SAS

Dịch vụ Hàng không Sân bay Tân Sơn Nhất ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 22.16%, +5.55pp YoY

Price

33,900

Latest close

02 Jun 2026

P/E 6.89x

P/B 2.22x

EPS 4,919

BVPS 15,237

ROE 39.0%

ROA 29.4%

Profit Margin 22.2%

Asset Turnover 1.33x

Equity Mult. 1.33x

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

What Is Changing

On a TTM 2026Q1 basis, SAS 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 3,330bn
	                                
+11.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 738bn
	                                
+48.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,315.5	2,906.2	2,580.9	1,400.3	321.1
Growth	+14%	+13%	+84%	+336%	—
Net Income	695.5	421.6	285.5	210.0	3.3
Net Margin	20.98%	14.51%	11.06%	15.00%	1.03%

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	778.5	976.2	804.9	770.2	764.2	789.2	782.1	654.3	680.6	694.1	713.9	605.5
Growth	-20%	+21%	+5%	+1%	-3%	+1%	+20%	-4%	-2%	-3%	+18%	—
Net Income	155.1	367.4	106.9	108.5	112.7	135.7	180.6	67.5	46.0	52.9	130.7	74.0
Net Margin	19.92%	37.63%	13.28%	14.08%	14.75%	17.20%	23.08%	10.32%	6.76%	7.62%	18.30%	12.22%

Drivers of SAS's profit

TTM

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

Gross profit ↑ 351.6bn

Finance costs ↓ 34.8bn

Financial income ↑ 28.0bn

Administrative expenses ↓ 25.0bn

Selling expenses ↑ 81.3bn

Other profit ↓ 55.3bn

TTM

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

Gross profit ↑ 82.5bn

Financial income ↑ 5.7bn

Selling expenses ↑ 30.2bn

Administrative expenses ↑ 10.9bn

Tax ↑ 5.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 30.3% = 16.6% × 1.28 × 1.42

2026Q1 39.0% = 22.2% × 1.33 × 1.33

ROE rose from 30.3% to 39.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 22.2% +5.6pp Asset turnover: 1.33x +0.04x Leverage: 1.33x -0.09x

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 22.16%, rising 5.6pp. The main driver is Gross margin rose 4.3pp and SG&A / Revenue fell 3.0pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.4pp added support while Other profit / Revenue fell 1.7pp remained a drag).

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

Profitability trend

Net Margin 22.16% +5.6pp

Gross Margin 65.17% +4.3pp

SG&A / Revenue 43.07% −3.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 23.12% +7.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.15x equity.

Over the last 12 months, working capital absorbed 255.6bn 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: −94.8bn

Inventories decreased → higher CFO: +158.2bn

Payables decreased → lower CFO: −318.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 29.9 days versus the same period last year. The main moves came from DIO fell 17.6 days, DSO fell 2.9 days, and DPO fell 50.3 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 +29.9 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 21.7 days −2.9 days

Inventory 66.2 days −17.6 days

Payables 92.1 days −50.3 days

Cash Conversion Cycle -4.1 days +29.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 462.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.15x and interest coverage at 75.30x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.15x —

Interest Coverage 75.30x +63.22x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.45x −0.42x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 462.9bn in 2025, against investing cash flow of 87.5bn.

Post-investment cash flow was positive +550.4bn. Financing cash flow was negative +374.8bn.

CFO / net income was 0.45x.

After spending +64.5bn on fixed-asset investment, the business generated trailing free cash flow of +269.7bn.

