VHC

Vĩnh Hoàn ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 12.23%, +1.45pp YoY

Price

57,800

Latest close

02 Jun 2026

P/E 9.13x

P/B 1.26x

EPS 6,334

BVPS 46,027

ROE 14.5%

ROA 10.7%

Profit Margin 11.5%

Asset Turnover 0.93x

Equity Mult. 1.36x

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

What Is Changing

On a TTM 2026Q1 basis, VHC has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 12,334bn
	                                
+0.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,509bn
	                                
+13.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	12,020.9	12,512.8	10,033.0	13,230.8	9,054.2
Growth	-4%	+25%	-24%	+46%	—
Net Income	1,506.8	1,302.6	973.8	2,012.9	1,110.1
Net Margin	12.53%	10.41%	9.71%	15.21%	12.26%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,954.6	2,715.0	3,471.0	3,193.5	2,647.8	3,205.8	3,277.9	3,195.7	2,855.8	2,395.7	2,697.6	2,723.7
Growth	+9%	-22%	+9%	+21%	-17%	-2%	+3%	+12%	+19%	-11%	-1%	—
Net Income	286.0	245.0	455.4	522.5	211.3	440.6	341.1	335.9	189.1	66.3	200.9	578.7
Net Margin	9.68%	9.02%	13.12%	16.36%	7.98%	13.74%	10.41%	10.51%	6.62%	2.77%	7.45%	21.25%

Drivers of VHC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 145.0bn

Gross profit ↑ 112.1bn

Administrative expenses ↓ 27.4bn

Tax ↑ 50.3bn

Financial income ↓ 39.4bn

Other profit ↓ 22.9bn

TTM

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

Gross profit ↑ 94.2bn

Finance costs ↓ 30.6bn

Financial income ↓ 15.8bn

Selling expenses ↑ 11.7bn

Tax ↑ 9.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.2% = 10.8% × 0.99 × 1.42

2026Q1 15.4% = 12.2% × 0.93 × 1.36

ROE is broadly flat at 15.4% — the components are offsetting one another.

Net margin: 12.2% +1.5pp Asset turnover: 0.93x -0.06x Leverage: 1.36x -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 edged up to 12.23%, rising 1.5pp. The main driver is Gross margin rose 0.9pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 0.2pp remained a drag).

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 12.23% +1.5pp

Gross Margin 16.76% +0.9pp

SG&A / Revenue 4.77% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 153.9 days.

Is capital being deployed efficiently?

ROIC expanded to 14.16%, rising 2.2pp. That translates to 14.16 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.6pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 14.16% +2.2pp

NOPAT Margin 12.17% +1.6pp

Capital Turnover 1.16x +0.03x

Average Invested Capital 10,598.6bn −253.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.33x equity, net debt at 0.02x equity.

Inventory ended the period at 2,785.0bn, roughly 20.8% of total assets.

Over the last 12 months, working capital absorbed 162.1bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −593.8bn

Inventories decreased → higher CFO: +244.2bn

Payables increased → higher CFO: +187.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.0 days versus the same period last year. The main moves came from DIO fell 12.0 days, DSO rose 5.5 days, and DPO fell 0.5 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 153.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +5.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 57.3 days +5.5 days

Inventory 115.4 days −12.0 days

Payables 18.7 days −0.5 days

Cash Conversion Cycle 153.9 days −6.0 days

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 0.02x and interest coverage at 17.58x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 91.0% of debt, and total debt stands at 2,300.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.14x

Interest Coverage 17.58x +11.46x

Cash / Debt 91.0% +49.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.25x −0.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,407.2bn in 2025, against investing cash flow of -287.4bn.

Post-investment cash flow was positive +2,119.7bn. Financing cash flow was negative +679.8bn.

CFO / net income was 1.25x.

After spending +605.6bn on fixed-asset investment, the business generated trailing free cash flow of +1,171.5bn.

Cash Conversion

CFO TTM 1,777.1bn −827.5bn

Cash Capex 605.6bn +47.7bn

FCF TTM +1,171.5bn −875.2bn

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 15.5%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 154 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.23% after expanding 1.5pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.25x. Even so, net financial result still accounts for 15.5% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 153.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	12,068.7	12,567.8	10,075.8	13,463.9	9,060.3
Revenue Deductions	47.8	55.0	42.8	233.1	0.0
Net Revenue	12,020.9	12,512.8	10,033.0	13,230.8	9,054.2
Cost of Goods Sold	9,980.7	10,617.8	8,540.2	10,254.9	0.0
Gross Profit	2,040.2	1,895.0	1,492.8	2,975.9	1,752.2
Financial Income	360.6	423.3	377.0	434.1	201.1
Financial Expenses	108.8	216.8	228.6	369.6	-106.9
Interest Expense	54.0	73.3	133.3	97.1	-34.7
Share of Associates and Joint Ventures	5.1	2.2	0.8	0.2	-0.4
Selling Expenses	252.4	296.5	216.3	349.4	-343.6
General and Administrative Expenses	312.6	357.8	307.7	372.1	-212.4
Operating Profit	1,732.2	1,449.6	1,118.2	2,319.2	1,289.9
Other Income	50.5	66.3	50.0	33.5	0.0
Other Expenses	33.2	31.2	23.2	29.8	0.0
Other Profit	17.3	35.1	26.9	3.8	-2.1
Profit Before Tax	1,749.5	1,484.6	1,145.0	2,322.9	1,287.8
Current Income Tax Expense	250.3	185.9	169.2	303.6	-177.7
Deferred Income Tax Expense	-7.7	-4.0	2.0	6.4	0.0
Net Income	1,506.8	1,302.6	973.8	2,012.9	1,110.1
Non-controlling Interest	88.5	76.4	54.6	37.7	8.9
Profit Attributable to Parent	1,418.3	1,226.2	919.2	1,975.2	1,101.2
Earnings per Share	6,319.00	5,473.00	4,998.00	10,266.00	6,052.00
Diluted EPS	6,319.00	573.00	4,998.00	10,266.00	6,005.26

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	9,322.0	8,238.4	7,888.2	7,640.4	5,541.9
I. Cash and cash equivalents	2,008.3	570.0	232.8	553.2	195.2
1. Cash	2,008.3	568.9	232.8	547.9	0.0
2. Cash equivalents	—	1.1	0.0	5.2	0.0
II. Short-term financial investments	2,377.5	2,340.4	2,068.5	1,767.9	0.0
1. Available for sale securities	44.5	161.6	181.2	179.3	0.0
2. Provision for diminution in value of available for sale securities (*)	-7.0	-41.8	-38.9	-76.6	0.0
3. Held to maturity investments	2,340.0	2,220.6	1,926.2	1,665.2	0.0
III. Short-term receivables	1,984.7	2,200.5	1,577.9	2,330.0	2,134.4
1. Short-term trade accounts receivable	1,633.8	1,851.1	1,438.6	2,122.1	0.0
2. Short-term prepayments to suppliers	108.6	314.3	103.4	75.6	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	247.6	42.2	42.0	138.6	0.0
7. Provision for short-term doubtful debts (*)	-5.4	-7.0	-6.2	-6.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2,785.0	2,914.9	3,763.5	2,817.5	1,790.0
1. Inventories	2,995.1	3,159.3	4,184.9	3,213.9	0.0
2. Provision for decline in value of inventories	-210.1	-244.4	-421.4	-396.3	0.0
V. Other short-term assets	166.6	212.6	245.4	171.8	150.4
1. Short-term prepayments	23.8	15.9	13.4	13.9	0.0
2. Value added tax to be reclaimed	141.5	196.8	231.9	156.7	0.0
3. Taxes and other receivables from state authorities	1.2	0.0	0.1	1.2	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)	4,086.3	3,995.7	4,054.4	3,942.9	3,192.3
I. Long-term receivables	2.5	1.5	2.9	2.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.4
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.5	1.5	2.9	2.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3,310.4	3,415.1	3,383.3	2,823.5	2,069.5
1. Tangible fixed assets	2,717.2	2,944.0	2,920.8	2,522.1	1,773.4
- Cost	5,542.0	5,359.6	4,952.0	4,218.1	0.0
- Accumulated depreciation	-2,824.8	-2,415.6	-2,031.2	-1,696.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	593.2	471.1	462.5	301.4	296.1
- Cost	703.9	555.6	524.3	348.5	0.0
- Accumulated depreciation	-110.7	-84.5	-61.7	-47.1	0.0
III. Investment properties	239.1	0.0	0.0	0.0	0.0
- Cost	240.5	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	96.9	109.5	159.9	565.8	556.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	96.9	109.5	159.9	565.8	0.0
V. Long-term financial investments	55.9	69.5	67.2	66.4	66.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	13.5	11.3	10.5	0.0
3. Investments in other entities	5.9	5.9	5.9	5.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	50.0	50.0	50.0	50.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	381.4	400.1	441.0	484.3	0.0
1. Long-term prepayments	218.0	204.8	213.0	221.3	0.0
2. Deferred income tax assets	8.2	4.9	2.5	2.5	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	499.1
5. Goodwill	155.2	190.4	225.5	260.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	13,408.3	12,234.2	11,942.5	11,583.3	8,734.2
A. LIABILITIES (300=210+330)	3,363.4	3,240.6	3,351.5	3,888.9	2,852.1
I. Short -term liabilities	3,311.3	3,183.7	3,232.9	3,698.1	2,667.3
1. Short-term trade accounts payable	327.6	277.8	308.6	447.8	336.9
2. Short-term advances from customers	188.1	36.8	16.5	22.9	36.5
3. Taxes and other payables to state authorities	233.5	61.1	133.7	281.3	0.0
4. Payable to employees	280.5	264.8	210.4	572.5	0.0
5. Short-term acrrued expenses	33.4	68.3	177.0	32.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	79.5	94.7	98.5	92.8	0.0
10. Short-term borrowings and financial leases	2,046.1	2,277.1	2,157.4	2,213.5	1,723.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	122.6	103.1	130.9	35.0	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	52.2	56.9	118.6	190.8	184.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	101.9	174.9	168.1
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	2.2	6.5	8.1	6.0	0.0
12. Provision for long-term liabilities	24.2	18.8	8.4	9.5	0.0
13. Fund for technology development	25.3	31.0	0.3	0.3	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	10,044.9	8,993.6	8,591.1	7,694.4	5,882.0
I. Owner's equity	10,044.9	8,993.6	8,591.1	7,694.4	0.0
1. Owner's capital	2,244.5	2,244.5	1,870.4	1,833.8	5,882.0
- Common stock with voting right	2,244,531,590,000.00	2,244,531,590,000.00	1,870,444,950,000.00	1,833,769,560,000.00	1,833,769,560,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	263.6	263.6	263.6	263.6	223.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.2	-0.4	0.3	0.2	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	7,103.1	6,167.6	6,213.3	5,425.9	3,833.5
- Accumulated retained earning at the end of the previous period	5,684.9	4,941.4	5,295.1	3,451.6	2,857.4
- Undistributed earnings in this period	1,418.3	1,226.2	918.2	1,974.3	976.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	433.9	318.3	243.5	171.0	105.3
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)	13,408.3	12,234.2	11,942.5	11,583.3	8,734.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,749.5	1,484.6	1,145.0	2,322.9	1,287.8
Depreciation of Fixed Assets and Investment Property	484.5	456.2	402.3	326.9	285.4
Provision (Increase)/Reversal	-65.4	-162.3	-14.0	387.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.1	-27.0	-30.6	6.0	0.0
Gain/Loss from Investment Activities	-140.3	-122.5	-134.2	-77.1	0.0
Interest Expense	54.0	73.3	133.3	97.1	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2,084.4	1,702.3	1,501.8	3,063.6	1,476.1
Increase/(Decrease) in Receivables	160.1	-535.3	718.6	-199.8	0.0
Increase/(Decrease) in Inventory	173.8	1,025.8	-855.6	-1,264.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.9	212.2	-352.1	333.5	0.0
Increase/(Decrease) in Prepaid Expenses	18.6	9.5	19.3	-23.2	0.0
Changes in Trading Securities	117.1	19.6	-1.9	-99.4	0.0
Interest Paid	-54.8	-73.9	-133.0	-95.3	0.0
Corporate Income Tax Paid	-75.8	-258.8	-315.3	-63.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-14.3	-28.3	-34.9	-47.4	0.0
Net Cash Flow from Operating Activities	2,407.2	2,073.0	547.0	1,604.1	640.0
Payments for Fixed Assets and Other Long-term Assets	-410.8	-677.5	-677.0	-1,131.3	-605.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.7	2.3	4.5	9.5	0.7
Loans and Purchases of Debt Instruments	-3,919.0	-4,171.4	-3,552.0	-2,265.2	-1,352.1
Receipts from Loan Repayments and Sale of Debt Instruments	3,799.6	3,877.1	3,291.0	1,791.8	1,524.8
Investments in Other Entities	118.4	0.0	0.0	0.0	-501.7
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	116.8	114.5	140.2	66.6	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	-287.4	-855.0	-793.3	-1,528.5	-856.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	56,675,390,000.00	154,002,380,000.00	63,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	9,779.0	10,620.0	11,256.3	10,279.4	5,790.6
Repayment of Borrowings	-10,010.0	-10,602.2	-11,385.5	-9,782.4	-5,124.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-448.9	-897.8	0.0	-366.7	-358.6
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	-679.8	-879.9	-72.5	284.3	370.4
Net Cash Flow During the Period	1,439.9	338.0	-318.8	359.9	53.6
Cash and Cash Equivalents at Beginning of Period	570.0	232.8	553.2	195.2	40.8
FX Difference from Revaluation	-1.6	-0.8	-1.6	-2.0	0.4
Cash and Cash Equivalents at End of Period	2,008.3	570.0	232.8	553.2	195.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,962.7	2,731.7	3,478.5	3,207.1	2,656.7	3,220.1	3,293.1	3,213.2	2,860.3	2,399.4	2,709.6	2,731.2
Revenue Deductions	8.1	16.7	7.4	13.6	8.9	14.3	15.2	17.5	4.6	3.7	12.0	7.5
Net Revenue	2,954.6	2,715.0	3,471.0	3,193.5	2,647.8	3,205.8	3,277.9	3,195.7	2,855.8	2,395.7	2,697.6	2,723.7
Cost of Goods Sold	2,523.1	2,286.1	2,887.2	2,570.5	2,310.6	2,628.2	2,699.3	2,734.0	2,589.5	2,200.4	2,412.7	2,161.2
Gross Profit	431.5	428.9	583.9	623.1	337.2	577.6	578.6	461.7	266.2	195.3	284.9	562.5
Financial Income	73.9	46.2	116.2	135.2	89.7	148.0	56.3	117.0	106.8	73.9	115.1	99.1
Financial Expenses	26.5	23.7	22.0	27.4	57.1	49.8	80.9	56.8	33.9	37.1	45.1	49.5
Interest Expense	15.6	11.7	10.9	14.1	17.2	17.0	20.6	16.6	17.9	18.8	34.9	42.7
Share of Associates and Joint Ventures	—	-3.7	1.5	1.6	0.5	0.6	0.7	0.7	0.3	0.2	0.2	0.3
Selling Expenses	64.2	65.9	70.6	65.4	52.5	64.1	89.8	71.0	67.8	63.5	57.2	46.3
General and Administrative Expenses	77.3	88.5	75.7	80.8	70.5	137.8	71.1	70.3	64.2	84.9	77.2	67.7
Operating Profit	337.4	293.3	533.2	586.3	247.4	474.5	393.8	381.3	207.3	83.9	220.6	498.4
Other Income	9.4	9.6	12.5	17.1	11.1	17.5	18.0	17.4	14.0	17.4	13.9	8.5
Other Expenses	5.9	16.4	11.1	5.7	4.3	11.4	10.2	5.6	4.6	2.8	5.7	2.7
Other Profit	3.5	-6.8	1.5	11.4	6.8	6.1	7.8	11.8	9.4	14.6	8.3	5.8
Profit Before Tax	340.9	286.5	534.7	597.8	254.1	480.6	401.5	393.1	216.7	98.6	228.9	504.2
Current Income Tax Expense	53.6	42.7	82.1	75.6	44.1	45.2	57.6	56.7	27.6	31.2	28.9	-77.9
Deferred Income Tax Expense	1.4	-1.2	-2.8	-0.3	-1.3	-5.2	2.8	0.5	-0.0	1.0	-0.9	3.4
Net Income	286.0	245.0	455.4	522.5	211.3	440.6	341.1	335.9	189.1	66.3	200.9	578.7
Non-controlling Interest	19.8	22.7	22.4	24.0	18.3	15.2	20.4	21.9	19.4	18.7	10.3	17.3
Profit Attributable to Parent	266.2	222.2	433.0	498.6	193.1	425.4	320.6	314.0	169.7	47.6	190.6	561.3
Earnings per Share	1,188.00	992.00	1,933.00	2,221.00	860.00	1,897.00	1,429.00	1,256.00	907.00	251.00	1,039.00	2,249.00
Diluted EPS	1,188.00	992.00	1,933.00	2,221.00	860.00	5,507.00	1,429.00	1,256.00	907.00	251.00	1,039.00	2,249.00

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)	9,683.0	9,331.7	9,495.0	8,725.7	8,680.6	8,241.1	8,451.2	8,085.9	7,991.9	7,751.3	8,302.7	8,113.9
I. Cash and cash equivalents	2,093.8	2,008.3	1,678.4	1,117.5	1,030.6	570.0	611.8	158.6	100.3	237.8	360.3	185.7
1. Cash	2,072.8	2,008.3	1,573.1	1,071.5	1,030.6	568.9	610.7	89.6	100.3	237.8	360.3	185.7
2. Cash equivalents	21.0	—	105.3	46.0	—	1.1	1.1	69.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,943.2	2,357.5	2,699.7	2,101.9	2,289.9	2,340.4	2,229.9	2,471.0	2,323.1	2,068.3	1,645.3	1,778.4
1. Available for sale securities	44.5	24.5	24.0	158.8	161.6	161.6	161.6	161.6	160.1	181.2	178.1	174.6
2. Provision for diminution in value of available for sale securities (*)	-9.8	-7.0	-1.2	-27.8	-45.9	-41.8	-37.0	-31.4	-26.6	-38.9	-45.3	-50.9
3. Held to maturity investments	1,908.5	2,340.0	2,676.9	1,970.9	2,174.3	2,220.6	2,105.3	2,340.8	2,189.6	1,926.0	1,512.5	1,654.8
III. Short-term receivables	2,624.1	2,030.0	2,213.3	2,234.2	2,047.0	2,206.8	1,998.8	1,764.8	1,818.4	1,581.9	2,129.2	2,009.0
1. Short-term trade accounts receivable	2,024.5	1,643.7	1,887.4	2,045.6	1,846.2	1,855.6	1,836.8	1,559.2	1,652.2	1,444.1	1,916.2	1,806.1
2. Short-term prepayments to suppliers	233.8	125.3	122.4	74.0	79.6	316.0	109.6	172.6	121.6	104.5	70.4	81.1
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	0.2
6. Other short-term receivables	371.2	268.6	211.0	121.6	128.2	42.1	58.9	39.6	51.1	38.1	148.4	127.5
7. Provision for short-term doubtful debts (*)	-5.4	-7.5	-7.5	-7.0	-7.0	-7.0	-6.5	-6.5	-6.5	-4.9	-5.8	-5.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,883.4	2,771.1	2,728.1	3,073.3	3,081.2	2,911.4	3,354.6	3,412.6	3,466.9	3,618.1	3,925.1	3,927.0
1. Inventories	3,124.5	2,976.5	2,835.2	3,190.0	3,367.1	3,157.8	3,695.3	3,753.0	3,874.8	4,040.3	4,349.7	4,301.3
2. Provision for decline in value of inventories	-241.1	-205.4	-107.0	-116.7	-285.9	-246.5	-340.7	-340.4	-407.8	-422.2	-424.6	-374.3
V. Other short-term assets	138.6	164.9	175.4	198.7	231.8	212.6	256.2	278.9	283.1	245.3	242.8	213.8
1. Short-term prepayments	26.2	23.4	20.3	22.2	17.8	15.7	16.1	15.4	14.6	13.4	15.1	14.4
2. Value added tax to be reclaimed	104.5	141.5	155.1	176.5	214.1	196.8	240.0	263.4	268.4	232.0	225.1	199.4
3. Taxes and other receivables from state authorities	8.0	—	—	—	—	0.1	0.1	0.1	0.1	0.0	2.5	0.0
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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	4,072.9	4,089.9	4,006.8	4,060.8	4,141.6	4,008.0	4,070.9	4,133.3	4,100.8	4,054.4	4,063.4	4,055.7
I. Long-term receivables	2.5	2.5	2.5	1.6	1.5	3.4	3.4	3.4	3.4	2.9	2.9	2.9
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.5	2.5	2.5	1.6	1.5	3.4	3.4	3.4	3.4	2.9	2.9	2.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3,244.4	3,310.4	3,238.7	3,316.3	3,336.4	3,415.2	3,454.6	3,446.7	3,352.2	3,380.4	3,131.2	2,861.8
1. Tangible fixed assets	2,658.2	2,718.9	2,786.8	2,856.5	2,870.4	2,944.0	2,983.5	2,988.4	2,890.9	2,918.5	2,754.2	2,480.5
- Cost	5,578.0	—	—	—	—	5,360.9	5,301.6	5,199.8	5,005.9	4,942.9	4,693.8	4,338.2
- Accumulated depreciation	-2,919.8	—	—	—	—	-2,416.9	-2,318.1	-2,211.3	-2,115.1	-2,024.4	-1,939.7	-1,857.6
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	586.2	591.6	451.9	459.8	466.0	471.2	471.1	458.3	461.4	461.9	377.0	381.2
- Cost	704.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-117.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	238.7	239.1	239.4	239.8	240.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	240.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	155.3	102.1	92.8	58.1	103.0	115.1	137.2	194.3	244.8	162.8	408.7	652.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	155.3	102.1	92.8	58.1	103.0	115.1	137.2	194.3	244.8	162.8	408.7	652.7
V. Long-term financial investments	55.9	55.9	73.1	71.6	70.0	69.5	68.9	68.2	67.6	67.2	67.1	66.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	17.2	15.7	14.1	13.5	13.0	12.3	11.6	11.3	11.1	10.9
3. Investments in other entities	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9	5.9
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	376.0	379.8	360.2	373.5	390.5	404.7	406.7	420.6	216.1	215.7	219.3	228.4
1. Long-term prepayments	221.3	218.3	191.2	196.1	203.7	209.5	204.9	209.9	213.1	212.6	216.3	225.3
2. Deferred income tax assets	8.2	6.3	5.0	4.6	5.2	4.9	2.6	2.8	3.0	3.0	3.0	3.1
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	146.5	155.2	164.0	172.8	181.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	190.4	199.1	207.9	216.7	225.5	234.3	243.0
TOTAL ASSETS (280=100+200)	13,755.9	13,421.6	13,501.8	12,786.5	12,822.2	12,249.1	12,522.1	12,219.1	12,092.7	11,805.7	12,366.0	12,169.6
A. LIABILITIES (300=210+330)	3,425.1	3,434.6	3,336.3	3,063.6	3,617.2	3,247.2	3,512.3	3,552.7	3,762.3	3,238.9	3,902.1	3,852.7
I. Short -term liabilities	3,372.7	3,382.3	3,293.5	3,014.7	3,565.5	3,193.3	3,495.6	3,468.4	3,678.0	3,118.3	3,761.8	3,713.4
1. Short-term trade accounts payable	436.4	336.5	357.2	341.3	616.7	271.6	551.6	533.8	476.8	298.7	449.9	422.1
2. Short-term advances from customers	186.9	190.4	114.7	66.8	36.7	35.8	45.7	29.1	24.3	21.3	17.7	23.2
3. Taxes and other payables to state authorities	58.1	228.9	220.6	143.4	53.5	64.8	159.5	90.7	38.6	117.4	143.5	121.2
4. Payable to employees	192.0	345.3	321.5	250.5	140.7	273.3	214.4	173.6	145.3	269.2	341.9	300.9
5. Short-term acrrued expenses	26.2	32.2	70.3	139.3	35.4	69.5	71.1	88.7	34.7	31.4	37.9	30.7
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	1.6	—	0.0	0.5	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	80.5	80.2	96.2	106.9	103.1	98.1	105.8	104.4	105.6	92.0	92.6	95.9
10. Short-term borrowings and financial leases	2,300.0	2,046.1	1,989.3	1,870.2	2,485.7	2,277.1	2,242.7	2,342.6	2,745.8	2,157.4	2,546.1	2,685.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	91.1	122.6	123.8	95.8	92.5	103.2	104.6	105.5	106.9	130.8	132.1	33.8
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	52.3	52.3	42.7	48.9	51.7	53.9	16.7	84.2	84.3	120.6	140.4	139.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.1	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	67.1	67.1	101.9	122.7	125.6
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	3.5	2.3	2.2	4.6	5.6	5.7	8.7	8.9	8.6	10.0	8.9	4.6
12. Provision for long-term liabilities	24.0	24.2	18.8	18.8	18.9	18.8	7.8	8.0	8.3	8.4	8.5	8.7
13. Fund for technology development	24.2	25.3	21.2	25.0	26.7	28.8	0.3	0.3	0.3	0.4	0.3	0.3
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)	10,330.8	9,987.0	10,165.5	9,722.9	9,205.0	9,001.9	9,009.8	8,666.5	8,330.4	8,566.9	8,463.9	8,316.9
I. Owner's equity	10,330.8	9,987.0	10,165.5	9,722.9	9,205.0	9,001.9	9,009.8	8,666.5	8,330.4	8,566.9	8,463.9	8,316.9
1. Owner's capital	2,244.5	2,244.5	2,244.5	2,244.5	2,244.5	2,244.5	2,244.5	2,244.5	1,870.4	1,870.4	1,833.8	1,833.8
- Common stock with voting right	2,244,531,590,000.00	2,244,531,590,000.00	2,244,531,590,000.00	2,244,531,590,000.00	2,244,531,590,000.00	2,244,531,590,000.00	2,244,531,590,000.00	2,244,531,590,000.00	1,870,444,950,000.00	1,870,444,950,000.00	1,833,769,560,000.00	1,833,769,560,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	263.6	263.6	263.6	263.6	263.6	263.6	263.6	263.6	263.6	263.6	263.6	263.6
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-0.2	-0.2	0.1	-0.3	-0.3	-0.2	-0.6	-0.4	-0.5	0.3	0.3	0.1
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	7,369.3	7,047.9	7,274.6	6,855.4	6,360.6	6,175.1	6,198.6	5,873.9	5,934.0	6,191.0	6,143.5	6,025.3
- Accumulated retained earning at the end of the previous period	7,103.1	5,684.9	6,133.8	6,163.8	6,167.6	4,941.4	5,390.3	5,390.3	5,764.4	5,295.1	5,295.1	5,394.8
- Undistributed earnings in this period	266.2	1,363.0	1,140.8	691.6	193.1	1,233.7	808.3	483.6	169.7	895.9	848.4	630.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	453.7	431.2	382.7	359.6	336.6	318.9	303.7	284.8	262.9	241.6	222.8	194.1
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	13,755.9	13,421.6	13,501.8	12,786.5	12,822.2	12,249.1	12,522.1	12,219.1	12,092.7	11,805.7	12,366.0	12,169.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	340.9	350.3	534.7	610.3	254.1	480.6	401.5	397.7	216.7	135.7	228.9	521.0
Depreciation of Fixed Assets and Investment Property	123.3	125.4	120.8	119.7	118.6	119.1	115.1	115.0	106.8	108.5	103.3	96.8
Provision (Increase)/Reversal	33.7	112.1	-26.3	-196.8	45.7	-77.9	5.6	-63.0	-25.5	-9.5	44.4	-56.3
FX Gain/Loss from Revaluation of Monetary Items	-23.2	17.8	6.8	-9.0	-13.6	-30.6	27.3	-36.5	16.8	19.1	-18.3	-28.7
Gain/Loss from Investment Activities	-37.7	-48.8	-34.3	-27.2	-30.1	-34.2	-28.9	-39.1	-28.5	-30.3	-36.9	-28.2
Interest Expense	15.6	11.7	10.9	14.1	17.2	17.0	20.6	17.8	17.9	18.8	34.7	42.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	452.7	568.6	612.7	511.1	392.0	474.1	541.3	391.9	304.1	242.3	356.1	547.3
Increase/(Decrease) in Receivables	-578.4	98.3	49.5	-163.1	175.5	-135.5	-231.0	89.9	-283.8	479.7	-79.5	97.6
Increase/(Decrease) in Inventory	-129.4	-158.3	357.3	174.6	-199.8	537.5	57.7	121.8	310.3	280.2	88.3	-725.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	144.1	-1.7	73.2	-28.2	-45.2	-3.6	131.0	568.2	-433.3	-169.2	21.0	-35.4
Increase/(Decrease) in Prepaid Expenses	-1.3	-29.0	43.5	3.9	0.2	2.1	6.3	3.2	1.4	-1.5	17.6	3.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	-1.5	21.1	-3.1	-3.6	4.3
Interest Paid	-15.0	-12.0	-10.7	-14.3	-17.7	-15.8	-22.5	-14.5	-20.7	-21.0	-34.9	-41.1
Corporate Income Tax Paid	-229.2	-18.9	-2.8	-0.8	-53.3	-127.9	-0.3	-4.8	-126.0	-28.0	-2.8	-11.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-32.5	-1.2	-2.0	-0.6	-10.6	-1.5	-0.8	-1.5	-23.9	-1.2	-0.5	-1.1
Net Cash Flow from Operating Activities	-389.0	425.3	1,255.4	485.4	241.1	729.2	481.5	1,152.8	-250.7	778.1	361.8	-161.5
Payments for Fixed Assets and Other Long-term Assets	-238.9	-204.6	-114.7	-47.4	-44.2	-302.2	-75.6	-136.0	-191.1	-201.0	-191.0	-75.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	1.9	3.1	2.3	0.2	0.1	1.2	1.0	8.4	4.0	-0.2	-3.5
Loans and Purchases of Debt Instruments	-258.5	-1,005.3	-1,146.8	-1,571.4	-195.5	-1,737.1	-271.8	-1,571.7	-590.9	-1,596.3	-128.3	-1,272.9
Receipts from Loan Repayments and Sale of Debt Instruments	690.0	1,342.2	410.8	1,804.8	241.8	1,621.8	507.3	1,420.5	327.5	1,182.7	270.5	792.9
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	0.0	0.0
Dividends and Interest Income Received	19.9	50.5	6.3	52.2	7.8	59.8	13.5	38.0	14.3	52.8	5.3	34.1
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	212.5	303.1	-841.3	240.5	10.2	-357.6	174.6	-248.2	-431.8	-557.9	-43.7	-524.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	56,675,390,000.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	-5,786,068,441,593.00	5,786,068,441,593.00
Proceeds from Borrowings	2,633.4	2,443.2	2,351.5	2,523.6	2,460.7	3,096.3	2,654.4	2,780.4	2,270.9	2,603.6	14,016.1	-7,916.7
Repayment of Borrowings	-2,379.5	-2,386.4	-2,232.4	-3,139.1	-2,252.1	-3,061.9	-2,851.8	-3,183.6	-1,717.2	-3,013.1	-8,372.4	2,155.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-448.9	—	—	—	-448.9	-1.7	-448.9	0.0	0.0	0.0	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	253.9	-392.0	119.1	-615.5	208.6	-414.5	-199.1	-852.1	553.7	-352.8	-142.3	25.0
Net Cash Flow During the Period	77.4	336.4	533.2	110.4	459.9	-42.9	457.1	52.5	-128.8	-132.6	175.8	-661.0
Cash and Cash Equivalents at Beginning of Period	2,008.3	1,678.4	1,147.5	1,030.6	570.0	232.8	232.8	232.8	232.8	553.2	553.2	553.2
FX Difference from Revaluation	8.1	-1.6	4.9	7.2	0.7	1.1	-4.0	5.8	-3.6	5.1	-1.2	-1.2
Cash and Cash Equivalents at End of Period	2,093.8	2,008.3	1,678.4	1,147.5	1,030.6	570.0	611.8	158.6	100.3	232.8	360.3	185.7

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VHC

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