S55

Sông Đà 505 ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 46.73%, +6.07pp YoY

Price

62,900

Latest close

27 May 2026

P/E 4.83x

P/B 0.58x

EPS 13,027

BVPS 108,943

ROE 12.8%

ROA 6.2%

Profit Margin 35.1%

Asset Turnover 0.18x

Equity Mult. 2.05x

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

What Is Changing

On a TTM 2026Q1 basis, S55 has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 371bn
	                                
+15.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 173bn
	                                
+32.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	364.6	583.8	627.2	949.3	427.8
Growth	-38%	-7%	-34%	+122%	—
Net Income	141.3	139.4	71.8	124.5	57.6
Net Margin	38.74%	23.88%	11.45%	13.12%	13.47%

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	60.6	98.6	109.2	102.6	54.4	74.7	96.8	95.9	317.0	357.9	84.9	145.7
Growth	-39%	-10%	+6%	+88%	-27%	-23%	+1%	-70%	-11%	+321%	-42%	—
Net Income	22.9	39.1	51.1	60.3	9.9	37.9	43.5	39.6	17.4	39.9	22.0	8.8
Net Margin	37.75%	39.63%	46.79%	58.81%	18.16%	50.77%	44.95%	41.24%	5.49%	11.15%	25.95%	6.07%

Drivers of S55's profit

TTM

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

Gross profit ↑ 36.9bn

Associates income ↑ 12.9bn

Administrative expenses ↓ 6.5bn

Finance costs ↓ 3.5bn

Minority interests ↑ 12.4bn

Financial income ↓ 10.0bn

TTM

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

Finance costs ↓ 6.4bn

Associates income ↑ 6.2bn

Gross profit ↑ 4.0bn

Administrative expenses ↓ 1.9bn

Financial income ↓ 4.7bn

Minority interests ↑ 2.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.7% = 40.7% × 0.17 × 2.16

2026Q1 17.0% = 46.7% × 0.18 × 2.05

ROE rose from 14.7% to 17.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 46.7% +6.1pp Asset turnover: 0.18x +0.01x Leverage: 2.05x -0.11x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 46.73%, rising 6.1pp. The main driver is Gross margin rose 3.3pp and SG&A / Revenue fell 2.5pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 2.0pp and Net financial result / Revenue fell 0.5pp).

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

Profitability trend

Net Margin 46.73% +6.1pp

Gross Margin 53.36% +3.3pp

SG&A / Revenue 3.06% −2.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 8.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 8.16%, rising 1.7pp. That translates to 8.16 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7.3pp, with capital turnover broadly stable; while invested capital rose by 165bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 8.16% +1.7pp

NOPAT Margin 42.30% +7.3pp

Capital Turnover 0.19x +0.01x

Average Invested Capital 1,922.7bn +165.3bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.93x equity, net debt at 0.76x equity.

Over the last 12 months, working capital absorbed 20.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −109.1bn

Inventories increased → lower CFO: −18.0bn

Payables increased → higher CFO: +106.3bn

Working Capital Efficiency

Cash conversion cycle improved by 0.2 days versus the same period last year. The main moves came from DIO rose 10.4 days, DSO fell 17.7 days, and DPO fell 7.1 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 148.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +10.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 128.2 days −17.7 days

Inventory 33.4 days +10.4 days

Payables 12.8 days −7.1 days

Cash Conversion Cycle 148.8 days −0.2 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.76x and interest coverage at 2.49x.

At present, short-term debt accounts for 18.4% of total debt, cash equals 1.0% of debt, and total debt stands at 833.6bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 1.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.76x −0.29x

Interest Coverage 2.49x +0.85x

Cash / Debt 1.0% +0.9pp

Short-term Debt / Total Debt 18.4% +6.3pp

CFO / NI 1.30x +0.84x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 102.4bn in 2025, against investing cash flow of -15.6bn.

Post-investment cash flow was positive +86.8bn. Financing cash flow was negative +111.0bn.

CFO / net income was 1.30x.

