REE

Cơ Điện Lạnh ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.29x

Price

51,200

Latest close

03 Jun 2026

P/E 10.54x

P/B 1.11x

EPS 4,859

BVPS 46,045

ROE 10.9%

ROA 6.8%

Profit Margin 25.3%

Asset Turnover 0.27x

Equity Mult. 1.61x

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

What Is Changing

On a TTM 2026Q1 basis, REE is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 10,414bn
	                                
+20.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3,271bn
	                                
+22.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	10,011.6	8,383.7	8,569.9	9,371.9	5,809.8
Growth	+19%	-2%	-9%	+61%	—
Net Income	3,150.4	2,396.0	2,786.7	3,515.4	2,136.1
Net Margin	31.47%	28.58%	32.52%	37.51%	36.77%

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	2,470.8	2,877.6	2,552.2	2,513.5	2,068.4	2,333.6	2,029.4	2,181.2	1,837.5	2,065.2	1,961.7	2,174.2
Growth	-14%	+13%	+2%	+22%	-11%	+15%	-7%	+19%	-11%	+5%	-10%	—
Net Income	938.7	768.7	824.8	739.2	816.8	882.8	561.5	403.6	548.9	643.5	465.2	623.7
Net Margin	37.99%	26.71%	32.32%	29.41%	39.49%	37.83%	27.67%	18.50%	29.87%	31.16%	23.71%	28.69%

Drivers of REE's profit

TTM

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

Gross profit ↑ 537.6bn

Associates income ↑ 136.8bn

Financial income ↑ 107.7bn

Tax ↑ 118.5bn

Minority interests ↑ 100.6bn

Administrative expenses ↑ 85.0bn

TTM

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

Gross profit ↑ 95.7bn

Associates income ↑ 33.7bn

Financial income ↑ 26.6bn

Finance costs ↓ 16.7bn

Tax ↑ 28.0bn

Minority interests ↑ 19.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.1% = 30.9% × 0.24 × 1.63

2026Q1 13.6% = 31.4% × 0.27 × 1.61

ROE rose from 12.1% to 13.6% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 31.4% +0.5pp Asset turnover: 0.27x +0.03x Leverage: 1.61x -0.02x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 31.41%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 1.5pp (in addition, Net financial result / Revenue rose 2.2pp added support while Other profit / Revenue fell 0.5pp remained a drag).

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 31.41% +0.5pp

Gross Margin 37.17% −1.5pp

SG&A / Revenue 7.57% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 11.0% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 11.04%, rising 1.6pp. That translates to 11.04 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.9pp, with capital turnover broadly stable; while invested capital rose by 1,747bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 11.04% +1.6pp

NOPAT Margin 31.70% +0.9pp

Capital Turnover 0.35x +0.04x

Average Invested Capital 29,899.4bn +1,746.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.27x equity.

Over the last 12 months, working capital absorbed 37.5bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −717.0bn

Inventories decreased → higher CFO: +34.8bn

Payables increased → higher CFO: +644.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 42.2 days versus the same period last year. The main moves came from DIO fell 21.3 days, DSO fell 23.2 days, and DPO fell 2.3 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 143.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 104.2 days −23.2 days

Inventory 82.0 days −21.3 days

Payables 42.7 days −2.3 days

Cash Conversion Cycle 143.5 days −42.2 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 0.27x and interest coverage at 5.10x.

At present, short-term debt accounts for 13.7% of total debt, cash equals 37.1% of debt, and total debt stands at 10,788.8bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.27x +0.06x

Interest Coverage 5.10x +1.23x

Cash / Debt 37.1% −15.6pp

Short-term Debt / Total Debt 13.7% +1.4pp

CFO / NI 1.29x −0.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,710.9bn in 2025, against investing cash flow of -4,555.5bn.

Post-investment cash flow was negative +1,844.6bn. Financing cash flow was negative +745.5bn.

CFO / net income was 1.29x.

After spending +2,097.9bn on fixed-asset investment, the business generated trailing free cash flow of +1,294.2bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 3,392.2bn −58.7bn

