VRE

Vincom Retail ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 76.39%, +28.86pp YoY

Price

30,150

Latest close

04 Jun 2026

P/E 10.15x

P/B 1.40x

EPS 2,969

BVPS 21,459

ROE 14.8%

ROA 11.8%

Profit Margin 76.4%

Asset Turnover 0.15x

Equity Mult. 1.26x

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

What Is Changing

On a TTM 2026Q1 basis, VRE has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9,000bn
	                                
+2.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6,875bn
	                                
+64.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    45.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	8,837.4	8,939.1	9,791.3	7,361.4	5,891.1
Growth	-1%	-9%	+33%	+25%	—
Net Income	6,445.9	4,095.8	4,408.8	2,777.1	1,315.0
Net Margin	72.94%	45.82%	45.03%	37.73%	22.32%

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	2,293.6	2,312.3	2,251.0	2,142.6	2,131.4	2,128.2	2,077.7	2,478.6	2,254.6	2,342.7	3,332.6	2,172.8
Growth	-1%	+3%	+5%	+1%	+0%	+2%	-16%	+10%	-4%	-30%	+53%	—
Net Income	1,606.3	2,658.8	1,376.4	1,233.3	1,177.4	1,085.3	906.4	1,021.5	1,082.6	1,067.5	1,316.7	1,000.6
Net Margin	70.03%	114.99%	61.15%	57.56%	55.24%	51.00%	43.62%	41.21%	48.02%	45.57%	39.51%	46.05%

Drivers of VRE's profit

TTM

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

Financial income ↑ 2,986.2bn

Deferred tax ↑ 785.6bn

TTM

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

Tax ↓ 324.3bn

Financial income ↑ 210.5bn

Gross profit ↑ 51.6bn

Deferred tax ↑ 418.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 47.5% × 0.17 × 1.28

2026Q1 14.8% = 76.4% × 0.15 × 1.26

ROE rose from 10.2% to 14.8% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 76.4% +28.9pp Asset turnover: 0.15x -0.01x Leverage: 1.26x -0.02x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 76.39%, rising 28.9pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 0.2pp (with additional support from Net financial result / Revenue rose 32.0pp and Other profit / Revenue rose 0.6pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 76.39% +28.9pp

Gross Margin 53.15% −0.2pp

SG&A / Revenue 9.06% −1.7pp

Non-core / Revenue 49.49% +32.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 51.8% of PBT and lifted net margin by 32.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for rental real estate should be read alongside occupancy and lease cycles — ROIC of 13.3% reflects asset operating efficiency.

Is capital being deployed efficiently?

ROIC expanded to 13.28%, rising 4.2pp. That translates to 13.28 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 28.3pp, with capital turnover broadly stable; while invested capital rose by 6,315bn.

For rental real estate, ROIC mainly reflects asset operating efficiency — this is a reference signal and should be read alongside occupancy and lease cycles.

CAPITAL EFFICIENCY TREND

ROIC 13.28% +4.2pp

NOPAT Margin 71.78% +28.3pp

Capital Turnover 0.18x −0.02x

Average Invested Capital 48,661.1bn +6,315.4bn

Balance Sheet

ROIC for rental real estate reflects asset operating efficiency and lease cycles — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.27x equity, net debt at 0.05x equity.

Over the last 12 months, working capital absorbed 7,018.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −3,818.8bn

Inventories decreased → higher CFO: +51.8bn

Payables decreased → lower CFO: −3,251.3bn

Is financial risk significant?

Leverage is safe but FCF is negative at 6,709.0bn due to capex of 3,031.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 7.87x.

At present, short-term debt accounts for 0.3% of total debt, cash equals 59.3% of debt, and total debt stands at 6,389.0bn.

Leverage for rental real estate should be read alongside investment property values, loan-to-value ratios, and stable rental cash flows — the operating model typically supports higher leverage.

Leverage and liquidity trend

Net Debt / Equity 0.05x +0.01x

Interest Coverage 7.87x +2.78x

Cash / Debt 59.3% −4.6pp

Short-term Debt / Total Debt 0.3% −43.8pp

CFO / NI -0.53x −0.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3,262.2bn in 2025, against investing cash flow of 3,007.8bn.

Post-investment cash flow was negative +254.4bn. Financing cash flow was positive +1,804.4bn.

