PVD

Tổng Công ty cổ phần Khoan và Dịch vụ khoan Dầu khí ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.45%, +1.83pp YoY

Price

30,000

Latest close

12 Jun 2026

P/E 16.88x

P/B 0.96x

EPS 1,777

BVPS 31,362

ROE 7.0%

ROA 4.5%

Profit Margin 9.3%

Asset Turnover 0.48x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, PVD 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 12,715bn
	                                
+41.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,202bn
	                                
+75.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	10,897.0	9,288.1	5,804.4	5,431.6	3,999.1
Growth	+17%	+60%	+7%	+36%	—
Net Income	1,051.6	698.0	545.9	-154.9	36.2
Net Margin	9.65%	7.51%	9.41%	-2.85%	0.91%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	3,401.1	4,312.9	2,570.6	2,430.1	1,503.0	2,788.8	2,438.2	2,253.9	1,755.5	1,747.4	1,381.1	1,413.0
Growth	-21%	+68%	+6%	+62%	-46%	+14%	+8%	+28%	+0%	+27%	-2%	—
Net Income	300.1	374.6	277.1	249.8	142.9	232.3	179.7	130.0	148.5	194.0	132.9	155.0
Net Margin	8.82%	8.69%	10.78%	10.28%	9.51%	8.33%	7.37%	5.77%	8.46%	11.10%	9.62%	10.97%

Drivers of PVD's profit

TTM

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

Gross profit ↑ 883.8bn

Financial income ↑ 80.0bn

Associates income ↑ 58.7bn

Administrative expenses ↑ 308.5bn

Tax ↑ 135.3bn

Finance costs ↑ 75.2bn

TTM

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

Gross profit ↑ 367.7bn

Financial income ↑ 53.8bn

Administrative expenses ↑ 90.7bn

Finance costs ↑ 72.4bn

Other profit ↓ 65.8bn

Tax ↑ 44.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.3% = 7.6% × 0.39 × 1.45

2026Q1 7.1% = 9.5% × 0.48 × 1.57

ROE rose from 4.3% to 7.1% — all three components improved, with leverage contributing the most.

Net margin: 9.5% +1.8pp Asset turnover: 0.48x +0.09x Leverage: 1.57x +0.12x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.45%, rising 1.8pp. Core operating signals are improving as Gross margin rose 1.9pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 0.6pp and Other profit / Revenue rose 0.0pp).

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 9.45% +1.8pp

Gross Margin 19.12% +1.9pp

SG&A / Revenue 7.40% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 101.5 days.

Is capital being deployed efficiently?

ROIC expanded to 5.65%, rising 2.0pp. That translates to 5.65 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.8pp and capital turnover rose 0.12x, while invested capital rose by 2,456bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.

CAPITAL EFFICIENCY TREND

ROIC 5.65% +2.0pp

NOPAT Margin 8.75% +1.8pp

Capital Turnover 0.65x +0.12x

Average Invested Capital 19,694.8bn +2,455.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.66x equity, net debt at 0.23x equity.

Over the last 12 months, working capital absorbed 736.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −2,186.6bn

Inventories increased → lower CFO: −320.3bn

Payables increased → higher CFO: +1,770.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 24.0 days versus the same period last year. The main moves came from DIO fell 7.7 days, DSO rose 3.6 days, and DPO rose 19.8 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 101.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +3.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 105.3 days +3.6 days

Inventory 52.2 days −7.7 days

Payables 55.9 days +19.8 days

Cash Conversion Cycle 101.5 days −24.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1,845.2bn due to capex of 3,249.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.23x and interest coverage at 3.40x.

At present, short-term debt accounts for 17.6% of total debt, cash equals 25.8% of debt, and total debt stands at 5,522.6bn.

Leverage and liquidity trend

Net Debt / Equity 0.23x +0.14x

Interest Coverage 3.40x +1.07x

Cash / Debt 25.8% −21.5pp

Short-term Debt / Total Debt 17.6% −0.4pp

CFO / NI 1.19x −0.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,432.0bn in 2025, against investing cash flow of -2,868.6bn.

