VGI

Tổng Công ty cổ phần Đầu tư Quốc tế Viettel ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 28.11%, +12.07pp YoY

Price

94,900

Latest close

05 Jun 2026

P/E 25.70x

P/B 6.19x

EPS 3,692

BVPS 15,325

ROE 26.8%

ROA 14.8%

Profit Margin 23.8%

Asset Turnover 0.62x

Equity Mult. 1.81x

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

What Is Changing

On a TTM 2026Q1 basis, VGI is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 47,010bn
	                                
+26.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13,216bn
	                                
+122.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	44,271.4	35,367.7	28,212.2	23,629.6	19,231.4
Growth	+25%	+25%	+19%	+23%	—
Net Income	11,250.6	7,173.0	1,647.1	1,540.7	-294.9
Net Margin	25.41%	20.28%	5.84%	6.52%	-1.53%

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	12,567.6	12,306.4	11,621.9	10,514.4	9,656.5	9,639.5	9,130.1	8,678.6	7,906.9	7,563.6	7,325.6	6,861.4
Growth	+2%	+6%	+11%	+9%	+0%	+6%	+5%	+10%	+5%	+3%	+7%	—
Net Income	2,328.9	3,845.6	4,160.0	2,881.7	407.9	3,709.7	622.0	1,213.6	1,633.5	700.7	1,409.6	-1,219.2
Net Margin	18.53%	31.25%	35.79%	27.41%	4.22%	38.48%	6.81%	13.98%	20.66%	9.26%	19.24%	-17.77%

Drivers of VGI's profit

TTM

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

Gross profit ↑ 4,412.4bn

Administrative expenses ↓ 1,474.6bn

Finance costs ↓ 1,372.4bn

Financial income ↑ 907.1bn

Tax ↑ 882.5bn

Selling expenses ↑ 742.5bn

TTM

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

Gross profit ↑ 1,364.3bn

Administrative expenses ↓ 501.5bn

Finance costs ↓ 381.5bn

Financial income ↑ 277.8bn

Tax ↑ 264.5bn

Selling expenses ↑ 187.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.3% = 16.0% × 0.61 × 1.75

2026Q1 31.6% = 28.1% × 0.62 × 1.81

ROE rose from 17.3% to 31.6% — all three components improved, with net margin contributing the most.

Net margin: 28.1% +12.1pp Asset turnover: 0.62x +0.01x Leverage: 1.81x +0.06x

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 28.11%, rising 12.1pp. Core operating signals are improving as SG&A / Revenue fell 8.1pp are enough to offset pressure from Gross margin fell 1.8pp (with additional support from Net financial result / Revenue rose 4.6pp and Other profit / Revenue rose 0.4pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 28.11% +12.1pp

Gross Margin 51.20% −1.8pp

SG&A / Revenue 22.87% −8.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 12.8 days.

Is capital being deployed efficiently?

ROIC expanded to 39.25%, rising 16.5pp. That translates to 39.25 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 11.6pp, with capital turnover broadly stable; while invested capital expanded strongly by 7,253bn.

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

CAPITAL EFFICIENCY TREND

ROIC 39.25% +16.5pp

NOPAT Margin 26.84% +11.6pp

Capital Turnover 1.46x −0.03x

Average Invested Capital 32,143.3bn +7,252.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.90x equity, with a net cash position equivalent to 0.16x equity.

Over the last 12 months, working capital released 5,906.1bn 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: +2,223.3bn

Inventories increased → lower CFO: −1,896.9bn

Payables increased → higher CFO: +5,579.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 23.5 days versus the same period last year. The main moves came from DIO rose 1.8 days, DSO fell 18.8 days, and DPO rose 6.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Inventory turnover is slowing

DIO increased by +1.8 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 49.7 days −18.8 days

Inventory 58.8 days +1.8 days

Payables 95.6 days +6.6 days

Cash Conversion Cycle 12.8 days −23.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 16,963.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.16x and interest coverage at 11.87x.

At present, short-term debt accounts for 49.9% of total debt, cash equals 248.3% of debt, and total debt stands at 4,952.0bn.

Leverage and liquidity trend

Net Debt / Equity -0.16x +0.17x

Interest Coverage 11.87x +8.59x

Cash / Debt 248.3% −270.9pp

Short-term Debt / Total Debt 49.9% +13.4pp

CFO / NI 1.74x −1.87x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 16,963.7bn in 2025, against investing cash flow of -10,568.0bn.

Post-investment cash flow was positive +6,395.7bn. Financing cash flow was negative +1,844.5bn.

CFO / net income was 1.74x.

After spending +8,517.4bn on fixed-asset investment, the business generated trailing free cash flow of +10,951.4bn.

