VNZ

Tập đoàn VNG ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin −79.66%, +9.08pp YoY

Price

370,000

Latest close

12 Jun 2026

P/E 600.40x

P/B 16.22x

EPS 616

BVPS 22,806

ROE 2.0%

ROA 0.2%

Profit Margin 0.2%

Asset Turnover 1.15x

Equity Mult. 11.25x

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

What Is Changing

On a TTM 2026Q1 basis, VNZ is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — margins have been expanding consistently over multiple periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 11,444bn
	                                
+20.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 91bn
	                                
+90.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    227.6%

Metric	2025	2024	2023	2022	2021
Revenue	10,894.4	9,273.3	7,592.7	7,800.5	7,610.3
Growth	+17%	+22%	-3%	+3%	—
Net Income	-326.0	-1,180.4	-2,317.2	-1,533.9	-79.6
Net Margin	-2.99%	-12.73%	-30.52%	-19.66%	-1.05%

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	2,785.2	3,193.6	2,894.3	2,571.1	2,231.7	2,612.6	2,578.5	2,054.7	2,259.0	2,176.5	2,332.9	2,245.9
Growth	-13%	+10%	+13%	+15%	-15%	+1%	+25%	-9%	+4%	-7%	+4%	—
Net Income	125.4	-223.9	-7.2	14.6	-14.9	-421.2	-11.1	-489.0	-31.4	-291.1	-171.8	50.2
Net Margin	4.50%	-7.01%	-0.25%	0.57%	-0.67%	-16.12%	-0.43%	-23.80%	-1.39%	-13.37%	-7.36%	2.23%

Drivers of VNZ's profit

TTM

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

Gross profit ↑ 925.2bn

Associates income ↑ 354.3bn

Deferred tax ↓ 273.9bn

Other profit ↑ 164.3bn

Selling expenses ↑ 793.2bn

Administrative expenses ↑ 91.6bn

TTM

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

Gross profit ↑ 318.1bn

Minority interests ↓ 46.6bn

Financial income ↑ 32.9bn

Selling expenses ↑ 162.8bn

Administrative expenses ↑ 74.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -41.9% = -9.9% × 0.95 × 4.49

2026Q1 -10.3% = -0.8% × 1.15 × 11.25

ROE rose from -41.9% to -10.3% — all three components improved, with leverage contributing the most.

Net margin: -0.8% +9.1pp Asset turnover: 1.15x +0.21x Leverage: 11.25x +6.77x

Is the profit sustainable?

Margins improved (+9.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -0.80%, rising 9.1pp. Core operating signals are improving as Gross margin rose 2.0pp are enough to offset pressure from SG&A / Revenue rose 1.9pp (with additional support from Other profit / Revenue rose 2.0pp and Net financial result / Revenue rose 0.7pp).

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

Profitability trend

Net Margin -0.80% +9.1pp

Gross Margin 37.55% +2.0pp

SG&A / Revenue 35.87% +1.9pp

Non-core / Revenue -0.94% +2.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 303.0% of PBT and lifted net margin by 2.7pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to -25.68%, losing 14.3pp. That translates to -25.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.8pp and capital turnover fell 4.01x, while invested capital expanded strongly by 479bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently -25.68% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -25.68% −14.3pp

NOPAT Margin -2.61% −1.8pp

Capital Turnover 9.84x −4.01x

Average Invested Capital 1,163.1bn +478.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is very high, with clear pressure on the capital structure — liabilities at 11.75x equity, net debt at 1.68x equity.

Over the last 12 months, working capital released 1,300.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −330.1bn

Inventories increased → lower CFO: −52.1bn

Payables increased → higher CFO: +1,682.7bn

Working Capital Efficiency

Cash conversion cycle lengthened by 4.4 days versus the same period last year. The main moves came from DIO fell 0.6 days, DSO fell 0.3 days, and DPO fell 5.2 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +4.4 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 19.6 days −0.3 days

Inventory 3.5 days −0.6 days

Payables 21.4 days −5.2 days

Cash Conversion Cycle 1.7 days +4.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.68x and interest coverage only at 1.20x.

At present, short-term debt accounts for 56.1% of total debt, cash equals 48.3% of debt, and total debt stands at 2,173.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.68x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.20x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.68x +2.19x

Interest Coverage 1.20x +2.41x

Cash / Debt 48.3% −80.2pp

Short-term Debt / Total Debt 56.1% +17.0pp

CFO / NI 98.41x +99.66x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 1,836.4bn in 2025, against investing cash flow of -233.9bn.