CFO / net income was -0.53x.

After spending +3,031.4bn on fixed-asset investment, the business generated trailing free cash flow of −6,709.0bn.

For rental real estate, FCF can be negative during portfolio expansion phases — should be read alongside investment progress and stable rental cash flows.

Cash Conversion

CFO TTM 3,677.6bn −3,047.1bn

Cash Capex 3,031.4bn −865.8bn

FCF TTM −6,709.0bn −2,181.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 28.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 76.39% after expanding 28.9pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 45.7% of PBT and CFO / net income currently at -0.53x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	8,837.4	8,939.1	9,791.3	7,361.4	5,891.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	8,837.4	8,939.1	9,791.3	7,361.4	5,891.1
Cost of Goods Sold	4,105.3	4,183.7	4,445.5	3,544.9	0.0
Gross Profit	4,732.0	4,755.4	5,345.9	3,816.5	2,392.1
Financial Income	4,751.3	1,785.8	1,146.3	538.6	387.0
Financial Expenses	1,064.6	838.1	330.4	359.2	-486.3
Interest Expense	628.4	566.1	330.4	359.2	-483.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	271.0	341.0	341.3	172.0	-201.8
General and Administrative Expenses	568.0	641.8	438.7	371.3	-433.2
Operating Profit	7,579.9	4,720.3	5,381.9	3,452.7	1,657.9
Other Income	566.1	464.7	212.4	88.3	0.0
Other Expenses	62.8	51.7	68.2	16.5	0.0
Other Profit	503.3	413.1	144.2	71.8	34.4
Profit Before Tax	8,083.2	5,133.3	5,526.1	3,524.5	1,692.3
Current Income Tax Expense	1,683.2	1,080.6	1,111.2	807.6	-377.3
Deferred Income Tax Expense	-45.9	-43.0	6.1	-60.3	0.0
Net Income	6,445.9	4,095.8	4,408.8	2,777.1	1,315.0
Non-controlling Interest	—	0.0	0.2	1.1	0.5
Profit Attributable to Parent	6,445.9	4,095.8	4,408.6	2,776.1	1,314.5
Earnings per Share	2,837.00	1,803.00	1,940.00	1,222.00	564.46
Diluted EPS	2,767.89	1,758.74	1,893.06	1,192.05	564.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	7,961.1	12,312.4	10,036.4	10,534.6	7,896.6
I. Cash and cash equivalents	4,434.6	2,884.7	4,101.5	7,019.6	3,297.1
1. Cash	3,034.6	2,884.7	4,051.5	180.9	0.0
2. Cash equivalents	1,400.0	0.0	50.0	6,838.7	0.0
II. Short-term financial investments	133.2	125.9	1,071.0	97.4	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	133.2	125.9	1,071.0	97.4	0.0
III. Short-term receivables	2,885.7	2,016.4	1,612.8	1,404.5	1,487.7
1. Short-term trade accounts receivable	1,319.8	1,674.3	1,460.7	1,115.1	0.0
2. Short-term prepayments to suppliers	1,298.8	94.9	78.0	99.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	751.2	710.6	296.5	381.6	0.0
7. Provision for short-term doubtful debts (*)	-484.0	-463.4	-222.4	-191.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	236.2	295.0	640.0	1,178.1	582.9
1. Inventories	236.2	295.0	640.0	1,178.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	271.3	6,990.4	2,611.2	835.0	2,338.5
1. Short-term prepayments	68.4	83.7	72.6	119.0	0.0
2. Value added tax to be reclaimed	182.3	52.0	22.5	49.8	0.0
3. Taxes and other receivables from state authorities	20.6	0.7	0.7	8.8	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	6,854.0	2,515.4	657.4	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	53,318.1	42,913.7	37,617.3	32,166.4	29,976.9
I. Long-term receivables	20.5	19.3	12.2	8.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	6.1
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	20.5	19.3	12.2	8.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	273.1	221.4	413.4	418.0	438.8
1. Tangible fixed assets	263.3	202.6	387.3	407.4	426.5
- Cost	566.1	480.0	634.9	628.7	0.0
- Accumulated depreciation	-302.9	-277.4	-247.5	-221.3	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	9.8	18.8	26.0	10.6	12.3
- Cost	88.4	88.5	85.6	63.0	0.0
- Accumulated depreciation	-78.6	-69.7	-59.5	-52.4	0.0
III. Investment properties	27,231.3	27,084.4	25,179.8	26,514.4	26,268.8
- Cost	39,178.4	38,354.0	35,182.4	35,199.1	0.0
- Accumulated depreciation	-11,947.1	-11,269.6	-10,002.6	-8,684.7	0.0
IV. Long-term assets in progress	267.1	801.6	1,028.3	699.5	1,255.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	267.1	801.6	1,028.3	699.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	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	—	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	25,526.2	14,787.1	10,983.6	4,526.3	0.0
1. Long-term prepayments	480.4	433.0	453.0	477.6	0.0
2. Deferred income tax assets	151.0	106.8	65.6	74.3	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	24,894.8	14,197.9	10,346.4	3,785.3	2,007.3
5. Goodwill	—	49.3	118.6	189.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	61,279.1	55,226.2	47,653.7	42,701.1	37,873.5
