PAN

Tập đoàn PAN ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.55%, +2.63pp YoY

Price

23,650

Latest close

03 Jun 2026

P/E 4.29x

P/B 0.53x

EPS 5,508

BVPS 44,540

ROE 12.3%

ROA 5.6%

Profit Margin 6.7%

Asset Turnover 0.84x

Equity Mult. 2.20x

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

What Is Changing

On a TTM 2026Q1 basis, PAN has not accelerated revenue sharply, but profitability is improving visibly — profit momentum has been slowing across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 17,273bn
	                                
+2.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,649bn
	                                
+41.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	17,586.2	16,181.6	13,204.6	13,655.1	9,972.5
Growth	+9%	+23%	-3%	+37%	—
Net Income	1,165.0	1,167.1	817.1	794.3	509.8
Net Margin	6.62%	7.21%	6.19%	5.82%	5.11%

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	3,767.2	4,303.3	5,138.1	4,064.5	4,119.5	4,266.7	5,083.9	3,378.1	3,461.7	4,196.5	3,702.9	2,777.7
Growth	-12%	-16%	+26%	-1%	-3%	-16%	+50%	-2%	-18%	+13%	+33%	—
Net Income	670.0	448.2	266.4	264.7	194.2	427.2	343.7	201.0	168.6	363.0	192.9	160.0
Net Margin	17.79%	10.42%	5.18%	6.51%	4.71%	10.01%	6.76%	5.95%	4.87%	8.65%	5.21%	5.76%

Drivers of PAN's profit

TTM

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

Financial income ↑ 393.7bn

Selling expenses ↓ 210.5bn

Finance costs ↓ 78.4bn

Minority interests ↓ 56.6bn

Tax ↑ 73.9bn

TTM

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

Financial income ↑ 446.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.3% = 6.9% × 0.74 × 2.61

2026Q1 17.7% = 9.5% × 0.84 × 2.20

ROE rose from 13.3% to 17.7% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 9.5% +2.6pp Asset turnover: 0.84x +0.10x Leverage: 2.20x -0.41x

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 9.55%, rising 2.6pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 0.7pp (with additional support from Net financial result / Revenue rose 2.7pp and Other profit / Revenue rose 0.0pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 9.55% +2.6pp

Gross Margin 19.67% −0.7pp

SG&A / Revenue 11.84% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 99.7 days.

Is capital being deployed efficiently?

ROIC expanded to 11.10%, rising 4.7pp. That translates to 11.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.6pp and capital turnover rose 0.25x, while invested capital contracted by 3,533bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

CAPITAL EFFICIENCY TREND

ROIC 11.10% +4.7pp

NOPAT Margin 9.53% +2.6pp

Capital Turnover 1.16x +0.25x

Average Invested Capital 14,831.7bn −3,532.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.72x equity, with a net cash position equivalent to 0.09x equity.

Inventory ended the period at 3,268.4bn, roughly 21.0% of total assets.

Over the last 12 months, working capital released 366.8bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −1,857.1bn

Inventories decreased → higher CFO: +215.9bn

Payables increased → higher CFO: +2,008.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.3 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO fell 1.4 days, and DPO rose 9.4 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 99.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 33.1 days −1.4 days

Inventory 89.9 days +0.6 days

Payables 23.3 days +9.4 days

Cash Conversion Cycle 99.7 days −10.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 9,054.8bn.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at -0.09x and interest coverage at 3.41x.

At present, short-term debt accounts for 87.5% of total debt, cash equals 132.4% of debt, and total debt stands at 2,754.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 87.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.09x −1.42x

Interest Coverage 3.41x +1.25x

Cash / Debt 132.4% +116.5pp

Short-term Debt / Total Debt 87.5% −11.7pp

CFO / NI 11.36x +17.82x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9,054.8bn in 2025, against investing cash flow of -1,067.5bn.

Post-investment cash flow was positive +7,987.3bn. Financing cash flow was negative +8,340.7bn.

CFO / net income was 11.36x.

After spending +247.6bn on fixed-asset investment, the business generated trailing free cash flow of +12,828.5bn.

