PC1

Tập Đoàn PC1 ·HOSE ·2025Q4

▲▲ Improving positively

Operating efficiency is improving Net margin 10.40%, +4.53pp YoY

Price

19,000

Latest close

03 Jun 2026

P/E 6.99x

P/B 0.88x

EPS 2,719

BVPS 21,612

ROE 12.6%

ROA 4.6%

Profit Margin 8.0%

Asset Turnover 0.57x

Equity Mult. 2.74x

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

What Is Changing

On a TTM 2025Q4 basis, PC1 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 13,085bn
	                                
+30.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,361bn
	                                
+131.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	13,084.8	10,088.9	7,775.2	8,357.6	9,812.9
Growth	+30%	+30%	-7%	-15%	—
Net Income	1,356.1	710.0	303.0	536.9	764.1
Net Margin	10.36%	7.04%	3.90%	6.42%	7.79%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	5,011.8	3,278.1	2,934.9	1,860.4	2,540.1	2,232.1	3,090.8	2,164.8	2,605.2	2,220.3	1,472.3	1,505.2
Growth	+53%	+12%	+58%	-27%	+14%	-28%	+43%	-17%	+17%	+51%	-2%	—
Net Income	660.4	394.4	161.0	145.1	125.8	258.7	74.6	129.1	137.5	100.7	-38.1	79.2
Net Margin	13.18%	12.03%	5.49%	7.80%	4.95%	11.59%	2.41%	5.96%	5.28%	4.53%	-2.59%	5.26%

Drivers of PC1's profit

TTM

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

Gross profit ↑ 733.7bn

Finance costs ↓ 113.8bn

Tax ↑ 92.0bn

Minority interests ↑ 89.7bn

TTM

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

Gross profit ↑ 472.9bn

Finance costs ↓ 115.8bn

Tax ↑ 72.2bn

Administrative expenses ↑ 49.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q4 7.9% = 5.9% × 0.49 × 2.75

2025Q4 16.4% = 10.4% × 0.57 × 2.74

ROE rose from 7.9% to 16.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 10.4% +4.5pp Asset turnover: 0.57x +0.09x Leverage: 2.74x -0.01x

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 10.40%, rising 4.5pp. The main driver is Gross margin rose 1.0pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.9pp added support while Other profit / Revenue fell 0.0pp 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 10.40% +4.5pp

Gross Margin 20.76% +1.0pp

SG&A / Revenue 4.98% −0.7pp

TTM YoY · 2024Q4 -> 2025Q4

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 8.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 8.16%, rising 4.6pp. That translates to 8.16 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.5pp and capital turnover rose 0.17x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 8.16% +4.6pp

NOPAT Margin 10.31% +4.5pp

Capital Turnover 0.79x +0.17x

Average Invested Capital 16,543.0bn +443.4bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.77x equity, net debt at 0.89x equity.

Over the last 12 months, working capital absorbed 62.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −1,233.4bn

Inventories decreased → higher CFO: +52.2bn

Payables increased → higher CFO: +1,119.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.1 days versus the same period last year. The main moves came from DIO fell 2.4 days, DSO fell 1.4 days, and DPO rose 2.3 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables 70.2 days −1.4 days

Inventory 54.6 days −2.4 days

Payables 51.3 days +2.3 days

Cash Conversion Cycle 73.4 days −6.1 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.89x and interest coverage only at 1.89x.

At present, short-term debt accounts for 36.4% of total debt, cash equals 32.6% of debt, and total debt stands at 11,705.7bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is 1.89x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.89x −0.23x

Interest Coverage 1.89x +1.15x

Cash / Debt 32.6% +12.4pp

Short-term Debt / Total Debt 36.4% +9.0pp

CFO / NI 2.17x −0.78x

TTM YoY · 2024Q4 -> 2025Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,272.7bn in 2025, against investing cash flow of -1,474.0bn.

Post-investment cash flow was positive +798.7bn. Financing cash flow was positive +728.9bn.

CFO / net income was 2.17x.

After spending +1,351.8bn on fixed-asset investment, the business generated trailing free cash flow of +920.9bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 2,272.7bn +1,201.1bn