Post-investment cash flow was negative +1,436.6bn. Financing cash flow was positive +979.8bn.

CFO / net income was 1.19x.

After spending +3,249.9bn on fixed-asset investment, the business generated trailing free cash flow of −1,845.2bn.

Cash Conversion

CFO TTM 1,404.7bn +371.9bn

Cash Capex 3,249.9bn +1,775.3bn

FCF TTM −1,845.2bn −1,403.4bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 1.8 pp. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.45% after expanding 1.8pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 1,845.2bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,921.0	9,289.9	5,804.4	5,431.6	3,999.1
Revenue Deductions	24.0	1.8	0.0	0.0	0.0
Net Revenue	10,897.0	9,288.1	5,804.4	5,431.6	3,999.1
Cost of Goods Sold	8,819.1	7,533.9	4,498.9	4,854.2	0.0
Gross Profit	2,077.9	1,754.2	1,305.5	577.4	372.3
Financial Income	197.3	151.9	134.2	117.5	164.4
Financial Expenses	362.5	400.2	392.1	312.5	-171.4
Interest Expense	190.8	237.8	250.5	168.0	-109.6
Share of Associates and Joint Ventures	142.9	48.7	66.1	45.1	103.9
Selling Expenses	44.6	34.7	24.1	17.6	-12.9
General and Administrative Expenses	810.4	600.5	522.5	492.8	-387.4
Operating Profit	1,200.5	919.4	567.1	-82.9	68.8
Other Income	315.4	77.6	155.3	4.8	0.0
Other Expenses	129.6	59.8	64.1	60.4	0.0
Other Profit	185.8	17.9	91.2	-55.6	-6.8
Profit Before Tax	1,386.3	937.2	658.4	-138.5	62.0
Current Income Tax Expense	345.5	269.8	135.0	38.1	-25.8
Deferred Income Tax Expense	-10.8	-30.6	-22.6	-21.8	0.0
Net Income	1,051.6	698.0	545.9	-154.9	36.2
Non-controlling Interest	12.9	0.1	-38.9	-51.9	17.3
Profit Attributable to Parent	1,038.6	697.9	584.8	-102.9	18.9
Earnings per Share	1,541.00	1,000.00	810.00	-250.00	-37.00
Diluted EPS	1,867.05	1,254.46	1,051.30	-185.06	44.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,657.1	7,782.4	6,927.9	5,645.9	5,401.0
I. Cash and cash equivalents	1,821.3	2,203.3	2,256.0	2,078.6	1,135.7
1. Cash	1,701.0	1,895.2	2,186.3	2,028.4	0.0
2. Cash equivalents	120.3	308.1	69.7	50.2	0.0
II. Short-term financial investments	689.0	770.2	1,278.2	424.5	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	689.0	770.2	1,278.2	424.5	0.0
III. Short-term receivables	5,320.2	3,469.3	2,314.0	2,163.3	1,938.7
1. Short-term trade accounts receivable	4,313.7	2,723.6	1,719.3	1,735.2	0.0
2. Short-term prepayments to suppliers	208.5	125.6	240.8	111.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	863.8	691.3	425.0	464.0	0.0
7. Provision for short-term doubtful debts (*)	-65.8	-71.1	-71.2	-147.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,536.5	1,215.9	999.9	908.6	756.9
1. Inventories	1,676.0	1,351.8	1,137.5	1,045.6	0.0
2. Provision for decline in value of inventories	-139.5	-135.8	-137.6	-137.1	0.0
V. Other short-term assets	290.1	123.6	79.8	70.9	30.5
1. Short-term prepayments	27.9	16.5	37.8	23.5	0.0
2. Value added tax to be reclaimed	260.6	102.7	40.2	45.8	0.0
3. Taxes and other receivables from state authorities	1.6	4.4	1.8	1.6	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)	18,652.8	15,832.2	14,705.0	15,058.2	15,344.5
I. Long-term receivables	227.5	319.5	103.9	18.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	50.4
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	227.5	319.5	103.9	18.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	14,607.8	12,860.9	13,115.4	13,567.2	12,956.5
1. Tangible fixed assets	14,452.8	12,700.0	12,950.6	13,396.3	12,779.5
- Cost	29,180.7	26,578.4	25,490.8	24,822.0	0.0
- Accumulated depreciation	-14,727.9	-13,878.4	-12,540.2	-11,425.8	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	155.0	161.0	164.8	170.9	177.0
- Cost	351.6	342.0	327.6	318.8	0.0
- Accumulated depreciation	-196.6	-181.1	-162.9	-147.9	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	2,203.9	1,222.3	9.2	8.2	927.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2,203.9	1,222.3	9.2	8.2	0.0
V. Long-term financial investments	770.4	681.4	666.1	621.9	601.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	770.4	681.4	666.1	621.9	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	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	843.1	748.0	810.4	842.3	0.0
1. Long-term prepayments	563.1	487.0	590.8	650.9	0.0
2. Deferred income tax assets	280.0	261.0	219.6	191.4	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	808.8
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)	28,309.9	23,614.6	21,632.8	20,704.0	20,745.5
A. LIABILITIES (300=210+330)	11,211.6	7,562.2	6,734.7	6,625.5	6,914.3
