SIP

Đầu tư Sài Gòn VRG ·HOSE ·2026Q1

▼ Slightly negative

The pre-tax profit mix still needs monitoring Net financial result/PBT 25.65%

Price

50,800

Latest close

03 Jun 2026

P/E 9.02x

P/B 1.99x

EPS 5,629

BVPS 25,506

ROE 23.8%

ROA 4.9%

Profit Margin 15.4%

Asset Turnover 0.32x

Equity Mult. 4.85x

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

What Is Changing

On a TTM 2026Q1 basis, SIP is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit is at an all-time high. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 8,827bn
	                                
+11.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,480bn
	                                
+3.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	8,596.2	7,801.2	6,676.5	6,034.5	5,577.3
Growth	+10%	+17%	+11%	+8%	—
Net Income	1,467.1	1,278.8	1,003.7	1,009.9	904.1
Net Margin	17.07%	16.39%	15.03%	16.74%	16.21%

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	2,164.8	2,299.4	2,233.7	2,129.5	1,941.2	2,063.9	1,977.0	1,937.1	1,826.2	1,911.5	1,704.7	1,663.1
Growth	-6%	+3%	+5%	+10%	-6%	+4%	+2%	+6%	-4%	+12%	+3%	—
Net Income	356.6	400.1	381.7	342.0	402.3	375.7	313.6	332.6	257.9	373.1	203.2	263.1
Net Margin	16.47%	17.40%	17.09%	16.06%	20.72%	18.20%	15.86%	17.17%	14.12%	19.52%	11.92%	15.82%

Drivers of SIP's profit

TTM

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

Gross profit ↑ 260.4bn

Other profit ↑ 87.8bn

Minority interests ↓ 38.1bn

Finance costs ↑ 102.0bn

Selling expenses ↑ 74.4bn

Financial income ↓ 70.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Gross profit ↑ 36.8bn

Minority interests ↓ 28.4bn

Tax ↓ 7.1bn

Financial income ↓ 38.8bn

Finance costs ↑ 25.4bn

Selling expenses ↑ 17.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 29.7% = 18.0% × 0.33 × 5.07

2026Q1 25.8% = 16.8% × 0.32 × 4.85

ROE fell from 29.7% to 25.8% — all three components weakened, with leverage being the main drag.

Net margin: 16.8% -1.2pp Asset turnover: 0.32x -0.01x Leverage: 4.85x -0.22x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 16.77%, falling 1.2pp. The main pressure is SG&A / Revenue rose 0.7pp, outweighing the improvement in Gross margin rose 1.5pp (in addition, Other profit / Revenue rose 1.0pp added support while Net financial result / Revenue fell 2.8pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 16.77% −1.2pp

Gross Margin 15.89% +1.5pp

SG&A / Revenue 2.07% +0.7pp

Non-core / Revenue 6.49% −1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from financial result

Profit includes a contribution from financial result (31.0% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 14.6% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC fell to 14.64%, losing 5.3pp. That translates to 14.64 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.0pp and capital turnover fell 0.19x, while invested capital expanded strongly by 2,474bn — pressure came from both operational efficiency and asset efficiency.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC 14.64% −5.3pp

NOPAT Margin 15.87% −2.0pp

Capital Turnover 0.92x −0.19x

Average Invested Capital 9,566.9bn +2,473.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.93x equity, net debt at 0.65x equity.

Over the last 12 months, working capital released 1,555.1bn 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: −188.2bn

Inventories decreased → higher CFO: +69.2bn

Payables increased → higher CFO: +1,674.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.0 days versus the same period last year. The main moves came from DIO fell 6.1 days, DSO fell 1.0 days, and DPO fell 0.1 days.

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

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

Working Capital Efficiency

Receivables 20.0 days −1.0 days

Inventory 14.1 days −6.1 days

Payables 12.2 days −0.1 days

Cash Conversion Cycle 21.9 days −7.0 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.65x and interest coverage at 7.12x.

At present, short-term debt accounts for 78.3% of total debt, cash equals 13.3% of debt, and total debt stands at 4,659.2bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 78.3% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 13.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.65x −0.03x

Interest Coverage 7.12x −5.04x

Cash / Debt 13.3% +1.3pp

Short-term Debt / Total Debt 78.3% +5.0pp

CFO / NI 1.74x +1.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,439.8bn in 2025, against investing cash flow of -3,049.7bn.

Post-investment cash flow was negative +609.9bn. Financing cash flow was positive +808.9bn.

CFO / net income was 1.74x.

