OIL

Tổng Công ty Dầu Việt Nam - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Cash generation is recovering CFO/NPAT 5598 bn, +7786 bn YoY

Price

14,800

Latest close

03 Jun 2026

P/E 16.70x

P/B 1.26x

EPS 886

BVPS 11,772

ROE 7.7%

ROA 1.9%

Profit Margin 0.6%

Asset Turnover 3.51x

Equity Mult. 4.00x

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

What Is Changing

On a TTM 2026Q1 basis, OIL is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 166,077bn
	                                
+30.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,027bn
	                                
+314.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	150,556.6	124,459.6	102,662.9	104,213.8	57,836.0
Growth	+21%	+21%	-1%	+80%	—
Net Income	503.4	474.4	621.3	723.2	775.5
Net Margin	0.33%	0.38%	0.61%	0.69%	1.34%

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	44,863.9	48,482.3	32,776.1	39,954.4	32,788.6	29,075.5	31,077.2	34,755.2	29,624.3	35,793.9	24,012.4	22,321.4
Growth	-7%	+48%	-18%	+22%	+13%	-6%	-11%	+17%	-17%	+49%	+8%	—
Net Income	571.9	115.8	138.9	200.8	26.0	91.1	37.1	94.0	244.2	-36.5	234.7	189.5
Net Margin	1.27%	0.24%	0.42%	0.50%	0.08%	0.31%	0.12%	0.27%	0.82%	-0.10%	0.98%	0.85%

Drivers of OIL's profit

TTM

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

Gross profit ↑ 1,925.3bn

Financial income ↑ 223.0bn

Selling expenses ↑ 672.9bn

Administrative expenses ↑ 297.4bn

Associates income ↓ 186.4bn

Tax ↑ 182.0bn

TTM

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

Gross profit ↑ 1,341.5bn

Selling expenses ↑ 471.4bn

Administrative expenses ↑ 213.6bn

Tax ↑ 117.0bn

Finance costs ↑ 64.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.1% = 0.2% × 3.32 × 3.32

2026Q1 8.7% = 0.6% × 3.51 × 4.00

ROE rose from 2.1% to 8.7% — all three components improved, with leverage contributing the most.

Net margin: 0.6% +0.4pp Asset turnover: 3.51x +0.19x Leverage: 4.00x +0.68x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.62%, rising 0.4pp. The main driver is Gross margin rose 0.5pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 0.62% +0.4pp

Gross Margin 3.45% +0.5pp

SG&A / Revenue 2.80% −0.1pp

Non-core / Revenue 0.24% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (30.7% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to -6.7 days.

Is capital being deployed efficiently?

ROIC expanded to 6.10%, rising 4.6pp. That translates to 6.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 2.44x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 6.10% +4.6pp

NOPAT Margin 0.58% +0.4pp

Capital Turnover 10.58x +2.44x

Average Invested Capital 15,698.6bn +9.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 2.95x equity, net debt at 0.16x equity.

Over the last 12 months, working capital released 7,064.2bn 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: +2,242.7bn

Inventories increased → lower CFO: −7,792.9bn

Payables increased → higher CFO: +12,614.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.3 days versus the same period last year. The main moves came from DIO rose 4.0 days, DSO fell 5.6 days, and DPO rose 5.8 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +4.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 20.4 days −5.6 days

Inventory 16.6 days +4.0 days

Payables 43.7 days +5.8 days

Cash Conversion Cycle -6.7 days −7.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.16x and interest coverage at 2.31x.

At present, short-term debt accounts for 98.8% of total debt, cash equals 81.0% of debt, and total debt stands at 10,472.2bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.8% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.16x −0.34x

Interest Coverage 2.31x +1.41x

Cash / Debt 81.0% +48.4pp

Short-term Debt / Total Debt 98.8% +0.1pp

CFO / NI 6.78x +15.70x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 910.1bn in 2025, against investing cash flow of -2,625.4bn.

Post-investment cash flow was negative +1,715.4bn. Financing cash flow was positive +3,042.9bn.

CFO / net income was 6.78x.

After spending +612.5bn on fixed-asset investment, the business generated trailing free cash flow of +5,598.4bn.