Cash Conversion

CFO TTM 13,076.1bn +17,020.2bn

Cash Capex 247.6bn −93.8bn

FCF TTM +12,828.5bn +17,114.0bn

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 operating efficiency, with net margin improving 2.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 28.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.55% after expanding 2.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 11.36x. Even so, net financial result still accounts for 28.1% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	18,010.2	16,757.5	13,716.6	14,094.6	10,182.5
Revenue Deductions	423.9	575.9	512.0	439.5	0.0
Net Revenue	17,586.2	16,181.6	13,204.6	13,655.1	9,972.5
Cost of Goods Sold	14,046.3	12,800.0	10,544.8	10,918.6	0.0
Gross Profit	3,539.9	3,381.6	2,659.8	2,736.5	1,848.7
Financial Income	625.8	601.5	577.8	316.8	311.5
Financial Expenses	541.4	561.5	576.0	361.7	-266.4
Interest Expense	404.1	354.0	456.5	242.4	-224.4
Share of Associates and Joint Ventures	—	152.3	10.7	8.8	61.3
Selling Expenses	1,571.3	1,501.6	1,061.1	1,216.1	-724.0
General and Administrative Expenses	689.3	718.1	659.2	650.2	-677.8
Operating Profit	1,363.8	1,354.3	952.1	834.1	553.3
Other Income	27.5	14.6	21.5	115.8	0.0
Other Expenses	27.3	15.7	17.5	17.5	0.0
Other Profit	0.2	-1.1	3.9	98.2	4.7
Profit Before Tax	1,364.0	1,353.2	956.0	932.4	558.0
Current Income Tax Expense	228.4	194.5	159.1	168.1	-48.1
Deferred Income Tax Expense	-29.5	-8.4	-20.2	-30.1	0.0
Net Income	1,165.0	1,167.1	817.1	794.3	509.8
Non-controlling Interest	492.4	558.2	411.2	420.3	214.5
Profit Attributable to Parent	672.7	608.9	405.9	374.0	295.3
Earnings per Share	3,067.00	2,704.00	1,943.00	1,790.00	1,414.00
Diluted EPS	3,109.95	2,815.09	1,943.00	1,790.00	1,365.01