Cash Capex 2,097.9bn +1,096.0bn

FCF TTM +1,294.2bn −1,154.7bn

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 earnings conversion is confirmed, with CFO/NI at 1.29x. The next item to monitor is capital efficiency, with ROIC at 11.0%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.29x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,025.6	8,394.6	8,579.3	9,377.9	5,813.0
Revenue Deductions	13.9	10.9	9.4	6.0	0.0
Net Revenue	10,011.6	8,383.7	8,569.9	9,371.9	5,809.8
Cost of Goods Sold	6,236.4	5,259.6	4,860.0	5,042.1	0.0
Gross Profit	3,775.2	3,124.1	3,709.9	4,329.8	2,312.1
Financial Income	447.2	317.8	227.1	186.8	464.8
Financial Expenses	740.5	790.7	1,016.4	941.6	-706.2
Interest Expense	687.7	738.0	938.9	882.7	-662.5
Share of Associates and Joint Ventures	839.7	717.0	877.2	1,077.4	774.2
Selling Expenses	119.7	118.2	92.5	88.9	-85.1
General and Administrative Expenses	655.0	577.6	663.1	577.6	-371.5
Operating Profit	3,546.8	2,672.3	3,042.1	3,985.9	2,388.4
Other Income	26.6	34.4	22.0	43.8	0.0
Other Expenses	53.8	19.2	8.0	151.1	0.0
Other Profit	-27.1	15.3	14.0	-107.3	12.9
Profit Before Tax	3,519.7	2,687.6	3,056.1	3,878.6	2,401.3
Current Income Tax Expense	418.8	297.5	292.1	370.0	-265.1
Deferred Income Tax Expense	-49.5	-5.9	-22.6	-6.8	0.0
Net Income	3,150.4	2,396.0	2,786.7	3,515.4	2,136.1
Non-controlling Interest	621.3	402.6	598.3	822.9	281.2
Profit Attributable to Parent	2,529.1	1,993.4	2,188.3	2,692.5	1,854.9
Earnings per Share	4,669.00	4,237.00	5,354.00	7,576.00	6,002.00
Diluted EPS	4,669.00	4,237.00	5,354.00	7,576.00	5,982.51