Cash Conversion

CFO TTM 6,210.9bn +7,966.9bn

Cash Capex 612.5bn +181.0bn

FCF TTM +5,598.4bn +7,786.0bn

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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is 23.9%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 7,786.0bn versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.78x. Even so, net financial result still accounts for 23.9% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	150,560.5	124,468.6	102,672.1	104,220.7	57,848.4
Revenue Deductions	4.0	8.9	9.2	6.9	0.0
Net Revenue	150,556.6	124,459.6	102,662.9	104,213.8	57,836.0
Cost of Goods Sold	146,163.1	120,320.3	98,809.4	100,146.9	0.0
Gross Profit	4,393.5	4,139.3	3,853.5	4,066.9	3,186.2
Financial Income	785.1	674.3	864.6	567.1	415.1
Financial Expenses	450.2	357.1	403.2	330.1	-199.2
Interest Expense	339.1	188.0	261.2	179.7	-144.7
Share of Associates and Joint Ventures	-176.5	14.2	10.5	3.0	69.0
Selling Expenses	2,885.6	2,774.3	2,482.6	2,370.2	-1,832.7
General and Administrative Expenses	1,087.6	1,077.5	1,144.5	1,041.6	-733.9
Operating Profit	578.7	618.9	698.3	895.2	904.4
Other Income	298.2	58.7	111.6	52.5	0.0
Other Expenses	222.9	44.5	12.0	35.5	0.0
Other Profit	75.3	14.2	99.6	17.0	28.5
Profit Before Tax	654.0	633.1	797.9	912.2	932.8
Current Income Tax Expense	162.5	146.9	176.9	162.5	-157.3
Deferred Income Tax Expense	-11.9	11.8	-0.4	26.6	0.0
Net Income	503.4	474.4	621.3	723.2	775.5
Non-controlling Interest	68.7	63.4	58.7	72.0	169.5
Profit Attributable to Parent	434.7	411.0	562.6	651.2	606.1
Earnings per Share	343.00	316.00	419.00	493.00	586.00
Diluted EPS	420.34	397.43	544.01	629.64	586.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	38,938.0	35,543.1	32,976.5	23,233.1	21,264.0
I. Cash and cash equivalents	5,500.1	4,123.7	5,377.0	4,081.9	3,064.7
1. Cash	4,152.4	2,757.9	4,278.6	2,638.1	0.0
2. Cash equivalents	1,347.7	1,365.7	1,098.4	1,443.7	0.0
II. Short-term financial investments	13,468.4	10,853.0	9,892.6	7,666.5	0.0
1. Available for sale securities	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
3. Held to maturity investments	13,468.4	10,853.0	9,892.6	7,666.5	0.0
III. Short-term receivables	16,709.2	16,488.2	13,109.8	8,090.9	7,422.7
1. Short-term trade accounts receivable	11,624.8	10,257.7	9,223.9	4,575.9	0.0
2. Short-term prepayments to suppliers	288.0	210.2	156.3	132.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	5,647.4	6,852.0	4,551.3	4,201.1	0.0
7. Provision for short-term doubtful debts (*)	-857.5	-838.1	-828.1	-823.1	0.0
8. Assets awaiting resolution	6.4	6.4	6.4	4.2	0.0
IV. Inventories	2,777.8	3,540.2	4,171.2	2,941.5	2,577.8
1. Inventories	2,792.9	3,540.4	4,189.6	2,961.5	0.0
2. Provision for decline in value of inventories	-15.0	-0.2	-18.5	-20.1	0.0
V. Other short-term assets	482.5	538.1	426.0	452.3	267.0
1. Short-term prepayments	67.5	48.2	41.6	39.9	0.0
2. Value added tax to be reclaimed	59.2	194.3	155.8	207.5	0.0
3. Taxes and other receivables from state authorities	355.8	295.5	228.6	204.9	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6,672.2	6,191.4	5,862.6	5,577.1	5,642.4
I. Long-term receivables	50.3	32.0	37.1	22.6	0.0
1. Long-term trade receivables	19.7	20.4	20.4	19.7	24.4
2. Long-term prepayments to suppliers	—	0.0	0.1	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	50.3	31.6	36.7	22.8	0.0
7. Provision for long-term doubtful debts	-19.7	-20.1	-20.1	-19.9	0.0
II. Fixed assets	3,701.4	3,529.4	3,432.8	3,651.5	3,766.0
1. Tangible fixed assets	2,209.2	2,058.0	1,970.4	2,017.9	2,152.2
- Cost	7,483.3	7,069.0	6,740.1	6,553.7	0.0
- Accumulated depreciation	-5,274.1	-5,010.9	-4,769.7	-4,535.8	0.0
2. Financial leased fixed assets	4.9	6.6	7.1	4.3	2.3
- Cost	7.3	8.6	8.5	4.9	0.0
- Accumulated depreciation	-2.4	-2.0	-1.4	-0.6	0.0
3. Intangible fixed assets	1,487.3	1,464.8	1,455.3	1,629.3	1,611.5
- Cost	1,890.5	1,832.4	1,783.5	1,924.4	0.0
- Accumulated depreciation	-403.2	-367.6	-328.2	-295.1	0.0
III. Investment properties	94.6	98.1	101.5	104.9	108.5
- Cost	139.2	139.2	139.2	139.3	0.0
- Accumulated depreciation	-44.5	-41.1	-37.7	-34.4	0.0
IV. Long-term assets in progress	241.4	208.5	187.0	117.0	109.7
1. Long-term production in progress	—	0.0	0.0	0.6	0.0
2. Construction in progress	241.4	208.5	187.0	116.4	0.0
V. Long-term financial investments	510.4	707.5	709.6	762.8	802.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	445.0	640.9	642.6	689.7	0.0
3. Investments in other entities	108.9	108.9	108.9	108.9	0.0
4. Provision for diminution in value of long-term investments	-43.4	-42.2	-41.9	-35.8	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	2,074.0	1,615.9	1,394.7	918.4	0.0
1. Long-term prepayments	2,074.0	1,615.8	1,394.0	917.0	0.0
2. Deferred income tax assets	—	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
4. Other long-term assets	—	0.0	0.0	0.0	831.6
5. Goodwill	—	0.0	0.7	1.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	45,610.2	41,734.5	38,839.2	28,810.2	26,906.3