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	10,261.0	18,283.1	14,280.8	10,114.9	10,167.1
I. Cash and cash equivalents	2,626.7	2,958.9	1,402.4	1,838.0	2,719.6
1. Cash	1,589.8	1,658.8	845.6	1,081.3	0.0
2. Cash equivalents	1,036.9	1,300.1	556.9	756.7	0.0
II. Short-term financial investments	2,227.5	10,604.5	7,291.3	2,988.1	0.0
1. Available for sale securities	4.2	9,895.1	6,676.1	2,206.1	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.9	-2.0	-1.8	-3.2	0.0
3. Held to maturity investments	2,225.2	711.3	617.0	785.2	0.0
III. Short-term receivables	1,862.7	1,462.8	2,332.4	2,068.1	1,747.5
1. Short-term trade accounts receivable	1,708.3	1,268.5	1,449.1	1,344.8	0.0
2. Short-term prepayments to suppliers	103.1	116.6	97.5	125.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	43.3	43.0	751.9	574.4	0.0
6. Other short-term receivables	68.5	102.1	84.6	78.6	0.0
7. Provision for short-term doubtful debts (*)	-60.4	-67.3	-50.6	-54.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3,268.4	3,107.5	3,083.4	3,049.4	2,591.9
1. Inventories	3,296.9	3,151.6	3,157.3	3,140.1	0.0
2. Provision for decline in value of inventories	-28.5	-44.1	-73.8	-90.7	0.0
V. Other short-term assets	275.6	149.5	171.2	171.3	138.9
1. Short-term prepayments	39.4	34.8	63.6	40.6	0.0
2. Value added tax to be reclaimed	220.4	104.7	95.8	113.6	0.0
3. Taxes and other receivables from state authorities	15.9	10.0	11.9	17.2	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)	5,333.8	5,557.6	5,907.4	5,966.7	4,959.7
I. Long-term receivables	13.8	8.5	4.2	1.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	6.0
2. Long-term prepayments to suppliers	—	2.7	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	13.8	5.8	4.2	1.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,850.7	4,101.1	4,122.1	3,827.3	3,402.1
1. Tangible fixed assets	2,271.6	2,439.8	2,372.7	2,000.4	1,721.2
- Cost	5,244.5	5,148.2	4,595.3	3,952.2	0.0
- Accumulated depreciation	-2,972.9	-2,708.5	-2,222.6	-1,951.8	0.0
2. Financial leased fixed assets	11.6	3.5	0.0	0.0	0.0
- Cost	12.1	3.7	0.0	0.0	0.0
- Accumulated depreciation	-0.5	-0.2	0.0	0.0	0.0
3. Intangible fixed assets	1,567.5	1,657.9	1,749.4	1,826.9	1,680.9
- Cost	2,315.1	2,314.3	2,312.7	2,300.2	0.0
- Accumulated depreciation	-747.6	-656.4	-563.3	-473.3	0.0
III. Investment properties	414.1	417.5	419.4	413.8	43.0
- Cost	443.4	444.1	442.6	434.4	0.0
- Accumulated depreciation	-29.4	-26.6	-23.2	-20.6	0.0
IV. Long-term assets in progress	250.2	180.9	191.1	535.4	470.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	250.2	180.9	191.1	535.4	0.0
V. Long-term financial investments	26.1	226.1	525.2	514.5	207.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	299.1	288.3	0.0
3. Investments in other entities	26.1	26.1	26.1	26.1	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	—	200.0	200.0	200.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	779.0	623.4	645.2	674.4	0.0
1. Long-term prepayments	663.1	502.0	508.0	483.4	0.0
2. Deferred income tax assets	60.2	42.9	31.7	21.8	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.8	0.8	830.0
5. Goodwill	55.7	78.6	104.8	168.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	15,594.9	23,840.7	20,188.1	16,081.6	15,126.8
A. LIABILITIES (300=210+330)	6,517.6	14,981.2	11,844.7	8,203.2	7,547.5
I. Short -term liabilities	5,695.1	14,391.9	10,865.7	7,812.6	6,096.0
1. Short-term trade accounts payable	659.1	524.4	927.3	1,122.5	856.7
2. Short-term advances from customers	70.0	76.6	43.3	58.2	218.1
3. Taxes and other payables to state authorities	195.6	140.1	126.1	57.6	0.0
4. Payable to employees	312.8	460.8	378.1	332.4	0.0
5. Short-term acrrued expenses	638.4	467.6	481.2	650.1	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	0.7	2.6	0.4	1.2	2.5
9. Other short-term payables	383.9	1,044.4	360.7	331.9	0.0
10. Short-term borrowings and financial leases	3,237.1	11,493.0	8,379.3	5,120.9	3,853.6
11. Provision for short-term liabilities	10.9	10.5	9.8	9.8	0.0
