PNJ

Vàng bạc Đá quý Phú Nhuận ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.51%, +2.62pp YoY

Price

65,000

Latest close

02 Jun 2026

P/E 6.53x

P/B 1.54x

EPS 9,952

BVPS 42,193

ROE 27.7%

ROA 19.5%

Profit Margin 8.5%

Asset Turnover 2.30x

Equity Mult. 1.42x

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

What Is Changing

On a TTM 2026Q1 basis, PNJ 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 42,586bn
	                                
+22.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,624bn
	                                
+76.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	34,976.0	37,822.8	33,136.9	33,876.5	19,613.1
Growth	-8%	+14%	-2%	+73%	—
Net Income	2,828.5	2,112.9	1,971.1	1,810.7	1,032.9
Net Margin	8.09%	5.59%	5.95%	5.34%	5.27%

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	17,245.2	9,623.0	8,135.5	7,582.4	9,635.1	8,581.3	7,129.6	9,518.7	12,593.8	9,760.4	6,917.5	6,663.3
Growth	+79%	+18%	+7%	-21%	+12%	+20%	-25%	-24%	+29%	+41%	+4%	—
Net Income	1,467.4	1,218.9	495.7	441.6	677.7	732.5	215.8	428.9	737.8	632.0	253.3	337.6
Net Margin	8.51%	12.67%	6.09%	5.82%	7.03%	8.54%	3.03%	4.51%	5.86%	6.47%	3.66%	5.07%

Drivers of PNJ's profit

TTM

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

Gross profit ↑ 2,529.5bn

Tax ↑ 477.7bn

Selling expenses ↑ 379.5bn

Administrative expenses ↑ 162.4bn

TTM

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

Gross profit ↑ 1,392.6bn

Selling expenses ↑ 346.3bn

Tax ↑ 221.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.5% = 5.9% × 2.29 × 1.37

2026Q1 27.7% = 8.5% × 2.30 × 1.42

ROE rose from 18.5% to 27.7% — mainly driven by leverage.

Net margin: 8.5% +2.6pp Asset turnover: 2.30x +0.00x Leverage: 1.42x +0.05x

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 8.51%, rising 2.6pp. The main driver is Gross margin rose 2.5pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin 8.51% +2.6pp

Gross Margin 21.37% +2.5pp

SG&A / Revenue 10.66% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 23.01%, rising 6.0pp. That translates to 23.01 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.6pp, with capital turnover fell 0.17x; while invested capital expanded strongly by 3,597bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 23.01% +6.0pp

NOPAT Margin 8.46% +2.6pp

Capital Turnover 2.72x −0.17x

Average Invested Capital 15,666.4bn +3,597.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.52x equity, net debt at 0.14x equity.

Inventory ended the period at 15,835.3bn, roughly 78.5% of total assets.

Over the last 12 months, working capital released 115.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +91.7bn

Inventories decreased → higher CFO: +244.7bn

Payables decreased → lower CFO: −221.2bn

Working Capital Efficiency

Cash conversion cycle improved by 0.8 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO fell 0.3 days, and DPO fell 1.2 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 144.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 0.7 days −0.3 days

Inventory 148.1 days −1.7 days

Payables 4.6 days −1.2 days

Cash Conversion Cycle 144.2 days −0.8 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 24.89x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 31.9% of debt, and total debt stands at 2,893.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.14x −0.14x

Interest Coverage 24.89x +1.33x

Cash / Debt 31.9% +24.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.05x +2.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 18.9bn in 2025, against investing cash flow of -893.8bn.

Post-investment cash flow was negative +874.9bn. Financing cash flow was positive +273.0bn.

CFO / net income was 1.05x.

After spending +126.5bn on fixed-asset investment, the business generated trailing free cash flow of +3,685.4bn.

Cash Conversion

CFO TTM 3,811.9bn +5,834.2bn

Cash Capex 126.5bn +36.8bn

FCF TTM +3,685.4bn +5,797.4bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 144 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.51% after expanding 2.6pp versus the same period last year.