Cash Conversion

CFO TTM 19,468.8bn +3,954.5bn

Cash Capex 8,517.4bn +5,524.0bn

FCF TTM +10,951.4bn −1,569.5bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 15.9%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 28.11% after expanding 12.1pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.74x. Even so, net financial result still accounts for 15.9% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	44,271.4	35,367.7	28,212.2	23,644.6	19,231.4
Revenue Deductions	—	0.0	0.0	14.9	0.0
Net Revenue	44,271.4	35,367.7	28,212.2	23,629.6	19,231.4
Cost of Goods Sold	21,560.0	17,462.3	13,944.2	12,670.8	0.0
Gross Profit	22,711.4	17,905.3	14,268.0	10,958.9	7,257.8
Financial Income	3,865.4	4,246.0	3,710.3	3,580.2	3,271.2
Financial Expenses	1,780.9	1,779.4	3,470.5	2,557.3	-2,302.1
Interest Expense	332.0	315.2	374.7	485.6	-616.3
Share of Associates and Joint Ventures	506.0	408.7	284.3	251.0	-1,872.6
Selling Expenses	4,848.5	3,532.6	3,790.5	2,579.1	-1,903.5
General and Administrative Expenses	6,123.2	6,883.5	7,297.6	6,691.2	-3,901.8
Operating Profit	14,330.3	10,364.5	3,704.0	2,962.4	549.0
Other Income	971.7	386.1	242.3	119.5	0.0
Other Expenses	126.4	83.8	66.9	67.9	0.0
Other Profit	845.3	302.3	175.3	51.6	363.2
Profit Before Tax	15,175.6	10,666.8	3,879.3	3,014.1	912.2
Current Income Tax Expense	3,548.3	2,783.3	1,522.2	831.6	-1,207.1
Deferred Income Tax Expense	376.7	710.5	710.0	641.8	0.0
Net Income	11,250.6	7,173.0	1,647.1	1,540.7	-294.9
Non-controlling Interest	1,948.0	1,546.9	1,024.6	706.6	618.1
Profit Attributable to Parent	9,302.7	5,626.2	622.5	834.1	-913.0
Earnings per Share	3,028.00	1,848.00	205.00	274.00	-305.00
Diluted EPS	3,056.26	1,848.40	204.52	274.02	-299.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	58,016.0	48,680.6	37,540.2	34,453.4	29,027.6
I. Cash and cash equivalents	18,198.1	13,376.2	8,874.3	7,864.1	6,149.5
1. Cash	16,176.5	12,468.9	8,377.2	7,352.0	0.0
2. Cash equivalents	2,021.5	907.4	497.1	512.1	0.0
II. Short-term financial investments	26,862.1	23,487.4	14,239.3	9,038.0	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	26,862.1	23,487.4	14,239.3	9,038.0	0.0
III. Short-term receivables	6,493.9	7,912.3	10,840.6	14,571.0	13,912.8
1. Short-term trade accounts receivable	5,998.6	6,296.0	6,522.8	7,132.7	0.0
2. Short-term prepayments to suppliers	975.4	433.5	656.8	536.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	11,969.7	12,761.0	12,100.2	11,160.9	0.0
6. Other short-term receivables	6,727.5	5,770.1	5,464.5	5,137.1	0.0
7. Provision for short-term doubtful debts (*)	-19,177.4	-17,348.3	-13,903.6	-9,396.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5,161.5	2,793.6	2,615.0	2,254.7	1,721.9
1. Inventories	5,387.6	3,023.9	2,792.7	2,367.0	0.0
2. Provision for decline in value of inventories	-226.2	-230.3	-177.7	-112.4	0.0
V. Other short-term assets	1,300.5	1,111.1	971.0	725.7	799.6
1. Short-term prepayments	443.8	323.3	315.1	201.7	0.0
2. Value added tax to be reclaimed	820.2	714.9	593.4	473.3	0.0
3. Taxes and other receivables from state authorities	36.4	72.9	62.5	50.6	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)	23,494.6	14,758.1	14,924.2	15,849.6	23,386.6
I. Long-term receivables	127.4	140.2	1,619.9	3,104.0	0.0
1. Long-term trade receivables	27.7	70.5	1,446.0	2,234.7	10,886.4
2. Long-term prepayments to suppliers	—	0.1	5.9	5.7	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	79.4	720.4	0.0
6. Other long-term receivables	99.7	69.6	88.5	143.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	16,032.9	11,489.6	10,598.8	9,966.8	9,326.6
1. Tangible fixed assets	10,532.6	8,135.4	7,263.5	7,070.4	7,018.2
- Cost	43,667.8	38,018.8	33,715.0	31,203.6	0.0
- Accumulated depreciation	-33,135.1	-29,883.4	-26,451.6	-24,133.2	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	5,500.2	3,354.2	3,335.3	2,896.4	2,308.4
- Cost	8,946.5	6,152.3	5,422.1	4,613.7	0.0
- Accumulated depreciation	-3,446.3	-2,798.1	-2,086.8	-1,717.3	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	1,983.9	1,473.2	970.5	470.4	1,019.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1,983.9	1,473.2	970.5	470.4	0.0
