PVT

Tổng Công ty cổ phần Vận tải Dầu khí ·HOSE ·2026Q1

▼ Slightly negative

Margins remain under pressure Net margin 8.27%, −3.66pp YoY

Price

21,550

Latest close

02 Jun 2026

P/E 8.86x

P/B 0.85x

EPS 2,431

BVPS 25,275

ROE 10.1%

ROA 5.5%

Profit Margin 6.6%

Asset Turnover 0.83x

Equity Mult. 1.85x

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

What Is Changing

On a TTM 2026Q1 basis, PVT is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 17,429bn
	                                
+44.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,442bn
	                                
+0.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	16,012.8	11,732.1	9,556.0	9,047.4	7,370.9
Growth	+36%	+23%	+6%	+23%	—
Net Income	1,328.9	1,469.6	1,221.5	1,155.8	844.4
Net Margin	8.30%	12.53%	12.78%	12.78%	11.46%

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	4,177.1	4,480.3	4,419.4	4,352.0	2,789.5	3,347.9	2,934.1	2,994.0	2,536.1	2,752.8	2,550.6	2,097.8
Growth	-7%	+1%	+2%	+56%	-17%	+14%	-2%	+18%	-8%	+8%	+22%	—
Net Income	387.4	344.9	349.0	360.7	277.0	271.3	522.1	369.6	306.2	267.7	321.0	375.6
Net Margin	9.28%	7.70%	7.90%	8.29%	9.93%	8.10%	17.79%	12.34%	12.07%	9.73%	12.59%	17.91%

Drivers of PVT's profit

TTM

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

Gross profit ↑ 66.9bn

Minority interests ↓ 62.4bn

Financial income ↑ 32.7bn

Deferred tax ↓ 13.2bn

Administrative expenses ↑ 49.4bn

Other profit ↓ 37.0bn

TTM

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

Gross profit ↑ 119.9bn

Other profit ↑ 47.0bn

Financial income ↑ 21.8bn

Tax ↑ 48.9bn

Administrative expenses ↑ 23.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.4% = 11.9% × 0.65 × 1.86

2026Q1 12.8% = 8.3% × 0.83 × 1.85

ROE fell from 14.4% to 12.8% — net margin weakened the most, though asset turnover still provided support.

Net margin: 8.3% -3.7pp Asset turnover: 0.83x +0.18x Leverage: 1.85x -0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 8.27%, losing 3.7pp. The main pressure is Gross margin fell 5.7pp, outweighing the improvement in SG&A / Revenue fell 1.1pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 0.7pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 8.27% −3.7pp

Gross Margin 14.15% −5.7pp

SG&A / Revenue 3.26% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 8.01%, falling 0.8pp. That translates to 8.01 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.23x, NOPAT margin narrowed 3.1pp still pulled ROIC lower, while invested capital rose by 1,910bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 8.01% −0.8pp

NOPAT Margin 7.63% −3.1pp

Capital Turnover 1.05x +0.23x

Average Invested Capital 16,612.9bn +1,909.9bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.94x equity, net debt at 0.48x equity.

Over the last 12 months, working capital absorbed 338.7bn 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: −904.6bn

Inventories increased → lower CFO: −54.3bn

Payables increased → higher CFO: +620.2bn

Working Capital Efficiency

Cash conversion cycle improved by 1.0 days versus the same period last year. The main moves came from DIO fell 2.2 days, DSO fell 3.7 days, and DPO fell 5.0 days.

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

Working Capital Efficiency

Receivables 28.9 days −3.7 days

Inventory 8.2 days −2.2 days

Payables 27.0 days −5.0 days

Cash Conversion Cycle 10.1 days −1.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 410.9bn due to capex of 3,742.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.48x and interest coverage at 2.84x.

At present, short-term debt accounts for 19.3% of total debt, cash equals 21.6% of debt, and total debt stands at 7,214.6bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 21.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.48x +0.01x

Interest Coverage 2.84x −0.10x

Cash / Debt 21.6% −1.1pp

Short-term Debt / Total Debt 19.3% −3.5pp

CFO / NI 2.92x +0.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,161.2bn in 2025, against investing cash flow of -3,123.4bn.

Post-investment cash flow was positive +37.8bn. Financing cash flow was positive +701.5bn.