Cash Capex 1,351.8bn +918.1bn

FCF TTM +920.9bn +283.0bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 4.5 pp. The next item to monitor is capital efficiency, with ROIC at 8.2%. The main risk still sits in leverage and liquidity, with interest coverage at 1.89x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.40% after expanding 4.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.89x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	13,084.8	10,088.9	7,775.2	8,357.6	9,812.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	13,084.8	10,088.9	7,775.2	8,357.6	9,812.9
Cost of Goods Sold	10,366.0	7,996.5	6,194.1	6,763.1	0.0
Gross Profit	2,718.8	2,092.4	1,581.1	1,594.5	1,144.7
Financial Income	248.0	138.1	182.7	95.2	319.1
Financial Expenses	815.9	881.6	967.3	766.7	-357.5
Interest Expense	682.2	701.2	843.6	605.0	-311.3
Share of Associates and Joint Ventures	55.6	45.8	1.6	0.7	85.8
Selling Expenses	103.8	78.5	56.0	-8.4	-56.1
General and Administrative Expenses	557.4	487.7	335.2	285.3	-238.9
Operating Profit	1,545.3	828.4	406.9	646.8	897.1
Other Income	30.8	19.3	10.8	19.7	0.0
Other Expenses	17.1	8.7	28.7	61.1	0.0
Other Profit	13.7	10.6	-17.9	-41.4	-7.0
Profit Before Tax	1,559.0	839.0	388.9	605.4	890.1
Current Income Tax Expense	205.2	124.9	90.4	133.9	-126.0
Deferred Income Tax Expense	-2.3	4.2	-4.5	-65.4	0.0
Net Income	1,356.1	710.0	303.0	536.9	764.1
Non-controlling Interest	314.7	242.4	163.1	77.1	73.0
Profit Attributable to Parent	1,041.4	467.6	140.0	459.8	691.1
Earnings per Share	2,235.00	1,177.00	405.00	1,519.00	2,025.00
Diluted EPS	2,532.00	1,307.40	450.08	1,700.33	2,938.68