I. Short -term liabilities	6,619.3	4,124.1	3,146.1	2,868.2	2,972.7
1. Short-term trade accounts payable	2,592.7	1,172.6	569.4	567.8	757.2
2. Short-term advances from customers	83.1	48.7	263.4	86.0	15.6
3. Taxes and other payables to state authorities	215.2	160.0	93.7	58.6	0.0
4. Payable to employees	320.4	194.3	125.9	118.5	0.0
5. Short-term acrrued expenses	1,685.6	1,143.7	701.2	498.4	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	256.5	381.1	375.4	338.0	0.0
10. Short-term borrowings and financial leases	821.0	507.3	553.4	835.3	748.4
11. Provision for short-term liabilities	431.1	352.7	329.5	283.3	0.0
12.. Bonus and welfare fund	213.6	163.7	134.2	82.5	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	4,592.3	3,438.1	3,588.6	3,757.3	3,941.6
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	30.8	29.8	28.4	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	474.9	474.5	473.5	473.7	0.0
8. Long-term borrowings and financial leases	3,588.2	2,541.4	2,787.7	2,999.8	3,205.7
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	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	370.0	312.6	220.3	196.2	0.0
13. Fund for technology development	128.3	79.8	78.6	87.7	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	17,098.3	16,052.3	14,898.2	14,078.5	13,831.3
I. Owner's equity	17,098.3	16,052.3	14,898.2	14,078.5	0.0
1. Owner's capital	5,563.0	5,563.0	5,563.0	5,563.0	13,831.3
- Common stock with voting right	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	4,215,457,890,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1
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	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	3,252.9	2,792.2	2,206.8	1,846.7	0.0
8. Investment and development fund	4,320.7	4,012.3	3,784.4	3,590.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,291.4	1,021.7	693.6	435.9	1,922.6
- Accumulated retained earning at the end of the previous period	743.8	693.6	435.9	575.4	1,937.9
- Undistributed earnings in this period	547.6	328.2	257.6	-139.5	-15.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	257.2	250.0	237.3	229.2	239.5
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)	28,309.9	23,614.6	21,632.8	20,704.0	20,745.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,386.3	937.2	658.4	-138.5	62.2
Depreciation of Fixed Assets and Investment Property	859.6	883.5	856.7	783.0	534.4
Provision (Increase)/Reversal	104.5	75.5	66.1	183.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-48.2	18.2	9.4	53.9	0.0
Gain/Loss from Investment Activities	-212.5	-111.2	-135.7	-104.2	0.0
Interest Expense	190.8	237.8	250.5	168.0	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	62.3	19.3	12.2	13.5	0.0
Operating Profit Before Changes in Working Capital	2,342.9	2,060.4	1,717.6	959.2	356.2
Increase/(Decrease) in Receivables	-1,611.9	-1,228.8	-197.9	-357.4	0.0
Increase/(Decrease) in Inventory	-277.2	-156.5	-60.9	-131.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,549.2	587.4	251.0	-440.0	0.0
Increase/(Decrease) in Prepaid Expenses	-70.3	153.2	64.0	32.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-81.5	-44.8	-33.2	-36.0	0.0
Corporate Income Tax Paid	-279.0	-213.8	-37.0	-47.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-140.2	-120.2	-87.5	-61.8	0.0
Net Cash Flow from Operating Activities	1,432.0	1,036.9	1,616.1	-83.5	-417.0
Payments for Fixed Assets and Other Long-term Assets	-3,049.0	-1,371.4	-148.6	-155.0	-609.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	1.3	3.1	0.5	0.0
Loans and Purchases of Debt Instruments	-1,389.1	-1,101.1	-1,890.0	-786.9	-791.1
Receipts from Loan Repayments and Sale of Debt Instruments	1,506.4	1,651.5	1,036.2	1,906.7	1,537.7
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	62.4	61.8	105.1	242.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2,868.6	-757.8	-894.2	1,207.9	461.2
Proceeds from Equity Issuance and Capital Contributions	9,725,837,524.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,816.9	27.1	22.4	76.1	346.2
Repayment of Borrowings	-565.4	-462.2	-608.6	-310.7	-192.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-281.4	-3.5	-3.5	-3.5	-2.8
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	979.8	-438.6	-589.7	-238.1	151.2
Net Cash Flow During the Period	-456.7	-159.5	132.2	886.2	353.0
Cash and Cash Equivalents at Beginning of Period	2,203.3	2,256.0	2,078.6	1,130.7	925.2
FX Difference from Revaluation	74.7	106.8	45.3	61.7	15.1
Cash and Cash Equivalents at End of Period	1,821.3	2,203.3	2,256.0	2,078.6	1,135.7