Cash Conversion

CFO TTM 334.2bn −99.7bn

Cash Capex 64.5bn +31.1bn

FCF TTM +269.7bn −130.8bn

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 5.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 21.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 22.16% after expanding 5.6pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.5% of PBT and CFO / net income currently at 0.45x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,315.6	2,906.6	2,581.3	1,400.6	321.5
Revenue Deductions	0.1	0.4	0.4	0.3	0.0
Net Revenue	3,315.5	2,906.2	2,580.9	1,400.3	321.1
Cost of Goods Sold	1,227.9	1,187.1	1,184.6	666.0	0.0
Gross Profit	2,087.6	1,719.1	1,396.3	734.3	148.8
Financial Income	198.0	157.5	170.4	89.7	106.9
Financial Expenses	16.0	36.5	13.3	-3.6	-46.3
Interest Expense	—	0.0	0.0	0.1	-0.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1,017.6	953.1	858.7	404.2	-115.2
General and Administrative Expenses	375.7	399.9	371.3	199.1	-93.4
Operating Profit	876.4	487.1	323.3	224.4	0.8
Other Income	21.4	17.9	10.5	6.7	0.0
Other Expenses	54.1	0.8	0.1	1.2	0.0
Other Profit	-32.6	17.1	10.4	5.5	2.5
Profit Before Tax	843.8	504.2	333.7	229.9	3.3
Current Income Tax Expense	145.4	79.9	56.7	19.7	-0.0
Deferred Income Tax Expense	2.9	2.7	-8.4	0.2	0.0
Net Income	695.5	421.6	285.5	210.0	3.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	695.5	421.6	285.5	210.0	3.3
Earnings per Share	4,602.00	2,789.00	1,889.00	1,397.00	25.00
Diluted EPS	5,210.42	3,158.33	1,889.00	1,397.00	24.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,627.9	1,539.2	1,401.2	1,203.5	763.6
I. Cash and cash equivalents	392.7	217.2	291.6	214.3	157.8
1. Cash	190.7	163.2	287.6	172.3	0.0
2. Cash equivalents	202.0	54.0	4.0	42.0	0.0
II. Short-term financial investments	585.7	537.2	475.0	435.0	0.0
1. Available for sale securities	—	28.6	28.6	28.6	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-28.6	-28.6	-28.6	0.0
3. Held to maturity investments	585.7	537.2	475.0	435.0	0.0
III. Short-term receivables	370.3	404.0	162.7	203.7	122.1
1. Short-term trade accounts receivable	159.9	191.1	170.0	162.5	0.0
2. Short-term prepayments to suppliers	10.7	14.3	10.5	19.3	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	259.7	325.6	103.2	89.8	0.0
7. Provision for short-term doubtful debts (*)	-60.1	-127.1	-121.0	-67.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	68.9	219.5	344.5	252.3	29.1
1. Inventories	68.9	219.5	344.5	252.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	210.3	161.3	127.3	98.2	99.6
1. Short-term prepayments	8.7	7.7	9.4	3.2	0.0
2. Value added tax to be reclaimed	199.4	150.6	114.6	94.9	0.0
3. Taxes and other receivables from state authorities	2.1	3.0	3.3	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)	836.3	830.5	847.9	840.3	787.8
I. Long-term receivables	247.0	245.0	249.9	237.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	237.1
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	247.0	487.4	495.4	467.2	0.0
7. Provision for long-term doubtful debts	—	-242.4	-245.5	-230.1	0.0
II. Fixed assets	160.6	164.6	178.8	194.1	169.5
1. Tangible fixed assets	140.2	143.3	156.7	171.5	137.9
- Cost	621.2	605.5	580.3	581.7	0.0
- Accumulated depreciation	-481.0	-462.2	-423.6	-410.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	7.9
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	20.4	21.3	22.0	22.6	23.7
- Cost	36.3	36.3	36.3	36.2	0.0
- Accumulated depreciation	-15.9	-15.0	-14.2	-13.5	0.0
III. Investment properties	32.2	32.2	32.2	32.2	32.2
- Cost	37.3	37.3	37.3	37.3	0.0
- Accumulated depreciation	-5.0	-5.0	-5.0	-5.0	0.0
IV. Long-term assets in progress	115.9	108.0	101.8	93.4	89.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	115.9	108.0	101.8	93.4	0.0
V. Long-term financial investments	254.3	254.5	256.3	266.6	243.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	161.4	176.3	178.3	178.3	0.0
3. Investments in other entities	107.2	107.2	107.2	117.2	0.0
4. Provision for diminution in value of long-term investments	-14.3	-29.0	-29.3	-29.0	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	26.2	26.2	28.9	16.9	0.0