Post-investment cash flow was positive +1,602.4bn. Financing cash flow was positive +451.5bn.

CFO / net income was 98.41x.

After spending +390.4bn on fixed-asset investment, the business generated trailing free cash flow of +1,391.2bn.

Cash Conversion

CFO TTM 1,781.5bn +693.1bn

Cash Capex 390.4bn −798.6bn

FCF TTM +1,391.2bn +1,491.7bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 9.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at -25.7%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -79.66% after expanding 9.1pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 98.41x. Even so, net financial result still accounts for 75.4% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,894.4	9,273.3	7,592.7	7,800.5	7,610.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	10,894.4	9,273.3	7,592.7	7,800.5	7,610.3
Cost of Goods Sold	6,889.0	5,847.2	5,304.4	4,363.5	0.0
Gross Profit	4,005.4	3,426.2	2,288.3	3,437.0	3,504.0
Financial Income	213.4	158.0	94.4	135.7	228.1
Financial Expenses	192.8	177.3	220.9	26.3	-28.3
Interest Expense	137.8	145.3	84.3	0.0	0.0
Share of Associates and Joint Ventures	-93.6	-392.3	-298.1	-181.2	-20.2
Selling Expenses	2,557.5	1,970.9	2,385.7	2,727.8	-2,356.0
General and Administrative Expenses	1,318.3	1,329.7	1,564.0	1,578.9	-1,123.4
Operating Profit	56.5	-286.1	-2,085.9	-941.6	204.3
Other Income	10.6	18.0	14.6	23.5	0.0
Other Expenses	188.6	467.3	78.5	200.5	0.0
Other Profit	-178.0	-449.3	-63.9	-177.0	-6.4
Profit Before Tax	-121.5	-735.4	-2,149.8	-1,118.6	197.9
Current Income Tax Expense	130.6	80.0	74.1	146.8	-277.4
Deferred Income Tax Expense	73.9	364.9	93.3	268.5	0.0
Net Income	-326.0	-1,180.4	-2,317.2	-1,533.9	-79.6
Non-controlling Interest	-62.6	-99.7	-216.2	-456.8	-488.7
Profit Attributable to Parent	-263.4	-1,080.7	-2,101.0	-1,077.1	410.1
Earnings per Share	-9,049.00	-37,607.00	-73,114.00	-41,509.00	11,427.95
Diluted EPS	-9,049.00	-37,607.00	-73,114.00	-41,509.00	11,427.95

