SJG

Tổng Công ty Sông Đà - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 23.82%, +5.64pp YoY

Price

21,900

Latest close

03 Jun 2026

P/E 6.34x

P/B 0.94x

EPS 3,452

BVPS 23,282

ROE 12.9%

ROA 5.7%

Profit Margin 19.2%

Asset Turnover 0.30x

Equity Mult. 2.26x

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

What Is Changing

On a TTM 2026Q1 basis, SJG has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,585bn
	                                
+19.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,569bn
	                                
+55.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	6,620.8	5,531.4	5,583.6	5,428.3	5,947.6
Growth	+20%	-1%	+3%	-9%	—
Net Income	1,983.6	855.7	515.2	1,816.5	549.0
Net Margin	29.96%	15.47%	9.23%	33.46%	9.23%

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	1,250.2	1,511.9	1,981.9	1,841.3	1,306.9	1,332.1	1,495.1	1,400.0	1,037.2	1,572.8	1,832.7	1,339.2
Growth	-17%	-24%	+8%	+41%	-2%	-11%	+7%	+35%	-34%	-14%	+37%	—
Net Income	169.5	661.6	422.2	315.4	63.0	423.9	343.1	176.4	28.0	117.8	228.0	132.4
Net Margin	13.56%	43.76%	21.30%	17.13%	4.82%	31.82%	22.94%	12.60%	2.70%	7.49%	12.44%	9.89%

Drivers of SJG's profit

TTM

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

Other profit ↑ 402.3bn

Gross profit ↑ 185.4bn

Administrative expenses ↓ 96.6bn

Minority interests ↑ 104.5bn

Tax ↑ 102.7bn

TTM

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

Gross profit ↑ 79.7bn

Finance costs ↓ 78.6bn

Other profit ↑ 22.8bn

Administrative expenses ↓ 13.1bn

Financial income ↓ 74.3bn

Minority interests ↑ 33.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.0% = 18.2% × 0.25 × 2.43

2026Q1 16.0% = 23.8% × 0.30 × 2.26

ROE rose from 11.0% to 16.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 23.8% +5.6pp Asset turnover: 0.30x +0.05x Leverage: 2.26x -0.17x

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 23.82%, rising 5.6pp. Core operating signals are improving as SG&A / Revenue fell 2.8pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Other profit / Revenue rose 6.1pp and Net financial result / Revenue rose 0.5pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 23.82% +5.6pp

Gross Margin 21.85% −0.8pp

SG&A / Revenue 5.75% −2.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 8.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 8.33%, rising 1.3pp. That translates to 8.33 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.07x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 8.33% +1.3pp

NOPAT Margin 18.58% +0.3pp

Capital Turnover 0.45x +0.07x

Average Invested Capital 14,695.2bn +201.1bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.20x equity, net debt at 0.46x equity.

Over the last 12 months, working capital absorbed 418.0bn 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: −733.8bn

Inventories decreased → higher CFO: +260.8bn

Payables increased → higher CFO: +54.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 51.8 days versus the same period last year. The main moves came from DIO fell 39.2 days, DSO fell 37.4 days, and DPO fell 24.8 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 197.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 168.2 days −37.4 days

Inventory 125.0 days −39.2 days

Payables 95.9 days −24.8 days

Cash Conversion Cycle 197.3 days −51.8 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 0.46x and interest coverage at 2.18x.

At present, short-term debt accounts for 50.6% of total debt, cash equals 21.6% of debt, and total debt stands at 6,121.8bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Cash buffer is thin relative to debt

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

Leverage and liquidity trend

Net Debt / Equity 0.46x −0.08x

Interest Coverage 2.18x +0.49x

Cash / Debt 21.6% −0.1pp

Short-term Debt / Total Debt 50.6% +4.3pp

CFO / NI 1.21x −0.59x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,813.0bn in 2025, against investing cash flow of -59.0bn.

Post-investment cash flow was positive +1,754.0bn. Financing cash flow was negative +1,656.2bn.

CFO / net income was 1.21x.