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	11,299.1	8,086.0	6,868.4	7,913.4	6,605.5
I. Cash and cash equivalents	3,811.4	2,277.3	2,082.2	2,581.4	2,292.0
1. Cash	624.0	734.6	472.1	477.6	0.0
2. Cash equivalents	3,187.4	1,542.7	1,610.1	2,103.7	0.0
II. Short-term financial investments	1,459.3	1,016.8	780.8	1,006.1	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	1,459.3	1,016.8	780.8	1,006.1	0.0
III. Short-term receivables	4,414.4	3,112.0	2,821.2	3,174.4	3,139.7
1. Short-term trade accounts receivable	3,028.4	2,015.2	1,928.2	2,255.2	0.0
2. Short-term prepayments to suppliers	537.8	456.3	217.2	226.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	7.5	9.2	0.0	0.0	0.0
5. Short-term loan receivables	187.6	309.5	288.7	255.1	0.0
6. Other short-term receivables	825.3	416.9	399.5	444.7	0.0
7. Provision for short-term doubtful debts (*)	-172.1	-95.1	-12.4	-7.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,483.5	1,587.6	943.7	890.1	901.6
1. Inventories	1,520.8	1,587.7	944.4	898.5	0.0
2. Provision for decline in value of inventories	-37.3	-0.1	-0.7	-8.4	0.0
V. Other short-term assets	130.5	92.3	240.4	261.5	127.8
1. Short-term prepayments	22.1	17.7	12.7	11.3	0.0
2. Value added tax to be reclaimed	107.2	70.9	226.4	247.5	0.0
3. Taxes and other receivables from state authorities	1.1	1.2	1.3	2.7	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	2.5	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	13,263.7	12,901.7	13,366.4	13,841.0	12,191.0
I. Long-term receivables	16.9	32.8	14.8	8.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	16.9	32.8	14.8	8.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	9,489.3	10,146.7	10,760.0	9,903.6	10,257.0
1. Tangible fixed assets	8,366.3	8,970.8	9,519.2	8,596.2	9,301.9
- Cost	12,760.1	12,617.4	12,419.8	10,863.1	0.0
- Accumulated depreciation	-4,393.7	-3,646.6	-2,900.6	-2,266.8	0.0
2. Financial leased fixed assets	—	0.0	4.9	5.4	0.0
- Cost	—	0.0	5.8	5.6	0.0
- Accumulated depreciation	—	0.0	-0.9	-0.2	0.0
3. Intangible fixed assets	1,123.0	1,175.9	1,235.9	1,301.9	955.1
- Cost	1,393.7	1,383.3	1,382.4	1,386.0	0.0
- Accumulated depreciation	-270.7	-207.4	-146.5	-84.0	0.0
III. Investment properties	93.8	112.1	145.7	271.0	221.1
- Cost	536.8	536.7	558.1	681.4	0.0
- Accumulated depreciation	-443.0	-424.6	-412.4	-410.3	0.0
IV. Long-term assets in progress	1,352.3	372.6	107.8	1,375.8	379.4
1. Long-term production in progress	202.5	202.5	0.0	0.0	0.0
2. Construction in progress	1,149.7	170.0	107.8	1,375.8	0.0
V. Long-term financial investments	1,781.6	1,709.1	1,606.6	1,538.0	638.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,780.8	1,708.2	1,605.4	1,536.6	0.0
3. Investments in other entities	4.8	4.8	4.8	4.8	0.0
4. Provision for diminution in value of long-term investments	-4.0	-4.0	-3.6	-3.4	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	529.8	528.4	731.6	744.3	0.0
1. Long-term prepayments	331.5	290.9	478.8	448.8	0.0
2. Deferred income tax assets	35.1	30.3	34.2	40.7	0.0
3. Long-term equipment, supplies, spare parts	25.9	26.0	2.2	3.4	0.0
4. Other long-term assets	—	0.0	0.0	0.0	694.6
5. Goodwill	137.2	181.2	216.3	251.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	24,562.9	20,987.6	20,234.8	21,754.4	18,796.4
A. LIABILITIES (300=210+330)	15,685.4	13,271.6	12,964.4	14,581.7	12,515.7
I. Short -term liabilities	7,787.6	5,078.1	4,714.6	5,950.3	5,885.3
1. Short-term trade accounts payable	1,804.4	1,120.7	1,048.6	1,285.0	1,758.6
2. Short-term advances from customers	788.0	299.2	136.8	321.8	61.6
3. Taxes and other payables to state authorities	296.1	230.2	113.4	102.5	0.0
4. Payable to employees	133.8	98.8	56.3	52.1	0.0
5. Short-term acrrued expenses	160.6	83.0	216.9	330.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.9	0.0	0.0	0.0
8. Short-term unearned revenue	6.6	6.8	4.7	2.0	1.3
9. Other short-term payables	129.0	109.8	102.2	19.5	0.0
10. Short-term borrowings and financial leases	4,262.7	2,950.3	2,838.5	3,677.3	2,781.4
11. Provision for short-term liabilities	39.1	12.0	12.5	13.0	0.0
12.. Bonus and welfare fund	167.0	166.7	184.7	147.3	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	7,897.8	8,193.5	8,249.8	8,631.3	6,630.4
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	0.2	0.5	0.9	0.3	0.0
7. Other long-term liabilities	11.9	12.0	10.8	11.3	0.0
8. Long-term borrowings and financial leases	7,442.9	7,830.6	7,902.0	8,284.2	6,255.7
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	307.8	305.2	305.0	316.0	0.0
12. Provision for long-term liabilities	135.1	45.1	31.0	19.5	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)	8,877.5	7,716.0	7,270.4	7,172.7	6,280.8
I. Owner's equity	8,877.5	7,716.0	7,270.4	7,172.7	0.0
1. Owner's capital	4,112.9	3,576.4	3,110.0	2,704.3	6,280.8
- Common stock with voting right	4,112,853,430,000.00	3,576,421,210,000.00	3,109,955,580,000.00	2,704,330,020,000.00	2,351,596,490,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	174.7	711.1	711.1	711.1	711.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	81.2	50.8	46.8	29.0	22.9
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.7	0.7	0.7	0.7	0.0