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,520.4	4,338.1	5,490.3	4,862.8	7,262.5
I. Cash and cash equivalents	4,805.7	2,743.4	3,837.9	2,629.1	2,388.7
1. Cash	2,322.1	2,290.5	2,318.9	2,113.9	0.0
2. Cash equivalents	2,483.6	452.9	1,519.0	515.2	0.0
II. Short-term financial investments	925.8	60.0	136.8	445.5	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	925.8	60.0	136.8	445.5	0.0
III. Short-term receivables	1,192.8	868.9	945.5	1,248.5	1,771.7
1. Short-term trade accounts receivable	680.0	527.8	538.2	558.2	0.0
2. Short-term prepayments to suppliers	175.3	180.7	214.0	321.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	421.8	241.6	276.0	371.9	0.0
7. Provision for short-term doubtful debts (*)	-84.3	-81.2	-82.6	-2.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	89.7	47.1	83.5	88.8	141.4
1. Inventories	91.0	48.2	84.4	90.0	0.0
2. Provision for decline in value of inventories	-1.3	-1.1	-1.0	-1.1	0.0
V. Other short-term assets	506.4	618.7	486.5	450.9	419.4
1. Short-term prepayments	274.9	310.4	212.4	208.5	0.0
2. Value added tax to be reclaimed	202.2	274.2	249.2	222.7	0.0
3. Taxes and other receivables from state authorities	29.2	34.0	24.9	19.7	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)	3,831.9	5,096.0	4,104.4	4,037.0	2,015.6
I. Long-term receivables	9.0	13.6	10.9	15.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	22.8
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	9.0	13.6	10.9	15.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,464.3	2,904.1	2,287.7	978.2	1,044.5
1. Tangible fixed assets	2,254.8	2,608.7	2,070.6	978.2	839.3
- Cost	4,264.5	4,195.3	3,490.0	2,174.4	0.0
- Accumulated depreciation	-2,009.7	-1,586.6	-1,419.4	-1,196.2	0.0
2. Financial leased fixed assets	110.9	139.7	0.0	0.0	0.0
- Cost	166.6	161.3	0.0	0.0	0.0
- Accumulated depreciation	-55.6	-21.6	0.0	0.0	0.0
3. Intangible fixed assets	98.6	155.7	217.0	219.7	205.2
- Cost	1,039.3	1,010.9	985.0	868.1	0.0
- Accumulated depreciation	-940.8	-855.2	-767.9	-648.4	0.0
III. Investment properties	—	0.0	0.0	219.7	0.0
- Cost	—	0.0	0.0	868.1	0.0
- Accumulated depreciation	—	0.0	0.0	-648.4	0.0
IV. Long-term assets in progress	129.8	124.5	213.0	1,038.7	211.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	129.8	124.5	213.0	1,038.7	0.0
V. Long-term financial investments	962.8	1,799.1	1,181.8	1,458.8	492.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	821.9	838.8	992.5	1,174.5	0.0
3. Investments in other entities	175.9	734.4	291.2	286.6	0.0
4. Provision for diminution in value of long-term investments	-35.1	-597.5	-102.8	-2.4	0.0
5. Held to maturity investments	0.2	823.4	1.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	266.0	254.8	411.0	326.4	0.0
1. Long-term prepayments	199.6	235.3	386.4	268.7	0.0
2. Deferred income tax assets	66.4	6.2	9.3	2.8	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	243.4
5. Goodwill	—	13.3	15.3	54.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11,352.3	9,434.2	9,594.7	8,899.7	9,278.1
A. LIABILITIES (300=210+330)	10,462.0	8,326.2	6,784.6	3,785.1	2,954.6
I. Short -term liabilities	8,014.6	5,916.2	5,361.9	2,786.0	2,477.4
1. Short-term trade accounts payable	812.3	614.5	534.0	926.8	783.2
2. Short-term advances from customers	79.9	61.5	57.3	24.7	32.3
3. Taxes and other payables to state authorities	265.1	159.8	128.9	114.1	0.0
4. Payable to employees	58.1	60.6	66.4	11.7	0.0
5. Short-term acrrued expenses	1,563.5	1,323.8	1,385.4	909.6	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	2,594.8	1,843.2	1,529.8	79.8	54.0
9. Other short-term payables	1,345.1	1,098.0	794.6	674.8	0.0
10. Short-term borrowings and financial leases	1,295.9	754.8	865.4	44.4	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	2,447.4	2,410.0	1,422.7	999.2	477.2
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	150.0	93.6	99.2	0.0	0.0