CFO / net income was 2.92x.

After spending +3,742.8bn on fixed-asset investment, the business generated trailing free cash flow of −410.9bn.

Cash Conversion

CFO TTM 3,331.9bn +1,083.1bn

Cash Capex 3,742.8bn +242.8bn

FCF TTM −410.9bn +840.3bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.7 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.92x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.92x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 8.27% after a 3.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	16,012.8	11,732.1	9,556.0	9,047.4	7,370.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	16,012.8	11,732.1	9,556.0	9,047.4	7,370.9
Cost of Goods Sold	13,665.4	9,288.3	7,717.5	7,392.3	0.0
Gross Profit	2,347.4	2,443.8	1,838.5	1,655.0	1,250.1
Financial Income	307.5	306.6	371.0	221.0	182.3
Financial Expenses	572.4	574.1	466.3	314.0	-158.2
Interest Expense	435.3	417.7	355.2	214.5	-142.6
Share of Associates and Joint Ventures	21.5	17.0	26.4	27.9	24.5
Selling Expenses	13.9	16.6	13.4	12.9	-10.5
General and Administrative Expenses	529.6	488.8	410.0	407.7	-304.7
Operating Profit	1,560.5	1,687.9	1,346.2	1,169.4	983.5
Other Income	127.3	263.8	208.5	308.5	0.0
Other Expenses	34.2	83.3	6.1	21.0	0.0
Other Profit	93.1	180.4	202.4	287.5	64.9
Profit Before Tax	1,653.6	1,868.4	1,548.6	1,456.9	1,048.5
Current Income Tax Expense	335.5	396.9	310.1	288.8	-204.1
Deferred Income Tax Expense	-10.8	1.9	17.0	12.3	0.0
Net Income	1,328.9	1,469.6	1,221.5	1,155.8	844.4
Non-controlling Interest	291.1	376.4	249.1	298.5	175.5
Profit Attributable to Parent	1,037.8	1,093.2	972.4	857.3	668.9
Earnings per Share	2,075.00	2,879.00	2,829.00	2,500.00	2,006.00
Diluted EPS	2,208.35	2,618.00	2,338.00	2,273.00	2,066.85