After spending +103.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,425.0bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 1,528.2bn +78.9bn

Cash Capex 103.1bn +59.8bn

FCF TTM +1,425.0bn +19.1bn

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 operating efficiency, with net margin improving 5.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 22.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 23.82% after expanding 5.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.21x. Even so, net financial result still accounts for 22.0% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,620.9	5,532.2	5,586.5	5,428.4	5,971.9
Revenue Deductions	0.1	0.8	2.9	0.1	0.0
Net Revenue	6,620.8	5,531.4	5,583.6	5,428.3	5,947.6
Cost of Goods Sold	5,247.6	4,235.1	4,408.3	3,756.4	0.0
Gross Profit	1,373.2	1,296.4	1,175.3	1,671.8	1,413.1
Financial Income	630.2	468.4	572.0	3,556.7	241.3
Financial Expenses	654.7	709.4	893.8	904.8	-769.3
Interest Expense	403.3	517.3	741.8	661.4	-708.2
Share of Associates and Joint Ventures	884.4	398.3	262.9	277.4	93.7
Selling Expenses	0.1	0.1	0.1	0.1	-1.6
General and Administrative Expenses	400.2	446.3	404.6	2,359.1	-300.9
Operating Profit	1,832.9	1,007.2	711.7	2,242.0	676.3
Other Income	401.8	22.8	37.8	42.0	0.0
Other Expenses	41.6	38.3	55.0	108.1	0.0
Other Profit	360.2	-15.5	-17.2	-66.1	-26.3
Profit Before Tax	2,193.1	991.7	694.5	2,175.9	650.0
Current Income Tax Expense	211.5	129.1	124.9	334.8	-100.9
Deferred Income Tax Expense	-2.0	6.9	54.4	24.5	0.0
Net Income	1,983.6	855.7	515.2	1,816.5	549.0
Non-controlling Interest	287.1	242.1	83.6	295.0	215.7
Profit Attributable to Parent	1,696.4	613.7	431.6	1,521.5	333.3
Earnings per Share	3,774.00	1,365.00	960.00	3,375.00	741.00
Diluted EPS	3,774.00	1,365.00	960.00	3,375.00	741.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	11,215.2	10,976.2	10,715.0	11,147.7	10,816.5
I. Cash and cash equivalents	1,872.0	1,764.8	1,548.4	758.6	485.8
1. Cash	1,598.7	1,358.5	1,088.2	481.1	0.0
2. Cash equivalents	273.3	406.4	460.2	277.5	0.0
II. Short-term financial investments	2,647.3	1,992.4	1,770.8	2,408.5	0.0
1. Available for sale securities	0.2	0.2	0.2	0.2	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	2,647.2	1,992.3	1,770.7	2,408.3	0.0
III. Short-term receivables	4,825.9	5,262.3	5,296.2	5,379.3	7,759.3
1. Short-term trade accounts receivable	1,907.7	2,495.2	2,621.0	3,050.8	0.0
2. Short-term prepayments to suppliers	235.6	470.8	280.6	324.4	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	3,249.0	3,172.4	3,150.8	2,732.4	0.0
6. Other short-term receivables	1,622.8	1,322.4	1,340.7	1,460.3	0.0
7. Provision for short-term doubtful debts (*)	-2,189.2	-2,208.3	-2,106.8	-2,198.4	0.0
8. Assets awaiting resolution	—	9.8	9.8	9.8	0.0
IV. Inventories	1,671.6	1,739.9	1,856.0	2,375.0	2,283.6
1. Inventories	1,671.6	1,739.9	1,861.0	2,375.0	0.0
2. Provision for decline in value of inventories	—	0.0	-5.0	0.0	0.0
V. Other short-term assets	198.3	216.6	243.5	226.3	212.8
1. Short-term prepayments	22.4	28.6	15.2	21.3	0.0
2. Value added tax to be reclaimed	142.4	162.9	191.9	194.9	0.0
3. Taxes and other receivables from state authorities	33.5	25.1	36.4	10.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	11,306.0	11,282.3	12,010.8	12,522.7	13,595.3
I. Long-term receivables	1,548.5	1,254.6	1,368.6	1,328.3	0.0
1. Long-term trade receivables	1,011.4	717.3	827.3	772.6	983.3
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	504.4	527.0	536.7	550.0	0.0
6. Other long-term receivables	32.7	10.4	4.6	5.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	6,586.2	7,069.4	7,658.6	8,294.9	8,901.3
1. Tangible fixed assets	6,520.6	6,995.5	7,583.8	8,209.0	8,826.7
- Cost	17,271.8	17,472.9	17,562.5	17,734.0	0.0
- Accumulated depreciation	-10,751.3	-10,477.4	-9,978.7	-9,525.1	0.0
2. Financial leased fixed assets	56.6	64.9	65.8	77.9	66.3
- Cost	97.0	95.4	106.5	104.2	0.0
- Accumulated depreciation	-40.4	-30.5	-40.7	-26.3	0.0
3. Intangible fixed assets	9.0	9.0	9.0	8.1	8.2
- Cost	15.9	15.4	15.1	14.1	0.0
- Accumulated depreciation	-6.8	-6.4	-6.1	-6.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	158.9	204.7	159.5	138.9	130.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	158.9	204.7	159.5	138.9	0.0
V. Long-term financial investments	2,716.8	2,552.5	2,583.8	2,512.4	3,300.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,573.6	2,433.7	2,433.1	2,339.3	0.0
3. Investments in other entities	237.3	236.3	263.4	280.6	0.0
4. Provision for diminution in value of long-term investments	-95.1	-118.5	-113.8	-108.6	0.0
5. Held to maturity investments	1.0	1.0	1.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	295.5	201.1	240.3	248.2	0.0
1. Long-term prepayments	99.6	63.4	102.3	119.4	0.0
2. Deferred income tax assets	133.8	55.3	37.3	9.4	0.0
3. Long-term equipment, supplies, spare parts	24.6	26.1	25.7	25.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	279.7
5. Goodwill	37.5	56.3	75.0	93.8	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	22,521.2	22,258.5	22,725.7	23,670.4	24,411.8
