SNZ

Tổng Công ty cổ phần Phát triển Khu Công nghiệp ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 30.25%, +1.94pp YoY

Price

29,100

Latest close

03 Jun 2026

P/E 9.75x

P/B 0.89x

EPS 2,984

BVPS 32,584

ROE 10.1%

ROA 5.4%

Profit Margin 18.3%

Asset Turnover 0.29x

Equity Mult. 1.88x

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

What Is Changing

On a TTM 2026Q1 basis, SNZ is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6,516bn
	                                
+5.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,971bn
	                                
+12.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	6,796.1	5,871.1	5,446.7	5,293.2	5,199.9
Growth	+16%	+8%	+3%	+2%	—
Net Income	2,130.6	1,619.4	1,398.2	1,118.6	1,500.9
Net Margin	31.35%	27.58%	25.67%	21.13%	28.86%

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	1,294.8	1,756.8	1,363.2	2,100.9	1,598.6	1,696.9	1,337.1	1,564.8	1,291.5	1,720.8	1,298.9	1,357.9
Growth	-26%	+29%	-35%	+31%	-6%	+27%	-15%	+21%	-25%	+32%	-4%	—
Net Income	336.0	461.4	374.6	799.1	495.7	422.5	324.9	511.4	362.0	412.4	355.9	362.0
Net Margin	25.95%	26.26%	27.48%	38.03%	31.01%	24.90%	24.30%	32.68%	28.03%	23.96%	27.40%	26.66%

Drivers of SNZ's profit

TTM

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

Gross profit ↑ 323.5bn

Associates income ↑ 28.6bn

Deferred tax ↓ 15.8bn

Tax ↑ 84.4bn

Minority interests ↑ 65.6bn

Administrative expenses ↑ 37.9bn

TTM

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

Minority interests ↓ 68.1bn

Tax ↓ 19.3bn

Deferred tax ↓ 13.3bn

Gross profit ↓ 208.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.8% = 28.3% × 0.27 × 2.04

2026Q1 16.7% = 30.3% × 0.29 × 1.88

ROE rose from 15.8% to 16.7% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 30.3% +1.9pp Asset turnover: 0.29x +0.02x Leverage: 1.88x -0.16x

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 30.25%, rising 1.9pp. The main driver is Gross margin rose 3.0pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.6pp and Other profit / Revenue fell 0.1pp).

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

Profitability trend

Net Margin 30.25% +1.9pp

Gross Margin 43.59% +3.0pp

SG&A / Revenue 9.77% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 13.7% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 13.68%, rising 0.8pp. That translates to 13.68 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover broadly stable; while invested capital rose by 786bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 13.68% +0.8pp

NOPAT Margin 30.39% +2.0pp

Capital Turnover 0.45x −0.00x

Average Invested Capital 14,472.0bn +785.9bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.87x equity, net debt at 0.24x equity.

Development inventory ended the period at 2,267.7bn, about 10.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 379.4bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +102.5bn

Inventories increased → lower CFO: −25.9bn

Payables increased → higher CFO: +302.8bn

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.24x and interest coverage at 16.72x.

At present, short-term debt accounts for 24.1% of total debt, cash equals 30.5% of debt, and total debt stands at 4,322.3bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity 0.24x +0.04x

Interest Coverage 16.72x −3.11x

Cash / Debt 30.5% −5.3pp

Short-term Debt / Total Debt 24.1% −1.3pp

CFO / NI 2.14x −0.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,535.0bn in 2025, against investing cash flow of -2,155.8bn.

Post-investment cash flow was positive +379.1bn. Financing cash flow was negative +617.1bn.

CFO / net income was 2.14x.

After spending +2,235.9bn on fixed-asset investment, the business generated trailing free cash flow of +314.3bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 2,550.2bn −298.6bn