7. Foreign exchange differences	-1.9	-3.2	0.1	-0.1	0.0
8. Investment and development fund	299.8	298.6	292.7	261.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	65.4	65.4	65.4	65.4	0.0
11. Undistributed earnings after tax	1,777.3	826.4	956.8	1,344.5	1,299.7
- Accumulated retained earning at the end of the previous period	746.9	364.8	819.7	888.4	608.6
- Undistributed earnings in this period	1,030.3	461.6	137.1	456.1	691.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2,367.4	2,189.8	2,086.7	2,056.6	1,585.1
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	24,562.9	20,987.6	20,234.8	21,754.4	18,796.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,559.0	839.0	388.9	605.4	890.1
Depreciation of Fixed Assets and Investment Property	881.8	877.6	763.4	626.5	362.3
Provision (Increase)/Reversal	231.9	72.6	8.9	-17.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	80.5	135.5	87.9	131.1	0.0
Gain/Loss from Investment Activities	-266.8	-151.7	-188.2	-92.5	0.0
Interest Expense	682.2	701.2	848.4	608.1	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	3,168.6	2,474.1	1,909.2	1,860.9	1,213.5
Increase/(Decrease) in Receivables	-1,233.4	-266.5	413.7	34.3	0.0
Increase/(Decrease) in Inventory	52.2	-628.9	-24.0	22.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,119.2	322.2	-281.2	116.3	0.0
Increase/(Decrease) in Prepaid Expenses	-20.8	4.9	12.1	-50.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-646.3	-698.1	-860.8	-574.4	0.0
Corporate Income Tax Paid	-115.7	-76.5	-102.7	-82.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-50.9	-41.2	-34.1	-38.0	0.0
Net Cash Flow from Operating Activities	2,272.7	1,089.9	1,032.3	1,289.1	174.7
Payments for Fixed Assets and Other Long-term Assets	-1,351.8	-446.5	-474.6	-1,728.8	-4,076.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	22.5	31.8	168.2	3.2	5.8
Loans and Purchases of Debt Instruments	-580.8	-1,594.6	-1,047.1	-947.3	-214.0
Receipts from Loan Repayments and Sale of Debt Instruments	145.6	1,337.9	1,240.0	349.4	129.7
Investments in Other Entities	-16.5	-90.2	-68.4	-1,543.0	-925.1
Proceeds from Investments in Other Entities	158.4	17.3	28.5	0.0	0.0
Dividends and Interest Income Received	148.6	98.3	98.8	58.1	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	-1,474.0	-646.1	-54.6	-3,808.5	-5,035.1
Proceeds from Equity Issuance and Capital Contributions	105,109,788,358.00	44,200,000,000.00	3,213,643,532.00	97,424,400,000.00	422,292,250,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,384.6	7,718.3	5,792.5	8,718.9	15,569.0
Repayment of Borrowings	-8,557.0	-7,826.8	-7,161.6	-5,964.7	-10,289.7
Repayment of Finance Leases	—	-1.5	-1.6	0.0	0.0
Dividends Paid	-203.8	-202.6	-124.2	-40.0	-25.0
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	728.9	-268.4	-1,491.8	2,811.6	5,676.6
Net Cash Flow During the Period	1,527.6	175.5	-514.1	292.2	509.1
Cash and Cash Equivalents at Beginning of Period	2,277.3	2,082.2	2,581.4	2,292.0	1,475.8
FX Difference from Revaluation	6.5	19.6	14.9	-2.9	0.0
Cash and Cash Equivalents at End of Period	3,811.4	2,277.3	2,082.2	2,581.4	2,292.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	5,011.8	3,278.1	2,934.9	1,860.4	2,540.1	2,232.1	3,090.8	2,164.8	2,605.2	2,220.3	1,472.3	1,505.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5,011.8	3,278.1	2,934.9	1,860.4	2,540.1	2,232.1	3,090.8	2,164.8	2,605.2	2,220.3	1,472.3	1,505.2
Cost of Goods Sold	3,946.0	2,596.6	2,425.3	1,401.2	1,947.1	1,750.0	2,622.0	1,726.2	2,156.0	1,686.0	1,194.1	1,197.5
Gross Profit	1,065.8	681.5	509.6	459.1	592.9	482.1	468.8	438.6	449.3	534.3	278.2	307.7
Financial Income	94.3	53.3	43.3	37.2	62.6	28.8	50.2	43.8	57.9	42.3	29.7	64.8
Financial Expenses	178.0	202.0	227.1	208.2	293.8	98.2	267.2	269.8	215.0	323.9	229.7	211.5
Interest Expense	171.8	175.0	169.3	165.7	181.8	183.1	201.2	180.7	208.2	214.2	219.1	202.3
Share of Associates and Joint Ventures	17.6	50.9	12.0	-15.4	-5.0	-13.0	-9.2	49.3	3.7	-4.4	-1.6	3.8
Selling Expenses	32.3	30.0	23.9	17.8	26.3	16.4	24.7	12.4	28.8	21.5	5.7	-0.5
General and Administrative Expenses	234.2	106.5	117.2	90.2	184.8	91.3	120.5	92.1	107.0	83.2	82.3	67.5
Operating Profit	733.2	447.2	196.8	164.8	145.6	292.0	97.3	157.4	160.1	143.5	-11.3	97.8
Other Income	29.1	0.7	0.8	0.2	16.5	0.9	0.5	1.5	3.8	1.6	0.8	0.2
Other Expenses	9.1	2.0	4.8	1.6	1.1	3.3	2.8	1.6	7.7	4.9	10.0	13.6
Other Profit	20.0	-1.3	-4.0	-1.4	15.4	-2.4	-2.3	-0.0	-3.9	-3.3	-9.2	-13.4
Profit Before Tax	753.2	445.9	192.7	163.4	161.0	289.5	95.0	157.3	156.2	140.2	-20.5	84.4
Current Income Tax Expense	101.8	53.4	26.9	20.2	29.6	28.8	21.3	30.7	18.5	41.1	21.9	7.0
Deferred Income Tax Expense	-8.9	-1.9	4.8	-2.0	5.5	2.0	-0.9	-2.5	0.3	-1.6	-4.4	-1.9
Net Income	660.4	394.4	161.0	145.1	125.8	258.7	74.6	129.1	137.5	100.7	-38.1	79.2
Non-controlling Interest	108.2	93.6	22.7	89.9	64.6	99.1	12.4	48.5	66.6	37.1	-12.1	64.6
Profit Attributable to Parent	552.1	300.9	138.3	55.3	61.2	159.6	62.2	80.6	70.9	63.6	-26.0	14.7
Earnings per Share	1,342.44	841.26	386.74	149.00	171.23	513.16	200.04	233.00	227.90	235.29	-96.12	49.00
Diluted EPS	1,342.44	841.26	386.74	154.57	171.23	513.16	200.04	259.01	227.90	235.29	-96.12	54.22