After spending +23.5bn on fixed-asset investment, the business generated trailing free cash flow of +145.8bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 169.3bn +123.5bn

Cash Capex 23.5bn +22.8bn

FCF TTM +145.8bn +100.7bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 6.1 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 3.7%. The main risk still sits in leverage and liquidity, with interest coverage at 2.49x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 46.73% after expanding 6.1pp versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.76x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	364.6	583.8	627.2	949.3	429.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	364.6	583.8	627.2	949.3	427.8
Cost of Goods Sold	172.4	413.0	498.1	748.3	0.0
Gross Profit	192.2	170.8	129.1	201.0	125.4
Financial Income	32.7	36.3	76.5	23.0	17.4
Financial Expenses	71.9	68.1	108.0	80.1	-60.9
Interest Expense	71.8	68.1	108.0	80.0	-60.6
Share of Associates and Joint Ventures	7.7	0.5	-5.1	5.7	3.8
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	14.2	17.7	15.9	14.3	-21.6
Operating Profit	146.6	121.8	76.6	135.3	64.2
Other Income	0.3	21.4	0.6	0.3	0.0
Other Expenses	0.8	0.4	0.6	2.3	0.0
Other Profit	-0.5	21.0	0.0	-2.0	0.2
Profit Before Tax	146.1	142.8	76.6	133.4	64.4
Current Income Tax Expense	4.1	2.8	4.3	8.1	-6.7
Deferred Income Tax Expense	0.6	0.6	0.5	0.8	0.0
Net Income	141.3	139.4	71.8	124.5	57.6
Non-controlling Interest	40.3	31.8	13.4	30.9	15.2
Profit Attributable to Parent	101.0	107.6	58.4	93.6	42.4
Earnings per Share	10,096.00	10,762.00	5,884.00	9,362.00	4,241.00
Diluted EPS	10,096.00	10,762.00	5,884.00	9,362.00	4,240.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	341.8	291.4	729.1	538.7	416.1
I. Cash and cash equivalents	0.8	24.9	26.0	16.7	6.4
1. Cash	0.8	21.1	6.0	5.9	0.0
2. Cash equivalents	—	3.8	20.0	10.8	0.0
II. Short-term financial investments	114.7	149.3	81.7	166.7	0.0
1. Available for sale securities	0.2	0.2	0.2	0.3	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.2	-0.2	0.0
3. Held to maturity investments	114.7	149.2	81.7	166.6	0.0
III. Short-term receivables	194.6	102.9	405.4	176.8	199.4
1. Short-term trade accounts receivable	142.8	139.2	458.8	261.6	0.0
2. Short-term prepayments to suppliers	6.5	7.2	1.7	8.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	113.2	29.1	11.1	0.0	0.0
6. Other short-term receivables	43.9	37.3	37.2	5.0	0.0
7. Provision for short-term doubtful debts (*)	-111.8	-109.8	-103.4	-98.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	21.6	5.5	195.5	164.4	99.5
1. Inventories	21.6	5.5	195.5	164.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	10.2	8.8	20.5	14.0	5.7
1. Short-term prepayments	0.3	0.1	0.1	0.3	0.0
2. Value added tax to be reclaimed	2.4	1.3	20.4	13.7	0.0
3. Taxes and other receivables from state authorities	7.4	7.4	0.0	0.0	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)	1,721.2	1,793.0	1,503.0	1,382.2	1,371.0
I. Long-term receivables	—	144.3	176.4	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	—	144.2	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	176.4	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,428.6	1,501.2	1,201.4	1,232.2	1,235.4
1. Tangible fixed assets	1,427.8	1,501.2	1,201.4	1,232.2	1,235.4
- Cost	1,819.8	1,819.1	1,444.5	1,417.0	0.0
- Accumulated depreciation	-392.0	-317.9	-243.2	-184.8	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	0.8	0.0	0.0	0.0	0.0
- Cost	0.9	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	12.7	0.0	0.0	14.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	12.7	0.0	0.0	14.2	0.0
V. Long-term financial investments	209.0	75.4	72.4	81.6	74.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	60.3	51.6	51.1	60.3	0.0
3. Investments in other entities	24.0	24.0	21.3	21.3	0.0
4. Provision for diminution in value of long-term investments	-0.2	-0.2	0.0	0.0	0.0
5. Held to maturity investments	125.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	70.8	72.2	52.8	54.2	0.0
1. Long-term prepayments	55.7	56.4	36.4	37.3	0.0
2. Deferred income tax assets	15.1	15.7	16.4	16.9	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	61.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,063.0	2,084.4	2,232.1	1,920.9	1,787.1
