PVS

Tổng Công ty cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam ·HNX ·2026Q1

▲▲ Improving positively

The balance sheet remains flexible Debt/equity −0.61x

Price

38,500

Latest close

12 Jun 2026

P/E 10.07x

P/B 1.18x

EPS 3,822

BVPS 32,608

ROE 12.0%

ROA 5.0%

Profit Margin 5.4%

Asset Turnover 0.93x

Equity Mult. 2.39x

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

What Is Changing

On a TTM 2026Q1 basis, PVS is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 35,265bn
	                                
+34.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2,039bn
	                                
+45.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	32,718.3	23,769.9	19,373.6	16,372.5	14,220.8
Growth	+38%	+23%	+18%	+15%	—
Net Income	1,920.9	1,254.7	1,060.0	944.5	677.9
Net Margin	5.87%	5.28%	5.47%	5.77%	4.77%

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	8,698.7	9,553.7	9,629.5	7,382.8	6,013.7	9,777.0	4,820.0	5,577.9	3,709.6	6,758.3	4,175.5	4,710.6
Growth	-9%	-1%	+30%	+23%	-38%	+103%	-14%	+50%	-45%	+62%	-11%	—
Net Income	435.3	950.4	334.0	319.4	299.6	704.9	192.7	207.9	304.7	293.2	143.6	236.7
Net Margin	5.00%	9.95%	3.47%	4.33%	4.98%	7.21%	4.00%	3.73%	8.21%	4.34%	3.44%	5.02%

Drivers of PVS's profit

TTM

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

Gross profit ↑ 1,284.7bn

Deferred tax ↓ 197.7bn

Administrative expenses ↓ 101.7bn

Other profit ↓ 514.4bn

Selling expenses ↑ 298.9bn

Tax ↑ 149.0bn

TTM

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

Gross profit ↑ 597.9bn

Deferred tax ↓ 107.5bn

Administrative expenses ↓ 57.0bn

Selling expenses ↑ 284.4bn

Financial income ↓ 125.4bn

Tax ↑ 116.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.7% = 5.4% × 0.86 × 2.09

2026Q1 12.9% = 5.8% × 0.93 × 2.39

ROE rose from 9.7% to 12.9% — all three components improved, with leverage contributing the most.

Net margin: 5.8% +0.4pp Asset turnover: 0.93x +0.07x Leverage: 2.39x +0.30x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 5.78%, rising 0.4pp. The main driver is Gross margin rose 2.5pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 2.1pp and Net financial result / Revenue fell 0.2pp).

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 5.78% +0.4pp

Gross Margin 6.82% +2.5pp

SG&A / Revenue 4.57% −0.8pp

Non-core / Revenue 2.06% −2.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (31.7% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital efficiency for oil & gas services should be read alongside backlog and upstream investment cycles — ROIC of 35.8% fluctuates with project acceptance timing.

Is capital being deployed efficiently?

ROIC expanded to 35.79%, rising 23.1pp. That translates to 35.79 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 2.78x, while invested capital contracted by 1,662bn — capital-return quality improved from both sides.

For oil & gas services, ROIC moves with backlog and acceptance timing — this is a reference signal, not a stable profitability baseline.

CAPITAL EFFICIENCY TREND

ROIC 35.79% +23.1pp

NOPAT Margin 5.55% +2.1pp

Capital Turnover 6.45x +2.78x

Average Invested Capital 5,468.6bn −1,662.1bn

Balance Sheet

ROIC for oil & gas services swings with project backlog and upstream investment cycles — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 1.39x equity, with a net cash position equivalent to 0.61x equity.

Over the last 12 months, working capital absorbed 1,738.5bn 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: −3,525.5bn

Inventories increased → lower CFO: −998.9bn

Payables increased → higher CFO: +2,785.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 7.2 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO rose 7.8 days, and DPO rose 3.8 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +7.2 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +7.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 45.8 days +7.8 days

Inventory 28.7 days +3.2 days

Payables 50.0 days +3.8 days

Cash Conversion Cycle 24.4 days +7.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 1,935.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.61x and interest coverage at 13.14x.

At present, short-term debt accounts for 41.9% of total debt, cash equals 864.7% of debt, and total debt stands at 1,322.4bn.

Leverage for oil-services names should be read alongside project backlog, milestone timing, and working-capital swings.

Leverage and liquidity trend

Net Debt / Equity -0.61x +0.10x

Interest Coverage 13.14x +8.03x

Cash / Debt 864.7% +126.1pp

Short-term Debt / Total Debt 41.9% −7.6pp

CFO / NI 0.51x −4.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,935.1bn in 2025, against investing cash flow of -1,100.0bn.