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	11,306.3	10,589.2	9,385.4	8,787.3	8,065.7	8,081.6	8,314.5	7,156.8	6,845.0	6,237.2	5,969.8	6,900.9
I. Cash and cash equivalents	3,811.4	3,668.6	2,392.5	2,554.4	2,177.4	2,094.6	2,180.7	1,563.4	2,111.9	1,021.0	949.4	1,669.8
1. Cash	624.0	1,008.1	858.0	589.9	734.7	550.0	651.1	631.3	472.1	430.7	401.8	467.7
2. Cash equivalents	3,187.4	2,660.5	1,534.4	1,964.5	1,442.7	1,544.7	1,529.6	932.0	1,639.8	590.3	547.5	1,202.0
II. Short-term financial investments	1,459.3	1,051.0	1,113.2	1,019.5	1,119.2	1,035.1	1,149.6	1,159.8	769.2	1,159.2	1,086.1	1,077.7
1. Available for sale securities	—	—	—	—	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
3. Held to maturity investments	1,459.3	1,051.0	1,113.2	1,019.5	1,119.2	1,035.1	1,149.6	1,159.8	769.2	1,159.2	1,086.1	1,077.7
III. Short-term receivables	4,419.1	3,546.8	3,478.0	3,361.5	3,090.3	3,440.1	3,357.4	3,052.4	2,802.5	2,945.1	2,675.9	2,990.5
1. Short-term trade accounts receivable	3,028.4	1,997.3	2,005.2	1,968.7	2,003.7	2,191.0	2,128.0	2,019.2	1,928.8	1,911.9	1,607.4	1,912.9
2. Short-term prepayments to suppliers	537.9	736.7	714.7	789.4	446.0	318.7	296.0	285.8	217.7	293.0	312.9	299.8
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	7.5	7.5	13.5	3.1	9.2	14.5	26.9	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	187.6	307.7	308.3	309.5	309.5	409.9	413.7	278.7	288.7	296.2	295.1	295.1
6. Other short-term receivables	823.4	592.0	530.9	385.9	416.8	518.4	505.3	481.0	379.6	453.6	467.1	489.4
7. Provision for short-term doubtful debts (*)	-165.6	-94.4	-94.5	-95.1	-95.1	-12.4	-12.5	-12.4	-12.4	-9.6	-6.7	-6.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,482.2	2,177.7	2,248.1	1,756.3	1,588.5	1,429.7	1,540.2	1,113.1	921.1	871.9	1,010.4	920.8
1. Inventories	1,511.5	2,177.9	2,248.2	1,756.4	1,588.6	1,429.8	1,540.3	1,113.6	921.8	873.1	1,012.3	924.9
2. Provision for decline in value of inventories	-29.3	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.6	-0.7	-1.2	-1.9	-4.0
V. Other short-term assets	134.2	145.0	153.6	95.5	90.4	82.2	86.5	268.1	240.4	240.1	248.1	242.2
1. Short-term prepayments	25.9	27.5	14.4	11.2	17.7	15.4	19.7	14.0	12.6	11.0	23.2	9.3
2. Value added tax to be reclaimed	107.2	114.0	135.2	79.5	71.5	65.6	65.4	252.0	226.4	227.6	222.5	230.0
3. Taxes and other receivables from state authorities	1.1	1.0	1.6	2.3	1.2	1.3	1.4	2.1	1.3	1.4	2.4	2.9
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	2.5	2.5	2.5	0.0	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)	13,258.0	12,944.8	12,920.2	12,757.2	12,889.2	12,939.8	13,137.1	13,257.8	13,379.9	13,568.5	13,746.9	13,817.0
I. Long-term receivables	15.9	24.7	24.7	34.1	32.8	27.5	27.5	20.9	14.8	9.4	8.6	9.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	15.9	24.7	24.7	34.1	32.8	27.5	27.5	20.9	14.8	9.4	8.6	9.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	9,489.3	9,682.8	9,805.3	9,947.8	10,134.6	10,258.6	10,464.4	10,588.6	10,744.9	10,937.9	11,112.9	9,759.4
1. Tangible fixed assets	8,366.3	8,553.5	8,662.6	8,789.5	8,958.7	9,065.1	9,255.6	9,363.9	9,503.8	9,681.1	9,838.8	8,468.0
- Cost	—	—	—	—	12,602.6	12,534.7	12,510.7	12,439.7	12,403.1	12,399.1	12,388.2	10,869.8
- Accumulated depreciation	—	—	—	—	-3,643.8	-3,469.5	-3,255.0	-3,075.8	-2,899.3	-2,718.0	-2,549.4	-2,401.8
2. Financial leased fixed assets	—	—	—	—	0.0	4.4	4.5	4.7	4.9	5.1	5.3	5.4
