.3	6,138.2
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)	249,907.8	237,778.0	241,486.4	257,734.9	201,519.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,027.2	-2,555.7	1,998.9	3,982.1	5,093.4
Depreciation of Fixed Assets and Investment Property	1,043.7	1,553.0	1,106.5	-227.2	-1,266.8
Provision (Increase)/Reversal	94.9	340.9	220.6	115.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	664.6	906.8	552.3	492.3	0.0
Gain/Loss from Investment Activities	-2,061.6	-724.3	-1,258.5	-2,616.3	0.0
Interest Expense	148.5	293.2	357.1	954.0	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	2,917.1	-186.1	2,976.7	2,700.8	2,434.2
Increase/(Decrease) in Receivables	635.5	11,428.8	11,750.7	-19,468.2	0.0
Increase/(Decrease) in Inventory	-31.6	-2,135.6	-1,747.0	-10,443.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6,369.7	-12,814.2	-15,994.8	31,799.6	0.0
Increase/(Decrease) in Prepaid Expenses	-270.8	2.5	-104.8	-768.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2,636.8	-1,697.6	-4,091.3	-6,173.1	0.0
Corporate Income Tax Paid	-389.1	-569.0	-416.1	-693.6	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	-6,145.4	-5,971.2	-7,626.5	-3,046.7	3,841.3
Payments for Fixed Assets and Other Long-term Assets	-23.8	-5.7	-12.8	-293.9	-895.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	21.5	7.8	89.8	121.8	2.0
Loans and Purchases of Debt Instruments	-11,717.4	-2,926.5	-4,172.4	-10,297.4	-10,924.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,517.0	2,929.4	2,241.8	14,069.3	8,643.8
Investments in Other Entities	-5,272.3	-3.7	0.0	-20,045.6	-13,595.6
Proceeds from Investments in Other Entities	12,676.5	2,893.6	8,189.4	7,708.0	0.0
Dividends and Interest Income Received	1,064.9	1,315.2	812.7	772.5	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	266.4	4,210.1	7,148.6	-7,965.3	-13,134.6
Proceeds from Equity Issuance and Capital Contributions	487,268,022,500.00	0.00	0.00	250,941,290,000.00	4,591,253,993,600.00
Share Repurchases	-49,031,866,005.00	-413,083,000.00	-15,000,000.00	0.00	-196,049,500,000.00
Proceeds from Borrowings	21,448.2	6,089.2	4,876.4	30,149.6	36,023.8
Repayment of Borrowings	-16,219.5	-3,132.6	-9,586.1	-28,037.5	-25,434.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-0.0	-0.0	-0.5
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	5,666.9	2,956.2	-4,709.7	2,363.1	14,983.9
Net Cash Flow During the Period	-212.1	1,195.1	-5,187.6	-8,648.9	2,026.1
Cash and Cash Equivalents at Beginning of Period	4,607.6	3,412.5	8,600.2	17,249.2	11,558.8
FX Difference from Revaluation	-0.0	-0.0	0.0	-0.0	-0.2
Cash and Cash Equivalents at End of Period	4,395.5	4,607.6	3,412.5	8,600.2	17,249.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	3,586.7	1,567.4	1,683.6	1,936.7	1,778.3	4,781.0	2,012.3	1,550.4	697.8	2,031.8	1,073.9	1,048.4
Revenue Deductions	—	0.0	0.5	0.1	0.1	2.4	2.1	1.1	0.6	4.1	0.8	8.2
Net Revenue	3,586.7	1,567.4	1,683.1	1,936.6	1,778.2	4,778.6	2,010.2	1,549.3	697.2	2,027.7	1,073.1	1,040.2
Cost of Goods Sold	1,698.0	-1,015.2	1,097.1	1,245.5	1,132.5	2,811.4	1,464.8	1,116.3	507.5	1,473.3	731.4	567.2