12.. Bonus and welfare fund	186.5	172.0	159.4	128.0	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	822.5	589.3	979.0	390.6	1,451.5
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	—	0.4	0.0	0.0	0.0
7. Other long-term liabilities	8.1	7.3	8.1	8.2	0.0
8. Long-term borrowings and financial leases	459.5	206.7	602.7	4.2	1,152.8
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	323.2	335.3	340.5	350.8	0.0
12. Provision for long-term liabilities	31.7	39.6	27.7	27.3	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)	9,077.3	8,859.5	8,343.4	7,878.4	7,579.3
I. Owner's equity	9,077.3	8,859.5	8,343.4	7,878.4	0.0
1. Owner's capital	2,162.9	2,162.9	2,162.9	2,163.6	7,579.3
- Common stock with voting right	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,163,585,800,000.00	2,163,585,800,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	904.7	904.7	904.7	904.7	904.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	60.7	60.7	55.5	55.5	15.0
5. Treasury shares	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,828,836,328.00	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	461.5	413.5	379.1	350.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,919.5	1,695.3	1,452.3	1,186.1	860.3
- Accumulated retained earning at the end of the previous period	1,279.1	1,142.9	1,046.4	735.2	309.8
- Undistributed earnings in this period	640.4	552.5	405.9	450.9	550.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3,735.1	3,789.5	3,556.1	3,386.3	3,456.3
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)	15,594.9	23,840.7	20,188.1	16,081.6	15,126.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,364.0	1,353.2	956.0	932.4	558.0
Depreciation of Fixed Assets and Investment Property	504.1	522.0	500.0	429.3	748.9
Provision (Increase)/Reversal	-30.2	-1.5	-21.1	-13.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-17.6	-4.6	4.0	-9.2	0.0
Gain/Loss from Investment Activities	-438.0	-518.5	-519.6	-311.3	0.0
Interest Expense	404.1	354.9	456.5	242.4	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	1,786.4	1,705.5	1,375.8	1,269.8	1,304.4
Increase/(Decrease) in Receivables	-958.5	121.5	-65.0	-344.1	0.0
Increase/(Decrease) in Inventory	-145.3	22.8	-18.2	-525.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-614.7	309.6	-354.0	433.3	0.0
Increase/(Decrease) in Prepaid Expenses	-165.8	34.8	-58.5	-35.4	0.0
Changes in Trading Securities	9,890.9	-3,219.0	-4,470.0	695.0	0.0
Interest Paid	-411.1	-358.7	-462.5	-201.8	0.0
Corporate Income Tax Paid	-179.6	-175.2	-114.1	-167.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-147.5	-180.4	-102.3	-78.7	0.0
Net Cash Flow from Operating Activities	9,054.8	-1,739.2	-4,268.8	1,045.5	-690.9
Payments for Fixed Assets and Other Long-term Assets	-178.6	-323.4	-341.1	-672.3	-528.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	26.5	9.3	23.6	236.2	11.4
Loans and Purchases of Debt Instruments	1,220.5	-1,484.2	-2,718.4	-2,725.3	-998.8
Receipts from Loan Repayments and Sale of Debt Instruments	-2,122.0	2,646.8	2,709.1	1,665.2	1,085.9
Investments in Other Entities	-443.4	-303.0	0.0	-687.8	538.2
Proceeds from Investments in Other Entities	0.1	0.2	0.0	2.6	0.0
Dividends and Interest Income Received	429.4	344.6	495.5	244.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,067.5	890.3	168.7	-1,936.9	369.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	150,258,208,741.00
Share Repurchases	—	0.00	0.00	0.00	12,114,692,316,052.00
Proceeds from Borrowings	11,612.3	24,031.6	20,217.6	13,496.5	-10,814.4
Repayment of Borrowings	-19,623.8	-21,317.3	-16,381.3	-13,453.1	-455.2
Repayment of Finance Leases	-5.9	0.0	-174.5	0.0	0.0
Dividends Paid	-323.4	-320.4	-174.5	-150.3	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	-8,340.7	2,393.9	3,661.9	-106.9	995.3
Net Cash Flow During the Period	-353.5	1,545.0	-438.3	-998.4	259.5
Cash and Cash Equivalents at Beginning of Period	2,958.9	1,402.4	1,838.0	2,841.3	2,025.8
FX Difference from Revaluation	21.3	11.4	2.7	-4.9	0.2
Cash and Cash Equivalents at End of Period	2,626.7	2,958.9	1,402.4	1,838.0	2,719.6