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,522.1	6,648.0	6,297.5	6,286.3	4,798.3
I. Cash and cash equivalents	1,899.5	1,152.0	979.2	1,793.7	1,349.4
1. Cash	941.6	557.5	409.2	334.2	0.0
2. Cash equivalents	957.9	594.5	570.0	1,459.6	0.0
II. Short-term financial investments	2,999.1	3,357.3	3,486.5	2,706.6	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	2,999.1	3,357.3	3,486.5	2,706.6	0.0
III. Short-term receivables	1,833.1	1,311.6	1,194.4	1,376.9	1,420.5
1. Short-term trade accounts receivable	1,517.8	1,079.9	944.3	982.2	0.0
2. Short-term prepayments to suppliers	75.3	44.0	32.8	39.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	325.0	274.0	316.4	460.1	0.0
7. Provision for short-term doubtful debts (*)	-85.0	-86.9	-99.8	-105.7	0.0
8. Assets awaiting resolution	—	0.7	0.7	0.7	0.0
IV. Inventories	345.4	331.1	232.7	179.3	141.9
1. Inventories	345.4	331.1	232.7	179.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	444.9	496.0	404.7	229.7	160.6
1. Short-term prepayments	89.5	86.9	68.9	38.4	0.0
2. Value added tax to be reclaimed	355.5	409.0	322.9	190.9	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	12.9	0.4	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)	14,786.5	13,210.2	11,192.5	7,965.4	7,638.7
I. Long-term receivables	397.4	177.4	161.5	135.2	0.0
1. Long-term trade receivables	397.4	0.0	4.9	0.0	109.8
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	—	177.4	156.7	135.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	13,497.6	12,062.0	10,088.1	7,260.3	6,975.6
1. Tangible fixed assets	13,495.1	12,060.2	10,085.9	7,260.1	6,974.7
- Cost	23,424.6	19,816.2	16,167.9	12,282.6	0.0
- Accumulated depreciation	-9,929.5	-7,756.0	-6,082.0	-5,022.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.5	1.8	2.2	0.2	0.9
- Cost	12.9	11.1	11.1	8.5	0.0
- Accumulated depreciation	-10.4	-9.3	-8.9	-8.3	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	5.5	7.1	4.7	22.0	1.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.5	7.1	4.7	22.0	0.0
V. Long-term financial investments	192.4	212.7	200.8	198.6	194.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	146.4	146.8	154.9	152.6	0.0
3. Investments in other entities	45.9	45.9	45.9	45.9	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	—	20.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	693.8	750.9	737.3	349.3	0.0
1. Long-term prepayments	619.9	687.7	672.4	267.4	0.0
2. Deferred income tax assets	73.8	63.2	64.9	81.9	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	357.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	22,308.7	19,858.2	17,490.0	14,251.7	12,437.0
A. LIABILITIES (300=210+330)	10,818.5	9,468.7	8,459.6	6,237.6	5,482.6
I. Short -term liabilities	4,067.4	3,714.3	3,392.2	3,055.3	2,483.5
1. Short-term trade accounts payable	1,251.9	872.6	794.2	812.1	616.7
2. Short-term advances from customers	14.4	32.1	51.7	25.1	27.7
3. Taxes and other payables to state authorities	137.3	169.1	88.5	96.9	0.0
4. Payable to employees	368.6	323.2	326.4	253.5	0.0
5. Short-term acrrued expenses	171.4	161.8	137.3	229.9	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	73.2	75.5	30.3	23.7	35.1
9. Other short-term payables	205.8	146.3	218.7	234.2	0.0
10. Short-term borrowings and financial leases	1,394.2	1,488.4	1,387.8	1,099.4	776.6
11. Provision for short-term liabilities	267.0	285.6	216.9	156.4	0.0
12.. Bonus and welfare fund	183.6	159.8	140.4	124.1	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	6,751.1	5,754.4	5,067.3	3,182.3	2,999.1
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	231.7	309.3	398.0	419.4	0.0
8. Long-term borrowings and financial leases	6,245.4	5,375.5	4,540.4	2,591.3	2,464.8