A. LIABILITIES (300=210+330)	34,055.1	30,286.1	27,446.1	17,483.0	15,720.5
I. Short -term liabilities	33,687.2	29,952.5	27,144.4	17,214.9	15,448.3
1. Short-term trade accounts payable	16,688.2	13,532.4	13,630.7	9,264.3	6,040.0
2. Short-term advances from customers	114.1	74.7	51.3	71.6	76.4
3. Taxes and other payables to state authorities	1,111.4	831.2	747.8	355.8	0.0
4. Payable to employees	357.8	307.7	319.8	266.8	0.0
5. Short-term acrrued expenses	120.2	94.9	196.3	216.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	8.2	13.4	10.9	9.9	5.0
9. Other short-term payables	4,493.2	7,624.5	5,153.5	4,588.0	0.0
10. Short-term borrowings and financial leases	10,734.7	7,423.4	6,966.7	2,701.3	4,632.4
11. Provision for short-term liabilities	—	0.0	0.0	66.1	0.0
12.. Bonus and welfare fund	197.8	188.6	211.8	188.2	0.0
13. Price stabilization fund	-138.4	-138.4	-144.3	-513.4	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	367.9	333.6	301.8	268.1	272.1
1. Long-term trade payables	—	0.6	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	11.4	7.7	17.0	20.0	23.7
7. Other long-term liabilities	29.4	24.7	25.3	25.6	0.0
8. Long-term borrowings and financial leases	144.8	110.6	87.8	62.7	105.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	172.6	182.8	170.3	156.9	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	9.7	7.1	1.4	2.9	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	11,555.1	11,448.4	11,393.1	11,327.2	11,185.9
I. Owner's equity	11,555.1	11,448.4	11,393.1	11,327.2	0.0
1. Owner's capital	10,342.3	10,342.3	10,342.3	10,342.3	11,185.9
- Common stock with voting right	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	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	46.3	23.6	23.6	23.6	12.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-164.0	-164.0	-164.0	-164.0	0.0
7. Foreign exchange differences	-90.9	-112.6	-90.5	-55.3	0.0
8. Investment and development fund	232.1	248.2	237.9	228.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	26.3	25.9	20.5	20.5	0.0
11. Undistributed earnings after tax	129.4	69.6	-6.2	-185.5	-408.2
- Accumulated retained earning at the end of the previous period	-225.4	-257.0	-463.4	-717.9	-914.6
- Undistributed earnings in this period	354.9	326.6	457.2	532.4	506.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,033.5	1,015.4	1,029.4	1,116.9	1,188.2
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)	45,610.2	41,734.5	38,839.2	28,810.2	26,906.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	654.0	633.1	797.9	912.2	932.8
Depreciation of Fixed Assets and Investment Property	330.6	307.1	303.6	336.2	343.5
Provision (Increase)/Reversal	35.0	-8.0	-56.5	64.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-17.0	46.4	45.4	5.6	0.0
Gain/Loss from Investment Activities	-452.4	-563.1	-718.2	-434.8	0.0
Interest Expense	339.1	188.0	261.2	179.7	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	8.0	5.9	369.1	263.3	0.0
Operating Profit Before Changes in Working Capital	897.4	609.5	1,002.4	1,327.1	-263.1
Increase/(Decrease) in Receivables	-110.1	-3,696.6	-4,905.7	-471.6	0.0
Increase/(Decrease) in Inventory	747.5	649.2	-1,228.1	-382.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	412.1	2,248.8	5,506.9	2,444.5	0.0
Increase/(Decrease) in Prepaid Expenses	-477.4	-228.5	-478.7	-74.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-322.6	-186.7	-263.3	-181.3	0.0
Corporate Income Tax Paid	-125.3	-104.2	-150.4	-189.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-111.6	-107.6	-120.7	-64.0	0.0
Net Cash Flow from Operating Activities	910.1	-816.0	-637.5	2,408.1	726.2
Payments for Fixed Assets and Other Long-term Assets	-564.4	-399.2	-419.0	-399.8	-198.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	26.8	4.1	12.8	5.7	8.7
Loans and Purchases of Debt Instruments	-14,022.8	-12,412.7	-10,404.5	-7,681.6	-9,261.4
Receipts from Loan Repayments and Sale of Debt Instruments	11,406.0	11,449.3	8,178.4	7,940.7	7,254.3
Investments in Other Entities	—	0.0	0.0	-23.5	0.0
Proceeds from Investments in Other Entities	—	0.0	33.1	13.3	0.0
Dividends and Interest Income Received	528.9	751.1	553.2	414.1	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	-2,625.4	-607.4	-2,045.8	269.0	-1,811.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4,232.2	32,805.0	27,751.8	20,855.2	22,375.0
Repayment of Borrowings	-885.3	-32,325.3	-23,462.9	-22,741.0	-21,731.2
Repayment of Finance Leases	-1.3	-1.4	-2.0	-0.7	-0.5
Dividends Paid	-302.6	-229.7	-221.2	384.1	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	3,042.9	248.6	4,065.7	-1,502.4	643.2
Net Cash Flow During the Period	1,327.6	-1,174.8	1,382.3	1,174.7	202.3
Cash and Cash Equivalents at Beginning of Period	4,123.7	5,377.0	4,081.9	2,990.9	3,533.6
FX Difference from Revaluation	48.9	-78.6	-87.2	-83.7	-26.5
Cash and Cash Equivalents at End of Period	5,500.1	4,123.7	5,377.0	4,081.9	3,064.7