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
Revenue	3,852.2	4,416.3	5,212.1	4,227.4	4,193.6	4,411.4	5,193.3	3,575.8	3,590.2	4,356.5	3,808.4	2,961.7
Revenue Deductions	85.0	113.0	74.0	163.0	74.1	144.7	109.4	197.7	128.6	160.0	105.5	183.9
Net Revenue	3,767.2	4,303.3	5,138.1	4,064.5	4,119.5	4,266.7	5,083.9	3,378.1	3,461.7	4,196.5	3,702.9	2,777.7
Cost of Goods Sold	3,047.2	3,419.2	4,123.0	3,286.7	3,425.5	3,190.3	4,107.7	2,687.7	2,839.7	3,198.4	3,015.0	2,236.0
Gross Profit	720.0	884.1	1,015.1	777.8	694.0	1,076.4	976.2	690.4	622.0	998.1	687.9	541.7
Financial Income	634.2	101.7	134.2	211.2	187.6	225.1	153.9	120.9	123.7	152.4	177.6	124.1
Financial Expenses	143.5	108.8	124.2	175.0	141.7	134.3	242.9	110.9	105.2	150.4	173.5	134.5
Interest Expense	37.3	72.9	89.1	137.0	115.2	85.8	102.6	82.7	82.7	116.7	132.9	111.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	146.7	2.6	3.0	4.0	2.3	2.3
Selling Expenses	311.6	140.5	565.4	346.3	347.6	419.7	528.6	278.4	285.9	355.4	343.4	188.8
General and Administrative Expenses	155.6	213.3	155.8	157.0	156.2	242.0	141.7	168.4	157.2	233.4	130.4	157.6
Operating Profit	743.4	523.2	304.0	310.8	236.2	505.4	363.5	256.2	200.4	415.2	220.5	187.3
Other Income	4.0	10.5	5.2	8.7	2.0	3.8	3.8	2.3	2.9	17.9	3.0	3.0
Other Expenses	3.3	5.9	4.4	11.1	2.0	3.0	5.9	2.7	2.7	9.0	5.6	2.9
Other Profit	0.7	4.6	0.8	-2.4	-0.0	0.8	-2.1	-0.5	0.2	8.9	-2.6	0.1
Profit Before Tax	744.1	527.8	304.9	308.4	236.1	506.2	361.5	255.8	200.5	424.1	217.9	187.5
Current Income Tax Expense	76.3	110.5	41.6	49.0	44.2	85.1	23.8	50.5	33.3	67.9	28.8	26.1
Deferred Income Tax Expense	-2.2	-30.9	-3.1	-5.3	-2.3	-6.1	-6.0	4.3	-1.3	-6.7	-3.8	1.4
Net Income	670.0	448.2	266.4	264.7	194.2	427.2	343.7	201.0	168.6	363.0	192.9	160.0
Non-controlling Interest	84.8	178.9	110.2	124.7	86.5	196.0	157.0	115.7	85.0	156.4	94.1	94.8
Profit Attributable to Parent	585.2	269.3	156.2	140.0	107.7	231.2	186.8	85.3	83.6	206.6	98.8	65.1
Earnings per Share	2,801.00	1,289.00	748.00	670.00	515.00	1,107.00	930.00	408.00	400.00	989.00	473.00	311.00
Diluted EPS	2,801.00	1,289.00	748.00	670.00	515.00	2,846.00	930.00	408.00	400.00	989.00	473.00	311.00