After spending +604.6bn on fixed-asset investment, the business generated trailing free cash flow of +1,762.2bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 2,366.8bn +1,853.0bn

Cash Capex 604.6bn +89.1bn

FCF TTM +1,762.2bn +1,763.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 25.6%. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.74x. Even so, net financial result still accounts for 25.6% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,598.3	7,804.6	6,679.5	6,037.0	5,581.2
Revenue Deductions	2.1	3.5	2.9	2.4	0.0
Net Revenue	8,596.2	7,801.2	6,676.5	6,034.5	5,577.3
Cost of Goods Sold	7,252.8	6,706.0	5,746.1	5,133.4	0.0
Gross Profit	1,343.4	1,095.1	930.4	901.1	774.0
Financial Income	802.5	621.9	439.3	390.4	364.4
Financial Expenses	220.0	116.5	68.7	29.6	-16.5
Interest Expense	161.7	76.8	64.1	26.6	-8.4
Share of Associates and Joint Ventures	38.9	65.3	71.0	84.3	81.9
Selling Expenses	75.7	21.6	13.1	15.2	-11.9
General and Administrative Expenses	96.5	88.5	95.6	92.0	-86.9
Operating Profit	1,792.6	1,555.8	1,263.4	1,239.1	1,105.0
Other Income	56.2	18.5	12.8	8.0	0.0
Other Expenses	10.3	2.6	1.9	1.6	0.0
Other Profit	45.9	16.0	10.9	6.4	6.3
Profit Before Tax	1,838.5	1,571.7	1,274.3	1,245.5	1,111.3
Current Income Tax Expense	376.7	296.8	258.5	238.8	-207.2
Deferred Income Tax Expense	-5.3	-3.9	12.1	-3.2	0.0
Net Income	1,467.1	1,278.8	1,003.7	1,009.9	904.1
Non-controlling Interest	144.2	108.7	76.8	32.7	70.7
Profit Attributable to Parent	1,322.9	1,170.2	926.9	977.2	833.4
Earnings per Share	4,972.00	5,136.00	4,574.00	10,530.00	9,097.00
Diluted EPS	4,972.00	5,136.00	4,574.00	10,530.00	8,970.22