A. LIABILITIES (300=210+330)	12,288.5	13,145.3	13,696.3	14,547.3	17,202.1
I. Short -term liabilities	8,158.7	8,579.4	9,175.4	9,031.2	10,782.7
1. Short-term trade accounts payable	1,010.0	1,154.9	1,190.8	1,484.3	1,945.5
2. Short-term advances from customers	696.4	881.3	915.8	928.7	600.3
3. Taxes and other payables to state authorities	341.7	239.5	253.4	322.5	0.0
4. Payable to employees	186.1	155.3	169.3	199.8	0.0
5. Short-term acrrued expenses	1,307.7	1,333.7	1,181.5	1,031.0	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	142.1	216.7	82.4	42.1	39.3
9. Other short-term payables	1,371.3	1,338.1	1,653.8	1,274.8	0.0
10. Short-term borrowings and financial leases	3,058.0	3,220.9	3,688.9	3,716.4	4,211.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	45.5	39.0	39.4	31.5	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	4,129.8	4,565.9	4,520.9	5,516.2	6,419.4
1. Long-term trade payables	272.1	286.1	319.9	361.6	215.9
2. Long-term advances from customers	1.2	2.4	0.0	0.0	0.0
3. Long-term acrrued expenses	387.9	532.9	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	78.7	91.2	99.9	112.2	88.1
7. Other long-term liabilities	82.2	78.5	263.8	717.6	0.0
8. Long-term borrowings and financial leases	3,029.7	3,395.0	3,660.5	4,278.9	5,870.2
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	277.9	179.9	176.8	45.8	0.0
12. Provision for long-term liabilities	0.1	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)	10,232.6	9,113.2	9,029.4	9,123.1	7,209.7
I. Owner's equity	10,232.6	9,113.2	9,029.4	9,123.1	0.0
1. Owner's capital	4,495.4	4,495.4	4,495.4	4,495.4	7,209.7
- Common stock with voting right	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	114.5	114.6	114.6	114.6	114.6
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	16.3	16.3	16.3	16.3	35.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-975.4	-975.4	-975.4	-975.4	0.0
7. Foreign exchange differences	—	0.0	0.0	-106.5	0.0
8. Investment and development fund	1,513.5	1,426.5	1,310.9	730.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	6.8	6.8	6.8	6.8	0.0
11. Undistributed earnings after tax	2,357.4	1,446.6	1,545.0	2,051.2	976.2
- Accumulated retained earning at the end of the previous period	661.0	772.1	1,113.4	533.9	761.9
- Undistributed earnings in this period	1,696.4	674.5	431.6	1,517.2	214.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,704.0	2,582.4	2,515.8	2,790.3	2,449.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	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
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	22,521.2	22,258.5	22,725.7	23,670.4	24,411.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,193.1	991.7	694.5	2,175.9	695.3
Depreciation of Fixed Assets and Investment Property	608.3	637.5	658.5	690.7	617.3
Provision (Increase)/Reversal	-42.3	101.1	-81.4	1,949.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	26.9	12.8	35.2	33.5	0.0
Gain/Loss from Investment Activities	-337.9	-287.7	472.8	-3,708.8	0.0
Interest Expense	403.3	517.3	741.8	661.5	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2,851.4	1,972.7	2,521.4	1,801.8	1,675.9
Increase/(Decrease) in Receivables	-59.9	80.5	488.5	170.8	0.0
Increase/(Decrease) in Inventory	69.7	120.7	513.8	-42.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-390.5	-40.4	-1,627.0	-737.2	0.0
Increase/(Decrease) in Prepaid Expenses	-30.0	25.5	23.3	50.6	0.0
Changes in Trading Securities	—	0.0	0.0	21.2	0.0
Interest Paid	-460.5	-366.3	-664.0	-524.4	0.0
Corporate Income Tax Paid	-119.7	-130.0	-184.4	-279.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-47.5	-45.8	-51.3	-48.1	0.0
Net Cash Flow from Operating Activities	1,813.0	1,616.8	1,020.3	413.3	1,290.5
Payments for Fixed Assets and Other Long-term Assets	-51.9	-96.9	-15.7	-107.4	-70.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	14.9	15.5	15.9	81.2	10.9
Loans and Purchases of Debt Instruments	-622.4	-287.2	-103.2	-2,433.6	-63.8
Receipts from Loan Repayments and Sale of Debt Instruments	267.1	114.8	775.0	66.1	284.7
Investments in Other Entities	-1.1	-1.4	0.0	0.0	-5.2
Proceeds from Investments in Other Entities	—	28.5	17.2	4,383.7	0.0
Dividends and Interest Income Received	334.4	272.6	631.4	547.3	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	-59.0	45.9	1,320.6	2,537.3	203.1
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	870.1	672.9	1,970.9	2,392.7	2,143.6
Repayment of Borrowings	-1,698.5	-1,487.0	-3,106.5	-4,560.0	-3,396.8
Repayment of Finance Leases	-131.2	-54.1	-19.1	-19.6	-19.6
Dividends Paid	-696.7	-592.3	-397.2	-480.9	-94.2
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1,656.2	-1,460.6	-1,551.8	-2,667.8	-1,367.0
Net Cash Flow During the Period	97.7	202.1	789.0	282.9	60.0
Cash and Cash Equivalents at Beginning of Period	1,764.8	1,548.4	758.6	472.7	380.4
FX Difference from Revaluation	9.5	14.3	0.8	3.0	-0.9
Cash and Cash Equivalents at End of Period	1,872.0	1,764.8	1,548.4	758.6	485.8