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)	11,248.4	10,385.6	12,676.3	15,479.5	20,408.6	18,299.3	18,216.9	17,593.5	14,039.4	14,338.6	13,431.9	13,912.2
I. Cash and cash equivalents	3,647.9	2,628.7	2,736.5	2,700.3	2,250.3	2,973.8	1,203.2	1,110.8	1,753.7	1,794.8	864.4	1,593.5
1. Cash	2,689.8	1,589.8	1,407.3	1,303.4	765.7	1,656.7	686.6	778.4	1,101.5	845.6	525.4	690.1
2. Cash equivalents	958.1	1,038.9	1,329.2	1,397.0	1,484.6	1,317.1	516.6	332.4	652.2	949.3	339.0	903.4
II. Short-term financial investments	2,182.1	2,227.0	3,569.4	6,616.2	12,593.3	10,583.2	11,484.8	11,077.1	7,040.2	7,050.9	6,976.4	7,105.5
1. Available for sale securities	1.1	4.2	2,227.2	5,604.1	11,755.1	9,895.1	10,576.1	10,576.1	6,676.1	6,676.1	6,676.1	6,676.1
2. Provision for diminution in value of available for sale securities (*)	-1.1	-1.9	-1.8	-2.2	-2.4	-2.0	-2.3	-2.0	-1.9	-1.8	-2.3	-2.5
3. Held to maturity investments	2,182.0	2,224.7	1,344.0	1,014.2	840.6	690.1	911.0	503.0	366.0	376.6	302.6	431.9
III. Short-term receivables	1,804.4	1,984.5	2,344.1	1,670.8	1,968.2	1,491.4	2,170.3	1,478.9	2,011.2	2,228.1	1,656.8	1,275.7
1. Short-term trade accounts receivable	1,525.3	1,708.2	2,139.3	1,502.7	1,611.3	1,277.5	1,911.1	1,336.7	1,579.9	1,458.0	1,429.8	1,057.4
2. Short-term prepayments to suppliers	109.3	107.8	124.0	90.6	138.4	119.7	115.4	105.1	164.8	105.2	121.1	126.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	155.4	61.3	43.3	43.3	43.0	37.5	25.6	217.4	599.9	66.1	24.6
6. Other short-term receivables	197.4	76.8	83.8	101.3	242.5	112.7	166.2	73.2	108.1	113.5	94.9	120.4
7. Provision for short-term doubtful debts (*)	-27.6	-63.7	-64.3	-67.0	-67.4	-61.4	-60.0	-59.0	-59.1	-48.7	-55.1	-53.1
8. Assets awaiting resolution	—	—	0.0	—	—	0.0	0.0	-2.8	0.0	0.1	0.0	0.0
IV. Inventories	3,374.4	3,268.5	3,771.4	4,307.2	3,396.7	3,098.5	3,193.7	3,771.2	3,050.0	3,083.6	3,747.2	3,736.5
1. Inventories	3,395.1	3,298.6	3,807.4	4,346.4	3,440.1	3,162.6	3,256.4	3,839.0	3,123.7	3,157.4	3,835.4	3,824.0
2. Provision for decline in value of inventories	-20.7	-30.1	-36.1	-39.2	-43.4	-64.1	-62.6	-67.8	-73.7	-73.8	-88.2	-87.5
V. Short-term Biological Assets	68.9	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	73.2	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	5.5	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	-9.8	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	170.7	277.0	255.0	185.0	200.2	152.3	164.9	155.5	184.3	181.1	187.0	200.9
1. Short-term prepayments	42.1	40.9	42.5	37.9	41.9	34.8	37.0	36.3	47.7	62.7	66.6	78.2
2. Value added tax to be reclaimed	120.2	220.4	198.2	132.9	133.2	106.9	114.7	107.5	104.4	107.2	103.0	103.1
3. Taxes and other receivables from state authorities	8.5	15.6	14.3	14.2	25.2	10.6	13.3	11.7	32.2	11.3	17.3	19.7
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)	3,965.8	5,321.5	5,210.3	5,249.1	5,462.6	5,553.4	5,492.6	5,770.9	5,839.4	5,876.3	5,897.3	5,967.5
I. Long-term receivables	9.9	22.4	24.3	10.9	9.7	5.8	6.7	6.8	6.3	6.4	4.0	2.0
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	—	13.4	13.4	—	2.7	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	9.9	10.7	10.9	10.9	7.0	7.1	6.7	6.8	6.3	6.4	4.0	2.0
7. Provision for long-term doubtful debts	—	-1.7	—	—	—	-1.3	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,898.4	3,751.3	3,906.0	3,969.8	4,024.9	4,110.7	4,015.7	4,053.3	4,098.5	4,122.2	4,171.0	4,156.2
1. Tangible fixed assets	1,734.1	2,172.3	2,309.1	2,350.5	2,386.3	2,438.9	2,322.5	2,338.2	2,370.9	2,372.8	2,406.1	2,372.2
- Cost	4,185.5	—	—	—	—	5,148.1	5,017.4	4,783.9	4,718.9	4,595.4	4,589.8	4,464.4
- Accumulated depreciation	-2,451.3	—	—	—	—	-2,709.3	-2,694.9	-2,445.7	-2,348.0	-2,222.6	-2,183.7	-2,092.2
2. Financial leased fixed assets	11.2	11.6	7.9	8.2	3.4	3.5	3.6	3.7	0.0	0.0	0.0	0.0
- Cost	12.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,153.1	1,567.4	1,589.0	1,611.0	1,635.2	1,668.4	1,689.6	1,711.4	1,727.6	1,749.4	1,764.9	1,784.0
- Cost	1,628.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-475.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Long-term Biological Assets	0.4	—	—	—	—	—	—	—	—	—	—	—
1. Bearer livestock	0.7	—	—	—	—	—	—	—	—	—	—	—
b) Mature bearer livestock	0.7	—	—	—	—	—	—	—	—	—	—	—
- Cost	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Long-term seasonal or single-harvest crops	0.2	—	—	—	—	—	—	—	—	—	—	—
4. Provision for impairment of long-term biological assets	-0.4	—	—	—	—	—	—	—	—	—	—	—
III. Investment properties	395.2	414.1	414.9	417.2	416.7	417.5	417.7	417.9	418.8	419.4	412.4	413.0
- Cost	417.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	46.3	347.5	234.7	207.5	188.4	170.4	210.4	178.7	175.8	171.2	134.8	203.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	46.3	347.5	234.7	207.5	188.4	170.4	210.4	178.7	175.8	171.2	134.8	203.6