7. Other long-term liabilities	0.4	0.3	0.3	0.2	0.0
8. Long-term borrowings and financial leases	1,098.5	1,248.8	617.7	399.6	174.1
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	1,181.4	1,047.4	685.5	585.8	0.0
12. Provision for long-term liabilities	17.1	19.9	19.9	13.5	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)	890.2	1,107.9	2,810.1	5,114.6	6,323.4
I. Owner's equity	890.2	1,107.9	2,810.1	5,114.6	0.0
1. Owner's capital	293.8	287.4	287.4	358.4	6,323.4
- Common stock with voting right	293,769,740,000.00	287,360,000,000.00	287,360,000,000.00	358,442,620,000.00	358,897,120,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-397.0	-409.8	-409.8	783.5	1,133.5
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	-1,264,419,931,578.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	108.6	46.3	15.7	9.8	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	558.4	826.8	2,842.3	5,093.0	6,649.6
- Accumulated retained earning at the end of the previous period	821.8	1,907.5	4,943.3	6,170.1	6,235.3
- Undistributed earnings in this period	-263.4	-1,080.7	-2,101.0	-1,077.1	414.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	326.4	357.2	74.6	134.3	118.6
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)	11,352.3	9,434.2	9,594.7	8,899.7	9,278.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	-121.5	-735.4	-2,149.8	-1,118.6	211.2
Depreciation of Fixed Assets and Investment Property	646.0	563.8	414.6	443.3	330.3
Provision (Increase)/Reversal	248.6	293.8	169.4	203.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.6	-18.0	-13.7	-9.1	0.0
Gain/Loss from Investment Activities	-55.0	288.2	295.1	72.8	0.0
Interest Expense	137.8	145.3	0.0	0.0	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	84.3	0.0	0.0
Operating Profit Before Changes in Working Capital	855.3	537.7	-1,200.1	-408.0	427.5
Increase/(Decrease) in Receivables	-244.9	70.2	236.6	629.6	0.0
Increase/(Decrease) in Inventory	-42.9	36.2	5.5	29.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,515.3	533.9	2,120.2	25.9	0.0
Increase/(Decrease) in Prepaid Expenses	-74.1	-101.1	-121.9	-60.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-124.4	-137.9	-82.6	0.0	0.0
Corporate Income Tax Paid	-47.9	-96.0	-60.2	-139.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,836.4	842.9	897.5	77.0	388.1
Payments for Fixed Assets and Other Long-term Assets	-256.3	-1,292.5	-970.3	-1,386.3	-371.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	25.4	22.7	0.3	11.3	1.0
Loans and Purchases of Debt Instruments	-38.0	-747.0	0.0	0.0	-464.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	190.4	2,134.1	0.0
Investments in Other Entities	-74.0	-1,251.9	-28.9	-1,258.2	-287.8
Proceeds from Investments in Other Entities	59.6	773.2	16.4	20.7	0.0
Dividends and Interest Income Received	49.4	36.6	49.6	145.9	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	-233.9	-2,459.0	-742.5	-332.5	-907.7
Proceeds from Equity Issuance and Capital Contributions	47,900,680,000.00	11,286,240,000.00	14,932,822,171.00	162,841,939,003.00	286,486,610,851.00
Share Repurchases	26,950,000,000.00	0.00	0.00	-18,595,220,000.00	-4,628,052,000.00
Proceeds from Borrowings	1,846.9	2,612.9	1,830.2	269.9	174.1
Repayment of Borrowings	-1,435.1	-2,156.5	-791.1	0.0	0.0
Repayment of Finance Leases	-35.1	-32.5	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-0.0	0.0	0.0
Other Financing Receipts	—	81.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	451.5	516.2	1,054.1	414.2	456.0
Net Cash Flow During the Period	2,053.9	-1,099.9	1,209.0	158.7	-1,028.6
Cash and Cash Equivalents at Beginning of Period	2,743.4	3,837.9	2,629.1	2,467.5	2,469.8
FX Difference from Revaluation	8.3	5.4	-0.2	2.8	-17.5
Cash and Cash Equivalents at End of Period	4,805.7	2,743.4	3,837.9	2,629.1	2,388.7