- Cost	—	—	—	—	0.0	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	0.0
3. Intangible fixed assets	1,123.0	1,129.3	1,142.7	1,158.3	1,175.9	1,189.1	1,204.2	1,220.0	1,236.2	1,251.7	1,268.8	1,286.0
- Cost	—	—	—	—	0.0	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	0.0
III. Investment properties	93.8	98.4	103.0	107.5	112.1	122.1	126.8	131.4	145.7	230.9	257.8	264.8
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	1,351.9	827.7	715.9	434.5	372.6	345.2	132.0	140.1	106.5	87.3	44.0	1,518.0
1. Long-term production in progress	202.5	202.5	202.5	202.5	202.5	192.9	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,149.3	625.2	513.4	231.9	170.0	152.2	132.0	140.1	106.5	87.3	44.0	1,518.0
V. Long-term financial investments	1,781.2	1,763.6	1,722.2	1,693.7	1,708.6	1,656.4	1,645.8	1,655.7	1,606.6	1,603.1	1,607.5	1,541.8
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,780.4	1,762.8	1,721.4	1,692.8	1,707.3	1,655.2	1,644.6	1,654.5	1,605.4	1,601.7	1,606.1	1,540.4
3. Investments in other entities	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8	4.8
4. Provision for diminution in value of long-term investments	-4.0	-4.0	-4.0	-4.0	-3.6	-3.6	-3.6	-3.6	-3.6	-3.4	-3.4	-3.4
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	525.9	547.6	549.0	539.6	528.5	530.0	740.6	513.5	545.1	474.8	482.3	481.3
1. Long-term prepayments	327.6	336.4	328.8	310.8	291.0	284.3	484.3	477.5	508.7	434.5	439.5	439.5
2. Deferred income tax assets	35.1	30.3	30.5	30.3	30.3	29.6	31.5	33.8	34.3	38.0	40.5	39.6
3. Long-term equipment, supplies, spare parts	25.9	25.9	26.0	26.0	26.0	26.1	26.0	2.2	2.2	2.3	2.4	2.3
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	137.2	154.9	163.7	172.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	181.2	190.0	198.8	207.6	216.3	225.1	233.9	242.7
TOTAL ASSETS (280=100+200)	24,564.2	23,534.0	22,305.6	21,544.5	20,954.9	21,021.4	21,451.6	20,414.6	20,224.9	19,805.6	19,716.8	20,718.0
A. LIABILITIES (300=210+330)	15,675.7	15,183.5	14,410.0	13,756.0	13,255.3	13,394.6	14,037.5	13,059.9	12,957.5	12,669.5	12,664.7	13,481.0
I. Short -term liabilities	7,758.1	7,419.0	6,575.6	5,662.0	5,061.8	5,254.6	5,856.0	5,014.1	4,708.7	4,195.8	4,192.2	4,918.4
1. Short-term trade accounts payable	1,804.7	968.6	1,670.6	888.2	1,109.8	941.2	1,043.0	876.3	1,048.9	887.4	964.5	997.5
2. Short-term advances from customers	788.5	1,244.1	607.6	742.5	294.4	293.9	183.6	235.8	137.4	269.4	231.8	270.3
3. Taxes and other payables to state authorities	292.6	160.0	113.5	69.3	231.8	216.4	659.4	138.3	133.6	168.2	67.2	17.9
4. Payable to employees	121.8	79.2	85.4	55.6	99.0	77.4	77.9	44.3	60.1	31.1	28.1	25.6
5. Short-term acrrued expenses	156.0	143.9	97.7	150.0	84.8	138.1	114.1	266.9	191.5	249.3	196.5	326.3
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	6.7	0.9	0.0	0.0	9.9	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	6.6	8.0	8.2	10.2	6.8	7.0	5.3	5.5	5.6	3.0	3.9	2.4
9. Other short-term payables	123.3	68.2	127.6	180.1	107.4	58.0	59.5	119.3	95.8	121.6	75.0	24.6
10. Short-term borrowings and financial leases	4,257.5	4,532.6	3,644.9	3,387.9	2,950.3	3,332.5	3,521.4	3,131.6	2,838.5	2,270.7	2,415.5	3,113.0
11. Provision for short-term liabilities	39.1	27.8	23.9	15.3	10.0	13.0	9.1	12.4	12.5	9.6	11.8	9.2
12.. Bonus and welfare fund	167.9	186.6	196.2	156.2	166.7	177.2	182.6	173.9	184.7	185.7	197.9	131.5