Post-investment cash flow was positive +835.1bn. Financing cash flow was negative +749.3bn.

CFO / net income was 0.51x.

After spending +2,063.5bn on fixed-asset investment, the business generated trailing free cash flow of −1,095.0bn.

For oil & gas services, FCF swings with project backlog, milestone timing, and upstream operator investment cycles.

Cash Conversion

CFO TTM 968.5bn −4,824.7bn

Cash Capex 2,063.5bn +1,257.6bn

FCF TTM −1,095.0bn −6,082.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.61x. The next item to monitor is the earnings mix, when non-core contribution is 27.6%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.61x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.6% of PBT and CFO / net income currently at 0.51x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	32,719.9	23,772.4	19,378.7	16,379.0	14,237.8
Revenue Deductions	1.7	2.5	5.1	6.5	0.0
Net Revenue	32,718.3	23,769.9	19,373.6	16,372.5	14,220.8
Cost of Goods Sold	30,847.7	22,704.8	18,334.5	15,457.9	0.0
Gross Profit	1,870.6	1,065.1	1,039.0	914.6	876.0
Financial Income	927.4	568.8	789.7	489.1	277.5
Financial Expenses	128.7	217.5	216.4	162.6	-94.4
Interest Expense	68.5	64.0	73.0	50.6	-45.6
Share of Associates and Joint Ventures	825.8	864.3	651.1	657.2	413.9
Selling Expenses	110.4	95.2	85.4	79.3	-90.4
General and Administrative Expenses	1,278.8	1,235.2	966.9	827.9	-780.9
Operating Profit	2,106.0	950.3	1,211.3	991.0	601.8
Other Income	144.2	646.8	1,578.8	219.1	0.0
Other Expenses	45.6	43.9	1,512.7	36.5	0.0
Other Profit	98.6	603.0	66.0	182.6	214.1
Profit Before Tax	2,204.6	1,553.3	1,277.3	1,173.6	816.0
Current Income Tax Expense	599.8	480.8	219.0	158.9	-138.0
Deferred Income Tax Expense	-316.1	-182.1	-1.7	70.3	0.0
Net Income	1,920.9	1,254.7	1,060.0	944.5	677.9
Non-controlling Interest	71.4	184.9	33.5	60.8	75.9
Profit Attributable to Parent	1,849.5	1,069.8	1,026.5	883.6	602.0
Earnings per Share	2,569.00	1,923.00	1,579.00	1,575.00	1,259.58
Diluted EPS	2,569.00	1,923.00	1,579.00	1,575.00	1,259.58