A. LIABILITIES (300=210+330)	996.4	1,139.4	1,392.8	1,114.1	1,076.9
I. Short -term liabilities	282.2	284.0	639.7	392.3	293.6
1. Short-term trade accounts payable	9.2	35.3	80.9	44.5	121.5
2. Short-term advances from customers	0.5	0.3	0.1	1.6	71.6
3. Taxes and other payables to state authorities	8.1	5.4	7.8	12.6	0.0
4. Payable to employees	9.4	6.2	8.3	11.6	0.0
5. Short-term acrrued expenses	5.6	4.4	32.5	15.0	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	1.9	1.9	1.6	0.6	0.0
9. Other short-term payables	13.4	44.1	9.2	6.2	0.0
10. Short-term borrowings and financial leases	210.9	151.4	493.2	294.0	61.5
11. Provision for short-term liabilities	18.5	30.3	1.3	1.3	0.0
12.. Bonus and welfare fund	4.7	4.7	4.8	4.9	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	714.2	855.4	753.1	721.8	783.4
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	25.6	27.3	24.9	7.9	0.0
7. Other long-term liabilities	0.4	0.4	0.4	0.4	0.0
8. Long-term borrowings and financial leases	688.2	827.7	727.9	713.6	783.4
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	—	0.0	0.0	0.0	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)	1,066.5	945.0	839.3	806.8	710.1
I. Owner's equity	1,066.5	945.0	839.3	806.8	0.0
1. Owner's capital	100.0	100.0	100.0	100.0	710.1
- Common stock with voting right	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	63.0	63.0	63.0	63.0	63.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	474.5	421.6	378.2	332.9	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	170.8	132.8	83.6	89.4	42.4
- Accumulated retained earning at the end of the previous period	69.9	25.2	25.2	14.8	0.0
- Undistributed earnings in this period	101.0	107.6	58.4	74.6	42.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	258.2	227.6	214.5	221.4	203.6
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)	2,063.0	2,084.4	2,232.1	1,920.9	1,787.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	146.1	142.8	76.6	133.4	64.4
Depreciation of Fixed Assets and Investment Property	74.3	40.6	58.4	55.6	51.9
Provision (Increase)/Reversal	2.0	35.5	4.8	1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.2	0.0
Gain/Loss from Investment Activities	-40.4	-37.0	-58.3	-27.3	0.0
Interest Expense	71.8	68.1	108.0	80.0	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	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	253.7	250.0	189.4	242.6	170.2
Increase/(Decrease) in Receivables	-8.0	326.0	-378.1	12.7	0.0
Increase/(Decrease) in Inventory	-16.1	190.0	-31.1	-61.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-54.4	-77.3	42.1	-150.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	1.4	1.5	2.4	0.0
Changes in Trading Securities	—	0.0	0.1	-0.1	0.0
Interest Paid	-70.3	-96.5	-86.3	-73.9	0.0
Corporate Income Tax Paid	-2.9	-4.2	-5.9	-7.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	-0.1	-0.2	0.0
Net Cash Flow from Operating Activities	102.4	589.3	-268.4	-35.5	-14.4
Payments for Fixed Assets and Other Long-term Assets	-14.4	-0.0	-13.2	-51.9	-286.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.2	14.8
Loans and Purchases of Debt Instruments	-370.2	-522.4	-166.2	-174.6	71.9
Receipts from Loan Repayments and Sale of Debt Instruments	340.0	468.9	240.1	113.1	0.0
Investments in Other Entities	-0.9	-96.3	-0.6	-1.1	-3.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	30.0	45.5	36.7	20.2	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	-15.6	-104.1	96.6	-94.1	-186.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	400,000,000.00
Share Repurchases	—	0.00	0.00	0.00	87,400,000,000.00
Proceeds from Borrowings	353.2	1,445.1	1,849.8	806.8	455.8
Repayment of Borrowings	-433.1	-1,904.1	-1,636.3	-644.1	-332.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-31.0	-27.3	-32.4	-22.7	-10.0
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	-111.0	-486.3	181.1	139.9	200.7
Net Cash Flow During the Period	-24.1	-1.1	9.3	10.3	5.4
Cash and Cash Equivalents at Beginning of Period	24.9	26.0	16.7	6.4	6.0
FX Difference from Revaluation	—	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	24.9	26.0	16.7	6.4