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	15,725.3	11,917.3	8,707.3	8,920.1	8,818.2
I. Cash and cash equivalents	844.6	645.6	829.3	439.7	627.3
1. Cash	273.5	216.3	191.1	134.8	0.0
2. Cash equivalents	571.1	429.3	638.2	305.0	0.0
II. Short-term financial investments	5,067.7	5,244.4	3,138.6	3,774.0	0.0
1. Available for sale securities	240.2	197.0	126.5	126.5	0.0
2. Provision for diminution in value of available for sale securities (*)	-45.5	-5.3	-0.3	-1.2	0.0
3. Held to maturity investments	4,873.0	5,052.6	3,012.4	3,648.7	0.0
III. Short-term receivables	8,677.0	4,853.3	3,500.4	3,708.9	3,655.8
1. Short-term trade accounts receivable	440.3	391.6	375.1	248.0	0.0
2. Short-term prepayments to suppliers	118.0	50.2	103.1	82.9	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	4,927.9	1,610.7	1,269.6	1,800.3	0.0
6. Other short-term receivables	3,212.2	2,822.7	1,773.5	1,594.0	0.0
7. Provision for short-term doubtful debts (*)	-21.3	-21.9	-21.0	-16.5	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	262.6	322.1	468.1	434.1	516.9
1. Inventories	263.5	323.5	471.0	439.1	0.0
2. Provision for decline in value of inventories	-1.0	-1.5	-2.9	-4.9	0.0
V. Other short-term assets	873.4	852.0	770.9	563.3	490.8
1. Short-term prepayments	6.4	7.9	4.5	5.2	0.0
2. Value added tax to be reclaimed	863.8	842.4	762.0	551.5	0.0
3. Taxes and other receivables from state authorities	3.2	1.6	4.4	6.7	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)	12,944.9	13,135.5	12,353.2	10,083.4	8,983.4
I. Long-term receivables	1,321.1	1,307.0	800.4	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.4
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	1,321.1	1,307.0	800.4	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,299.8	1,308.3	1,251.8	1,039.7	708.3
1. Tangible fixed assets	1,295.1	1,304.2	1,247.2	1,034.7	703.4
- Cost	2,175.8	1,994.2	1,777.2	1,474.8	0.0
- Accumulated depreciation	-880.7	-690.1	-529.9	-440.0	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	4.7	4.1	4.5	5.0	4.8
- Cost	10.1	9.0	8.9	8.9	0.0
- Accumulated depreciation	-5.4	-4.9	-4.4	-3.9	0.0
III. Investment properties	6,159.8	5,877.9	5,443.4	5,190.3	4,732.9
- Cost	7,405.2	6,897.1	6,241.0	5,804.9	0.0
- Accumulated depreciation	-1,245.4	-1,019.2	-797.6	-614.7	0.0
IV. Long-term assets in progress	2,230.5	2,379.8	2,285.6	2,553.6	2,462.5
1. Long-term production in progress	72.6	72.6	14.4	14.4	0.0
2. Construction in progress	2,157.9	2,307.2	2,271.2	2,539.2	0.0
V. Long-term financial investments	1,093.3	1,190.1	1,516.3	1,267.9	1,048.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	753.1	848.9	1,031.4	997.9	0.0
3. Investments in other entities	321.2	321.2	484.9	270.0	0.0
4. Provision for diminution in value of long-term investments	-11.1	0.0	0.0	0.0	0.0
5. Held to maturity investments	30.0	20.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	840.5	1,072.4	1,055.7	31.6	0.0
1. Long-term prepayments	840.5	607.0	620.3	17.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	465.4	435.4	0.0	30.8
5. Goodwill	—	0.0	0.0	14.5	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	28,670.2	25,052.9	21,060.4	19,003.4	17,801.6
A. LIABILITIES (300=210+330)	22,856.2	20,185.1	17,032.4	15,342.6	14,506.6
I. Short -term liabilities	5,488.8	4,143.5	3,061.0	1,842.8	1,542.1
1. Short-term trade accounts payable	145.2	241.4	237.9	259.9	137.6
2. Short-term advances from customers	25.2	9.2	54.1	26.2	282.4
3. Taxes and other payables to state authorities	314.3	248.9	131.8	124.5	0.0
4. Payable to employees	11.8	12.4	12.4	10.2	0.0
5. Short-term acrrued expenses	8.8	5.3	6.9	5.0	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	399.0	376.1	319.3	315.8	298.0
9. Other short-term payables	270.7	315.8	299.5	99.9	0.0
10. Short-term borrowings and financial leases	3,748.4	2,465.7	1,595.2	688.9	445.8
11. Provision for short-term liabilities	1.6	2.2	2.1	5.7	0.0
12.. Bonus and welfare fund	563.8	466.6	401.8	306.8	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	17,367.4	16,041.5	13,971.4	13,499.8	12,964.5