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	7,917.6	7,764.6	7,834.4	8,094.0	8,193.5	8,140.0	8,181.5	8,045.7	8,248.8	8,473.7	8,472.5	8,562.6
1. Long-term trade payables	—	—	—	—	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.2	—	—	—	0.5	0.8	0.8	0.9	0.0	1.3	0.0	0.0
7. Other long-term liabilities	11.9	11.9	12.2	12.1	12.0	11.7	11.4	10.7	10.8	11.4	13.5	13.9
8. Long-term borrowings and financial leases	7,448.2	7,380.5	7,465.4	7,731.3	7,830.6	7,796.4	7,832.0	7,701.1	7,902.0	8,129.4	8,132.2	8,218.5
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	307.8	311.9	308.2	303.2	305.2	299.0	298.9	302.1	305.0	308.4	309.5	313.0
12. Provision for long-term liabilities	149.6	60.3	48.5	47.5	45.1	32.1	38.5	30.9	31.0	23.2	17.2	17.3
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	8,888.6	8,350.4	7,895.6	7,788.5	7,699.6	7,626.7	7,414.1	7,354.7	7,267.4	7,136.1	7,052.1	7,236.9
I. Owner's equity	8,888.6	8,350.4	7,895.6	7,788.5	7,699.6	7,626.7	7,414.1	7,354.7	7,267.4	7,136.1	7,052.1	7,236.9
1. Owner's capital	4,112.9	3,576.4	3,576.4	3,576.4	3,576.4	3,110.0	3,110.0	3,110.0	3,110.0	2,704.3	2,704.3	2,704.3
- Common stock with voting right	4,112,853,430,000.00	3,576,421,210,000.00	3,576,421,210,000.00	3,576,421,210,000.00	3,576,421,210,000.00	3,109,955,580,000.00	3,109,955,580,000.00	3,109,955,580,000.00	3,109,955,580,000.00	2,704,330,020,000.00	2,704,330,020,000.00	2,704,330,020,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	174.7	711.1	711.1	711.1	711.1	711.1	711.1	711.1	711.1	711.1	711.1	711.1
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	81.2	81.2	50.8	50.8	50.8	50.8	50.8	46.8	46.8	46.8	41.7	29.0
5. Treasury shares	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
7. Foreign exchange differences	-1.9	-2.2	-2.5	-3.2	-3.3	-3.6	0.2	0.2	0.1	0.2	-0.1	-0.1
8. Investment and development fund	299.8	299.8	299.8	298.7	298.6	298.8	288.0	293.0	292.7	292.7	292.7	261.1
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	65.4	65.4	65.4	65.4	65.4	65.4	65.4	65.4	65.4	65.4	65.4	65.4
11. Undistributed earnings after tax	1,787.1	1,240.7	966.0	880.1	813.8	1,221.9	1,086.3	1,036.1	955.9	1,289.3	1,217.7	1,359.0
- Accumulated retained earning at the end of the previous period	745.3	745.5	775.2	824.8	358.7	825.0	943.5	955.5	819.7	1,223.9	1,229.0	1,344.4
- Undistributed earnings in this period	1,041.8	495.2	190.8	55.3	455.1	396.8	142.8	80.6	136.2	65.3	-11.3	14.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,368.7	2,377.2	2,227.7	2,208.4	2,186.1	2,171.6	2,101.5	2,091.3	2,084.6	2,025.6	2,018.4	2,106.3
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	24,564.2	23,534.0	22,305.6	21,544.5	20,954.9	21,021.4	21,451.6	20,414.6	20,224.9	19,805.6	19,716.8	20,718.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	747.7	445.9	202.0	163.4	161.0	289.5	220.8	157.3	164.6	140.2	-0.3	84.4
Depreciation of Fixed Assets and Investment Property	223.4	223.4	217.3	217.7	215.5	232.0	206.8	209.8	206.3	206.1	182.5	168.5
Provision (Increase)/Reversal	201.0	15.6	9.7	5.6	92.8	-2.6	4.3	-0.4	13.2	9.9	-3.5	-10.7
FX Gain/Loss from Revaluation of Monetary Items	-12.0	10.8	44.2	37.6	96.0	-88.2	51.0	76.9	-13.9	95.6	17.0	-10.9
Gain/Loss from Investment Activities	-112.3	-85.8	-56.6	-12.1	-27.0	-6.0	-40.7	-77.9	-61.5	-31.9	-39.0	-55.8