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
Revenue	60.6	98.6	109.2	102.6	54.4	74.7	96.8	95.9	317.0	357.9	84.9	145.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	60.6	98.6	109.2	102.6	54.4	74.7	96.8	95.9	317.0	357.9	84.9	145.7
Cost of Goods Sold	33.1	46.8	48.1	45.1	30.9	41.7	43.5	44.8	283.9	321.9	41.0	113.0
Gross Profit	27.5	51.8	61.1	57.5	23.5	33.0	53.4	51.1	33.1	36.0	43.9	32.8
Financial Income	9.4	6.6	5.5	6.5	14.0	10.1	7.3	6.6	12.5	38.1	10.1	14.5
Financial Expenses	14.9	16.2	16.1	18.2	21.3	17.8	14.7	15.0	21.4	28.0	27.0	29.2
Interest Expense	14.9	16.2	16.1	18.1	21.3	17.8	14.7	15.0	21.4	28.0	27.0	29.2
Share of Associates and Joint Ventures	3.2	4.6	3.4	2.7	-3.0	0.6	1.0	2.4	-3.5	2.9	-1.7	-4.2
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.3	5.8	2.8	1.3	3.3	9.3	2.3	3.0	1.9	8.0	2.3	3.0
Operating Profit	23.8	40.9	51.1	47.2	10.0	16.7	44.5	42.0	18.9	41.0	23.1	10.9
Other Income	0.0	0.2	—	17.5	0.0	20.7	0.5	0.4	0.0	0.6	0.0	0.0
Other Expenses	0.0	0.2	0.4	0.0	0.0	0.1	0.1	0.2	0.0	0.4	0.1	0.1
Other Profit	0.0	-0.0	-0.4	17.5	0.0	20.6	0.4	0.2	-0.0	0.2	-0.1	-0.1
Profit Before Tax	23.8	40.9	50.7	64.7	10.1	37.3	45.0	42.2	18.9	41.2	23.0	10.8
Current Income Tax Expense	0.7	1.7	-0.6	4.2	—	-0.8	1.3	2.5	1.3	1.1	0.8	1.9
Deferred Income Tax Expense	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1
Net Income	22.9	39.1	51.1	60.3	9.9	37.9	43.5	39.6	17.4	39.9	22.0	8.8
Non-controlling Interest	5.6	12.2	14.2	11.0	3.6	5.4	12.1	9.6	4.4	6.5	8.1	-0.9
Profit Attributable to Parent	17.2	26.8	36.9	49.3	6.3	32.5	31.4	30.0	13.0	33.4	14.0	9.7
Earnings per Share	1,724.00	2,682.00	3,691.00	4,930.00	633.00	3,249.00	3,140.00	2,999.00	1,303.00	3,343.00	1,395.00	972.00
Diluted EPS	1,724.00	2,682.00	3,691.00	4,930.00	633.00	10,632.00	3,140.00	2,999.00	1,303.00	3,343.00	1,395.00	972.00