A. LIABILITIES (300=210+330)	12,910.9	13,303.5	9,826.9	9,276.4	7,222.7
I. Short -term liabilities	5,173.9	5,920.7	6,244.9	5,819.5	2,890.1
1. Short-term trade accounts payable	659.2	461.9	448.1	724.8	526.2
2. Short-term advances from customers	309.1	184.8	314.3	1,215.2	278.2
3. Taxes and other payables to state authorities	1,718.2	1,135.3	1,495.7	832.7	0.0
4. Payable to employees	—	0.2	0.3	0.0	0.0
5. Short-term acrrued expenses	1,483.8	1,123.9	973.7	727.0	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	31.2	32.7	44.5	83.2	91.4
9. Other short-term payables	949.3	968.8	1,170.2	1,161.0	0.0
10. Short-term borrowings and financial leases	20.6	2,009.8	1,791.8	1,065.4	19.9
11. Provision for short-term liabilities	1.9	1.8	3.4	7.4	0.0
12.. Bonus and welfare fund	0.6	1.6	2.7	2.9	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	7,737.1	7,382.8	3,582.0	3,456.9	4,332.6
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	131.5	126.6	113.5	124.0	100.1
7. Other long-term liabilities	1,157.1	4,663.3	1,253.1	1,137.4	0.0
8. Long-term borrowings and financial leases	6,380.5	2,523.1	2,143.8	2,121.3	3,137.9
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	68.0	69.8	71.6	74.3	0.0
12. Provision for long-term liabilities	—	0.0	0.0	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)	48,368.2	41,922.6	37,826.9	33,424.7	30,650.8
I. Owner's equity	48,368.2	41,922.6	37,826.9	33,424.7	0.0
1. Owner's capital	23,288.2	23,288.2	23,288.2	23,288.2	30,650.8
- Common stock with voting right	23,288,184,000,000.00	23,288,184,000,000.00	23,288,184,100,000.00	23,288,184,000,000.00	23,288,184,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	47.0	47.0	47.0	47.0	47.0
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	-1,954,258,000,000.00	-1,954,258,000,000.00	-1,954,257,917,610.00	-1,954,258,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	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	-53.1	-53.1	-53.1	-53.1	0.0
11. Undistributed earnings after tax	27,040.4	20,594.5	16,475.8	12,064.6	9,288.5
- Accumulated retained earning at the end of the previous period	20,594.5	16,498.7	12,064.6	9,288.5	7,974.0
- Undistributed earnings in this period	6,445.9	4,095.8	4,411.2	2,776.1	1,314.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.4	23.3	32.3	34.8
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)	61,279.1	55,226.2	47,653.7	42,701.1	37,873.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	8,083.2	5,133.3	5,526.1	3,524.5	1,692.3
Depreciation of Fixed Assets and Investment Property	1,381.3	1,379.1	1,453.9	1,451.9	1,481.6
Provision (Increase)/Reversal	20.7	239.4	87.4	25.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	63.5	71.7	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4,750.8	-1,792.2	-1,144.6	-545.3	0.0
Interest Expense	702.9	566.1	330.4	359.2	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	5,500.8	5,597.4	6,253.2	4,816.0	3,458.5
Increase/(Decrease) in Receivables	-4,205.1	-6,408.0	-1,293.7	-214.0	0.0
Increase/(Decrease) in Inventory	58.9	344.9	543.5	-502.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3,011.2	2,950.2	-808.5	1,614.4	0.0
Increase/(Decrease) in Prepaid Expenses	-32.1	-0.2	66.8	-168.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-484.0	-451.8	-293.1	-315.0	0.0
Corporate Income Tax Paid	-1,089.3	-1,274.4	-576.3	-159.1	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	-3,262.2	758.1	3,892.0	5,071.7	1,683.9
Payments for Fixed Assets and Other Long-term Assets	-2,686.3	-4,192.4	-7,504.8	-2,202.2	-1,567.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.8	11.0	4.5	38.5	915.1
Loans and Purchases of Debt Instruments	-1,012.9	-5,341.7	-2,923.4	-109.4	-2,258.4
Receipts from Loan Repayments and Sale of Debt Instruments	1,010.2	6,430.0	1,956.2	502.2	3,671.0
Investments in Other Entities	—	-0.4	-6.6	0.0	0.0
Proceeds from Investments in Other Entities	3,605.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2,079.8	630.2	953.4	443.2	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	3,007.8	-2,463.2	-7,520.8	-1,327.7	1,162.2
Proceeds from Equity Issuance and Capital Contributions	—	362,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6,273.0	994.3	1,782.1	0.0	0.0
Repayment of Borrowings	-4,445.6	-485.1	-1,050.0	0.0	-2,600.0
Repayment of Finance Leases	-23.0	-21.4	-21.4	-21.4	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	1,804.4	488.2	710.7	-21.4	-2,600.0
Net Cash Flow During the Period	1,549.9	-1,216.9	-2,918.1	3,722.6	607.6
Cash and Cash Equivalents at Beginning of Period	2,884.7	4,101.5	7,019.6	3,297.1	3,050.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4,434.6	2,884.7	4,101.5	7,019.6	3,297.1