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	—	0.2	0.0	0.0	0.0
12. Provision for long-term liabilities	274.0	69.4	128.9	171.5	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	11,490.2	10,389.5	9,030.4	8,014.1	6,954.4
I. Owner's equity	11,490.2	10,389.5	9,030.4	8,014.1	0.0
1. Owner's capital	4,699.3	3,560.1	3,236.5	3,236.5	6,954.4
- Common stock with voting right	4,699,312,350,000.00	3,560,126,380,000.00	3,236,512,460,000.00	3,236,512,460,000.00	3,236,512,460,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	586.9	427.9	230.3	100.0	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	—	0.0	0.0	0.0	0.0
8. Investment and development fund	1,888.9	1,711.4	1,461.3	1,129.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	46.1	46.1	46.1	47.2	0.0
11. Undistributed earnings after tax	1,451.8	1,973.7	1,836.7	1,489.4	926.4
- Accumulated retained earning at the end of the previous period	414.0	880.4	864.2	632.1	260.8
- Undistributed earnings in this period	1,037.8	1,093.2	972.4	857.3	665.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2,817.2	2,670.3	2,219.6	2,011.8	1,777.0
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)	22,308.7	19,858.2	17,490.0	14,251.7	12,437.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,653.6	1,868.4	1,548.6	1,456.9	1,049.6
Depreciation of Fixed Assets and Investment Property	2,191.2	1,798.6	1,354.3	1,195.3	929.8
Provision (Increase)/Reversal	184.1	-3.8	12.1	247.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	5.6	28.0	46.7	-22.6	0.0
Gain/Loss from Investment Activities	-223.5	-391.0	-398.0	-445.3	0.0
Interest Expense	435.3	417.7	355.2	214.5	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	15.0	18.9	24.7	0.0	0.0
Operating Profit Before Changes in Working Capital	4,261.3	3,736.8	2,943.7	2,646.1	1,750.9
Increase/(Decrease) in Receivables	-731.0	-197.6	65.2	45.8	0.0
Increase/(Decrease) in Inventory	-14.4	-98.4	-22.8	-37.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	474.9	5.1	92.3	80.7	0.0
Increase/(Decrease) in Prepaid Expenses	65.3	-33.0	-435.5	-11.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-443.1	-422.1	-505.4	-207.6	0.0
Corporate Income Tax Paid	-368.2	-299.1	-341.8	-257.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-83.7	-123.6	-96.4	-87.1	0.0
Net Cash Flow from Operating Activities	3,161.2	2,568.0	1,699.2	2,171.9	1,767.1
Payments for Fixed Assets and Other Long-term Assets	-3,740.3	-3,965.7	-4,186.2	-1,660.7	-2,105.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.2	306.2	74.5	389.3	101.9
Loans and Purchases of Debt Instruments	-6,138.8	-5,772.3	-4,485.5	-4,079.2	-4,335.2
Receipts from Loan Repayments and Sale of Debt Instruments	6,519.4	5,889.5	3,713.7	3,164.4	3,825.5
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	230.0	224.8	283.8	166.4	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	-3,123.4	-3,317.4	-4,599.7	-2,019.8	-2,353.1
Proceeds from Equity Issuance and Capital Contributions	—	140,665,318,560.00	57,644,608,127.00	0.00	238,921,780,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,319.0	2,736.0	3,564.7	1,489.4	1,525.7
Repayment of Borrowings	-2,548.2	-1,808.8	-1,368.3	-1,090.4	-931.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-69.3	-152.2	-171.9	-40.5	-373.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	701.5	915.8	2,082.1	358.5	459.8
Net Cash Flow During the Period	739.3	166.3	-818.4	510.6	-227.5
Cash and Cash Equivalents at Beginning of Period	1,152.0	979.2	1,793.7	1,283.4	1,472.9
FX Difference from Revaluation	8.2	6.5	3.9	-0.3	2.7
Cash and Cash Equivalents at End of Period	1,899.5	1,152.0	979.2	1,793.7	1,349.4

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	4,177.1	4,480.3	4,419.4	4,352.0	2,789.5	3,347.9	2,934.1	2,994.4	2,536.1	2,752.8	2,550.6	2,097.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.3	0.0	0.0	0.0	0.0
Net Revenue	4,177.1	4,480.3	4,419.4	4,352.0	2,789.5	3,347.9	2,934.1	2,994.0	2,536.1	2,752.8	2,550.6	2,097.8
Cost of Goods Sold	3,564.1	3,810.2	3,835.3	3,753.1	2,296.4	2,771.6	2,302.4	2,296.0	2,010.2	2,251.5	2,034.8	1,619.1
Gross Profit	613.0	670.1	584.1	598.8	493.1	576.3	631.8	698.0	525.9	501.2	515.8	478.7
Financial Income	89.0	78.9	90.0	82.7	67.2	101.0	72.6	67.2	61.6	94.5	91.4	97.4
Financial Expenses	142.5	162.4	141.6	142.5	134.2	173.2	103.1	149.4	138.7	137.8	161.6	88.8
Interest Expense	115.2	115.1	106.8	104.7	108.6	112.1	96.8	98.7	107.6	107.3	88.3	77.8
Share of Associates and Joint Ventures	5.8	5.6	5.4	5.4	5.1	3.0	2.3	9.0	2.7	0.0	0.0	0.0
Selling Expenses	4.4	3.7	4.0	3.1	3.0	6.0	4.2	3.6	2.8	3.2	4.2	2.8
General and Administrative Expenses	116.8	178.3	140.7	118.0	92.9	198.2	114.1	99.2	77.2	163.4	90.1	90.6
Operating Profit	444.2	410.2	393.1	423.4	335.2	303.0	485.3	522.0	371.5	291.3	351.4	394.0
Other Income	56.8	30.8	50.3	33.7	13.4	82.2	171.9	14.4	14.4	33.7	65.1	56.6
Other Expenses	1.0	2.2	7.2	20.9	4.6	20.5	2.3	77.3	0.3	-24.4	22.7	1.2
Other Profit	55.8	28.6	43.1	12.8	8.7	61.7	169.6	-62.9	14.0	58.1	42.3	55.3
Profit Before Tax	500.0	438.8	436.2	436.1	344.0	364.7	654.9	459.2	385.5	357.3	399.0	455.7
Current Income Tax Expense	112.2	99.2	93.5	75.6	63.3	88.1	135.6	93.9	84.5	52.6	79.1	85.5
Deferred Income Tax Expense	0.3	-5.3	-6.2	-0.2	3.7	5.2	-2.9	-4.3	-5.1	36.9	-1.1	-5.4
Net Income	387.4	344.9	349.0	360.7	277.0	271.3	522.1	369.6	306.2	267.7	321.0	375.6
Non-controlling Interest	68.4	78.7	85.6	67.0	61.9	60.9	157.1	82.2	75.2	37.6	71.8	78.5
Profit Attributable to Parent	319.0	266.2	263.4	293.7	215.1	210.4	365.0	287.4	230.9	230.2	249.2	297.2
Earnings per Share	679.00	567.00	560.00	625.00	604.00	591.00	1,025.00	807.00	713.00	711.00	770.00	918.00
Diluted EPS	678.92	566.56	560.46	624.96	604.08	591.00	1,025.17	807.25	713.50	711.15	769.93	918.17