Cash Capex 2,235.9bn +823.1bn

FCF TTM +314.3bn −1,121.7bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 1.9 pp. The next item to monitor is capital efficiency, with ROIC at 13.7%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 30.25% after expanding 1.9pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	6,796.2	5,873.1	5,446.7	5,293.2	5,199.9
Revenue Deductions	0.0	2.0	0.0	0.0	0.0
Net Revenue	6,796.1	5,871.1	5,446.7	5,293.2	5,199.9
Cost of Goods Sold	3,744.7	3,490.2	3,394.5	3,572.4	0.0
Gross Profit	3,051.5	2,380.9	2,052.2	1,720.7	2,099.5
Financial Income	162.1	190.3	264.3	304.2	346.0
Financial Expenses	115.6	112.4	161.9	138.6	-118.4
Interest Expense	83.1	103.0	117.3	113.8	-118.3
Share of Associates and Joint Ventures	139.8	86.6	17.9	2.5	-8.3
Selling Expenses	120.8	120.3	109.0	121.6	-120.3
General and Administrative Expenses	534.6	471.0	433.0	433.1	-442.1
Operating Profit	2,582.4	1,954.1	1,630.5	1,334.1	1,756.3
Other Income	50.8	24.2	36.8	26.2	0.0
Other Expenses	59.6	31.4	9.6	40.6	0.0
Other Profit	-8.8	-7.2	27.2	-14.3	20.9
Profit Before Tax	2,573.6	1,946.9	1,657.7	1,319.8	1,777.2
Current Income Tax Expense	428.0	332.9	280.0	219.6	-276.3
Deferred Income Tax Expense	15.0	-5.4	-20.5	-18.4	0.0
Net Income	2,130.6	1,619.4	1,398.2	1,118.6	1,500.9
Non-controlling Interest	847.8	651.6	565.6	490.1	596.7
Profit Attributable to Parent	1,282.8	967.8	832.6	628.4	904.2
Earnings per Share	3,183.00	2,394.00	2,041.00	1,471.00	2,378.00
Diluted EPS	3,183.00	2,394.00	2,041.00	1,471.00	2,401.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,017.1	6,953.0	7,557.9	7,753.2	6,599.6
I. Cash and cash equivalents	1,362.1	1,599.8	1,150.8	1,405.8	1,360.3
1. Cash	604.4	400.1	551.1	520.8	0.0
2. Cash equivalents	757.7	1,199.6	599.7	885.0	0.0
II. Short-term financial investments	2,449.4	2,088.7	2,145.9	2,502.7	0.0
1. Available for sale securities	—	0.0	219.3	219.3	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	-0.5	0.0	0.0
3. Held to maturity investments	2,449.4	2,088.7	1,927.2	2,283.4	0.0
III. Short-term receivables	787.1	864.1	1,884.1	1,912.9	2,143.7
1. Short-term trade accounts receivable	589.7	668.2	654.2	594.8	0.0
2. Short-term prepayments to suppliers	123.8	88.9	1,098.0	1,146.2	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	159.5	184.2	193.0	221.2	0.0
7. Provision for short-term doubtful debts (*)	-85.8	-77.2	-61.2	-49.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,267.7	2,213.0	2,155.0	1,793.6	412.4
1. Inventories	2,269.6	2,214.9	2,155.1	1,793.7	0.0
2. Provision for decline in value of inventories	-1.8	-1.9	-0.1	-0.1	0.0
V. Other short-term assets	150.7	187.5	222.0	138.2	91.6
1. Short-term prepayments	15.7	69.0	54.9	5.6	0.0
2. Value added tax to be reclaimed	112.4	114.0	159.0	125.6	0.0
3. Taxes and other receivables from state authorities	22.6	4.5	8.2	7.0	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)	15,282.6	14,151.2	15,639.6	14,911.1	15,380.4
I. Long-term receivables	144.4	126.0	120.9	121.0	0.0
1. Long-term trade receivables	0.1	0.1	0.1	0.1	120.7
2. Long-term prepayments to suppliers	0.2	0.2	0.2	0.2	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	150.7	132.2	127.2	127.3	0.0
7. Provision for long-term doubtful debts	-6.6	-6.6	-6.6	-6.6	0.0
II. Fixed assets	4,282.2	4,454.2	4,933.1	4,906.3	4,640.2
1. Tangible fixed assets	3,936.1	4,098.1	4,603.0	4,569.3	4,286.5
- Cost	9,985.9	9,711.5	9,815.6	9,359.2	0.0
- Accumulated depreciation	-6,049.8	-5,613.4	-5,212.6	-4,789.9	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	346.1	356.1	330.1	337.1	353.7
- Cost	517.5	516.9	487.3	483.7	0.0
- Accumulated depreciation	-171.4	-160.8	-157.2	-146.6	0.0
III. Investment properties	3,419.7	3,034.6	4,186.3	3,962.2	2,694.9
- Cost	5,500.8	4,798.6	6,585.0	6,033.3	0.0
- Accumulated depreciation	-2,081.1	-1,764.1	-2,398.7	-2,071.1	0.0
IV. Long-term assets in progress	5,362.8	4,634.8	4,285.1	3,855.3	6,016.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5,362.8	4,634.8	4,285.1	3,855.3	0.0
V. Long-term financial investments	959.6	853.0	410.0	446.0	475.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	833.0	697.1	271.6	302.7	0.0
3. Investments in other entities	219.9	219.9	219.9	169.9	0.0
4. Provision for diminution in value of long-term investments	-93.9	-84.0	-81.5	-26.6	0.0
5. Held to maturity investments	0.6	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	1,114.0	1,048.6	1,704.2	1,620.3	0.0
1. Long-term prepayments	1,044.3	964.0	1,625.1	1,561.6	0.0
2. Deferred income tax assets	69.7	84.6	79.2	58.7	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1,432.6
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)	22,299.7	21,104.2	23,197.4	22,664.4	21,980.0
A. LIABILITIES (300=210+330)	10,381.1	10,194.4	13,091.6	13,143.4	12,703.6
I. Short -term liabilities	3,575.9	3,877.3	3,834.6	3,643.1	3,274.7
1. Short-term trade accounts payable	650.2	589.2	786.8	722.8	616.4