1. Long-term prepayments	21.4	18.6	18.6	15.0	0.0
2. Deferred income tax assets	4.8	7.6	10.3	1.9	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	16.8
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)	2,464.2	2,369.7	2,249.1	2,043.8	1,551.4
A. LIABILITIES (300=210+330)	585.4	730.1	764.8	518.3	130.2
I. Short -term liabilities	581.5	728.0	763.7	517.6	129.9
1. Short-term trade accounts payable	161.0	392.3	562.9	381.8	35.5
2. Short-term advances from customers	4.1	6.8	4.8	4.1	4.6
3. Taxes and other payables to state authorities	79.6	14.9	10.5	7.4	0.0
4. Payable to employees	139.9	180.8	91.5	51.2	0.0
5. Short-term acrrued expenses	5.0	0.3	0.3	0.2	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	2.7	2.9	2.3	1.5	1.2
9. Other short-term payables	17.2	17.8	15.8	10.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	2.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	172.0	112.2	75.6	61.2	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	3.9	2.2	1.1	0.8	0.4
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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3.9	2.2	1.1	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	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)	1,878.8	1,639.6	1,484.3	1,525.5	1,421.2
I. Owner's equity	1,878.8	1,639.6	1,484.3	1,525.5	0.0
1. Owner's capital	1,334.8	1,334.8	1,334.8	1,334.8	1,421.2
- Common stock with voting right	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3.9	3.9	3.9	3.9	3.9
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	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	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	0.6	0.6	0.6	0.6	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	539.9	300.6	145.4	186.6	82.2
- Accumulated retained earning at the end of the previous period	5.8	8.5	0.0	0.1	78.9
- Undistributed earnings in this period	534.1	292.2	145.4	186.5	3.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
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)	2,464.2	2,369.7	2,249.1	2,043.8	1,551.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	843.8	504.2	333.7	229.9	3.3
Depreciation of Fixed Assets and Investment Property	44.4	41.1	44.0	42.4	39.7
Provision (Increase)/Reversal	-14.7	2.5	68.7	-18.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.9	11.7	-19.8	3.1	0.0
Gain/Loss from Investment Activities	-168.4	-118.7	-127.9	-83.7	0.0
Interest Expense	—	0.0	0.0	0.1	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	703.2	440.8	298.8	173.6	-45.6
Increase/(Decrease) in Receivables	-32.6	-220.0	-49.0	-84.7	0.0
Increase/(Decrease) in Inventory	150.6	124.9	-92.2	-223.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-238.0	-84.0	118.0	357.8	0.0
Increase/(Decrease) in Prepaid Expenses	9.5	7.3	-6.0	2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.1	0.0
Corporate Income Tax Paid	-108.3	-75.6	53.4	9.0	0.0
Other Operating Receipts	0.0	0.2	0.0	0.0	0.0
Other Operating Payments	-21.6	-13.0	-19.0	-13.3	0.0
Net Cash Flow from Operating Activities	462.9	180.8	304.0	221.4	7.7
Payments for Fixed Assets and Other Long-term Assets	-77.9	-38.8	-29.8	-76.7	-28.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.8	0.0	0.8	0.0	0.0
Loans and Purchases of Debt Instruments	-935.5	-566.2	-497.0	-370.0	-270.0
Receipts from Loan Repayments and Sale of Debt Instruments	887.0	493.3	457.0	290.0	347.0
Investments in Other Entities	—	0.0	0.0	-10.0	0.0
Proceeds from Investments in Other Entities	—	2.0	10.0	0.0	0.0
Dividends and Interest Income Received	212.1	71.1	126.2	82.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	87.5	-38.5	67.1	-84.0	158.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	-2.4	-2.8
Dividends Paid	-374.8	-216.7	-293.1	-75.8	-80.0
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	-374.8	-216.7	-293.1	-78.2	-82.8
Net Cash Flow During the Period	175.5	-74.4	78.1	59.1	16.5
Cash and Cash Equivalents at Beginning of Period	217.2	291.6	214.3	157.8	74.1
FX Difference from Revaluation	-0.1	-0.0	-0.7	-2.6	-0.0
Cash and Cash Equivalents at End of Period	392.7	217.2	291.6	214.3	157.8

