TVN

Tổng Công ty Thép Việt Nam - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.19x

Price

10,700

Latest close

03 Jun 2026

P/E 10.71x

P/B 0.69x

EPS 999

BVPS 15,506

ROE 5.8%

ROA 2.2%

Profit Margin 1.3%

Asset Turnover 1.77x

Equity Mult. 2.63x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 46,456bn
	                                
+20.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 631bn
	                                
+108.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	44,458.4	36,154.6	30,305.1	38,492.2	40,551.5
Growth	+23%	+19%	-21%	-5%	—
Net Income	577.5	310.0	-288.3	-760.4	951.4
Net Margin	1.30%	0.86%	-0.95%	-1.98%	2.35%

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	13,658.2	12,556.1	9,611.7	10,630.1	10,030.0	9,874.3	8,698.0	10,076.7	7,513.5	8,125.6	7,947.3	6,754.2
Growth	+9%	+31%	-10%	+6%	+2%	+14%	-14%	+34%	-8%	+2%	+18%	—
Net Income	184.5	26.3	152.3	268.4	100.6	196.0	-123.5	129.9	45.9	-11.2	-171.9	-284.3
Net Margin	1.35%	0.21%	1.58%	2.53%	1.00%	1.99%	-1.42%	1.29%	0.61%	-0.14%	-2.16%	-4.21%

Drivers of TVN's profit

TTM

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

Gross profit ↑ 874.4bn

Financial income ↑ 115.1bn

Associates income ↑ 93.7bn

Administrative expenses ↑ 300.1bn

Selling expenses ↑ 287.7bn

Finance costs ↑ 104.2bn

TTM

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

Gross profit ↑ 298.1bn

Associates income ↑ 79.0bn

Other profit ↑ 13.9bn

Selling expenses ↑ 97.7bn

Administrative expenses ↑ 91.0bn

Financial income ↓ 65.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.2% = 0.8% × 1.55 × 2.66

2026Q1 6.3% = 1.4% × 1.77 × 2.63

ROE rose from 3.2% to 6.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.4% +0.6pp Asset turnover: 1.77x +0.21x Leverage: 2.63x -0.03x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.36%, rising 0.6pp. Core operating signals are improving as Gross margin rose 1.3pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 1.36% +0.6pp

Gross Margin 4.58% +1.3pp

SG&A / Revenue 3.53% +0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 3.36%, rising 1.9pp. That translates to 3.36 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.32x, while invested capital rose by 928bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 3.36% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.36% +1.9pp

NOPAT Margin 1.26% +0.6pp

Capital Turnover 2.67x +0.32x

Average Invested Capital 17,373.0bn +928.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.72x equity, net debt at 0.76x equity.

Inventory ended the period at 6,417.6bn, roughly 22.9% of total assets.

Over the last 12 months, working capital released 333.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +85.3bn

Inventories decreased → higher CFO: +288.0bn

Payables decreased → lower CFO: −40.0bn

Working Capital Efficiency

Cash conversion cycle improved by 0.9 days versus the same period last year. The main moves came from DIO fell 6.7 days, DSO fell 0.2 days, and DPO fell 5.9 days.

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

Working Capital Efficiency

Receivables 30.9 days −0.2 days

Inventory 46.8 days −6.7 days

Payables 18.3 days −5.9 days

Cash Conversion Cycle 59.3 days −0.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.76x and interest coverage only at 1.39x.

At present, short-term debt accounts for 81.5% of total debt, cash equals 19.1% of debt, and total debt stands at 9,876.6bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.39x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 81.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.76x +0.04x

Interest Coverage 1.39x +0.65x

Cash / Debt 19.1% +0.7pp

Short-term Debt / Total Debt 81.5% +2.0pp

CFO / NI 1.19x +3.13x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 701.1bn in 2025, against investing cash flow of -580.0bn.

Post-investment cash flow was positive +121.0bn. Financing cash flow was negative +366.1bn.

CFO / net income was 1.19x.

After spending +123.8bn on fixed-asset investment, the business generated trailing free cash flow of +567.7bn.

