PLX

Tập đoàn Xăng Dầu Việt Nam ·HOSE ·2026Q1

● Maintaining

Price

38,850

Latest close

02 Jun 2026

P/E 37.78x

P/B 1.74x

EPS 1,028

BVPS 22,324

ROE 5.9%

ROA 1.8%

Profit Margin 0.5%

Asset Turnover 3.67x

Equity Mult. 3.19x

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

What Is Changing

On a TTM 2026Q1 basis, PLX posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 341,277bn
	                                
+23.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,109bn
	                                
−5.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	309,874.5	284,017.4	273,979.2	304,063.8	169,113.1
Growth	+9%	+4%	-10%	+80%	—
Net Income	3,026.7	3,161.2	3,077.3	1,902.2	3,111.5
Net Margin	0.98%	1.11%	1.12%	0.63%	1.84%

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	98,697.9	81,892.8	83,631.4	77,054.4	67,861.0	71,037.8	64,324.4	73,836.9	75,106.2	68,656.4	72,414.1	65,751.9
Growth	+21%	-2%	+9%	+14%	-4%	+10%	-13%	-2%	+9%	-5%	+10%	—
Net Income	-662.5	696.9	706.0	1,368.3	210.8	612.1	130.5	1,274.5	1,132.8	764.2	729.4	849.9
Net Margin	-0.67%	0.85%	0.84%	1.78%	0.31%	0.86%	0.20%	1.73%	1.51%	1.11%	1.01%	1.29%

Drivers of PLX's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 1,771.6bn

Deferred tax ↓ 167.6bn

Financial income ↑ 118.9bn

Associates income ↑ 82.7bn

Selling expenses ↑ 1,313.5bn

Other profit ↓ 277.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Selling expenses ↑ 639.0bn

Finance costs ↑ 95.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.4% = 0.8% × 3.45 × 2.69

2026Q1 7.2% = 0.6% × 3.67 × 3.19

ROE is broadly flat at 7.2% — the components are offsetting one another.

Net margin: 0.6% -0.2pp Asset turnover: 3.67x +0.22x Leverage: 3.19x +0.50x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.62%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.62% −0.2pp

Gross Margin 5.32% −0.6pp

SG&A / Revenue 4.79% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 5.97%, broadly flat versus the same period. That translates to 5.97 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 1.85x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 5.97% +0.3pp

NOPAT Margin 0.61% −0.1pp

Capital Turnover 9.83x +1.85x

Average Invested Capital 34,723.4bn +12.2bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.90x equity, net debt at 0.03x equity.

Inventory ended the period at 13,861.9bn, roughly 16.1% of total assets.

Over the last 12 months, working capital released 14,336.6bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −7,530.3bn

Inventories increased → lower CFO: −20,254.5bn

Payables increased → higher CFO: +42,121.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.9 days versus the same period last year. The main moves came from DIO rose 6.6 days, DSO fell 0.4 days, and DPO rose 12.1 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +6.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 16.5 days −0.4 days

Inventory 29.5 days +6.6 days

Payables 45.6 days +12.1 days

Cash Conversion Cycle 0.5 days −5.9 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 0.03x and interest coverage at 2.05x.

At present, short-term debt accounts for 94.1% of total debt, cash equals 91.2% of debt, and total debt stands at 11,005.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 94.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.03x −0.31x

Interest Coverage 2.05x −0.15x

Cash / Debt 91.2% +40.3pp

Short-term Debt / Total Debt 94.1% −3.7pp

CFO / NI 9.27x +8.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,990.4bn in 2025, against investing cash flow of -7,319.0bn.

Post-investment cash flow was negative +3,328.6bn. Financing cash flow was negative +928.9bn.

CFO / net income was 9.27x.

After spending +2,830.6bn on fixed-asset investment, the business generated trailing free cash flow of +13,085.3bn.