Gross Profit	1,888.7	2,582.6	586.1	691.1	645.7	1,967.2	545.4	433.0	189.7	554.4	341.7	473.0
Financial Income	815.7	1,704.5	456.0	511.8	516.1	598.2	3,898.0	3,951.9	640.1	1,825.4	2,229.9	765.9
Financial Expenses	859.3	562.3	1,448.6	1,135.5	633.1	1,254.3	319.1	2,363.8	773.1	250.5	1,900.3	882.1
Interest Expense	34.9	42.4	31.6	33.1	40.0	66.3	83.0	74.0	75.5	142.6	170.3	200.0
Share of Associates and Joint Ventures	5.7	12.2	3.5	1.2	5.3	-9.3	1.1	1.1	1.0	-1.4	2.0	3.1
Selling Expenses	91.7	239.1	126.2	154.7	91.0	299.5	104.5	86.1	54.0	149.3	62.7	43.4
General and Administrative Expenses	282.6	354.9	310.0	314.1	303.5	369.3	354.8	362.7	324.9	495.7	284.2	448.1
Operating Profit	1,476.4	3,143.1	-839.3	-400.2	139.5	633.1	3,666.1	1,573.4	-321.2	1,483.0	326.4	-131.5
Other Income	20.6	1,627.0	192.6	330.7	6.5	37.7	164.8	130.4	331.2	798.5	251.9	298.9
Other Expenses	148.1	736.4	135.4	69.0	268.3	96.9	252.9	130.3	223.7	226.7	93.8	9.7
Other Profit	-127.5	890.6	57.1	261.7	-261.8	-59.2	-88.1	0.0	107.4	571.9	158.1	289.2
Profit Before Tax	1,348.8	4,033.7	-782.2	-138.5	-122.3	573.9	3,578.0	1,573.5	-213.8	2,054.8	484.4	157.7
Current Income Tax Expense	249.0	-197.1	151.3	-126.3	138.7	371.5	348.7	343.6	133.7	197.0	78.2	97.9
Deferred Income Tax Expense	240.2	592.5	219.7	177.7	215.5	176.8	279.0	284.3	253.4	215.5	269.5	260.7
Net Income	859.6	3,638.2	-1,153.2	-189.9	-476.4	25.6	2,950.3	945.5	-600.9	1,642.4	136.8	-200.8
Non-controlling Interest	-41.6	455.8	-275.0	-29.3	-33.1	2,332.8	-169.5	4.1	-33.8	-4.1	-33.8	-48.2
Profit Attributable to Parent	901.2	3,182.4	-878.2	-160.6	-443.3	-2,307.2	3,119.8	941.4	-567.0	1,646.5	170.5	-152.6
Earnings per Share	404.00	1,559.00	-450.00	-82.00	-227.00	-1,183.00	1,600.00	483.00	-291.00	844.00	87.00	-78.00
Diluted EPS	404.00	1,391.00	-450.00	-82.00	-227.00	-3,288.00	1,600.00	483.00	-291.00	838.00	87.00	-78.00

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)	207,035.2	207,242.7	203,298.5	203,376.1	203,124.5	207,831.4	194,988.2	198,328.3	189,060.2	191,577.3	199,429.6	198,160.0
I. Cash and cash equivalents	4,518.3	4,395.3	3,837.8	4,306.0	6,084.3	4,607.6	3,819.7	2,142.1	3,138.7	3,412.1	3,434.8	4,035.6
1. Cash	2,915.8	2,905.3	2,726.1	3,002.8	4,696.5	3,343.7	2,082.4	846.4	810.9	1,713.3	1,272.5	844.5
2. Cash equivalents	1,602.5	1,490.0	1,111.7	1,303.1	1,387.9	1,263.9	1,737.3	1,295.7	2,327.8	1,698.8	2,162.3	3,191.1
II. Short-term financial investments	18,827.5	53.8	48.5	44.7	42.5	31.2	33.0	30.7	35.0	43.5	49.3	51.1
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	16,665.5	53.8	48.5	44.7	42.5	31.2	33.0	30.7	35.0	43.5	49.3	51.1
4. Provision for short-term investments held to maturity (*)	-2.1	—	—	—	—	—	—	—	—	—	—	—
5. Other short-term investments	2,164.0	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	26,932.9	47,320.4	45,017.4	46,872.9	46,465.2	54,818.3	44,488.9	52,426.8	43,250.6	47,747.1	56,499.1	53,131.8
1. Short-term trade accounts receivable	3,332.3	3,273.9	3,403.1	3,392.7	3,258.6	2,996.3	2,730.3	2,576.8	2,882.5	2,932.7	2,880.8	2,900.7