Key risk: working capital remains tied up for too long, with cash cycle at 144.2 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	35,410.6	38,232.4	33,481.6	34,211.1	19,814.7
Revenue Deductions	434.5	409.6	344.7	334.7	0.0
Net Revenue	34,976.0	37,822.8	33,136.9	33,876.5	19,613.1
Cost of Goods Sold	27,292.2	31,149.3	27,078.3	27,949.3	0.0
Gross Profit	7,683.8	6,673.5	6,058.6	5,927.1	3,572.9
Financial Income	136.3	75.6	97.8	54.0	16.3
Financial Expenses	153.2	93.6	142.6	141.5	-118.3
Interest Expense	119.1	46.8	118.6	94.1	-104.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3,322.7	3,207.6	2,835.8	2,828.2	-1,693.6
General and Administrative Expenses	824.4	795.7	693.9	674.0	-472.4
Operating Profit	3,519.9	2,652.1	2,484.1	2,337.5	1,304.9
Other Income	41.2	10.0	11.8	8.6	0.0
Other Expenses	13.2	11.1	7.2	33.7	0.0
Other Profit	28.0	-1.1	4.6	-25.1	-17.6
Profit Before Tax	3,547.8	2,651.0	2,488.8	2,312.3	1,287.3
Current Income Tax Expense	849.7	615.5	517.6	521.1	-254.4
Deferred Income Tax Expense	-130.3	-77.4	0.1	-19.4	0.0
Net Income	2,828.5	2,112.9	1,971.1	1,810.7	1,032.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	2,828.5	2,112.9	1,971.1	1,810.7	1,032.9
Earnings per Share	7,652.00	5,713.00	5,436.00	5,223.00	4,910.00
Diluted EPS	7,652.00	5,713.00	6,006.35	5,223.00	4,538.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	18,614.0	15,692.6	12,958.1	11,966.4	9,220.1
I. Cash and cash equivalents	522.0	1,122.7	896.1	879.5	357.7
1. Cash	438.4	1,022.7	896.1	879.5	0.0
2. Cash equivalents	83.6	100.0	0.0	0.0	0.0
II. Short-term financial investments	2,007.5	1,020.2	810.1	200.0	0.0
1. Available for sale securities	97.9	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	1,909.6	1,020.2	810.1	200.0	0.0
III. Short-term receivables	154.0	401.1	215.0	300.9	110.0
1. Short-term trade accounts receivable	48.8	70.9	69.3	56.5	0.0
2. Short-term prepayments to suppliers	38.1	253.1	27.8	68.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	8.0	40.0	90.0	140.0	0.0
6. Other short-term receivables	90.7	64.9	33.0	37.6	0.0
7. Provision for short-term doubtful debts (*)	-31.9	-28.5	-5.0	-2.9	0.0
8. Assets awaiting resolution	0.4	0.8	0.1	0.7	0.0
IV. Inventories	15,835.3	13,015.2	10,940.9	10,506.1	8,686.6
1. Inventories	15,881.3	13,074.6	10,944.7	10,508.1	0.0
2. Provision for decline in value of inventories	-46.0	-59.4	-3.8	-2.0	0.0
V. Other short-term assets	95.2	133.4	95.9	79.9	65.8
1. Short-term prepayments	94.9	132.7	94.1	74.0	0.0
2. Value added tax to be reclaimed	0.2	0.7	1.8	5.9	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	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)	1,549.6	1,515.1	1,469.4	1,370.8	1,326.5
I. Long-term receivables	121.2	115.6	104.6	94.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	83.8
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	121.2	115.6	104.6	94.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	855.8	857.1	882.7	882.4	910.0
1. Tangible fixed assets	236.2	248.4	256.4	239.7	259.1
- Cost	845.0	796.3	747.6	672.8	0.0
- Accumulated depreciation	-608.8	-547.8	-491.2	-433.0	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	619.5	608.7	626.3	642.7	650.8
- Cost	734.9	708.1	708.1	707.0	0.0
- Accumulated depreciation	-115.4	-99.5	-81.7	-64.3	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	94.7	64.7	29.1	30.8	30.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	94.7	64.7	29.1	30.8	0.0