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	3,087.4	3,028.1	2,782.6	2,646.5	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	12,976.4	11,729.6	10,954.0	10,720.9	10,172.9
7. Other long-term liabilities	106.5	18.4	6.8	5.7	0.0
8. Long-term borrowings and financial leases	1,069.1	1,132.1	90.7	1.5	10.9
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	128.0	133.3	137.3	125.2	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	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)	5,814.0	4,867.8	4,028.1	3,660.8	3,295.0
I. Owner's equity	5,814.0	4,867.8	4,028.1	3,660.8	0.0
1. Owner's capital	2,421.1	2,105.3	1,818.1	909.0	3,295.0
- Common stock with voting right	2,421,129,430,000.00	2,105,334,030,000.00	1,818,079,230,000.00	909,041,460,000.00	929,041,460,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	31.3
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	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	542.8	329.6	160.1	604.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	207.0	207.0	207.0	207.0	0.0
11. Undistributed earnings after tax	1,981.8	1,697.8	1,381.6	1,524.4	1,311.6
- Accumulated retained earning at the end of the previous period	901.0	738.1	636.5	640.1	645.4
- Undistributed earnings in this period	1,080.8	959.6	745.1	884.3	666.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	661.3	528.1	461.3	416.0	348.0
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)	28,670.2	25,052.9	21,060.4	19,003.4	17,801.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,838.5	1,571.7	1,274.3	1,245.5	1,111.3
Depreciation of Fixed Assets and Investment Property	421.9	385.4	339.0	240.7	187.8
Provision (Increase)/Reversal	49.7	4.6	-2.1	5.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-675.9	-497.1	-456.7	-422.7	0.0
Interest Expense	161.7	76.8	64.1	26.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	1.1	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,796.9	1,541.4	1,218.6	1,095.2	1,019.3
Increase/(Decrease) in Receivables	93.0	-1,622.6	-1,251.3	-293.9	0.0
Increase/(Decrease) in Inventory	60.0	89.3	-31.9	35.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,253.4	811.4	794.8	449.8	0.0
Increase/(Decrease) in Prepaid Expenses	-234.0	9.9	-763.2	-9.5	0.0
Changes in Trading Securities	-43.2	58.5	0.0	137.3	0.0
Interest Paid	-157.7	-75.8	-67.0	-26.0	0.0
Corporate Income Tax Paid	-315.8	-174.5	-246.9	-174.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-12.8	-16.3	-450.8	-8.0	0.0
Net Cash Flow from Operating Activities	2,439.8	621.2	-797.7	1,206.4	607.6
Payments for Fixed Assets and Other Long-term Assets	-561.1	-634.3	-1,296.4	-1,063.2	-382.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.2	0.9	9.1	0.2	0.0
Loans and Purchases of Debt Instruments	-16,170.6	-12,972.7	-5,048.9	-6,443.7	-6,183.6
Receipts from Loan Repayments and Sale of Debt Instruments	13,023.1	10,571.4	6,023.4	6,264.7	5,696.4
Investments in Other Entities	-10.5	0.0	-30.7	-457.5	-29.6
Proceeds from Investments in Other Entities	177.6	318.9	496.1	0.0	0.0
Dividends and Interest Income Received	487.5	357.8	564.7	335.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-3,049.7	-2,358.0	717.2	-1,364.2	-723.1
Proceeds from Equity Issuance and Capital Contributions	22,500,000,000.00	0.00	490,900,000.00	0.00	14,946,000,000.00
Share Repurchases	—	0.00	-24,900,000.00	-209,615,212,467.00	0.00
Proceeds from Borrowings	6,675.6	7,184.3	4,825.2	3,266.8	1,418.1
Repayment of Borrowings	-5,455.9	-5,272.4	-3,829.8	-3,033.1	-1,422.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-433.3	-358.9	-525.8	-200.9	-245.8
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	808.9	1,553.1	470.1	-176.8	-235.6
Net Cash Flow During the Period	199.0	-183.7	389.6	-334.7	-84.0
Cash and Cash Equivalents at Beginning of Period	645.6	829.3	439.7	774.4	978.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	844.6	645.6	829.3	439.7	627.3

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	2,164.8	2,301.3	2,233.7	2,129.5	1,941.4	2,066.3	1,977.4	1,937.4	1,826.7	1,913.5	1,705.0	1,663.3
Revenue Deductions	-0.0	1.9	—	—	0.2	2.4	0.4	0.3	0.4	2.0	0.3	0.2
Net Revenue	2,164.8	2,299.4	2,233.7	2,129.5	1,941.2	2,063.9	1,977.0	1,937.1	1,826.2	1,911.5	1,704.7	1,663.1
Cost of Goods Sold	1,807.8	1,910.9	1,867.2	1,838.7	1,621.0	1,781.5	1,681.0	1,693.2	1,553.8	1,619.6	1,487.3	1,471.9
Gross Profit	357.0	388.6	366.4	290.8	320.2	282.4	295.9	243.9	272.5	291.9	217.4	191.2
Financial Income	194.7	183.4	173.7	167.6	233.5	230.0	135.4	191.5	65.1	129.6	53.2	93.3
Financial Expenses	68.9	67.7	45.4	63.4	43.5	41.5	40.2	18.3	16.5	12.8	20.2	-65.9
Interest Expense	55.2	44.2	45.6	39.1	32.3	25.1	19.9	16.0	15.8	16.2	11.0	17.5
Share of Associates and Joint Ventures	8.7	14.5	28.0	3.3	14.9	12.9	18.2	20.0	16.3	64.6	22.2	23.5
Selling Expenses	20.9	28.4	37.0	6.8	3.4	8.8	3.7	2.8	6.3	0.8	3.5	3.1
General and Administrative Expenses	23.7	23.3	18.3	24.1	21.8	24.4	20.3	24.5	18.9	33.6	20.5	22.2
Operating Profit	446.9	466.9	467.5	367.4	499.9	450.6	385.3	409.7	312.2	438.9	248.5	348.6
Other Income	0.5	36.9	4.6	74.1	0.7	12.1	3.5	4.8	4.2	8.2	3.3	0.0
Other Expenses	0.0	0.6	4.0	12.6	1.2	0.7	4.9	3.3	0.1	0.1	3.5	3.5
Other Profit	0.5	36.4	0.6	61.6	-0.4	11.4	-1.3	1.5	4.1	8.1	-0.2	-3.5
Profit Before Tax	447.4	503.3	468.0	428.9	499.4	462.1	383.9	411.3	316.3	447.0	248.3	345.1
Current Income Tax Expense	90.4	103.2	84.4	88.4	97.5	87.8	71.1	79.1	58.9	72.9	47.7	83.2
Deferred Income Tax Expense	0.4	-0.1	1.9	-1.5	-0.4	-1.5	-0.8	-0.4	-0.5	1.0	-2.5	-1.2
Net Income	356.6	400.1	381.7	342.0	402.3	375.7	313.6	332.6	257.9	373.1	203.2	263.1
Non-controlling Interest	22.5	45.9	15.9	33.2	50.9	58.2	11.7	34.7	11.9	33.5	9.3	25.8
Profit Attributable to Parent	334.1	354.1	365.8	308.8	351.4	317.5	301.9	297.9	246.0	339.6	193.8	237.3
Earnings per Share	1,380.00	1,463.00	1,511.00	1,275.00	1,669.00	1,508.00	1,434.00	1,638.00	1,353.00	1,868.00	1,066.00	2,611.00
Diluted EPS	1,380.00	1,463.00	1,511.00	1,275.00	1,669.00	5,530.00	1,434.00	1,638.00	1,353.00	1,868.00	1,066.00	2,611.00