Cash Conversion

CFO TTM 15,915.9bn +15,071.9bn

Cash Capex 2,830.6bn +937.3bn

FCF TTM +13,085.3bn +14,134.6bn

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 earnings conversion is confirmed, with CFO/NI at 9.27x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 9.27x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	309,985.2	284,124.0	274,082.4	304,171.6	169,210.2
Revenue Deductions	110.7	106.6	103.2	107.8	0.0
Net Revenue	309,874.5	284,017.4	273,979.2	304,063.8	169,113.1
Cost of Goods Sold	291,761.8	266,666.1	258,715.3	291,744.2	0.0
Gross Profit	18,112.7	17,351.3	15,263.9	12,319.6	12,706.2
Financial Income	1,821.5	1,635.3	2,742.7	1,948.9	998.4
Financial Expenses	1,274.0	1,196.1	1,723.5	1,706.5	-835.0
Interest Expense	798.2	568.2	898.6	644.1	-602.5
Share of Associates and Joint Ventures	576.4	528.0	623.8	702.9	567.6
Selling Expenses	14,467.1	13,517.7	12,139.7	10,499.5	-9,157.3
General and Administrative Expenses	1,193.0	1,040.7	949.4	823.3	-781.7
Operating Profit	3,576.5	3,760.1	3,818.0	1,942.2	3,498.2
Other Income	127.2	294.8	194.7	396.4	0.0
Other Expenses	60.3	82.7	65.3	68.5	0.0
Other Profit	66.9	212.0	129.4	327.9	283.2
Profit Before Tax	3,643.5	3,972.2	3,947.4	2,270.1	3,781.4
Current Income Tax Expense	775.6	799.6	804.3	435.9	-669.8
Deferred Income Tax Expense	-158.9	11.4	65.8	-68.0	0.0
Net Income	3,026.7	3,161.2	3,077.3	1,902.2	3,111.5
Non-controlling Interest	351.5	271.3	243.4	452.5	281.5
Profit Attributable to Parent	2,675.3	2,889.8	2,833.9	1,449.7	2,830.0
Earnings per Share	1,472.00	1,767.00	1,706.00	1,036.00	2,011.00
Diluted EPS	2,067.63	2,233.44	2,190.24	1,120.46	2,187.24