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	1,250.2	1,512.0	1,981.9	1,841.3	1,306.9	1,332.1	1,495.1	1,400.7	1,037.2	1,575.5	1,832.7	1,339.2
Revenue Deductions	—	0.1	—	—	—	0.0	0.0	0.8	0.0	2.8	0.0	0.0
Net Revenue	1,250.2	1,511.9	1,981.9	1,841.3	1,306.9	1,332.1	1,495.1	1,400.0	1,037.2	1,572.8	1,832.7	1,339.2
Cost of Goods Sold	1,003.2	1,228.7	1,391.5	1,523.1	1,139.6	1,026.8	972.1	1,142.3	830.9	1,395.6	1,365.1	1,018.8
Gross Profit	247.1	283.2	590.3	318.2	167.4	305.3	523.1	257.7	206.3	177.2	467.6	320.4
Financial Income	100.5	135.7	168.2	160.9	174.9	164.5	120.1	127.6	92.1	132.6	206.2	169.8
Financial Expenses	86.0	102.2	190.3	263.1	164.6	120.5	185.0	210.1	176.6	158.9	297.8	235.6
Interest Expense	82.9	83.5	115.2	112.2	104.2	88.1	121.9	153.9	126.9	140.1	229.5	185.7
Share of Associates and Joint Ventures	—	138.3	0.1	274.9	0.3	298.6	-0.0	161.2	-0.1	112.9	-2.3	0.2
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	90.8	55.1	83.8	149.0	103.9	161.1	77.0	133.4	77.0	134.9	70.9	88.7
Operating Profit	170.8	399.9	484.5	341.9	74.0	486.7	381.2	203.0	44.6	128.8	302.8	166.0
Other Income	29.0	391.0	9.2	8.3	5.5	10.2	9.3	12.8	5.4	14.9	12.8	13.4
Other Expenses	3.6	22.0	8.1	10.0	2.9	20.8	6.8	15.8	7.5	8.0	43.4	5.3
Other Profit	25.4	369.1	1.1	-1.7	2.6	-10.6	2.5	-3.0	-2.1	6.9	-30.6	8.2
Profit Before Tax	196.2	768.9	485.6	340.3	76.6	476.1	383.7	200.0	42.5	135.8	272.2	174.2
Current Income Tax Expense	27.0	109.4	62.5	33.7	13.0	53.1	40.5	23.5	14.3	18.2	44.1	41.2
Deferred Income Tax Expense	-0.4	-2.0	0.9	-8.9	0.6	-0.9	0.2	0.1	0.1	-0.3	0.1	0.6
Net Income	169.5	661.6	422.2	315.4	63.0	423.9	343.1	176.4	28.0	117.8	228.0	132.4
Non-controlling Interest	49.2	66.4	134.0	55.6	16.1	44.4	115.8	24.5	24.8	-17.4	65.8	32.2
Profit Attributable to Parent	120.3	595.2	288.2	259.8	47.0	379.5	227.3	152.0	3.2	135.3	162.2	100.2
Earnings per Share	268.00	1,965.00	641.00	578.00	104.00	844.00	506.00	338.00	7.00	301.00	361.00	223.00
Diluted EPS	268.00	1,965.00	641.00	578.00	104.00	1,661.00	506.00	338.00	7.00	301.00	361.00	223.00