Cash Conversion

CFO TTM 691.5bn +1,238.3bn

Cash Capex 123.8bn +94.3bn

FCF TTM +567.7bn +1,144.0bn

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 earnings conversion is confirmed, with CFO/NI at 1.19x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.19x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	44,766.8	36,479.9	30,459.2	38,703.3	40,888.9
Revenue Deductions	308.4	325.3	154.1	211.1	0.0
Net Revenue	44,458.4	36,154.6	30,305.1	38,492.2	40,551.5
Cost of Goods Sold	42,638.7	34,964.8	29,305.9	37,765.6	0.0
Gross Profit	1,819.6	1,189.8	999.3	726.6	2,183.8
Financial Income	488.2	285.2	487.4	664.3	431.9
Financial Expenses	391.8	360.5	421.4	477.0	-309.2
Interest Expense	335.6	303.7	353.7	340.9	-252.0
Share of Associates and Joint Ventures	92.3	123.0	-459.3	-696.2	266.4
Selling Expenses	471.3	304.9	284.5	299.0	-304.0
General and Administrative Expenses	912.8	725.1	614.4	673.5	-1,145.3
Operating Profit	624.3	207.5	-292.9	-754.8	1,123.6
Other Income	91.6	173.4	67.8	69.2	0.0
Other Expenses	55.8	23.4	26.7	37.5	0.0
Other Profit	35.8	150.0	41.1	31.7	0.7
Profit Before Tax	660.1	357.5	-251.8	-723.1	1,124.2
Current Income Tax Expense	83.5	50.3	33.6	34.2	-172.8
Deferred Income Tax Expense	-0.9	-2.8	2.9	3.1	0.0
Net Income	577.5	310.0	-288.3	-760.4	951.4
Non-controlling Interest	31.1	23.6	-30.6	10.8	152.2
Profit Attributable to Parent	546.4	286.4	-257.7	-771.2	799.1
Earnings per Share	806.00	422.00	-380.00	-1,137.00	1,307.00
Diluted EPS	805.89	422.49	-380.07	-1,137.45	1,178.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	15,089.4	12,878.6	10,707.1	10,129.1	13,400.9
I. Cash and cash equivalents	1,956.7	2,199.2	1,351.5	1,487.8	2,155.6
1. Cash	1,134.9	797.0	519.6	515.0	0.0
2. Cash equivalents	821.7	1,402.2	831.9	972.8	0.0
II. Short-term financial investments	1,869.5	1,353.2	1,984.3	1,035.4	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,869.5	1,353.2	1,984.3	1,035.4	0.0
III. Short-term receivables	4,147.5	3,006.5	2,788.5	2,501.4	2,799.3
1. Short-term trade accounts receivable	4,295.0	3,200.0	2,903.9	2,721.8	0.0
2. Short-term prepayments to suppliers	122.9	73.4	81.8	54.5	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	288.7	300.0	395.0	335.6	0.0
7. Provision for short-term doubtful debts (*)	-559.1	-567.1	-592.4	-610.5	0.0
8. Assets awaiting resolution	—	0.2	0.1	0.0	0.0
IV. Inventories	6,417.6	5,465.5	4,046.9	4,714.4	6,918.6
1. Inventories	6,504.4	5,544.8	4,111.3	4,870.8	0.0
2. Provision for decline in value of inventories	-86.8	-79.3	-64.5	-156.4	0.0
V. Other short-term assets	698.2	854.2	535.9	390.2	729.1
1. Short-term prepayments	101.3	76.7	83.0	88.7	0.0
2. Value added tax to be reclaimed	532.9	718.8	414.3	266.9	0.0
3. Taxes and other receivables from state authorities	64.0	58.7	38.6	34.5	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)	12,986.3	12,237.4	12,638.7	13,110.3	14,088.2
I. Long-term receivables	67.9	65.9	62.9	61.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	70.9
2. Long-term prepayments to suppliers	21.0	21.0	21.0	21.0	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	46.8	44.8	41.8	40.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,911.7	2,437.9	2,665.3	2,957.5	3,335.4
1. Tangible fixed assets	2,098.3	1,610.4	1,835.3	2,129.1	2,490.1
- Cost	14,077.9	12,552.2	12,312.3	12,275.3	0.0
- Accumulated depreciation	-11,979.5	-10,941.8	-10,477.0	-10,146.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	8.8
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	813.4	827.4	830.0	828.4	836.5
- Cost	993.3	975.3	969.7	963.7	0.0
- Accumulated depreciation	-179.9	-147.8	-139.7	-135.3	0.0
III. Investment properties	71.0	75.5	80.1	84.7	90.8
- Cost	190.8	192.3	192.3	192.3	0.0
- Accumulated depreciation	-119.8	-116.8	-112.2	-107.5	0.0
IV. Long-term assets in progress	6,608.5	6,424.6	6,680.1	6,319.6	6,055.7
1. Long-term production in progress	25.1	46.2	42.9	39.6	0.0
2. Construction in progress	6,583.4	6,378.4	6,637.3	6,280.0	0.0
V. Long-term financial investments	2,880.2	2,886.3	2,820.1	3,289.6	4,105.0
1. Investments in subsidiaries	34.5	34.5	34.5	34.5	0.0
2. Investments in associates, joint-ventures	2,464.0	2,466.9	2,399.1	2,863.9	0.0
3. Investments in other entities	456.0	456.6	456.6	452.6	0.0
4. Provision for diminution in value of long-term investments	-74.4	-71.7	-70.1	-62.4	0.0
5. Held to maturity investments	—	0.0	0.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	447.1	347.2	330.2	397.7	0.0
1. Long-term prepayments	416.1	343.6	327.5	394.5	0.0
2. Deferred income tax assets	16.2	3.6	2.7	3.3	0.0
3. Long-term equipment, supplies, spare parts	14.8	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	430.4
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)	28,075.7	25,116.0	23,345.7	23,239.4	27,489.1
A. LIABILITIES (300=210+330)	17,748.1	15,734.8	14,067.2	13,347.9	16,528.6