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13,701.5	11,285.8	9,524.2	8,573.5	6,755.5
I. Cash and cash equivalents	3,045.8	5,635.9	3,022.8	1,151.3	1,830.9
1. Cash	371.2	274.4	288.4	457.1	0.0
2. Cash equivalents	2,674.6	5,361.5	2,734.4	694.2	0.0
II. Short-term financial investments	4,651.7	1,060.1	1,132.4	1,749.4	0.0
1. Available for sale securities	1,085.5	733.1	719.4	789.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.8	-0.8	-0.8	0.0
3. Held to maturity investments	3,566.4	327.8	413.7	960.5	0.0
III. Short-term receivables	4,191.9	3,129.7	3,780.1	4,013.3	2,985.8
1. Short-term trade accounts receivable	3,077.0	2,611.5	3,383.8	2,664.1	0.0
2. Short-term prepayments to suppliers	413.8	243.6	184.3	300.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	696.5	416.7	250.8	566.1	0.0
5. Short-term loan receivables	—	0.0	0.1	94.8	0.0
6. Other short-term receivables	585.3	326.5	392.7	596.7	0.0
7. Provision for short-term doubtful debts (*)	-580.7	-468.6	-431.7	-208.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,523.6	1,276.8	1,353.8	1,408.6	798.9
1. Inventories	1,583.0	1,379.2	1,408.7	1,429.1	0.0
2. Provision for decline in value of inventories	-59.4	-102.4	-54.9	-20.6	0.0
V. Other short-term assets	288.4	183.3	235.1	251.0	276.1
1. Short-term prepayments	14.9	14.2	18.2	15.7	0.0
2. Value added tax to be reclaimed	265.0	155.7	199.6	229.1	0.0
3. Taxes and other receivables from state authorities	8.5	13.4	17.3	6.2	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)	26,373.4	25,076.6	25,388.1	25,341.1	25,070.8
I. Long-term receivables	107.7	36.4	17.3	33.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	37.2
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	72.9	0.0	0.0	0.1	0.0
6. Other long-term receivables	34.7	36.4	17.3	33.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	14,129.6	13,961.3	14,916.5	15,841.9	16,057.7
1. Tangible fixed assets	14,059.1	13,890.3	14,845.2	15,770.5	15,991.8
- Cost	23,730.8	22,462.8	22,367.2	22,224.2	0.0
- Accumulated depreciation	-9,671.6	-8,572.4	-7,521.9	-6,453.6	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	70.4	71.0	71.3	71.3	65.9
- Cost	100.0	95.4	95.0	92.0	0.0
- Accumulated depreciation	-29.6	-24.4	-23.7	-20.6	0.0
III. Investment properties	2,478.0	2,542.4	1,345.4	1,456.8	1,570.3
- Cost	3,986.0	3,858.5	2,509.3	2,507.1	0.0
- Accumulated depreciation	-1,508.0	-1,316.1	-1,163.9	-1,050.3	0.0
IV. Long-term assets in progress	2,433.2	1,452.6	1,607.8	549.1	406.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2,433.2	1,452.6	1,607.8	549.1	0.0
V. Long-term financial investments	6,311.8	6,198.5	6,560.5	6,490.6	6,311.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6,046.0	5,932.7	6,273.9	6,174.1	0.0
3. Investments in other entities	265.8	265.8	286.5	286.5	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	30.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	913.1	885.3	940.7	969.2	0.0
1. Long-term prepayments	362.0	357.3	348.0	328.6	0.0
2. Deferred income tax assets	125.5	76.1	70.4	47.7	0.0
3. Long-term equipment, supplies, spare parts	9.8	9.2	9.3	9.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	688.2
5. Goodwill	415.8	442.6	513.0	583.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	40,074.9	36,362.3	34,912.3	33,914.6	31,826.3
A. LIABILITIES (300=210+330)	15,278.3	13,907.6	14,142.2	14,710.9	15,470.3
I. Short -term liabilities	5,147.2	4,070.1	3,944.6	4,086.2	4,356.1
1. Short-term trade accounts payable	1,258.1	724.5	619.2	649.9	859.8
2. Short-term advances from customers	1,187.8	998.6	706.9	810.4	820.3
3. Taxes and other payables to state authorities	307.6	170.6	203.1	292.0	0.0
4. Payable to employees	98.4	60.0	59.6	71.0	0.0
5. Short-term acrrued expenses	705.9	645.5	639.4	573.8	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	5.3	4.6	2.1	1.0	1.7
9. Other short-term payables	89.6	181.6	465.5	219.5	0.0
10. Short-term borrowings and financial leases	1,472.6	1,254.3	1,237.9	1,455.1	1,323.8
11. Provision for short-term liabilities	11.7	23.1	5.6	10.6	0.0
12.. Bonus and welfare fund	10.3	7.3	5.2	2.9	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	10,131.1	9,837.5	10,197.6	10,624.7	11,114.2
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	—	0.1	0.3	1.1	0.0
7. Other long-term liabilities	508.1	460.4	450.9	450.9	0.0
8. Long-term borrowings and financial leases	9,379.7	9,142.7	9,504.9	9,946.0	10,650.1
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	188.9	188.9	189.1	189.1	0.0
12. Provision for long-term liabilities	54.5	45.3	52.4	37.5	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)	24,796.5	22,454.8	20,770.1	19,203.7	16,356.0
I. Owner's equity	24,796.5	22,454.8	20,770.1	19,203.7	0.0
1. Owner's capital	5,416.6	4,710.1	4,097.1	3,564.1	16,356.0
- Common stock with voting right	5,416,581,390,000.00	4,710,134,000,000.00	4,097,142,600,000.00	3,564,104,840,000.00	3,100,588,410,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1,012.9	1,012.9	1,050.5	1,050.5	1,050.5
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	—	0.00	-47,622,230,162.00	-47,622,230,162.00	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	413.0	415.6	415.6	234.7	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	14,103.5	12,761.4	11,802.5	10,704.6	8,962.4
- Accumulated retained earning at the end of the previous period	11,574.4	10,768.0	9,614.1	8,012.1	7,107.7
- Undistributed earnings in this period	2,529.1	1,993.4	2,188.3	2,692.5	1,854.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3,850.4	3,554.7	3,452.0	3,697.4	3,055.5
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	40,074.9	36,362.3	34,912.3	33,914.6	31,826.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	3,519.7	2,687.6	3,056.1	3,878.6	2,400.9
Depreciation of Fixed Assets and Investment Property	1,384.9	1,298.5	1,263.9	1,225.3	895.1
Provision (Increase)/Reversal	66.2	94.9	267.4	99.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	29.1	0.0	34.5	42.4	0.0
Gain/Loss from Investment Activities	-1,214.9	-1,003.6	-1,083.6	-1,130.0	0.0
Interest Expense	691.5	741.8	942.7	887.8	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	4,476.5	3,819.2	4,480.9	5,002.9	2,757.8
Increase/(Decrease) in Receivables	-986.3	704.2	-221.1	-770.9	0.0
Increase/(Decrease) in Inventory	-204.4	29.6	20.6	-622.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	808.8	263.2	-137.2	126.0	0.0
Increase/(Decrease) in Prepaid Expenses	-5.3	-5.4	-21.9	0.3	0.0
Changes in Trading Securities	-352.3	0.0	70.2	-717.1	0.0
Interest Paid	-679.3	-737.2	-990.7	-1,072.7	0.0
Corporate Income Tax Paid	-330.5	-279.9	-371.5	-358.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-16.4	-10.2	-12.5	-18.2	0.0
Net Cash Flow from Operating Activities	2,710.9	3,783.5	2,816.8	1,569.1	1,738.3
Payments for Fixed Assets and Other Long-term Assets	-2,022.5	-1,035.0	-872.5	-738.1	-3,912.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	13.6	5.2	15.4	27.4	0.7
Loans and Purchases of Debt Instruments	-4,877.0	-457.7	-698.7	-2,155.0	-903.7
Receipts from Loan Repayments and Sale of Debt Instruments	1,565.4	543.8	1,370.3	2,114.1	1,489.3
Investments in Other Entities	-320.1	-303.8	-278.6	-738.1	-219.0
Proceeds from Investments in Other Entities	133.7	173.7	31.8	0.0	0.0
Dividends and Interest Income Received	951.3	1,278.5	1,074.7	721.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-4,555.5	204.7	642.3	-768.2	-2,008.6
Proceeds from Equity Issuance and Capital Contributions	85,712,048,558.00	27,719,600,000.00	0.00	1,471,000,000.00	121,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3,225.8	3,451.7	2,888.6	1,827.0	3,678.2
Repayment of Borrowings	-3,091.1	-3,828.0	-3,589.8	-2,734.5	-2,262.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-469.4	-1,026.6	-886.4	-306.0	-85.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	-496.5	0.0	0.0	-268.4	0.0
Net Cash Flow from Financing Activities	-745.5	-1,375.2	-1,587.6	-1,480.5	1,451.0
Net Cash Flow During the Period	-2,590.1	2,613.1	1,871.5	-679.6	-244.5
Cash and Cash Equivalents at Beginning of Period	5,635.9	3,022.8	1,151.3	1,830.9	651.7
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	-1.4
Cash and Cash Equivalents at End of Period	3,045.8	5,635.9	3,022.8	1,151.3	1,830.9

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	2,477.1	2,880.6	2,555.2	2,516.3	2,073.5	2,336.2	2,031.4	2,182.9	1,842.2	2,066.5	1,965.0	2,176.2
Revenue Deductions	6.4	3.0	3.0	2.8	5.1	2.5	1.9	1.8	4.7	1.3	3.3	2.1
Net Revenue	2,470.8	2,877.6	2,552.2	2,513.5	2,068.4	2,333.6	2,029.4	2,181.2	1,837.5	2,065.2	1,961.7	2,174.2
Cost of Goods Sold	1,424.6	1,838.0	1,620.2	1,660.3	1,117.9	1,318.4	1,341.8	1,501.2	1,096.1	1,142.8	1,308.1	1,294.6
Gross Profit	1,046.2	1,039.6	932.0	853.2	950.5	1,015.2	687.6	680.0	741.3	922.4	653.6	879.6
Financial Income	136.8	120.3	101.8	119.5	110.2	108.1	62.6	89.8	70.2	64.6	48.6	65.9
Financial Expenses	174.0	166.9	184.5	201.2	190.7	190.0	185.3	202.6	223.3	228.3	276.4	255.2
Interest Expense	172.4	166.4	179.0	171.7	166.7	181.0	180.7	184.4	191.7	216.0	228.0	245.2
Share of Associates and Joint Ventures	173.9	233.6	242.6	222.8	140.1	276.1	207.1	112.7	121.2	266.9	217.9	172.6
Selling Expenses	30.3	38.2	30.2	30.8	20.5	36.0	29.1	34.4	18.7	29.5	21.2	22.6
General and Administrative Expenses	105.5	291.7	125.2	136.8	92.7	197.4	109.6	174.5	96.0	315.0	97.4	148.4
Operating Profit	1,047.0	896.7	936.6	826.7	896.9	976.0	633.3	471.1	594.7	681.1	525.1	691.8
Other Income	12.3	9.0	5.2	10.8	5.0	20.2	3.6	4.7	4.3	7.2	2.3	6.6
Other Expenses	4.9	41.5	14.8	9.7	3.9	11.8	4.2	1.3	0.3	6.7	1.0	2.0
Other Profit	7.4	-32.5	-9.6	1.1	1.2	8.4	-0.6	3.4	4.1	0.5	1.4	4.6
Profit Before Tax	1,054.4	864.1	927.0	827.8	898.1	984.5	632.8	474.5	598.8	681.5	526.4	696.4
Current Income Tax Expense	107.9	140.2	102.5	96.5	79.9	111.6	69.2	68.0	47.8	61.6	61.1	72.2
Deferred Income Tax Expense	7.7	-44.8	-0.3	-7.8	1.4	-9.9	2.1	2.9	2.1	-23.6	0.1	0.4
Net Income	938.7	768.7	824.8	739.2	816.8	882.8	561.5	403.6	548.9	643.5	465.2	623.7
Non-controlling Interest	224.5	149.2	150.6	115.7	205.4	203.5	81.7	48.8	68.4	139.4	15.5	134.3
Profit Attributable to Parent	714.2	619.4	674.2	623.5	611.4	679.3	479.8	354.8	480.5	504.1	449.7	489.4
Earnings per Share	1,319.00	1,144.00	1,245.00	1,151.00	1,298.00	1,442.00	1,020.00	755.00	1,176.00	1,233.00	1,100.00	1,197.00
Diluted EPS	1,318.62	1,143.59	1,244.75	1,151.09	1,298.06	1,442.26	1,018.75	753.19	1,172.72	1,230.40	1,097.47	1,194.54