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)	8,094.3	7,517.9	8,144.9	8,489.7	6,873.8	6,725.0	7,256.7	6,897.9	6,529.4	6,278.9	6,531.7	6,589.2
I. Cash and cash equivalents	1,556.1	1,894.5	1,738.3	1,220.2	1,471.0	1,152.3	1,428.0	1,120.2	1,336.7	969.2	1,094.0	1,212.0
1. Cash	1,087.1	941.6	1,062.0	605.9	695.8	557.7	680.7	591.9	477.4	409.2	359.3	444.1
2. Cash equivalents	469.1	952.9	676.3	614.3	775.1	594.5	747.3	528.4	859.3	560.0	734.7	767.9
II. Short-term financial investments	3,709.2	3,004.1	3,554.3	3,585.9	3,140.2	3,357.3	3,729.2	3,769.8	3,334.7	3,496.5	3,474.6	3,438.3
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	3,709.2	3,004.1	3,554.3	3,585.9	3,140.2	3,357.3	3,729.2	3,769.8	3,334.7	3,496.5	3,474.6	3,438.3
III. Short-term receivables	1,965.1	1,828.8	2,125.3	2,907.7	1,423.4	1,388.3	1,386.3	1,321.2	1,202.1	1,183.3	1,410.1	1,506.1
1. Short-term trade accounts receivable	1,591.1	1,514.0	1,774.0	2,328.7	1,164.5	1,063.2	1,067.8	1,030.6	987.4	935.2	1,026.6	915.9
2. Short-term prepayments to suppliers	74.0	70.3	64.8	42.8	64.7	35.9	74.7	127.5	47.2	32.9	118.1	296.6
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	384.2	329.5	371.3	620.8	279.6	375.4	330.0	261.5	266.5	314.3	367.9	397.7
7. Provision for short-term doubtful debts (*)	-84.1	-85.0	-84.7	-84.7	-85.9	-86.9	-86.9	-99.1	-99.7	-99.8	-102.4	-104.0
8. Assets awaiting resolution	—	—	—	—	0.5	0.7	0.7	0.7	0.7	0.7	0.0	0.0
IV. Inventories	364.1	345.4	304.0	346.0	309.2	331.1	268.7	271.6	244.3	224.9	207.9	187.2
1. Inventories	364.1	345.4	304.0	346.0	309.2	331.1	268.7	271.6	244.3	224.9	207.9	187.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	499.8	445.0	423.0	430.0	529.9	496.1	444.6	415.1	411.5	405.1	345.0	245.6
1. Short-term prepayments	118.2	89.6	92.0	97.8	96.6	87.1	86.7	77.9	73.1	69.6	49.4	34.4
2. Value added tax to be reclaimed	380.9	355.5	331.0	331.7	432.1	409.0	357.8	336.9	337.6	322.9	294.4	206.8
3. Taxes and other receivables from state authorities	0.7	0.0	0.0	0.4	1.2	0.0	0.0	0.3	0.9	12.6	1.1	4.3
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)	14,166.0	14,795.1	12,715.1	12,728.1	12,677.5	13,163.7	11,572.2	10,668.6	11,072.6	11,187.3	10,433.5	8,552.9
I. Long-term receivables	398.2	398.6	422.7	420.6	179.1	176.6	158.0	151.0	155.5	161.7	160.3	23.7
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	—	—	—	—	—	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	398.2	398.6	422.7	420.6	179.1	176.6	158.0	151.0	155.5	161.7	160.3	23.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	12,894.0	13,497.6	11,390.0	11,321.9	11,520.2	12,064.7	9,760.6	9,582.4	9,680.6	10,085.1	8,928.6	7,685.7
1. Tangible fixed assets	12,891.2	13,495.1	11,387.3	11,319.3	11,518.5	12,062.2	9,758.5	9,580.6	9,678.5	10,083.0	8,927.5	7,685.0
- Cost	23,425.7	—	—	—	—	19,816.8	16,988.0	16,492.1	16,170.8	16,165.0	14,578.5	13,234.6
- Accumulated depreciation	-10,534.5	—	—	—	—	-7,754.6	-7,229.5	-6,911.5	-6,492.3	-6,082.0	-5,651.0	-5,549.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.8	2.5	2.7	2.5	1.8	2.5	2.1	1.8	2.0	2.0	1.2	0.7
- Cost	13.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.8	—	—	—	—	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	41.6	11.4	11.2	92.0	70.1	7.1	766.3	25.0	335.4	4.7	470.4	49.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	41.6	11.4	11.2	92.0	70.1	7.1	766.3	25.0	335.4	4.7	470.4	49.6
V. Long-term financial investments	222.2	192.4	186.7	216.4	233.2	212.7	189.7	187.4	203.5	200.8	192.9	187.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	152.2	146.4	140.8	135.4	152.2	146.8	143.8	141.5	157.6	154.9	147.0	141.7
3. Investments in other entities	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9	45.9
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	24.0	—	—	35.0	35.0	20.0	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	610.0	695.2	704.5	677.3	675.0	702.5	697.5	722.8	697.7	735.0	681.2	606.3
1. Long-term prepayments	536.4	621.2	635.7	617.6	615.5	638.2	627.9	648.6	627.8	672.6	573.0	497.3
2. Deferred income tax assets	73.6	74.0	68.8	59.7	59.4	64.3	69.6	74.2	69.9	62.4	108.2	108.9
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	0.0
TOTAL ASSETS (280=100+200)	22,260.3	22,313.0	20,860.0	21,217.7	19,551.3	19,888.7	18,828.8	17,566.5	17,602.0	17,466.2	16,965.2	15,142.1
A. LIABILITIES (300=210+330)	10,382.7	10,822.2	9,735.4	10,403.6	8,884.6	9,496.8	8,704.4	8,193.2	8,250.8	8,439.8	8,290.0	6,816.9
I. Short -term liabilities	4,056.8	4,070.6	4,216.9	4,719.2	3,449.8	3,688.5	3,622.3	3,404.6	3,225.7	3,201.4	2,840.2	2,840.7
1. Short-term trade accounts payable	1,340.7	1,245.9	1,381.4	2,000.9	872.6	882.8	893.5	729.4	821.1	794.1	571.3	490.6
2. Short-term advances from customers	27.3	21.1	37.5	68.6	43.5	67.6	22.3	51.3	52.1	49.4	92.8	67.3
3. Dividends and profits payable	46.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	103.8	137.1	149.0	114.7	69.1	170.6	225.3	115.8	69.8	76.5	120.8	121.1
4. Payable to employees	336.8	365.4	312.4	240.8	244.8	281.6	326.2	275.7	253.4	263.2	266.6	212.7
5. Short-term acrrued expenses	195.6	171.5	137.4	133.1	131.0	173.3	160.2	190.1	135.2	168.4	353.0	328.9
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	70.3	70.9	44.6	2.2	10.7	40.1	43.0	23.3	36.5	30.3	24.6	32.9
9. Other short-term payables	126.7	208.4	268.4	273.5	162.1	151.3	311.5	491.8	237.4	230.2	402.9	424.4
10. Short-term borrowings and financial leases	1,394.7	1,393.5	1,450.0	1,503.0	1,481.6	1,434.3	1,115.7	1,111.5	1,218.4	1,326.3	706.1	802.0
11. Provision for short-term liabilities	259.0	273.2	225.6	170.8	290.7	327.2	351.4	223.1	280.3	122.5	144.7	184.6
12.. Bonus and welfare fund	155.4	183.6	210.5	211.6	143.7	159.8	173.2	192.7	121.5	140.4	157.3	176.1
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	6,325.8	6,751.6	5,518.5	5,684.4	5,434.8	5,808.3	5,082.2	4,788.6	5,025.1	5,238.4	5,449.8	3,976.2
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	4.7
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	232.0	231.6	309.3	309.3	309.3	309.3	387.0	401.3	384.4	387.4	497.5	424.3
8. Long-term borrowings and financial leases	5,819.9	6,246.0	4,900.1	5,080.5	5,012.3	5,429.6	4,606.6	4,194.5	4,483.5	4,601.9	4,673.8	3,308.3
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	—	—	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	274.0	274.0	309.0	294.5	113.0	69.4	88.6	192.8	157.2	249.1	278.4	238.9
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)	11,877.6	11,490.9	11,124.6	10,814.1	10,666.8	10,391.9	10,124.4	9,373.3	9,351.2	9,026.4	8,675.2	8,325.1
I. Owner's equity	11,877.6	11,490.9	11,124.6	10,814.1	10,666.8	10,391.9	10,124.4	9,373.3	9,351.2	9,026.4	8,675.2	8,325.1
1. Owner's capital	4,699.3	4,699.3	4,699.3	4,699.3	3,560.1	3,560.1	3,560.1	3,560.1	3,236.5	3,236.5	3,236.5	3,236.5
- Common stock with voting right	4,699,312,350,000.00	4,699,312,350,000.00	4,699,312,350,000.00	4,699,312,350,000.00	3,560,126,380,000.00	3,560,126,380,000.00	3,560,126,380,000.00	3,560,126,380,000.00	3,236,512,460,000.00	3,236,512,460,000.00	3,236,512,460,000.00	3,236,512,460,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	586.9	586.9	469.6	427.9	427.9	427.9	383.0	230.3	230.3	202.0	202.0	100.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,888.9	1,888.9	1,888.7	1,888.9	1,711.4	1,711.4	1,726.4	1,726.4	1,461.6	1,461.3	1,474.9	1,429.4
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	46.1	46.1	46.1	46.1	46.1	46.1	46.1	46.1	46.1	46.1	46.1	46.1
11. Undistributed earnings after tax	1,772.1	1,453.5	1,232.8	1,017.6	2,189.1	1,974.8	1,798.2	1,466.7	2,067.6	2,459.0	2,222.2	1,966.6
- Accumulated retained earning at the end of the previous period	1,453.0	415.1	460.9	508.9	1,974.0	880.2	914.0	948.4	1,836.7	1,489.4	1,478.7	1,489.4
- Undistributed earnings in this period	319.0	1,038.4	771.9	508.7	215.1	1,094.6	884.2	518.3	230.9	969.6	743.5	477.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,884.4	2,816.2	2,788.2	2,734.4	2,732.2	2,671.6	2,610.7	2,343.8	2,309.2	1,621.5	1,493.5	1,546.5
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)	22,260.3	22,313.0	20,860.0	21,217.7	19,551.3	19,888.7	18,828.8	17,566.5	17,602.0	17,466.2	16,965.2	15,142.1

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	500.0	438.2	435.0	436.4	344.0	364.7	654.9	466.1	385.5	357.1	402.2	488.7
Depreciation of Fixed Assets and Investment Property	605.4	579.3	536.8	531.3	543.7	537.6	419.7	426.7	414.5	435.0	319.3	303.9
Provision (Increase)/Reversal	-2.9	28.4	73.1	73.1	9.5	-42.5	6.5	2.4	35.3	-108.3	30.4	38.7
FX Gain/Loss from Revaluation of Monetary Items	7.1	-3.9	-0.5	16.5	-6.4	14.8	-36.7	40.9	10.7	4.6	34.5	10.6
Gain/Loss from Investment Activities	-60.0	7.5	-116.0	-68.6	-46.4	-900.9	550.6	-72.0	-45.7	0.2	-187.6	-135.4
Interest Expense	115.2	115.1	106.8	104.7	108.6	112.1	96.8	98.7	107.6	119.6	87.8	217.7
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	3.0	—	—	—	—	4.0	5.0	5.1	4.8	7.1	5.9	5.9
Operating Profit Before Changes in Working Capital	1,167.8	1,165.7	1,041.3	1,097.3	957.0	89.8	1,696.6	967.8	912.8	815.2	692.6	930.1
Increase/(Decrease) in Receivables	-303.7	-30.2	1,017.5	-1,588.3	-130.0	-408.7	-138.0	-54.9	-50.5	-94.6	161.6	78.6
Increase/(Decrease) in Inventory	-18.1	-41.4	41.9	-36.7	21.8	-62.4	2.9	-27.2	-11.6	5.8	-25.3	-17.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	65.6	92.1	-894.8	1,357.3	-79.7	495.3	-461.7	139.4	-123.1	93.0	172.1	-19.5
Increase/(Decrease) in Prepaid Expenses	58.7	6.4	88.3	-95.8	66.3	-27.6	116.2	-86.1	53.1	-131.7	-14.2	-187.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-117.4	-118.5	-105.6	-106.9	-112.1	-114.4	-100.4	-107.8	-100.7	-276.1	-80.4	-86.6
Corporate Income Tax Paid	-135.8	-112.1	-65.9	-37.1	-153.1	-33.3	-49.7	-67.9	-73.6	-112.8	-80.3	-54.7
Other Operating Receipts	-0.6	—	—	—	—	3.3	-2.9	0.6	-0.6	-0.0	0.0	0.0
Other Operating Payments	-40.1	-32.0	-14.6	26.6	-63.6	558.8	-592.5	8.2	-38.6	-54.2	-20.2	-9.5
Net Cash Flow from Operating Activities	676.4	925.9	1,112.4	617.2	505.7	500.6	470.5	772.0	567.2	244.7	805.9	633.7
Payments for Fixed Assets and Other Long-term Assets	-2.0	-2,801.9	-316.8	-622.1	0.5	-2,717.0	-781.2	-2.3	-389.2	-1,080.6	-1,958.8	-1,100.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	4.7	0.0	1.3	0.2	5.9	303.7	3.1	1.8	35.7	3.2	21.4
Loans and Purchases of Debt Instruments	-2,047.4	-1,801.0	-1,482.3	-1,262.7	-1,592.8	-1,218.5	-2,152.2	-1,520.1	-1,615.1	-866.6	-1,482.9	-750.5
Receipts from Loan Repayments and Sale of Debt Instruments	1,269.4	2,458.3	1,448.0	867.8	1,745.3	1,739.2	1,952.8	1,096.1	1,826.9	854.7	1,446.6	491.3
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	102.7	70.4	52.4	45.1	62.1	112.2	6.3	40.2	79.5	76.8	61.4	89.0
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	-677.4	-2,069.5	-298.7	-970.6	215.4	-2,078.2	-670.6	-383.0	-96.2	-979.9	-1,930.6	-1,249.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	230,086,350,000.00	111,609,000,000.00	-111,609,000,000.00	139,931,720,000.00	57,644,608,127.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	-434,341,874.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	42.5	2,201.2	291.8	818.1	8.0	1,110.7	862.5	149.7	214.8	893.7	1,588.7	937.8
Repayment of Borrowings	-444.5	1.1	6.1	3.9	4.0	101.5	-452.9	-581.7	-468.9	-267.0	-438.9	-405.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	57.5	-6.2	-62.6	-0.4	-0.1	-154.4	-67.8	-0.1	-0.3	-61.3	-110.3	-0.1
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	-344.5	1,302.9	-294.7	96.9	-403.6	1,287.9	453.0	-543.7	-114.5	623.0	1,039.4	531.9
Net Cash Flow During the Period	-345.6	159.2	519.0	-256.4	317.5	-289.6	252.9	-154.6	356.6	-112.2	-85.2	-83.9
Cash and Cash Equivalents at Beginning of Period	1,899.5	1,738.3	1,219.7	1,471.0	1,152.0	979.2	979.2	979.2	979.2	1,793.7	1,793.7	1,793.7
FX Difference from Revaluation	2.1	8.2	6.2	6.7	1.5	13.9	-10.5	3.6	0.9	-2.6	4.6	1.2
Cash and Cash Equivalents at End of Period	1,556.1	1,899.5	1,738.3	1,219.7	1,471.0	1,152.3	1,428.0	1,185.7	1,336.7	979.2	1,094.0	1,174.6

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PVT

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