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	44,865.4	48,482.9	32,776.5	39,954.8	32,790.5	29,078.6	31,079.3	34,757.5	29,625.8	35,797.9	24,015.0	22,322.9
Revenue Deductions	1.5	0.6	0.4	0.4	1.9	3.1	2.1	2.3	1.4	4.0	2.6	1.5
Net Revenue	44,863.9	48,482.3	32,776.1	39,954.4	32,788.6	29,075.5	31,077.2	34,755.2	29,624.3	35,793.9	24,012.4	22,321.4
Cost of Goods Sold	42,691.1	47,078.9	31,776.1	38,800.2	31,957.4	28,014.1	30,244.9	33,675.1	28,446.9	35,156.4	22,864.8	21,223.9
Gross Profit	2,172.8	1,403.3	1,000.0	1,154.2	831.3	1,061.4	832.3	1,080.1	1,177.5	637.5	1,147.5	1,097.5
Financial Income	211.5	185.1	207.2	229.5	171.2	134.3	135.5	169.3	206.9	199.5	246.5	241.5
Financial Expenses	166.2	114.8	138.9	102.9	101.6	75.7	66.4	145.5	51.5	99.0	93.0	102.8
Interest Expense	140.9	111.0	88.6	73.0	66.5	54.8	50.4	44.7	38.0	54.8	72.7	0.0
Share of Associates and Joint Ventures	3.4	-180.4	3.4	-1.3	-0.5	7.3	-0.8	5.5	4.5	6.8	1.4	1.5
Selling Expenses	1,101.9	795.4	715.3	740.3	630.5	701.0	627.4	721.1	743.4	524.4	729.0	659.8
General and Administrative Expenses	445.7	322.5	239.4	295.4	232.2	283.3	228.7	261.5	301.5	275.8	268.4	324.8
Operating Profit	674.0	175.3	117.1	243.7	37.8	142.8	44.6	126.7	292.5	-55.3	305.1	253.1
Other Income	12.6	57.7	58.5	9.0	8.7	25.3	16.8	42.5	9.4	17.7	-0.2	7.4
Other Expenses	11.6	27.1	8.0	3.6	5.1	29.1	8.9	32.6	2.8	2.7	2.0	6.4
Other Profit	1.0	30.6	50.6	5.4	3.7	-3.8	7.9	9.9	6.6	15.0	-2.2	1.0
Profit Before Tax	675.0	205.9	167.7	249.2	41.4	139.0	52.5	136.6	299.1	-40.3	302.8	254.1
Current Income Tax Expense	121.5	80.8	26.8	48.0	4.5	49.5	1.4	39.7	58.1	-2.2	59.5	59.4
Deferred Income Tax Expense	-18.4	9.3	2.0	0.4	11.0	-1.6	14.0	3.0	-3.2	-1.6	8.6	5.2
Net Income	571.9	115.8	138.9	200.8	26.0	91.1	37.1	94.0	244.2	-36.5	234.7	189.5
Non-controlling Interest	55.8	22.1	13.7	20.2	-2.0	28.7	9.3	15.2	10.8	15.1	15.5	10.2
Profit Attributable to Parent	516.0	93.6	125.2	180.6	27.9	62.4	27.8	78.8	233.4	-51.6	219.3	179.3
Earnings per Share	499.00	91.00	121.00	175.00	27.00	60.00	27.00	76.00	226.00	-50.00	212.00	173.00
Diluted EPS	498.94	90.52	121.09	174.66	27.02	60.31	26.88	76.19	225.65	-49.89	212.02	173.33