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	59,561.2	59,543.5	57,306.9	50,170.2	40,797.5
I. Cash and cash equivalents	10,675.8	14,933.1	14,048.2	11,606.0	6,188.8
1. Cash	7,700.7	5,329.2	8,103.7	5,516.1	0.0
2. Cash equivalents	2,975.1	9,603.9	5,944.5	6,090.0	0.0
II. Short-term financial investments	17,857.4	15,108.8	16,495.6	7,097.6	0.0
1. Available for sale securities	6.6	6.7	6.7	7.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.9	-2.1	-2.0	-1.9	0.0
3. Held to maturity investments	17,852.7	15,104.2	16,490.9	7,092.6	0.0
III. Short-term receivables	15,969.9	12,465.1	10,975.3	12,673.7	7,089.5
1. Short-term trade accounts receivable	15,782.7	12,232.9	10,021.8	11,866.2	0.0
2. Short-term prepayments to suppliers	532.5	383.6	666.6	663.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	958.9	654.4	823.7	613.9	0.0
7. Provision for short-term doubtful debts (*)	-1,305.0	-806.5	-538.6	-471.2	0.0
8. Assets awaiting resolution	0.8	0.7	1.8	1.2	0.0
IV. Inventories	13,861.9	15,673.0	14,639.9	17,232.4	13,160.7
1. Inventories	14,032.3	15,746.7	14,677.5	17,301.3	0.0
2. Provision for decline in value of inventories	-170.5	-73.6	-37.6	-69.0	0.0
V. Other short-term assets	1,196.2	1,363.6	1,147.8	1,560.5	2,522.4
1. Short-term prepayments	358.7	353.3	293.3	268.6	0.0
2. Value added tax to be reclaimed	468.1	411.3	693.0	944.7	0.0
3. Taxes and other receivables from state authorities	368.6	598.2	160.7	343.6	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	0.8	0.7	0.8	3.6	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	26,294.2	21,731.1	22,368.7	24,305.4	23,500.4
I. Long-term receivables	40.5	31.3	28.9	30.2	0.0
1. Long-term trade receivables	0.3	0.3	0.4	0.5	26.9
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	40.4	33.4	32.4	36.1	0.0
7. Provision for long-term doubtful debts	-0.2	-2.4	-3.9	-6.4	0.0
II. Fixed assets	14,485.9	13,585.5	13,654.7	14,283.8	14,757.6
1. Tangible fixed assets	12,002.8	11,198.7	11,310.4	11,959.0	12,497.7
- Cost	40,060.5	37,616.4	36,044.0	34,886.2	0.0
- Accumulated depreciation	-28,057.8	-26,417.7	-24,733.6	-22,927.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2,483.2	2,386.8	2,344.3	2,324.8	2,259.9
- Cost	3,485.5	3,324.1	3,238.5	3,157.8	0.0
- Accumulated depreciation	-1,002.3	-937.3	-894.2	-833.0	0.0
III. Investment properties	103.4	108.0	115.9	121.0	127.8
- Cost	197.2	195.3	198.7	198.1	0.0
- Accumulated depreciation	-93.8	-87.3	-82.8	-77.1	0.0
IV. Long-term assets in progress	1,241.6	1,445.6	919.6	557.1	634.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,241.6	1,445.6	919.6	557.1	0.0
V. Long-term financial investments	6,732.8	3,221.3	4,812.2	6,498.9	5,284.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,594.9	1,579.2	1,386.9	3,144.9	0.0
3. Investments in other entities	260.4	263.8	263.8	263.5	0.0
4. Provision for diminution in value of long-term investments	-122.5	-122.1	-115.4	-109.5	0.0
5. Held to maturity investments	5,000.0	1,500.4	3,277.0	3,200.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	3,690.0	3,339.5	2,837.4	2,814.5	0.0
1. Long-term prepayments	3,378.0	3,196.6	2,757.1	2,656.3	0.0
2. Deferred income tax assets	307.2	138.7	71.3	134.8	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	4.8	4.2	9.0	23.3	2,669.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	85,855.4	81,274.6	79,675.6	74,475.6	64,297.8
A. LIABILITIES (300=210+330)	56,293.7	51,966.7	50,473.5	46,693.0	36,062.7
I. Short -term liabilities	55,354.3	51,179.6	49,660.6	45,694.6	34,834.6
1. Short-term trade accounts payable	23,980.2	25,234.3	22,157.2	24,220.5	15,937.1
2. Short-term advances from customers	496.3	300.8	287.1	341.6	359.1
3. Taxes and other payables to state authorities	2,139.5	2,118.2	2,102.5	1,337.8	0.0
4. Payable to employees	1,843.0	1,556.1	1,491.6	1,292.5	0.0
5. Short-term acrrued expenses	4,465.0	422.9	365.5	280.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	13.3	13.3	12.2	26.8	28.8
9. Other short-term payables	437.9	334.9	322.6	2,091.3	0.0
10. Short-term borrowings and financial leases	18,085.0	17,384.5	19,135.3	13,589.7	13,804.5
11. Provision for short-term liabilities	274.7	180.8	274.1	135.7	0.0
12.. Bonus and welfare fund	532.0	552.2	459.9	392.2	0.0
13. Price stabilization fund	3,087.6	3,081.5	3,052.5	1,985.8	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	939.3	787.0	812.9	998.4	1,228.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	16.9	15.5	15.2	14.8	15.7
3. Long-term acrrued expenses	51.1	40.1	31.8	25.8	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	15.4	17.7	23.9	18.5	26.6
7. Other long-term liabilities	122.1	68.6	70.8	56.5	0.0
8. Long-term borrowings and financial leases	609.0	487.1	646.8	823.4	995.9
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	110.1	100.9	22.0	19.9	0.0
12. Provision for long-term liabilities	14.7	57.1	2.6	39.6	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)	29,561.7	29,308.0	29,202.1	27,782.6	28,235.1
I. Owner's equity	29,561.7	29,308.0	29,202.1	27,782.6	0.0
1. Owner's capital	12,938.8	12,938.8	12,938.8	12,938.8	28,235.1
- Common stock with voting right	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1,143.8	966.8	966.8	1,109.6	1,090.1
5. Treasury shares	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	0.00
6. Assets revaluation differences	-1,280.0	-1,280.0	-1,280.0	-1,294.7	0.0
7. Foreign exchange differences	169.1	162.6	139.5	90.0	0.0
8. Investment and development fund	2,036.0	2,095.4	1,769.5	1,692.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	68.5	84.2	84.2	124.6	0.0