2. Short-term prepayments to suppliers	8,068.0	8,157.5	7,886.0	8,433.5	8,327.1	7,840.6	7,840.1	7,718.9	7,719.1	7,429.4	7,795.0	7,700.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	13,339.6	8,308.9	7,232.8	6,424.4	6,050.9	5,564.5	5,058.6	4,952.5	6,777.9	3,825.5	4,478.7
6. Other short-term receivables	15,628.0	22,625.1	25,495.0	27,888.1	28,529.1	37,998.1	28,421.3	37,098.3	27,722.1	30,617.8	42,008.2	38,062.3
7. Provision for short-term doubtful debts (*)	-95.3	-75.7	-75.6	-74.1	-74.1	-67.6	-67.4	-25.8	-25.6	-10.6	-10.4	-10.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	154,608.6	153,391.6	152,285.4	150,112.7	148,638.6	146,610.6	145,006.2	142,025.1	140,881.6	138,598.0	137,594.5	139,009.6
1. Inventories	155,029.3	153,812.1	152,705.9	150,533.2	149,059.1	147,031.0	145,428.7	142,186.0	141,042.5	138,759.0	137,755.4	139,011.7
2. Provision for decline in value of inventories	-420.7	-420.5	-420.5	-420.5	-420.5	-420.4	-422.5	-160.9	-160.9	-160.9	-160.9	-2.1
V. Other short-term assets	2,147.9	2,081.5	2,109.4	2,039.9	1,893.8	1,763.7	1,640.4	1,703.6	1,754.3	1,776.5	1,851.9	1,931.8
1. Short-term prepayments	644.4	613.0	578.5	535.6	510.5	423.1	284.6	279.2	295.2	317.8	364.6	352.6
2. Value added tax to be reclaimed	1,061.0	1,228.9	1,288.8	1,273.2	1,129.0	1,084.4	1,092.8	1,162.4	1,196.5	1,193.4	1,207.8	1,298.7
3. Taxes and other receivables from state authorities	434.5	239.6	242.1	231.0	254.3	256.2	263.0	262.0	262.6	265.3	279.5	280.5
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	8.0	—	—	—	—	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)	46,109.8	42,549.6	36,276.3	35,242.9	31,682.0	30,349.6	37,040.9	41,850.7	47,420.0	49,799.0	49,891.9	59,085.6
I. Long-term receivables	14,924.3	26,546.1	21,902.4	20,591.5	16,587.6	15,910.0	22,432.1	27,015.3	31,920.0	33,857.7	34,712.8	43,938.3
1. Long-term trade receivables	—	—	—	—	—	0.0	86.1	86.1	86.1	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	—	2,879.4	180.9	192.8	176.2	176.2	176.2	176.2	176.2	0.7	0.0	98.0
6. Other long-term receivables	14,940.8	23,683.3	21,738.0	20,415.3	16,427.9	15,733.8	22,169.8	26,753.0	31,657.9	33,857.1	34,712.9	43,840.4
7. Provision for long-term doubtful debts	-16.5	-16.5	-16.5	-16.5	-16.5	0.0	0.0	0.0	-0.1	-0.1	-0.1	-0.1
II. Fixed assets	1,874.7	1,900.5	1,922.8	1,949.6	1,908.5	1,937.7	1,641.2	1,682.1	2,369.4	2,384.8	3,829.3	3,860.8
1. Tangible fixed assets	1,814.1	1,839.5	1,862.0	1,888.5	1,847.0	1,875.7	1,578.5	1,618.5	2,303.8	2,314.9	3,758.6	3,786.0
- Cost	2,365.0	—	—	—	—	2,286.2	1,952.9	1,973.8	2,680.0	2,666.8	4,161.4	4,161.5
- Accumulated depreciation	-550.9	—	—	—	—	-410.4	-374.4	-355.3	-376.2	-351.9	-402.7	-375.5
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	60.6	61.0	60.7	61.1	61.5	62.0	62.7	63.6	65.6	69.8	70.7	74.7
- Cost	171.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-110.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	5,096.4	5,151.2	5,469.2	5,525.5	5,679.8	5,737.2	5,730.5	5,784.5	5,504.3	5,542.9	3,094.9	3,090.2
- Cost	6,080.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-984.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	844.0	424.6	418.7	414.4	545.4	544.0	551.1	526.3	527.3	538.1	569.8	569.2