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)	47,700.7	38,891.7	30,840.6	37,368.2	34,129.6	32,274.0	28,919.7	31,660.3	30,754.8	32,965.9	27,942.8	24,715.5
I. Cash and cash equivalents	8,486.2	5,501.1	3,492.6	3,276.2	2,782.2	4,123.3	2,708.6	3,710.2	4,634.3	5,380.9	2,907.2	2,131.1
1. Cash	6,855.4	4,152.4	2,500.1	2,214.5	2,468.2	2,757.6	1,920.6	3,068.8	3,027.1	4,278.4	1,700.4	1,828.6
2. Cash equivalents	1,630.8	1,348.7	992.5	1,061.8	314.0	1,365.7	787.9	641.4	1,607.2	1,102.4	1,206.8	302.5
II. Short-term financial investments	14,177.1	13,466.3	12,315.3	12,013.4	11,656.0	10,853.0	9,963.6	10,146.2	10,242.2	9,888.6	9,908.3	9,372.8
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
3. Held to maturity investments	14,177.1	13,466.3	12,315.3	12,013.4	11,656.0	10,853.0	9,963.6	10,146.2	10,242.2	9,888.6	9,908.3	9,372.8
III. Short-term receivables	13,267.6	16,669.7	10,541.5	16,293.4	15,857.6	13,218.2	12,320.5	12,399.0	10,366.5	13,094.5	8,983.5	9,106.3
1. Short-term trade accounts receivable	6,642.1	11,577.7	5,904.7	11,647.1	11,854.8	8,251.0	8,473.2	7,904.9	6,272.9	9,175.3	3,705.2	4,402.9
2. Short-term prepayments to suppliers	327.9	271.3	261.5	262.7	216.2	204.6	177.2	142.1	145.3	157.3	155.8	142.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	7,148.3	5,669.2	5,207.3	5,217.4	4,618.5	5,594.4	4,497.6	5,179.4	4,778.6	4,582.6	5,939.4	5,385.2
7. Provision for short-term doubtful debts (*)	-857.0	-854.7	-846.7	-848.4	-838.4	-838.2	-831.4	-831.3	-834.3	-824.6	-821.1	-828.1
8. Assets awaiting resolution	6.4	6.4	14.7	14.7	6.4	6.4	3.9	3.9	3.9	3.9	4.1	4.1
IV. Inventories	11,191.3	2,786.0	4,012.3	5,309.9	3,396.5	3,545.4	3,433.5	4,872.0	5,135.6	4,170.3	5,802.0	3,752.7
1. Inventories	11,191.5	2,797.3	4,013.7	5,310.8	3,398.6	3,546.1	3,437.7	4,873.1	5,144.8	4,188.6	5,894.5	3,759.6
2. Provision for decline in value of inventories	-0.2	-11.3	-1.4	-0.8	-2.1	-0.7	-4.2	-1.1	-9.2	-18.2	-92.5	-6.9
V. Other short-term assets	578.5	468.6	478.9	475.3	437.3	534.1	493.6	532.9	376.2	431.6	341.8	352.6
1. Short-term prepayments	85.8	57.1	61.9	49.6	56.8	44.4	57.7	51.3	60.0	46.5	50.4	44.1
2. Value added tax to be reclaimed	116.8	59.3	83.3	103.2	74.2	194.2	152.9	230.2	90.6	155.8	112.7	131.3
3. Taxes and other receivables from state authorities	375.9	352.3	333.6	322.4	306.3	295.5	283.0	251.3	225.6	229.3	178.7	177.2
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)	6,678.0	6,632.7	6,478.3	6,298.0	6,178.7	6,194.5	5,986.3	5,933.2	5,905.3	5,845.3	5,644.2	5,624.9
I. Long-term receivables	50.9	32.1	32.7	31.2	34.7	35.5	37.1	37.8	38.1	37.6	39.8	37.4
1. Long-term trade receivables	19.7	19.7	20.4	20.4	20.4	20.4	20.4	20.4	20.5	20.6	19.7	19.7
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	50.9	32.1	32.0	30.9	34.3	35.2	36.6	37.3	37.5	37.1	40.0	37.7
7. Provision for long-term doubtful debts	-19.7	-19.7	-19.7	-20.1	-20.1	-20.1	-19.9	-19.9	-19.9	-20.1	-19.9	-19.9
II. Fixed assets	3,685.3	3,655.6	3,589.0	3,503.9	3,501.6	3,533.7	3,499.0	3,520.0	3,468.9	3,575.1	3,564.9	3,563.8
1. Tangible fixed assets	2,163.5	2,203.8	2,141.5	2,024.2	2,040.5	2,063.1	2,044.9	2,048.6	1,994.0	1,974.9	1,977.4	1,999.7
- Cost	7,525.6	—	—	—	—	7,073.7	6,990.3	6,933.2	6,830.7	6,744.3	6,689.3	6,656.0
- Accumulated depreciation	-5,362.1	—	—	—	—	-5,010.7	-4,945.4	-4,884.5	-4,836.6	-4,769.4	-4,711.8	-4,656.3
