QNS

Đường Quảng Ngãi ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 17.32%, −5.07pp YoY

Price

47,400

Latest close

02 Jun 2026

P/E 7.77x

P/B 1.62x

EPS 6,100

BVPS 29,172

ROE 18.5%

ROA 12.6%

Profit Margin 17.3%

Asset Turnover 0.73x

Equity Mult. 1.47x

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

What Is Changing

On a TTM 2026Q1 basis, QNS is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 11,105bn
	                                
+11.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,923bn
	                                
−14.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	10,574.9	10,243.3	10,021.2	8,255.0	7,335.3
Growth	+3%	+2%	+21%	+13%	—
Net Income	1,916.5	2,376.7	2,183.5	1,286.7	1,241.9
Net Margin	18.12%	23.20%	21.79%	15.59%	16.93%

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	2,763.4	2,700.9	2,684.9	2,955.8	2,269.4	2,173.9	2,726.5	2,820.4	2,522.4	2,273.6	2,467.2	3,152.4
Growth	+2%	+1%	-9%	+30%	+4%	-20%	-3%	+12%	+11%	-8%	-22%	—
Net Income	391.5	604.7	380.9	546.1	391.6	622.7	531.9	690.3	531.8	654.4	506.3	712.0
Net Margin	14.17%	22.39%	14.19%	18.47%	17.26%	28.64%	19.51%	24.48%	21.08%	28.78%	20.52%	22.59%

Drivers of QNS's profit

TTM

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

Gross profit ↑ 307.5bn

Financial income ↑ 85.0bn

Selling expenses ↑ 635.5bn

Tax ↑ 39.9bn

TTM

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

Gross profit ↑ 149.4bn

Financial income ↑ 36.9bn

Other profit ↑ 5.7bn

Selling expenses ↑ 163.7bn

Finance costs ↑ 10.5bn

Tax ↑ 9.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 23.7% = 22.4% × 0.70 × 1.52

2026Q1 18.5% = 17.3% × 0.73 × 1.47

ROE fell from 23.7% to 18.5% — net margin weakened the most, though asset turnover still provided support.

Net margin: 17.3% -5.1pp Asset turnover: 0.73x +0.03x Leverage: 1.47x -0.05x

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 17.32%, losing 5.1pp. The main pressure comes from SG&A / Revenue rose 4.6pp and Gross margin fell 0.7pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.1pp 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 17.32% −5.1pp

Gross Margin 33.53% −0.7pp

SG&A / Revenue 16.37% +4.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 13.48%, losing 3.5pp. That translates to 13.48 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.0pp, outweighing the movement in capital turnover; while invested capital rose by 922bn.

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

CAPITAL EFFICIENCY TREND

ROIC 13.48% −3.5pp

NOPAT Margin 16.52% −5.0pp

Capital Turnover 0.82x +0.03x

Average Invested Capital 13,605.1bn +922.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.35x equity, net debt at 0.28x equity.

Over the last 12 months, working capital released 602.0bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +8.3bn

Inventories decreased → higher CFO: +382.6bn

Payables increased → higher CFO: +211.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.2 days versus the same period last year. The main moves came from DIO fell 8.0 days, DSO fell 0.2 days, and DPO fell 2.0 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 108.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 14.7 days −0.2 days

Inventory 111.7 days −8.0 days

Payables 18.0 days −2.0 days

Cash Conversion Cycle 108.3 days −6.2 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 17.44x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 12.8% of debt, and total debt stands at 3,441.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 12.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.28x −0.06x

Interest Coverage 17.44x −7.69x

Cash / Debt 12.8% +2.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.36x +0.62x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,106.3bn in 2025, against investing cash flow of -946.9bn.

Post-investment cash flow was positive +1,159.4bn. Financing cash flow was negative +1,425.7bn.

CFO / net income was 1.36x.

After spending +722.4bn on fixed-asset investment, the business generated trailing free cash flow of +1,888.8bn.