1. Long-term production in progress	56.2	67.9	67.9	67.9	182.0	182.0	182.0	182.0	182.0	182.0	182.0	182.0
2. Construction in progress	787.9	356.7	350.8	346.6	363.4	362.0	369.2	344.3	345.3	356.1	387.8	387.2
V. Long-term financial investments	20,321.1	5,292.8	3,115.3	3,117.3	3,116.2	1,713.7	1,725.6	1,727.5	1,729.1	1,884.2	1,885.6	1,619.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	5,002.3	4,996.6	2,817.3	2,819.3	2,818.1	1,411.4	1,420.7	1,419.6	1,424.1	1,579.3	1,580.7	1,586.1
3. Investments in other entities	11,053.2	301.4	302.3	302.3	302.3	302.3	304.9	304.9	304.9	304.9	304.9	33.8
4. Provision for diminution in value of long-term investments	-5.3	-5.3	-4.3	-4.3	-4.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	4,270.9	—	—	—	—	0.0	0.0	3.0	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	3,049.3	3,234.3	3,447.8	3,644.5	3,844.5	4,507.0	4,960.4	5,114.9	1,885.0	1,894.6	1,890.9	1,886.6
1. Long-term prepayments	1,422.7	1,438.5	1,436.9	1,474.5	1,484.8	1,515.0	1,754.8	1,702.0	1,706.2	1,710.8	1,733.6	1,730.0
2. Deferred income tax assets	151.8	156.5	199.8	183.2	142.1	142.7	144.5	140.0	178.8	183.9	157.3	156.6
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	1,474.8	1,639.3	1,811.1	1,986.8	2,217.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2,849.2	3,061.1	3,273.0	3,484.9	3,696.8	3,908.7	4,120.5
TOTAL ASSETS (280=100+200)	253,145.0	249,792.3	239,574.8	238,619.0	234,806.5	238,181.0	232,029.1	240,179.0	236,480.2	241,376.3	249,321.5	257,245.6
A. LIABILITIES (300=210+330)	193,308.6	190,942.1	188,760.6	186,651.4	185,951.5	190,473.3	191,405.7	194,531.7	191,778.2	195,874.5	205,462.1	213,039.0
I. Short -term liabilities	101,342.6	95,908.0	114,084.2	103,476.3	100,873.3	105,345.9	106,077.9	90,030.9	92,659.0	90,526.0	88,101.0	73,493.9
1. Short-term trade accounts payable	7,491.3	8,070.1	7,930.7	8,012.6	8,428.8	8,509.0	9,006.5	9,085.4	9,713.6	9,845.8	10,230.1	10,369.5
2. Short-term advances from customers	22,043.4	20,353.0	18,789.1	18,436.5	18,273.0	18,915.2	20,181.4	19,632.9	19,530.6	19,195.0	17,778.0	17,155.0
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2,298.1	2,138.4	7,585.5	7,658.4	7,941.6	7,911.9	7,804.6	1,277.7	978.4	1,069.3	846.5	908.2
4. Payable to employees	12.3	31.7	12.4	26.5	13.2	7.7	7.5	14.7	26.5	8.6	4.4	8.7
5. Short-term acrrued expenses	19,141.6	18,071.7	17,356.5	16,271.8	14,501.4	13,952.2	12,003.1	12,508.3	11,252.4	10,451.6	10,060.7	10,217.8
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	1.6	1.7	0.3	0.3	0.3	0.3	1.4	1.3	1.2	1.4	6.6	11.0
9. Other short-term payables	18,042.3	15,683.4	30,459.0	20,732.8	19,535.0	19,087.2	19,374.3	16,981.6	16,106.5	23,001.5	19,053.5	10,536.9
10. Short-term borrowings and financial leases	32,284.5	31,518.0	31,934.4	32,321.0	32,163.6	36,946.0	37,673.6	30,499.0	35,018.7	26,932.5	30,108.2	24,281.6
11. Provision for short-term liabilities	22.5	35.1	11.4	11.5	11.6	11.6	20.8	25.1	26.2	15.6	8.0	0.5
12.. Bonus and welfare fund	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8
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	91,965.9	95,034.1	74,676.4	83,175.1	85,078.2	85,127.4	85,327.8	104,500.8	99,119.2	105,348.5	117,361.1	139,545.0