2. Financial leased fixed assets	4.7	4.9	5.7	6.0	6.3	6.6	5.5	5.8	6.0	7.1	7.4	7.4
- Cost	7.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,517.1	1,446.9	1,441.9	1,473.7	1,454.8	1,464.0	1,448.5	1,465.6	1,468.9	1,593.1	1,580.1	1,556.7
- Cost	1,930.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-413.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	93.8	94.6	95.5	96.4	97.2	98.1	98.9	99.8	100.6	101.5	102.3	103.2
- Cost	139.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-45.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	236.2	223.6	182.7	257.2	172.9	203.5	169.5	142.5	179.5	173.2	129.4	112.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	0.6
2. Construction in progress	236.2	223.6	182.7	257.2	172.9	203.5	169.5	142.5	179.5	173.2	128.8	112.0
V. Long-term financial investments	504.5	508.0	686.3	686.6	704.2	709.7	705.7	711.1	715.2	712.5	709.4	738.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	440.4	441.4	621.1	620.8	638.3	643.0	635.8	639.6	646.0	645.5	640.4	669.2
3. Investments in other entities	108.9	110.0	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9	108.9
4. Provision for diminution in value of long-term investments	-44.9	-43.4	-43.7	-43.0	-43.1	-42.2	-39.0	-37.4	-39.8	-41.9	-39.9	-39.9
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	2,107.4	2,118.8	1,892.0	1,722.7	1,668.1	1,614.0	1,476.1	1,422.0	1,402.5	1,244.7	1,097.4	1,068.7
1. Long-term prepayments	2,107.4	2,118.8	1,892.0	1,722.7	1,668.1	1,614.0	1,475.9	1,421.7	1,402.5	1,244.7	1,097.4	1,068.7
2. Deferred income tax assets	—	—	—	—	—	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	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0	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	0.2	0.3	0.5	0.7	0.8	1.0
TOTAL ASSETS (280=100+200)	54,378.7	45,524.5	37,318.9	43,666.3	40,308.3	38,468.4	34,905.9	37,593.5	36,660.1	38,811.1	33,587.0	30,340.4
A. LIABILITIES (300=210+330)	42,203.3	33,992.9	25,712.9	32,030.6	28,806.5	26,977.9	23,411.1	25,868.4	24,988.5	27,414.0	21,935.5	18,659.9
I. Short -term liabilities	41,869.0	33,591.0	25,337.6	31,657.1	28,442.2	26,628.7	23,079.6	25,564.1	24,687.2	27,112.1	21,661.8	18,403.6
1. Short-term trade accounts payable	23,661.9	16,671.6	10,124.0	17,728.3	14,754.9	11,519.4	10,875.9	11,714.7	11,018.0	13,605.3	6,776.1	6,639.3
2. Short-term advances from customers	88.4	42.4	103.8	95.1	47.4	78.5	72.5	42.6	32.7	51.9	44.6	65.9
3. Dividends and profits payable	1.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	833.2	1,112.4	764.9	804.9	777.7	830.9	707.5	747.0	827.7	745.0	825.5	687.0
4. Payable to employees	487.9	356.7	373.4	269.5	191.6	307.5	338.2	334.5	251.6	318.8	426.3	286.1
5. Short-term acrrued expenses	279.4	106.5	98.7	117.8	92.7	98.7	136.3	161.3	190.0	189.1	904.9	274.3
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	8.0	8.0	6.8	6.6	5.9	8.9	6.3	8.1	7.0	6.0	4.3	4.0
9. Other short-term payables	7,426.8	4,498.8	4,486.0	4,153.8	4,148.4	6,319.3	4,431.4	5,149.6	5,279.5	5,162.5	4,598.1	4,645.6
10. Short-term borrowings and financial leases	10,345.1	10,734.7	9,361.6	8,444.4	8,401.0	7,415.3	6,498.5	7,341.7	7,018.8	6,966.7	8,060.9	5,677.5
11. Provision for short-term liabilities	—	—	—	—	—	0.1	0.1	0.1	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	174.4	198.3	156.9	175.1	161.0	188.6	151.4	202.9	206.2	211.3	122.2	146.2
13. Price stabilization fund	-1,437.7	-138.4	-138.4	-138.4	-138.4	-138.4	-138.4	-138.4	-144.3	-144.3	-101.1	-22.4
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	334.3	401.9	375.3	373.4	364.3	349.1	331.5	304.3	301.3	301.9	273.7	256.3
1. Long-term trade payables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	10.6	14.8	12.2	13.2	13.0	15.3	15.0	15.8	17.7	20.5	21.5	23.4
7. Other long-term liabilities	27.9	29.2	27.4	25.9	25.6	25.1	19.0	19.4	20.6	20.2	20.3	18.9
8. Long-term borrowings and financial leases	127.1	144.8	127.5	123.5	115.3	118.8	105.6	89.6	86.2	87.8	56.4	59.4
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	152.8	203.4	193.9	196.4	195.9	182.8	184.5	171.9	169.1	172.0	173.6	152.6
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	16.0	9.7	14.3	14.5	14.5	7.1	7.4	7.5	7.6	1.4	1.8	2.0
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)	12,175.4	11,531.5	11,606.0	11,635.7	11,501.7	11,490.6	11,494.8	11,725.0	11,671.6	11,397.1	11,651.5	11,680.4
I. Owner's equity	12,175.4	11,531.5	11,606.0	11,635.7	11,501.7	11,490.6	11,494.8	11,725.0	11,671.6	11,397.1	11,651.5	11,680.4
1. Owner's capital	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3	10,342.3
- Common stock with voting right	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00	10,342,295,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	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	46.3	46.3	46.3	46.3	46.3	23.6	23.6	23.6	23.6	23.6	23.6	23.6
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-164.0	-164.0	-164.0	-164.0	-164.0	-164.0	-164.0	-164.0	-164.0	-164.0	-164.0	-164.0
7. Foreign exchange differences	-62.1	-90.6	-53.8	-96.7	-102.9	-90.0	-89.9	-67.5	-65.5	-91.1	-54.2	-54.8
8. Investment and development fund	232.2	232.2	247.6	247.6	238.0	248.2	248.2	248.2	238.1	234.2	234.2	228.9
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	26.3	25.9	25.9	25.9	53.2	23.5	23.5	23.5	23.5	20.5	20.5	20.5
11. Undistributed earnings after tax	635.8	97.2	75.6	216.4	75.7	69.1	85.3	268.7	214.3	3.7	156.9	199.2
- Accumulated retained earning at the end of the previous period	119.7	-248.0	-256.5	7.8	47.8	-255.3	-261.2	-43.5	-19.0	-573.1	-471.4	-234.5
- Undistributed earnings in this period	516.0	345.2	332.1	208.6	27.9	324.4	346.5	312.2	233.4	576.7	628.3	433.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,118.5	1,042.2	1,086.1	1,017.9	1,013.1	1,037.8	1,025.8	1,050.2	1,059.2	1,027.8	1,092.1	1,084.7
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)	54,378.7	45,524.5	37,318.9	43,666.3	40,308.3	38,468.4	34,905.9	37,593.5	36,660.1	38,811.1	33,587.0	30,340.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	675.0	194.4	167.7	250.5	41.4	139.0	52.5	140.0	299.1	-39.1	302.8	249.2
Depreciation of Fixed Assets and Investment Property	111.3	89.1	80.4	80.1	81.1	80.4	75.6	63.1	88.2	75.9	70.2	78.5
Provision (Increase)/Reversal	-13.9	24.1	-0.8	8.7	3.1	6.6	3.6	-12.2	-5.4	-64.8	76.7	6.9
FX Gain/Loss from Revaluation of Monetary Items	-22.1	41.1	-67.3	13.1	-3.9	3.7	61.1	-10.6	-47.4	71.5	2.8	-35.6
Gain/Loss from Investment Activities	-197.3	-7.7	-158.2	-150.4	-136.1	-133.9	-121.4	-144.6	-162.4	-210.9	-173.0	-190.9
Interest Expense	140.9	111.0	88.6	73.0	66.5	54.8	50.4	44.7	38.0	54.8	72.7	68.6
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	-1,299.3	—	—	—	—	0.0	-5.9	11.8	0.0	-43.2	-78.7	323.7
Operating Profit Before Changes in Working Capital	-605.4	459.9	102.3	283.0	52.1	150.5	116.0	92.2	210.1	-155.7	273.6	500.4
Increase/(Decrease) in Receivables	3,050.6	-6,150.2	5,793.2	-450.9	697.8	-868.1	77.7	-2,316.9	2,695.6	-4,106.7	107.2	-589.6
Increase/(Decrease) in Inventory	-8,398.6	1,220.8	1,297.8	-1,912.9	141.8	-108.5	1,413.0	294.1	-955.2	1,704.8	-2,131.9	-478.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9,958.5	6,640.4	-7,940.5	3,956.1	-2,243.9	2,718.6	-1,781.1	458.9	-2,414.4	6,655.1	1,023.4	1,101.8
Increase/(Decrease) in Prepaid Expenses	-39.0	-178.2	-179.0	-48.4	-71.8	-123.1	-77.6	-8.6	-23.6	-286.9	-96.8	-73.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-144.1	-96.2	-87.3	-73.8	-65.2	-54.1	-49.9	-43.7	-39.0	-60.3	-70.8	-73.8
Corporate Income Tax Paid	-72.3	-15.7	-51.5	-8.4	-49.7	-9.1	-27.6	-39.6	-27.9	-69.0	-56.8	-12.8
Other Operating Receipts	—	—	—	—	—	0.0	-0.1	0.1	0.0	0.0	-0.6	0.6
Other Operating Payments	-25.1	-40.0	-12.8	-21.4	-37.4	-51.3	-50.1	108.5	-148.8	-20.1	-22.2	-21.5
Net Cash Flow from Operating Activities	3,724.5	1,840.8	-1,077.7	1,723.3	-1,576.4	1,655.0	-379.8	-1,454.9	-703.2	3,661.2	-975.0	352.9
Payments for Fixed Assets and Other Long-term Assets	-180.3	-102.5	-256.3	-73.5	-132.1	-130.6	-100.7	-68.1	-80.2	-146.7	-149.7	-122.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	2.6	20.3	-3.6	7.5	2.2	3.5	0.8	0.5	0.6	11.9	0.2
Loans and Purchases of Debt Instruments	-4,361.2	-4,094.4	-3,794.6	-1,769.7	-4,364.0	-3,545.8	-3,776.8	-1,617.9	-3,803.6	-2,294.1	-2,336.3	-2,060.2
Receipts from Loan Repayments and Sale of Debt Instruments	3,970.4	2,957.9	3,482.1	1,384.4	3,581.7	2,656.3	4,006.8	1,667.0	3,450.9	2,309.8	1,800.9	1,407.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	79.7	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	33.1
Dividends and Interest Income Received	188.7	112.4	179.7	89.5	147.4	37.0	219.6	206.8	269.8	43.5	243.7	123.3
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	-382.0	-1,124.0	-368.8	-373.0	-759.6	-980.8	352.5	188.5	-162.6	-7.2	-429.5	-618.5
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	458.3	-27,316.2	12,233.5	9,824.8	9,490.1	8,332.1	8,292.5	9,251.2	6,934.7	7,089.5	8,495.8	6,648.1
Repayment of Borrowings	-865.4	0.0	-11,311.9	8.0	-8,507.5	-7,401.7	-9,125.0	-8,919.1	-6,883.8	-8,155.6	-6,115.1	-6,177.5
Repayment of Finance Leases	-0.3	-0.3	-0.3	-0.4	-0.3	-0.5	-0.3	-0.3	-0.3	-0.4	-0.3	-1.1
Dividends Paid	—	-31.7	-260.3	-9.2	-1.4	-185.6	-42.9	-13.3	-0.0	-3.4	-211.7	-6.1
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	-407.4	1,358.8	660.9	42.3	980.9	744.3	-875.6	318.5	50.5	-1,069.9	2,168.7	463.5
Net Cash Flow During the Period	2,935.1	2,075.6	-785.6	1,392.7	-1,355.1	1,418.5	-902.9	-947.9	-815.2	2,584.2	764.1	197.9
Cash and Cash Equivalents at Beginning of Period	5,500.2	3,492.6	4,205.7	2,782.2	4,123.7	5,377.0	5,377.0	5,377.0	5,377.0	4,081.9	4,081.9	4,081.9
FX Difference from Revaluation	50.9	48.9	116.9	44.5	13.6	-3.8	-42.7	-32.2	72.4	-114.3	11.8	-0.3
Cash and Cash Equivalents at End of Period	8,486.2	5,500.1	3,492.6	4,205.7	2,782.2	4,123.3	2,708.6	3,654.2	4,634.3	5,377.0	2,907.2	2,131.2

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OIL

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