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	2,785.2	3,193.6	2,894.3	2,571.1	2,231.7	2,612.6	2,578.5	2,054.7	2,259.0	2,176.5	2,332.9	2,245.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,785.2	3,193.6	2,894.3	2,571.1	2,231.7	2,612.6	2,578.5	2,054.7	2,259.0	2,176.5	2,332.9	2,245.9
Cost of Goods Sold	1,675.1	2,014.7	1,842.3	1,614.7	1,439.7	1,630.9	1,627.2	1,407.6	1,374.7	1,389.0	1,355.3	1,146.6
Gross Profit	1,110.2	1,178.9	1,052.0	956.4	792.0	981.7	951.3	647.1	884.3	787.5	977.6	1,099.3
Financial Income	60.4	38.0	79.6	68.2	27.5	37.8	25.0	84.8	28.0	23.4	28.2	24.4
Financial Expenses	42.3	55.2	40.1	55.4	42.2	48.2	65.4	38.6	28.8	44.5	52.5	83.7
Interest Expense	33.1	33.6	34.7	33.8	35.7	35.7	41.9	36.2	31.5	29.3	29.4	22.3
Share of Associates and Joint Ventures	-5.5	18.2	-25.7	-1.2	-13.0	-309.8	-27.8	-17.9	-23.1	-44.4	-28.1	-22.1
Selling Expenses	603.9	810.6	735.2	570.5	441.2	427.0	503.9	554.9	484.8	584.6	718.3	554.3
General and Administrative Expenses	350.6	412.9	314.1	306.8	276.4	359.9	324.4	332.0	301.5	352.1	334.9	344.4
Operating Profit	168.2	-43.5	16.4	90.8	46.8	-125.4	54.8	-211.5	74.1	-214.7	-128.0	119.2
Other Income	1.0	1.6	3.5	15.8	0.3	2.1	3.8	6.3	6.3	7.9	3.7	4.8
Other Expenses	-3.0	142.6	2.7	40.7	2.6	303.1	28.3	3.9	15.1	49.8	-7.5	31.3
Other Profit	3.9	-141.0	0.8	-24.9	-2.3	-301.0	-24.5	2.3	-8.8	-41.9	11.2	-26.5
Profit Before Tax	172.2	-184.5	17.2	65.9	44.5	-426.4	30.2	-209.2	65.3	-256.7	-116.8	92.7
Current Income Tax Expense	18.6	13.7	28.7	58.3	30.3	-7.2	25.4	10.4	68.1	12.0	13.5	24.7
Deferred Income Tax Expense	28.2	25.7	-4.3	-7.0	29.2	2.1	15.9	269.4	28.6	22.4	41.5	17.8
Net Income	125.4	-223.9	-7.2	14.6	-14.9	-421.2	-11.1	-489.0	-31.4	-291.1	-171.8	50.2
Non-controlling Interest	-56.7	-23.5	-14.6	-14.4	-10.1	-8.7	-19.6	-26.8	-45.1	-61.2	-54.8	-50.1
Profit Attributable to Parent	182.1	-200.4	7.4	29.0	-4.8	-412.5	8.5	-462.2	13.7	-229.8	-117.0	100.3
Earnings per Share	6,197.37	-6,821.18	252.00	988.07	-168.60	-14,354.90	295.65	-16,085.33	476.80	-7,998.45	-4,070.03	2,797.86
Diluted EPS	6,197.37	-6,821.18	252.00	988.07	-168.60	-14,354.90	295.65	-16,085.33	476.80	-7,998.45	-4,070.03	2,797.86

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,214.5	6,644.4	6,277.1	4,947.4	4,163.2	4,362.0	4,628.4	5,077.3	6,195.2	5,561.3	5,576.1	5,230.2
I. Cash and cash equivalents	1,050.9	4,817.8	4,233.7	3,214.9	2,538.2	2,692.9	3,054.8	3,340.9	4,441.2	3,838.2	3,665.7	3,455.3
1. Cash	640.1	2,322.2	2,147.3	2,117.7	1,945.7	2,290.4	2,542.3	1,879.8	2,524.8	2,319.2	2,063.8	1,884.3
2. Cash equivalents	410.8	2,495.6	2,086.3	1,097.2	592.5	402.6	512.5	1,461.1	1,916.3	1,519.1	1,601.9	1,571.1
II. Short-term financial investments	2,551.1	90.5	84.3	59.3	114.2	110.5	51.5	61.3	122.6	135.7	108.7	103.2
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	2,551.1	90.5	84.3	59.3	114.2	110.5	51.5	61.3	122.6	135.7	108.7	103.2
III. Short-term receivables	1,316.7	1,140.2	1,303.1	1,015.2	889.6	915.6	885.7	1,018.3	992.4	949.6	1,222.3	1,129.4
1. Short-term trade accounts receivable	710.6	680.0	736.3	598.3	517.9	546.7	550.7	520.3	512.7	533.7	693.7	589.4
2. Short-term prepayments to suppliers	211.1	177.0	222.2	176.9	200.4	205.4	165.7	169.4	188.0	215.0	234.9	204.1
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	—	—	—	5.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	479.3	367.5	426.5	316.6	252.2	244.8	249.2	408.1	373.2	287.5	374.6	338.7
7. Provision for short-term doubtful debts (*)	-84.2	-84.3	-81.9	-81.6	-81.1	-81.2	-79.9	-79.5	-81.5	-86.6	-80.9	-2.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	93.2	89.7	44.5	42.3	41.9	47.1	45.6	74.2	92.5	73.4	75.9	75.1
1. Inventories	94.5	91.0	45.6	43.5	42.9	48.2	46.6	75.2	93.5	74.3	77.1	76.3
2. Provision for decline in value of inventories	-1.3	-1.3	-1.1	-1.1	-1.1	-1.1	-1.0	-1.0	-1.0	-1.0	-1.2	-1.2
V. Other short-term assets	2,202.6	506.1	611.5	615.7	579.4	595.9	590.9	582.6	546.6	564.4	503.6	467.2
1. Short-term prepayments	324.0	274.9	308.5	313.5	275.2	298.4	289.0	285.5	234.0	290.1	232.3	224.7
2. Value added tax to be reclaimed	133.7	202.2	277.0	271.7	270.3	277.2	281.6	276.8	288.0	254.3	250.7	225.9
3. Taxes and other receivables from state authorities	25.2	28.9	26.0	30.6	33.8	20.3	20.3	20.3	24.5	20.0	20.6	16.6
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	1,719.7	—	—	—	—	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)	3,518.7	4,794.3	4,966.5	5,057.8	4,988.1	5,097.9	5,813.0	5,084.9	4,703.6	4,155.1	4,180.1	4,339.2
I. Long-term receivables	7.6	61.8	52.6	44.1	12.8	13.6	8.9	9.0	9.6	10.9	11.2	14.2
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	7.6	61.8	52.6	44.1	12.8	13.6	8.9	9.0	9.6	10.9	11.2	14.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,538.6	2,464.0	2,684.4	2,710.9	2,777.5	2,904.1	3,107.2	3,153.3	2,224.9	2,289.3	2,316.0	2,271.8
1. Tangible fixed assets	1,350.4	2,254.8	2,343.0	2,422.3	2,500.7	2,608.7	2,745.6	2,766.8	2,021.7	2,071.7	2,042.7	2,024.8
- Cost	3,302.2	—	—	—	—	4,195.3	4,271.9	4,178.9	3,464.7	3,476.4	3,398.2	3,316.4
- Accumulated depreciation	-1,951.8	—	—	—	—	-1,586.6	-1,526.3	-1,412.1	-1,443.0	-1,404.7	-1,355.4	-1,291.6
2. Financial leased fixed assets	102.8	110.9	119.8	127.2	132.6	139.7	143.0	155.7	0.0	0.0	0.0	0.0
- Cost	166.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-63.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	85.3	98.2	221.6	161.4	144.2	155.7	218.5	230.9	203.2	217.6	273.3	247.1
- Cost	978.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-893.2	—	—	—	—	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	263.9	129.8	110.8	161.2	145.6	124.5	341.3	314.1	893.1	213.7	173.0	334.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	263.9	129.8	110.8	161.2	145.6	124.5	341.3	314.1	893.1	213.7	173.0	334.6
V. Long-term financial investments	1,436.6	1,853.9	1,822.9	1,842.4	1,790.2	1,805.9	2,093.8	1,317.2	1,170.1	1,206.8	1,259.4	1,458.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,293.5	893.6	850.2	875.9	827.0	845.7	1,138.1	1,172.6	969.4	984.9	1,029.4	1,229.1
3. Investments in other entities	178.0	171.9	732.6	742.9	737.9	734.4	217.0	231.8	295.8	291.2	291.5	278.6
4. Provision for diminution in value of long-term investments	-35.2	-35.1	-583.4	-600.0	-598.0	-597.5	-84.5	-87.2	-95.1	-70.3	-61.5	-49.5
5. Held to maturity investments	0.2	823.5	823.5	823.5	823.4	823.3	823.3	0.0	0.0	1.0	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	272.1	284.8	295.8	299.1	261.9	249.8	261.8	291.3	391.2	419.2	404.7	252.7
1. Long-term prepayments	208.9	199.6	213.1	215.1	242.5	235.4	247.5	255.1	382.3	390.7	396.2	244.8
2. Deferred income tax assets	63.2	80.3	70.9	71.9	6.6	1.2	0.6	21.9	8.9	28.5	8.5	7.9
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	—	5.0	11.7	12.2	12.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	13.3	13.8	14.3	14.8	15.3	15.9	7.7
TOTAL ASSETS (280=100+200)	10,733.2	11,438.7	11,243.6	10,005.2	9,151.2	9,459.8	10,441.5	10,162.3	10,898.8	9,716.4	9,756.3	9,569.4
A. LIABILITIES (300=210+330)	10,063.2	10,458.7	10,049.7	8,809.0	8,054.4	8,189.6	8,687.8	8,433.9	7,528.6	5,344.9	5,097.0	4,503.2
I. Short -term liabilities	7,742.7	8,027.7	7,480.9	6,260.7	5,463.2	5,808.8	6,166.8	6,637.9	6,104.5	3,995.4	3,787.2	3,284.5
1. Short-term trade accounts payable	389.3	802.0	424.5	564.6	449.7	614.6	517.6	382.0	442.3	529.2	320.4	349.4
2. Short-term advances from customers	70.1	81.4	65.2	50.5	87.3	61.5	57.9	52.4	53.7	39.1	36.6	31.1
3. Taxes and other payables to state authorities	162.5	247.3	365.0	319.0	131.9	161.5	293.7	130.4	158.4	122.2	364.7	254.1
4. Payable to employees	8.4	8.7	11.7	7.1	9.4	51.3	5.2	5.1	5.5	25.9	7.1	7.4
5. Short-term acrrued expenses	1,664.9	1,649.4	1,774.6	1,274.1	1,183.8	1,225.0	1,687.3	2,042.7	1,827.3	1,514.5	1,511.7	1,325.5
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	2,967.1	2,595.6	2,387.6	2,085.6	1,821.7	1,842.8	1,755.4	1,677.9	1,415.0	93.6	77.7	94.3
9. Other short-term payables	1,262.1	1,347.4	1,269.5	1,161.4	1,009.1	1,097.4	892.0	911.6	872.2	805.4	739.5	607.0
10. Short-term borrowings and financial leases	1,218.3	1,295.9	1,182.7	798.4	770.3	754.8	957.6	1,435.8	1,330.0	865.4	729.5	615.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2,320.5	2,431.0	2,568.8	2,548.2	2,591.2	2,380.8	2,521.0	1,795.9	1,424.1	1,349.5	1,309.8	1,218.7
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	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	141.6	150.0	278.2	226.0	290.3	93.4	219.4	185.2	113.9	0.0	0.0	0.0
7. Other long-term liabilities	0.4	0.4	0.4	0.5	0.4	0.3	0.4	0.4	0.4	0.3	0.3	0.2
8. Long-term borrowings and financial leases	955.3	1,098.5	1,143.6	1,169.4	1,204.3	1,248.8	1,270.3	595.2	576.6	617.7	619.5	577.9
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	1,206.4	1,165.0	1,129.9	1,135.2	1,077.0	1,014.7	1,012.0	996.1	713.7	711.6	669.3	627.1
12. Provision for long-term liabilities	16.7	17.1	16.7	17.2	19.2	23.7	18.9	19.1	19.5	19.9	20.8	13.5
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)	670.0	980.0	1,193.9	1,196.2	1,096.9	1,270.2	1,753.7	1,728.4	3,370.2	4,371.6	4,659.3	5,066.2
I. Owner's equity	670.0	980.0	1,193.9	1,196.2	1,096.9	1,270.2	1,753.7	1,728.4	3,370.2	4,371.6	4,659.3	5,066.2
1. Owner's capital	293.8	293.8	293.8	293.8	287.4	287.4	287.4	287.4	287.4	287.4	287.4	358.4
- Common stock with voting right	293,769,740,000.00	293,769,740,000.00	293,769,740,000.00	293,769,740,000.00	287,360,000,000.00	287,360,000,000.00	287,360,000,000.00	287,360,000,000.00	287,360,000,000.00	287,360,000,000.00	287,360,000,000.00	358,442,620,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-397.0	-397.0	-397.0	-397.0	-409.8	-409.8	-409.8	-409.8	-409.8	-409.8	-409.8	783.5
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	-1,264,419,931,578.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	101.6	103.8	93.8	110.8	50.2	46.3	108.5	6.9	6.1	16.1	12.7	1.4
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	740.5	653.0	853.4	851.0	822.0	998.3	1,410.8	1,467.7	3,117.1	4,402.9	4,684.1	5,152.2
- Accumulated retained earning at the end of the previous period	558.4	821.8	821.8	826.8	826.8	1,916.2	1,916.2	1,916.2	3,103.4	4,943.3	4,994.7	5,092.4
- Undistributed earnings in this period	182.1	-168.8	31.6	24.2	-4.8	-917.9	-505.4	-448.5	13.7	-540.4	-310.6	59.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	-68.9	326.4	349.9	337.7	347.2	348.1	356.9	376.3	369.6	75.0	84.9	35.2
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)	10,733.2	11,438.7	11,243.6	10,005.2	9,151.2	9,459.8	10,441.5	10,162.3	10,898.8	9,716.4	9,756.3	9,569.4

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	172.2	-249.1	17.2	65.9	44.5	-426.4	30.2	-253.7	65.3	-1,829.3	-116.8	-160.7
Depreciation of Fixed Assets and Investment Property	141.6	162.5	164.3	162.8	156.4	169.1	168.0	122.6	104.1	105.2	100.2	121.1
Provision (Increase)/Reversal	-4.3	213.0	-7.6	40.4	2.7	307.4	-0.4	-12.5	3.1	20.4	25.4	125.4
FX Gain/Loss from Revaluation of Monetary Items	-2.0	8.2	-19.0	13.7	-3.6	-15.4	0.9	4.4	-8.0	-2.8	-9.2	0.9
Gain/Loss from Investment Activities	-37.6	37.1	-30.7	-72.1	10.7	292.3	27.8	-51.1	12.3	39.3	23.8	207.3
Interest Expense	33.1	33.6	34.7	33.8	35.7	35.7	41.9	36.2	31.5	-55.0	29.4	20.8
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	84.3	0.0	0.0
Operating Profit Before Changes in Working Capital	302.9	205.5	159.0	244.4	246.5	362.8	268.4	-154.0	208.3	-1,638.0	52.9	314.8
Increase/(Decrease) in Receivables	-78.9	140.4	-250.7	-140.8	6.2	-70.9	196.0	-19.1	-81.4	302.0	-165.9	80.0
Increase/(Decrease) in Inventory	-4.0	-45.4	-2.2	-0.5	5.2	-1.6	28.7	18.2	-9.0	-7.3	-0.8	5.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-117.1	369.4	748.4	682.0	-284.4	-264.9	645.3	393.5	-344.4	1,602.7	652.0	-130.0
Increase/(Decrease) in Prepaid Expenses	-89.8	-77.5	-13.2	-11.5	28.0	2.8	4.1	-78.4	-17.6	29.7	-159.2	-13.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-32.0	-51.7	-15.3	-32.7	-24.8	-37.3	-38.6	-32.3	-29.8	-29.2	-29.2	-20.3
Corporate Income Tax Paid	-104.3	-2.1	-0.8	0.0	-45.0	-6.3	-4.9	-54.6	-30.2	-29.8	-6.7	-2.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-123.2	538.6	625.3	740.9	-68.3	-15.6	1,099.0	73.3	-304.0	230.2	343.1	234.5
Payments for Fixed Assets and Other Long-term Assets	-187.8	-58.3	-50.9	-93.3	-53.8	-50.6	-939.4	-145.2	-157.3	-175.0	-277.0	-149.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.6	8.8	1.4	15.2	—	1.4	10.3	10.4	0.6	-0.3	0.0	0.4
Loans and Purchases of Debt Instruments	-1,636.8	-18.6	-19.9	54.8	-54.3	-59.0	-738.4	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-75.0	59.8	15.3	-29.2	-5.5	-13.6
Investments in Other Entities	-130.7	—	—	—	—	-17.5	0.0	-1,234.5	0.0	0.1	-20.6	-8.4
Proceeds from Investments in Other Entities	—	19.0	39.0	1.5	—	0.0	7.6	14.6	601.3	0.0	-0.8	11.1
Dividends and Interest Income Received	18.7	17.6	9.9	18.3	3.6	6.2	7.0	11.1	12.2	14.8	6.8	14.0
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	-1,935.0	-35.4	-27.8	-53.7	-117.0	-119.5	-1,727.8	-1,283.7	472.0	-189.5	-296.9	-145.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	4,570,500,000.00	137,506,180,710.00	80,850,000,000.00	9,024,799,050.00	8,181,550.00	6,200,610,621.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	761.0	322.1	702.4	245.0	577.5	189.1	1,165.7	406.8	851.3	358.2	722.5	529.8
Repayment of Borrowings	-697.1	-241.3	-338.9	-251.0	-603.9	-407.3	-959.2	-362.1	-427.9	-224.0	-567.1	0.0
Repayment of Finance Leases	-9.2	-9.0	-12.8	-5.1	-8.3	-11.4	-4.6	-16.5	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	—	—	0.0	0.0	0.0	-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	54.6	71.8	417.2	-14.9	-22.6	-225.1	339.5	109.1	432.4	134.2	161.6	529.8
Net Cash Flow During the Period	-2,003.5	574.9	1,014.7	672.3	-207.9	-360.1	-289.3	-1,101.4	600.3	174.8	207.8	618.9
Cash and Cash Equivalents at Beginning of Period	3,048.9	4,233.7	3,214.9	2,538.2	2,743.4	3,837.9	3,837.9	3,837.9	3,837.9	2,629.1	2,629.1	2,629.1
FX Difference from Revaluation	5.5	8.3	11.2	7.1	2.6	-1.8	3.2	1.1	2.9	-2.6	2.5	-1.5
Cash and Cash Equivalents at End of Period	1,050.9	4,805.7	4,233.7	3,214.9	2,538.2	2,692.9	3,054.8	3,340.9	4,441.2	3,837.9	3,665.7	3,455.3

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VNZ

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