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	648.6	606.3	937.7	968.7	1,119.4	1,636.6	2,455.4	1,941.8	1,523.2	793.3	549.9	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	222.0	223.4	72.8	73.1	73.6	74.0	74.5	76.9	77.4	77.6	78.2	13.0
7. Other long-term liabilities	37,986.3	42,367.7	25,683.9	37,236.4	41,660.7	43,938.2	45,943.8	59,323.9	60,094.0	59,776.0	74,229.8	88,828.3
8. Long-term borrowings and financial leases	36,686.6	35,672.7	32,349.3	29,510.0	27,093.7	24,586.4	22,163.2	28,716.3	23,214.5	30,772.3	28,836.1	37,297.4
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	16,093.0	15,854.3	15,302.7	15,066.3	14,847.6	14,613.8	14,438.7	14,190.5	13,956.0	13,664.3	13,422.3	13,164.0
12. Provision for long-term liabilities	329.4	309.7	330.0	320.5	283.3	278.3	252.2	251.4	254.1	265.0	245.0	242.3
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)	59,836.5	58,850.3	50,814.2	51,967.7	48,855.0	47,707.7	40,623.4	45,647.3	44,702.0	45,501.8	43,859.4	44,206.6
I. Owner's equity	59,836.5	58,850.3	50,814.2	51,967.7	48,855.0	47,707.7	40,623.4	45,647.3	44,702.0	45,501.8	43,859.4	44,206.6
1. Owner's capital	22,320.2	22,320.2	19,501.0	19,501.0	19,501.0	19,501.0	19,501.0	19,501.0	19,501.0	19,501.0	19,501.0	19,501.0
- Common stock with voting right	22,320,185,490,000.00	22,320,185,490,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00	19,501,045,380,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6,102.5	6,043.4	5,051.6	5,051.6	5,051.6	5,051.6	5,051.6	5,051.6	5,051.6	5,051.6	5,051.6	5,051.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	24.8	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	17,876.9	16,932.1	13,687.1	14,525.2	13,279.2	13,324.3	9,361.6	13,868.6	12,927.2	13,693.6	12,047.1	12,358.7
- Accumulated retained earning at the end of the previous period	16,975.6	13,281.1	13,281.1	13,281.1	13,281.1	13,494.2	13,494.2	13,494.2	13,494.2	12,888.8	12,888.8	12,888.8
- Undistributed earnings in this period	901.3	3,651.0	405.9	1,244.1	-1.9	-169.9	-4,132.6	374.4	-567.0	804.8	-841.6	-530.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	13,512.1	13,554.6	12,574.5	12,889.8	11,023.1	9,830.8	6,709.2	7,226.1	7,222.2	7,255.5	7,259.6	7,295.2
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)	253,145.0	249,792.3	239,574.8	238,619.0	234,806.5	238,181.0	232,029.1	240,179.0	236,480.2	241,376.3	249,321.5	257,245.6

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	1,348.8	4,070.1	-782.2	-138.5	-122.3	573.9	3,578.0	-6,468.0	-213.8	1,891.2	484.4	-289.8
Depreciation of Fixed Assets and Investment Property	246.7	259.0	259.3	255.0	270.4	309.4	288.5	301.1	280.5	289.4	271.9	272.3
Provision (Increase)/Reversal	25.8	41.9	9.9	38.1	5.0	16.9	-3.4	300.0	-0.0	43.7	10.4	165.3
FX Gain/Loss from Revaluation of Monetary Items	-111.0	-103.5	127.5	479.8	160.8	664.1	-591.1	381.3	452.5	-27.5	548.3	94.9
Gain/Loss from Investment Activities	-513.4	-1,510.8	-205.0	-186.7	-159.2	-146.9	-1,076.5	671.2	-172.2	438.9	-1,346.7	-160.2
Interest Expense	34.9	43.7	31.6	33.1	40.0	66.3	83.0	74.0	77.2	-201.7	174.6	209.0