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	27,202.0	23,882.3	16,289.9	16,388.3	15,445.6
I. Cash and cash equivalents	11,584.7	11,421.5	5,757.1	5,219.4	5,753.7
1. Cash	4,427.0	7,137.3	3,628.1	3,689.1	0.0
2. Cash equivalents	7,157.7	4,284.2	2,129.0	1,530.2	0.0
II. Short-term financial investments	4,275.0	3,886.1	4,329.4	4,837.3	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	4,275.0	3,886.1	4,329.4	4,837.3	0.0
III. Short-term receivables	7,487.6	6,243.9	4,185.0	5,043.5	4,619.8
1. Short-term trade accounts receivable	4,411.5	4,706.4	3,111.1	4,158.4	0.0
2. Short-term prepayments to suppliers	1,169.6	503.2	429.6	306.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	712.6	315.7	126.6	70.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,419.0	943.2	639.5	656.8	0.0
7. Provision for short-term doubtful debts (*)	-225.3	-224.5	-121.8	-147.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3,233.2	1,830.3	1,470.4	1,012.2	2,160.6
1. Inventories	3,248.7	1,842.5	1,476.4	1,014.2	0.0
2. Provision for decline in value of inventories	-15.6	-12.2	-5.9	-2.0	0.0
V. Other short-term assets	621.6	500.5	548.0	275.9	241.3
1. Short-term prepayments	67.5	49.7	50.8	38.0	0.0
2. Value added tax to be reclaimed	552.9	449.4	495.0	234.8	0.0
3. Taxes and other receivables from state authorities	1.2	1.4	2.2	2.9	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.1	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	11,588.7	10,194.5	10,126.1	9,439.5	9,247.4
I. Long-term receivables	30.5	97.1	122.8	123.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	175.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.5	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	30.5	97.1	122.8	123.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4,778.0	3,587.8	3,391.4	3,040.2	2,981.9
1. Tangible fixed assets	4,706.0	3,526.0	3,328.0	2,973.2	2,968.4
- Cost	15,852.5	13,956.3	13,208.8	12,400.9	0.0
- Accumulated depreciation	-11,146.5	-10,430.4	-9,880.8	-9,427.8	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	72.0	61.8	63.4	67.0	13.5
- Cost	201.8	198.0	191.9	188.0	0.0
- Accumulated depreciation	-129.7	-136.2	-128.5	-121.0	0.0
III. Investment properties	154.9	159.7	164.4	169.1	173.9
- Cost	229.3	229.3	229.3	229.3	0.0
- Accumulated depreciation	-74.4	-69.6	-64.9	-60.2	0.0
IV. Long-term assets in progress	462.4	429.9	373.1	172.0	183.6
1. Long-term production in progress	21.3	69.8	69.8	69.8	0.0
2. Construction in progress	441.1	360.1	303.2	102.1	0.0
V. Long-term financial investments	4,870.9	4,730.4	4,944.7	4,917.7	4,734.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4,864.6	4,728.6	4,943.0	4,900.7	0.0
3. Investments in other entities	3.0	3.0	3.0	31.1	0.0
4. Provision for diminution in value of long-term investments	-1.3	-1.2	-1.2	-14.2	0.0
5. Held to maturity investments	4.5	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	1,291.9	1,189.6	1,129.8	1,016.7	0.0
1. Long-term prepayments	686.1	784.8	819.5	647.3	0.0
2. Deferred income tax assets	573.8	375.2	277.5	338.2	0.0
3. Long-term equipment, supplies, spare parts	32.1	29.7	32.7	31.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0	998.2
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)	38,790.8	34,076.8	26,416.0	25,827.8	24,693.0
A. LIABILITIES (300=210+330)	22,555.2	19,337.3	12,871.8	12,879.2	12,171.7
I. Short -term liabilities	17,125.1	13,938.5	9,060.0	9,198.9	8,625.9
1. Short-term trade accounts payable	6,978.3	4,654.4	3,512.9	5,301.2	4,293.2
2. Short-term advances from customers	1,239.8	345.6	251.7	213.7	227.6
3. Taxes and other payables to state authorities	380.0	406.1	131.3	98.9	0.0
4. Payable to employees	1,298.3	926.6	644.1	620.9	0.0
5. Short-term acrrued expenses	5,263.0	4,674.1	1,777.0	902.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	365.9	184.7	237.9	17.7	0.0
8. Short-term unearned revenue	10.8	165.4	10.2	10.7	57.8
9. Other short-term payables	364.3	652.3	650.2	593.9	0.0
10. Short-term borrowings and financial leases	189.5	869.2	1,176.1	752.2	711.1
11. Provision for short-term liabilities	205.6	353.3	45.2	81.4	0.0