I. Short -term liabilities	14,211.4	12,463.4	10,904.3	10,301.6	13,620.9
1. Short-term trade accounts payable	2,294.7	2,067.1	1,310.5	953.2	2,832.6
2. Short-term advances from customers	301.6	90.0	26.4	25.3	27.8
3. Taxes and other payables to state authorities	173.3	169.1	151.4	260.8	0.0
4. Payable to employees	336.2	285.0	311.4	323.0	0.0
5. Short-term acrrued expenses	2,001.8	1,861.4	2,195.4	1,908.1	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	2.4	2.2	2.4	7.8	4.8
9. Other short-term payables	677.3	536.1	717.8	568.6	0.0
10. Short-term borrowings and financial leases	8,301.2	7,342.7	6,077.7	6,132.5	6,951.5
11. Provision for short-term liabilities	50.7	30.3	27.1	24.9	0.0
12.. Bonus and welfare fund	72.2	79.4	84.3	97.5	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	3,536.7	3,271.3	3,162.9	3,046.2	2,907.6
1. Long-term trade payables	291.1	287.3	281.2	276.9	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	742.4	611.5	475.4	361.6	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	631.0	627.2	627.7	626.1	0.0
8. Long-term borrowings and financial leases	1,824.3	1,684.3	1,702.1	1,709.3	1,810.2
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	5.7	5.9	7.7	5.4	0.0
12. Provision for long-term liabilities	38.2	55.2	68.7	66.9	0.0
13. Fund for technology development	4.0	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)	10,327.6	9,381.2	9,278.5	9,891.5	10,960.6
I. Owner's equity	10,327.6	9,381.2	9,278.5	9,891.5	0.0
1. Owner's capital	6,780.0	6,780.0	6,780.0	6,780.0	10,960.6
- Common stock with voting right	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	133.6	146.9	146.9	143.4	42.9
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-780.7	-803.6	-803.6	-803.6	0.0
7. Foreign exchange differences	-317.4	-258.6	-180.3	-134.7	0.0
8. Investment and development fund	477.0	417.9	330.4	116.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.0	1.0	1.0	1.0	0.0
11. Undistributed earnings after tax	2,485.9	2,019.8	1,853.3	2,563.4	3,623.2
- Accumulated retained earning at the end of the previous period	1,939.5	1,733.3	2,111.0	3,334.6	2,824.1
- Undistributed earnings in this period	546.4	286.4	-257.7	-771.2	799.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,548.2	1,077.8	1,150.8	1,225.1	1,325.0
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)	28,075.7	25,116.0	23,345.7	23,239.4	27,489.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	660.1	357.5	-251.8	-723.1	1,124.2
Depreciation of Fixed Assets and Investment Property	321.8	277.8	360.7	477.3	519.7
Provision (Increase)/Reversal	34.2	-43.0	-98.2	-128.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-2.1	-0.3	11.3	0.0
Gain/Loss from Investment Activities	-569.1	-372.0	109.7	168.8	0.0
Interest Expense	335.6	303.7	353.7	340.9	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	-4.0	0.0	0.0	0.3	0.0
Operating Profit Before Changes in Working Capital	778.6	521.8	473.9	147.0	1,656.5
Increase/(Decrease) in Receivables	625.2	-569.3	-345.0	652.1	0.0
Increase/(Decrease) in Inventory	-230.4	-1,232.4	756.1	2,122.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-59.9	385.4	398.5	-2,516.0	0.0
Increase/(Decrease) in Prepaid Expenses	-47.8	-5.7	72.6	50.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-332.9	-306.9	-353.2	-335.7	0.0
Corporate Income Tax Paid	-59.0	-34.2	-18.2	-62.1	0.0
Other Operating Receipts	71.7	0.0	0.0	78.8	0.0
Other Operating Payments	-44.4	-39.8	-39.9	-58.2	0.0
Net Cash Flow from Operating Activities	701.1	-1,281.1	944.9	78.8	-1,071.7
Payments for Fixed Assets and Other Long-term Assets	-81.8	-52.8	-63.5	-81.7	-432.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.9	2.8	1.8	5.9	4.0
Loans and Purchases of Debt Instruments	-2,475.9	-2,765.6	-2,927.6	-2,181.9	-2,007.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,752.2	3,959.9	1,979.7	1,977.7	2,003.0
Investments in Other Entities	-213.0	-52.3	-4.5	0.0	-36.8
Proceeds from Investments in Other Entities	98.8	0.0	0.5	25.4	0.0
Dividends and Interest Income Received	337.7	260.7	263.3	511.1	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	-580.0	1,352.7	-750.2	256.5	-134.4
Proceeds from Equity Issuance and Capital Contributions	298,223,044,394.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	30,973.7	27,162.8	22,867.7	28,031.8	28,479.0
Repayment of Borrowings	-31,617.4	-26,338.1	-22,975.6	-28,961.3	-26,605.2
Repayment of Finance Leases	—	0.0	0.0	-3.7	-5.2
Dividends Paid	-20.6	-49.4	-222.9	-70.0	-46.9
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	-366.1	775.3	-330.8	-1,003.2	1,821.6
Net Cash Flow During the Period	-245.1	847.0	-136.2	-667.8	-242.8
Cash and Cash Equivalents at Beginning of Period	2,199.2	1,351.5	1,487.8	2,155.6	1,540.1
FX Difference from Revaluation	2.6	0.7	-0.1	-0.1	-0.0
Cash and Cash Equivalents at End of Period	1,956.7	2,199.2	1,351.5	1,487.8	2,155.6