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	1,031.9	2,800.3	-558.8	480.9	194.8	1,483.8	2,278.4	-4,740.5	424.3	2,434.1	142.9	291.6
Increase/(Decrease) in Receivables	-697.2	169.4	2,501.5	-3,572.6	1,537.2	2,764.4	6,911.5	-3,809.9	5,572.0	6,241.6	5,801.2	-168.3
Increase/(Decrease) in Inventory	318.0	733.0	-509.5	224.5	-479.7	363.8	546.8	-2,564.7	-412.4	-448.3	-397.7	-621.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	169.9	-37.6	-2,151.2	-3,241.0	-939.9	-3,942.2	-11,407.7	10,142.8	-7,311.8	-7,744.9	-9,644.2	941.6
Increase/(Decrease) in Prepaid Expenses	-15.7	-191.8	-5.4	-14.7	-59.0	103.0	-7.5	-60.1	-38.5	135.2	-35.0	-152.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1,206.9	-534.1	-659.0	-376.8	-1,066.9	-458.2	-187.2	-464.9	-554.0	-739.3	-1,309.1	-533.9
Corporate Income Tax Paid	-36.6	-2.3	-244.3	-120.3	-22.1	-221.3	-38.6	-122.1	-187.0	-144.6	-238.5	-24.8
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	-436.5	2,937.0	-1,626.7	-6,620.1	-835.6	93.4	-1,904.3	-1,619.3	-2,507.5	-266.4	-5,680.5	-267.3
Payments for Fixed Assets and Other Long-term Assets	-3.2	-9.1	-9.7	-5.0	—	2.8	-5.7	0.0	-2.8	0.8	-10.9	0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	31.6	20.2	0.6	-1.9	2.6	3.0	0.7	4.1	0.0	53.5	6.4	26.3
Loans and Purchases of Debt Instruments	-4,794.0	-6,818.1	-2,247.2	-1,016.6	-1,635.4	-910.6	-952.9	-974.4	-88.7	-3,517.3	-95.7	-396.1
Receipts from Loan Repayments and Sale of Debt Instruments	2,450.4	899.7	1,178.1	188.5	1,250.7	426.0	444.6	311.8	1,747.0	570.1	848.7	454.6
Investments in Other Entities	-209.0	—	—	—	—	-3.7	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	202.1	1,405.4	75.2	5,107.5	6,088.3	39.3	1,861.7	642.3	350.3	4,946.1	3,219.3	0.0
Dividends and Interest Income Received	1,143.9	205.2	287.8	54.2	517.6	43.1	1,133.8	67.3	71.0	344.7	200.3	151.7
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	-1,178.3	-6,403.7	-850.7	2,698.5	4,822.3	-400.1	2,482.3	51.1	2,076.9	2,397.8	4,168.1	237.0
Proceeds from Equity Issuance and Capital Contributions	-329,200,000.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	-136,000,000.00	-274,000,000.00	-3,083,000.00	0.00	-15,000,000.00	0.00	0.00
Proceeds from Borrowings	3,899.0	7,752.1	4,246.7	2,632.5	6,816.9	3,052.8	1,360.8	940.0	702.1	3,215.7	1,146.2	456.5
Repayment of Borrowings	-2,163.2	-4,214.4	-2,237.5	-489.7	-9,277.8	-1,958.1	-263.8	-365.4	-545.3	-5,369.4	-234.7	-1,754.4
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	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	1,735.5	4,024.5	2,009.2	2,143.2	-2,509.9	1,094.6	1,096.7	574.6	156.7	-2,153.7	911.6	-1,297.9
Net Cash Flow During the Period	120.7	557.7	-468.2	-1,778.4	1,476.7	787.9	1,674.6	-993.6	-273.9	-22.3	-600.8	-1,328.2
Cash and Cash Equivalents at Beginning of Period	4,397.6	3,837.8	4,306.0	6,084.3	4,607.6	3,412.5	3,412.5	3,412.5	3,412.5	8,600.2	8,600.2	8,600.2
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4,518.3	4,395.5	3,837.8	4,306.0	6,084.3	4,607.6	3,819.7	2,145.1	3,138.7	3,412.5	3,434.8	4,035.6

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