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)	412.2	310.5	316.5	318.3	277.0	292.3	347.3	317.2	307.6	729.1	661.6	620.3
I. Cash and cash equivalents	8.3	0.8	8.2	4.9	1.3	21.1	5.1	9.8	64.3	26.0	4.5	5.0
1. Cash	8.3	0.8	8.2	4.9	1.3	21.1	5.1	4.8	64.3	6.0	4.5	5.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	5.0	0.0	20.0	0.0	0.0
II. Short-term financial investments	179.2	104.7	142.7	130.4	148.0	153.1	212.3	159.7	133.6	81.7	137.9	157.1
1. Available for sale securities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Held to maturity investments	179.1	104.7	142.7	130.4	147.9	153.0	212.2	159.6	133.5	81.7	137.9	157.1
III. Short-term receivables	186.9	174.0	134.4	154.3	111.9	104.9	116.3	133.4	91.4	405.4	95.1	103.2
1. Short-term trade accounts receivable	132.5	143.0	144.2	172.4	128.2	139.5	137.5	178.3	129.2	458.8	179.4	182.7
2. Short-term prepayments to suppliers	115.7	7.2	6.4	6.7	10.6	7.4	1.7	2.4	1.8	1.7	2.9	8.9
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	—	91.2	44.7	30.7	30.5	29.1	47.0	12.0	17.5	11.1	0.0	0.0
6. Other short-term receivables	50.5	44.4	48.8	54.2	52.5	37.7	33.5	44.2	46.4	37.2	12.1	10.8
7. Provision for short-term doubtful debts (*)	-111.8	-111.8	-109.7	-109.7	-109.8	-108.9	-103.4	-103.4	-103.4	-103.4	-99.2	-99.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	24.8	21.1	21.4	19.4	6.9	4.4	6.3	7.0	13.4	195.5	388.7	324.8
1. Inventories	24.8	21.1	21.4	19.4	6.9	4.4	6.3	7.0	13.4	195.5	388.7	324.8
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	13.0	9.9	9.7	9.3	8.9	8.9	7.2	7.3	4.9	20.5	35.3	30.2
1. Short-term prepayments	0.6	0.1	0.2	0.3	0.1	0.1	0.0	0.0	0.0	0.1	0.0	0.1
2. Value added tax to be reclaimed	2.8	2.4	2.2	1.5	1.0	1.3	0.2	7.2	4.6	20.4	35.3	30.1
3. Taxes and other receivables from state authorities	9.6	7.4	7.3	7.5	7.7	7.4	7.0	0.0	0.3	0.0	0.0	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,714.6	1,753.0	1,725.2	1,768.5	1,771.6	1,792.9	1,429.7	1,446.5	1,484.4	1,507.6	1,520.4	1,539.5
I. Long-term receivables	—	22.0	111.5	144.7	144.3	144.3	148.6	151.2	176.4	176.4	177.2	188.9
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	—	22.0	111.5	144.7	144.2	144.2	148.5	151.2	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	176.4	176.4	177.2	188.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,413.6	1,428.6	1,446.2	1,464.8	1,482.7	1,501.1	1,157.4	1,172.0	1,186.6	1,201.4	1,215.9	1,226.0
1. Tangible fixed assets	1,412.9	1,427.8	1,445.6	1,464.1	1,482.7	1,501.1	1,157.4	1,172.0	1,186.6	1,201.4	1,215.9	1,226.0
- Cost	1,823.5	—	—	—	—	1,819.1	1,444.2	1,444.2	1,444.5	1,444.5	1,444.5	1,444.5
- Accumulated depreciation	-410.7	—	—	—	—	-318.0	-286.9	-272.2	-257.9	-243.2	-228.6	-218.6
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	0.7	0.8	0.6	0.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	18.7	12.5	6.9	1.3	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	18.7	12.5	6.9	1.3	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	212.2	219.1	89.4	86.1	72.4	75.4	72.3	71.3	69.0	77.0	74.1	70.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	63.5	60.3	55.7	52.3	48.7	51.6	51.0	50.0	47.7	55.7	52.8	48.7
3. Investments in other entities	24.0	24.0	24.0	24.0	24.0	24.0	21.3	21.3	21.3	21.3	21.3	21.3