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
Revenue	13,732.9	12,641.7	9,732.6	10,736.2	10,101.7	9,945.0	8,804.1	10,164.0	7,566.9	8,174.1	7,988.5	6,797.6
Revenue Deductions	74.8	85.6	121.0	106.2	71.7	70.7	106.2	87.3	53.4	48.5	41.2	43.4
Net Revenue	13,658.2	12,556.1	9,611.7	10,630.1	10,030.0	9,874.3	8,698.0	10,076.7	7,513.5	8,125.6	7,947.3	6,754.2
Cost of Goods Sold	12,983.1	12,075.0	9,190.2	10,078.4	9,653.1	9,452.5	8,560.4	9,758.1	7,210.9	7,791.0	7,771.1	6,660.6
Gross Profit	675.0	481.1	421.5	551.7	377.0	421.8	137.6	318.6	302.6	334.7	176.2	93.6
Financial Income	80.4	92.3	123.8	189.9	145.5	78.3	49.1	98.3	67.8	145.5	72.2	203.6
Financial Expenses	140.8	127.2	115.4	99.6	97.3	100.1	93.1	88.3	87.2	101.4	100.0	107.5
Interest Expense	111.1	97.0	86.6	81.0	77.0	80.0	77.3	71.2	75.2	75.3	85.0	95.8
Share of Associates and Joint Ventures	47.1	64.3	66.0	-1.3	-31.9	58.0	4.9	51.4	12.5	-116.2	-118.5	-323.8
Selling Expenses	186.1	124.4	128.7	161.3	88.4	80.6	60.7	83.0	62.8	95.0	52.4	37.6
General and Administrative Expenses	284.9	302.5	224.8	226.6	193.9	219.3	162.9	162.5	184.8	167.2	148.8	130.6
Operating Profit	190.7	83.6	142.3	252.9	110.9	158.1	-125.2	134.6	48.1	0.2	-171.3	-302.4
Other Income	18.4	13.0	22.1	52.0	4.5	62.8	10.0	7.4	6.7	9.5	7.9	31.4
Other Expenses	1.2	44.1	1.9	3.1	1.2	5.2	1.1	1.4	1.9	8.8	3.5	8.4
Other Profit	17.2	-31.0	20.2	48.8	3.3	57.6	8.9	6.0	4.8	0.7	4.4	22.9
Profit Before Tax	207.9	52.5	162.5	301.7	114.2	215.7	-116.3	140.6	52.9	1.0	-166.9	-279.4
Current Income Tax Expense	21.5	27.5	10.2	33.8	13.3	20.3	7.8	11.0	8.4	12.5	5.1	3.6
Deferred Income Tax Expense	1.9	-1.2	0.0	-0.5	0.2	-0.7	-0.6	-0.3	-1.4	-0.4	-0.0	1.3
Net Income	184.5	26.3	152.3	268.4	100.6	196.0	-123.5	129.9	45.9	-11.2	-171.9	-284.3
Non-controlling Interest	21.4	10.1	5.3	12.5	6.0	39.4	-27.9	4.1	9.8	18.7	-17.0	-29.0
Profit Attributable to Parent	163.1	16.2	147.0	256.0	94.6	156.6	-95.6	125.8	36.1	-29.9	-154.9	-255.3
Earnings per Share	241.00	24.00	217.00	517.00	140.00	231.00	-141.00	186.00	53.00	-44.00	-228.00	-377.00
Diluted EPS	240.53	23.92	216.77	377.52	139.54	231.00	-141.04	185.52	53.22	-44.07	-228.51	-376.55