V. Long-term financial investments	5.9	4.0	4.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	401.2	399.3	399.3	395.3	0.0
4. Provision for diminution in value of long-term investments	-395.3	-395.3	-395.3	-395.3	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	472.0	473.7	449.0	363.6	0.0
1. Long-term prepayments	144.5	276.5	329.2	243.7	0.0
2. Deferred income tax assets	327.5	197.2	119.8	119.9	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	301.9
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)	20,163.6	17,207.7	14,427.6	13,337.1	10,546.6
A. LIABILITIES (300=210+330)	6,888.7	5,952.4	4,621.4	4,893.0	4,530.1
I. Short -term liabilities	6,874.3	5,941.9	4,612.0	4,883.1	4,521.1
1. Short-term trade accounts payable	333.9	624.3	257.3	277.2	688.9
2. Short-term advances from customers	182.5	188.2	215.3	222.2	150.4
3. Taxes and other payables to state authorities	777.7	448.7	344.3	293.0	0.0
4. Payable to employees	569.3	596.3	673.1	889.7	0.0
5. Short-term acrrued expenses	321.8	360.0	307.7	98.5	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	103.2	106.2	228.8	227.2	0.0
10. Short-term borrowings and financial leases	4,223.4	3,341.5	2,384.3	2,683.0	2,721.9
11. Provision for short-term liabilities	26.6	26.5	29.1	30.1	0.0
12.. Bonus and welfare fund	336.0	250.0	172.1	162.1	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	14.4	10.5	9.4	10.0	9.1
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.7	0.2	0.2	0.2	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	12.7	10.4	9.2	9.7	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	13,274.9	11,255.3	9,806.2	8,444.1	6,016.5
I. Owner's equity	13,274.9	11,255.3	9,806.2	8,444.1	0.0
1. Owner's capital	3,413.2	3,380.7	3,281.7	2,461.7	6,016.5
- Common stock with voting right	3,413,186,660,000.00	3,380,747,760,000.00	3,281,691,880,000.00	2,461,716,200,000.00	2,276,123,620,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,982.7	1,950.3	1,851.4	2,251.4	991.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	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	3,471.4	2,626.3	1,936.4	1,212.1	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	4,411.0	3,301.4	2,740.1	2,522.3	1,953.5
- Accumulated retained earning at the end of the previous period	1,582.5	1,188.4	769.0	859.2	920.6
- Undistributed earnings in this period	2,828.5	2,112.9	1,971.1	1,663.1	1,032.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	20,163.6	17,207.7	14,427.6	13,337.1	10,546.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,547.8	2,651.0	2,488.8	2,312.3	1,287.3
Depreciation of Fixed Assets and Investment Property	85.3	80.8	81.3	79.5	75.0
Provision (Increase)/Reversal	-7.7	77.7	2.4	2.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.4	0.1	-1.6	-8.2	0.0
Gain/Loss from Investment Activities	-110.2	-47.0	-79.6	-21.3	0.0
Interest Expense	119.1	46.8	118.6	94.4	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	3,631.8	2,809.4	2,609.8	2,459.6	1,440.2
Increase/(Decrease) in Receivables	235.7	-261.7	39.1	-52.2	0.0
Increase/(Decrease) in Inventory	-2,806.7	-2,129.8	-436.7	-1,753.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-369.0	273.6	92.4	76.5	0.0
Increase/(Decrease) in Prepaid Expenses	169.9	14.0	-103.6	-59.5	0.0
Changes in Trading Securities	-97.9	0.0	0.0	0.0	0.0
Interest Paid	-117.9	-46.1	-122.8	-90.7	0.0
Corporate Income Tax Paid	-607.3	-555.5	-466.3	-464.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-19.7	-20.6	-104.2	-15.5	0.0
Net Cash Flow from Operating Activities	18.9	83.2	1,507.7	100.6	-717.2
Payments for Fixed Assets and Other Long-term Assets	-115.5	-90.4	-83.1	-52.4	-63.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	2.3	1.5	12.8
Loans and Purchases of Debt Instruments	-4,067.4	-1,120.1	-2,240.1	-540.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,210.0	960.0	1,680.0	200.0	0.0
Investments in Other Entities	-1.9	0.0	-4.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	81.1	39.4	66.4	20.2	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	-893.8	-211.0	-578.5	-370.7	-49.0
Proceeds from Equity Issuance and Capital Contributions	64,823,800,000.00	67,243,920,000.00	0.00	1,447,231,530,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	-1,524,800,000.00
Proceeds from Borrowings	9,817.9	6,788.9	8,159.5	6,261.3	7,756.2
Repayment of Borrowings	-8,936.0	-5,831.6	-8,458.2	-6,300.1	-6,875.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-673.7	-671.7	-615.4	-616.7	-177.3
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	273.0	352.8	-914.2	791.7	701.6
Net Cash Flow During the Period	-601.9	225.0	15.1	521.6	165.5
Cash and Cash Equivalents at Beginning of Period	1,122.7	896.1	879.5	355.5	422.2
FX Difference from Revaluation	1.2	1.6	1.5	2.5	0.0
Cash and Cash Equivalents at End of Period	522.0	1,122.7	896.1	879.5	357.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	17,366.7	9,750.7	8,235.6	7,664.7	9,759.7	8,699.0	7,225.8	9,605.1	12,703.1	9,864.4	6,991.4	6,735.5
Revenue Deductions	121.4	127.7	100.1	82.2	124.6	117.7	96.2	86.4	109.3	104.0	73.8	72.2
Net Revenue	17,245.2	9,623.0	8,135.5	7,582.4	9,635.1	8,581.3	7,129.6	9,518.7	12,593.8	9,760.4	6,917.5	6,663.3
Cost of Goods Sold	13,804.3	7,204.3	6,528.3	5,948.8	7,586.8	6,790.5	5,879.0	8,037.6	10,444.5	8,009.0	5,719.9	5,453.7
Gross Profit	3,440.9	2,418.7	1,607.2	1,633.6	2,048.3	1,790.9	1,250.6	1,481.1	2,149.3	1,751.4	1,197.6	1,209.6
Financial Income	52.4	57.9	28.3	23.6	37.7	30.3	24.9	8.3	14.2	20.3	26.9	36.7
Financial Expenses	55.1	51.0	30.5	45.7	37.0	44.8	13.0	14.1	23.9	29.2	36.0	39.3
Interest Expense	50.6	33.5	24.1	32.7	28.8	22.3	6.4	3.5	14.6	22.7	28.9	33.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1,352.0	651.0	757.5	855.4	1,005.7	705.3	766.3	759.2	975.9	762.9	697.1	615.8
General and Administrative Expenses	222.1	257.9	240.4	203.5	193.7	207.3	181.4	179.2	227.1	187.4	175.2	156.3
Operating Profit	1,864.1	1,516.6	607.0	552.6	849.5	863.9	314.8	537.0	936.6	792.2	316.2	434.9
Other Income	3.6	10.2	22.0	3.9	5.1	1.8	4.0	2.3	1.9	5.4	0.6	2.3
Other Expenses	2.9	5.1	3.3	4.5	0.4	1.4	0.8	6.0	2.9	1.0	3.5	1.2
Other Profit	0.7	5.1	18.7	-0.6	4.7	0.4	3.2	-3.7	-1.0	4.4	-2.9	1.2
Profit Before Tax	1,864.8	1,521.7	625.8	552.0	854.2	864.3	318.0	533.3	935.6	796.6	313.3	436.1
Current Income Tax Expense	397.5	428.9	130.4	114.0	176.2	200.0	102.6	114.3	197.9	165.2	60.2	97.4
Deferred Income Tax Expense	-0.1	-126.1	-0.4	-3.6	0.3	-68.2	-0.4	-9.9	-0.1	-0.5	-0.3	1.0
Net Income	1,467.4	1,218.9	495.7	441.6	677.7	732.5	215.8	428.9	737.8	632.0	253.3	337.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1,467.4	1,218.9	495.7	441.6	677.7	732.5	215.8	428.9	737.8	632.0	253.3	337.6
Earnings per Share	4,017.00	3,361.00	1,370.00	1,204.00	1,845.00	2,006.00	645.00	1,192.00	2,064.00	1,742.00	724.00	965.00
Diluted EPS	4,299.22	3,571.18	1,466.26	1,306.33	2,004.67	2,166.75	638.42	1,281.19	2,204.19	1,925.73	771.96	965.00

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)	18,163.4	18,617.3	15,664.1	15,712.7	15,949.7	15,690.9	13,535.3	11,534.1	11,535.2	12,960.1	11,615.8	12,082.6
I. Cash and cash equivalents	923.5	522.0	584.7	445.3	256.8	1,122.7	1,396.7	1,544.1	1,661.5	896.1	484.6	498.8
1. Cash	494.1	438.4	542.7	339.4	256.8	1,022.7	996.7	1,544.1	1,661.5	896.1	484.6	498.8
2. Cash equivalents	429.4	83.6	42.0	105.9	—	100.0	400.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	3,586.4	2,007.5	2,246.5	1,270.2	1,620.7	1,020.2	950.2	0.2	100.2	810.1	990.1	1,000.1
1. Available for sale securities	99.1	97.9	99.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	3,487.3	1,909.6	2,147.2	1,270.2	1,620.7	1,020.2	950.2	0.2	100.2	810.1	990.1	1,000.1
III. Short-term receivables	147.8	156.7	259.9	160.5	304.6	401.1	278.3	195.9	178.2	217.0	340.5	382.8
1. Short-term trade accounts receivable	70.3	48.8	106.4	56.0	104.3	70.9	124.6	87.3	93.4	69.3	61.9	60.0
2. Short-term prepayments to suppliers	31.5	40.8	58.9	52.7	118.0	253.1	93.2	50.8	29.8	25.3	63.0	55.8
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	—	8.0	40.0	—	40.0	40.0	40.0	40.0	40.0	90.0	165.0	202.0
6. Other short-term receivables	77.7	90.7	82.9	80.1	70.7	64.9	28.5	25.7	19.7	37.4	53.6	68.6
7. Provision for short-term doubtful debts (*)	-31.9	-31.9	-28.5	-28.5	-28.5	-28.5	-8.3	-8.3	-5.0	-5.0	-4.8	-4.9
8. Assets awaiting resolution	0.2	0.4	0.3	0.1	0.3	0.8	0.4	0.3	0.4	0.1	1.8	1.3
IV. Inventories	13,419.0	15,835.5	12,448.8	13,713.4	13,647.3	13,013.5	10,801.6	9,713.0	9,511.1	10,940.9	9,709.3	10,127.0
1. Inventories	13,461.1	15,881.3	12,495.0	13,758.3	13,705.8	13,072.9	10,849.4	9,754.4	9,516.9	10,944.7	9,713.6	10,131.4
2. Provision for decline in value of inventories	-42.1	-45.8	-46.2	-45.0	-58.5	-59.4	-47.8	-41.4	-5.8	-3.8	-4.3	-4.5
V. Other short-term assets	86.7	95.5	124.3	123.4	120.2	133.4	108.6	81.0	84.2	95.9	91.2	73.9
1. Short-term prepayments	86.1	95.3	121.2	123.0	119.7	132.7	107.4	79.9	83.0	94.1	87.7	70.4
2. Value added tax to be reclaimed	0.4	0.2	0.3	0.4	0.5	0.7	1.1	1.2	1.2	1.8	3.5	3.6
3. Taxes and other receivables from state authorities	0.0	—	2.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.2	—	—	—	—	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)	1,529.3	1,551.2	1,386.6	1,439.8	1,469.7	1,516.4	1,427.2	1,429.8	1,433.7	1,469.8	1,439.4	1,410.3
I. Long-term receivables	120.5	121.2	118.1	117.8	118.1	115.6	113.6	109.3	104.8	104.6	102.5	100.6
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	—	—	—	—	—	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	120.5	121.2	118.1	117.8	118.1	115.6	113.6	109.3	104.8	104.6	102.5	100.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	914.7	857.3	864.8	853.4	872.0	857.1	862.2	862.7	867.2	882.7	877.8	877.9
1. Tangible fixed assets	246.2	237.8	242.3	252.7	267.0	248.4	249.1	245.1	245.3	256.4	248.0	243.9
- Cost	870.5	—	—	—	—	796.3	783.1	764.5	751.9	747.6	725.1	707.8
- Accumulated depreciation	-624.3	—	—	—	—	-547.8	-534.0	-519.4	-506.6	-491.2	-477.1	-463.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	617.5	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	668.5	619.5	622.5	600.7	604.9	608.7	613.1	0.0	621.9	626.3	629.7	634.0
- Cost	786.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-117.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	32.4	95.0	30.7	55.9	30.4	64.7	37.1	29.0	29.0	29.1	28.9	29.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	29.1	0.0	0.0
2. Construction in progress	32.4	95.0	30.7	55.9	30.4	64.7	37.1	29.0	29.0	0.0	28.9	29.0
V. Long-term financial investments	5.9	5.9	5.9	5.9	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
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	0.0	0.0	0.0	0.0	4.0
3. Investments in other entities	401.2	401.2	401.2	401.2	399.3	399.3	399.3	399.3	399.3	399.3	399.3	395.3
4. Provision for diminution in value of long-term investments	-395.3	-395.3	-395.3	-395.3	-395.3	-395.3	-395.3	-395.3	-395.3	-395.3	-395.3	-395.3
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	455.8	471.7	367.0	406.8	445.2	475.0	410.4	425.0	428.7	449.4	426.2	398.7
1. Long-term prepayments	128.3	144.8	166.1	206.3	248.3	276.5	280.1	295.1	308.8	329.2	306.5	279.3
2. Deferred income tax assets	327.6	327.0	200.9	200.5	196.9	198.5	130.3	129.9	120.0	120.2	119.7	119.4
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	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)	19,692.8	20,168.5	17,050.7	17,152.5	17,419.3	17,207.3	14,962.5	12,963.9	12,968.9	14,429.9	13,055.2	13,492.9
A. LIABILITIES (300=210+330)	5,291.6	6,892.7	5,058.7	5,178.5	5,689.0	5,950.4	4,438.1	2,248.7	2,494.5	4,623.4	3,618.2	4,298.8
I. Short -term liabilities	5,277.3	6,878.3	5,046.8	5,167.9	5,678.5	5,939.8	4,428.7	2,239.3	2,485.2	4,614.0	3,608.2	4,285.0
1. Short-term trade accounts payable	281.7	333.9	112.8	206.1	559.3	624.3	652.9	299.0	333.6	254.5	127.9	339.3
2. Short-term advances from customers	142.7	182.5	127.6	133.3	143.1	188.2	170.4	194.7	367.1	212.8	165.3	143.5
3. Dividends and profits payable	11.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	592.4	777.4	337.3	331.2	358.0	447.8	298.7	249.4	299.9	344.3	268.1	245.0
4. Payable to employees	693.0	569.3	822.2	669.8	485.0	598.3	812.1	702.4	511.1	873.1	486.3	639.2
5. Short-term acrrued expenses	206.2	326.1	304.5	250.2	271.5	356.8	145.0	121.6	138.2	110.2	428.1	69.1
6. Short-term inter-company payables	—	—	—	112.6	—	106.2	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	93.7	103.2	646.4	—	106.0	0.0	598.5	130.5	285.9	232.4	140.9	321.7
10. Short-term borrowings and financial leases	2,893.6	4,223.4	2,332.6	3,096.3	3,488.0	3,341.5	1,470.4	259.6	363.5	2,384.3	1,714.5	2,246.2
11. Provision for short-term liabilities	26.6	26.6	26.5	26.5	26.5	26.5	29.1	29.1	29.1	29.1	32.0	32.0
12.. Bonus and welfare fund	335.8	336.0	336.9	341.8	240.9	250.0	251.6	253.1	156.7	173.3	245.2	249.1
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	14.3	14.4	11.9	10.6	10.5	10.5	9.4	9.4	9.4	9.4	10.0	13.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.8
7. Other long-term liabilities	1.7	1.7	1.7	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	9.7	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	12.6	12.7	10.1	10.4	10.4	10.4	9.2	9.2	9.2	9.2	0.0	9.7
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)	14,401.2	13,275.8	11,992.0	11,974.0	11,730.3	11,257.0	10,524.4	10,715.3	10,474.4	9,806.6	9,437.0	9,194.1
I. Owner's equity	14,401.2	13,275.8	11,992.0	11,974.0	11,730.3	11,257.0	10,524.4	10,715.3	10,474.4	9,806.6	9,437.0	9,194.1
1. Owner's capital	3,413.2	3,413.2	3,380.7	3,380.7	3,380.7	3,380.7	3,380.7	3,347.3	3,347.3	3,281.7	3,281.7	3,281.7
- Common stock with voting right	3,413,186,660,000.00	3,413,186,660,000.00	3,380,747,760,000.00	3,380,747,760,000.00	3,380,747,760,000.00	3,380,747,760,000.00	3,380,747,760,000.00	3,347,291,800,000.00	3,347,291,800,000.00	3,281,691,880,000.00	3,281,691,880,000.00	3,281,691,880,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,982.7	1,982.7	1,950.3	1,950.3	1,950.3	1,950.3	1,950.3	1,916.9	1,916.9	1,851.4	1,851.4	1,431.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00	-3,384,090,000.00
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	3,471.4	3,471.4	3,471.4	3,471.4	2,626.3	2,626.3	2,626.3	2,626.3	1,936.4	1,936.4	1,936.4	1,936.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	5,537.2	4,411.8	3,192.9	3,174.9	3,776.3	3,303.0	2,570.5	2,828.2	3,277.2	2,740.5	2,370.9	2,547.9
- Accumulated retained earning at the end of the previous period	4,069.8	1,582.5	1,582.5	2,055.5	3,098.6	1,188.4	1,188.4	1,661.5	2,539.4	769.0	1,031.4	1,461.8
- Undistributed earnings in this period	1,467.4	2,829.3	1,610.4	1,119.4	677.7	2,114.6	1,382.0	1,166.7	737.8	1,971.5	1,339.5	1,086.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	19,692.8	20,168.5	17,050.7	17,152.5	17,419.3	17,207.3	14,962.5	12,963.9	12,968.9	14,429.9	13,055.2	13,492.9

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
Profit Before Tax	1,864.8	1,520.5	625.8	547.4	854.2	864.3	318.0	533.3	935.6	796.2	313.3	436.1
Depreciation of Fixed Assets and Investment Property	18.5	20.5	21.0	21.5	22.2	20.4	20.0	20.1	20.3	20.6	19.6	18.2
Provision (Increase)/Reversal	-3.9	5.7	-5.1	-7.4	-0.9	31.8	6.4	38.9	2.0	9.9	-13.8	1.9
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-2.0	1.5	-0.8	-1.1	-2.9	0.9	-2.2	0.9	-1.1	-2.0	4.2
Gain/Loss from Investment Activities	-42.8	-42.5	-25.1	-14.3	-28.3	-22.4	-5.3	-3.7	-11.9	-15.2	-25.7	-27.2
Interest Expense	50.6	33.5	24.1	32.7	28.8	22.3	6.4	3.5	14.6	22.7	28.9	33.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,887.1	1,535.7	642.1	579.0	875.0	913.4	346.5	589.8	961.5	833.0	320.2	466.2
Increase/(Decrease) in Receivables	-49.8	96.4	-64.2	109.3	94.2	-124.4	-79.7	-29.1	-12.7	60.0	-25.1	-16.5
Increase/(Decrease) in Inventory	2,420.2	-3,386.3	1,264.9	-54.1	-631.2	-2,223.5	-1,095.0	-239.5	1,429.8	-1,233.4	420.1	-362.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-59.7	130.6	37.4	-329.6	-207.5	52.1	474.3	-29.2	-179.6	329.6	75.6	-268.2
Increase/(Decrease) in Prepaid Expenses	25.0	48.0	41.9	38.8	41.2	-21.7	-12.6	16.9	31.4	-27.2	-46.3	-8.0
Changes in Trading Securities	-1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-51.5	-32.4	-23.4	-33.8	-28.3	-20.3	-5.8	-3.6	-16.4	-21.6	-31.9	-32.0
Corporate Income Tax Paid	-611.8	-87.5	-71.1	-80.2	-368.5	-87.0	-83.7	-80.2	-305.4	-80.8	-61.9	-79.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.9	-5.0	-3.7	-10.2	-44.8	-3.6	3.5	-21.2	-93.1	-0.8	-6.9
Net Cash Flow from Operating Activities	3,557.8	-1,695.0	1,822.2	126.9	-235.2	-1,556.2	-459.6	228.6	1,887.4	-233.4	649.9	-307.3
Payments for Fixed Assets and Other Long-term Assets	-14.8	-66.4	-7.4	-37.9	-3.9	-50.3	-19.6	-16.0	-4.6	-25.3	-21.1	-11.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	-0.0	0.0	0.0	1.3	0.7	0.1
Loans and Purchases of Debt Instruments	-2,994.0	-430.4	-2,016.8	-69.6	-1,550.6	-70.0	-1,050.0	0.0	-0.1	-140.0	-760.0	-580.1
Receipts from Loan Repayments and Sale of Debt Instruments	1,470.0	700.0	1,099.8	460.2	950.0	0.0	100.0	100.0	760.0	395.0	807.0	278.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-4.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	50.8	10.4	38.7	2.7	29.4	2.4	4.2	3.9	11.9	15.1	37.2	2.7
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,488.0	213.6	-885.7	353.4	-575.1	-117.9	-965.5	87.9	767.2	246.1	63.8	-314.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	66,857,920,000.00	-130,745,840,000.00	131,131,840,000.00	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	2,509.9	3,047.5	1,951.7	2,635.3	2,183.4	2,838.2	1,478.6	854.9	1,491.1	3,268.1	1,911.3	1,739.5
Repayment of Borrowings	-3,839.6	-1,156.7	-2,715.4	-3,027.0	-2,036.9	-967.1	-267.8	-958.8	-3,511.9	-2,598.3	-2,443.0	-1,167.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-339.1	-471.6	0.0	0.0	-202.1	-471.6	0.0	-200.1	0.0	-272.5	-196.1	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,668.9	1,419.1	-698.8	-391.7	-55.6	1,399.5	1,277.6	-434.7	-1,889.7	397.3	-727.8	571.6
Net Cash Flow During the Period	400.9	-62.3	237.6	88.6	-865.9	-274.5	-147.4	-118.1	765.0	410.0	-14.2	-50.7
Cash and Cash Equivalents at Beginning of Period	522.3	584.7	346.4	256.8	1,122.7	896.1	896.1	896.1	896.1	879.5	879.5	879.5
FX Difference from Revaluation	0.3	1.2	1.6	1.0	—	0.6	0.0	0.7	0.4	1.5	0.0	-0.2
Cash and Cash Equivalents at End of Period	923.5	522.0	584.7	346.4	256.8	1,122.7	1,396.7	1,544.1	1,661.5	896.1	484.6	498.8

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PNJ

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