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)	13,821.5	13,700.4	12,359.2	11,935.7	11,941.0	11,285.9	10,627.1	9,564.7	9,985.3	9,522.3	9,367.1	8,931.1
I. Cash and cash equivalents	4,004.4	3,045.8	3,356.1	4,779.9	5,411.4	5,635.9	5,069.0	3,675.6	3,319.6	3,022.8	2,085.3	1,620.2
1. Cash	869.4	371.2	333.2	547.3	643.4	274.4	379.2	589.1	360.2	288.4	330.0	158.3
2. Cash equivalents	3,135.0	2,674.6	3,023.0	4,232.6	4,768.0	5,361.5	4,689.8	3,086.5	2,959.4	2,734.4	1,755.3	1,461.9
II. Short-term financial investments	3,844.7	4,651.7	3,650.6	2,018.1	1,302.7	1,060.1	1,119.1	1,177.1	1,259.7	1,132.4	1,436.3	1,410.2
1. Available for sale securities	733.1	1,085.5	1,181.3	933.4	733.1	733.1	934.8	934.3	893.8	719.4	1,047.3	933.1
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.6	-0.8	-0.8	-0.8	-0.7	-0.7	-0.8	-0.8	-0.9	-1.0
3. Held to maturity investments	3,111.8	3,566.4	2,469.9	1,085.5	570.3	327.8	185.0	243.5	366.6	413.7	389.9	478.1
III. Short-term receivables	4,366.4	4,188.8	3,801.0	3,702.4	3,636.8	3,129.5	3,021.1	3,151.2	3,760.8	3,777.0	4,296.7	4,291.8
1. Short-term trade accounts receivable	2,972.6	3,077.5	2,449.5	2,749.7	2,972.9	2,612.7	2,455.5	2,882.5	3,038.4	3,382.0	3,272.0	3,446.2
2. Short-term prepayments to suppliers	689.0	413.4	453.7	483.4	330.1	240.4	411.7	180.0	209.0	184.2	283.1	283.5
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	818.8	696.5	845.4	593.7	422.2	416.7	342.4	249.7	334.2	250.8	504.6	305.9
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.1	0.1	0.1	0.1	46.9
6. Other short-term receivables	443.1	582.2	543.2	369.6	379.9	328.3	301.7	329.5	608.2	391.5	495.3	468.2
7. Provision for short-term doubtful debts (*)	-557.1	-580.7	-490.8	-494.0	-468.2	-468.6	-490.2	-490.6	-429.0	-431.7	-258.3	-259.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
IV. Inventories	1,393.2	1,523.6	1,291.2	1,240.8	1,390.3	1,276.8	1,229.4	1,351.6	1,408.6	1,353.8	1,328.1	1,384.1
1. Inventories	1,452.6	1,583.0	1,387.2	1,337.5	1,487.9	1,379.2	1,317.7	1,440.5	1,501.1	1,408.7	1,347.4	1,403.5
2. Provision for decline in value of inventories	-59.4	-59.4	-96.1	-96.7	-97.6	-102.4	-88.2	-88.9	-92.4	-54.9	-19.3	-19.3
V. Other short-term assets	212.7	290.4	260.3	194.6	199.7	183.6	188.5	209.2	236.5	236.3	220.7	224.8
1. Short-term prepayments	42.9	14.9	24.5	20.8	30.5	14.6	24.0	20.2	29.2	19.2	22.2	15.4
2. Value added tax to be reclaimed	145.0	256.1	210.9	150.1	147.5	155.7	152.6	177.7	193.5	197.7	192.4	203.4
3. Taxes and other receivables from state authorities	24.9	19.4	24.9	23.7	21.8	13.4	11.9	11.4	13.8	19.3	6.1	6.0
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)	26,919.5	26,375.5	25,906.8	25,100.7	24,948.4	25,075.0	25,021.6	25,181.8	25,155.5	25,388.0	25,222.0	25,341.1
I. Long-term receivables	34.7	107.7	105.8	105.8	106.1	37.7	37.5	37.4	31.2	18.2	18.1	32.4
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	—	—	0.8	0.8	1.2	1.2	0.1	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	—	72.9	72.9	72.9	72.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	34.7	34.7	32.1	32.0	32.0	36.4	37.4	37.4	31.2	18.2	18.1	32.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	15,792.4	14,129.6	14,386.5	14,257.2	13,801.3	13,961.3	14,196.0	14,439.1	14,662.8	14,916.5	15,158.0	15,423.1
1. Tangible fixed assets	15,723.3	14,059.1	14,317.2	14,186.7	13,731.6	13,890.3	14,127.4	14,369.6	14,592.5	14,845.2	15,088.0	15,352.5
- Cost	25,679.1	—	—	—	—	22,462.8	22,445.5	22,423.2	22,378.4	22,367.2	22,346.5	22,340.4
- Accumulated depreciation	-9,955.8	—	—	—	—	-8,572.4	-8,318.1	-8,053.5	-7,785.9	-7,521.9	-7,258.4	-6,987.9
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	69.1	70.4	69.3	70.5	69.8	71.0	68.6	69.5	70.4	71.3	69.9	70.6
- Cost	100.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-30.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2,428.6	2,478.0	2,406.5	2,454.0	2,495.9	2,542.4	2,590.2	2,638.0	1,317.1	1,345.4	1,373.8	1,400.1
- Cost	3,986.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,557.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1,297.1	2,433.2	1,826.3	1,042.9	1,470.5	1,452.5	1,093.2	1,007.0	1,986.3	1,607.8	965.2	766.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1,297.1	2,433.2	1,826.3	1,042.9	1,470.5	1,452.5	1,093.2	1,007.0	1,986.3	1,607.8	965.2	766.8
V. Long-term financial investments	6,499.9	6,311.8	6,310.3	6,385.8	6,214.9	6,198.5	6,221.6	6,162.1	6,234.2	6,560.5	6,779.3	6,783.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6,154.2	6,046.0	6,044.4	6,120.0	5,949.1	5,932.7	5,955.8	5,896.3	5,947.7	6,273.9	6,462.7	6,467.1
3. Investments in other entities	265.8	265.8	265.8	265.8	265.8	265.8	265.8	265.8	286.5	286.5	286.5	286.5
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	79.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	30.0	30.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	866.9	915.2	871.4	855.1	859.7	882.5	883.1	898.1	428.5	426.8	397.1	386.9
1. Long-term prepayments	340.5	362.0	352.8	355.9	350.7	356.7	349.4	337.9	343.1	347.0	340.9	330.5
2. Deferred income tax assets	117.7	127.6	82.9	82.6	74.8	74.1	64.3	73.2	76.1	70.5	46.9	47.0
3. Long-term equipment, supplies, spare parts	11.6	9.8	7.8	9.2	9.2	9.2	9.3	9.3	9.3	9.3	9.3	9.4
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	397.1	415.8	427.8	407.4	425.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	442.6	460.2	477.8	495.4	513.0	530.6	548.2
TOTAL ASSETS (280=100+200)	40,741.0	40,075.9	38,266.0	37,036.5	36,889.4	36,360.9	35,648.7	34,746.4	35,140.8	34,910.3	34,589.1	34,272.2
A. LIABILITIES (300=210+330)	15,800.2	15,279.6	14,101.0	13,547.4	13,661.9	13,905.7	13,860.7	13,493.5	14,286.4	14,140.0	14,072.4	14,212.9
I. Short -term liabilities	5,726.3	5,148.6	4,277.0	4,096.6	3,963.3	4,052.3	3,497.0	4,000.5	4,014.0	3,936.1	4,519.8	3,941.0
1. Short-term trade accounts payable	870.9	1,257.7	845.0	730.1	659.6	724.0	614.8	757.5	642.4	622.1	473.5	565.4
2. Short-term advances from customers	1,492.2	1,187.4	1,021.8	976.2	1,086.6	999.0	988.4	886.7	697.7	705.7	826.4	820.1
3. Dividends and profits payable	846.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	229.3	315.2	335.3	286.2	181.7	170.5	230.7	153.3	111.7	199.2	311.3	294.3
4. Payable to employees	12.2	98.4	24.9	23.2	32.0	60.0	29.3	26.1	15.7	59.6	24.5	32.5
5. Short-term acrrued expenses	722.7	693.3	646.3	602.5	520.9	638.4	561.0	628.1	546.8	631.6	590.2	501.6
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	12.8	5.3	16.8	10.7	18.5	4.6	10.0	7.4	16.9	2.1	5.7	5.6
9. Other short-term payables	30.3	96.8	98.4	100.9	164.9	181.1	108.5	365.6	833.3	472.2	278.8	488.6
10. Short-term borrowings and financial leases	1,476.5	1,472.6	1,264.6	1,333.3	1,264.8	1,244.3	940.2	1,159.3	1,135.1	1,232.8	1,992.5	1,212.8
11. Provision for short-term liabilities	9.4	11.7	10.8	16.5	18.4	23.1	4.6	4.8	5.0	5.6	6.2	6.6
12.. Bonus and welfare fund	23.6	10.3	13.1	17.1	16.0	7.3	9.6	11.8	9.4	5.2	10.5	13.3
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	10,073.9	10,131.1	9,824.0	9,450.8	9,698.6	9,853.4	10,363.7	9,493.0	10,272.4	10,203.9	9,552.6	10,272.0
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	0.1	0.1	0.1	0.2	0.0	0.1	0.3	0.5	0.7
7. Other long-term liabilities	511.0	508.0	502.1	483.6	469.8	466.3	466.2	471.2	467.7	452.0	453.6	455.4
8. Long-term borrowings and financial leases	9,312.4	9,379.7	9,081.4	8,728.0	8,992.7	9,152.7	9,647.0	8,773.3	9,561.9	9,510.0	8,857.9	9,580.5
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	188.9	188.9	188.9	188.9	188.9	188.9	189.1	189.1	189.1	189.1	189.1	189.1
12. Provision for long-term liabilities	61.6	54.5	51.6	50.1	47.1	45.3	61.2	59.4	53.6	52.4	51.5	46.2
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)	24,940.8	24,796.3	24,165.0	23,489.0	23,227.5	22,455.2	21,788.0	21,252.9	20,854.4	20,770.3	20,516.7	20,059.3
I. Owner's equity	24,940.8	24,796.3	24,165.0	23,489.0	23,227.5	22,455.2	21,788.0	21,252.9	20,854.4	20,770.3	20,516.7	20,059.3
1. Owner's capital	5,416.6	5,416.6	5,416.6	5,416.6	4,710.1	4,710.1	4,710.1	4,710.1	4,097.1	4,097.1	4,097.1	4,097.1
- Common stock with voting right	5,416,581,390,000.00	5,416,581,390,000.00	5,416,581,390,000.00	5,416,581,390,000.00	4,710,134,000,000.00	4,710,134,000,000.00	4,710,134,000,000.00	4,710,134,000,000.00	4,097,142,600,000.00	4,097,142,600,000.00	4,097,142,600,000.00	4,097,142,600,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1,012.9	1,012.9	1,012.9	1,012.9	1,012.9	1,012.9	1,012.9	1,050.5	1,050.5	1,050.5	1,050.5	1,050.5
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	—	—	—	—	—	0.00	0.00	-47,622,230,162.00	-47,622,230,162.00	-47,622,230,162.00	-47,622,230,162.00	-47,622,230,162.00
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	413.0	413.0	415.6	415.6	415.6	415.6	415.6	415.6	415.6	415.6	234.7	234.7
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	14,266.8	14,103.3	13,481.3	12,807.1	13,367.0	12,761.3	12,082.0	11,609.0	11,870.8	11,803.3	11,480.5	11,030.9
- Accumulated retained earning at the end of the previous period	13,552.6	11,574.7	11,572.2	11,572.2	12,755.6	10,766.9	10,766.9	10,773.7	11,390.3	9,615.5	9,796.4	9,796.4
- Undistributed earnings in this period	714.2	2,528.6	1,909.1	1,234.9	611.4	1,994.4	1,315.1	835.2	480.5	2,187.9	1,684.1	1,234.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3,831.3	3,850.4	3,838.6	3,836.8	3,721.9	3,555.2	3,567.4	3,515.3	3,467.9	3,451.4	3,701.5	3,693.7
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)	40,741.0	40,075.9	38,266.0	37,036.5	36,889.4	36,360.9	35,648.7	34,746.4	35,140.8	34,910.3	34,589.1	34,272.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1,054.4	866.9	925.5	829.3	898.1	984.5	633.5	473.7	598.8	681.0	526.2	696.7
Depreciation of Fixed Assets and Investment Property	353.9	338.1	364.2	346.0	336.7	335.6	335.6	314.6	313.0	312.4	317.1	316.8
Provision (Increase)/Reversal	-18.7	56.7	-9.6	27.2	-8.0	-4.7	0.5	63.6	35.5	209.0	4.2	54.9
FX Gain/Loss from Revaluation of Monetary Items	-7.1	-9.1	4.4	22.0	11.7	-6.0	-7.0	6.0	8.9	-19.7	45.0	6.3
Gain/Loss from Investment Activities	-273.0	-334.2	-321.9	-343.9	-214.9	-356.6	-263.1	-195.6	-186.2	-346.2	-242.2	-235.0
Interest Expense	173.3	171.2	177.8	174.8	167.7	182.0	181.6	185.4	192.7	217.4	228.7	247.5
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	1,282.9	1,089.6	1,140.4	1,055.4	1,191.2	1,134.8	881.1	847.8	962.7	1,053.9	878.9	1,087.1
Increase/(Decrease) in Receivables	-183.3	-283.0	-144.8	-105.8	-452.7	-117.5	207.4	254.4	357.1	268.8	-5.0	211.7
Increase/(Decrease) in Inventory	130.4	-196.3	-49.8	150.5	-108.8	-61.5	122.8	60.6	-92.3	-61.2	58.2	26.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-162.4	637.8	183.3	-14.1	1.8	113.5	-92.3	343.7	-98.9	-23.4	39.7	124.8
Increase/(Decrease) in Prepaid Expenses	-8.3	-1.0	0.8	4.5	-9.6	2.1	-15.2	11.1	-2.9	-3.2	-17.0	3.2
Changes in Trading Securities	352.3	—	—	—	—	201.6	-14.2	-26.8	-174.4	327.8	-114.2	-197.1
Interest Paid	-219.2	-121.0	-212.5	-138.9	-206.9	-142.8	-233.3	-136.3	-224.5	-189.5	-246.5	-279.7
Corporate Income Tax Paid	-201.1	-142.0	-66.5	-19.1	-102.9	-134.5	-9.7	-45.7	-89.2	-140.1	-52.0	-10.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.3	-3.5	-5.0	-3.5	-4.4	-2.3	-1.8	-4.0	-1.6	-5.3	-7.5	1.6
Net Cash Flow from Operating Activities	989.1	1,076.4	598.0	728.6	307.8	993.4	844.8	1,304.9	636.0	1,227.9	534.5	967.7
Payments for Fixed Assets and Other Long-term Assets	-299.8	-825.2	-697.8	-275.1	-224.3	-324.4	-165.2	-288.0	-267.3	-371.2	-228.4	-130.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	-3.6	11.3	3.5	2.4	3.1	0.6	3.2	0.4	1.6	-4.9	5.4
Loans and Purchases of Debt Instruments	-879.9	-2,328.2	-1,384.4	-816.5	-347.8	-313.1	18.5	-115.9	-12.0	-288.8	-54.3	-184.1
Receipts from Loan Repayments and Sale of Debt Instruments	1,327.6	1,231.7	0.0	301.4	32.3	170.4	40.0	239.1	59.1	295.2	189.1	308.1
Investments in Other Entities	-293.3	—	—	—	—	-7.0	-45.1	-5.3	-229.6	-144.0	-0.9	-133.7
Proceeds from Investments in Other Entities	—	24.9	50.7	0.6	57.5	-6.0	18.7	117.5	7.0	0.2	9.9	21.8
Dividends and Interest Income Received	209.6	335.3	282.0	206.0	128.0	364.3	301.8	397.1	256.4	506.1	230.7	182.8
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	64.4	-1,736.0	-1,887.4	-580.1	-352.0	-112.7	169.3	347.6	-185.9	-1.1	141.1	70.0
Proceeds from Equity Issuance and Capital Contributions	6,960,000,000.00	—	—	—	—	0.00	10,079,150,000.00	0.00	17,640,450,000.00	-1,350,821,690,420.00	1,350,821,690,420.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	670.4	1,337.2	978.2	511.9	398.6	487.7	1,322.3	423.3	1,276.5	4,852.6	-2,759.8	381.8
Repayment of Borrowings	-727.5	-846.3	-965.6	-758.0	-521.2	-672.6	-664.7	-1,222.9	-1,333.0	-3,589.8	1,417.4	-759.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-44.8	354.9	-146.9	-534.0	-143.4	-128.9	-288.6	-496.6	-114.5	-201.4	-219.0	-434.9
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	-94.9	349.2	-134.3	-780.1	-180.3	-313.8	379.0	-1,296.2	-153.3	-289.3	-210.5	-813.0
Net Cash Flow During the Period	958.6	-310.3	-1,423.7	-631.6	-224.5	566.9	1,393.1	356.2	296.8	937.5	465.1	224.7
Cash and Cash Equivalents at Beginning of Period	3,045.8	3,356.1	4,779.9	5,411.4	5,635.9	3,022.8	3,022.8	3,022.8	3,022.8	1,151.3	1,151.3	1,151.3
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0	-0.0	0.3	-0.2	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	4,004.4	3,045.8	3,356.1	4,779.9	5,411.4	5,635.9	5,069.0	3,675.6	3,319.6	3,022.8	2,085.3	1,620.2

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REE

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