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)	11,173.8	11,287.8	11,893.2	11,327.8	10,715.9	10,903.6	11,675.3	11,177.5	10,719.6	10,606.4	11,553.7	11,431.5
I. Cash and cash equivalents	1,319.4	1,937.5	1,895.0	1,499.3	1,374.6	1,716.3	1,393.5	1,153.5	1,573.4	1,837.0	2,798.4	757.3
1. Cash	883.6	1,597.7	1,255.1	1,014.4	980.7	1,358.7	1,169.5	884.9	863.3	1,094.4	491.9	497.7
2. Cash equivalents	435.8	339.8	639.9	485.0	393.9	357.6	224.0	268.6	710.1	742.6	2,306.5	259.6
II. Short-term financial investments	4,660.4	2,580.9	2,497.3	2,339.7	2,202.3	2,041.2	2,533.8	2,320.3	1,782.5	1,482.7	625.2	2,475.6
1. Available for sale securities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	6,124.0	2,580.7	2,497.1	2,339.6	2,202.2	2,041.0	2,533.6	2,320.1	1,782.4	1,482.6	625.0	2,475.4
4. Provision for short-term investments held to maturity (*)	-1,463.8	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	3,336.4	4,908.4	5,561.5	5,328.9	5,011.6	5,185.8	5,741.0	5,704.5	5,147.5	5,175.7	5,705.5	5,490.4
1. Short-term trade accounts receivable	2,028.4	2,010.6	2,552.6	2,415.2	2,255.0	2,442.5	2,769.1	2,805.7	2,384.2	2,593.3	2,984.4	2,967.3
2. Short-term prepayments to suppliers	240.2	239.6	281.7	314.6	395.3	476.1	467.5	441.7	372.2	282.2	342.9	358.2
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	—	3,249.0	3,351.2	3,383.3	3,234.1	3,172.4	3,196.6	3,178.4	3,144.3	3,147.9	3,082.8	2,750.1
6. Other short-term receivables	1,793.4	1,627.4	1,676.9	1,525.6	1,385.4	1,318.1	1,472.5	1,417.1	1,335.8	1,330.4	1,462.2	1,595.0
7. Provision for short-term doubtful debts (*)	-725.7	-2,218.1	-2,310.7	-2,319.7	-2,268.1	-2,233.2	-2,174.5	-2,148.3	-2,098.8	-2,187.9	-2,176.6	-2,190.0
8. Assets awaiting resolution	—	—	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8
IV. Inventories	1,632.2	1,662.6	1,741.7	1,935.8	1,892.3	1,741.6	1,745.0	1,726.2	1,952.7	1,870.8	2,209.2	2,487.4
1. Inventories	1,632.2	1,662.6	1,741.7	1,935.8	1,892.3	1,741.6	1,745.0	1,731.2	1,957.7	1,870.8	2,209.2	2,487.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	-5.0	-5.0	0.0	0.0	0.0
V. Other short-term assets	225.5	198.5	197.8	223.9	235.1	218.7	262.0	273.0	263.5	240.2	215.4	220.8
1. Short-term prepayments	40.1	22.4	29.9	30.0	35.8	22.9	29.8	40.1	30.3	10.7	18.3	16.2
2. Value added tax to be reclaimed	155.3	142.6	142.3	168.7	173.2	170.6	191.6	193.1	194.3	191.0	181.3	188.9
3. Taxes and other receivables from state authorities	30.0	33.4	25.5	25.2	26.0	25.2	40.5	39.8	38.8	38.6	15.8	15.7
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)	11,304.5	11,425.9	11,292.1	11,357.2	11,201.6	11,575.9	11,395.8	11,823.0	11,958.6	11,832.9	11,846.3	12,235.5
I. Long-term receivables	1,072.2	1,352.3	1,408.7	1,348.2	1,287.8	1,244.2	1,290.3	1,309.1	1,405.9	1,369.1	1,368.3	1,338.3
1. Long-term trade receivables	1,037.1	841.7	857.0	800.2	748.5	706.8	739.3	744.3	846.4	827.0	809.2	795.6
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	—	504.4	545.4	541.8	531.0	527.0	544.8	560.0	549.0	536.7	553.8	536.7
6. Other long-term receivables	35.2	6.2	6.2	6.2	8.4	10.5	6.3	4.8	10.6	5.5	5.3	6.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	6,540.3	6,588.6	6,644.9	6,768.0	6,935.3	7,069.1	7,187.3	7,421.0	7,577.2	7,658.3	7,790.7	7,993.0