11. Undistributed earnings after tax	4,004.0	3,928.8	4,194.6	2,706.2	3,391.1
- Accumulated retained earning at the end of the previous period	1,328.8	1,039.0	1,360.7	1,256.5	561.0
- Undistributed earnings in this period	2,675.3	2,889.8	2,833.9	1,449.7	2,830.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3,355.2	3,285.1	3,262.6	3,289.5	3,206.2
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)	85,855.4	81,274.6	79,675.6	74,475.6	64,297.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,643.5	3,972.2	3,947.4	2,270.1	3,781.4
Depreciation of Fixed Assets and Investment Property	2,303.3	2,177.2	2,184.8	2,168.3	2,147.1
Provision (Increase)/Reversal	644.8	456.8	141.0	-330.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-8.3	-10.9	13.3	30.8	0.0
Gain/Loss from Investment Activities	-1,848.6	-1,546.2	-2,465.8	-1,818.2	0.0
Interest Expense	798.2	568.2	898.6	644.1	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	—	23.3	1,061.7	2,171.9	0.0
Operating Profit Before Changes in Working Capital	5,532.9	5,640.6	5,781.0	5,136.2	1,702.1
Increase/(Decrease) in Receivables	-3,560.4	-1,986.9	2,148.2	-4,447.1	0.0
Increase/(Decrease) in Inventory	1,714.4	-1,069.1	2,623.8	-3,914.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,936.3	2,686.1	-3,354.5	9,905.9	0.0
Increase/(Decrease) in Prepaid Expenses	-22.4	-322.0	-103.0	142.2	0.0
Changes in Trading Securities	0.1	0.0	0.3	0.0	0.0
Interest Paid	-782.2	-594.6	-851.6	-632.2	0.0
Corporate Income Tax Paid	-750.6	-908.6	-433.2	-454.9	0.0
Other Operating Receipts	6.1	5.7	5.1	0.0	0.0
Other Operating Payments	-1,083.8	-1,078.1	-542.5	-643.8	0.0
Net Cash Flow from Operating Activities	3,990.4	2,373.0	5,273.6	5,091.8	250.8
Payments for Fixed Assets and Other Long-term Assets	-2,662.4	-1,995.7	-1,652.0	-2,120.3	-1,384.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	27.9	44.4	32.7	240.9	134.9
Loans and Purchases of Debt Instruments	-49,887.3	-22,861.2	-28,587.1	-19,910.6	-24,572.6
Receipts from Loan Repayments and Sale of Debt Instruments	43,639.2	26,024.5	19,111.8	23,443.9	20,320.8
Investments in Other Entities	—	0.0	0.0	0.0	-48.2
Proceeds from Investments in Other Entities	1.8	0.0	2,573.0	11.5	0.0
Dividends and Interest Income Received	1,561.9	1,339.5	1,446.8	1,338.7	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	-7,319.0	2,551.5	-7,074.9	3,004.0	-4,791.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	2,888,473,190,625.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	82,381.3	71,468.2	82,478.1	95,830.5	68,941.3
Repayment of Borrowings	-81,585.4	-73,402.1	-77,133.8	-96,791.2	-70,161.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1,724.8	-2,107.4	-1,099.7	-1,745.5	-1,522.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-928.9	-4,041.3	4,244.6	-2,706.3	145.3
Net Cash Flow During the Period	-4,257.5	883.2	2,443.3	5,389.5	-174.7
Cash and Cash Equivalents at Beginning of Period	14,933.1	14,048.2	11,606.0	6,192.5	10,611.7
FX Difference from Revaluation	0.2	1.7	-1.1	24.1	-22.0
Cash and Cash Equivalents at End of Period	10,675.8	14,933.1	14,048.2	11,606.0	6,193.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	98,724.2	81,921.3	83,655.3	77,083.5	67,890.2	71,065.7	64,352.1	73,862.1	75,131.9	68,682.5	72,439.1	65,777.4
Revenue Deductions	26.3	28.5	23.9	29.1	29.1	28.0	27.8	25.2	25.7	26.1	25.0	25.5
Net Revenue	98,697.9	81,892.8	83,631.4	77,054.4	67,861.0	71,037.8	64,324.4	73,836.9	75,106.2	68,656.4	72,414.1	65,751.9
Cost of Goods Sold	94,997.2	77,082.2	79,132.3	71,919.6	64,149.1	66,433.8	60,888.0	69,215.5	70,436.8	64,674.4	68,634.6	61,913.0
Gross Profit	3,700.7	4,810.6	4,499.2	5,134.7	3,711.9	4,604.0	3,436.4	4,621.3	4,669.4	3,982.0	3,779.6	3,838.9
Financial Income	362.7	420.0	537.4	441.2	421.8	294.6	495.8	430.2	450.0	606.1	1,189.0	433.1
Financial Expenses	388.8	258.7	382.6	327.5	293.6	251.2	231.7	373.4	374.9	357.2	627.2	357.5
Interest Expense	190.5	208.3	243.6	180.8	165.6	61.3	174.6	177.3	193.9	214.7	226.2	230.2
Share of Associates and Joint Ventures	153.6	161.4	131.9	150.3	114.3	125.5	109.0	165.7	110.8	119.4	136.9	199.2
Selling Expenses	3,992.2	3,939.6	3,694.5	3,461.9	3,353.2	3,893.9	3,318.4	3,209.2	3,198.0	3,252.1	3,109.9	2,906.6
General and Administrative Expenses	329.4	309.6	322.0	308.0	263.6	281.8	268.5	253.1	238.1	299.0	215.5	217.3
Operating Profit	-493.3	884.0	769.4	1,628.8	337.5	597.1	222.6	1,381.5	1,419.1	799.1	1,152.8	989.8
Other Income	19.6	38.5	67.6	23.9	30.2	211.3	34.1	134.0	28.4	84.2	38.5	50.8
Other Expenses	22.1	36.5	29.9	14.7	9.3	48.3	15.5	12.6	6.4	33.4	11.5	10.7
Other Profit	-2.5	2.1	37.7	9.2	20.9	163.1	18.6	121.3	22.0	50.8	27.0	40.0
Profit Before Tax	-495.8	886.1	807.1	1,638.0	358.4	760.2	241.2	1,502.9	1,441.1	849.9	1,179.8	1,029.8
Current Income Tax Expense	189.4	138.9	191.4	323.7	101.7	157.1	85.8	239.3	311.3	75.7	437.9	175.6
Deferred Income Tax Expense	-22.7	50.3	-90.3	-54.0	45.9	-9.0	25.0	-10.9	-3.0	10.0	12.6	4.3
Net Income	-662.5	696.9	706.0	1,368.3	210.8	612.1	130.5	1,274.5	1,132.8	764.2	729.4	849.9
Non-controlling Interest	100.5	111.3	95.3	84.6	77.4	66.6	64.6	75.0	59.9	123.1	-8.8	76.4
Profit Attributable to Parent	-763.0	585.7	610.7	1,283.7	133.4	545.5	65.9	1,199.5	1,073.0	641.0	738.2	773.5
Earnings per Share	-589.68	350.00	369.00	899.00	86.00	317.00	51.00	859.00	815.00	480.00	560.00	583.00
Diluted EPS	-521.00	452.63	471.99	992.16	103.11	421.58	50.91	927.06	829.27	495.44	570.51	597.85