V. Long-term financial investments	26.1	26.1	26.1	26.1	226.1	226.1	226.1	488.4	485.8	525.2	521.2	518.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	262.3	259.7	299.1	295.1	292.8
3. Investments in other entities	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1	26.1
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	589.5	760.1	604.2	617.7	596.9	622.9	616.0	625.8	530.2	527.0	533.6	538.0
1. Long-term prepayments	518.8	644.7	511.6	508.4	485.7	499.4	492.1	494.8	499.9	506.7	514.7	519.6
2. Deferred income tax assets	23.0	58.4	31.9	45.3	42.5	44.1	26.1	22.5	29.5	19.5	18.1	17.5
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	1.3	1.2	1.2	0.8	0.8	0.8	0.9	0.9	0.8	0.8	0.8	0.8
5. Goodwill	46.4	55.7	59.5	63.2	68.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	78.6	96.9	107.7	124.1	104.8	120.4	135.9
TOTAL ASSETS (280=100+200)	15,214.2	15,707.1	17,886.6	20,728.6	25,871.3	23,852.7	23,709.5	23,364.4	19,878.8	20,214.8	19,329.1	19,879.7
A. LIABILITIES (300=210+330)	5,580.4	6,622.8	9,231.3	11,768.8	16,868.5	15,013.7	15,014.9	14,995.5	11,382.6	11,874.1	11,306.0	12,001.3
I. Short -term liabilities	4,966.9	5,791.4	8,347.8	11,279.2	16,372.5	14,385.1	14,246.3	14,218.4	10,406.7	10,894.7	10,726.1	11,418.2
1. Short-term trade accounts payable	1,370.1	661.9	1,016.4	833.7	400.9	522.3	587.7	475.4	617.5	918.1	815.2	883.6
2. Short-term advances from customers	28.9	69.1	61.7	72.5	49.5	75.1	58.7	38.6	37.2	48.2	53.7	36.2
3. Dividends and profits payable	38.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	86.9	189.0	104.4	85.5	68.2	135.5	97.7	49.4	74.1	126.0	45.8	44.8
4. Payable to employees	159.0	313.4	272.0	281.7	270.6	460.8	318.8	305.5	238.2	383.1	216.9	182.7
5. Short-term acrrued expenses	551.8	622.1	595.3	465.5	495.6	495.2	560.6	329.5	495.7	502.7	526.9	548.3
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	0.7	0.7	1.9	2.1	2.4	2.6	2.3	4.2	5.0	0.4	0.6	0.8
9. Other short-term payables	177.3	394.5	179.9	273.9	888.3	1,070.5	388.4	455.7	371.7	368.0	388.2	359.4
10. Short-term borrowings and financial leases	2,410.9	3,343.5	5,900.6	9,047.0	14,062.1	11,441.5	12,047.2	12,376.6	8,461.2	8,379.3	8,511.4	9,180.6
11. Provision for short-term liabilities	9.8	10.9	11.9	9.8	9.8	10.5	9.8	9.8	9.8	9.8	9.8	9.8
12.. Bonus and welfare fund	133.3	186.5	203.9	207.6	125.1	171.1	175.0	173.9	96.3	159.1	157.7	172.0
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	613.5	831.4	883.4	489.6	496.0	628.6	768.6	777.0	975.9	979.4	579.9	583.1
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	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	—	—	—	—	0.4	0.4	1.5	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	5.9	11.8	8.3	8.2	7.4	6.7	8.7	8.8	8.5	8.5	6.2	8.0
8. Long-term borrowings and financial leases	344.1	465.2	511.7	112.3	108.0	259.1	411.5	405.7	603.0	602.7	203.3	201.8
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	235.0	322.7	326.7	329.6	332.8	335.0	319.8	334.9	337.8	340.5	343.3	345.8
12. Provision for long-term liabilities	28.4	31.7	36.8	39.5	47.4	27.5	27.2	27.6	26.7	27.7	27.0	27.5
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)	9,633.8	9,084.3	8,655.3	8,959.9	9,002.7	8,839.0	8,694.6	8,368.9	8,496.2	8,340.8	8,023.1	7,878.4
I. Owner's equity	9,633.8	9,084.3	8,655.3	8,959.9	9,002.7	8,839.0	8,694.6	8,368.9	8,496.2	8,340.8	8,023.1	7,878.4
1. Owner's capital	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9	2,162.9
- Common stock with voting right	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00	2,162,945,800,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	904.7	904.7	904.7	904.7	904.7	904.7	904.7	904.7	904.7	904.7	904.7	904.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	60.7	60.7	60.7	60.7	60.7	60.7	60.7	55.5	55.5	55.5	55.5	55.5
5. Treasury shares	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00	-167,188,836,328.00
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	287.2	461.5	468.3	509.6	408.9	413.5	413.8	417.0	382.8	379.1	388.8	390.0
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	—	—	—	—	—	0.8	0.8	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2,619.0	1,918.8	1,654.9	1,784.7	1,786.5	1,668.8	1,577.5	1,396.7	1,523.3	1,453.5	1,260.7	1,170.5
- Accumulated retained earning at the end of the previous period	2,033.8	1,425.5	1,430.9	1,537.0	1,678.8	1,195.6	1,216.2	1,227.8	1,439.7	1,045.8	1,059.6	1,065.4
- Undistributed earnings in this period	585.2	493.3	223.9	247.7	107.7	473.2	361.3	168.9	83.6	407.7	201.1	105.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,766.5	3,742.9	3,571.0	3,704.5	3,846.2	3,794.8	3,741.3	3,599.3	3,634.2	3,552.2	3,417.6	3,361.9
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)	15,214.2	15,707.1	17,886.6	20,728.6	25,871.3	23,852.7	23,709.5	23,364.4	19,878.8	20,214.8	19,329.1	19,879.7