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	2,293.6	2,312.3	2,251.0	2,142.6	2,131.4	2,128.2	2,077.7	2,478.6	2,254.6	2,342.7	3,332.6	2,172.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,293.6	2,312.3	2,251.0	2,142.6	2,131.4	2,128.2	2,077.7	2,478.6	2,254.6	2,342.7	3,332.6	2,172.8
Cost of Goods Sold	1,039.8	1,101.8	1,114.0	960.3	929.2	926.7	988.4	1,269.2	999.4	1,074.6	1,632.5	983.4
Gross Profit	1,253.8	1,210.5	1,137.0	1,182.3	1,202.2	1,201.5	1,089.3	1,209.4	1,255.2	1,268.1	1,700.1	1,189.4
Financial Income	835.5	2,647.1	802.5	676.7	625.0	547.3	383.2	420.2	435.2	343.0	301.4	278.2
Financial Expenses	205.1	202.9	350.3	268.7	242.6	275.0	243.8	178.8	140.5	74.1	75.9	80.0
Interest Expense	194.8	185.4	171.7	136.9	148.5	147.5	139.9	138.2	140.5	74.1	75.9	80.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	63.3	115.2	47.0	41.3	67.4	143.9	77.2	56.0	64.0	83.8	184.8	44.0
General and Administrative Expenses	86.1	248.1	93.9	120.7	105.3	168.5	170.4	159.6	143.2	179.2	106.6	73.8
Operating Profit	1,919.6	3,291.3	1,448.2	1,428.3	1,412.0	1,161.3	981.1	1,235.3	1,342.7	1,274.0	1,634.2	1,269.7
Other Income	80.4	74.5	278.1	120.6	92.9	203.0	139.8	63.9	58.1	92.8	34.7	24.2
Other Expenses	0.5	25.1	4.9	3.9	28.9	-6.1	2.1	22.3	33.3	13.6	13.1	25.5
Other Profit	79.9	49.4	273.2	116.7	64.0	209.0	137.7	41.6	24.8	79.2	21.6	-1.3
Profit Before Tax	1,999.5	3,340.7	1,721.4	1,545.0	1,476.0	1,370.3	1,118.7	1,276.8	1,367.4	1,353.1	1,655.8	1,268.4
Current Income Tax Expense	358.9	327.9	345.0	327.1	683.2	278.9	239.1	262.7	299.9	270.4	330.1	251.8
Deferred Income Tax Expense	34.3	353.9	0.1	-15.3	-384.6	6.1	-26.8	-7.3	-15.1	15.3	8.9	16.0
Net Income	1,606.3	2,658.8	1,376.4	1,233.3	1,177.4	1,085.3	906.4	1,021.5	1,082.6	1,067.5	1,316.7	1,000.6
Non-controlling Interest	—	—	—	—	—	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Profit Attributable to Parent	1,606.3	2,658.8	1,376.4	1,233.3	1,177.4	1,085.3	906.4	1,021.5	1,082.6	1,067.5	1,316.7	1,000.6
Earnings per Share	707.00	1,141.71	591.04	529.57	505.58	466.04	389.21	438.62	464.86	458.38	565.38	429.66
Diluted EPS	689.73	1,141.71	591.04	529.57	505.58	466.04	389.21	438.62	464.86	458.38	565.38	429.66