1. Tangible fixed assets	6,471.7	6,522.9	6,579.7	6,700.0	6,865.3	6,995.2	7,120.7	7,356.1	7,506.2	7,583.6	7,715.3	7,915.5
- Cost	17,319.9	—	—	—	—	17,472.9	17,483.4	17,538.5	17,550.5	17,563.0	17,663.2	17,729.6
- Accumulated depreciation	-10,848.2	—	—	—	—	-10,477.7	-10,362.7	-10,182.4	-10,044.3	-9,979.4	-9,948.0	-9,814.0
2. Financial leased fixed assets	59.7	56.6	56.0	58.7	61.1	64.9	57.5	55.7	62.1	65.8	67.1	69.2
- Cost	104.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-44.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.0	9.0	9.1	9.2	8.9	9.0	9.1	9.1	8.9	9.0	8.4	8.3
- Cost	15.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	114.6	160.2	162.6	209.0	201.9	204.9	179.5	161.9	160.8	149.6	154.6	147.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	114.6	160.2	162.6	209.0	201.9	204.9	179.5	161.9	160.8	149.6	154.6	147.7
V. Long-term financial investments	3,199.9	2,966.2	2,829.9	2,782.8	2,554.6	2,846.0	2,558.9	2,725.8	2,587.2	2,410.0	2,311.3	2,505.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2,573.6	2,846.7	2,708.4	2,708.9	2,434.0	2,725.5	2,427.0	2,594.2	2,433.0	2,256.3	2,143.4	2,339.2
3. Investments in other entities	240.3	237.3	237.3	237.3	236.3	236.3	247.5	247.5	264.8	263.4	280.1	280.1
4. Provision for diminution in value of long-term investments	-117.3	-118.9	-116.8	-164.4	-116.7	-116.8	-116.6	-116.9	-111.6	-110.7	-113.3	-115.2
5. Held to maturity investments	503.3	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	377.5	358.7	246.0	249.2	222.0	211.7	179.8	205.2	119.6	152.1	122.9	148.2
1. Long-term prepayments	218.0	98.6	80.8	84.0	60.7	65.6	49.0	67.7	85.0	117.3	89.9	115.0
2. Deferred income tax assets	134.2	141.3	41.6	36.9	27.5	21.0	1.3	8.5	8.6	8.7	9.1	9.3
3. Long-term equipment, supplies, spare parts	25.3	24.6	25.1	25.2	25.9	31.3	31.0	25.8	25.9	26.0	24.0	24.0
4. Other long-term assets	—	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	93.8	98.5	103.2	107.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	93.8	98.5	103.2	107.9	93.8	98.5	103.2
TOTAL ASSETS (280=100+200)	22,478.4	22,713.7	23,185.3	22,685.0	21,917.5	22,479.5	23,071.1	23,000.5	22,678.2	22,439.4	23,400.0	23,667.0
A. LIABILITIES (300=210+330)	12,012.1	12,263.0	13,159.4	13,319.4	12,758.4	13,061.3	13,728.9	14,247.7	13,517.0	13,453.1	14,512.3	14,591.0
I. Short -term liabilities	7,836.8	8,033.8	8,242.0	8,797.7	8,139.9	8,579.4	8,960.7	9,221.8	8,723.3	8,995.8	9,282.9	9,105.0
1. Short-term trade accounts payable	943.8	1,018.9	1,049.1	1,218.2	1,158.8	1,180.6	1,129.0	1,103.6	1,054.4	1,191.4	1,231.3	1,288.9
2. Short-term advances from customers	817.9	713.9	895.0	907.4	930.0	881.8	929.1	827.9	900.0	898.0	664.0	841.4
3. Dividends and profits payable	196.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	205.2	343.1	319.9	247.6	199.2	247.1	287.7	226.5	197.2	253.1	323.0	254.6
4. Payable to employees	112.7	187.5	107.4	114.4	98.4	151.2	123.4	114.3	115.5	169.0	136.1	140.4
5. Short-term acrrued expenses	1,284.4	1,313.8	1,499.4	1,465.6	1,414.6	1,189.9	1,360.7	1,432.6	1,426.8	1,135.2	1,369.5	1,273.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	14.0	—	13.1	6.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	155.6	142.1	154.3	130.7	141.2	216.7	214.2	171.9	61.6	82.4	74.5	55.9