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	3,401.1	4,336.7	2,570.7	2,431.1	1,503.0	2,788.9	2,438.2	2,253.9	1,755.5	1,747.4	1,381.1	1,413.0
Revenue Deductions	—	23.7	0.1	1.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	3,401.1	4,312.9	2,570.6	2,430.1	1,503.0	2,788.8	2,438.2	2,253.9	1,755.5	1,747.4	1,381.1	1,413.0
Cost of Goods Sold	2,763.0	3,648.0	1,961.3	1,911.2	1,232.6	2,430.2	1,989.2	1,784.5	1,305.1	1,349.1	1,085.3	1,054.5
Gross Profit	638.1	665.0	609.4	518.9	270.4	358.7	449.0	469.4	450.4	398.3	295.9	358.5
Financial Income	97.9	69.8	40.5	41.1	44.1	37.1	48.6	39.6	27.3	36.1	43.0	4.4
Financial Expenses	156.3	83.2	97.9	92.0	84.0	41.2	95.6	133.5	122.9	78.4	133.6	79.0
Interest Expense	66.5	44.8	46.4	46.4	51.5	47.3	51.2	67.5	70.1	62.5	61.6	55.2
Share of Associates and Joint Ventures	38.1	60.9	34.7	15.3	30.9	36.9	27.5	-4.9	-9.9	39.3	3.5	19.0
Selling Expenses	5.0	23.2	10.3	6.0	4.8	21.7	9.0	3.1	1.5	13.0	4.8	5.1
General and Administrative Expenses	201.6	295.2	198.0	201.2	110.9	163.5	162.9	150.2	116.1	152.0	113.4	139.1
Operating Profit	411.2	394.1	378.4	276.0	145.7	206.2	257.5	217.4	227.3	230.4	90.6	158.8
Other Income	0.6	129.3	0.3	63.5	145.7	61.8	3.1	11.6	1.1	3.8	79.4	70.4
Other Expenses	16.0	30.9	12.2	18.6	95.3	11.5	11.2	23.1	13.7	14.1	17.5	16.4
Other Profit	-15.4	98.4	-11.9	44.9	50.4	50.3	-8.1	-11.5	-12.5	-10.3	61.9	54.0
Profit Before Tax	395.8	492.5	366.4	320.9	196.1	256.5	249.4	205.9	214.8	220.2	152.5	212.8
Current Income Tax Expense	95.4	126.8	89.0	76.3	50.9	56.5	69.5	75.4	65.5	44.4	18.7	56.5
Deferred Income Tax Expense	0.3	-8.9	0.3	-5.2	2.2	-32.3	0.2	0.5	0.7	-18.3	0.9	1.3
Net Income	300.1	374.6	277.1	249.8	142.9	232.3	179.7	130.0	148.5	194.0	132.9	155.0
Non-controlling Interest	-6.1	13.9	-1.1	10.3	-9.9	16.1	-2.1	-5.9	-9.4	-1.1	-17.7	-6.4
Profit Attributable to Parent	306.2	360.7	278.2	239.5	152.9	216.2	181.8	135.8	157.9	195.1	150.6	161.3
Earnings per Share	519.00	437.00	459.00	362.00	269.00	185.00	275.00	214.00	269.00	161.00	221.00	250.00
Diluted EPS	519.00	437.00	459.00	362.00	269.00	996.00	275.00	214.00	269.00	161.00	221.00	250.00

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)	10,817.2	9,831.0	8,632.4	8,606.6	7,482.2	7,878.0	8,733.2	8,551.0	7,793.9	6,953.9	6,675.5	6,129.9
I. Cash and cash equivalents	1,426.9	1,823.4	1,403.2	1,672.2	1,434.5	2,253.3	3,162.2	2,492.7	2,168.1	2,256.0	2,235.8	1,756.5
1. Cash	1,279.3	1,701.0	1,229.6	1,314.7	1,288.7	1,895.2	3,005.8	2,433.7	2,109.1	2,186.3	2,137.4	1,606.0
2. Cash equivalents	147.6	122.4	173.6	357.5	145.8	358.1	156.5	59.0	59.0	69.7	98.4	150.4
II. Short-term financial investments	1,702.4	686.9	627.1	944.3	1,174.5	720.2	884.1	1,425.3	1,235.5	1,278.2	910.4	888.4
1. Available for sale securities	—	—	—	—	—	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	1,702.4	686.9	627.1	944.3	1,174.5	720.2	884.1	1,425.3	1,235.5	1,278.2	910.4	888.4
III. Short-term receivables	5,790.5	5,475.9	4,649.6	4,323.3	3,517.3	3,567.8	3,513.5	3,451.1	3,228.8	2,340.4	2,514.4	2,512.5
1. Short-term trade accounts receivable	4,802.5	4,311.7	3,242.4	3,228.3	2,531.2	2,726.8	2,521.4	2,581.4	2,475.4	1,814.2	1,825.7	2,032.1
2. Short-term prepayments to suppliers	326.6	367.8	475.1	280.5	251.3	133.6	426.4	446.5	407.1	245.4	328.1	173.3
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	726.7	863.6	1,009.3	888.3	806.3	778.6	636.8	495.4	417.5	446.9	527.1	469.5
7. Provision for short-term doubtful debts (*)	-65.3	-67.2	-77.3	-73.8	-71.4	-71.1	-71.1	-72.2	-71.3	-166.1	-166.5	-162.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,515.8	1,536.5	1,644.4	1,435.3	1,147.9	1,208.7	1,029.0	1,076.8	1,017.0	999.9	920.3	906.8
1. Inventories	1,655.7	1,676.0	1,781.6	1,571.9	1,284.0	1,348.1	1,168.2	1,218.4	1,157.2	1,137.5	1,058.0	1,042.5
2. Provision for decline in value of inventories	-139.9	-139.5	-137.2	-136.6	-136.1	-139.4	-139.2	-141.5	-140.2	-137.6	-137.6	-135.8
V. Other short-term assets	381.6	308.4	308.2	231.6	208.1	127.9	144.4	105.1	144.5	79.4	94.6	65.8
1. Short-term prepayments	83.3	46.2	96.5	57.4	58.8	17.2	77.1	44.1	70.0	37.8	65.4	29.4
2. Value added tax to be reclaimed	297.0	260.5	210.1	172.5	145.1	106.3	65.7	59.2	72.2	40.0	27.5	34.8
3. Taxes and other receivables from state authorities	1.3	1.6	1.6	1.6	4.1	4.4	1.6	1.8	2.3	1.6	1.6	1.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	18,725.0	18,480.3	18,283.7	16,201.9	15,749.7	15,840.8	14,268.9	14,793.4	14,721.5	14,696.2	14,823.9	14,735.2
I. Long-term receivables	227.5	227.8	237.2	236.4	276.5	314.8	108.3	110.3	107.8	103.9	105.6	83.3
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	227.5	227.8	237.2	236.4	276.5	314.8	108.3	110.3	107.8	103.9	105.6	83.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	14,468.0	14,607.8	14,813.9	12,827.9	12,713.6	12,860.9	12,697.7	13,182.7	13,145.5	13,115.4	13,287.6	13,179.9
1. Tangible fixed assets	14,313.5	14,452.8	14,656.0	12,668.9	12,554.9	12,700.0	12,538.6	13,017.7	12,980.9	12,950.6	13,121.7	13,014.7
- Cost	29,376.0	—	—	—	—	26,578.4	25,838.3	26,443.0	25,927.6	25,490.8	25,463.4	24,876.0
- Accumulated depreciation	-15,062.5	—	—	—	—	-13,878.4	-13,299.8	-13,425.3	-12,946.7	-12,540.2	-12,341.7	-11,861.3
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	154.5	155.0	157.9	159.0	158.7	161.0	159.1	165.0	164.6	164.8	165.9	165.2
- Cost	353.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-199.1	—	—	—	—	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	2,451.4	2,048.7	1,735.4	1,635.7	1,306.8	1,217.2	53.3	19.2	18.5	6.9	15.8	10.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2,451.4	2,048.7	1,735.4	1,635.7	1,306.8	1,217.2	53.3	19.2	18.5	6.9	15.8	10.5
V. Long-term financial investments	812.8	770.4	792.0	743.3	715.2	682.1	685.8	677.4	668.5	666.1	627.0	644.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	812.8	770.4	792.0	743.3	715.2	682.1	685.8	677.4	668.5	666.1	627.0	644.9
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	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	765.4	825.6	705.1	758.6	737.6	765.7	723.9	803.8	781.2	803.9	787.9	816.6
1. Long-term prepayments	483.6	544.8	431.8	487.6	477.5	504.6	502.9	575.1	557.5	590.8	593.0	626.4
2. Deferred income tax assets	281.8	280.8	273.3	270.9	260.1	261.2	221.0	228.7	223.7	213.1	194.8	190.2
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	—	—	—	—	—	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)	29,542.2	28,311.3	26,916.1	24,808.4	23,231.9	23,718.8	23,002.1	23,344.4	22,515.4	21,650.1	21,499.4	20,865.2
A. LIABILITIES (300=210+330)	12,095.4	11,214.8	9,752.7	8,043.6	6,978.6	7,669.4	7,530.0	7,602.6	7,208.6	6,755.8	6,689.5	6,585.0
I. Short -term liabilities	6,497.4	6,629.8	5,267.4	4,745.3	3,672.4	4,231.3	4,124.3	4,015.1	3,597.4	3,176.2	3,014.3	2,971.2
1. Short-term trade accounts payable	2,283.0	2,596.1	1,641.6	1,635.3	869.4	1,170.5	709.1	990.2	601.4	567.1	450.8	537.7
2. Short-term advances from customers	78.9	86.0	237.6	145.0	140.5	52.7	358.9	351.2	352.1	263.4	289.2	147.2
3. Dividends and profits payable	12.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	217.0	214.7	181.9	147.9	108.7	158.7	205.8	103.1	88.1	51.7	77.2	68.2
4. Payable to employees	160.3	321.0	155.5	102.9	78.7	199.4	144.6	94.3	77.9	123.3	79.2	71.9
5. Short-term acrrued expenses	1,867.5	1,685.6	1,714.4	1,266.0	1,210.8	1,140.3	1,391.7	1,203.1	1,001.7	754.0	729.5	708.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	300.3	256.6	263.5	270.2	247.8	463.4	363.0	274.9	363.5	392.5	368.7	361.5
10. Short-term borrowings and financial leases	969.5	821.0	493.8	645.7	545.2	507.3	469.9	550.3	689.6	553.4	665.6	706.8
11. Provision for short-term liabilities	437.6	434.4	439.7	387.9	351.4	375.8	380.8	346.6	324.0	338.2	267.6	287.8
12.. Bonus and welfare fund	170.7	214.4	139.4	144.4	119.8	163.2	100.6	101.3	99.1	132.8	86.6	81.7
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	5,598.0	4,585.0	4,485.3	3,298.3	3,306.2	3,438.2	3,405.7	3,587.5	3,611.2	3,579.7	3,675.2	3,613.9
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	31.0	30.8	30.9	30.6	30.0	29.8	28.8	29.8	29.1	28.4	24.3	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	0.0
7. Other long-term liabilities	480.4	474.9	476.0	473.6	473.4	474.5	473.6	476.0	473.7	473.5	473.5	473.3
8. Long-term borrowings and financial leases	4,553.1	3,588.2	3,613.6	2,464.1	2,483.2	2,541.4	2,581.8	2,746.1	2,802.8	2,787.7	2,864.0	2,847.6
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	390.5	363.1	271.7	244.9	240.7	312.6	249.2	262.2	231.9	211.4	226.7	205.9
13. Fund for technology development	142.9	127.9	93.1	85.0	78.8	79.8	72.3	73.4	73.7	78.6	86.7	87.0
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)	17,446.8	17,096.5	17,163.4	16,764.9	16,253.3	16,049.3	15,472.1	15,741.8	15,306.8	14,894.2	14,809.9	14,280.1
I. Owner's equity	17,446.8	17,096.5	17,163.4	16,764.9	16,253.3	16,049.3	15,472.1	15,741.8	15,306.8	14,894.2	14,809.9	14,280.1
1. Owner's capital	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0	5,563.0
- Common stock with voting right	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00	5,562,960,060,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1	2,434.1
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	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00	-20,948,559,850.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	3,307.5	3,252.9	3,302.7	3,164.0	2,856.7	2,792.2	2,340.0	2,777.2	2,465.4	2,206.9	2,245.9	1,852.3
8. Investment and development fund	4,342.8	4,321.6	4,198.5	4,120.3	4,012.4	4,011.7	3,784.1	3,784.0	3,784.0	3,782.5	3,591.1	3,590.9
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,557.9	1,288.7	1,444.1	1,266.0	1,171.0	1,020.6	1,127.0	965.4	844.1	691.3	766.4	630.0
- Accumulated retained earning at the end of the previous period	1,291.4	743.8	1,021.7	1,021.7	1,021.7	693.6	693.6	693.6	693.6	435.9	435.9	435.9
- Undistributed earnings in this period	266.5	544.9	422.4	244.3	149.3	327.0	433.5	271.9	150.5	255.4	330.5	194.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	262.5	257.2	241.9	238.4	237.1	248.7	245.0	239.2	237.2	237.4	230.5	230.9
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	29,542.2	28,311.3	26,916.1	24,808.4	23,231.9	23,718.8	23,002.1	23,344.4	22,515.4	21,650.1	21,499.4	20,865.2

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	395.8	498.6	370.4	321.2	196.1	258.5	249.8	209.2	214.8	226.0	154.1	215.4
Depreciation of Fixed Assets and Investment Property	269.2	223.9	241.0	187.9	206.8	241.3	215.4	233.8	198.8	215.1	214.1	202.8
Provision (Increase)/Reversal	20.2	84.3	70.3	26.6	-76.6	29.0	46.5	34.9	-8.5	-21.8	-2.4	44.0
FX Gain/Loss from Revaluation of Monetary Items	-4.1	-27.5	-5.7	0.1	-15.0	-4.6	-45.7	26.9	35.7	-36.0	37.4	3.7
Gain/Loss from Investment Activities	-68.8	-53.4	-48.8	-63.3	-47.0	-45.0	-45.9	-12.6	-6.8	-62.5	-21.9	-37.7
Interest Expense	66.5	45.2	47.1	47.0	51.5	47.9	51.3	68.5	70.1	63.9	62.3	54.9
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	14.9	—	—	—	—	11.2	3.9	4.2	-0.0	1.2	0.9	6.7
Operating Profit Before Changes in Working Capital	693.7	809.9	685.4	528.5	319.1	538.2	475.4	564.9	504.0	385.8	444.6	489.8
Increase/(Decrease) in Receivables	-584.9	-674.1	-321.4	-606.2	-10.2	-123.7	-218.8	-91.2	-887.5	185.4	7.4	-117.0
Increase/(Decrease) in Inventory	31.1	94.2	-191.2	-254.4	74.2	-137.1	33.6	-55.6	6.2	-79.8	15.8	-50.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-227.2	1,134.4	217.0	646.6	-448.8	-84.5	163.9	339.6	242.9	134.9	89.3	126.9
Increase/(Decrease) in Prepaid Expenses	27.9	-64.6	45.5	-21.1	-30.1	77.4	18.7	23.9	15.3	28.5	17.0	-9.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-30.3	-35.5	-14.4	-5.0	-26.6	-28.9	-2.8	-6.5	-6.6	-1.4	-15.1	-7.8
Corporate Income Tax Paid	-138.3	-113.3	-79.5	6.2	-92.5	-91.4	-17.3	-7.6	-93.0	10.0	-6.0	-34.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-62.2	-44.1	-30.5	-17.7	-47.9	-39.1	-18.0	-17.7	-45.7	-38.1	-15.3	-14.1
Net Cash Flow from Operating Activities	-290.1	1,107.0	310.8	277.0	-262.8	111.0	434.6	749.9	-264.4	625.4	537.5	383.5
Payments for Fixed Assets and Other Long-term Assets	-328.7	-733.0	-1,861.2	-326.9	-127.9	-1,221.3	-72.2	-53.3	-18.9	-55.8	-36.5	-26.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	-0.0	-31.4	31.5	0.6	-2.2	2.2	0.7	2.9	0.0	0.1
Loans and Purchases of Debt Instruments	-1,603.5	-634.4	-0.2	-55.0	-699.5	-468.6	-133.5	-468.5	-29.5	-1,008.7	-135.1	-130.0
Receipts from Loan Repayments and Sale of Debt Instruments	596.3	589.0	319.3	292.1	306.0	646.7	652.4	318.1	82.5	622.5	122.7	173.3
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	148.7	25.8	11.6	13.6	11.4	32.3	14.1	9.5	6.0	40.4	46.7	12.7
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	-1,187.3	-744.6	-1,537.7	-107.7	-478.6	-1,010.3	458.6	-192.0	40.8	-398.7	-2.2	29.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,331.0	-151.4	1,483.9	300.0	184.4	14.0	2.1	-126.5	137.4	0.2	22.2	-15.6
Repayment of Borrowings	-259.5	38.9	11.1	9.0	3.3	-109.9	-150.1	-148.5	-53.6	-183.9	-142.5	-135.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-281.4	—	—	—	-3.5	0.0	0.0	0.0	-3.5	0.0	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	1,071.4	49.2	942.9	21.6	-33.8	-99.4	-148.0	-275.0	83.8	-187.2	-120.3	-150.9
Net Cash Flow During the Period	-405.9	411.6	-284.1	190.9	-775.2	-998.7	745.3	282.9	-139.8	39.5	415.1	262.3
Cash and Cash Equivalents at Beginning of Period	1,821.3	1,403.2	1,672.2	1,434.5	2,203.3	2,256.0	2,256.0	2,256.0	2,256.0	2,078.6	2,078.6	2,078.6
FX Difference from Revaluation	11.6	74.7	68.2	53.1	6.5	89.8	-99.0	64.9	51.8	-19.3	62.0	19.5
Cash and Cash Equivalents at End of Period	1,426.9	1,821.3	1,403.2	1,672.2	1,434.5	2,253.3	3,162.2	2,515.9	2,168.1	2,256.0	2,235.8	1,758.8

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PVD

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