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	125.0	135.0	10.0	10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	70.1	70.8	71.2	71.6	71.6	72.1	51.4	51.9	52.3	52.8	53.3	54.2
1. Long-term prepayments	55.2	55.7	55.9	56.2	56.0	56.3	35.5	35.8	36.1	36.4	36.7	37.0
2. Deferred income tax assets	14.9	15.1	15.3	15.4	15.6	15.7	15.9	16.1	16.2	16.4	16.6	17.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
TOTAL ASSETS (280=100+200)	2,126.8	2,063.5	2,041.7	2,086.8	2,048.6	2,085.2	1,777.0	1,763.7	1,792.0	2,236.7	2,182.0	2,159.8
A. LIABILITIES (300=210+330)	1,037.4	979.1	996.3	1,081.3	1,103.4	1,141.9	871.7	886.4	957.9	1,392.8	1,373.3	1,381.5
I. Short -term liabilities	331.7	291.9	201.9	276.8	209.1	246.0	184.5	192.9	205.1	639.7	572.2	580.4
1. Short-term trade accounts payable	5.3	10.1	4.5	19.1	6.8	35.4	3.9	6.1	10.7	80.9	48.6	60.1
2. Short-term advances from customers	123.3	0.5	0.6	0.8	3.3	3.6	0.4	1.1	1.3	0.1	0.2	0.2
3. Taxes and other payables to state authorities	4.5	10.6	11.6	11.7	2.1	7.3	10.1	10.1	3.5	7.8	8.2	6.3
4. Payable to employees	3.2	6.0	3.1	3.0	3.1	6.2	2.7	3.6	3.8	8.3	6.3	8.1
5. Short-term acrrued expenses	4.9	5.5	4.0	11.5	3.8	5.1	4.9	4.2	46.6	15.6	13.0	19.6
6. Short-term inter-company payables	—	—	—	—	—	1.9	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	40.6	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.9	1.9	1.9	1.9	1.9	110.9	1.9	1.9	1.6	1.6	0.8	0.8
9. Other short-term payables	11.9	13.7	22.6	29.8	33.2	0.0	18.2	15.9	18.5	26.1	30.8	37.2
10. Short-term borrowings and financial leases	153.4	237.9	147.9	193.3	119.8	0.0	110.0	117.4	86.4	493.2	458.2	441.8
11. Provision for short-term liabilities	18.5	0.9	0.9	0.9	30.3	30.3	27.7	28.0	28.0	1.3	1.3	1.3
12.. Bonus and welfare fund	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.8	4.9	4.9
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	705.8	687.2	794.4	804.5	894.3	895.9	687.3	693.5	752.7	753.1	801.1	801.1
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	25.2	25.6	26.1	26.5	26.9	27.3	28.2	28.2	24.5	24.9	9.9	9.9
7. Other long-term liabilities	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	680.2	661.2	768.0	777.7	867.1	868.2	658.7	664.9	727.9	727.9	790.9	790.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,089.4	1,084.4	1,045.4	1,005.5	945.2	943.3	905.3	877.3	834.1	843.9	808.7	778.2
I. Owner's equity	1,089.4	1,084.4	1,045.4	1,005.5	945.2	943.3	905.3	877.3	834.1	843.9	808.7	778.2
1. Owner's capital	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
- Common stock with voting right	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	507.5	474.5	474.5	474.5	474.5	421.6	421.6	421.6	421.6	378.2	378.2	378.2
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	155.1	188.3	161.5	135.5	86.2	131.4	98.9	83.1	38.1	88.2	54.7	32.8
- Accumulated retained earning at the end of the previous period	137.9	69.9	69.9	79.9	79.9	25.1	25.1	68.6	25.1	29.2	29.2	20.9
- Undistributed earnings in this period	17.2	118.4	91.6	55.6	6.3	106.3	73.8	14.5	13.0	59.0	25.6	11.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	263.8	258.6	246.3	232.5	221.4	227.3	221.7	209.6	211.4	214.5	212.8	204.2
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)	2,126.8	2,063.5	2,041.7	2,086.8	2,048.6	2,085.2	1,777.0	1,763.7	1,792.0	2,236.7	2,182.0	2,159.8