12.. Bonus and welfare fund	829.6	706.7	623.2	606.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	5,430.1	5,398.8	3,811.8	3,680.3	3,545.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	825.1	1,788.2	839.2	781.0	854.5
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	171.4	177.8	184.1	190.5	187.6
7. Other long-term liabilities	0.7	0.2	69.6	69.7	0.0
8. Long-term borrowings and financial leases	777.5	790.1	563.9	623.8	534.0
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	642.3	741.3	695.3	764.3	0.0
12. Provision for long-term liabilities	3,008.5	1,899.4	1,454.9	1,245.5	0.0
13. Fund for technology development	4.7	1.8	4.8	5.6	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	16,235.5	14,739.5	13,544.2	12,948.6	12,521.3
I. Owner's equity	16,235.5	14,739.5	13,544.2	12,948.6	0.0
1. Owner's capital	5,114.2	4,779.7	4,779.7	4,779.7	12,521.3
- Common stock with voting right	5,114,200,990,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	39.6	39.6	39.6	39.6	39.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	51.0	349.9	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	595.4	521.6	515.6	394.2	0.0
8. Investment and development fund	4,300.2	3,796.0	3,451.2	3,214.1	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	4,956.3	4,081.8	4,048.3	3,791.0	3,621.7
- Accumulated retained earning at the end of the previous period	3,128.3	3,045.8	3,044.2	2,928.7	3,035.9
- Undistributed earnings in this period	1,828.0	1,035.9	1,004.1	862.3	585.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,178.8	1,170.9	709.9	730.1	728.0
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)	38,790.8	34,076.8	26,416.0	25,827.8	24,693.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,204.6	1,553.3	1,277.3	1,173.6	816.0
Depreciation of Fixed Assets and Investment Property	779.7	601.5	493.0	471.2	500.4
Provision (Increase)/Reversal	965.6	861.6	141.6	171.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-66.7	-20.8	15.1	31.2	0.0
Gain/Loss from Investment Activities	-1,208.1	-1,110.9	-1,119.8	-977.8	0.0
Interest Expense	68.5	64.0	73.0	50.6	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	-2.3	0.0
Operating Profit Before Changes in Working Capital	2,743.7	1,948.8	880.3	917.8	514.2
Increase/(Decrease) in Receivables	-1,478.5	-2,148.8	606.5	-350.3	0.0
Increase/(Decrease) in Inventory	-1,360.2	-363.1	-386.3	1,082.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2,946.2	5,514.0	-663.1	448.7	0.0
Increase/(Decrease) in Prepaid Expenses	80.9	35.9	-184.4	-36.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-73.6	-62.9	-73.8	-45.9	0.0
Corporate Income Tax Paid	-620.4	-281.2	-172.4	-286.0	0.0
Other Operating Receipts	3.2	0.0	0.0	0.0	0.0
Other Operating Payments	-306.2	-299.9	-291.2	-233.2	0.0
Net Cash Flow from Operating Activities	1,935.1	4,342.7	-284.5	1,497.7	-212.9
Payments for Fixed Assets and Other Long-term Assets	-1,862.0	-885.2	-899.1	-498.4	-247.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	3.1	4.3	4.8	63.0	13.9
Loans and Purchases of Debt Instruments	-7,595.9	-5,575.6	-6,285.9	-6,378.2	-3,816.6
Receipts from Loan Repayments and Sale of Debt Instruments	7,196.7	6,018.8	6,793.9	4,181.1	4,561.1
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	1,158.2	1,500.0	1,204.0	905.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,100.0	1,062.3	817.6	-1,727.4	1,269.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	-18,347,002,271.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	925.2	2,130.5	508.8	266.1	309.9
Repayment of Borrowings	-1,617.6	-1,553.6	-163.3	-157.7	-264.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-38.6	-379.2	-377.7	-429.7	-532.8
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	-749.3	197.6	-32.2	-321.3	-487.5
Net Cash Flow During the Period	85.7	5,602.6	500.9	-551.0	-92.5
Cash and Cash Equivalents at Beginning of Period	11,421.5	5,757.1	5,219.4	5,747.3	5,212.2
FX Difference from Revaluation	77.4	61.8	36.9	23.1	-27.7
Cash and Cash Equivalents at End of Period	11,584.7	11,421.5	5,757.1	5,219.4	5,753.7