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
Profit Before Tax	744.1	515.7	304.9	307.3	236.1	506.2	361.5	260.2	200.5	422.4	217.9	184.8
Depreciation of Fixed Assets and Investment Property	114.3	129.5	95.4	140.4	138.8	118.4	115.2	153.1	140.2	127.5	134.8	131.1
Provision (Increase)/Reversal	-35.8	-17.5	-8.8	-10.7	6.8	4.8	-11.4	2.3	7.4	-17.5	-2.4	-3.8
FX Gain/Loss from Revaluation of Monetary Items	-9.7	-1.9	9.4	-19.0	-6.1	-26.2	13.7	-13.7	-1.3	-19.1	29.6	-16.4
Gain/Loss from Investment Activities	-604.1	-51.9	-90.8	-136.7	-158.6	-165.9	-335.7	-45.2	-105.9	-145.9	-169.6	-95.7
Interest Expense	37.3	62.0	89.1	137.8	115.2	85.8	102.1	83.1	82.7	116.5	132.9	109.5
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	246.1	635.9	399.2	419.1	332.2	523.2	245.4	439.8	323.6	483.8	343.1	309.5
Increase/(Decrease) in Receivables	-1,494.0	345.1	-875.2	167.0	-595.5	596.9	-426.4	321.4	-204.6	414.0	-793.8	390.9
Increase/(Decrease) in Inventory	72.8	510.5	552.0	-919.3	-288.5	93.8	535.8	-668.5	33.6	677.1	3.9	-730.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,315.5	130.7	-90.9	-347.3	-307.2	941.9	154.9	-231.2	-532.9	235.8	-72.0	228.4
Increase/(Decrease) in Prepaid Expenses	141.6	-148.4	-6.4	-20.1	9.2	-5.2	7.0	11.5	23.9	-1.2	22.2	-76.7
Changes in Trading Securities	3.2	—	—	—	—	680.9	0.0	-3,900.0	0.0	-0.0	-0.0	-3,370.0
Interest Paid	-36.1	-38.9	-117.4	-213.6	-41.2	-220.9	-8.7	-96.0	-71.0	-109.3	-152.9	-96.8
Corporate Income Tax Paid	-113.2	-32.3	-12.0	-0.7	-134.5	-36.6	-3.3	-14.3	-116.8	-37.8	-20.7	-19.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-31.9	—	-115.6	—	0.0	112.0	-112.0	0.0	-102.3	52.3	-52.3
Net Cash Flow from Operating Activities	1,135.8	3,478.1	3,341.8	5,120.5	-2,885.5	2,574.0	616.7	-4,249.3	-544.2	1,560.0	-617.9	-3,416.6
Payments for Fixed Assets and Other Long-term Assets	-151.3	91.7	-85.1	-102.8	-82.4	-102.8	-40.8	-115.4	-22.3	-82.7	-55.2	-118.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	17.1	1.9	5.8	1.6	6.8	2.6	4.1	1.5	16.3	2.1	4.7
Loans and Purchases of Debt Instruments	-61.1	1,882.1	565.5	-966.0	-261.2	0.0	591.2	350.8	-942.1	1,244.8	-3,679.8	-33.7
Receipts from Loan Repayments and Sale of Debt Instruments	104.8	-2,317.6	-1,029.7	1,225.4	—	211.4	-1,011.2	-296.0	1,727.5	-2,245.0	4,337.7	-249.8
Investments in Other Entities	—	—	—	—	—	688.6	46.1	-46.1	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1,592.0	0.0	0.0	0.0	0.1	0.0	-0.2	0.2	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	53.5	-224.4	353.3	167.8	132.8	-444.6	294.7	70.6	79.3	-264.7	582.7	78.5
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1,537.8	-994.6	-194.0	330.2	-209.1	359.5	-117.5	-31.8	843.9	-1,331.4	1,187.5	-319.0
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	1,084.0	-2,767.8	5,870.0	5,146.4	3,363.8	6,643.1	2,685.2	10,425.1	1,969.0	-25.3	10,624.8	6,806.2
Repayment of Borrowings	-2,729.3	106.2	-8,678.7	-10,080.5	-970.8	-7,397.2	-3,011.4	-6,702.4	-1,889.0	366.9	-11,354.9	-3,219.6
Repayment of Finance Leases	—	-3.9	—	-2.0	—	0.0	0.0	0.0	0.0	-174.5	0.0	0.0
Dividends Paid	-7.1	53.0	-191.1	-178.3	-7.0	-408.8	-56.4	-108.8	-28.4	-34.9	0.5	-90.0
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	-1,652.4	-2,614.5	-2,997.9	-5,114.4	2,386.0	-1,162.9	-382.6	3,613.9	51.6	306.7	-729.7	3,496.6
Net Cash Flow During the Period	1,021.2	-131.1	149.9	336.3	-708.6	1,770.6	116.6	-667.1	351.3	535.4	-160.0	-239.1
Cash and Cash Equivalents at Beginning of Period	2,626.7	2,736.5	2,599.3	2,250.3	2,958.9	1,402.4	1,402.4	1,402.4	1,402.4	1,838.0	1,838.0	1,838.0
FX Difference from Revaluation	—	21.3	—	12.7	—	0.0	-10.2	10.2	0.0	2.7	1.3	-1.3
Cash and Cash Equivalents at End of Period	3,647.9	2,626.7	2,736.5	2,599.3	2,250.3	2,973.8	1,203.2	1,096.8	1,753.7	1,402.4	864.4	1,023.1

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PAN

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