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)	8,182.6	7,961.1	13,768.2	14,764.3	12,922.7	12,312.4	12,589.4	12,383.7	11,393.5	10,036.4	13,022.7	12,223.4
I. Cash and cash equivalents	3,788.7	4,434.6	2,808.6	5,235.3	2,916.2	2,884.7	3,426.9	1,003.2	2,921.4	4,101.5	6,766.1	7,515.4
1. Cash	3,788.7	3,034.6	608.6	4,835.3	2,916.2	2,884.7	3,426.9	1,003.2	1,062.1	4,051.5	2,570.9	5,494.9
2. Cash equivalents	—	1,400.0	2,200.0	400.0	—	0.0	0.0	0.0	1,859.3	50.0	4,195.2	2,020.5
II. Short-term financial investments	133.6	133.2	1,134.2	127.5	126.1	125.9	1,458.1	113.8	1,017.4	1,071.0	2,039.8	99.5
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	133.6	133.2	1,134.2	127.5	126.1	125.9	1,458.1	113.8	1,017.4	1,071.0	2,039.8	99.5
III. Short-term receivables	3,277.9	2,885.7	3,756.4	2,069.2	2,587.0	2,016.4	1,941.9	5,519.8	4,321.8	1,612.8	1,790.3	1,462.2
1. Short-term trade accounts receivable	1,324.5	1,319.8	1,452.5	1,506.2	1,558.1	1,674.3	1,709.8	1,663.4	1,455.8	1,460.7	1,339.8	1,178.9
2. Short-term prepayments to suppliers	1,254.9	1,298.8	1,244.0	138.8	126.2	94.9	116.2	66.0	81.0	78.0	68.1	54.5
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	2,350.0	2,350.0	0.0	0.0	0.0
6. Other short-term receivables	1,188.1	751.2	1,563.9	924.2	1,376.8	710.6	521.7	1,778.2	708.4	296.5	600.6	421.4
7. Provision for short-term doubtful debts (*)	-489.5	-484.0	-504.0	-499.9	-474.2	-463.4	-405.8	-337.8	-273.4	-222.4	-218.3	-192.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	222.1	236.2	267.7	299.0	273.9	295.0	251.2	228.6	510.8	640.0	782.1	1,451.6
1. Inventories	222.1	236.2	267.7	299.0	273.9	295.0	251.2	228.6	510.8	640.0	782.1	1,451.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	760.3	271.3	5,801.4	7,033.3	7,019.5	6,990.4	5,511.2	5,518.2	2,622.1	2,611.2	1,644.3	1,694.6
1. Short-term prepayments	64.5	68.4	87.8	95.9	104.8	83.7	96.1	72.4	85.0	72.6	112.8	139.4
2. Value added tax to be reclaimed	170.8	182.3	195.0	82.7	60.0	52.0	0.0	30.7	21.0	22.5	15.4	39.1
3. Taxes and other receivables from state authorities	27.4	20.6	1.9	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	497.6	—	5,516.6	6,854.0	6,854.0	6,854.0	5,414.4	5,414.4	2,515.4	2,515.4	1,515.4	1,515.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	52,780.3	53,318.1	47,496.4	43,477.4	43,024.1	42,913.7	40,585.5	39,944.8	37,622.7	37,617.3	31,683.7	31,970.7
I. Long-term receivables	21.6	20.5	17.3	19.9	18.5	19.3	672.8	458.8	9.6	12.2	11.6	9.6
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	21.6	20.5	17.3	19.9	18.5	19.3	672.8	458.8	9.6	12.2	11.6	9.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	264.2	273.1	238.3	245.0	211.8	221.4	226.0	235.2	403.7	413.4	409.0	417.5
1. Tangible fixed assets	256.9	263.3	226.4	231.1	195.4	202.6	207.6	214.1	380.1	387.3	388.8	396.1
- Cost	563.2	—	—	—	—	480.0	477.8	476.9	635.2	634.9	632.3	631.6
- Accumulated depreciation	-306.2	—	—	—	—	-277.4	-270.2	-262.7	-255.1	-247.5	-243.5	-235.4
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	7.2	9.8	11.9	13.9	16.3	18.8	18.4	21.0	23.6	26.0	20.2	21.3
- Cost	88.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-81.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	26,949.0	27,231.3	27,288.9	26,511.7	26,809.9	27,084.4	27,034.2	27,123.8	24,864.2	25,179.8	25,517.5	25,836.2
- Cost	39,173.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12,224.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	231.2	267.1	288.7	1,046.4	825.6	801.6	838.5	782.2	999.6	1,028.3	761.8	704.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	231.2	267.1	288.7	1,046.4	825.6	801.6	838.5	782.2	999.6	1,028.3	761.8	704.8
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	11.9	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	11.9	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	25,314.5	25,526.2	19,663.2	15,654.4	15,158.4	14,787.1	11,814.0	11,344.9	11,244.2	10,865.0	4,835.9	4,849.4
1. Long-term prepayments	496.6	480.4	437.2	442.2	437.5	433.0	453.8	457.4	454.1	453.0	455.3	459.3
2. Deferred income tax assets	116.2	151.0	505.4	505.8	491.0	106.8	113.3	87.0	80.2	65.6	82.0	91.4
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	24,701.7	24,894.8	18,715.9	14,689.5	14,197.9	14,197.9	11,180.2	10,716.5	10,709.9	10,346.4	4,298.6	4,298.6
5. Goodwill	—	—	4.8	16.8	32.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	49.3	66.7	84.0	101.3	118.6	135.9	153.3
TOTAL ASSETS (280=100+200)	60,962.9	61,279.1	61,264.7	58,241.7	55,946.8	55,226.2	53,174.9	52,328.4	49,016.2	47,653.7	44,706.3	44,194.2
A. LIABILITIES (300=210+330)	10,988.5	12,910.9	15,555.0	13,783.0	12,846.8	13,303.5	12,337.6	12,397.9	10,107.1	9,826.9	7,947.0	8,751.5
I. Short -term liabilities	3,256.3	5,173.9	8,346.8	11,707.4	8,587.8	5,920.7	6,021.9	5,501.8	6,625.3	4,473.0	4,385.8	5,254.0
1. Short-term trade accounts payable	152.9	659.2	539.2	627.0	452.2	461.9	460.0	734.7	487.9	448.1	761.8	766.2
2. Short-term advances from customers	82.3	309.1	184.5	174.5	156.1	184.8	193.6	222.7	731.6	314.3	441.4	1,447.2
3. Taxes and other payables to state authorities	389.1	1,718.2	1,613.4	1,214.2	745.0	1,135.3	1,015.5	781.4	1,810.1	1,495.7	1,443.2	1,246.8
4. Payable to employees	24.0	—	—	—	2.7	0.2	5.0	0.2	0.3	0.3	0.0	0.0
5. Short-term acrrued expenses	1,252.8	1,483.8	1,225.7	976.6	948.8	1,123.9	898.8	966.6	772.5	973.7	682.4	625.6
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	59.6	31.2	37.9	70.9	92.1	32.7	56.8	76.0	100.6	44.5	71.5	48.7
9. Other short-term payables	1,273.0	949.3	4,721.7	4,196.4	4,173.9	968.8	895.7	890.1	907.7	1,170.2	952.9	1,089.2
10. Short-term borrowings and financial leases	20.0	20.6	21.9	4,445.1	2,014.3	2,009.8	2,489.9	1,823.8	1,808.0	19.9	19.9	19.9
11. Provision for short-term liabilities	1.9	1.9	1.9	1.9	1.9	1.8	4.9	4.8	4.8	3.4	10.0	7.6
12.. Bonus and welfare fund	0.6	0.6	0.6	0.8	0.8	1.6	1.6	1.6	1.7	2.7	2.8	2.9
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	7,732.2	7,737.1	7,208.1	2,075.6	4,258.9	7,382.8	6,315.7	6,896.1	3,481.9	5,353.9	3,561.2	3,497.5
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	126.2	131.5	122.7	126.4	130.2	126.6	103.8	141.6	110.0	113.5	117.0	118.6
7. Other long-term liabilities	1,169.5	1,157.1	633.3	1,708.6	1,510.2	4,663.3	4,609.4	4,530.8	1,152.3	1,253.1	1,232.2	1,172.0
8. Long-term borrowings and financial leases	6,369.0	6,380.5	6,383.7	171.6	2,549.2	2,523.1	1,532.2	2,153.0	2,148.4	3,915.7	2,139.2	2,133.6
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	67.5	68.0	68.5	68.9	69.4	69.8	70.2	70.7	71.2	71.6	72.8	73.3
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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)	49,974.5	48,368.2	45,709.7	44,458.7	43,100.0	41,922.6	40,837.3	39,930.5	38,909.1	37,826.9	36,759.3	35,442.7
I. Owner's equity	49,974.5	48,368.2	45,709.7	44,458.7	43,100.0	41,922.6	40,837.3	39,930.5	38,909.1	37,826.9	36,759.3	35,442.7
1. Owner's capital	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2	23,288.2
- Common stock with voting right	23,288,184,000,000.00	23,288,184,000,000.00	23,288,184,000,000.00	23,288,184,000,000.00	23,288,184,000,000.00	23,288,184,000,000.00	23,288,184,100,000.00	23,288,184,000,000.00	23,288,184,100,000.00	23,288,184,100,000.00	23,288,184,000,000.00	23,288,184,100,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	47.0	47.0	47.0	47.0	47.0	47.0	47.0	47.0	47.0	47.0	47.0	47.0
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	-1,954,258,000,000.00	-1,954,258,000,000.00	-1,954,258,000,000.00	-1,954,258,000,000.00	-1,954,258,000,000.00	-1,954,258,000,000.00	-1,954,257,917,610.00	-1,954,258,000,000.00	-1,954,257,917,610.00	-1,954,257,917,610.00	-1,954,258,000,000.00	-1,954,257,917,610.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-53.1	-53.1	-53.1	-53.1	-53.1	-53.1	-53.1	-53.1	-53.1	-53.1	-53.1	-53.1
11. Undistributed earnings after tax	28,646.7	27,040.4	24,381.6	23,005.2	21,771.9	20,594.5	19,509.2	18,602.8	17,581.3	16,475.8	15,408.3	14,091.6
- Accumulated retained earning at the end of the previous period	27,040.4	20,594.5	20,594.5	20,594.5	20,594.5	16,498.7	16,475.8	16,475.8	16,475.8	12,064.6	12,064.6	12,064.6
- Undistributed earnings in this period	1,606.3	6,445.9	3,787.1	2,410.7	1,177.4	4,095.8	3,033.4	2,127.0	1,105.5	4,411.2	3,343.7	2,027.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	0.4	125.8	0.4	0.4	0.4	0.0	0.0	23.3	23.3	23.3
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)	60,962.9	61,279.1	61,264.7	58,241.7	55,946.8	55,226.2	53,174.9	52,328.4	49,016.2	47,653.7	44,706.3	44,194.2

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
Profit Before Tax	1,999.5	3,340.7	1,721.4	1,545.0	1,476.0	1,370.3	1,118.7	1,276.8	1,367.4	1,353.1	1,655.8	1,268.4
Depreciation of Fixed Assets and Investment Property	330.6	347.2	346.9	340.7	346.5	353.7	352.7	340.9	331.8	354.3	366.3	362.1
Provision (Increase)/Reversal	5.5	-20.0	4.1	25.7	10.9	54.5	68.1	64.4	52.4	58.2	28.1	0.6
FX Gain/Loss from Revaluation of Monetary Items	-18.7	-28.5	35.8	56.2	—	47.5	24.9	-0.7	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1,001.1	-2,646.6	-802.5	-676.9	-624.9	-547.3	-385.6	-420.1	-439.3	-341.0	-301.5	-278.3
Interest Expense	194.8	195.0	208.2	151.1	148.5	147.5	139.9	138.2	140.5	74.1	75.9	80.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,510.5	1,187.9	1,514.0	1,425.2	1,373.8	1,426.2	1,318.7	1,399.6	1,452.9	1,498.9	1,824.5	1,432.7
Increase/(Decrease) in Receivables	369.1	95.3	-4,140.3	-142.9	-17.2	-270.7	-176.2	-5,952.0	-9.1	-1,110.1	-259.2	-17.3
Increase/(Decrease) in Inventory	14.0	31.5	31.3	-25.1	21.1	-43.8	-22.6	282.2	129.2	151.3	665.7	-24.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-241.8	-3,438.6	-221.3	650.4	-1.7	-24.9	-109.4	2,930.1	154.5	-190.6	-853.1	-27.5
Increase/(Decrease) in Prepaid Expenses	-12.3	-15.5	9.0	2.2	-27.8	31.5	-22.8	7.0	-15.8	40.0	30.3	31.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-221.2	-162.4	-78.4	-124.1	-119.2	-123.5	-112.9	-105.9	-109.5	-65.1	-57.3	-86.9
Corporate Income Tax Paid	-1,681.4	-12.7	0.0	0.0	-1,076.6	0.0	-1.6	-1,211.7	-61.0	-64.4	-299.2	-210.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	-0.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-263.0	-2,314.6	-2,884.9	1,784.9	152.4	994.7	873.1	-2,650.7	1,541.0	260.1	1,051.8	1,097.6
Payments for Fixed Assets and Other Long-term Assets	-514.4	-1,802.2	-460.2	-254.6	-169.2	-2,343.4	-989.1	-395.6	-464.4	-5,482.1	-615.9	519.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	70.0	10.8	0.7	0.1	0.2	0.2	3.1	0.0	7.7	-1.8	5.1	0.2
Loans and Purchases of Debt Instruments	—	-0.8	-1,005.1	3,402.0	-3,408.9	-2,428.5	-5.0	0.0	-2,908.2	-960.1	-1,963.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1,005.8	-1.5	-3,403.0	3,408.9	2,564.5	2,350.0	903.5	612.0	1,944.3	11.9	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	-0.4	-6.6	0.0	0.0
Proceeds from Investments in Other Entities	—	3,605.0	—	—	—	-0.0	0.0	0.0	0.0	-543.8	543.8	0.0
Dividends and Interest Income Received	67.3	1,127.9	103.0	795.5	53.5	165.6	196.6	230.6	37.4	348.8	222.8	202.6
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	-543.8
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-377.1	3,946.5	-1,363.2	540.1	-115.6	-2,041.5	1,555.5	738.6	-2,715.8	-4,701.4	-1,795.7	177.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-20,900.00	362,020,900.00	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	—	0.0	6,273.0	—	—	995.0	-0.7	0.0	0.0	1,782.1	0.0	0.0
Repayment of Borrowings	—	0.0	-4,445.6	—	16.8	-485.1	0.7	-0.7	0.0	0.0	0.0	-1,050.0
Repayment of Finance Leases	-5.9	-5.9	-5.9	-5.9	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3	-5.3
Dividends Paid	—	—	—	—	—	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	-5.9	-5.9	1,821.5	-5.9	-5.3	504.6	-5.0	-6.0	-5.3	1,776.8	-5.3	-1,055.3
Net Cash Flow During the Period	-646.0	1,626.0	-2,426.7	2,319.1	31.5	-542.2	2,423.7	-1,918.2	-1,180.1	-2,664.6	-749.3	220.2
Cash and Cash Equivalents at Beginning of Period	4,434.6	2,808.6	5,235.3	2,916.2	2,884.7	4,101.5	4,101.5	4,101.5	4,101.5	7,019.6	7,019.6	7,019.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3,788.7	4,434.6	2,808.6	5,235.3	2,916.2	2,884.7	3,426.9	1,003.2	2,921.4	4,101.5	6,766.1	7,515.4

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