2. Short-term advances from customers	352.0	790.5	261.3	506.1	382.7
3. Taxes and other payables to state authorities	162.8	117.1	140.7	92.7	0.0
4. Payable to employees	213.3	197.8	157.7	135.6	0.0
5. Short-term acrrued expenses	123.8	138.9	159.0	144.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	145.6	128.2	200.6	184.5	184.0
9. Other short-term payables	599.4	441.5	528.0	417.5	0.0
10. Short-term borrowings and financial leases	1,058.9	1,214.7	1,325.0	1,181.3	1,223.0
11. Provision for short-term liabilities	29.4	20.8	15.1	22.2	0.0
12.. Bonus and welfare fund	240.4	238.6	260.4	235.5	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	6,805.2	6,317.1	9,257.0	9,500.2	9,428.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	17.7	20.7	23.3	10.8	13.8
3. Long-term acrrued expenses	980.2	936.3	786.7	650.3	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	2,493.6	2,309.0	4,650.2	4,717.8	4,407.0
7. Other long-term liabilities	274.2	250.5	303.5	300.0	0.0
8. Long-term borrowings and financial leases	3,039.5	2,797.4	3,490.7	3,818.4	3,877.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	3.2	2.7	2.9	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)	11,918.5	10,909.8	10,105.8	9,521.0	9,276.4
I. Owner's equity	11,918.5	10,909.8	10,105.8	9,521.0	0.0
1. Owner's capital	3,765.0	3,765.0	3,765.0	3,765.0	9,276.4
- Common stock with voting right	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	86.6	86.6	86.6	85.8	105.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	608.4	513.9	513.9	252.9	234.0
5. Treasury shares	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	0.00
6. Assets revaluation differences	-592.9	-592.9	-592.9	-592.9	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	984.7	919.4	757.5	734.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	9.7	9.7	9.7	9.7	0.0
11. Undistributed earnings after tax	2,421.6	1,989.8	1,741.7	1,672.3	1,642.1
- Accumulated retained earning at the end of the previous period	1,138.8	1,025.5	909.1	1,043.9	737.9
- Undistributed earnings in this period	1,282.8	964.3	832.6	628.4	904.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	4,635.6	4,218.4	3,824.4	3,593.7	3,520.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
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)	22,299.7	21,104.2	23,197.4	22,664.4	21,980.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	2,573.6	1,946.9	1,657.7	1,319.8	1,777.2
Depreciation of Fixed Assets and Investment Property	821.9	786.3	908.0	930.8	776.9
Provision (Increase)/Reversal	34.6	27.8	57.1	53.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	21.0	-48.0	-28.2	-109.6	0.0
Gain/Loss from Investment Activities	-291.2	-227.2	-252.6	-189.1	0.0
Interest Expense	83.1	103.0	117.3	114.1	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	—	0.2	0.0	5.0	0.0
Operating Profit Before Changes in Working Capital	3,243.0	2,589.0	2,459.3	2,124.4	2,353.3
Increase/(Decrease) in Receivables	105.0	114.4	67.4	121.9	0.0
Increase/(Decrease) in Inventory	-38.1	-180.1	-361.8	-1,381.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.8	550.9	248.2	1,706.4	0.0
Increase/(Decrease) in Prepaid Expenses	-110.0	379.7	242.1	68.4	0.0
Changes in Trading Securities	—	0.0	0.0	2.9	0.0
Interest Paid	-73.8	-107.3	-119.0	-120.9	0.0
Corporate Income Tax Paid	-435.8	-318.5	-238.4	-236.8	0.0
Other Operating Receipts	0.5	0.4	0.2	0.4	0.0
Other Operating Payments	-154.1	-135.0	-95.3	-116.2	0.0
Net Cash Flow from Operating Activities	2,535.0	2,893.5	2,202.7	2,169.4	1,119.7
Payments for Fixed Assets and Other Long-term Assets	-2,029.0	-1,423.8	-2,211.6	-1,696.4	-2,047.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.6	1.7	2.3	0.9	0.0
Loans and Purchases of Debt Instruments	-2,791.9	-2,782.7	-2,458.4	-3,284.2	-2,658.5
Receipts from Loan Repayments and Sale of Debt Instruments	2,450.4	2,535.5	2,814.8	3,382.8	3,336.8
Investments in Other Entities	—	0.0	0.0	-6.2	-21.8
Proceeds from Investments in Other Entities	—	0.0	4.4	0.0	0.0
Dividends and Interest Income Received	210.1	192.3	250.8	217.4	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	-2,155.8	-1,477.0	-1,597.8	-1,385.7	-1,108.3
Proceeds from Equity Issuance and Capital Contributions	241,963,856,111.00	579,937,920,000.00	1,974,970,000.00	0.00	108,032,700,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,566.5	1,754.6	1,603.6	2,227.6	3,052.0
Repayment of Borrowings	-1,499.7	-2,511.0	-1,761.3	-2,217.9	-2,582.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-925.9	-791.3	-704.5	-738.2	-654.8
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	-617.1	-967.9	-860.3	-728.6	-77.3
Net Cash Flow During the Period	-238.0	448.7	-255.4	55.1	-464.5
Cash and Cash Equivalents at Beginning of Period	1,599.8	1,150.8	1,405.8	1,350.3	1,426.2
FX Difference from Revaluation	0.3	0.2	0.4	0.4	-0.1
Cash and Cash Equivalents at End of Period	1,362.1	1,599.8	1,150.8	1,405.8	1,360.3