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)	79,846.8	59,846.3	65,161.9	66,275.0	58,986.9	60,085.5	49,621.0	53,399.3	58,284.4	56,666.9	61,141.0	57,981.8
I. Cash and cash equivalents	10,034.4	10,803.2	12,616.6	10,765.1	10,446.7	15,062.1	12,293.5	15,562.2	17,106.8	13,379.1	9,738.9	16,241.9
1. Cash	7,625.6	7,698.1	6,991.9	6,546.7	6,918.9	5,329.1	6,751.2	7,190.6	7,799.7	7,475.8	6,759.7	8,668.5
2. Cash equivalents	2,408.8	3,105.1	5,624.7	4,218.4	3,527.8	9,733.1	5,542.3	8,371.6	9,307.1	5,903.3	2,979.2	7,573.5
II. Short-term financial investments	17,601.3	17,727.4	17,587.6	21,240.6	20,016.4	15,143.6	12,762.5	11,204.8	8,619.4	16,536.9	17,056.9	10,924.5
1. Available for sale securities	6,431.2	6.6	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7
2. Provision for diminution in value of available for sale securities (*)	-1.9	-1.9	-2.0	-2.0	-2.1	-2.1	-2.0	-2.0	-1.9	-2.0	-1.9	-1.9
3. Held to maturity investments	11,172.0	17,722.7	17,582.9	21,235.9	20,011.8	15,139.0	12,757.9	11,200.1	8,614.6	16,532.1	17,052.1	10,919.7
III. Short-term receivables	19,662.1	16,174.6	17,374.4	16,245.4	11,896.1	12,855.2	10,173.0	10,570.9	14,924.5	10,972.8	13,636.5	13,996.1
1. Short-term trade accounts receivable	19,244.9	15,784.9	17,290.3	16,047.9	11,631.1	12,233.4	9,565.5	9,754.6	14,020.4	10,025.6	12,770.7	13,237.7
2. Short-term prepayments to suppliers	898.4	545.6	456.9	407.9	383.8	770.3	801.3	658.3	686.9	663.4	752.4	715.0
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	893.2	1,150.9	870.4	795.3	739.8	657.4	569.1	784.8	751.2	808.1	720.6	593.4
7. Provision for short-term doubtful debts (*)	-1,375.8	-1,307.7	-1,244.0	-1,006.3	-859.0	-806.8	-764.8	-628.9	-536.3	-526.1	-608.1	-551.5
8. Assets awaiting resolution	1.4	0.8	0.7	0.6	0.4	1.0	1.8	1.9	2.4	1.8	0.9	1.5
IV. Inventories	29,753.9	13,948.2	16,617.3	16,789.9	15,677.5	15,659.1	13,527.2	15,136.1	16,750.2	14,634.2	19,594.6	15,366.9
1. Inventories	36,266.2	14,147.0	16,852.5	17,005.7	16,011.7	15,732.2	13,572.4	15,146.8	16,761.5	14,679.6	20,450.7	15,446.3
2. Provision for decline in value of inventories	-6,512.3	-198.8	-235.2	-215.8	-334.2	-73.0	-45.3	-10.7	-11.3	-45.5	-856.1	-79.4
V. Other short-term assets	2,795.1	1,192.9	966.1	1,234.0	950.2	1,365.4	864.8	925.3	883.4	1,144.0	1,114.1	1,452.5
1. Short-term prepayments	395.1	355.3	390.0	530.4	352.7	355.9	371.7	488.1	307.2	295.7	275.5	363.4
2. Value added tax to be reclaimed	859.7	467.6	424.2	535.0	412.7	411.0	382.9	357.3	458.4	693.2	707.7	740.3
3. Taxes and other receivables from state authorities	517.2	369.3	151.1	167.8	184.1	597.8	109.5	79.0	117.0	154.3	129.1	347.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	1,023.1	0.8	0.7	0.8	0.7	0.7	0.7	0.9	0.8	0.8	1.7	1.2
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	26,225.8	26,270.2	26,413.0	21,136.0	21,048.9	21,322.8	20,568.1	20,567.6	22,448.0	22,295.2	20,735.4	22,836.0
I. Long-term receivables	39.8	40.5	31.3	32.1	31.1	30.1	27.8	30.7	27.9	28.0	29.1	28.7
1. Long-term trade receivables	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4
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	39.7	40.4	35.1	36.7	36.4	32.2	30.3	33.6	31.0	31.5	33.2	33.3
7. Provision for long-term doubtful debts	-0.2	-0.2	-4.1	-4.9	-5.5	-2.4	-2.8	-3.3	-3.5	-3.9	-4.5	-5.1
II. Fixed assets	14,360.8	14,483.5	13,004.5	13,092.9	13,249.0	13,580.5	13,323.1	13,542.9	13,420.2	13,655.1	13,359.0	13,608.4
1. Tangible fixed assets	11,883.2	12,054.7	10,581.7	10,679.1	10,864.9	11,168.3	10,949.3	11,161.9	11,084.4	11,302.4	11,063.8	11,310.1
- Cost	40,410.3	—	—	—	—	37,587.3	36,975.2	36,761.4	36,283.1	36,037.5	35,376.3	35,156.3
- Accumulated depreciation	-28,527.1	—	—	—	—	-26,418.9	-26,026.0	-25,599.5	-25,198.8	-24,735.1	-24,312.5	-23,846.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2,477.5	2,428.9	2,422.8	2,413.8	2,384.0	2,412.2	2,373.9	2,381.0	2,335.9	2,352.7	2,295.2	2,298.4
- Cost	3,498.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,020.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	100.3	115.8	104.2	105.8	107.4	105.1	112.7	113.8	114.3	114.4	116.1	117.9
- Cost	188.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-88.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,324.4	1,244.6	2,040.8	1,747.2	1,379.7	1,078.3	990.5	744.8	909.6	879.0	738.9	665.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,324.4	1,244.6	2,040.8	1,747.2	1,379.7	1,078.3	990.5	744.8	909.6	879.0	738.9	665.9
V. Long-term financial investments	6,817.3	6,716.9	7,668.1	2,771.8	2,973.4	3,211.0	3,090.4	3,207.4	5,159.3	4,797.7	3,902.7	5,812.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,679.5	1,579.0	1,530.4	1,630.2	1,578.4	1,565.6	1,443.4	1,486.2	1,449.4	1,372.3	1,553.9	3,457.9
3. Investments in other entities	260.4	260.4	260.4	260.4	260.4	263.8	263.8	263.8	263.8	263.8	263.8	263.5
4. Provision for diminution in value of long-term investments	-122.6	-122.5	-122.7	-118.8	-118.8	-118.7	-117.2	-118.4	-118.3	-115.4	-115.0	-109.0
5. Held to maturity investments	5,000.0	5,000.0	6,000.0	1,000.0	1,253.4	1,500.4	1,500.4	1,575.8	3,564.4	3,277.0	2,200.0	2,200.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3,583.3	3,668.9	3,564.2	3,386.2	3,308.3	3,317.8	3,023.4	2,928.1	2,816.6	2,820.8	2,589.6	2,602.8
1. Long-term prepayments	3,331.6	3,376.8	3,256.4	3,209.9	3,156.1	3,162.5	2,880.6	2,829.7	2,732.5	2,751.3	2,520.3	2,533.0
2. Deferred income tax assets	246.8	287.3	303.0	172.3	148.1	151.1	138.0	94.0	75.2	60.6	60.5	61.2
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	4.8	4.8	4.8	4.0	4.1	4.2	4.8	4.4	8.9	9.0	8.9	8.6
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	106,072.6	86,116.5	91,574.9	87,411.0	80,035.9	81,408.2	70,189.1	73,966.9	80,732.4	78,962.1	81,876.4	80,817.8
A. LIABILITIES (300=210+330)	77,188.6	56,640.1	62,675.3	59,232.8	50,515.7	52,106.0	41,514.1	45,519.4	50,419.2	49,776.8	53,448.0	52,926.0
I. Short -term liabilities	76,146.3	55,679.6	61,730.2	58,473.2	49,731.7	51,289.9	40,691.7	44,672.0	49,633.7	48,980.2	52,498.3	51,997.3
1. Short-term trade accounts payable	58,702.4	28,062.5	27,748.8	27,877.4	21,982.5	25,384.2	18,515.8	18,640.6	25,780.9	21,478.1	26,253.9	22,509.6
2. Short-term advances from customers	418.9	496.4	346.6	604.6	310.4	300.1	245.3	241.6	202.7	288.2	248.5	277.8
3. Dividends and profits payable	21.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1,743.1	2,150.8	2,121.6	2,263.6	1,812.2	2,115.4	2,281.0	2,136.3	2,014.2	2,103.5	2,313.7	2,121.4
4. Payable to employees	1,601.9	1,844.4	1,599.7	1,155.7	822.6	1,565.3	1,425.6	1,088.5	720.0	1,479.4	1,372.5	1,005.4
5. Short-term acrrued expenses	652.9	650.9	877.7	778.0	709.7	340.2	674.3	486.6	766.3	321.0	520.5	459.6
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	13.6	13.5	16.6	16.8	15.6	11.4	14.5	9.8	17.4	25.8	31.9	27.9
9. Other short-term payables	935.8	491.2	415.6	481.0	366.3	377.5	501.6	486.5	494.5	310.9	1,506.7	3,863.4
10. Short-term borrowings and financial leases	10,352.3	18,075.3	24,663.2	20,800.2	20,055.2	17,383.0	13,058.0	17,118.6	16,007.3	19,186.4	16,333.6	17,793.6
11. Provision for short-term liabilities	276.5	275.3	226.1	233.5	231.9	178.7	205.0	295.0	302.5	274.9	294.1	260.0