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)	16,381.6	15,761.7	15,188.0	14,224.7	13,097.3	12,529.3	11,677.7	10,563.1	9,628.9	9,361.1	9,026.5	9,305.7
I. Cash and cash equivalents	620.7	839.6	630.7	399.8	496.3	643.6	345.3	842.0	1,066.9	827.3	401.4	1,330.0
1. Cash	347.5	273.5	245.7	282.6	195.8	216.3	216.4	745.7	508.9	191.1	248.6	229.0
2. Cash equivalents	273.2	566.1	385.0	117.2	300.5	427.3	128.9	96.3	558.0	636.2	152.8	1,101.0
II. Short-term financial investments	10,917.2	5,070.8	5,282.6	6,395.0	5,957.0	5,176.4	4,476.8	3,425.4	3,724.0	2,996.6	3,213.3	3,300.5
1. Available for sale securities	253.4	238.4	205.8	185.4	163.9	197.0	117.7	165.3	150.9	126.5	147.7	126.5
2. Provision for diminution in value of available for sale securities (*)	-48.8	-45.5	-34.5	-25.5	-6.0	-5.3	-0.0	-1.3	0.0	-0.3	0.0	-4.2
3. Held to maturity investments	10,716.0	4,878.0	5,111.3	6,235.0	5,799.1	4,984.6	4,359.1	3,261.4	3,573.1	2,870.4	3,065.5	3,178.3
4. Provision for short-term investments held to maturity (*)	-3.5	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	3,791.1	8,711.2	8,078.4	6,266.3	5,505.6	5,479.2	5,600.1	5,123.1	3,631.1	4,293.6	4,326.5	3,623.7
1. Short-term trade accounts receivable	506.3	447.7	411.7	436.6	462.1	392.3	410.8	388.5	449.3	278.6	296.4	317.4
2. Short-term prepayments to suppliers	141.2	118.2	109.4	128.1	53.8	50.3	40.8	96.8	130.4	96.7	131.8	153.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	4,927.9	4,378.4	2,685.4	2,302.2	1,610.7	1,826.7	1,492.2	1,353.8	1,269.6	714.8	2.9
6. Other short-term receivables	3,161.4	3,238.6	3,200.9	3,038.2	2,709.3	3,447.9	3,342.7	3,169.6	1,718.4	2,669.7	3,200.7	3,167.1
7. Provision for short-term doubtful debts (*)	-17.8	-21.3	-21.9	-21.9	-21.9	-22.0	-21.0	-23.9	-20.8	-21.0	-17.2	-17.2
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	250.6	266.7	289.6	336.8	319.3	380.5	385.8	383.5	426.6	472.8	453.8	405.8
1. Inventories	251.5	267.7	291.1	338.3	320.7	381.9	388.6	386.4	429.4	475.7	457.7	409.8
2. Provision for decline in value of inventories	-1.0	-1.0	-1.5	-1.5	-1.5	-1.5	-2.9	-2.9	-2.9	-2.9	-3.9	-3.9
V. Other short-term assets	802.0	873.3	906.7	826.7	819.1	849.6	869.8	789.0	780.3	770.8	631.6	645.7
1. Short-term prepayments	5.6	6.3	6.5	5.8	3.2	5.5	5.6	7.3	3.6	4.6	5.5	6.6
2. Value added tax to be reclaimed	795.2	863.8	895.4	816.1	811.6	842.4	861.8	779.2	772.6	738.9	623.2	608.7
3. Taxes and other receivables from state authorities	1.3	3.2	4.7	4.9	4.2	1.6	2.4	2.5	4.1	27.3	2.9	30.4
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)	12,972.1	12,984.3	13,222.2	13,689.8	13,228.6	12,496.4	12,667.0	12,749.2	12,618.2	11,722.6	11,306.6	10,842.8
I. Long-term receivables	1,321.0	1,317.6	1,321.2	1,331.8	1,310.6	660.5	800.3	800.4	800.4	0.4	0.4	0.4
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	—	—	—	—	—	0.0	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	1,321.0	1,317.6	1,321.2	1,331.8	1,310.6	660.5	800.3	800.4	800.4	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,257.5	1,301.0	1,338.5	1,383.7	1,376.4	1,278.7	1,221.7	1,259.5	1,248.2	1,251.8	1,224.8	1,171.0
1. Tangible fixed assets	1,252.9	1,296.3	1,334.3	1,379.4	1,372.0	1,274.3	1,217.4	1,255.2	1,243.8	1,247.2	1,220.2	1,148.2
- Cost	2,180.8	—	—	—	—	1,964.1	1,864.7	1,862.1	1,810.7	1,777.2	1,712.3	1,604.8
- Accumulated depreciation	-928.0	—	—	—	—	-689.8	-647.3	-606.8	-567.0	-529.9	-492.1	-456.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.6	4.7	4.2	4.3	4.4	4.5	4.3	4.3	4.4	4.5	4.6	22.8
- Cost	10.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	6,241.3	6,184.9	6,021.0	6,006.5	6,047.2	5,907.3	5,492.6	5,505.5	5,547.6	5,443.4	5,509.6	5,260.5
- Cost	7,548.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,307.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2,201.6	2,225.2	2,404.8	2,305.6	2,285.1	2,315.6	2,517.7	2,484.5	2,288.4	2,713.7	2,719.7	2,957.7
1. Long-term production in progress	72.6	72.6	72.6	72.6	72.6	14.4	14.4	14.4	14.4	14.4	14.4	14.4
2. Construction in progress	2,129.1	2,152.7	2,332.3	2,233.0	2,212.6	2,301.2	2,503.3	2,470.1	2,274.0	2,699.3	2,705.3	2,943.3
V. Long-term financial investments	1,120.9	1,115.1	1,079.6	1,599.5	1,140.4	1,259.5	1,559.1	1,618.9	1,679.4	1,693.1	1,835.1	1,434.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	767.0	775.0	760.5	786.6	773.6	848.3	1,038.9	1,037.1	1,034.6	1,086.2	1,023.1	1,022.3
3. Investments in other entities	321.2	321.2	321.2	321.2	321.2	321.2	326.4	374.4	450.9	484.9	483.6	412.7
4. Provision for diminution in value of long-term investments	-19.3	-11.1	-2.1	-13.8	-9.9	0.0	-20.2	0.0	0.0	-22.0	-25.6	0.0
5. Held to maturity investments	52.0	30.0	—	505.5	55.5	90.0	214.0	207.4	194.0	144.0	354.0	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	829.9	840.5	1,057.0	1,062.8	1,069.0	1,074.8	1,075.5	1,080.5	1,054.2	620.2	15.0	14.2
1. Long-term prepayments	829.9	840.5	591.6	597.3	603.5	609.3	610.1	615.0	618.7	620.2	15.0	14.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	465.4	465.4	465.4	465.4	465.4	465.4	435.4	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	2.0	4.0
TOTAL ASSETS (280=100+200)	29,353.7	28,745.9	28,410.1	27,914.4	26,325.9	25,025.7	24,344.7	23,312.3	22,247.0	21,083.7	20,333.2	20,148.6
A. LIABILITIES (300=210+330)	23,178.4	22,891.3	22,713.5	22,575.3	21,027.4	20,151.3	19,634.0	18,928.0	17,961.0	17,044.9	16,459.6	16,498.6
I. Short -term liabilities	5,395.9	5,523.1	5,526.3	5,554.1	4,574.4	4,123.3	3,984.8	3,697.2	3,306.3	3,051.8	2,196.1	2,304.8
1. Short-term trade accounts payable	271.1	145.2	232.1	233.9	225.7	241.5	206.5	225.8	232.0	237.9	226.0	224.2
2. Short-term advances from customers	45.8	25.2	141.8	23.8	18.7	10.6	8.7	25.4	60.1	54.2	66.2	47.2
3. Dividends and profits payable	1.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	61.9	333.8	244.2	188.7	109.6	227.6	189.7	119.6	81.5	125.8	92.2	99.7
4. Payable to employees	3.5	11.8	3.7	3.7	4.0	12.4	3.9	3.9	3.4	12.4	3.9	2.8
5. Short-term acrrued expenses	13.3	8.8	17.4	13.1	11.4	5.1	13.3	11.9	15.7	3.6	11.7	8.8
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	447.0	399.0	413.1	464.7	404.9	376.1	356.0	400.9	361.3	319.3	61.5	100.9
9. Other short-term payables	346.2	286.9	247.8	329.1	316.7	315.8	228.3	235.2	195.9	299.5	167.5	187.2
10. Short-term borrowings and financial leases	3,648.1	3,746.9	3,658.6	3,722.6	3,016.6	2,465.7	2,503.2	2,180.9	1,957.3	1,595.2	1,158.6	1,225.6
11. Provision for short-term liabilities	0.4	1.6	2.2	2.2	2.2	2.2	2.1	2.1	2.1	2.1	5.7	5.7
12.. Bonus and welfare fund	557.3	563.8	565.3	572.3	464.8	466.4	473.3	491.5	396.8	401.8	402.8	402.6
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	17,782.5	17,368.2	17,187.2	17,021.2	16,453.0	16,028.0	15,649.2	15,230.9	14,654.7	13,993.1	14,263.5	14,193.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	3,102.7	3,087.4	3,204.1	3,207.8	3,196.6	3,021.9	2,761.8	2,767.0	2,834.7	2,782.6	2,782.7	2,721.0
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	13,434.1	12,976.4	12,822.5	12,619.3	12,009.9	11,729.6	11,590.6	11,467.6	11,587.5	10,954.0	11,232.7	11,227.9
7. Other long-term liabilities	106.2	106.5	102.5	18.4	18.4	18.4	0.3	6.3	6.2	6.9	7.1	5.7
8. Long-term borrowings and financial leases	1,011.0	1,070.6	930.7	1,050.2	1,101.2	1,132.1	1,170.3	862.3	89.5	90.7	104.9	117.4
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	128.5	127.3	127.4	125.5	126.9	126.0	126.1	127.7	136.8	158.9	136.2	121.7
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	—	—	—	—	—	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)	6,175.3	5,854.6	5,696.7	5,339.1	5,298.5	4,874.4	4,710.7	4,384.2	4,286.0	4,038.8	3,873.6	3,650.0
I. Owner's equity	6,175.3	5,854.6	5,696.7	5,339.1	5,298.5	4,874.4	4,710.7	4,384.2	4,286.0	4,038.8	3,873.6	3,650.0
1. Owner's capital	2,421.1	2,421.1	2,421.1	2,105.3	2,105.3	2,105.3	2,105.3	1,818.1	1,818.1	1,818.1	1,818.1	909.0
- Common stock with voting right	2,421,129,430,000.00	2,421,129,430,000.00	2,421,129,430,000.00	2,105,334,030,000.00	2,105,334,030,000.00	2,105,334,030,000.00	2,105,334,030,000.00	1,818,079,230,000.00	1,818,079,230,000.00	1,818,079,230,000.00	1,818,079,230,000.00	909,041,460,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	542.8	542.8	542.8	542.8	329.6	329.6	329.6	329.6	160.1	160.1	160.1	656.8
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	207.0	207.0	207.0	207.0	207.0	207.0	207.0	207.0	207.0	207.0	207.0	207.0
11. Undistributed earnings after tax	2,315.9	2,014.9	1,902.9	1,892.3	2,049.2	1,691.8	1,584.9	1,554.7	1,627.6	1,411.0	1,253.2	1,453.6