Cash Conversion

CFO TTM 2,611.2bn +965.2bn

Cash Capex 722.4bn +467.2bn

FCF TTM +1,888.8bn +498.0bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.36x. The main risk still sits in core profitability, with net margin down 5.1 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.36x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 17.32% after a 5.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,674.7	10,315.8	10,081.6	8,318.9	7,374.5
Revenue Deductions	99.8	72.6	60.4	63.9	0.0
Net Revenue	10,574.9	10,243.3	10,021.2	8,255.0	7,335.3
Cost of Goods Sold	7,050.3	6,759.2	6,670.4	5,796.1	0.0
Gross Profit	3,524.5	3,484.0	3,350.8	2,458.9	2,255.0
Financial Income	306.3	262.3	340.6	191.0	142.9
Financial Expenses	111.3	95.9	138.9	83.7	-66.3
Interest Expense	106.9	93.6	136.3	83.2	-65.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1,358.8	862.7	805.5	868.3	-692.9
General and Administrative Expenses	245.4	240.5	391.3	232.1	-257.3
Operating Profit	2,115.3	2,547.2	2,355.7	1,465.9	1,381.4
Other Income	98.5	99.4	94.0	43.8	0.0
Other Expenses	1.5	1.4	2.9	4.3	0.0
Other Profit	97.1	98.0	91.1	39.4	46.3
Profit Before Tax	2,212.4	2,645.2	2,446.8	1,505.3	1,427.7
Current Income Tax Expense	295.9	268.5	263.3	218.7	-185.8
Deferred Income Tax Expense	0.0	-0.0	0.1	-0.1	0.0
Net Income	1,916.5	2,376.7	2,183.5	1,286.7	1,241.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1,916.5	2,376.7	2,183.5	1,286.7	1,241.9
Earnings per Share	6,079.00	7,680.00	7,172.00	4,226.00	4,103.00
Diluted EPS	6,079.00	7,680.00	7,172.00	4,226.00	3,479.33

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	10,880.8	10,011.0	8,093.3	6,090.3	5,323.1
I. Cash and cash equivalents	272.2	539.2	289.5	202.6	178.9
1. Cash	272.2	539.2	289.5	202.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	8,132.0	7,299.0	6,165.0	4,296.0	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	8,132.0	7,299.0	6,165.0	4,296.0	0.0
III. Short-term receivables	1,075.6	810.3	661.3	587.2	385.9
1. Short-term trade accounts receivable	340.5	344.5	248.1	146.3	0.0
2. Short-term prepayments to suppliers	678.5	430.0	379.9	410.9	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	76.8	55.9	52.6	47.4	0.0
7. Provision for short-term doubtful debts (*)	-20.2	-20.1	-19.2	-17.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,365.9	1,323.4	958.4	947.3	816.2
1. Inventories	1,365.9	1,323.5	961.0	948.3	0.0
2. Provision for decline in value of inventories	—	-0.0	-2.6	-1.1	0.0
V. Other short-term assets	35.1	39.1	19.1	57.2	19.2
1. Short-term prepayments	27.8	23.9	18.4	55.0	0.0
2. Value added tax to be reclaimed	7.3	15.2	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.7	2.1	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)	3,469.4	3,797.5	3,959.4	4,176.2	4,552.5
I. Long-term receivables	0.8	0.4	0.8	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	0.8	0.4	0.8	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,141.0	3,451.6	3,666.3	3,913.5	4,285.4
1. Tangible fixed assets	3,116.3	3,434.4	3,650.2	3,905.7	4,273.7
- Cost	9,509.7	9,380.8	9,204.3	9,054.2	0.0
- Accumulated depreciation	-6,393.4	-5,946.3	-5,554.1	-5,148.6	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	24.7	17.1	16.1	7.9	11.7
- Cost	89.0	78.2	74.5	62.9	0.0
- Accumulated depreciation	-64.3	-61.0	-58.4	-55.0	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	53.2	81.8	53.5	33.1	46.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	53.2	81.8	53.5	33.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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	274.3	263.7	238.9	229.1	0.0
1. Long-term prepayments	274.3	263.7	238.9	229.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.1	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	219.5
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)	14,350.1	13,808.5	12,052.8	10,266.5	9,875.6
A. LIABILITIES (300=210+330)	3,704.3	3,807.0	3,472.2	2,801.6	2,792.4
I. Short -term liabilities	3,544.5	3,626.8	3,281.5	2,750.0	2,721.3
1. Short-term trade accounts payable	435.7	464.1	456.3	478.9	364.3
2. Short-term advances from customers	82.8	56.3	35.5	32.0	41.3
3. Taxes and other payables to state authorities	200.6	158.7	145.7	120.4	0.0
4. Payable to employees	105.7	95.1	111.5	103.7	0.0
5. Short-term acrrued expenses	6.2	4.8	3.3	3.6	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	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	84.8	50.6	42.4	42.8	0.0
10. Short-term borrowings and financial leases	2,536.3	2,713.6	2,411.3	1,895.9	2,032.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	92.2	83.6	75.4	72.8	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	159.9	180.1	190.7	51.5	71.1
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	9.6	8.3	8.3	10.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	150.3	171.8	182.5	41.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	10,645.8	10,001.5	8,580.6	7,464.9	7,083.2
I. Owner's equity	10,645.8	10,001.5	8,580.6	7,464.9	0.0
1. Owner's capital	3,676.5	3,676.5	3,569.4	3,569.4	7,083.2
- Common stock with voting right	3,676,481,530,000.00	3,676,481,530,000.00	3,569,399,550,000.00	3,569,399,550,000.00	3,569,399,550,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	528.8	528.8	353.5	353.5	353.5
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	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	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	851.2	779.9	714.4	675.8	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	6,423.7	5,850.8	4,777.7	3,700.7	3,356.6
- Accumulated retained earning at the end of the previous period	4,819.4	3,786.2	2,895.7	2,564.6	2,265.4
- Undistributed earnings in this period	1,604.4	2,064.6	1,882.1	1,136.0	1,091.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	14,350.1	13,808.5	12,052.8	10,266.5	9,875.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,212.4	2,645.2	2,446.8	1,505.3	1,427.7
Depreciation of Fixed Assets and Investment Property	460.2	443.7	445.4	489.5	474.1
Provision (Increase)/Reversal	0.1	-1.7	3.3	0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.8	0.2	0.3	-1.8	0.0
Gain/Loss from Investment Activities	-272.9	-233.7	-311.1	-159.3	0.0
Interest Expense	106.9	93.6	136.3	83.2	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	-9.2	0.0	150.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2,498.2	2,947.3	2,871.1	1,917.9	1,888.3
Increase/(Decrease) in Receivables	9.8	-164.1	-64.0	-66.3	0.0
Increase/(Decrease) in Inventory	-42.4	-362.4	-12.7	-130.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	67.0	22.8	-6.9	-27.1	0.0
Increase/(Decrease) in Prepaid Expenses	-20.0	-35.7	21.3	-52.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-106.4	-93.8	-136.6	-82.3	0.0
Corporate Income Tax Paid	-272.8	-257.5	-245.6	-154.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-27.1	-23.8	-18.4	-19.9	0.0
Net Cash Flow from Operating Activities	2,106.3	2,032.6	2,408.1	1,385.2	1,477.6
Payments for Fixed Assets and Other Long-term Assets	-367.1	-252.8	-219.4	-101.8	-113.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	4.8	0.4	0.1	17.2
Loans and Purchases of Debt Instruments	-14,753.0	-12,784.0	-10,554.0	-5,165.0	-1,814.0
Receipts from Loan Repayments and Sale of Debt Instruments	13,920.0	11,650.0	8,685.0	4,792.0	530.0
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	252.8	231.1	306.4	153.0	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	-946.9	-1,151.0	-1,781.6	-321.7	-1,275.8
Proceeds from Equity Issuance and Capital Contributions	—	282,428,538,646.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	7,166.5	7,350.6	6,761.8	5,569.3	5,455.0
Repayment of Borrowings	-7,343.7	-7,048.3	-6,246.4	-5,705.7	-5,145.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1,248.4	-1,216.3	-1,054.9	-904.2	-754.2
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	-1,425.7	-631.6	-539.5	-1,040.6	-444.9
Net Cash Flow During the Period	-266.3	250.0	87.0	22.9	-190.0
Cash and Cash Equivalents at Beginning of Period	539.2	289.5	202.6	178.9	422.0
FX Difference from Revaluation	-0.8	-0.3	-0.2	0.8	-0.2
Cash and Cash Equivalents at End of Period	272.2	539.2	289.5	202.6	178.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,781.5	2,727.1	2,729.7	2,967.3	2,287.5	2,208.7	2,734.4	2,831.0	2,541.8	2,302.4	2,482.4	3,159.6
Revenue Deductions	18.1	26.2	44.8	11.5	18.1	34.7	7.9	10.6	19.3	28.7	15.2	7.3
Net Revenue	2,763.4	2,700.9	2,684.9	2,955.8	2,269.4	2,173.9	2,726.5	2,820.4	2,522.4	2,273.6	2,467.2	3,152.4
Cost of Goods Sold	1,875.4	1,737.0	1,813.8	1,954.9	1,530.8	1,392.0	1,814.8	1,836.3	1,714.6	1,369.3	1,606.9	2,155.5
Gross Profit	888.0	963.9	871.1	1,000.9	738.6	781.9	911.7	984.1	807.8	904.3	860.3	996.9
Financial Income	100.5	90.4	77.3	75.0	63.6	69.3	63.7	61.7	67.3	84.3	92.6	92.3
Financial Expenses	37.9	23.5	25.7	34.8	27.4	18.7	20.0	29.6	27.4	21.4	28.5	50.6
Interest Expense	37.5	21.8	25.0	32.7	27.3	17.7	19.7	28.8	27.3	20.1	28.2	49.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	431.5	360.2	418.2	350.7	267.9	162.0	311.5	183.8	206.2	129.3	297.3	169.2
General and Administrative Expenses	77.8	22.0	77.1	80.3	68.9	30.1	71.1	77.9	62.6	172.3	76.4	80.9
Operating Profit	441.3	648.5	427.4	610.0	438.0	640.5	572.8	754.5	578.9	665.6	550.7	788.5
Other Income	6.2	73.3	13.4	11.5	0.3	74.6	14.0	10.3	0.6	70.0	13.1	9.1
Other Expenses	0.7	0.3	0.2	0.5	0.5	0.5	0.2	0.4	0.3	1.1	0.5	0.5
Other Profit	5.5	72.9	13.2	11.0	-0.2	74.1	13.8	9.9	0.3	68.9	12.6	8.7
Profit Before Tax	446.9	721.5	440.6	621.1	437.8	714.6	586.6	764.4	579.2	734.5	563.2	797.1
Current Income Tax Expense	55.4	116.7	59.7	75.0	46.2	92.0	54.6	74.1	47.3	80.1	56.9	85.2
Deferred Income Tax Expense	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0
Net Income	391.5	604.7	380.9	546.1	391.6	622.7	531.9	690.3	531.8	654.4	506.3	712.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	391.5	604.7	380.9	546.1	391.6	622.7	531.9	690.3	531.8	654.4	506.3	712.0
Earnings per Share	1,242.00	1,918.00	1,208.00	1,732.00	1,242.00	1,976.00	1,690.00	2,267.00	1,747.00	2,150.00	1,663.00	2,328.00
Diluted EPS	1,242.00	1,918.00	1,208.00	1,732.00	1,242.00	7,683.00	1,690.00	2,267.00	1,747.00	2,150.00	1,663.00	2,328.00

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)	12,214.8	10,893.1	10,515.4	11,328.1	11,476.7	10,011.0	9,341.7	9,933.5	9,852.0	8,099.6	7,340.7	7,981.1
I. Cash and cash equivalents	442.2	272.1	346.3	791.1	378.6	539.2	285.9	677.4	541.5	289.5	232.7	300.1
1. Cash	442.2	272.1	346.3	791.1	378.6	539.2	285.9	677.4	541.5	289.5	232.7	300.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	8,276.0	8,132.0	7,332.0	7,137.0	7,787.0	7,299.0	7,064.0	6,524.0	6,760.0	6,165.0	5,392.0	5,204.0
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	8,276.0	8,132.0	7,332.0	7,137.0	7,787.0	7,299.0	7,064.0	6,524.0	6,760.0	6,165.0	5,392.0	5,204.0
III. Short-term receivables	1,393.4	1,075.6	1,089.1	780.9	818.9	810.2	931.1	824.4	654.7	663.2	694.3	680.1
1. Short-term trade accounts receivable	435.4	340.5	363.4	302.8	457.6	344.5	466.4	452.4	358.3	249.8	148.9	273.0
2. Short-term prepayments to suppliers	872.0	678.5	666.8	432.0	303.8	430.0	414.5	345.2	232.5	379.9	457.3	357.3
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	106.3	76.8	78.9	66.2	77.6	55.9	70.1	46.8	83.2	52.8	107.4	68.9
7. Provision for short-term doubtful debts (*)	-20.2	-20.2	-20.1	-20.1	-20.1	-20.1	-19.9	-19.9	-19.2	-19.2	-19.2	-19.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,066.2	1,378.3	1,713.9	2,567.7	2,450.5	1,323.5	996.4	1,870.5	1,861.1	962.6	996.5	1,755.8
1. Inventories	2,066.2	1,378.3	1,713.9	2,567.7	2,450.5	1,323.5	996.4	1,870.5	1,861.1	965.2	996.5	1,755.8
2. Provision for decline in value of inventories	—	—	—	—	—	-0.0	0.0	0.0	0.0	-2.6	0.0	0.0
V. Short-term Biological Assets	1.3	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	1.3	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	35.8	35.1	34.1	51.4	41.6	39.1	64.3	37.1	34.7	19.2	25.1	41.0
1. Short-term prepayments	35.7	27.7	33.4	50.6	39.4	23.9	62.9	36.7	33.9	18.5	22.9	40.3
2. Value added tax to be reclaimed	—	7.3	0.7	0.1	—	15.2	1.4	0.4	0.0	0.0	2.1	0.5
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.7	2.2	0.0	0.0	0.0	0.7	0.7	0.2	0.2
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)	3,259.8	3,469.4	3,456.9	3,445.8	3,548.0	3,797.6	3,672.3	3,639.9	3,725.5	3,959.3	3,873.0	3,850.9
I. Long-term receivables	0.8	0.8	0.8	0.8	0.4	0.4	0.4	0.4	0.8	0.8	0.8	0.8
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	0.8	0.8	0.8	0.8	0.4	0.4	0.4	0.4	0.8	0.8	0.8	0.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,947.9	3,141.6	3,162.4	3,174.9	3,270.4	3,453.6	3,363.4	3,373.0	3,442.2	3,666.3	3,571.1	3,568.1
1. Tangible fixed assets	2,924.1	3,116.9	3,147.2	3,159.0	3,253.7	3,436.4	3,345.9	3,356.7	3,425.4	3,650.2	3,554.3	3,560.9
- Cost	9,527.4	—	—	—	—	9,382.8	9,275.5	9,260.2	9,223.7	9,204.3	9,104.6	9,085.8
- Accumulated depreciation	-6,603.3	—	—	—	—	-5,946.3	-5,929.6	-5,903.5	-5,798.3	-5,554.1	-5,550.4	-5,525.0
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	23.8	24.7	15.2	15.9	16.7	17.1	17.5	16.3	16.9	16.1	16.8	7.2
- Cost	89.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-65.2	—	—	—	—	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	76.6	53.2	65.8	42.7	48.0	81.8	92.2	48.5	57.8	53.5	88.8	67.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	76.6	53.2	65.8	42.7	48.0	81.8	92.2	48.5	57.8	53.5	88.8	67.9
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	234.5	273.7	227.9	227.4	229.2	261.8	216.3	218.0	224.7	238.8	212.3	214.1
1. Long-term prepayments	234.5	273.7	227.9	227.3	229.2	261.7	216.2	218.0	224.6	238.8	212.2	214.0
2. Deferred income tax assets	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
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)	15,474.6	14,362.5	13,972.4	14,774.0	15,024.7	13,808.6	13,014.0	13,573.4	13,577.5	12,058.9	11,213.6	11,831.9
A. LIABILITIES (300=210+330)	4,749.5	3,709.9	3,924.5	4,794.8	4,967.4	3,806.4	3,634.4	4,696.7	4,788.3	3,472.3	3,281.4	4,102.1
I. Short -term liabilities	4,592.7	3,550.0	3,744.7	4,615.2	4,787.3	3,626.2	3,446.0	4,508.3	4,597.6	3,281.6	3,231.9	4,049.2
1. Short-term trade accounts payable	383.9	435.6	250.8	305.4	344.2	464.1	168.1	454.6	377.3	456.2	288.1	311.6
2. Short-term advances from customers	66.9	84.5	55.2	50.2	43.2	56.3	33.9	41.7	30.3	35.5	18.5	19.0
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	132.1	202.3	340.2	303.7	96.1	158.4	349.3	172.2	104.6	144.8	449.4	312.2
4. Payable to employees	215.0	107.8	291.7	275.4	200.3	94.8	271.5	269.6	195.6	112.5	327.5	318.7
5. Short-term acrrued expenses	171.3	6.2	244.9	143.8	115.5	4.8	137.1	48.8	82.0	3.3	137.4	54.2
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	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	48.7	84.9	22.0	42.6	30.2	50.6	23.8	59.8	29.9	42.6	27.1	31.2
10. Short-term borrowings and financial leases	3,441.9	2,536.3	2,368.2	3,317.4	3,806.6	2,713.6	2,306.9	3,301.8	3,632.4	2,411.3	1,843.0	2,860.7
11. Provision for short-term liabilities	49.2	—	76.3	79.7	52.6	0.0	70.5	73.3	56.5	0.0	64.3	66.7
12.. Bonus and welfare fund	83.3	92.2	95.4	97.0	98.6	83.6	84.8	86.5	88.9	75.4	76.6	74.8
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	156.8	159.9	179.8	179.7	180.1	180.1	188.4	188.4	190.7	190.7	49.5	53.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	7.6	9.6	8.8	8.7	8.2	8.3	8.3	8.3	8.3	8.3	8.5	11.9
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	149.2	150.3	171.0	171.0	171.8	171.8	180.1	180.1	182.5	182.5	41.0	41.0
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)	10,725.1	10,652.6	10,047.9	9,979.1	10,057.3	10,002.3	9,379.6	8,876.7	8,789.2	8,586.6	7,932.2	7,729.8
I. Owner's equity	10,725.1	10,652.6	10,047.9	9,979.1	10,057.3	10,002.3	9,379.6	8,876.7	8,789.2	8,586.6	7,932.2	7,729.8
1. Owner's capital	3,676.5	3,676.5	3,676.5	3,676.5	3,676.5	3,676.5	3,676.5	3,569.4	3,569.4	3,569.4	3,569.4	3,569.4
- Common stock with voting right	3,676,481,530,000.00	3,676,481,530,000.00	3,676,481,530,000.00	3,676,481,530,000.00	3,676,481,530,000.00	3,676,481,530,000.00	3,676,481,530,000.00	3,569,399,550,000.00	3,569,399,550,000.00	3,569,399,550,000.00	3,569,399,550,000.00	3,569,399,550,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	528.8	528.8	528.8	528.8	528.8	528.8	528.8	353.5	353.5	353.5	353.5	353.5
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	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00	-834,457,318,216.00
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	851.2	851.2	851.2	851.2	851.2	779.9	779.9	779.9	779.9	714.4	714.4	706.0
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	6,503.1	6,430.5	5,825.8	5,757.1	5,835.2	5,851.5	5,228.9	5,008.3	4,920.8	4,783.8	4,129.4	3,935.3
- Accumulated retained earning at the end of the previous period	6,111.6	4,819.4	4,819.4	4,819.4	5,443.6	3,786.2	3,786.2	3,786.2	4,389.0	2,895.7	2,895.7	2,906.8
- Undistributed earnings in this period	391.5	1,611.2	1,006.5	937.7	391.6	2,065.3	1,442.7	1,222.1	531.8	1,888.1	1,233.7	1,028.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	15,474.6	14,362.5	13,972.4	14,774.0	15,024.7	13,808.6	13,014.0	13,573.4	13,577.5	12,058.9	11,213.6	11,831.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	446.9	713.0	440.6	621.1	437.8	714.6	586.6	765.3	579.2	729.5	563.2	797.5
Depreciation of Fixed Assets and Investment Property	221.1	67.5	31.2	121.8	239.7	60.3	27.8	107.5	248.1	35.3	29.1	88.5
Provision (Increase)/Reversal	49.2	-76.2	-3.4	27.1	52.6	-70.4	-2.7	17.5	53.9	-61.6	-2.4	12.9
FX Gain/Loss from Revaluation of Monetary Items	—	0.8	-1.0	1.0	—	-1.0	-0.1	0.1	0.0	0.3	-0.0	0.0
Gain/Loss from Investment Activities	-99.2	-77.1	-69.7	-64.1	-61.9	-114.2	3.1	-56.2	-66.4	-71.8	-86.1	-83.4
Interest Expense	37.5	21.8	25.0	32.7	27.3	17.7	19.7	28.8	27.3	20.1	28.2	49.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	150.0	0.0	0.0
Operating Profit Before Changes in Working Capital	655.5	640.6	422.7	739.6	695.4	607.1	634.4	862.8	842.1	801.8	532.0	865.4
Increase/(Decrease) in Receivables	51.5	107.2	-149.9	-0.3	53.0	91.5	-90.8	-203.0	38.2	43.0	-136.4	-114.7
Increase/(Decrease) in Inventory	-702.0	348.0	853.8	-117.2	-1,127.0	-327.1	874.1	-9.4	-900.1	35.5	759.3	362.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	195.2	-293.6	62.6	246.8	51.2	-144.2	-88.9	166.2	89.2	-476.7	334.5	96.0
Increase/(Decrease) in Prepaid Expenses	30.6	-42.3	15.5	-11.0	17.8	-8.0	-25.6	2.4	-2.6	-23.9	18.3	-8.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-36.0	-21.1	-26.0	-33.3	-26.1	-17.2	-20.4	-29.6	-26.6	-19.3	-30.6	-50.1
Corporate Income Tax Paid	-146.6	-110.9	-37.9	-0.1	-123.9	-105.7	0.0	-38.8	-113.0	-117.3	-32.8	0.0
Other Operating Receipts	2.1	—	—	—	—	0.2	0.0	0.0	0.0	-3.7	3.7	-1.1
Other Operating Payments	-13.9	-14.2	-1.7	-2.2	-9.0	-8.6	-1.7	-5.4	-8.3	-3.7	-6.7	-1.3
Net Cash Flow from Operating Activities	36.3	613.1	1,139.6	822.1	-468.5	88.1	1,281.2	745.2	-81.1	235.6	1,441.4	1,148.0
Payments for Fixed Assets and Other Long-term Assets	-383.3	-130.1	-188.2	-20.7	-28.0	-131.7	-58.0	-37.4	-27.7	-93.7	-54.7	-47.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.3	0.0	0.1	0.0	4.5	0.0	0.0	0.3	0.3	0.2	0.0
Loans and Purchases of Debt Instruments	-3,482.0	-4,494.0	-3,329.0	-4,087.0	-2,843.0	-4,085.0	-2,695.0	-3,879.0	-2,125.0	-4,310.0	-1,310.0	-3,382.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,338.0	3,694.0	3,134.0	4,737.0	2,355.0	3,850.0	2,155.0	4,115.0	1,530.0	3,537.0	1,122.0	3,028.0
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	67.2	75.3	59.1	75.4	43.0	119.7	-21.3	96.9	35.8	119.6	52.8	109.3
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	-459.8	-854.6	-324.1	704.8	-473.0	-242.5	-619.3	295.5	-586.6	-746.9	-189.7	-292.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	253,713,874,521.00	28,714,664,125.00	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	2,131.1	1,670.3	1,255.7	1,980.9	2,259.6	2,016.7	1,347.4	1,743.5	2,243.0	1,794.2	1,032.7	1,709.5
Repayment of Borrowings	-1,225.5	-9.2	-2,204.9	-2,470.1	-1,166.5	-1,610.0	-2,342.3	-2,074.1	-1,021.9	-1,225.9	-2,050.4	-2,144.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-312.0	0.0	-312.1	-624.2	-312.1	-0.0	-312.1	-602.9	-301.4	-0.0	-301.4	-452.2
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	593.5	168.1	-1,261.3	-1,113.5	781.0	406.7	-1,053.3	-904.7	919.7	568.3	-1,319.0	-886.6
Net Cash Flow During the Period	170.0	-73.3	-445.8	413.4	-160.6	252.3	-391.5	135.9	252.0	56.9	-67.4	-31.0
Cash and Cash Equivalents at Beginning of Period	272.2	346.3	791.1	378.6	539.2	289.5	289.5	289.5	289.5	202.6	202.6	202.6
FX Difference from Revaluation	—	-0.8	0.0	-0.9	—	1.0	-0.0	0.0	0.0	-0.2	0.0	-0.0
Cash and Cash Equivalents at End of Period	442.2	272.2	346.3	791.1	378.6	539.2	285.9	677.4	541.5	289.5	232.7	300.1

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QNS

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