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	23.8	20.6	50.7	64.7	10.1	37.3	45.0	41.7	18.9	76.6	-12.9	10.5
Depreciation of Fixed Assets and Investment Property	18.8	18.6	18.6	18.6	18.5	-3.4	14.8	14.5	14.7	58.4	-30.1	11.9
Provision (Increase)/Reversal	—	2.1	17.5	-17.7	—	5.5	0.0	-26.7	26.7	4.8	-0.6	0.6
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-12.5	-19.3	-0.8	-9.2	-11.1	-10.7	-8.0	-9.1	-9.1	-58.3	21.9	-9.7
Interest Expense	14.9	16.3	16.1	18.1	21.3	17.8	14.7	15.0	21.4	108.0	-53.0	29.2
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	45.0	42.8	102.1	69.8	38.8	46.4	66.4	35.4	72.7	189.4	-74.6	42.4
Increase/(Decrease) in Receivables	-99.5	0.5	29.1	-39.1	1.6	-0.5	32.3	-47.1	340.6	-378.1	127.3	-210.7
Increase/(Decrease) in Inventory	-3.2	-0.1	-2.0	-12.6	-1.4	2.0	0.6	6.5	182.1	-31.1	160.4	-55.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	110.4	0.8	-21.1	16.1	-50.3	5.3	-2.9	15.4	-61.0	42.1	-11.5	23.1
Increase/(Decrease) in Prepaid Expenses	0.2	0.1	0.4	-0.3	0.3	0.1	0.7	-0.1	0.7	1.5	-1.0	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.1
Interest Paid	-15.7	-14.5	-16.3	-17.6	-21.9	-22.8	-13.9	-42.4	-22.5	-86.3	44.5	-23.2
Corporate Income Tax Paid	-5.9	-0.0	0.0	0.0	-2.9	-0.1	0.0	0.0	-4.1	-5.9	5.8	-1.0
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	-0.1	-0.1	0.0	0.0
Net Cash Flow from Operating Activities	31.2	29.5	92.2	16.4	-35.7	30.4	83.3	-32.2	508.4	-268.4	250.8	-224.2
Payments for Fixed Assets and Other Long-term Assets	-9.7	-6.8	-5.6	-1.4	-0.6	0.0	0.0	0.0	0.0	-13.2	13.2	0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.4	-55.8	-236.6	-52.7	-25.1	-8.4	-200.2	-84.3	-127.9	-166.2	140.6	0.8
Receipts from Loan Repayments and Sale of Debt Instruments	64.1	8.1	247.3	59.5	25.0	105.9	98.8	100.2	58.6	240.1	-150.2	0.5
Investments in Other Entities	—	—	—	—	—	-91.2	0.0	0.0	0.0	-0.6	0.6	-0.6
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	2.8	32.5	-11.0	3.4	5.1	6.2	27.1	7.5	4.4	36.7	-23.1	11.1
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	41.8	-22.0	-5.8	7.9	4.3	12.5	-74.3	23.7	-64.9	96.6	-18.7	11.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	199.1	-665.5	685.5	-57.6	390.7	39.5	49.3	238.7	921.3	1,849.8	-1,131.9	856.9
Repayment of Borrowings	-264.6	667.6	0.0	-4.7	-382.9	-66.5	-62.9	-284.6	-1,314.1	-1,636.3	906.8	-640.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-17.1	-9.0	-4.9	—	0.0	0.0	0.0	-12.3	-32.4	4.8	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	-65.5	-15.0	-83.0	-20.8	7.8	-27.0	-13.7	-45.9	-405.1	181.1	-220.4	216.7
Net Cash Flow During the Period	7.6	-7.4	3.3	3.5	-23.6	16.0	-4.7	-54.5	38.3	9.3	11.7	4.5
Cash and Cash Equivalents at Beginning of Period	0.8	8.2	4.9	1.3	24.9	26.0	26.0	26.0	26.0	16.7	0.0	16.7
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	8.3	0.8	8.2	4.9	1.3	21.1	5.1	9.8	64.3	26.0	0.0	5.0

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S55

What Is Changing

Drivers of S55's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ●

Cash Flow ▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow