SAB

Tổng Công ty cổ phần Bia - Rượu - Nước giải khát Sài Gòn ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 18.91%, +4.91pp YoY

Price

47,500

Latest close

03 Jun 2026

P/E 13.04x

P/B 2.52x

EPS 3,642

BVPS 18,868

ROE 19.3%

ROA 15.4%

Profit Margin 18.1%

Asset Turnover 0.85x

Equity Mult. 1.25x

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

What Is Changing

On a TTM 2026Q1 basis, SAB has not accelerated revenue, but profitability is improving more visibly — margins have been expanding consistently over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 26,535bn
	                                
−13.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5,019bn
	                                
+17.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	25,888.2	31,872.4	30,461.4	34,979.1	26,373.7
Growth	-19%	+5%	-13%	+33%	—
Net Income	4,573.1	4,494.8	4,255.1	5,499.8	3,929.3
Net Margin	17.66%	14.10%	13.97%	15.72%	14.90%

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	6,457.2	6,836.6	6,436.6	6,804.3	5,810.7	8,932.5	7,670.1	8,086.3	7,183.5	8,520.4	7,414.9	8,312.1
Growth	-6%	+6%	-5%	+17%	-35%	+16%	-5%	+13%	-16%	+15%	-11%	—
Net Income	1,245.4	1,119.1	1,403.7	1,250.7	799.6	990.8	1,161.4	1,318.9	1,023.7	966.5	1,074.0	1,210.4
Net Margin	19.29%	16.37%	21.81%	18.38%	13.76%	11.09%	15.14%	16.31%	14.25%	11.34%	14.48%	14.56%

Drivers of SAB's profit

TTM

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

Gross profit ↑ 743.6bn

Finance costs ↓ 157.7bn

Other profit ↑ 139.6bn

Selling expenses ↑ 125.5bn

Tax ↑ 125.3bn

Administrative expenses ↑ 94.2bn

TTM

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

Gross profit ↑ 533.0bn

Finance costs ↓ 76.7bn

Deferred tax ↓ 42.6bn

Tax ↑ 122.4bn

Selling expenses ↑ 101.5bn

Minority interests ↑ 54.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.4% = 14.0% × 0.96 × 1.22

2026Q1 20.2% = 18.9% × 0.85 × 1.25

ROE rose from 16.4% to 20.2% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 18.9% +4.9pp Asset turnover: 0.85x -0.11x Leverage: 1.25x +0.03x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 18.91%, rising 4.9pp. Core operating signals are improving as Gross margin rose 7.3pp are enough to offset pressure from SG&A / Revenue rose 3.2pp (with additional support from Net financial result / Revenue rose 1.0pp and Other profit / Revenue rose 0.5pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 18.91% +4.9pp

Gross Margin 37.06% +7.3pp

SG&A / Revenue 19.21% +3.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 22.90%, rising 4.3pp. That translates to 22.90 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.5pp, with capital turnover fell 0.09x; with invested capital easing slightly by 1,583bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 22.90% +4.3pp

NOPAT Margin 18.59% +4.5pp

Capital Turnover 1.23x −0.09x

Average Invested Capital 21,533.5bn −1,583.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.42x equity, with a net cash position equivalent to 0.14x equity.

Over the last 12 months, working capital released 377.4bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −629.7bn

Inventories decreased → higher CFO: +124.1bn

Payables increased → higher CFO: +883.0bn

Working Capital Efficiency

Cash conversion cycle improved by 0.8 days versus the same period last year. The main moves came from DIO rose 9.6 days, DSO rose 3.4 days, and DPO rose 13.8 days.

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

Watchpoints

Receivables collection is slowing

DSO increased by +3.4 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +9.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 8.6 days +3.4 days

Inventory 48.3 days +9.6 days

Payables 42.1 days +13.8 days

Cash Conversion Cycle 14.8 days −0.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 3,898.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.14x and interest coverage at 120.41x.

At present, short-term debt accounts for 45.6% of total debt, cash equals 1201.5% of debt, and total debt stands at 307.9bn.

Leverage and liquidity trend

Net Debt / Equity -0.14x −0.01x

Interest Coverage 120.41x +70.10x

Cash / Debt 1201.5% +587.1pp

Short-term Debt / Total Debt 45.6% −28.4pp

CFO / NI 1.03x +0.13x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,898.9bn in 2025, against investing cash flow of 2,428.3bn.

Post-investment cash flow was positive +6,327.2bn. Financing cash flow was negative +6,787.7bn.

CFO / net income was 1.03x.

After spending +233.0bn on fixed-asset investment, the business generated trailing free cash flow of +4,742.3bn.

Cash Conversion

CFO TTM 4,975.3bn +1,231.7bn

Cash Capex 233.0bn +39.7bn

FCF TTM +4,742.3bn +1,192.1bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 17.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 18.91% after expanding 4.9pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.03x. Even so, net financial result still accounts for 17.5% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	26,249.0	32,164.3	30,706.8	35,235.9	26,578.0
Revenue Deductions	360.8	291.8	245.4	256.8	0.0
Net Revenue	25,888.2	31,872.4	30,461.4	34,979.1	26,373.7
Cost of Goods Sold	16,587.6	22,554.2	21,370.0	24,208.4	0.0
Gross Profit	9,300.6	9,318.2	9,091.4	10,770.7	7,608.6
Financial Income	1,006.6	1,067.1	1,432.6	1,090.6	1,119.6
Financial Expenses	26.3	24.8	73.4	82.0	-22.8
Interest Expense	34.3	27.4	50.2	45.5	-48.7
Share of Associates and Joint Ventures	278.3	197.4	232.1	323.1	172.9
Selling Expenses	4,022.4	4,041.6	4,479.2	4,532.1	-3,500.4
General and Administrative Expenses	983.6	839.4	800.7	740.7	-597.7
Operating Profit	5,553.3	5,677.0	5,402.6	6,829.7	4,780.2
Other Income	152.6	28.3	17.5	21.0	0.0
Other Expenses	53.9	57.9	49.7	37.2	0.0
Other Profit	98.7	-29.6	-32.2	-16.2	76.7
Profit Before Tax	5,652.0	5,647.4	5,370.4	6,813.4	4,856.9
Current Income Tax Expense	1,057.1	1,146.3	1,099.1	1,324.0	-927.6
Deferred Income Tax Expense	21.7	6.3	16.3	-10.4	0.0
Net Income	4,573.1	4,494.8	4,255.1	5,499.8	3,929.3
Non-controlling Interest	149.6	164.7	137.4	275.9	252.1
Profit Attributable to Parent	4,423.5	4,330.1	4,117.6	5,223.9	3,677.3
Earnings per Share	3,347.00	3,291.00	3,132.00	7,983.00	5,503.00
Diluted EPS	3,448.99	3,376.14	3,210.45	8,145.96	5,734.23

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	22,141.0	25,066.7	26,553.4	26,860.2	22,877.0
I. Cash and cash equivalents	4,016.9	4,477.5	5,039.9	4,069.5	3,606.5
1. Cash	1,174.9	1,337.8	1,423.0	985.4	0.0
2. Cash equivalents	2,842.0	3,139.7	3,616.9	3,084.1	0.0
II. Short-term financial investments	14,985.5	16,566.2	17,741.1	19,411.5	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	14,985.5	16,566.2	17,741.1	19,411.5	0.0
III. Short-term receivables	902.8	1,818.5	1,229.4	897.7	468.0
1. Short-term trade accounts receivable	697.6	433.1	467.4	337.9	0.0
2. Short-term prepayments to suppliers	31.6	48.4	33.3	68.1	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	746.8	1,646.5	1,024.6	787.4	0.0
7. Provision for short-term doubtful debts (*)	-573.1	-309.5	-295.8	-295.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,027.4	1,978.5	2,317.5	2,193.5	1,668.0
1. Inventories	2,109.8	2,042.9	2,393.1	2,272.5	0.0
2. Provision for decline in value of inventories	-82.5	-64.3	-75.6	-79.0	0.0
V. Other short-term assets	208.4	226.0	225.5	288.1	143.4
1. Short-term prepayments	139.8	145.7	172.2	182.0	0.0
2. Value added tax to be reclaimed	58.8	72.1	39.1	83.1	0.0
3. Taxes and other receivables from state authorities	9.8	8.2	14.2	23.0	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)	10,456.4	8,372.7	7,503.2	7,604.9	7,610.0
I. Long-term receivables	34.9	34.0	34.7	37.7	0.0
1. Long-term trade receivables	5.9	5.9	5.9	5.9	12.6
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	35.4	34.4	35.2	46.2	0.0
7. Provision for long-term doubtful debts	-6.4	-6.4	-6.4	-14.4	0.0
II. Fixed assets	5,068.3	3,593.3	3,969.7	4,455.0	4,401.8
1. Tangible fixed assets	3,492.9	2,484.1	2,889.6	3,369.0	3,301.1
- Cost	16,040.2	11,567.8	11,488.3	11,440.1	0.0
- Accumulated depreciation	-12,547.4	-9,083.7	-8,598.7	-8,071.1	0.0
2. Financial leased fixed assets	146.6	151.8	157.0	162.3	167.5
- Cost	173.6	173.6	173.6	173.6	0.0
- Accumulated depreciation	-27.0	-21.8	-16.6	-11.3	0.0
3. Intangible fixed assets	1,428.8	957.4	923.1	923.7	933.2
- Cost	1,727.5	1,173.8	1,114.7	1,104.1	0.0
- Accumulated depreciation	-298.7	-216.5	-191.6	-180.4	0.0
III. Investment properties	238.6	268.3	279.1	153.1	41.3
- Cost	281.8	311.7	311.1	182.9	0.0
- Accumulated depreciation	-43.2	-43.4	-32.0	-29.8	0.0
IV. Long-term assets in progress	141.4	122.0	143.9	133.5	551.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	141.4	122.0	143.9	133.5	0.0
V. Long-term financial investments	4,194.8	3,672.6	2,287.4	2,214.1	2,125.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,220.4	2,304.8	2,230.2	2,187.8	0.0
3. Investments in other entities	362.4	410.9	434.3	434.3	0.0
4. Provision for diminution in value of long-term investments	-361.5	-378.7	-416.3	-410.1	0.0
5. Held to maturity investments	1,973.5	1,335.5	39.2	2.1	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	778.3	682.6	788.4	611.4	0.0
1. Long-term prepayments	552.3	455.0	550.3	383.5	0.0
2. Deferred income tax assets	192.0	198.5	206.4	208.5	0.0
3. Long-term equipment, supplies, spare parts	34.1	29.0	31.7	19.4	0.0
4. Other long-term assets	—	0.0	0.0	0.0	477.6
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)	32,597.4	33,439.4	34,056.6	34,465.1	30,487.0
A. LIABILITIES (300=210+330)	9,597.5	9,002.3	8,571.5	9,874.2	7,892.2
I. Short -term liabilities	8,880.3	8,657.1	8,224.6	9,213.9	7,258.0
1. Short-term trade accounts payable	2,403.6	2,642.2	2,476.4	2,766.3	2,400.2
2. Short-term advances from customers	84.4	94.5	44.8	36.9	63.3
3. Taxes and other payables to state authorities	1,626.0	1,320.9	1,358.5	1,621.0	0.0
4. Payable to employees	130.9	128.7	235.4	190.0	0.0
5. Short-term acrrued expenses	580.3	515.9	486.2	514.3	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	0.5	0.2	0.0	0.2	0.5
9. Other short-term payables	3,555.4	3,509.7	2,898.7	3,204.1	0.0
10. Short-term borrowings and financial leases	267.6	245.4	530.1	658.6	321.7
11. Provision for short-term liabilities	0.3	0.3	0.1	0.0	0.0
12.. Bonus and welfare fund	231.3	199.4	194.4	222.4	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	717.3	345.2	346.9	660.4	634.2
1. Long-term trade payables	0.1	0.1	0.1	120.1	123.5
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	77.2	57.1	55.7	55.4	0.0
8. Long-term borrowings and financial leases	167.9	169.4	170.8	374.4	341.2
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	406.4	49.2	50.8	36.6	0.0
12. Provision for long-term liabilities	65.7	69.3	69.4	73.9	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)	22,999.8	24,437.1	25,485.2	24,590.8	22,594.8
I. Owner's equity	22,999.8	24,437.1	25,485.2	24,590.8	0.0
1. Owner's capital	12,825.6	12,825.6	12,825.6	6,412.8	22,594.8
- Common stock with voting right	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	6,412,811,860,000.00	6,412,811,860,000.00
- 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	3.4	3.2	3.2	3.2	3.2
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	89.9	53.8	44.0	37.1	0.0
8. Investment and development fund	1,186.7	1,181.7	1,122.2	1,122.2	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	7,047.1	9,217.8	10,217.3	15,564.9	13,655.9
- Accumulated retained earning at the end of the previous period	2,792.2	5,021.3	6,222.8	10,484.2	10,132.7
- Undistributed earnings in this period	4,255.0	4,196.5	3,994.5	5,080.7	3,523.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,847.0	1,155.0	1,272.8	1,450.6	1,373.3
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)	32,597.4	33,439.4	34,056.6	34,465.1	30,487.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	5,652.0	5,647.4	5,370.4	6,813.4	4,856.9
Depreciation of Fixed Assets and Investment Property	730.3	548.9	570.0	561.1	557.5
Provision (Increase)/Reversal	42.5	4.3	3.4	-0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.6	8.3	-6.8	0.0
Gain/Loss from Investment Activities	-1,273.9	-1,051.1	-1,625.9	-1,353.8	0.0
Interest Expense	34.3	27.4	50.2	45.5	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	—	-197.4	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	5,185.2	4,980.1	4,376.5	6,059.1	4,056.7
Increase/(Decrease) in Receivables	-97.8	13.7	-39.6	-318.9	0.0
Increase/(Decrease) in Inventory	214.5	345.5	-135.5	-524.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-133.3	208.9	-787.1	739.4	0.0
Increase/(Decrease) in Prepaid Expenses	-27.0	123.2	-146.7	-94.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-35.2	-27.6	-50.4	-48.8	0.0
Corporate Income Tax Paid	-1,068.1	-1,156.7	-1,099.8	-1,329.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-139.5	-124.5	-177.4	-103.6	0.0
Net Cash Flow from Operating Activities	3,898.9	4,362.5	1,940.1	4,378.5	3,543.2
Payments for Fixed Assets and Other Long-term Assets	-241.5	-296.0	-283.7	-533.2	-329.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	3.5	2.5	4.3	3.5
Loans and Purchases of Debt Instruments	-16,845.8	0.0	-17,562.4	-22,641.3	-18,159.8
Receipts from Loan Repayments and Sale of Debt Instruments	17,920.9	0.0	19,195.7	20,288.5	15,706.4
Investments in Other Entities	131.1	-954.3	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1,462.3	1,387.1	1,363.5	1,013.9	0.0
Increase/(Decrease) in Term Deposits	—	-121.5	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	2,428.3	18.9	2,715.6	-1,867.8	-1,245.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,791.6	2,934.1	4,130.5	3,279.9	2,984.2
Repayment of Borrowings	-3,066.6	-3,219.0	-4,461.5	-2,908.7	-3,305.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6,512.7	-4,658.6	-3,354.1	-2,418.9	-1,096.3
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	-6,787.7	-4,943.5	-3,685.0	-2,047.7	-1,417.6
Net Cash Flow During the Period	-460.6	-562.1	970.6	463.0	313.2
Cash and Cash Equivalents at Beginning of Period	4,477.5	5,039.9	4,069.5	3,606.5	2,726.1
FX Difference from Revaluation	-0.0	-0.4	-0.2	-0.0	-0.2
Cash and Cash Equivalents at End of Period	4,016.9	4,477.5	5,039.9	4,069.5	3,606.5

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	6,538.8	6,973.0	6,509.2	6,867.3	5,899.5	9,048.6	7,737.4	8,135.1	7,243.1	8,581.0	7,504.1	8,381.6
Revenue Deductions	81.6	136.4	72.6	63.0	88.8	116.1	67.3	48.8	59.6	60.6	89.2	69.4
Net Revenue	6,457.2	6,836.6	6,436.6	6,804.3	5,810.7	8,932.5	7,670.1	8,086.3	7,183.5	8,520.4	7,414.9	8,312.1
Cost of Goods Sold	4,052.1	4,242.5	4,050.2	4,356.3	3,938.7	6,433.2	5,391.9	5,645.8	5,083.3	6,064.7	5,182.1	5,824.3
Gross Profit	2,405.1	2,594.1	2,386.3	2,448.1	1,872.1	2,499.3	2,278.2	2,440.4	2,100.2	2,455.7	2,232.8	2,487.9
Financial Income	264.4	256.7	251.6	255.2	243.1	268.5	253.6	266.3	278.7	346.6	373.1	354.4
Financial Expenses	14.4	-1.8	-78.2	15.1	91.1	-4.5	12.5	8.2	8.6	15.5	19.4	17.2
Interest Expense	7.6	7.4	7.3	8.8	10.9	4.9	6.2	7.6	3.8	7.7	10.6	14.3
Share of Associates and Joint Ventures	29.7	130.4	61.3	33.7	52.9	130.1	50.9	27.9	-11.4	32.8	76.6	78.1
Selling Expenses	900.3	1,325.8	981.3	916.4	798.8	1,429.4	867.9	902.3	842.0	1,338.7	1,112.1	1,167.1
General and Administrative Expenses	236.1	263.7	233.3	239.3	247.3	229.9	224.5	176.5	208.5	214.0	204.5	200.0
Operating Profit	1,548.3	1,393.4	1,562.9	1,566.2	1,030.8	1,243.1	1,477.8	1,647.7	1,308.4	1,266.9	1,346.6	1,536.1
Other Income	7.5	7.0	139.4	4.9	1.3	15.9	4.5	7.0	0.9	7.7	4.9	2.9
Other Expenses	8.0	28.0	6.5	9.6	9.9	19.9	11.3	20.4	6.4	25.7	6.7	14.7
Other Profit	-0.5	-21.0	132.9	-4.7	-8.6	-3.9	-6.8	-13.4	-5.5	-18.0	-1.7	-11.7
Profit Before Tax	1,547.9	1,372.5	1,695.8	1,561.5	1,022.2	1,239.1	1,471.1	1,634.3	1,302.9	1,248.9	1,344.9	1,524.4
Current Income Tax Expense	265.7	317.6	306.7	289.6	143.3	314.7	295.9	300.3	235.3	344.6	261.3	306.1
Deferred Income Tax Expense	36.7	-64.2	-14.6	21.2	79.3	-66.3	13.8	15.0	43.9	-62.2	9.5	7.8
Net Income	1,245.4	1,119.1	1,403.7	1,250.7	799.6	990.8	1,161.4	1,318.9	1,023.7	966.5	1,074.0	1,210.4
Non-controlling Interest	60.6	56.7	43.2	43.2	6.5	25.3	42.3	70.6	26.5	19.9	29.6	51.2
Profit Attributable to Parent	1,184.8	1,062.4	1,360.5	1,207.5	793.1	965.5	1,119.1	1,248.3	997.3	946.6	1,044.4	1,159.2
Earnings per Share	897.00	800.00	1,032.00	913.00	599.00	733.00	853.00	954.00	758.00	719.00	1,589.00	1,768.00
Diluted EPS	923.81	828.33	1,060.80	941.47	618.38	752.76	872.55	973.28	777.56	738.09	1,628.63	1,807.70

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)	22,187.9	22,141.0	20,479.4	25,103.0	23,596.0	25,066.7	24,070.6	27,431.9	24,868.7	26,553.4	25,948.8	26,098.9
I. Cash and cash equivalents	3,698.9	4,016.9	2,910.5	6,502.9	3,998.2	4,477.5	5,428.4	6,034.1	3,213.1	5,039.9	2,391.6	3,741.7
1. Cash	1,666.8	1,174.9	1,930.6	1,890.7	1,999.1	1,337.8	1,894.0	1,814.8	1,473.9	1,423.0	1,651.6	968.1
2. Cash equivalents	2,032.0	2,842.0	979.8	4,612.2	1,999.1	3,139.7	3,534.5	4,219.3	1,739.2	3,616.9	740.0	2,773.6
II. Short-term financial investments	15,749.9	14,985.5	14,772.1	15,682.5	16,264.0	16,566.2	15,361.1	17,324.4	18,202.5	17,741.1	19,997.6	18,638.9
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	15,749.9	14,985.5	14,772.1	15,682.5	16,264.0	16,566.2	15,361.1	17,324.4	18,202.5	17,741.1	19,997.6	18,638.9
III. Short-term receivables	495.7	902.8	875.5	1,066.5	889.7	1,818.5	1,304.6	1,487.8	1,044.4	1,229.4	1,158.8	983.7
1. Short-term trade accounts receivable	691.8	697.6	572.3	671.9	543.7	433.1	298.4	382.1	308.1	467.4	281.2	294.7
2. Short-term prepayments to suppliers	46.6	31.6	68.9	54.7	49.6	48.4	56.9	47.1	31.4	33.3	40.0	38.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	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	330.5	746.8	791.0	896.5	853.1	1,646.5	1,244.9	1,354.1	1,000.7	1,024.6	1,133.2	946.5
7. Provision for short-term doubtful debts (*)	-573.1	-573.1	-556.7	-556.6	-556.7	-309.5	-295.6	-295.6	-295.8	-295.8	-295.6	-295.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,063.0	2,027.4	1,744.1	1,664.3	2,215.7	1,978.5	1,766.6	2,350.9	2,193.1	2,317.5	2,151.3	2,430.2
1. Inventories	2,144.2	2,109.8	1,837.5	1,727.4	2,278.2	2,042.9	1,837.5	2,422.1	2,269.0	2,393.1	2,224.9	2,506.7
2. Provision for decline in value of inventories	-81.3	-82.5	-93.4	-63.1	-62.5	-64.3	-70.9	-71.2	-75.9	-75.6	-73.7	-76.5
V. Other short-term assets	180.5	208.4	177.2	186.8	228.4	226.0	209.8	234.8	215.6	225.5	249.5	304.5
1. Short-term prepayments	119.7	139.8	128.9	136.1	152.5	145.7	167.4	190.6	148.7	172.2	203.8	255.2
2. Value added tax to be reclaimed	46.0	58.8	37.8	45.2	62.4	72.1	33.7	33.7	50.4	39.1	28.8	33.0
3. Taxes and other receivables from state authorities	14.7	9.8	10.4	5.6	13.6	8.2	8.7	10.5	16.4	14.2	17.0	16.2
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)	8,686.4	10,456.4	10,855.4	8,093.8	8,022.8	8,372.7	8,163.3	6,721.7	7,277.8	7,503.2	7,477.5	7,548.0
I. Long-term receivables	35.3	34.9	33.4	34.2	34.3	34.0	34.9	34.6	34.7	34.7	36.6	38.0
1. Long-term trade receivables	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
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	35.8	35.4	33.9	34.7	34.8	34.4	35.3	35.0	35.2	35.2	37.0	46.4
7. Provision for long-term doubtful debts	-6.4	-6.4	-6.4	-6.4	-6.4	-6.4	-6.4	-6.4	-6.4	-6.4	-6.4	-14.4
II. Fixed assets	4,954.1	5,068.3	5,167.9	4,421.1	4,576.7	3,593.3	3,671.2	3,772.6	3,899.8	3,969.7	4,097.6	4,226.7
1. Tangible fixed assets	3,394.6	3,492.9	3,584.6	3,243.1	3,393.1	2,484.1	2,556.7	2,654.0	2,775.4	2,889.6	3,017.8	3,145.4
- Cost	16,085.9	—	—	—	—	11,567.8	11,519.5	11,501.9	11,501.6	11,488.3	11,485.2	11,480.9
- Accumulated depreciation	-12,691.3	—	—	—	—	-9,083.7	-8,962.8	-8,847.9	-8,726.2	-8,598.7	-8,467.4	-8,335.5
2. Financial leased fixed assets	145.3	146.6	147.9	149.2	150.5	151.8	153.1	154.4	155.7	157.0	158.3	159.7
- Cost	173.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-28.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1,414.2	1,428.8	1,435.4	1,028.8	1,033.1	957.4	961.4	964.1	968.7	923.1	921.4	921.7
- Cost	1,723.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-308.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	238.6	238.6	243.4	246.0	248.7	268.3	270.5	273.4	276.2	279.1	148.2	149.9
- Cost	286.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-47.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	143.4	141.4	139.6	140.7	117.5	122.0	120.1	131.0	112.5	143.9	219.5	156.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	143.4	141.4	139.6	140.7	117.5	122.0	120.1	131.0	112.5	143.9	219.5	156.9
V. Long-term financial investments	2,593.7	4,194.8	4,528.9	2,265.7	2,032.1	3,672.6	3,411.1	1,829.5	2,243.2	2,287.4	2,253.7	2,318.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,232.4	2,220.4	2,192.7	2,072.5	2,037.7	2,304.8	1,767.0	1,800.1	2,222.8	2,230.2	2,224.9	2,283.9
3. Investments in other entities	362.4	362.4	362.4	362.4	362.4	410.9	411.2	434.3	434.3	434.3	434.3	434.3
4. Provision for diminution in value of long-term investments	-367.9	-361.5	-371.2	-378.8	-374.6	-378.7	-391.8	-409.2	-413.9	-416.3	-415.4	-409.3
5. Held to maturity investments	366.8	1,973.5	2,345.0	209.6	6.6	1,335.5	1,624.6	4.2	0.0	39.2	9.9	9.5
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	721.3	778.3	742.2	986.1	1,013.4	682.6	655.6	680.7	711.4	788.4	721.9	658.1
1. Long-term prepayments	528.5	552.3	575.9	793.3	806.5	455.0	489.6	499.3	519.4	550.3	546.7	481.4
2. Deferred income tax assets	157.4	192.0	135.8	141.1	159.0	198.5	134.3	149.6	160.6	206.4	141.2	150.1
3. Long-term equipment, supplies, spare parts	35.5	34.1	30.5	51.6	47.9	29.0	31.7	31.8	31.5	31.7	34.1	26.6
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)	30,874.3	32,597.4	31,334.8	33,196.8	31,618.8	33,439.4	32,234.0	34,153.6	32,146.5	34,056.6	33,426.4	33,646.9
A. LIABILITIES (300=210+330)	6,674.9	9,597.5	6,832.2	10,322.4	6,012.7	9,002.3	6,012.3	9,023.9	5,689.7	8,571.5	6,907.8	8,123.5
I. Short -term liabilities	5,953.5	8,880.3	6,112.3	9,852.4	5,547.2	8,657.1	5,662.2	8,668.9	5,345.0	8,224.6	6,490.3	7,638.8
1. Short-term trade accounts payable	2,264.0	2,403.6	1,452.2	1,712.6	1,587.1	2,642.2	1,419.0	2,246.8	1,736.4	2,476.4	1,743.7	2,275.7
2. Short-term advances from customers	91.6	84.4	48.8	69.0	64.8	94.5	63.8	69.1	40.7	44.8	30.4	38.6
3. Dividends and profits payable	46.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1,451.3	1,626.0	2,213.7	2,109.4	1,476.7	1,320.9	1,946.8	1,420.8	1,129.8	1,358.5	2,027.6	1,759.2
4. Payable to employees	51.5	130.9	98.2	79.1	63.6	128.7	103.3	68.5	170.5	235.4	178.9	175.2
5. Short-term acrrued expenses	679.7	580.3	925.4	676.4	650.2	515.9	854.3	727.2	503.9	486.2	942.0	759.4
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	1.8	0.5	0.7	0.4	0.1	0.2	0.2	0.5	0.2	0.0	0.2	0.4
9. Other short-term payables	952.8	3,555.4	1,007.7	4,864.2	988.1	3,509.7	976.2	3,536.5	981.7	2,898.7	990.7	1,934.2
10. Short-term borrowings and financial leases	140.4	267.6	173.0	182.6	481.7	245.4	125.8	456.1	561.0	530.1	409.4	556.2
11. Provision for short-term liabilities	0.3	0.3	0.3	0.3	0.3	0.3	0.1	0.1	0.1	0.1	0.0	0.0
12.. Bonus and welfare fund	274.1	231.3	192.4	158.3	234.6	199.4	172.8	143.2	220.6	194.4	167.4	139.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	721.3	717.3	719.9	470.0	465.5	345.2	350.0	355.0	344.7	346.9	417.5	484.6
1. Long-term trade payables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	77.5	77.2	68.3	59.5	57.9	57.1	55.2	55.2	55.2	55.7	60.1	57.7
8. Long-term borrowings and financial leases	167.5	167.9	168.3	168.6	169.0	169.4	169.8	170.1	170.4	170.8	238.6	310.3
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	408.5	406.4	414.4	170.9	167.6	49.2	51.3	52.9	48.8	50.8	47.8	47.2
12. Provision for long-term liabilities	67.8	65.7	68.8	70.8	70.8	69.3	73.6	76.8	70.1	69.4	71.0	69.3
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)	24,199.4	22,999.8	24,502.5	22,874.3	25,606.0	24,437.1	26,221.7	25,129.7	26,456.9	25,485.2	26,518.5	25,523.4
I. Owner's equity	24,199.4	22,999.8	24,502.5	22,874.3	25,606.0	24,437.1	26,221.7	25,129.7	26,456.9	25,485.2	26,518.5	25,523.4
1. Owner's capital	12,825.6	12,825.6	12,825.6	12,825.6	12,825.6	12,825.6	12,825.6	12,825.6	12,825.6	12,825.6	6,412.8	6,412.8
- Common stock with voting right	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	12,825,623,720,000.00	6,412,811,860,000.00	6,412,811,860,000.00
- 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	3.4	3.4	3.4	3.4	3.4	3.2	3.2	3.2	3.2	3.2	3.2	3.2
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	73.2	0.0	0.0	0.0	0.0
7. Foreign exchange differences	89.3	89.9	86.4	82.9	77.7	53.8	71.4	0.0	47.9	44.0	49.8	42.0
8. Investment and development fund	1,186.7	1,186.7	1,186.7	1,186.7	1,183.4	1,181.7	1,122.2	1,122.2	1,122.2	1,122.2	1,122.2	1,122.2
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	1,273.5	0.0	0.0	0.0
11. Undistributed earnings after tax	8,191.9	7,047.1	8,589.7	7,275.9	9,974.7	9,217.8	10,914.2	9,823.1	11,184.4	10,217.3	17,637.2	16,622.9
- Accumulated retained earning at the end of the previous period	7,047.0	2,792.2	5,357.3	5,357.3	9,216.8	5,089.7	7,650.1	7,649.8	10,217.8	6,244.4	14,581.1	14,581.1
- Undistributed earnings in this period	1,144.9	4,255.0	3,232.3	1,918.6	757.9	4,128.1	3,264.1	2,173.3	966.5	3,972.8	3,056.1	2,041.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,902.4	1,847.0	1,810.7	1,499.8	1,541.3	1,155.0	1,285.0	1,282.3	0.0	1,272.8	1,293.2	1,320.2
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	30,874.3	32,597.4	31,334.8	33,196.8	31,618.8	33,439.4	32,234.0	34,153.6	32,146.5	34,056.6	33,426.4	33,646.9

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	1,547.9	1,372.5	1,695.8	1,561.5	1,022.2	1,239.1	1,471.1	1,634.3	1,302.9	1,248.9	1,344.9	1,524.4
Depreciation of Fixed Assets and Investment Property	161.2	164.6	212.4	175.9	177.4	137.3	137.1	136.8	137.6	149.6	139.7	140.0
Provision (Increase)/Reversal	9.4	-4.8	41.0	8.3	-2.0	-2.9	5.8	1.7	-0.3	7.0	-1.4	-0.2
FX Gain/Loss from Revaluation of Monetary Items	-2.0	0.2	-0.1	-0.1	0.1	0.3	-0.3	-0.2	0.7	5.1	0.2	1.5
Gain/Loss from Investment Activities	-50.7	-382.0	-396.6	-286.3	-209.0	-395.0	-301.3	-289.6	-262.5	-372.7	-445.8	-426.0
Interest Expense	7.6	7.4	7.3	8.8	10.9	4.9	6.2	7.6	8.8	7.7	10.6	14.3
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	1,673.3	1,157.8	1,559.7	1,468.1	999.6	983.7	1,318.5	1,490.7	1,187.2	1,045.7	1,048.3	1,254.1
Increase/(Decrease) in Receivables	-185.1	-99.1	-231.3	-114.2	346.8	-151.1	90.6	-84.7	158.9	-182.6	24.0	-53.6
Increase/(Decrease) in Inventory	-37.2	-276.1	-107.5	544.9	53.2	-205.6	583.3	-156.5	124.2	-166.4	274.2	64.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-180.9	222.1	235.2	606.6	-1,197.1	312.8	-313.2	850.2	-758.3	-324.5	-86.2	1,011.7
Increase/(Decrease) in Prepaid Expenses	44.0	12.7	-106.5	30.8	36.1	59.1	36.9	-21.7	48.8	36.9	-11.4	-169.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-8.1	-7.6	-6.0	-9.2	-12.5	-4.8	-6.3	2.7	-19.3	-0.8	-19.3	-16.0
Corporate Income Tax Paid	-357.4	-459.8	-182.3	-78.0	-348.0	-460.3	-110.4	-223.7	-362.3	-410.9	-238.8	-82.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	2.7	-2.3	-2.5	-131.6	-3.1	-3.3	-2.6	-115.8	-2.7	-3.1	-2.5	-169.2
Net Cash Flow from Operating Activities	951.4	547.7	1,158.8	2,317.4	-125.0	530.4	1,596.8	1,741.4	376.5	-5.6	988.3	1,838.5
Payments for Fixed Assets and Other Long-term Assets	-60.2	-60.0	-69.1	-43.7	-68.7	-58.6	-49.7	-16.4	-171.3	-50.1	-76.2	-65.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.9	0.1	0.4	2.3	0.8	0.0	2.0	0.0	0.1
Loans and Purchases of Debt Instruments	-2,385.7	-5,181.2	-8,195.9	-1,926.2	-1,542.4	-4,743.2	-8,295.4	-4,009.7	-3,337.8	-3,653.2	-5,440.1	-7,199.5
Receipts from Loan Repayments and Sale of Debt Instruments	3,599.6	5,339.4	6,970.8	2,304.7	3,306.0	3,827.2	8,638.3	4,883.6	2,915.6	5,880.4	4,081.0	5,922.4
Investments in Other Entities	—	—	—	—	—	-837.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	140.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	269.5	384.8	432.9	211.8	432.8	265.2	430.9	389.9	301.2	463.2	327.2	367.0
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	1,423.2	488.1	-866.9	538.5	2,268.6	-1,546.0	726.3	1,248.2	-292.4	2,642.4	-1,108.1	-975.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	525.4	856.5	519.3	641.3	774.4	472.9	463.4	869.0	1,128.8	1,328.4	1,039.4	794.4
Repayment of Borrowings	-652.6	-762.0	-529.0	-940.5	-835.2	-353.3	-793.8	-973.9	-1,098.0	-1,275.1	-1,257.7	-861.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2,565.7	-23.9	-3,874.7	-52.0	-2,562.1	-55.0	-2,598.3	-63.3	-1,941.8	-41.6	-1,012.1	-49.8
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	-2,693.0	70.7	-3,884.3	-351.2	-2,622.9	64.6	-2,928.7	-168.2	-1,911.0	11.6	-1,230.3	-116.6
Net Cash Flow During the Period	-318.3	1,106.4	-3,592.4	2,504.7	-479.3	-951.0	-605.6	2,821.4	-1,826.9	2,648.4	-1,350.1	746.9
Cash and Cash Equivalents at Beginning of Period	4,016.9	2,910.5	6,502.9	3,998.2	4,477.5	5,039.9	5,039.9	5,039.9	5,039.9	4,069.5	4,069.5	4,069.5
FX Difference from Revaluation	0.3	-0.0	0.0	0.0	0.0	0.0	-0.1	-0.4	0.0	-0.1	-0.0	-0.0
Cash and Cash Equivalents at End of Period	3,698.9	4,016.9	2,910.5	6,502.9	3,998.2	4,477.5	5,428.4	6,034.1	3,213.1	5,039.9	2,391.6	3,741.7

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SAB

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