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
Revenue	778.5	976.3	804.9	770.2	764.2	789.2	782.4	654.4	680.6	694.2	714.1	605.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.1	0.3	0.0	0.0	0.1	0.2	0.1
Net Revenue	778.5	976.2	804.9	770.2	764.2	789.2	782.1	654.3	680.6	694.1	713.9	605.5
Cost of Goods Sold	234.1	276.4	337.4	312.0	302.3	301.3	284.1	283.8	317.9	311.4	290.9	303.0
Gross Profit	544.4	699.9	467.5	458.2	462.0	487.9	498.1	370.5	362.7	382.7	423.0	302.6
Financial Income	22.8	139.8	18.6	22.5	17.1	66.3	57.1	35.2	4.7	72.6	40.7	47.1
Financial Expenses	1.6	1.2	6.4	3.1	5.3	18.1	7.6	16.1	0.6	10.2	1.7	1.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	283.0	227.4	271.8	265.5	252.8	245.6	241.1	226.9	239.7	256.0	209.5	203.7
General and Administrative Expenses	94.6	133.3	78.7	79.8	83.7	148.2	98.4	81.2	72.1	144.6	100.3	62.0
Operating Profit	187.9	477.7	129.2	132.3	137.2	142.3	208.1	81.6	55.0	44.5	152.2	82.8
Other Income	2.2	8.6	4.0	4.3	4.4	6.0	7.8	2.8	1.4	4.5	1.6	3.1
Other Expenses	0.3	53.6	0.0	0.4	0.0	0.3	0.0	0.4	0.0	0.0	0.0	0.0
Other Profit	1.9	-45.0	4.0	3.9	4.4	5.6	7.8	2.3	1.4	4.4	1.6	3.1
Profit Before Tax	189.8	432.7	133.2	136.2	141.6	147.9	215.9	83.9	56.3	48.9	153.9	86.0
Current Income Tax Expense	34.7	62.5	26.3	27.7	28.9	17.9	35.3	16.3	10.3	4.5	23.2	12.0
Deferred Income Tax Expense	—	2.9	—	—	—	-5.7	0.0	0.0	0.0	-8.4	0.0	0.0
Net Income	155.1	367.4	106.9	108.5	112.7	135.7	180.6	67.5	46.0	52.9	130.7	74.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	155.1	367.4	106.9	108.5	112.7	135.7	180.6	67.5	46.0	52.9	130.7	74.0
Earnings per Share	1,162.00	2,143.00	801.00	813.00	845.00	640.00	1,353.00	506.00	345.00	138.00	979.00	555.00
Diluted EPS	1,162.00	2,143.00	801.00	813.00	845.00	2,844.00	1,353.00	506.00	345.00	138.00	979.00	555.00

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)	1,694.7	1,627.9	1,502.7	1,748.0	1,673.1	1,539.2	1,334.7	1,377.2	1,320.9	1,401.2	1,513.8	1,280.0
I. Cash and cash equivalents	308.9	392.7	183.3	469.6	503.9	217.2	233.7	386.7	232.1	291.6	262.2	254.1
1. Cash	298.9	190.7	161.3	193.6	206.9	163.2	230.7	331.7	229.1	287.6	258.2	177.6
2. Cash equivalents	10.0	202.0	22.0	276.0	297.0	54.0	3.0	55.0	3.0	4.0	4.0	76.5
II. Short-term financial investments	828.2	585.7	735.7	635.7	495.7	537.2	457.2	442.2	522.2	475.0	455.0	395.0
1. Available for sale securities	—	—	—	—	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	-28.6	-28.6	-28.6	-28.6	-28.6	-28.6	-28.6	-28.6
3. Held to maturity investments	828.2	585.7	735.7	635.7	495.7	537.2	457.2	442.2	522.2	475.0	455.0	395.0
III. Short-term receivables	197.5	370.3	189.0	195.4	202.3	404.0	291.7	167.0	167.1	162.7	315.0	216.9
1. Short-term trade accounts receivable	188.8	159.9	157.7	184.0	208.0	191.1	170.1	179.9	195.1	170.0	181.4	168.7
2. Short-term prepayments to suppliers	12.5	10.7	25.9	23.0	13.6	14.3	15.9	15.5	11.2	10.5	15.9	21.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	52.9	259.7	65.9	55.2	99.9	325.6	226.7	93.7	81.6	103.2	187.2	95.3
7. Provision for short-term doubtful debts (*)	-56.6	-60.1	-60.6	-66.8	-119.2	-127.1	-121.1	-122.0	-120.7	-121.0	-69.5	-68.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	131.3	68.9	195.6	255.3	289.5	219.5	201.1	233.1	248.2	344.5	365.3	300.4
1. Inventories	131.3	68.9	195.6	255.3	289.5	219.5	201.1	233.1	248.2	344.5	365.3	300.4
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	228.7	210.3	199.1	192.0	181.8	161.3	150.9	148.1	151.2	127.3	116.3	113.7
1. Short-term prepayments	14.5	8.7	15.7	23.6	23.1	7.7	10.4	14.2	24.5	9.4	10.2	13.1
2. Value added tax to be reclaimed	211.7	199.4	183.4	168.4	157.0	150.6	140.5	133.7	125.3	114.6	106.1	100.5
3. Taxes and other receivables from state authorities	2.5	2.1	0.0	0.0	1.7	3.0	0.0	0.1	1.5	3.3	0.0	0.1
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)	831.6	836.3	846.8	855.3	825.5	830.5	829.5	839.4	848.1	847.9	840.3	845.6
I. Long-term receivables	244.7	247.0	246.6	246.6	244.6	245.0	245.0	244.7	245.0	249.9	249.4	249.2
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	244.7	247.0	246.6	246.6	487.0	487.4	495.7	492.2	486.8	495.4	485.0	483.4
7. Provision for long-term doubtful debts	—	—	—	—	-242.4	-242.4	-250.8	-247.5	-241.9	-245.5	-235.5	-234.3
II. Fixed assets	159.7	160.6	168.3	177.3	155.8	164.6	157.0	166.0	175.6	178.8	182.8	188.3
1. Tangible fixed assets	137.2	140.2	147.7	156.5	134.8	143.3	135.7	144.5	153.8	156.7	160.9	166.2
- Cost	629.3	—	—	—	—	605.5	588.1	587.7	587.5	580.3	603.7	598.2
- Accumulated depreciation	-492.1	—	—	—	—	-462.2	-452.3	-443.2	-433.7	-423.6	-442.8	-432.1
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	22.5	20.4	20.6	20.8	21.0	21.3	21.3	21.5	21.8	22.0	21.9	22.1
- Cost	38.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-16.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2	32.2
- Cost	37.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	115.9	115.9	117.7	116.9	112.1	108.0	114.1	112.1	109.8	101.8	101.0	101.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	115.9	115.9	117.7	116.9	112.1	108.0	114.1	112.1	109.8	101.8	101.0	101.2
V. Long-term financial investments	254.3	254.3	254.2	254.2	254.5	254.5	254.3	256.3	256.3	256.3	256.8	256.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	161.4	161.4	161.4	161.4	176.3	176.3	176.3	178.3	178.3	178.3	178.3	178.3
3. Investments in other entities	107.2	107.2	107.2	107.2	107.2	107.2	107.2	107.2	107.2	107.2	107.2	107.2
4. Provision for diminution in value of long-term investments	-14.3	-14.3	-14.4	-14.4	-29.0	-29.0	-29.3	-29.3	-29.3	-29.3	-28.7	-28.7
5. Held to maturity investments	—	—	—	—	—	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	24.7	26.2	27.8	28.0	26.3	26.2	26.9	28.0	29.3	28.9	18.1	18.0
1. Long-term prepayments	19.9	21.4	20.2	20.4	18.7	18.6	16.5	17.7	18.9	18.6	16.2	16.1
2. Deferred income tax assets	4.8	4.8	7.6	7.6	7.6	7.6	10.3	10.3	10.3	10.3	1.9	1.9
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	—	—	—	—	—	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	0.0
TOTAL ASSETS (280=100+200)	2,526.3	2,464.2	2,349.5	2,603.3	2,498.6	2,369.7	2,164.2	2,216.6	2,169.0	2,249.1	2,354.1	2,125.7
A. LIABILITIES (300=210+330)	492.4	585.4	676.6	742.6	746.3	731.3	602.8	755.7	638.7	757.4	880.8	676.3
I. Short -term liabilities	489.3	581.5	674.5	739.8	744.2	729.1	601.1	754.1	637.3	756.3	879.9	675.5
1. Short-term trade accounts payable	129.6	161.0	349.3	419.8	455.7	392.5	346.7	401.8	458.4	562.9	568.6	470.9
2. Short-term advances from customers	3.6	4.1	5.0	2.2	5.7	6.8	4.2	6.1	6.6	4.8	3.7	3.3
3. Dividends and profits payable	1.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	29.8	79.6	26.7	37.7	39.9	14.9	42.8	23.1	21.3	2.1	33.1	21.4
4. Payable to employees	79.4	139.9	147.9	125.3	114.3	140.8	121.5	95.9	55.3	91.5	101.9	57.9
5. Short-term acrrued expenses	56.0	5.0	32.7	39.7	2.7	0.3	5.8	8.3	7.4	0.3	5.8	4.3
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	2.9	2.7	3.7	3.0	3.0	2.9	2.2	3.5	2.2	2.3	3.2	1.4
9. Other short-term payables	26.1	17.2	13.1	10.4	18.5	17.8	10.5	147.2	16.6	15.8	117.4	60.8
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	40.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	160.5	172.0	96.1	101.6	104.4	113.2	67.4	68.2	69.5	76.6	46.2	55.4
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	3.1	3.9	2.1	2.7	2.2	2.2	1.6	1.6	1.4	1.1	0.9	0.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	3.1	3.9	2.1	2.7	2.2	2.2	1.6	1.6	1.4	1.1	0.9	0.8
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	2,033.9	1,878.8	1,672.9	1,860.8	1,752.3	1,638.4	1,561.4	1,460.9	1,530.3	1,491.7	1,473.3	1,449.4
I. Owner's equity	2,033.9	1,878.8	1,672.9	1,860.8	1,752.3	1,638.4	1,561.4	1,460.9	1,530.3	1,491.7	1,473.3	1,449.4
1. Owner's capital	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8	1,334.8
- Common stock with voting right	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00	1,334,813,100,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00	-341,040,000.00
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	695.0	539.9	334.0	521.9	413.4	299.5	222.5	122.0	191.4	152.8	134.3	110.4
- Accumulated retained earning at the end of the previous period	539.9	5.8	5.8	300.6	300.6	0.0	8.5	8.5	145.4	0.0	0.0	0.0
- Undistributed earnings in this period	155.1	534.1	328.1	221.2	112.7	299.5	214.0	113.5	46.0	152.8	134.3	110.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	2,526.3	2,464.2	2,349.5	2,603.3	2,498.6	2,369.7	2,164.2	2,216.6	2,169.0	2,249.1	2,354.1	2,125.7

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
Profit Before Tax	189.8	432.7	133.2	136.2	141.6	147.9	215.9	83.9	56.3	48.9	153.9	86.0
Depreciation of Fixed Assets and Investment Property	11.4	11.4	11.6	11.4	9.9	11.6	9.4	9.7	10.4	10.4	11.0	11.3
Provision (Increase)/Reversal	-3.4	-0.7	-6.2	0.1	-7.8	37.5	2.3	6.9	-3.9	61.9	1.9	1.1
FX Gain/Loss from Revaluation of Monetary Items	-1.5	-5.8	-0.3	2.2	2.0	17.6	1.8	-7.1	-0.6	-16.9	2.3	-0.4
Gain/Loss from Investment Activities	-17.5	-137.1	-8.5	-22.7	—	-55.2	-49.8	-13.8	0.0	-45.0	-38.9	-41.3
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	178.8	300.6	129.7	127.1	145.7	159.4	179.6	79.6	62.2	59.4	130.2	56.7
Increase/(Decrease) in Receivables	141.1	-237.7	40.3	-38.5	203.4	-72.1	-132.2	-8.4	-7.4	94.0	-113.6	-3.3
Increase/(Decrease) in Inventory	-62.4	126.7	59.7	34.2	-69.9	-18.4	32.0	15.1	96.3	20.9	-65.0	-78.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-59.9	-197.6	-16.7	-44.7	21.0	-21.6	-113.5	2.3	-142.0	-66.9	77.1	74.8
Increase/(Decrease) in Prepaid Expenses	-0.2	19.2	8.2	-2.3	-15.5	4.4	6.9	9.7	-13.6	-0.2	3.6	2.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-59.0	-26.3	-35.7	-25.0	-21.3	35.3	64.5	-37.6	13.4	23.2	48.3	-27.8
Other Operating Receipts	0.0	—	—	—	—	0.0	0.2	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-11.5	-5.5	-5.6	-2.8	-7.8	-4.6	-1.0	-1.3	-6.1	-4.0	-9.2	-1.0
Net Cash Flow from Operating Activities	126.9	-20.7	179.9	48.0	255.6	82.4	36.5	59.4	2.9	126.3	71.4	23.1
Payments for Fixed Assets and Other Long-term Assets	2.9	-17.9	-33.6	-15.9	-10.5	-11.6	-6.4	-4.9	-15.9	-3.4	-2.5	-8.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.7	0.1	—	—	0.0	0.0	0.0	0.0	0.8	0.0	0.0
Loans and Purchases of Debt Instruments	-512.5	-110.0	-280.0	-260.0	-285.5	-92.0	-232.0	0.0	-242.2	-60.0	-205.0	-80.0
Receipts from Loan Repayments and Sale of Debt Instruments	270.0	260.0	180.0	122.8	324.2	1.3	217.0	80.0	195.0	40.0	145.0	82.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-10.0	10.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	-0.2	2.0	0.0	0.0	10.0	-10.0	10.0
Dividends and Interest Income Received	27.8	176.1	-35.6	69.0	2.6	48.4	53.6	8.5	6.8	37.1	49.6	29.1
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	-211.8	309.9	-169.2	-84.0	30.7	-54.1	34.2	83.6	-56.3	14.5	-12.9	32.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	-46,109,459,800.00	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-80.0	-294.6	-0.1	-0.1	-0.3	-216.3	-0.1	-0.0	-106.7	-53.1	-0.3
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	-0.3	-80.0	-294.6	-0.1	-0.1	-46.4	-216.3	-0.1	-0.0	-106.7	-53.1	-0.3
Net Cash Flow During the Period	-85.2	209.3	-283.9	-36.0	286.2	-18.1	-145.6	143.0	-53.5	34.1	5.4	55.2
Cash and Cash Equivalents at Beginning of Period	392.7	183.3	469.6	503.9	217.2	291.6	291.6	291.6	291.6	214.3	214.3	214.3
FX Difference from Revaluation	1.4	-0.1	-0.3	2.2	0.4	1.6	-7.3	11.7	-6.0	-4.6	2.7	1.5
Cash and Cash Equivalents at End of Period	308.9	392.7	183.3	469.6	503.9	217.2	233.7	386.7	232.1	291.6	262.2	254.1

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SAS

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