Interest Expense	172.2	175.0	169.3	165.7	173.2	167.9	187.9	181.8	209.2	215.4	220.3	203.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	1,220.0	784.8	585.9	577.9	711.5	592.6	630.1	547.5	517.9	635.3	377.0	379.0
Increase/(Decrease) in Receivables	-646.0	-29.0	-282.9	-275.5	321.9	101.5	-381.2	-283.1	113.6	-245.7	313.3	232.6
Increase/(Decrease) in Inventory	642.6	70.5	-478.9	-181.9	-158.2	98.8	-425.1	-169.2	-42.9	143.6	-99.3	-25.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	412.6	-112.4	664.5	154.5	216.5	-680.0	788.8	-22.3	116.9	72.0	-159.1	-311.1
Increase/(Decrease) in Prepaid Expenses	15.1	-6.7	-16.4	-12.7	5.7	12.9	-13.7	-0.1	-1.4	17.4	-14.4	10.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-174.9	-139.4	-193.2	-138.9	-190.4	-141.9	-210.7	-164.6	-237.5	-179.4	-253.2	-190.7
Corporate Income Tax Paid	-8.1	-3.8	-2.7	-101.2	-4.1	-4.1	-28.6	-37.8	-10.4	-1.8	-12.3	-78.3
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-19.6	-9.6	-9.2	-12.6	-15.3	-9.0	-4.1	-12.7	-1.9	-7.7	-8.5	-16.0
Net Cash Flow from Operating Activities	1,441.5	554.4	267.2	9.6	887.5	-29.1	355.6	-142.3	454.4	433.8	143.5	0.6
Payments for Fixed Assets and Other Long-term Assets	-826.5	-222.9	-256.7	-45.7	-275.7	-38.1	-57.8	-62.1	-202.0	-76.1	0.1	-196.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	22.3	0.2	0.1	—	13.0	0.4	0.0	18.5	140.4	26.5	0.5	0.8
Loans and Purchases of Debt Instruments	-425.4	849.1	-397.1	-607.3	-346.6	-321.5	-654.0	-785.6	197.8	-283.5	-639.2	-322.2
Receipts from Loan Repayments and Sale of Debt Instruments	15.6	-747.6	273.0	604.6	361.4	605.3	367.7	416.6	176.1	177.7	677.0	209.1
Investments in Other Entities	—	—	—	—	-90.2	0.0	0.0	0.0	0.0	0.0	-68.4	0.0
Proceeds from Investments in Other Entities	153.3	0.0	5.2	—	5.4	0.1	11.9	0.0	20.3	0.0	8.1	0.0
Dividends and Interest Income Received	41.3	31.1	45.2	31.1	17.5	16.6	38.5	31.3	-21.4	27.0	38.4	54.7
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-1,019.1	-90.7	-346.9	-17.4	-315.3	262.7	-293.7	-381.3	311.3	-128.4	16.5	-254.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	44,000,000,000.00	0.00	0.00	200,000,000.00	160,100,000.00	-100,000.00	3,053,643,532.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,572.5	2,999.1	1,964.9	1,848.1	1,653.2	1,731.4	2,501.4	1,832.3	2,069.4	1,216.2	1,188.2	1,318.7
Repayment of Borrowings	-2,762.9	-2,216.1	-2,028.2	-1,549.8	-2,101.7	-1,844.1	-2,047.6	-1,833.4	-1,731.2	-1,478.1	-1,991.2	-1,961.1
Repayment of Finance Leases	—	—	—	—	-0.3	-0.5	-0.3	-0.4	-0.4	-0.5	-0.3	-0.4
Dividends Paid	-101.3	-13.2	-75.0	-14.4	-103.9	-18.3	-70.8	-9.6	-51.8	-21.2	-36.4	-14.7
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-276.5	844.1	-122.7	283.9	-508.7	-131.6	382.8	-10.9	286.1	-283.7	-836.8	-657.5
Net Cash Flow During the Period	146.0	1,307.9	-202.4	276.1	63.5	102.0	444.6	-534.5	1,051.8	21.8	-676.8	-910.9
Cash and Cash Equivalents at Beginning of Period	3,668.6	2,357.0	2,554.4	2,277.3	2,082.2	2,082.2	2,082.2	2,082.2	2,581.4	2,581.4	2,581.4	2,581.4
FX Difference from Revaluation	6.5	9.7	5.9	0.9	19.2	-6.1	-9.3	15.6	9.5	5.4	0.8	-0.7
Cash and Cash Equivalents at End of Period	3,811.4	3,668.6	2,357.0	2,554.4	2,177.4	2,094.6	1,998.7	1,563.4	2,082.2	1,021.0	993.8	1,669.8

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PC1

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Balance Sheet

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Cash Flow