- Accumulated retained earning at the end of the previous period	1,981.8	901.0	901.0	1,232.1	1,697.8	738.1	738.1	1,010.9	1,381.6	636.5	636.5	1,050.5
- Undistributed earnings in this period	334.1	1,113.9	1,001.9	660.2	351.4	953.7	846.7	543.9	246.0	774.4	616.7	403.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	688.6	668.9	622.9	591.7	607.4	540.7	483.9	474.8	473.2	442.6	435.2	423.6
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)	29,353.7	28,745.9	28,410.1	27,914.4	26,325.9	25,025.7	24,344.7	23,312.3	22,247.0	21,083.7	20,333.2	20,148.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	447.4	465.0	468.0	406.0	499.4	462.1	383.9	408.8	316.3	419.9	248.3	377.2
Depreciation of Fixed Assets and Investment Property	109.3	104.8	104.8	111.7	100.5	120.2	89.7	88.6	87.0	86.2	92.4	139.0
Provision (Increase)/Reversal	11.5	18.4	-2.7	23.3	10.7	-15.2	16.1	4.2	-0.4	-26.2	7.4	16.9
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-203.3	-201.8	-158.5	-135.9	-179.7	-53.8	-123.8	-208.5	-48.5	-248.9	68.3	-192.7
Interest Expense	55.2	44.7	45.6	39.1	32.3	25.1	19.9	16.0	15.8	22.7	11.0	17.5
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	420.1	432.2	457.3	444.2	463.2	538.2	385.8	309.1	370.2	253.8	427.5	357.9
Increase/(Decrease) in Receivables	-207.7	561.4	-230.4	-311.6	73.5	87.3	-268.2	-1,305.4	-82.6	1,443.1	-543.4	-933.0
Increase/(Decrease) in Inventory	12.0	27.5	47.4	-17.7	2.8	6.7	2.7	38.1	41.5	-13.2	-49.4	5.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	718.0	-51.4	267.8	739.9	297.2	333.0	-10.8	-144.2	538.2	455.5	-226.0	189.6
Increase/(Decrease) in Prepaid Expenses	11.4	-250.8	5.0	3.7	8.1	0.9	5.6	1.1	2.4	-765.0	163.0	-163.7
Changes in Trading Securities	-13.2	—	—	—	—	49.7	47.6	-14.4	-24.4	21.3	-21.2	-0.1
Interest Paid	-54.6	-43.8	-43.3	-38.8	-31.8	-24.5	-19.7	-15.9	-15.7	-22.5	-11.4	-17.3
Corporate Income Tax Paid	-332.9	-51.1	-10.9	-29.1	-224.7	-61.5	1.2	-36.5	-97.6	-40.2	-41.2	-12.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.6	-1.4	-7.0	-2.4	-1.9	-6.8	-3.7	-1.0	-5.0	-441.9	4.3	-9.3
Net Cash Flow from Operating Activities	546.6	588.2	465.4	766.6	619.6	923.0	140.4	-1,169.1	727.0	890.8	-298.0	-583.2
Payments for Fixed Assets and Other Long-term Assets	-104.2	-168.7	-172.5	-159.2	-60.7	-127.6	-9.3	-318.0	-116.9	-510.9	148.1	-1,028.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	4.1	0.0	0.0	0.0	0.1	0.8	-1.0	1.0	9.1
Loans and Purchases of Debt Instruments	-3,748.8	-2,887.7	-5,170.6	-3,818.2	-4,294.1	-2,578.0	-5,206.4	-2,310.0	-2,746.0	-1,032.7	-2,804.2	-1,094.9
Receipts from Loan Repayments and Sale of Debt Instruments	3,127.2	2,546.5	5,093.8	2,562.2	2,820.7	2,292.4	3,765.6	2,472.0	1,907.1	692.5	2,041.5	2,181.2
Investments in Other Entities	-0.2	—	—	—	—	0.2	-0.2	0.0	0.0	-18.1	0.6	300.6
Proceeds from Investments in Other Entities	3.9	-0.4	0.4	3.8	173.9	13.5	108.3	145.8	51.3	-19.7	19.7	496.1
Dividends and Interest Income Received	107.1	149.5	185.3	81.2	71.4	61.0	110.2	70.7	53.4	186.4	40.6	290.3
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	-614.9	-360.4	-63.6	-1,337.0	-1,288.8	-338.5	-1,231.8	60.5	-850.3	-703.5	-552.8	1,153.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	490,900,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	-24,900,000.00
Proceeds from Borrowings	1,396.6	1,991.1	1,578.8	1,685.4	1,420.3	1,564.6	1,908.1	2,396.9	1,314.8	1,468.8	1,395.5	1,145.7
Repayment of Borrowings	-1,555.0	1.1	-1,762.4	-1,030.3	-900.4	-1,640.3	-1,277.8	-1,400.4	-953.9	-1,046.5	-1,475.4	-804.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-242.1	-0.4	-190.8	-0.0	-210.5	-37.7	-110.7	0.0	-181.8	0.0	-344.0
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	-158.4	-13.9	-184.0	486.8	520.0	-286.3	592.6	885.8	360.9	240.6	-79.8	-2.0
Net Cash Flow During the Period	-226.7	213.9	217.9	-83.5	-149.3	298.3	-498.7	-222.9	237.6	427.9	-930.6	568.4
Cash and Cash Equivalents at Beginning of Period	847.4	630.7	412.8	496.3	645.6	829.3	829.3	829.3	829.3	439.7	439.7	439.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	620.7	844.6	630.7	412.8	496.3	643.6	345.3	844.0	1,066.9	829.3	401.4	1,332.0

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SIP

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