12.. Bonus and welfare fund	353.4	531.8	628.3	1,178.0	342.5	552.6	690.5	1,089.8	254.2	459.4	534.5	480.2
13. Price stabilization fund	1,073.8	3,087.6	3,085.9	3,084.4	3,082.9	3,081.5	3,080.0	3,078.6	3,073.7	3,052.5	3,088.3	3,198.4
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,042.3	960.5	945.0	759.6	784.0	816.1	822.4	847.4	785.4	796.5	949.7	928.7
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	16.9	16.9	17.1	17.1	15.8	15.5	15.9	15.3	15.2	15.2	15.2	15.2
3. Long-term acrrued expenses	52.5	51.1	47.8	38.1	38.9	40.1	37.1	36.4	33.8	31.8	30.1	28.7
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	15.4	15.4	17.5	17.5	17.6	19.6	20.0	20.0	22.0	10.6	12.5	14.5
7. Other long-term liabilities	143.9	122.0	109.0	94.7	84.6	93.7	68.8	69.9	68.4	69.8	100.0	56.8
8. Long-term borrowings and financial leases	652.8	618.7	554.1	440.9	463.5	488.6	549.8	596.0	616.7	646.8	758.4	775.8
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	145.8	122.2	104.6	72.7	101.5	101.4	97.9	84.1	22.9	20.5	20.8	26.9
12. Provision for long-term liabilities	14.9	14.2	95.0	78.6	62.1	57.1	32.9	25.7	6.5	1.9	12.8	10.8
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)	28,884.0	29,476.4	28,899.7	28,178.2	29,520.2	29,302.3	28,675.0	28,447.5	30,313.2	29,185.3	28,428.4	27,891.9
I. Owner's equity	28,884.0	29,476.4	28,899.7	28,178.2	29,520.2	29,302.3	28,675.0	28,447.5	30,313.2	29,185.3	28,428.4	27,891.9
1. Owner's capital	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8	12,938.8
- Common stock with voting right	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00	12,938,780,810,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1	7,359.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1,143.8	1,143.8	1,143.8	1,143.8	966.8	966.8	966.8	966.8	966.8	969.0	964.3	1,109.6
5. Treasury shares	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00	-232,858,460,000.00
6. Assets revaluation differences	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,280.0	-1,294.7
7. Foreign exchange differences	158.9	169.1	170.7	171.5	164.0	162.6	159.5	170.0	152.3	131.1	138.1	112.7
8. Investment and development fund	2,038.0	2,036.0	2,036.3	2,036.3	2,097.5	2,095.7	2,095.1	2,094.9	1,770.6	1,769.5	1,772.1	1,872.6
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	68.5	68.5	68.5	84.1	84.2	84.2	83.9	84.0	84.2	84.2	80.6	131.9
11. Undistributed earnings after tax	3,208.8	3,928.5	3,450.1	2,796.9	4,049.4	3,921.2	3,361.0	3,202.6	5,239.8	4,186.0	3,550.1	2,753.2
- Accumulated retained earning at the end of the previous period	3,971.8	1,232.3	1,339.6	1,379.8	3,916.0	1,031.2	1,016.5	930.2	4,166.9	254.1	468.1	1,360.0
- Undistributed earnings in this period	-763.0	2,696.2	2,110.5	1,417.1	133.4	2,890.0	2,344.5	2,272.5	1,073.0	3,931.9	3,082.0	1,393.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,480.8	3,345.5	3,245.2	3,160.6	3,373.1	3,286.7	3,223.6	3,144.1	3,314.4	3,260.4	3,138.1	3,141.6
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)	106,072.6	86,116.5	91,574.9	87,411.0	80,035.9	81,408.2	70,189.1	73,966.9	80,732.4	78,962.1	81,876.4	80,817.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-495.8	831.2	807.1	1,646.7	358.4	760.2	241.2	1,517.6	1,441.1	865.4	1,179.8	1,063.8
Depreciation of Fixed Assets and Investment Property	535.3	793.3	423.9	576.5	509.6	537.6	451.9	539.5	512.0	598.4	487.0	569.2
Provision (Increase)/Reversal	6,414.7	-39.7	199.1	116.4	369.0	69.0	100.7	88.9	6.1	-918.4	881.4	135.4
FX Gain/Loss from Revaluation of Monetary Items	-10.2	-16.3	-14.9	21.5	1.4	3.1	5.0	2.2	12.9	-34.9	2.9	51.7
Gain/Loss from Investment Activities	-413.4	-534.5	-464.8	-474.4	-374.8	-353.9	-289.7	-452.5	-369.9	-479.5	-1,098.5	-510.8