V. Long-term financial investments	4,359.2	642.5	629.3	842.4	756.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	558.2	642.5	629.3	842.4	0.0
3. Investments in other entities	0.6	0.6	0.6	0.6	0.0
4. Provision for diminution in value of long-term investments	-0.6	-0.6	-0.6	-0.6	0.0
5. Held to maturity investments	3,801.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	991.2	1,012.6	1,105.7	1,466.0	0.0
1. Long-term prepayments	282.7	303.6	357.4	467.2	0.0
2. Deferred income tax assets	657.0	652.0	660.1	905.8	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	51.5	57.0	48.3	0.0	1,397.7
5. Goodwill	—	0.0	39.9	93.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	81,510.6	63,438.7	52,464.4	50,303.0	52,414.1
A. LIABILITIES (300=210+330)	38,672.4	27,606.7	21,947.4	21,194.5	24,352.9
I. Short -term liabilities	32,499.2	22,599.1	18,103.1	16,585.8	15,411.0
1. Short-term trade accounts payable	7,485.7	3,884.9	3,994.9	4,018.5	2,812.6
2. Short-term advances from customers	32.6	35.3	20.0	22.8	44.4
3. Taxes and other payables to state authorities	2,098.1	2,128.6	1,216.8	975.4	0.0
4. Payable to employees	244.7	175.2	142.2	142.7	0.0
5. Short-term acrrued expenses	5,260.9	3,614.0	3,302.6	2,109.6	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	4,896.1	3,668.5	2,832.7	2,140.0	1,891.3
9. Other short-term payables	9,662.2	7,154.0	4,633.5	3,376.9	0.0
10. Short-term borrowings and financial leases	2,769.8	1,748.2	1,870.5	3,669.0	6,362.8
11. Provision for short-term liabilities	6.9	125.2	6.7	16.0	0.0
12.. Bonus and welfare fund	42.2	65.3	83.4	114.9	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	6,173.2	5,007.5	3,844.3	4,608.7	8,941.9
1. Long-term trade payables	368.7	409.5	333.8	414.9	962.7
2. Long-term advances from customers	—	0.0	29.9	29.0	28.0
3. Long-term acrrued expenses	156.1	560.7	20.8	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	493.9	561.8	609.1	690.3	896.2
7. Other long-term liabilities	7.0	7.6	6.9	5.9	0.0
8. Long-term borrowings and financial leases	2,257.3	974.6	1,070.6	2,288.8	5,875.0
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	2,702.4	2,327.9	1,632.9	1,179.8	0.0
12. Provision for long-term liabilities	187.9	165.4	140.2	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)	42,838.2	35,832.0	30,517.0	29,108.5	28,061.2
I. Owner's equity	42,838.2	35,832.0	30,517.0	29,108.5	0.0
1. Owner's capital	30,438.1	30,438.1	30,438.1	30,438.1	28,061.2
- Common stock with voting right	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00
- 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	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-2,288.9	-1,753.5	-593.1	-813.4	0.0
8. Investment and development fund	3,551.2	3,551.0	3,548.1	3,495.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	177.7	74.9	10.8	9.8	0.0
11. Undistributed earnings after tax	9,130.3	2,284.0	-3,377.3	-3,969.6	-5,094.7
- Accumulated retained earning at the end of the previous period	-169.7	-3,333.8	-3,945.2	-4,750.6	-4,163.9
- Undistributed earnings in this period	9,300.0	5,617.8	567.8	781.0	-930.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1,829.9	1,237.5	490.5	-52.3	-566.4
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)	81,510.6	63,438.7	52,464.4	50,303.0	52,414.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	15,175.6	10,666.8	3,879.3	3,014.1	992.9
Depreciation of Fixed Assets and Investment Property	3,435.9	3,175.2	3,067.7	3,223.2	3,312.9
Provision (Increase)/Reversal	1,626.8	3,637.6	4,573.1	3,988.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1,074.3	-2,422.9	-375.6	-1,773.6	0.0
Gain/Loss from Investment Activities	-2,810.6	-1,818.5	-1,539.8	-1,150.9	0.0
Interest Expense	332.0	315.2	374.7	485.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16,685.4	13,553.3	9,979.4	7,787.3	6,634.7
Increase/(Decrease) in Receivables	290.9	947.9	1,944.5	4,363.7	0.0
Increase/(Decrease) in Inventory	-2,363.7	-231.2	-425.7	-372.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6,034.4	4,028.5	2,938.9	2,674.4	0.0
Increase/(Decrease) in Prepaid Expenses	-99.6	45.7	-171.5	227.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-361.5	-352.5	-374.4	-442.3	0.0
Corporate Income Tax Paid	-3,190.9	-1,644.3	-1,085.8	-517.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.2	-18.1	-31.5	-56.7	0.0
Net Cash Flow from Operating Activities	16,963.7	16,329.4	12,774.0	13,663.6	5,618.0
Payments for Fixed Assets and Other Long-term Assets	-6,435.0	-3,158.8	-3,334.2	-3,448.8	-2,640.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.2	16.0	12.7	31.3	22.4
Loans and Purchases of Debt Instruments	-31,338.1	-24,337.3	-15,042.7	-9,056.9	-6,156.3
Receipts from Loan Repayments and Sale of Debt Instruments	25,392.1	15,136.1	9,856.1	6,453.2	6,777.5
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	163.4	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1,638.6	1,646.5	996.3	780.8	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	-10,568.0	-10,697.4	-7,511.7	-5,240.4	-654.6
Proceeds from Equity Issuance and Capital Contributions	17,291,802,262.00	0.00	0.00	0.00	-3,494,584,797.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5,802.9	4,633.1	4,539.9	2,826.6	4,014.1
Repayment of Borrowings	-3,630.2	-4,977.8	-7,636.6	-9,437.1	-6,727.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4,034.5	-1,155.0	-410.4	-99.2	-312.5
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	-1,844.5	-1,499.6	-3,507.1	-6,709.7	-3,029.5
Net Cash Flow During the Period	4,551.2	4,132.3	1,755.1	1,713.4	811.9
Cash and Cash Equivalents at Beginning of Period	13,376.2	8,874.3	7,864.1	6,160.9	4,856.2
FX Difference from Revaluation	270.6	369.5	-744.9	-10.3	-640.6
Cash and Cash Equivalents at End of Period	18,198.1	13,376.2	8,874.3	7,864.1	6,149.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	12,567.6	12,306.4	11,621.9	10,514.4	9,656.5	9,639.5	9,130.1	8,678.6	7,906.9	7,563.6	7,325.6	6,861.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	12,567.6	12,306.4	11,621.9	10,514.4	9,656.5	9,639.5	9,130.1	8,678.6	7,906.9	7,563.6	7,325.6	6,861.4
Cost of Goods Sold	6,239.0	6,196.7	5,584.6	4,918.5	4,692.3	4,502.5	4,387.3	3,863.6	3,775.7	3,432.7	3,575.6	3,722.5
Gross Profit	6,328.6	6,109.6	6,037.3	5,595.9	4,964.3	5,137.0	4,742.7	4,815.0	4,131.2	4,130.9	3,750.0	3,138.9
Financial Income	848.0	661.4	1,321.9	1,330.5	570.2	2,181.1	-909.0	1,412.4	1,555.2	687.7	1,678.3	724.7
Financial Expenses	1,400.9	490.7	-457.2	-34.8	1,782.4	-817.2	836.1	970.7	783.9	460.1	859.1	1,257.5
Interest Expense	115.5	41.5	107.5	72.2	110.7	36.6	94.4	89.2	95.8	75.7	100.6	92.1
Share of Associates and Joint Ventures	149.3	58.9	142.1	175.1	129.9	72.3	115.8	109.3	110.1	59.9	51.3	66.7
Selling Expenses	1,230.8	1,479.9	1,164.7	1,301.3	1,043.2	1,171.0	942.6	1,277.3	1,090.3	1,241.5	1,004.3	783.4
General and Administrative Expenses	1,209.6	682.6	1,768.1	1,914.6	1,711.1	2,476.7	966.7	1,895.0	1,481.9	1,932.5	1,518.1	2,701.2
Operating Profit	3,484.7	4,176.7	5,025.8	3,920.4	1,127.7	4,559.9	1,204.1	2,193.7	2,440.4	1,244.4	2,098.1	-811.8
Other Income	30.8	565.2	302.8	87.5	203.6	201.1	73.2	72.1	57.8	78.9	38.5	25.6
Other Expenses	31.3	76.1	60.3	31.0	21.2	77.9	-20.2	13.4	19.0	26.4	27.0	14.4
Other Profit	-0.4	489.1	242.4	56.5	182.4	123.1	93.4	58.7	38.8	52.5	11.5	11.1
Profit Before Tax	3,484.3	4,665.8	5,268.2	3,976.9	1,310.0	4,683.0	1,297.5	2,252.4	2,479.1	1,296.9	2,109.5	-800.7
Current Income Tax Expense	916.3	957.0	1,109.7	826.9	651.8	746.3	861.3	668.0	454.2	678.0	422.2	108.8
Deferred Income Tax Expense	239.1	-136.7	-1.4	268.3	250.3	227.0	-185.8	370.8	391.4	-81.8	277.7	309.8
Net Income	2,328.9	3,845.6	4,160.0	2,881.7	407.9	3,709.7	622.0	1,213.6	1,633.5	700.7	1,409.6	-1,219.2
Non-controlling Interest	533.6	478.3	534.3	492.6	440.4	388.3	443.7	386.1	337.5	297.3	305.2	225.9
Profit Attributable to Parent	1,795.2	3,367.2	3,625.7	2,389.1	-32.5	3,321.4	178.3	827.6	1,296.0	403.4	1,104.4	-1,445.1
Earnings per Share	583.00	1,133.00	1,191.00	785.00	-11.00	1,056.00	59.00	272.00	426.00	133.00	363.00	-475.00
Diluted EPS	589.80	1,106.25	1,191.16	784.91	-10.66	1,091.21	58.58	271.88	425.77	132.52	362.85	-474.78

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)	60,049.5	58,017.0	55,528.2	52,595.7	50,634.3	48,658.2	46,117.4	42,958.8	41,305.5	37,612.3	36,096.4	33,736.9
I. Cash and cash equivalents	12,298.2	18,625.3	17,854.6	15,219.9	14,754.5	13,376.7	12,517.6	11,162.9	10,378.6	8,900.9	8,984.7	8,193.1
1. Cash	10,225.7	16,173.5	15,283.6	14,063.3	13,986.7	12,469.4	11,899.7	10,789.7	9,886.4	8,403.7	8,368.7	7,764.5
2. Cash equivalents	2,072.6	2,451.8	2,571.1	1,156.6	767.7	907.4	617.9	373.2	492.2	497.1	616.0	428.6
II. Short-term financial investments	28,865.8	26,431.9	25,932.8	26,194.1	24,867.1	23,487.4	20,505.7	18,355.4	16,316.4	14,215.2	11,237.1	9,622.3
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	42,558.6	26,431.9	25,932.8	26,194.1	24,867.1	23,487.4	20,505.7	18,355.4	16,316.4	14,215.2	11,237.1	9,622.3
4. Provision for short-term investments held to maturity (*)	-13,692.8	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	4,598.9	6,665.2	6,631.8	7,052.0	7,427.5	7,981.5	9,000.9	9,905.6	11,096.8	10,944.3	11,943.2	12,511.3
1. Short-term trade accounts receivable	6,434.8	5,998.8	5,665.0	6,218.5	6,253.2	6,306.7	6,487.4	6,786.6	7,266.2	6,608.6	6,652.7	7,336.6
2. Short-term prepayments to suppliers	880.2	995.4	1,096.8	775.1	549.1	433.5	564.2	391.4	478.8	616.6	759.1	659.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	12,412.0	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	—	11,969.7	13,193.9	13,035.4	12,796.3	12,761.0	12,338.9	12,768.6	0.0	12,100.2	12,050.4	11,636.5
6. Other short-term receivables	2,846.5	6,867.9	6,361.4	6,042.0	5,780.0	5,820.4	5,536.0	5,768.6	5,642.9	5,706.4	5,485.3	5,055.8
7. Provision for short-term doubtful debts (*)	-5,562.6	-19,166.6	-19,685.3	-19,019.0	-17,951.1	-17,340.2	-15,925.6	-15,809.6	-14,703.1	-14,087.5	-13,004.3	-12,177.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	4,413.1	5,068.4	3,829.7	2,852.4	2,530.2	2,767.6	2,898.4	2,499.4	2,513.5	2,514.3	2,827.8	2,453.6
1. Inventories	4,642.2	5,294.6	4,049.2	3,073.6	2,745.3	2,989.8	3,119.3	2,713.7	2,700.5	2,635.5	2,943.2	2,570.0
2. Provision for decline in value of inventories	-229.1	-226.2	-219.5	-221.2	-215.1	-222.2	-221.0	-214.3	-187.0	-121.2	-115.4	-116.5
V. Other short-term assets	9,873.6	1,226.1	1,279.2	1,277.2	1,055.0	1,045.0	1,194.8	1,035.5	1,000.1	1,037.7	1,103.5	956.6
1. Short-term prepayments	496.1	369.7	367.3	410.6	255.0	259.0	313.8	321.3	288.2	382.5	449.7	338.4
2. Value added tax to be reclaimed	826.3	819.8	804.8	783.8	734.4	714.9	688.6	642.4	626.3	592.9	583.5	526.5
3. Taxes and other receivables from state authorities	53.1	36.6	107.0	82.8	65.6	71.1	192.5	71.8	85.6	62.3	70.3	91.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	8,498.0	—	—	—	—	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)	25,567.6	23,456.9	18,348.9	15,790.0	14,936.2	14,762.7	13,545.7	14,182.5	14,062.4	14,759.0	14,707.0	14,688.0
I. Long-term receivables	101.7	101.3	71.2	196.4	172.3	142.8	169.9	355.1	401.7	1,584.2	1,842.1	1,864.3
1. Long-term trade receivables	—	27.7	—	33.3	104.8	70.5	102.4	290.8	286.5	1,446.0	1,665.9	1,612.1
2. Long-term prepayments to suppliers	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	5.9	5.7
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	40.6	79.4	119.1	196.8
6. Other long-term receivables	101.7	73.7	71.2	163.1	67.5	72.2	67.5	64.4	74.5	58.7	51.2	49.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	16,590.0	16,019.5	14,352.9	11,642.8	11,150.0	11,493.5	10,189.5	10,687.5	10,662.9	10,575.3	9,957.7	9,768.9
1. Tangible fixed assets	10,990.5	10,510.8	9,071.1	8,307.9	7,903.4	8,133.7	6,841.9	7,126.0	7,173.7	7,222.4	6,454.7	6,488.3
- Cost	44,702.0	—	—	—	—	38,004.3	34,992.8	35,857.8	34,688.7	33,675.3	32,541.2	31,338.9
- Accumulated depreciation	-33,711.5	—	—	—	—	-29,870.6	-28,150.9	-28,731.8	-27,515.0	-26,452.9	-26,086.5	-24,850.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5,599.5	5,508.6	5,281.8	3,334.9	3,246.5	3,359.8	3,347.6	3,561.5	3,489.2	3,352.9	3,503.0	3,280.6
- Cost	9,234.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3,634.8	—	—	—	—	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	2,925.4	1,968.2	1,987.0	2,451.7	1,862.2	1,473.2	1,450.5	1,450.3	1,297.4	970.5	1,147.5	825.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2,925.4	1,968.2	1,987.0	2,451.7	1,862.2	1,473.2	1,450.5	1,450.3	1,297.4	970.5	1,147.5	825.2
V. Long-term financial investments	4,622.9	4,359.2	880.9	522.3	692.9	644.8	656.1	680.2	690.6	629.3	632.2	943.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	723.0	558.2	880.9	522.3	692.9	644.8	656.1	680.2	690.6	629.3	632.2	943.0
3. Investments in other entities	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
4. Provision for diminution in value of long-term investments	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
5. Held to maturity investments	3,900.0	3,801.0	—	—	—	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	1,327.6	1,008.7	1,056.9	976.7	1,058.9	1,008.4	1,079.7	1,009.4	983.2	960.0	1,074.3	1,220.1
1. Long-term prepayments	307.4	307.5	388.8	364.2	402.1	372.9	379.5	347.1	344.4	273.2	432.6	520.3
2. Deferred income tax assets	665.2	649.7	607.3	555.0	594.5	574.4	647.0	591.9	589.7	638.5	641.8	699.8
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	355.0	51.5	60.8	57.5	62.3	61.1	53.1	57.1	49.2	48.3	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	13.3	26.6	39.9	53.2	66.4
TOTAL ASSETS (280=100+200)	85,617.1	81,473.8	73,877.1	68,385.6	65,570.6	63,420.9	59,663.1	57,141.2	55,367.9	52,371.4	50,803.4	48,424.9
A. LIABILITIES (300=210+330)	38,971.5	38,630.6	34,175.9	29,211.3	28,670.5	27,554.6	25,602.3	23,631.3	23,253.6	22,008.6	20,888.6	19,674.7
I. Short -term liabilities	32,281.1	32,252.6	27,485.2	23,156.5	22,770.8	22,452.7	20,601.7	18,515.8	18,764.5	17,945.9	16,927.4	16,119.8
1. Short-term trade accounts payable	6,934.4	7,419.9	6,024.7	4,825.7	4,335.0	3,879.9	3,767.0	3,497.4	3,506.6	3,942.9	3,856.8	3,249.9
2. Short-term advances from customers	33.1	32.6	33.9	25.2	68.9	37.4	46.4	36.0	44.6	57.3	4.9	9.6
3. Dividends and profits payable	440.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2,254.9	2,135.2	2,085.0	1,593.8	2,125.8	2,082.3	2,118.6	1,430.1	1,372.8	1,169.2	997.5	709.1
4. Payable to employees	131.2	232.9	116.6	104.0	95.6	171.9	105.8	105.0	79.2	162.8	99.3	100.2
5. Short-term acrrued expenses	5,383.6	5,066.4	4,454.5	3,821.3	4,517.6	3,610.1	3,399.2	3,077.3	3,739.5	3,310.4	3,283.6	2,865.8
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	5,339.5	4,900.1	4,245.7	3,823.1	3,672.0	3,668.5	3,434.3	3,142.2	2,906.7	2,830.9	2,604.1	2,328.4
9. Other short-term payables	9,258.1	9,648.5	8,180.8	7,276.8	6,642.2	7,146.9	6,032.2	5,375.5	4,796.7	4,634.1	3,945.9	3,838.7
10. Short-term borrowings and financial leases	2,471.3	2,768.0	2,186.3	1,437.7	1,036.0	1,663.4	1,623.8	1,775.3	2,204.5	1,748.3	2,034.0	2,910.6
11. Provision for short-term liabilities	6.5	6.9	111.4	194.9	228.0	127.0	6.3	12.3	12.3	6.7	15.7	15.6
12.. Bonus and welfare fund	28.1	42.2	46.4	54.0	49.6	65.3	67.9	64.6	101.7	83.4	85.7	91.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	6,690.3	6,377.9	6,690.7	6,054.8	5,899.7	5,101.9	5,000.7	5,115.5	4,489.1	4,062.7	3,961.2	3,555.0
1. Long-term trade payables	461.5	386.6	426.3	411.4	285.2	409.5	505.6	423.0	383.2	571.3	537.7	481.5
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	29.9	29.0
3. Long-term acrrued expenses	153.9	336.7	342.0	330.4	574.2	570.7	553.2	560.5	558.7	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	451.9	493.9	522.6	530.4	539.8	561.7	548.0	575.4	599.2	609.1	634.1	620.9
7. Other long-term liabilities	7.9	15.0	7.5	10.9	3.8	7.7	6.6	6.8	8.5	6.9	3.9	27.2
8. Long-term borrowings and financial leases	2,480.8	2,259.1	2,406.1	1,848.2	1,805.6	1,059.4	1,055.8	1,084.6	853.8	1,192.8	1,119.9	979.2
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	2,947.1	2,698.7	2,797.2	2,745.4	2,520.3	2,327.0	2,179.9	2,318.2	1,949.0	1,549.6	1,635.7	1,417.2
12. Provision for long-term liabilities	187.2	187.9	189.1	178.0	170.7	166.0	151.6	147.0	136.7	132.9	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)	46,645.7	42,843.2	39,701.2	39,174.3	36,900.0	35,866.3	34,060.8	33,509.9	32,114.3	30,362.8	29,914.7	28,750.1
I. Owner's equity	46,645.7	42,843.2	39,701.2	39,174.3	36,900.0	35,866.3	34,060.8	33,509.9	32,114.3	30,362.8	29,914.7	28,750.1
1. Owner's capital	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1	30,438.1
- Common stock with voting right	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00	30,438,112,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-749.2	-2,306.6	-2,243.9	-1,252.4	-804.8	-1,808.4	-118.5	-449.5	-654.8	-585.9	-557.9	-544.3
8. Investment and development fund	3,551.2	3,551.2	3,551.0	3,551.0	3,551.0	3,551.0	3,548.8	3,548.2	3,548.1	3,548.1	3,546.9	3,531.1
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	177.7	177.7	177.7	177.7	74.9	76.8	28.7	28.7	28.7	10.8	10.8	10.8
11. Undistributed earnings after tax	10,925.6	9,152.3	5,935.9	4,548.4	2,250.9	2,290.0	-1,026.2	-1,233.8	-2,099.8	-3,555.0	-3,978.1	-5,079.3
- Accumulated retained earning at the end of the previous period	9,130.3	-169.1	-19.6	2,196.4	2,283.3	-3,290.5	-3,336.6	-3,355.6	-3,395.3	-3,945.2	-3,968.8	-3,970.6
- Undistributed earnings in this period	1,795.2	9,321.3	5,955.5	2,352.1	-32.5	5,580.5	2,310.4	2,121.9	1,295.5	390.2	-9.4	-1,108.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2,302.3	1,830.7	1,842.4	1,711.5	1,389.9	1,318.7	1,189.8	1,178.2	854.0	506.7	454.9	393.6
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	85,617.1	81,473.8	73,877.1	68,385.6	65,570.6	63,420.9	59,663.1	57,141.2	55,367.9	52,371.4	50,803.4	48,424.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	3,484.3	4,643.0	5,268.2	3,954.3	1,310.0	4,683.0	1,297.5	2,260.7	2,479.1	1,574.5	2,109.5	-792.3
Depreciation of Fixed Assets and Investment Property	777.4	957.8	911.6	805.3	761.2	1,021.8	750.8	763.0	751.8	761.8	733.5	795.8
Provision (Increase)/Reversal	89.5	-790.0	549.6	1,043.2	824.1	1,476.4	145.8	1,127.1	803.5	952.6	814.3	2,261.1
FX Gain/Loss from Revaluation of Monetary Items	803.7	636.8	-1,865.1	-1,088.1	1,242.1	-2,873.5	1,596.5	-393.5	-764.1	-165.9	-880.1	447.5
Gain/Loss from Investment Activities	-854.8	-1,005.8	-633.0	-630.1	-541.7	-481.9	-444.4	-431.0	-466.1	-413.5	-357.3	-369.8
Interest Expense	115.5	41.5	107.5	72.2	110.7	36.6	94.4	87.6	95.8	75.7	100.6	92.1
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	4,415.6	4,483.3	4,338.8	4,156.8	3,706.4	3,862.5	3,440.5	3,414.0	2,899.9	2,785.3	2,520.5	2,434.4
Increase/(Decrease) in Receivables	655.3	-226.3	71.3	1,723.0	-1,277.1	41.7	-396.2	1,062.6	442.0	713.0	672.6	550.8
Increase/(Decrease) in Inventory	745.4	-1,338.4	-968.2	-335.7	278.6	129.6	-351.5	-67.4	92.3	150.5	-373.2	-507.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	930.0	4,112.9	2,132.9	-1,596.1	1,384.6	650.8	2,605.6	-570.5	812.4	-790.1	2,601.9	143.8
Increase/(Decrease) in Prepaid Expenses	-77.1	29.6	18.8	-117.8	-30.2	61.5	-42.9	-17.8	39.9	41.9	-23.5	-50.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-113.4	-108.2	-125.8	-79.4	-48.2	-90.2	-40.7	-144.4	-63.1	-140.5	-81.2	-78.3
Corporate Income Tax Paid	-634.8	-847.4	-537.3	-1,209.7	-596.6	-615.0	-194.7	-570.6	-256.7	-406.9	-81.8	-160.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	-36.3	36.3	0.0	0.0	0.0
Other Operating Payments	-14.1	-12.3	0.1	-3.3	-15.6	-2.7	3.4	-18.8	0.0	-3.3	-5.2	-1.8
Net Cash Flow from Operating Activities	5,906.9	6,093.3	4,930.8	2,537.8	3,401.8	4,038.2	5,023.5	3,050.8	4,003.0	2,349.7	5,230.1	2,329.9
Payments for Fixed Assets and Other Long-term Assets	-2,778.4	-1,917.2	-2,433.7	-1,388.1	-696.1	-1,086.3	-993.2	-217.9	-861.4	519.5	-1,921.8	-1,107.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.3	-22.1	29.3	-0.3	4.3	15.0	0.1	2.1	0.1	-3.5	13.9	2.3
Loans and Purchases of Debt Instruments	-7,933.6	-13,494.2	-4,727.6	-5,670.1	-7,446.3	-9,106.7	-5,498.5	-4,115.0	-5,617.1	-5,727.5	-3,020.0	-2,751.1
Receipts from Loan Repayments and Sale of Debt Instruments	8,280.1	9,899.3	5,110.4	4,311.0	6,071.4	6,182.9	3,333.4	2,074.6	3,545.2	2,687.1	1,455.0	2,726.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.6	1.2	161.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	506.7	550.3	437.4	294.5	356.3	400.6	353.8	315.7	475.2	400.3	180.8	189.5
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1,920.9	-4,983.2	-1,583.1	-2,291.4	-1,710.3	-3,594.5	-2,804.3	-1,940.5	-2,458.1	-2,124.0	-3,292.1	-940.6
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	843.5	1,678.0	2,312.5	624.3	1,188.1	1,065.3	676.8	1,623.9	1,267.2	1,084.7	1,407.8	1,129.5
Repayment of Borrowings	-827.2	-1,258.2	-1,039.7	-251.9	-1,080.4	-596.6	-978.9	-1,866.7	-1,214.3	-1,293.6	-2,244.8	-2,271.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-418.1	-1,004.6	-2,215.5	-511.5	-302.9	-587.0	-105.8	-229.0	-233.1	-119.8	-278.5	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-401.8	-585.4	-942.2	-139.3	-177.7	-118.3	-408.0	-471.8	-180.3	-328.8	-1,115.5	-1,141.7
Net Cash Flow During the Period	3,584.2	524.8	2,405.5	107.1	1,513.8	325.3	1,811.1	638.6	1,364.6	-103.1	822.6	247.6
Cash and Cash Equivalents at Beginning of Period	8,625.4	17,854.6	15,142.2	14,754.5	13,376.2	8,874.3	8,874.3	8,874.3	8,874.3	7,864.1	7,864.1	7,864.1
FX Difference from Revaluation	88.7	270.6	452.0	145.1	-135.5	533.8	-444.7	134.0	139.7	-7.3	100.1	-703.8
Cash and Cash Equivalents at End of Period	12,298.2	18,198.1	17,854.6	15,142.2	14,754.5	13,376.7	12,517.6	11,151.2	10,378.6	8,874.3	8,984.7	8,062.0

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VGI

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