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	8,699.8	9,554.7	9,629.5	7,383.2	6,013.9	9,777.0	4,821.4	5,578.2	3,710.3	6,759.3	4,176.6	4,712.0
Revenue Deductions	1.1	1.0	—	0.4	0.2	0.0	1.4	0.3	0.7	1.0	1.0	1.4
Net Revenue	8,698.7	9,553.7	9,629.5	7,382.8	6,013.7	9,777.0	4,820.0	5,577.9	3,709.6	6,758.3	4,175.5	4,710.6
Cost of Goods Sold	7,843.8	8,765.9	9,306.5	6,941.7	5,756.6	9,476.6	4,486.3	5,347.0	3,451.1	6,382.0	3,994.9	4,522.2
Gross Profit	854.9	787.8	323.0	441.1	257.1	300.4	333.8	230.9	258.5	376.4	180.6	188.4
Financial Income	214.5	132.1	234.0	223.0	339.9	187.7	83.7	140.0	150.6	260.7	211.4	156.2
Financial Expenses	71.8	40.9	29.8	25.5	33.6	-13.6	166.2	30.3	14.1	102.3	46.8	15.0
Interest Expense	16.6	16.2	17.0	17.4	17.9	16.0	17.6	14.5	15.9	17.4	17.4	19.6
Share of Associates and Joint Ventures	156.8	176.8	213.8	230.3	213.5	215.0	214.6	223.2	197.2	152.8	177.5	176.5
Selling Expenses	307.2	39.5	25.3	22.9	22.7	30.4	22.4	20.4	22.0	26.7	22.0	17.0
General and Administrative Expenses	315.8	184.9	320.6	396.5	372.8	415.8	222.9	308.1	205.0	386.2	261.9	231.0
Operating Profit	531.5	831.4	395.1	449.4	381.3	270.5	220.6	235.2	365.3	274.8	238.9	258.1
Other Income	2.1	130.7	4.3	7.1	7.6	573.3	11.9	55.3	6.3	84.3	1,453.1	37.0
Other Expenses	5.3	23.3	19.4	3.7	4.9	2.5	24.0	10.0	3.7	30.9	1,474.9	2.8
Other Profit	-3.2	107.4	-15.1	3.4	2.7	570.9	-12.1	45.3	2.6	53.4	-21.8	34.2
Profit Before Tax	528.3	938.9	380.0	452.8	384.1	841.4	208.5	280.5	367.8	328.2	217.0	292.4
Current Income Tax Expense	180.7	176.8	149.8	137.0	64.6	262.4	73.0	95.1	51.7	63.0	30.2	65.0
Deferred Income Tax Expense	-87.8	-188.3	-103.8	-3.7	19.8	-125.9	-57.2	-22.5	11.4	-28.0	43.2	-9.3
Net Income	435.3	950.4	334.0	319.4	299.6	704.9	192.7	207.9	304.7	293.2	143.6	236.7
Non-controlling Interest	19.7	144.0	10.0	-41.4	-31.9	154.0	57.8	13.1	4.1	6.9	2.6	12.1
Profit Attributable to Parent	415.6	806.5	324.0	360.8	331.5	550.9	134.9	194.8	300.7	286.3	141.0	224.6
Earnings per Share	812.62	1,576.90	677.97	754.97	693.63	1,152.50	282.13	407.58	629.08	599.09	294.99	469.90
Diluted EPS	812.62	1,576.90	677.97	754.97	693.63	1,152.50	282.13	407.58	629.08	599.09	294.99	469.90

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)	28,951.4	27,017.9	28,767.1	25,339.4	24,926.1	23,880.4	17,380.1	16,638.9	15,101.5	16,296.9	18,938.8	17,771.6
I. Cash and cash equivalents	11,434.4	11,584.7	12,469.3	12,676.9	12,331.1	11,421.5	8,232.4	6,946.7	5,548.6	5,757.1	4,880.6	5,670.9
1. Cash	7,994.4	4,427.0	9,134.1	8,989.8	8,047.3	7,137.3	6,439.7	6,213.7	4,400.6	3,628.1	3,194.5	4,261.1
2. Cash equivalents	3,440.0	7,157.7	3,335.2	3,687.0	4,283.9	4,284.2	1,792.8	733.0	1,148.0	2,129.0	1,686.1	1,409.8
II. Short-term financial investments	4,578.6	4,275.0	4,499.6	4,358.3	4,186.9	3,886.1	3,256.3	2,992.2	3,847.7	4,329.4	5,183.4	5,076.8
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	4,578.6	4,275.0	4,499.6	4,358.3	4,186.9	3,886.1	3,256.3	2,992.2	3,847.7	4,329.4	5,183.4	5,076.8
III. Short-term receivables	9,149.7	7,303.3	8,256.8	6,297.4	5,767.7	6,148.4	4,256.5	4,537.5	3,660.4	4,160.4	6,953.8	5,571.7
1. Short-term trade accounts receivable	5,679.1	4,415.7	5,408.6	3,749.9	3,161.3	4,708.7	2,793.8	2,910.2	2,281.7	3,161.7	5,883.6	4,565.9
2. Short-term prepayments to suppliers	1,082.2	1,169.7	1,401.6	1,212.3	890.4	503.6	387.8	403.7	411.5	424.7	555.0	535.0
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	1,714.3	1,115.6	881.4	603.7	1,080.0	241.3	363.0	368.2	189.8	126.6	102.9	75.6
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	3.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	935.1	811.9	1,031.7	1,167.0	959.5	835.7	839.0	969.6	892.7	569.0	535.3	498.8
7. Provision for short-term doubtful debts (*)	-261.1	-209.7	-466.4	-435.6	-323.5	-140.8	-127.1	-117.6	-115.5	-121.6	-122.9	-103.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,090.6	3,233.8	2,938.8	1,386.9	2,045.0	1,923.7	949.5	1,522.3	1,438.0	1,497.7	1,440.0	1,042.4
1. Inventories	3,106.2	3,249.3	2,946.6	1,399.1	2,057.2	1,935.9	955.4	1,528.2	1,443.9	1,503.7	1,441.9	1,044.3
2. Provision for decline in value of inventories	-15.6	-15.6	-7.7	-12.2	-12.2	-12.2	-5.9	-5.9	-5.9	-5.9	-2.0	-2.0
V. Other short-term assets	698.1	621.2	602.5	619.9	595.3	500.7	685.4	640.2	606.9	552.3	481.1	409.9
1. Short-term prepayments	59.2	67.3	71.5	79.4	62.9	49.7	42.7	44.1	50.0	55.5	64.9	56.0
2. Value added tax to be reclaimed	430.9	552.6	528.7	537.2	530.1	449.6	640.7	591.4	554.2	494.8	413.4	350.5
3. Taxes and other receivables from state authorities	4.9	1.2	2.3	3.2	2.3	1.4	2.0	4.7	2.7	1.9	2.7	3.3
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	203.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	11,778.7	11,548.0	10,425.1	10,381.8	10,282.3	10,193.5	9,962.3	10,279.2	10,366.7	10,104.2	9,625.4	9,285.0
I. Long-term receivables	30.5	30.5	30.4	120.1	121.1	93.7	93.8	126.8	124.5	123.0	122.7	121.7
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	—	—	—	89.3	89.3	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	30.5	30.5	30.4	30.8	31.8	93.7	93.8	126.8	124.5	123.0	122.7	121.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4,895.0	4,777.2	3,466.9	3,554.7	3,620.6	3,587.8	3,582.7	3,673.9	3,412.4	3,360.9	3,011.3	3,074.0
1. Tangible fixed assets	4,818.0	4,705.2	3,406.2	3,492.3	3,558.8	3,526.0	3,522.6	3,604.6	3,350.0	3,297.5	2,947.8	3,010.2
- Cost	16,155.6	—	—	—	—	13,956.4	13,817.1	13,767.1	13,368.7	13,193.1	12,711.7	12,655.1
- Accumulated depreciation	-11,337.7	—	—	—	—	-10,430.4	-10,294.5	-10,162.5	-10,018.7	-9,895.6	-9,764.0	-9,644.9
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	77.1	72.0	60.7	62.5	61.8	61.8	60.1	69.3	62.4	63.4	63.5	63.8
- Cost	209.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-132.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	153.7	154.9	156.1	157.3	158.5	159.7	160.8	162.0	163.2	164.4	165.6	166.8
- Cost	229.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-75.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	506.5	462.2	608.0	460.6	470.5	429.7	246.8	253.9	542.6	391.1	408.4	206.3
1. Long-term production in progress	21.3	21.3	21.3	—	69.8	69.8	69.8	69.8	69.8	69.8	69.8	69.8
2. Construction in progress	485.1	440.8	586.7	460.6	400.7	359.9	177.0	184.0	472.8	321.3	338.6	136.5
V. Long-term financial investments	4,881.8	4,873.0	4,910.2	4,892.6	4,733.9	4,721.6	4,780.5	4,968.6	5,037.1	4,945.1	4,934.8	4,721.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4,880.1	4,866.7	4,897.4	4,879.8	4,721.1	4,719.8	4,778.6	4,966.8	5,035.3	4,928.1	4,918.0	4,704.2
3. Investments in other entities	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	31.1	31.1	31.1
4. Provision for diminution in value of long-term investments	-1.3	-1.3	-1.3	-1.3	-1.3	-1.2	-1.1	-1.2	-1.2	-14.1	-14.3	-14.1
5. Held to maturity investments	—	4.5	11.0	11.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1,311.1	1,250.2	1,253.5	1,196.5	1,177.8	1,200.9	1,097.7	1,093.9	1,086.9	1,119.7	982.6	995.0
1. Long-term prepayments	650.8	686.0	747.3	770.4	776.0	784.5	768.4	800.7	786.0	811.5	675.1	667.8
2. Deferred income tax assets	627.2	532.1	478.5	397.9	367.1	386.7	298.8	260.4	267.9	275.4	274.5	293.9
3. Long-term equipment, supplies, spare parts	33.1	32.1	27.7	28.2	34.7	29.7	30.4	32.9	32.9	32.7	33.1	33.2
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)	40,730.1	38,565.9	39,192.1	35,721.1	35,208.5	34,073.9	27,342.5	26,918.1	25,468.2	26,401.1	28,564.2	27,056.6
A. LIABILITIES (300=210+330)	24,053.8	22,357.0	23,794.2	20,653.7	20,174.0	19,183.6	13,400.8	13,008.7	11,532.6	13,017.5	15,164.7	13,922.4
I. Short -term liabilities	18,378.1	16,334.9	17,640.2	14,746.1	14,664.8	13,666.4	9,038.8	9,433.3	7,876.0	9,205.8	11,337.2	10,119.7
1. Short-term trade accounts payable	5,821.8	6,956.9	5,001.4	3,916.6	3,177.0	4,655.0	3,103.6	3,434.7	3,160.7	3,510.4	6,548.3	4,795.7
2. Short-term advances from customers	1,468.7	637.0	675.1	524.0	568.8	345.6	279.1	134.4	245.2	251.7	261.1	193.4
3. Dividends and profits payable	18.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	267.2	310.0	252.5	170.7	153.5	406.8	147.5	143.3	101.0	115.6	52.4	86.3
4. Payable to employees	948.8	1,357.6	1,307.2	1,006.0	597.8	863.6	501.5	502.4	248.5	826.2	735.5	560.9
5. Short-term acrrued expenses	7,240.4	5,172.8	7,150.2	5,732.6	6,197.3	4,668.0	2,167.3	2,251.9	1,830.1	1,719.5	1,079.2	1,705.7
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	272.1	245.5	848.4	591.5	1,431.8	184.7	12.6	1.9	35.4	279.4	499.0	616.8
8. Short-term unearned revenue	13.2	138.3	8.8	13.8	31.7	166.4	26.4	11.5	9.6	10.2	8.0	8.7
9. Other short-term payables	415.4	394.3	366.9	690.2	683.3	647.1	705.2	771.9	736.6	648.2	696.4	655.4
10. Short-term borrowings and financial leases	554.1	189.5	855.1	866.2	826.7	869.2	1,305.4	1,364.5	959.7	1,176.1	788.0	763.1
11. Provision for short-term liabilities	659.8	103.3	384.4	377.0	381.8	153.3	130.5	66.1	19.7	45.2	73.6	98.7
12.. Bonus and welfare fund	697.8	829.6	790.2	857.5	615.3	706.7	659.9	750.5	529.5	623.2	595.8	634.9
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	5,675.8	6,022.1	6,154.1	5,907.6	5,509.2	5,517.2	4,362.0	3,575.4	3,656.6	3,811.7	3,827.5	3,802.7
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	825.1	1,386.6	1,590.5	1,627.7	1,704.5	1,788.2	1,353.1	761.4	784.2	839.2	907.1	919.2
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	170.6	171.4	175.1	176.0	176.9	177.8	181.4	182.3	183.2	184.1	187.8	188.7
7. Other long-term liabilities	0.8	0.7	0.5	0.4	0.2	69.7	69.7	69.7	69.7	69.6	69.7	69.7
8. Long-term borrowings and financial leases	768.3	777.5	791.9	788.3	843.0	790.1	674.3	499.6	541.8	563.9	606.2	592.7
9. Convertible bonds	—	—	—	799.3	—	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	611.1	641.2	785.5	—	754.5	739.3	648.5	667.1	697.2	695.2	728.8	705.0
12. Provision for long-term liabilities	3,296.1	3,039.3	2,809.6	2,514.3	2,028.4	1,950.3	1,433.2	1,392.3	1,376.1	1,454.9	1,324.3	1,322.1
13. Fund for technology development	3.8	5.3	1.0	1.6	1.7	1.8	1.8	3.0	4.3	4.8	3.7	5.3
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)	16,676.3	16,208.9	15,397.9	15,067.5	15,034.4	14,890.2	13,941.7	13,909.4	13,935.6	13,383.6	13,399.5	13,134.2
I. Owner's equity	16,676.3	16,208.9	15,397.9	15,067.5	15,034.4	14,890.2	13,941.7	13,909.4	13,935.6	13,383.6	13,399.5	13,134.2
1. Owner's capital	5,114.2	5,114.2	4,779.7	4,779.7	4,779.7	4,779.7	4,779.7	4,779.7	4,779.7	4,779.7	4,779.7	4,779.7
- Common stock with voting right	5,114,200,990,000.00	5,114,200,990,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00	4,779,662,900,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	39.6	39.6	39.6	39.6	39.6	39.6	39.6	39.6	39.6	39.6	39.6	39.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	51.0	51.0	349.9	349.9	349.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	608.3	590.3	628.5	596.8	527.8	515.4	519.0	703.1	618.4	515.6	513.9	381.0
8. Investment and development fund	4,300.2	4,300.2	4,238.5	4,238.5	3,796.0	3,796.0	3,796.0	3,796.0	3,451.2	3,451.2	3,451.2	3,451.2
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	5,367.0	4,927.4	4,316.3	3,999.3	4,405.6	4,193.9	4,068.7	3,919.3	4,339.0	3,887.9	3,905.1	3,771.6
- Accumulated retained earning at the end of the previous period	4,956.3	3,128.3	3,316.1	3,316.1	4,081.8	3,045.8	3,464.0	3,441.6	4,047.6	3,044.2	3,341.7	3,341.7
- Undistributed earnings in this period	410.7	1,799.1	1,000.2	683.2	323.8	1,148.1	604.7	477.7	291.4	843.8	563.4	429.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,195.9	1,186.2	1,045.4	1,063.7	1,135.9	1,565.7	738.7	671.7	707.8	709.7	710.0	711.2
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)	40,730.1	38,565.9	39,192.1	35,721.1	35,208.5	34,073.9	27,342.5	26,918.1	25,468.2	26,401.1	28,564.2	27,056.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	528.3	987.4	380.0	453.1	384.1	841.4	208.5	282.1	367.8	502.4	217.0	291.0
Depreciation of Fixed Assets and Investment Property	202.6	175.7	283.9	161.0	159.1	158.0	151.9	149.1	142.4	131.2	123.2	121.1
Provision (Increase)/Reversal	777.7	107.8	-5.6	606.9	256.5	559.9	102.6	76.8	-110.6	95.1	-11.4	-23.0
FX Gain/Loss from Revaluation of Monetary Items	41.1	164.2	14.1	-196.9	-48.1	-100.3	123.5	-13.7	-21.1	3.9	15.3	-14.8
Gain/Loss from Investment Activities	-264.1	-275.0	-306.3	-326.1	-300.6	-283.1	-265.1	-287.5	-274.2	-243.5	-307.3	-299.6
Interest Expense	16.6	16.2	17.0	17.4	17.9	16.0	17.6	14.5	15.9	16.3	17.4	19.6
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	1,302.1	1,176.4	383.0	715.4	468.8	1,192.0	339.1	221.4	120.2	505.6	54.2	94.4
Increase/(Decrease) in Receivables	-1,638.7	499.7	-1,594.2	-792.3	408.3	-1,782.7	388.7	-962.8	469.6	2,632.4	-1,460.8	-915.2
Increase/(Decrease) in Inventory	141.6	-306.6	-1,546.9	713.1	-219.8	-979.7	575.2	-84.2	32.2	43.4	-392.3	-73.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	520.9	-630.1	3,016.3	-121.3	681.3	5,225.9	179.5	977.9	-1,027.8	-2,731.2	1,219.3	1,272.5
Increase/(Decrease) in Prepaid Expenses	43.6	65.2	31.0	-10.9	-4.5	-23.1	40.4	-15.5	34.2	-129.8	-21.8	-28.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-14.5	-22.4	-14.3	-23.2	-13.7	-21.2	-10.9	-19.6	-11.1	-23.0	-10.7	-28.5
Corporate Income Tax Paid	-258.0	-131.2	-149.6	-61.9	-277.7	-62.8	-97.5	-43.6	-76.8	-37.0	-61.1	-42.7
Other Operating Receipts	1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-126.2	-59.5	-75.0	-67.5	-104.1	-71.0	-48.1	-62.9	-106.7	-49.4	-52.0	-58.2
Net Cash Flow from Operating Activities	-27.9	581.2	63.7	351.5	938.7	3,477.4	1,366.5	10.6	-566.0	211.1	-725.2	220.6
Payments for Fixed Assets and Other Long-term Assets	-358.5	-1,306.0	-201.1	-197.9	-157.0	-200.2	-100.5	-348.1	-194.3	-395.4	-284.0	-59.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.5	0.2	-0.7	2.0	2.3	0.9	0.8	0.3	2.6	0.0	0.5
Loans and Purchases of Debt Instruments	-1,966.3	-2,262.2	-1,640.7	-1,641.5	-2,051.6	-2,019.9	-1,748.1	-1,041.0	-623.1	-1,191.1	-1,870.9	-1,965.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,544.2	2,657.7	1,328.5	1,398.7	1,811.7	1,395.6	1,486.4	1,908.0	1,089.8	2,004.1	1,804.4	1,811.3
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	-288.3	288.3	0.0	0.0	0.0
Dividends and Interest Income Received	248.7	282.9	311.7	256.2	307.4	466.6	279.6	753.8	0.0	276.1	222.0	428.4
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	-531.9	-626.2	-201.3	-185.1	-87.4	-355.6	-81.8	985.3	561.1	696.3	-128.5	215.4
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	404.2	63.0	51.2	679.7	131.3	931.7	490.1	550.0	158.7	389.9	52.0	0.0
Repayment of Borrowings	-48.8	-742.9	-58.8	-695.0	-120.9	-585.9	-354.8	-200.9	-412.0	-43.0	-32.8	-41.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	15.0	-31.3	-22.4	-0.0	-356.9	-19.6	-0.2	-2.5	-351.3	-4.3	-22.1
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	355.3	-683.2	-38.8	-37.6	10.4	-11.1	115.6	348.9	-255.8	-4.4	15.0	-63.5
Net Cash Flow During the Period	-204.4	-728.2	-176.5	128.8	861.7	3,110.6	1,400.4	1,344.7	-260.8	903.0	-838.7	372.5
Cash and Cash Equivalents at Beginning of Period	11,585.2	12,469.3	12,676.9	12,331.1	11,421.5	5,757.1	5,757.1	5,757.1	5,757.1	5,219.4	5,219.4	5,219.4
FX Difference from Revaluation	53.6	77.4	233.8	264.9	47.9	78.5	-114.6	53.4	52.3	-26.4	48.3	27.7
Cash and Cash Equivalents at End of Period	11,434.4	11,584.7	12,469.3	12,676.9	12,331.1	11,421.5	8,232.4	6,946.7	5,548.6	5,757.1	4,880.6	5,670.9

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