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)	15,001.0	15,061.5	14,309.0	15,008.6	12,360.5	12,903.5	11,600.0	11,981.1	12,661.5	10,701.6	10,706.7	10,621.8
I. Cash and cash equivalents	1,886.5	1,956.7	1,909.1	2,233.4	1,536.8	1,958.1	1,649.8	1,312.9	1,165.6	1,335.5	1,517.7	1,509.8
1. Cash	1,398.7	1,134.9	1,141.4	1,210.1	732.3	779.1	700.7	465.5	617.3	519.6	484.1	602.4
2. Cash equivalents	487.8	821.7	767.7	1,023.4	804.6	1,179.0	949.1	847.5	548.4	815.9	1,033.6	907.4
II. Short-term financial investments	1,983.2	1,869.5	1,684.9	1,815.1	1,624.4	1,576.5	1,766.2	1,942.2	2,091.7	2,000.3	1,456.9	1,094.2
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,983.2	1,869.5	1,684.9	1,815.1	1,624.4	1,576.5	1,766.2	1,942.2	2,091.7	2,000.3	1,456.9	1,094.2
III. Short-term receivables	4,658.4	4,148.9	4,619.3	4,401.4	2,967.2	3,054.5	2,941.9	3,021.0	3,301.3	2,789.3	2,953.8	2,834.8
1. Short-term trade accounts receivable	4,706.8	4,294.9	4,709.2	4,513.4	3,153.6	3,218.0	3,170.4	3,117.7	3,424.0	2,904.4	3,153.4	3,037.2
2. Short-term prepayments to suppliers	229.7	123.2	164.7	159.9	85.0	73.4	40.1	96.5	69.7	81.4	35.7	42.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	276.3	289.9	302.5	293.6	294.0	330.0	302.1	384.5	402.0	395.5	366.1	361.6
7. Provision for short-term doubtful debts (*)	-554.4	-559.1	-557.4	-565.7	-565.6	-567.1	-570.8	-577.8	-594.6	-592.0	-601.3	-606.0
8. Assets awaiting resolution	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0
IV. Inventories	5,817.9	6,387.9	5,187.0	5,659.8	5,379.3	5,467.0	4,514.2	4,984.4	5,425.1	4,038.7	4,263.6	4,658.0
1. Inventories	5,904.7	6,474.7	5,280.5	5,742.0	5,463.4	5,546.5	4,599.8	5,075.3	5,508.1	4,103.2	4,367.9	4,769.8
2. Provision for decline in value of inventories	-86.8	-86.8	-93.5	-82.2	-84.2	-79.5	-85.6	-90.9	-83.0	-64.5	-104.3	-111.7
V. Other short-term assets	655.1	698.5	908.7	898.9	852.7	847.5	727.9	720.6	677.7	537.8	514.8	525.0
1. Short-term prepayments	121.0	101.4	109.4	129.9	93.4	85.4	114.2	127.6	86.8	84.8	99.2	120.0
2. Value added tax to be reclaimed	478.7	532.9	745.9	712.7	700.0	718.8	591.8	569.0	537.4	414.3	386.4	372.9
3. Taxes and other receivables from state authorities	55.4	64.3	53.4	56.2	59.3	43.3	21.9	24.0	53.5	38.7	29.1	32.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	13,017.2	12,976.9	12,928.8	12,510.4	12,171.1	12,241.9	12,691.3	12,698.5	12,584.5	12,467.7	12,577.9	12,751.2
I. Long-term receivables	70.3	67.9	68.6	68.5	68.3	65.9	65.7	65.5	65.6	62.9	62.8	62.8
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	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0	21.0
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	49.2	46.8	47.6	47.4	47.2	44.8	44.6	44.4	44.6	41.9	41.7	41.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,850.5	2,910.8	2,976.0	3,046.6	2,372.8	2,437.9	2,493.4	2,554.3	2,615.8	2,665.2	2,720.4	2,796.1
1. Tangible fixed assets	2,038.7	2,097.4	2,151.8	2,220.8	1,545.9	1,610.4	1,664.1	1,723.6	1,783.0	1,835.1	1,891.8	1,966.0
- Cost	14,072.8	—	—	—	—	12,552.2	12,546.0	12,541.5	12,535.5	12,312.1	12,298.4	12,291.8