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	1,294.8	1,756.8	1,363.2	2,101.0	1,598.6	1,698.9	1,337.1	1,564.8	1,291.5	1,720.9	1,298.9	1,357.9
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,294.8	1,756.8	1,363.2	2,100.9	1,598.6	1,696.9	1,337.1	1,564.8	1,291.5	1,720.8	1,298.9	1,357.9
Cost of Goods Sold	806.1	1,046.1	840.2	983.5	901.5	1,037.8	875.5	866.3	732.9	1,056.7	818.8	859.6
Gross Profit	488.7	710.7	523.0	1,117.5	697.1	659.1	461.6	698.5	558.6	664.1	480.1	498.3
Financial Income	28.2	85.7	34.0	45.9	24.4	56.2	29.6	80.7	23.9	60.7	76.3	99.0
Financial Expenses	22.6	30.6	19.6	70.7	20.9	26.1	27.7	31.7	26.7	74.9	27.7	33.6
Interest Expense	18.8	21.9	10.5	22.2	19.5	24.4	23.2	28.6	26.9	30.6	26.9	30.7
Share of Associates and Joint Ventures	39.8	29.9	39.9	37.4	36.7	30.5	43.5	7.6	5.5	5.5	2.0	6.3
Selling Expenses	25.1	30.8	28.5	29.4	32.2	31.9	24.8	36.2	27.0	32.7	29.1	26.9
General and Administrative Expenses	107.2	163.6	113.5	138.8	113.6	155.4	103.2	112.9	99.3	128.6	92.1	121.7
Operating Profit	401.9	601.4	435.3	961.8	591.7	532.4	379.0	606.1	435.0	494.1	409.5	421.3
Other Income	4.4	-0.0	18.6	26.1	6.4	6.4	4.8	6.2	6.8	10.8	12.2	7.7
Other Expenses	4.6	31.7	16.1	7.9	4.1	20.0	3.1	2.1	3.2	3.0	4.1	1.4
Other Profit	-0.2	-31.8	2.4	18.2	2.3	-13.5	1.7	4.1	3.6	7.8	8.0	6.3
Profit Before Tax	401.7	569.6	437.7	980.0	594.0	518.9	380.7	610.2	438.6	501.9	417.5	427.6
Current Income Tax Expense	66.7	137.1	59.0	146.2	86.0	90.7	55.0	93.0	94.5	87.2	60.3	85.1
Deferred Income Tax Expense	-1.0	-28.9	4.1	34.7	12.3	5.7	0.9	5.8	-17.9	2.3	1.4	-19.4
Net Income	336.0	461.4	374.6	799.1	495.7	422.5	324.9	511.4	362.0	412.4	355.9	362.0
Non-controlling Interest	137.3	197.3	136.9	309.3	205.4	190.5	132.6	186.6	141.2	162.1	147.0	158.2
Profit Attributable to Parent	198.7	264.1	237.8	489.7	290.3	232.0	192.3	324.7	220.8	250.3	208.9	203.8
Earnings per Share	525.00	680.00	618.00	1,161.00	723.00	583.00	511.00	761.00	523.00	657.00	554.00	395.00
Diluted EPS	525.00	680.00	618.00	1,161.00	723.00	2,376.00	511.00	761.00	523.00	657.00	554.00	395.00

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)	7,561.1	7,132.7	7,433.5	7,438.7	6,971.2	6,968.6	7,353.6	7,215.2	8,373.9	7,507.9	7,651.9	7,678.1
I. Cash and cash equivalents	1,318.3	1,352.1	1,530.6	1,904.0	1,304.0	1,607.2	2,319.6	2,227.9	2,180.4	1,149.8	1,114.1	998.3
1. Cash	549.8	604.4	441.5	892.9	486.3	400.1	585.8	416.5	1,594.7	551.1	434.0	344.0
2. Cash equivalents	768.5	747.7	1,089.1	1,011.2	817.7	1,207.1	1,733.9	1,811.4	585.8	598.7	680.1	654.3
II. Short-term financial investments	2,836.3	2,459.4	2,545.8	2,024.8	2,299.7	2,081.2	1,694.3	1,747.7	2,131.9	2,146.9	2,460.3	2,594.1
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	219.3	219.3	219.3	219.3
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.5	0.0	0.0
3. Held to maturity investments	2,836.3	2,459.4	2,545.8	2,024.8	2,299.7	2,081.2	1,694.3	1,747.7	1,912.6	1,928.2	2,241.0	2,374.8
III. Short-term receivables	967.6	785.1	890.7	1,079.2	966.8	849.2	914.3	876.5	1,598.0	1,883.2	1,950.7	1,993.2
1. Short-term trade accounts receivable	636.1	589.8	663.1	770.3	724.9	668.5	733.6	722.7	657.6	654.9	621.8	677.0
2. Short-term prepayments to suppliers	255.9	122.3	159.2	135.1	125.5	88.9	129.6	93.0	835.3	1,098.0	1,157.0	1,115.1
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	161.4	159.8	148.8	249.8	193.7	169.2	118.7	129.1	169.2	191.5	226.9	257.2
7. Provision for short-term doubtful debts (*)	-85.8	-86.9	-80.4	-75.9	-77.2	-77.4	-67.7	-68.2	-64.1	-61.2	-55.0	-56.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,302.1	2,267.7	2,241.7	2,210.4	2,270.6	2,243.6	2,232.8	2,173.6	2,252.9	2,155.0	1,965.5	1,927.9
1. Inventories	2,303.9	2,269.5	2,243.5	2,212.3	2,272.5	2,245.5	2,232.9	2,173.7	2,253.0	2,155.1	1,965.6	1,928.0
2. Provision for decline in value of inventories	-1.8	-1.8	-1.8	-1.9	-1.9	-1.9	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
V. Other short-term assets	136.8	268.3	224.6	220.2	130.1	187.4	192.6	189.5	210.6	173.0	161.3	164.6
1. Short-term prepayments	25.4	133.3	128.0	128.2	30.4	68.9	61.4	55.1	57.0	5.8	5.1	10.3
2. Value added tax to be reclaimed	88.1	112.4	79.6	72.1	85.2	114.0	123.6	125.3	143.4	159.0	147.1	147.4
3. Taxes and other receivables from state authorities	23.4	22.6	17.0	19.8	14.6	4.5	7.5	9.2	10.2	8.2	9.1	6.9
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)	15,425.3	15,164.6	14,717.1	14,490.6	14,352.3	14,042.2	13,917.1	13,799.5	15,579.4	15,630.4	15,232.7	15,213.1
I. Long-term receivables	59.1	144.4	144.1	112.9	126.3	126.0	127.5	122.8	121.4	120.9	121.0	121.3
1. Long-term trade receivables	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 prepayments to suppliers	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	65.4	150.6	150.4	119.2	132.6	132.2	133.8	129.1	127.7	127.2	127.3	127.6
7. Provision for long-term doubtful debts	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6
II. Fixed assets	4,247.3	4,282.1	4,322.4	4,292.0	4,391.7	4,454.2	4,496.9	4,588.1	4,871.6	4,933.1	4,646.4	4,763.7
1. Tangible fixed assets	3,903.8	3,936.0	3,974.2	3,941.0	4,038.3	4,098.1	4,139.6	4,227.8	4,520.4	4,603.0	4,315.3	4,430.5
- Cost	10,095.2	—	—	—	—	9,711.5	9,628.6	9,586.4	9,864.7	9,815.3	9,469.9	9,476.8
- Accumulated depreciation	-6,191.4	—	—	—	—	-5,613.4	-5,489.0	-5,358.6	-5,344.3	-5,212.3	-5,154.6	-5,046.3
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	343.5	346.1	348.2	350.9	353.5	356.1	357.3	360.4	351.2	330.1	331.0	333.3
- Cost	517.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-174.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	3,422.0	3,419.8	3,040.8	3,023.1	3,020.8	2,921.3	2,799.9	2,844.1	4,162.9	4,186.3	4,100.6	3,987.6
- Cost	5,557.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2,135.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5,499.0	5,362.8	5,379.9	5,271.9	4,835.0	4,634.8	4,638.2	4,454.1	4,320.1	4,285.2	4,253.9	4,220.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5,499.0	5,362.8	5,379.9	5,271.9	4,835.0	4,634.8	4,638.2	4,454.1	4,320.1	4,285.2	4,253.9	4,220.9
V. Long-term financial investments	1,081.9	959.2	947.1	912.7	898.8	857.5	842.5	774.4	409.3	408.8	453.7	447.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	870.1	832.5	811.8	777.9	732.9	701.5	679.9	637.6	270.9	270.4	270.1	270.0
3. Investments in other entities	308.3	219.9	219.9	219.9	219.9	219.9	219.9	219.9	219.9	219.9	219.9	219.9
4. Provision for diminution in value of long-term investments	-97.1	-93.9	-85.3	-85.2	-84.0	-84.0	-83.3	-83.2	-81.5	-81.5	-42.4	-42.4
5. Held to maturity investments	0.6	0.6	0.6	—	30.0	20.0	26.0	0.0	0.0	0.0	6.0	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	1,116.1	996.4	882.8	877.9	1,079.7	1,048.5	1,012.1	1,016.0	1,694.1	1,696.1	1,657.1	1,671.9
1. Long-term prepayments	1,045.4	926.8	842.1	840.3	1,007.4	963.8	921.7	924.8	1,597.1	1,622.2	1,580.9	1,594.3
2. Deferred income tax assets	70.7	69.6	40.8	37.6	72.3	84.6	90.3	91.2	97.0	73.9	76.2	77.6
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	22,986.5	22,297.3	22,150.5	21,929.3	21,323.5	21,010.8	21,270.7	21,014.7	23,953.3	23,138.3	22,884.6	22,891.3
A. LIABILITIES (300=210+330)	10,718.7	10,378.1	10,623.3	10,344.1	9,989.9	10,093.5	10,674.3	10,240.4	13,058.8	13,043.8	13,115.7	12,989.0
I. Short -term liabilities	3,108.8	3,433.7	4,037.7	3,724.0	3,543.0	3,865.8	4,304.9	3,818.0	3,785.4	3,864.3	4,139.1	3,937.3
1. Short-term trade accounts payable	487.5	650.2	663.4	610.8	653.3	589.4	547.8	556.4	571.2	785.6	638.5	692.5
2. Short-term advances from customers	374.8	352.0	640.9	543.4	745.7	714.4	825.8	553.7	290.1	261.3	397.7	558.7
3. Dividends and profits payable	61.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	119.7	162.2	191.6	273.1	104.4	117.0	280.8	165.5	148.4	140.1	269.9	223.0
4. Payable to employees	82.2	218.0	176.4	141.7	82.1	195.6	167.7	124.5	75.4	157.5	138.0	118.7
5. Short-term acrrued expenses	107.3	121.9	111.0	148.4	153.8	126.0	127.1	120.1	176.0	167.7	168.6	152.8
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	210.2	145.6	165.5	195.8	190.5	204.2	193.4	174.9	290.0	199.1	311.6	274.0
9. Other short-term payables	432.2	598.8	1,049.4	591.3	456.2	446.4	794.6	594.7	512.6	528.7	835.3	495.3
10. Short-term borrowings and financial leases	1,040.1	920.7	782.5	947.4	924.2	1,214.0	1,088.5	1,229.1	1,459.3	1,348.7	1,087.1	1,118.5
11. Provision for short-term liabilities	26.5	27.6	7.5	3.6	25.8	20.8	23.9	24.1	20.1	15.1	24.4	24.4
12.. Bonus and welfare fund	167.2	236.7	249.4	268.4	206.8	237.9	255.4	274.9	242.3	260.4	268.0	279.5
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	7,609.9	6,944.4	6,585.7	6,620.1	6,447.0	6,227.8	6,369.4	6,422.4	9,273.4	9,179.5	8,976.6	9,051.7
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	17.4	17.7	18.3	20.5	20.6	20.7	21.0	21.2	21.5	23.3	10.8	10.8
3. Long-term acrrued expenses	965.9	980.3	1,017.8	1,031.9	1,027.7	836.3	808.2	781.3	773.1	730.7	701.9	645.2
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	3,065.0	2,493.6	2,379.5	2,410.2	2,416.8	2,318.9	2,264.0	2,267.2	4,629.8	4,650.2	4,644.6	4,684.4
7. Other long-term liabilities	279.4	275.1	262.7	249.0	260.1	250.5	223.3	223.5	319.7	305.2	319.9	298.3
8. Long-term borrowings and financial leases	3,282.2	3,177.7	2,907.4	2,908.5	2,718.5	2,798.2	3,049.8	3,126.3	3,526.6	3,466.9	3,296.3	3,410.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	3.2	3.2	3.0	2.9	2.7	3.2	3.2	3.1
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)	12,267.8	11,919.2	11,527.2	11,585.2	11,333.6	10,917.3	10,596.4	10,774.3	10,894.5	10,094.5	9,768.9	9,902.3
I. Owner's equity	12,267.8	11,919.2	11,527.2	11,585.2	11,333.6	10,917.3	10,596.4	10,774.3	10,894.5	10,094.5	9,768.9	9,902.3
1. Owner's capital	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0	3,765.0
- Common stock with voting right	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00	3,765,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	86.6	86.6	86.6	86.6	86.6	86.6	86.6	101.0	86.6	86.6	86.6	85.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	608.4	608.4	608.4	513.9	513.9	513.9	513.9	513.9	513.9	513.9	462.8	252.9
5. Treasury shares	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00	-90,100,000.00
6. Assets revaluation differences	-592.9	-592.9	-592.9	-592.9	-592.9	-592.9	-592.9	-592.9	-592.9	-592.9	-592.9	-592.9
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	986.0	984.9	874.0	1,059.2	974.1	919.3	840.8	840.8	819.4	757.6	737.2	831.8
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	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7	9.7
11. Undistributed earnings after tax	2,613.2	2,421.5	2,303.0	2,557.1	2,198.9	2,010.4	1,879.4	2,103.6	1,868.1	1,724.1	1,540.8	1,856.6
- Accumulated retained earning at the end of the previous period	2,414.5	1,138.0	1,283.6	1,777.0	1,908.5	1,044.5	1,142.0	1,558.1	1,647.4	911.0	978.0	1,510.0
- Undistributed earnings in this period	198.7	1,283.5	1,019.4	780.1	290.3	965.9	737.4	545.5	220.8	813.2	562.9	346.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	4,791.9	4,636.1	4,473.5	4,186.7	4,378.4	4,205.4	4,094.0	4,033.2	4,424.8	3,830.6	3,759.7	3,693.5
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)	22,986.5	22,297.3	22,150.5	21,929.3	21,323.5	21,010.8	21,270.7	21,014.7	23,953.3	23,138.3	22,884.6	22,891.3

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
Profit Before Tax	401.7	569.0	437.7	972.8	594.0	518.9	380.7	610.1	438.6	508.0	417.5	435.7
Depreciation of Fixed Assets and Investment Property	197.5	178.2	178.0	194.8	271.0	169.7	211.2	257.9	182.2	290.4	247.9	176.9
Provision (Increase)/Reversal	0.2	36.0	-0.8	-5.7	5.0	9.3	-1.6	12.7	7.5	38.4	1.2	12.4
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-26.3	-0.0	47.4	-0.0	-2.3	0.0	-45.6	-0.0	4.8	-0.0	-33.0
Gain/Loss from Investment Activities	-67.9	-78.8	-73.1	-79.1	-60.2	-86.6	-73.4	-40.3	-29.1	-69.7	-78.5	-70.8
Interest Expense	18.8	21.9	19.5	22.2	19.5	24.4	23.2	28.6	26.9	30.6	26.9	30.7
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	—	—	—	—	—	0.3	0.0	-0.1	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	550.2	688.8	572.6	1,152.4	829.2	633.5	540.1	823.2	626.1	802.6	615.1	551.9
Increase/(Decrease) in Receivables	-20.2	86.9	207.5	-171.6	-17.7	78.2	-49.1	68.3	-5.5	145.8	-29.3	-177.3
Increase/(Decrease) in Inventory	-13.6	-19.4	-29.7	36.9	-25.8	-19.4	-59.1	-36.1	-97.6	-190.1	-50.7	-37.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	337.7	-86.7	73.5	-21.7	33.1	40.1	363.6	179.2	-43.5	208.3	-41.3	262.3
Increase/(Decrease) in Prepaid Expenses	-10.8	-67.5	-1.2	-36.4	-4.8	14.5	-2.1	63.0	304.6	63.0	15.1	481.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-22.1	-22.5	-9.0	-17.1	-25.1	-24.6	-32.8	-27.4	-34.1	-27.3	-8.4	-55.4
Corporate Income Tax Paid	-136.4	-174.1	-118.1	-16.4	-127.3	-138.9	-5.3	-84.0	-90.6	-141.2	-33.3	-11.5
Other Operating Receipts	0.0	—	—	—	—	0.0	0.1	0.3	0.2	-1.0	0.1	1.0
Other Operating Payments	-75.3	-27.9	-25.6	-33.2	-67.4	-28.3	-19.2	-23.2	-64.2	-10.8	-13.6	-22.4
Net Cash Flow from Operating Activities	609.6	377.8	669.9	892.9	594.4	555.2	736.1	963.1	595.6	849.3	453.5	992.4
Payments for Fixed Assets and Other Long-term Assets	-500.0	-682.8	-371.4	-681.7	-293.1	-295.8	-313.4	-510.5	-260.5	-1,158.8	-244.7	-580.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.4	2.5	522.3	-521.7	1.1	0.1	0.4	0.0	-0.2	2.3	12.3
Loans and Purchases of Debt Instruments	-1,629.1	23.9	-922.6	-2,050.1	156.9	-1,240.2	-198.0	-885.0	-615.5	-701.3	-364.0	-866.7
Receipts from Loan Repayments and Sale of Debt Instruments	1,219.9	65.6	408.0	1,832.8	144.0	861.6	223.5	984.1	631.3	1,021.1	591.8	631.1
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.1	1.3
Dividends and Interest Income Received	29.6	41.0	49.3	93.7	26.1	44.9	72.9	56.7	26.3	79.5	78.4	60.2
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	-879.7	-550.9	-834.1	-283.0	-487.8	-628.4	-214.9	-354.3	-218.4	-759.6	66.9	-742.2
Proceeds from Equity Issuance and Capital Contributions	2,484,260,000.00	—	—	—	—	72,380,000,000.00	0.00	30,805,300,000.00	476,331,520,000.00	-66,000,000.00	2,040,970,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	601.1	657.6	237.1	503.8	168.0	310.5	240.4	171.0	937.6	820.6	265.4	-10.0
Repayment of Borrowings	-377.1	-223.0	11.3	-334.9	-538.7	-435.0	-458.3	-763.3	-760.2	-379.2	-411.0	-372.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-557.1	-158.2	-178.2	-32.3	-587.4	-211.4	0.1	-1.3	-494.4	-161.4	-48.3
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	226.3	4.3	-209.2	-9.3	-403.0	-639.5	-429.3	-561.3	652.4	-53.0	-304.9	-430.3
Net Cash Flow During the Period	-43.8	-168.8	-373.4	600.7	-296.5	-712.7	91.8	47.4	1,029.6	36.7	215.5	-180.1
Cash and Cash Equivalents at Beginning of Period	1,362.1	1,530.6	1,904.0	1,304.0	1,600.5	1,150.8	1,150.8	1,150.8	1,150.8	1,405.8	1,405.8	1,405.8
FX Difference from Revaluation	0.0	0.3	0.0	0.0	0.0	0.3	-0.1	0.0	0.0	0.1	0.3	0.1
Cash and Cash Equivalents at End of Period	1,318.3	1,362.1	1,530.6	1,904.0	1,304.0	1,607.2	2,319.6	2,227.9	2,180.4	1,150.8	1,114.1	898.3

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