Interest Expense	190.5	208.3	243.6	180.8	165.6	61.3	174.6	139.1	193.9	209.4	226.2	230.1
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	3.5	19.8	-37.2	-111.5	733.8
Operating Profit Before Changes in Working Capital	6,221.1	1,242.3	1,194.1	2,067.5	1,029.1	1,077.3	683.8	1,838.2	1,815.9	203.3	1,567.3	2,273.4
Increase/(Decrease) in Receivables	-2,733.1	1,892.1	-2,111.3	-4,578.0	1,236.8	1,373.4	946.4	3,300.5	-3,173.5	1,247.1	829.2	-559.5
Increase/(Decrease) in Inventory	-22,233.8	2,820.2	152.7	-993.5	-265.0	-2,159.7	1,757.5	1,431.6	-2,084.0	5,773.1	-4,776.6	-1,027.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	35,340.4	-154.1	563.2	6,371.9	-3,844.7	1,148.4	-885.4	-5,553.3	2,974.0	-5,459.8	3,013.9	6,126.3
Increase/(Decrease) in Prepaid Expenses	10.0	74.1	25.9	-163.5	41.1	-266.1	4.7	-217.3	10.6	-232.2	129.5	-94.4
Changes in Trading Securities	-6,424.6	—	—	—	—	0.0	0.0	0.0	0.0	0.3	-0.3	0.3
Interest Paid	-190.5	-192.3	-252.1	-172.3	-165.6	-61.3	-142.1	-171.6	-193.9	-162.4	-249.7	-206.7
Corporate Income Tax Paid	-474.6	-136.0	-99.4	-74.8	-440.3	-153.8	-115.8	-95.9	-546.9	-76.1	-81.2	-33.0
Other Operating Receipts	1.4	—	—	—	—	1.5	1.4	-49.7	52.5	-163.7	166.6	37.8
Other Operating Payments	-140.6	-401.1	-274.4	-265.7	-142.6	-81.7	-118.7	-98.5	-253.3	-30.2	-267.0	3.3
Net Cash Flow from Operating Activities	9,375.7	5,146.9	-799.8	2,193.1	-2,549.8	877.9	2,131.7	384.2	-1,398.7	1,099.4	331.9	6,520.4
Payments for Fixed Assets and Other Long-term Assets	-358.5	-1,743.7	-209.7	-518.6	-190.3	-831.3	-257.8	-614.0	-283.1	-991.0	-108.1	-395.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.9	10.6	7.9	5.4	4.0	27.8	0.3	15.6	4.9	15.3	4.0	10.4
Loans and Purchases of Debt Instruments	-7,843.4	-11,627.0	-12,173.7	-12,956.2	-13,130.4	-4,341.7	-5,916.4	-4,420.2	-2,913.0	-11,043.7	-8,298.9	-5,310.5
Receipts from Loan Repayments and Sale of Debt Instruments	8,593.3	12,352.3	10,826.3	11,985.5	8,475.2	2,519.2	4,428.6	3,819.0	10,501.1	10,505.9	2,283.0	2,283.6
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	-1.6	—	—	3.4	0.0	0.0	0.0	0.0	2,572.3	0.7	0.0
Dividends and Interest Income Received	367.4	643.9	114.7	542.6	260.7	253.7	97.3	520.1	262.1	580.7	212.6	426.5
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	764.7	-362.2	-1,434.7	-944.7	-4,577.5	-2,372.4	-1,648.0	-679.5	7,572.0	1,639.5	-5,906.7	-2,985.3
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	20,037.3	14,166.7	57,839.3	-9,209.5	19,584.8	19,955.8	18,740.0	15,463.3	21,602.7	17,694.2	18,833.7	18,276.1
Repayment of Borrowings	-27,726.3	-20,716.6	-53,823.3	9,892.1	-16,937.7	-15,692.0	-22,588.1	-14,631.3	-24,760.9	-15,028.8	-19,814.5	-14,548.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-146.9	43.0	-1,620.9	-0.0	-0.6	146.3	-2,050.7	0.0	-1,099.7	183.8	-183.8
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-7,689.1	-6,696.7	4,059.0	-938.3	2,647.1	4,263.1	-3,701.8	-1,218.7	-3,158.2	1,565.7	-796.9	3,543.9
Net Cash Flow During the Period	2,451.3	-1,912.0	1,824.5	310.2	-4,480.2	2,768.6	-3,218.1	-1,514.0	3,015.2	4,304.5	-6,371.8	7,079.1
Cash and Cash Equivalents at Beginning of Period	7,588.2	12,616.6	10,770.6	10,446.7	14,933.1	14,048.2	14,048.2	14,048.2	14,048.2	11,606.0	11,606.0	11,606.0
FX Difference from Revaluation	-5.2	0.2	29.0	7.6	-6.1	0.0	-45.6	-35.5	43.4	4.8	-37.8	57.7
Cash and Cash Equivalents at End of Period	10,034.4	10,675.8	12,616.6	10,770.6	10,446.7	15,062.1	12,293.5	15,557.2	17,106.8	14,048.2	9,738.9	16,148.5

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PLX

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