- Accumulated depreciation	-12,034.1	—	—	—	—	-10,941.8	-10,882.0	-10,817.9	-10,752.5	-10,477.0	-10,406.6	-10,325.8
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	811.8	813.4	824.3	825.8	826.9	827.4	829.3	830.7	832.7	830.1	828.6	830.0
- Cost	883.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-71.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	70.3	71.9	73.0	73.2	74.3	75.5	76.6	77.8	78.9	80.1	81.3	82.4
- Cost	177.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-107.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6,650.2	6,602.9	6,566.6	6,480.7	6,429.4	6,423.2	6,864.5	6,835.3	6,736.7	6,680.3	6,592.1	6,492.9
1. Long-term production in progress	25.1	25.1	48.6	48.6	46.2	46.2	46.2	44.5	42.9	42.9	40.8	40.3
2. Construction in progress	6,625.1	6,577.8	6,518.0	6,432.1	6,383.2	6,377.0	6,818.3	6,790.8	6,693.8	6,637.4	6,551.4	6,452.6
V. Long-term financial investments	2,918.4	2,875.4	2,813.7	2,412.7	2,878.0	2,888.5	2,834.6	2,830.8	2,776.3	2,654.1	2,779.5	2,961.5
1. Investments in subsidiaries	34.5	34.5	34.5	34.5	34.5	34.5	34.5	34.5	34.5	34.5	34.5	34.5
2. Investments in associates, joint-ventures	2,502.2	2,459.2	2,394.9	1,993.9	2,458.6	2,469.7	2,411.8	2,407.9	2,355.3	2,233.1	2,350.4	2,532.3
3. Investments in other entities	456.0	456.0	456.0	456.0	456.6	456.6	456.6	456.6	456.6	456.6	457.1	457.1
4. Provision for diminution in value of long-term investments	-74.4	-74.4	-71.7	-71.7	-71.7	-72.3	-68.2	-68.2	-70.1	-70.1	-62.6	-62.5
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	457.5	448.1	430.8	428.7	348.3	351.0	356.5	334.8	311.3	325.1	341.9	355.5
1. Long-term prepayments	428.1	416.6	377.5	374.9	345.4	347.4	353.2	331.9	308.4	322.3	339.2	352.2
2. Deferred income tax assets	14.6	16.6	14.7	15.1	2.9	3.6	3.3	2.9	2.9	0.0	0.0	3.3
3. Long-term equipment, supplies, spare parts	14.8	14.8	15.2	15.3	—	0.0	0.0	0.0	0.0	2.8	2.7	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	23.4	23.4	—	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)	28,018.2	28,038.4	27,237.9	27,519.0	24,531.6	25,145.5	24,291.2	24,679.6	25,246.0	23,169.3	23,284.6	23,373.0
A. LIABILITIES (300=210+330)	17,505.2	17,733.4	16,920.3	17,344.9	15,089.7	15,762.8	15,014.9	15,420.6	15,985.1	14,067.4	13,978.0	13,738.9
I. Short -term liabilities	13,942.7	14,196.8	13,383.9	13,843.2	11,760.8	12,491.4	11,820.2	12,149.1	12,753.7	10,906.0	10,810.3	10,632.9
1. Short-term trade accounts payable	1,864.1	2,262.6	2,092.9	1,777.4	2,010.4	2,061.5	1,438.6	1,488.9	2,389.8	1,310.7	1,535.0	1,558.9
2. Short-term advances from customers	403.3	301.6	278.1	118.0	122.8	90.0	37.3	21.7	13.6	25.9	11.5	21.4
3. Dividends and profits payable	2.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	167.0	173.9	268.7	342.6	175.3	166.0	242.9	186.5	155.0	152.8	338.3	304.8
4. Payable to employees	308.4	341.6	285.5	293.0	169.3	281.2	271.3	238.8	177.7	311.1	249.2	221.3
5. Short-term acrrued expenses	2,241.4	2,009.8	2,020.0	2,097.3	2,014.9	1,877.9	2,362.8	2,343.3	2,336.0	2,199.1	2,161.6	2,059.7
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	8.9	2.4	3.8	7.5	8.8	2.2	0.3	2.1	0.8	2.4	0.6	6.9