9. Other short-term payables	966.4	1,195.0	1,267.8	1,574.1	1,225.9	1,165.5	1,629.7	1,674.5	1,361.2	1,548.4	1,803.6	1,546.5
10. Short-term borrowings and financial leases	3,097.0	3,074.0	2,886.8	3,075.9	2,933.1	3,507.8	3,241.0	3,614.0	3,572.8	3,678.8	3,622.3	3,633.8
11. Provision for short-term liabilities	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	43.7	45.5	49.1	57.7	38.8	39.0	45.9	56.4	33.7	39.4	58.7	70.3
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	4,175.3	4,229.2	4,917.4	4,521.7	4,618.5	4,481.9	4,768.2	5,026.0	4,793.6	4,457.3	5,229.4	5,486.0
1. Long-term trade payables	294.3	271.3	296.7	286.5	306.7	287.9	308.1	311.9	310.2	319.6	339.5	360.1
2. Long-term advances from customers	1.2	1.2	2.4	2.4	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	387.9	387.9	532.9	532.9	532.9	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	78.2	78.7	79.3	79.9	90.6	91.2	95.4	127.0	100.1	100.7	101.3	106.0
7. Other long-term liabilities	83.3	146.2	349.9	80.6	79.7	251.5	571.7	746.7	500.3	305.4	521.8	857.8
8. Long-term borrowings and financial leases	3,024.8	3,029.1	3,439.2	3,336.8	3,404.1	3,655.2	3,615.8	3,663.1	3,705.8	3,670.6	4,205.2	4,143.3
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	305.7	314.7	217.0	202.7	202.1	196.2	177.3	177.2	177.2	61.0	61.7	18.7
12. Provision for long-term liabilities	—	0.1	0.1	—	—	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)	10,466.2	10,450.8	10,025.8	9,365.6	9,159.1	9,418.2	9,342.1	8,752.7	9,161.2	8,986.3	8,887.7	9,076.1
I. Owner's equity	10,466.2	10,450.7	10,025.8	9,365.5	9,159.1	9,418.1	9,342.1	8,752.7	9,161.2	8,986.2	8,887.6	9,076.0
1. Owner's capital	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4	4,495.4
- Common stock with voting right	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00	4,495,371,120,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	114.5	114.6	114.6	114.6	114.6	114.6	114.6	114.6	114.6	114.6	114.6	114.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3	16.3
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-975.4	-975.4	-975.4	-975.4	-975.4	-975.4	-975.4	-975.4	-975.4	-975.4	-975.4	-975.4
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1,513.5	1,513.6	1,513.6	1,513.6	1,431.9	1,431.9	1,430.7	1,430.7	1,311.8	1,311.8	1,311.8	1,311.8
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	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
11. Undistributed earnings after tax	2,880.2	2,845.1	2,476.3	1,967.6	1,690.5	1,970.2	1,965.2	1,481.6	1,763.1	1,542.2	1,488.0	1,703.4
- Accumulated retained earning at the end of the previous period	2,759.8	1,618.1	1,844.5	1,660.9	1,643.5	1,223.6	1,598.1	1,326.4	1,759.9	1,008.2	1,089.1	1,577.6
- Undistributed earnings in this period	120.3	1,227.0	631.8	306.7	47.0	746.6	367.1	155.2	3.2	534.1	398.8	125.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,414.9	2,434.4	2,378.3	2,226.7	2,379.0	2,358.3	2,288.5	2,182.7	2,428.5	2,474.5	2,430.1	2,403.1
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	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	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	22,478.4	22,713.7	23,185.3	22,685.0	21,917.5	22,479.5	23,071.1	23,000.5	22,678.2	22,439.4	23,400.0	23,667.0

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	196.2	1,236.8	485.6	394.1	76.6	476.1	383.7	177.2	42.5	57.1	272.2	274.1
Depreciation of Fixed Assets and Investment Property	113.8	83.8	204.4	180.0	140.1	140.2	259.9	160.7	96.6	172.4	170.3	150.4
Provision (Increase)/Reversal	0.2	-110.2	5.8	37.3	24.8	-22.4	29.9	77.1	-0.2	-62.4	67.8	-86.8
FX Gain/Loss from Revaluation of Monetary Items	-17.8	247.7	-247.1	87.0	-60.7	-63.2	-99.8	17.1	-16.2	-10.8	36.5	18.2
Gain/Loss from Investment Activities	-87.0	-585.8	401.0	-276.4	123.4	81.5	354.6	12.6	-149.6	1,026.4	-741.9	217.5
Interest Expense	82.9	79.2	115.2	104.7	104.2	88.1	121.9	151.4	126.9	186.4	229.5	188.4
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	288.3	951.4	964.9	526.6	408.5	700.2	1,050.3	596.2	100.1	1,369.2	34.3	761.8
Increase/(Decrease) in Receivables	-433.9	264.6	28.8	-593.3	240.0	417.2	300.6	-758.3	209.5	141.5	695.5	-325.9
Increase/(Decrease) in Inventory	38.8	70.4	194.2	-42.6	-152.3	5.2	-21.6	126.6	3.4	381.9	250.2	-58.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	122.7	-320.1	-340.4	592.6	-322.7	-77.0	-223.3	225.1	68.8	-1,094.5	-392.2	-63.3
Increase/(Decrease) in Prepaid Expenses	-11.2	-13.6	5.6	-24.9	2.9	-64.9	86.3	-74.1	83.8	-7.2	17.2	10.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	16.9	-279.1	-113.7	-78.4	10.8	-230.1	-97.2	-46.1	-156.9	-322.0	-127.3	-118.1
Corporate Income Tax Paid	-160.1	144.8	-200.5	-16.6	-47.3	-260.2	-306.5	-20.3	-54.6	-46.3	-13.0	-16.9
Other Operating Receipts	—	—	—	—	—	10.8	12.7	-3.5	6.0	0.0	-0.3	0.3
Other Operating Payments	-16.3	-30.8	0.2	-7.3	-9.7	-15.2	-0.8	-13.2	-17.9	-23.6	13.7	-15.7
Net Cash Flow from Operating Activities	-154.6	785.1	541.4	356.3	130.2	486.0	800.6	32.4	242.2	399.0	478.0	174.0
Payments for Fixed Assets and Other Long-term Assets	-47.1	-12.9	-22.3	-20.8	4.1	-16.8	-17.0	-13.6	-9.2	-29.5	25.2	-8.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.1	-0.6	8.8	2.9	3.7	1.4	6.1	2.9	2.0	8.7	3.4	3.8
Loans and Purchases of Debt Instruments	-311.0	-102.0	-123.6	-194.9	-201.8	507.4	-359.6	-284.9	-348.0	-44.8	14.8	274.4
Receipts from Loan Repayments and Sale of Debt Instruments	96.8	160.7	31.7	49.7	25.0	34.5	16.4	-276.8	323.7	-1,055.9	1,777.6	-336.8
Investments in Other Entities	-3.0	—	—	—	—	-428.8	0.0	0.0	-1.4	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	11.3	0.0	17.2	0.0	12.7	4.1	0.5
Dividends and Interest Income Received	92.1	36.9	124.9	141.6	30.9	97.1	278.3	141.7	-4.7	297.3	168.8	132.8
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	-170.1	82.1	19.6	-22.6	-138.1	206.1	-75.7	-413.4	-37.5	-811.7	1,993.7	66.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	463,000,020,000.00	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	302.4	257.7	226.2	228.6	157.6	179.3	125.1	260.1	108.2	723.7	372.5	439.9
Repayment of Borrowings	-445.8	-486.1	0.0	-358.4	-517.2	-418.9	-513.7	-318.5	-221.7	-1,261.6	-743.5	-613.6
Repayment of Finance Leases	-6.5	-118.7	-4.2	-4.2	-4.1	-1.3	-6.1	-4.6	-4.7	-1.4	-8.7	-4.5
Dividends Paid	-78.8	-542.2	-81.5	-54.0	-19.0	-605.7	-76.9	15.1	-65.7	-299.9	-49.7	-7.3
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	-228.6	-889.2	-196.3	-187.9	-382.8	-383.6	-471.5	-47.9	-184.0	-839.2	-429.4	-185.5
Net Cash Flow During the Period	-553.4	-22.1	364.7	145.8	-390.7	308.5	253.3	-428.9	20.6	-1,251.9	2,042.4	55.3
Cash and Cash Equivalents at Beginning of Period	1,872.0	1,895.0	1,528.2	1,374.6	1,764.8	1,548.4	1,548.4	1,548.4	1,548.4	758.6	758.6	758.6
FX Difference from Revaluation	0.7	9.5	10.4	8.3	0.4	14.3	-11.6	7.3	4.3	1.9	0.9	-1.8
Cash and Cash Equivalents at End of Period	1,319.4	1,872.0	1,895.0	1,528.2	1,374.6	1,716.3	1,393.5	1,151.8	1,573.4	1,548.4	2,798.4	755.2

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SJG

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Balance Sheet ●

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Cash Flow