9. Other short-term payables	760.4	687.5	522.1	566.5	511.3	571.3	569.6	675.3	735.4	717.7	621.6	643.7
10. Short-term borrowings and financial leases	8,053.6	8,301.2	7,779.5	8,513.3	6,634.8	7,342.7	6,788.7	7,068.5	6,837.2	6,077.7	5,767.2	5,675.9
11. Provision for short-term liabilities	69.1	44.0	47.2	32.3	35.0	19.1	18.4	23.0	31.8	24.3	33.0	38.5
12.. Bonus and welfare fund	64.2	72.2	86.0	95.3	78.1	79.4	90.3	101.0	76.4	84.3	92.2	102.1
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	3,562.5	3,536.6	3,536.5	3,501.6	3,328.9	3,271.3	3,194.7	3,271.5	3,231.4	3,161.3	3,167.8	3,106.0
1. Long-term trade payables	290.5	291.1	291.5	291.3	288.8	287.3	282.9	286.8	284.4	281.2	281.7	277.2
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	765.9	742.4	720.5	689.5	646.3	611.5	557.1	560.0	519.7	475.4	447.4	408.5
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	634.5	631.0	629.1	628.5	628.1	627.2	627.0	627.6	627.9	627.8	627.6	626.6
8. Long-term borrowings and financial leases	1,823.0	1,824.3	1,833.6	1,824.0	1,703.0	1,684.3	1,642.6	1,712.3	1,714.7	1,702.1	1,736.6	1,719.7
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	6.0	5.7	5.7	5.8	5.4	5.8	6.2	5.6	5.9	6.1	6.3	6.4
12. Provision for long-term liabilities	38.7	38.2	52.2	58.5	57.2	55.2	79.0	79.2	78.8	68.7	68.2	67.7
13. Fund for technology development	4.0	4.0	4.0	4.0	—	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)	10,513.1	10,305.0	10,317.6	10,174.2	9,441.9	9,382.7	9,276.4	9,259.0	9,260.9	9,102.0	9,306.6	9,634.1
I. Owner's equity	10,513.1	10,305.0	10,317.6	10,174.2	9,441.9	9,382.7	9,276.4	9,259.0	9,260.9	9,102.0	9,306.6	9,634.1
1. Owner's capital	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0	6,780.0
- Common stock with voting right	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00	6,780,000,000,000.00
- 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	133.6	133.6	146.9	146.9	146.9	146.9	146.9	146.9	146.9	146.9	146.9	143.4
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	-780.7	-780.7	-803.4	-803.6	-803.6	-803.6	-803.6	-803.6	-803.6	-803.6	-803.6	-803.6
7. Foreign exchange differences	-315.9	-317.4	-322.4	-312.3	-278.9	-258.6	-200.9	-252.7	-221.6	-180.3	-186.6	-137.4
8. Investment and development fund	481.3	477.0	486.7	487.9	422.6	417.9	417.9	417.9	330.4	330.4	330.4	333.9
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
11. Undistributed earnings after tax	2,643.6	2,465.4	2,433.5	2,278.3	2,104.3	2,019.8	1,863.6	1,897.8	1,889.4	1,677.3	1,910.3	2,138.8
- Accumulated retained earning at the end of the previous period	2,480.5	1,946.2	1,930.5	1,927.7	2,009.7	1,733.3	1,733.8	1,735.9	1,853.3	2,110.7	2,313.8	2,330.0
- Undistributed earnings in this period	163.1	519.2	503.0	350.6	94.6	286.5	129.8	161.9	36.1	-433.4	-403.5	-191.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1,570.2	1,546.2	1,595.3	1,596.0	1,069.6	1,079.3	1,071.4	1,071.7	1,138.4	1,150.3	1,128.2	1,178.0
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)	28,018.2	28,038.4	27,237.9	27,519.0	24,531.6	25,145.5	24,291.2	24,679.6	25,246.0	23,169.3	23,284.6	23,373.0

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	207.9	81.1	162.5	302.3	114.2	215.7	-116.3	203.8	52.9	179.4	-166.9	-343.8
Depreciation of Fixed Assets and Investment Property	67.8	105.5	76.5	72.2	67.6	69.7	67.8	71.3	68.9	81.3	85.9	70.1
Provision (Increase)/Reversal	18.9	15.7	-2.1	10.5	10.1	-52.6	-4.7	-31.6	35.5	-46.6	-17.7	-4.7
FX Gain/Loss from Revaluation of Monetary Items	1.0	0.4	-0.9	0.8	-0.3	-1.7	0.2	-0.2	0.0	-15.7	13.8	1.9
Gain/Loss from Investment Activities	-48.2	-241.6	-108.6	-146.2	-72.7	-106.0	-36.4	-115.9	-55.2	-158.7	74.7	222.5
Interest Expense	111.1	90.9	86.6	81.0	77.0	80.0	77.3	71.2	75.2	75.4	85.0	95.0
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	64.5	-64.5	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	358.5	48.0	218.1	316.7	195.9	205.0	52.4	134.1	177.3	115.0	74.8	41.1
Increase/(Decrease) in Receivables	-463.5	2,291.9	-1,946.8	203.7	76.4	-252.9	-51.9	325.7	-656.0	219.0	-141.8	218.9
Increase/(Decrease) in Inventory	599.8	-477.0	-813.8	979.1	81.3	-742.4	267.5	637.5	-1,396.7	254.4	400.0	704.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.6	-444.3	1,224.8	-831.1	-9.4	291.6	365.9	-1,324.4	1,060.5	-273.8	35.9	-114.5
Increase/(Decrease) in Prepaid Expenses	-31.7	45.3	-90.6	20.1	-22.5	38.3	24.2	-96.5	15.4	36.4	28.9	-5.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-109.8	-294.2	117.7	-143.7	-12.6	-634.1	98.1	-146.3	1.0	-192.4	29.4	-172.0
Corporate Income Tax Paid	-40.0	5.1	-24.2	-12.0	-27.9	-21.8	6.3	-15.6	-3.1	-5.7	-2.9	-1.1
Other Operating Receipts	—	—	—	—	—	0.0	-0.0	0.0	0.2	0.0	0.0	-0.2
Other Operating Payments	-9.1	-13.1	-11.1	-10.4	-9.8	-11.0	-11.0	-9.8	-8.1	-8.3	-9.9	-12.8
Net Cash Flow from Operating Activities	314.7	1,164.0	-1,256.8	469.5	324.3	-1,127.2	751.4	-495.3	-809.5	144.7	414.5	658.8
Payments for Fixed Assets and Other Long-term Assets	-47.6	400.8	-468.7	-8.3	-5.6	34.1	-45.8	-12.2	-19.4	68.8	-103.0	-17.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.3	1.5	-0.1	0.2	3.9	0.4	1.7	-0.0	1.3	0.0	0.4
Loans and Purchases of Debt Instruments	-528.3	-564.9	-1,136.2	-221.5	-553.2	-1,041.0	-115.5	-913.1	-475.4	-1,025.1	-886.3	-476.2
Receipts from Loan Repayments and Sale of Debt Instruments	427.1	-58.3	1,517.9	-381.7	674.3	1,898.1	-330.4	1,615.0	638.0	549.2	475.1	461.5
Investments in Other Entities	-38.3	—	—	—	—	-108.2	108.2	-52.3	0.0	-4.5	0.0	0.0
Proceeds from Investments in Other Entities	—	-356.3	—	455.1	—	0.0	0.0	-0.2	0.2	0.5	0.0	-1.4
Dividends and Interest Income Received	46.7	53.0	35.1	166.8	82.8	75.8	51.3	125.2	41.5	23.7	43.8	211.9
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	-140.0	-165.8	-559.5	434.5	-289.3	862.6	-331.7	764.2	184.9	-386.2	-470.4	179.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	8,413.2	12,073.8	4,738.9	7,608.9	6,552.0	8,493.5	5,364.4	8,158.9	5,720.0	6,090.3	5,601.2	5,710.5
Repayment of Borrowings	-8,660.7	0.0	-3,244.5	-4.0	-7,250.0	-7,951.8	-5,665.1	-8,012.5	-5,282.6	-5,811.2	-5,537.8	-6,228.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-21.0	17.9	-17.8	0.4	30.1	-41.0	-8.5	0.7	-203.6	-1.0	-15.8
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-247.6	-952.7	1,512.2	-228.1	-697.5	571.8	-341.8	137.8	438.1	75.5	62.5	-533.4
Net Cash Flow During the Period	-72.9	45.5	-304.0	676.0	-662.6	307.3	77.9	406.7	-186.5	-166.1	6.5	304.4
Cash and Cash Equivalents at Beginning of Period	1,956.7	1,909.1	2,216.1	1,536.8	2,199.2	1,351.5	1,351.5	1,351.5	1,351.5	1,487.8	1,487.8	1,487.8
FX Difference from Revaluation	2.8	2.6	0.5	3.5	0.2	1.0	-0.2	-0.2	0.6	-0.1	-0.1	0.1
Cash and Cash Equivalents at End of Period	1,886.5	1,956.7	1,909.1	2,216.1	1,536.8	1,958.1	1,649.8	1,572.1	1,165.6	1,351.5	1,517.7	1,511.3

Explore Other Stocks In The Same Sector

HPG, HSG, GDA, VGS, SMC, NKG, TNI, HMC, HMG, VGL, TNS, PAS, VLS, MEL, GCB, KKC, TDS, DHM, TLH, ITQ, TNB, TTS, VDT, CK8, SDK, TIS, BCA, VCA, KVC, MHL, HLA, DTL, CBI, VPG, POM

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

TVN

What Is Changing

Drivers of TVN's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow