SD5

Sông Đà 5 ·HNX ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.20x

Price

7,500

Latest close

03 Jun 2026

P/E 8.19x

P/B 0.40x

EPS 916

BVPS 18,828

ROE 4.9%

ROA 1.5%

Profit Margin 0.8%

Asset Turnover 1.90x

Equity Mult. 3.32x

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

What Is Changing

On a TTM 2026Q1 basis, SD5 posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,084bn
	                                
+19.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 24bn
	                                
−4.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    179.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	3,258.8	2,337.1	2,262.1	1,800.8	1,682.6
Growth	+39%	+3%	+26%	+7%	—
Net Income	23.8	23.6	21.1	17.4	21.4
Net Margin	0.73%	1.01%	0.93%	0.97%	1.27%

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	627.0	519.7	877.3	1,060.3	801.6	517.0	488.9	777.2	554.1	421.6	716.6	599.9
Growth	+21%	-41%	-17%	+32%	+55%	+6%	-37%	+40%	+31%	-41%	+19%	—
Net Income	7.9	2.3	4.9	8.6	7.9	4.6	5.7	6.9	6.5	3.4	6.1	6.1
Net Margin	1.26%	0.45%	0.56%	0.81%	0.98%	0.88%	1.16%	0.88%	1.18%	0.81%	0.84%	1.02%

Drivers of SD5's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 26.2bn

Finance costs ↓ 15.3bn

Tax ↓ 1.2bn

Gross profit ↓ 34.1bn

Administrative expenses ↑ 6.6bn

Other profit ↓ 3.4bn

TTM

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

Finance costs ↓ 44.9bn

Administrative expenses ↓ 22.7bn

Financial income ↓ 54.3bn

Gross profit ↓ 13.1bn

Other profit ↓ 0.1bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.1% = 1.0% × 1.57 × 3.40

2026Q1 4.9% = 0.8% × 1.90 × 3.32

ROE is broadly flat at 4.9% — the components are offsetting one another.

Net margin: 0.8% -0.2pp Asset turnover: 1.90x +0.33x Leverage: 3.32x -0.07x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.77%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.77% −0.2pp

Gross Margin 2.42% −1.8pp

SG&A / Revenue 3.32% −0.4pp

Non-core / Revenue 2.03% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 180.1% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 5.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC stands at 5.54%, broadly flat versus the same period. That translates to 5.54 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 1.33x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 5.54% +0.3pp

NOPAT Margin 0.73% −0.1pp

Capital Turnover 7.63x +1.33x

Average Invested Capital 404.0bn −6.2bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.88x equity, with a net cash position equivalent to 0.09x equity.

Inventory ended the period at 425.9bn, roughly 30.7% of total assets.

Over the last 12 months, working capital absorbed 151.1bn 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: −417.6bn

Inventories decreased → higher CFO: +283.5bn

Payables decreased → lower CFO: −17.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.6 days versus the same period last year. The main moves came from DIO fell 20.6 days, DSO rose 1.2 days, and DPO fell 3.8 days.

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

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 112.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 97.7 days +1.2 days

Inventory 54.2 days −20.6 days

Payables 39.1 days −3.8 days

Cash Conversion Cycle 112.8 days −15.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 76.3bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.09x and interest coverage only at 0.20x.

At present, short-term debt accounts for 94.8% of total debt, cash equals 126.1% of debt, and total debt stands at 161.5bn.

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

Interest coverage is thin

Interest coverage is 0.20x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 94.8% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.09x +0.18x

Interest Coverage 0.20x +0.02x

Cash / Debt 126.1% −464.7pp

Short-term Debt / Total Debt 94.8% +48.7pp

CFO / NI -1.93x −6.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 76.3bn in 2025, against investing cash flow of -0.0bn.

Post-investment cash flow was positive +76.3bn. Financing cash flow was negative +25.3bn.

CFO / net income was -1.93x.

After spending +9.3bn on fixed-asset investment, the business generated trailing free cash flow of −55.3bn.

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

Cash Conversion

CFO TTM 46.0bn −168.4bn

Cash Capex 9.3bn —

FCF TTM −55.3bn —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.20x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 179.2% of PBT and CFO / net income currently at -1.93x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.20x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,258.8	2,337.1	2,262.1	1,800.8	1,682.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,258.8	2,337.1	2,262.1	1,800.8	1,682.6
Cost of Goods Sold	3,171.0	2,247.3	2,192.4	1,718.4	0.0
Gross Profit	87.8	89.8	69.8	82.4	63.6
Financial Income	291.9	185.4	112.6	44.4	31.4
Financial Expenses	220.1	173.0	118.8	79.7	-53.3
Interest Expense	2.8	4.2	22.8	31.2	-20.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	125.3	71.5	36.0	23.3	-24.1
Operating Profit	34.3	30.8	27.5	23.8	17.6
Other Income	0.7	5.3	3.8	3.5	0.0
Other Expenses	0.3	0.4	0.5	1.3	0.0
Other Profit	0.4	4.9	3.3	2.2	12.6
Profit Before Tax	34.7	35.7	30.8	26.0	30.2
Current Income Tax Expense	12.2	13.1	9.8	8.6	-8.8
Deferred Income Tax Expense	-1.2	-1.0	0.0	0.0	0.0
Net Income	23.8	23.6	21.1	17.4	21.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	23.8	23.6	21.1	17.4	21.4
Earnings per Share	914.00	909.00	810.00	671.00	822.00
Diluted EPS	914.00	909.00	810.00	671.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	991.5	1,304.7	1,163.9	1,448.2	1,283.7
I. Cash and cash equivalents	226.0	175.0	86.9	167.0	68.3
1. Cash	186.6	133.0	86.9	167.0	0.0
2. Cash equivalents	39.4	42.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	291.0	644.6	665.7	744.2	698.9
1. Short-term trade accounts receivable	379.4	400.2	537.0	627.3	0.0
2. Short-term prepayments to suppliers	36.0	278.9	126.4	118.0	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	1.8	9.4	3.0	0.0	0.0
6. Other short-term receivables	5.1	4.2	11.6	9.1	0.0
7. Provision for short-term doubtful debts (*)	-131.3	-48.2	-12.3	-10.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	425.9	421.4	349.5	472.1	484.0
1. Inventories	425.9	421.4	349.5	472.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	48.6	63.8	61.8	65.0	32.4
1. Short-term prepayments	2.0	4.7	2.4	5.5	0.0
2. Value added tax to be reclaimed	18.2	35.3	40.5	50.9	0.0
3. Taxes and other receivables from state authorities	28.4	23.8	18.8	8.5	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)	396.9	292.0	331.2	314.3	207.8
I. Long-term receivables	310.0	182.2	221.6	163.8	0.0
1. Long-term trade receivables	306.5	179.0	217.3	159.9	73.5
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	3.5	3.3	4.3	3.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	53.6	71.0	78.0	98.3	74.0
1. Tangible fixed assets	16.1	25.4	27.2	37.9	56.8
- Cost	1,093.1	1,086.9	1,072.5	1,091.3	0.0
- Accumulated depreciation	-1,077.0	-1,061.4	-1,045.3	-1,053.4	0.0
2. Financial leased fixed assets	37.6	45.5	50.8	60.4	17.1
- Cost	66.3	62.1	80.4	78.1	0.0
- Accumulated depreciation	-28.8	-16.6	-29.6	-17.7	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.1
- Cost	3.2	3.2	3.2	3.2	0.0
- Accumulated depreciation	-3.2	-3.2	-3.2	-3.2	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	3.7	1.7	0.1	6.0	11.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.7	1.7	0.1	6.0	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	29.5	37.1	31.5	46.2	0.0
1. Long-term prepayments	27.3	36.1	31.5	46.2	0.0
2. Deferred income tax assets	2.3	1.0	0.0	0.0	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	49.3
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)	1,388.4	1,596.8	1,495.1	1,762.5	1,491.5
A. LIABILITIES (300=210+330)	906.8	1,116.4	1,017.3	1,288.3	1,006.1
I. Short -term liabilities	820.8	978.2	888.3	1,160.0	944.6
1. Short-term trade accounts payable	169.2	165.8	150.0	165.1	114.5
2. Short-term advances from customers	59.8	189.8	305.2	477.0	258.9
3. Taxes and other payables to state authorities	0.3	1.5	0.1	0.0	0.0
4. Payable to employees	29.3	21.6	19.5	31.2	0.0
5. Short-term acrrued expenses	381.7	341.6	273.0	127.8	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	125.6	185.9	38.2	9.9	3.4
9. Other short-term payables	39.7	54.2	29.6	32.4	0.0
10. Short-term borrowings and financial leases	12.0	12.0	66.9	311.4	304.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.3	5.8	5.8	5.2	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	86.0	138.1	129.0	128.3	61.6
1. Long-term trade payables	76.0	111.0	95.6	76.8	56.7
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	—	10.1	17.2	26.5	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	10.0	17.0	16.1	25.1	4.9
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	—	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)	481.6	480.4	477.8	474.2	485.3
I. Owner's equity	481.6	480.4	477.8	474.2	0.0
1. Owner's capital	260.0	260.0	260.0	260.0	485.3
- Common stock with voting right	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	43.1	43.1	43.1	43.1	43.1
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	143.1	143.1	143.1	143.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	10.6	10.6	10.6	10.6	0.0
11. Undistributed earnings after tax	24.8	23.6	21.1	17.4	28.5
- Accumulated retained earning at the end of the previous period	1.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	23.8	23.6	21.1	17.4	28.5
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)	1,388.4	1,596.8	1,495.1	1,762.5	1,491.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	34.7	35.7	30.8	26.0	30.2
Depreciation of Fixed Assets and Investment Property	27.8	30.4	29.6	29.6	23.9
Provision (Increase)/Reversal	83.1	35.9	2.0	-9.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	-7.7	0.9	0.2	0.0
Gain/Loss from Investment Activities	-0.9	-5.8	-2.7	-2.1	0.0
Interest Expense	2.8	4.2	22.8	31.2	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	147.9	92.7	83.5	75.6	64.6
Increase/(Decrease) in Receivables	147.2	39.4	26.9	30.2	0.0
Increase/(Decrease) in Inventory	-4.5	-71.9	122.6	-135.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-204.8	148.7	-18.0	318.3	0.0
Increase/(Decrease) in Prepaid Expenses	11.5	-6.8	17.8	-18.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.8	-4.3	-23.2	-31.1	0.0
Corporate Income Tax Paid	-13.8	-11.7	-5.6	-17.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.3	-2.8	-1.2	-1.6	0.0
Net Cash Flow from Operating Activities	76.3	183.3	202.8	220.9	-87.7
Payments for Fixed Assets and Other Long-term Assets	-8.5	-11.3	-4.0	-10.4	-10.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.1	2.5	2.1	11.6
Loans and Purchases of Debt Instruments	-10.6	-37.9	-7.0	0.0	-11.0
Receipts from Loan Repayments and Sale of Debt Instruments	18.2	31.2	4.1	0.0	15.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.8	1.6	0.2	0.0	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	-0.0	-12.2	-4.3	-8.2	5.6
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	144.4	178.8	842.6	1,432.5	930.6
Repayment of Borrowings	-139.7	-231.7	-1,084.0	-1,471.6	-848.7
Repayment of Finance Leases	-11.8	-14.6	-17.4	-15.4	-8.6
Dividends Paid	-18.2	-15.6	-19.5	-12.8	-2.7
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	-25.3	-83.2	-278.2	-67.2	70.7
Net Cash Flow During the Period	51.0	87.9	-79.7	145.5	0.0
Cash and Cash Equivalents at Beginning of Period	175.0	86.9	167.0	18.9	68.3
FX Difference from Revaluation	-0.0	0.2	-0.4	2.6	-0.9
Cash and Cash Equivalents at End of Period	226.0	175.0	86.9	167.0	0.0

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	627.0	519.7	877.3	1,060.3	801.6	517.0	488.9	777.2	554.1	421.6	716.6	599.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	627.0	519.7	877.3	1,060.3	801.6	517.0	488.9	777.2	554.1	421.6	716.6	599.9
Cost of Goods Sold	609.5	526.0	830.5	1,043.6	770.9	501.8	454.5	748.7	542.4	412.8	701.9	562.4
Gross Profit	17.5	-6.3	46.8	16.6	30.7	15.3	34.3	28.5	11.7	8.8	14.7	37.5
Financial Income	6.7	40.2	77.9	112.8	61.1	59.5	45.0	45.7	35.2	30.4	32.5	25.2
Financial Expenses	4.3	18.3	71.1	81.5	49.3	37.2	64.4	39.5	31.8	21.2	32.7	46.3
Interest Expense	1.5	0.4	0.5	1.1	0.7	0.4	0.8	1.7	1.3	3.0	5.9	7.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	10.0	12.2	46.1	34.3	32.8	30.0	9.1	24.0	8.3	12.2	8.8	7.2
Operating Profit	9.9	3.3	7.6	13.7	9.7	7.6	5.7	10.7	6.8	5.7	5.8	9.3
Other Income	0.0	0.2	0.0	0.3	0.2	0.4	3.1	0.4	1.4	0.2	3.3	0.2
Other Expenses	0.0	0.0	0.2	0.0	0.1	0.2	0.1	0.1	0.0	0.0	0.5	0.0
Other Profit	0.0	0.2	-0.1	0.2	0.1	0.2	3.0	0.3	1.4	0.2	2.8	0.2
Profit Before Tax	9.9	3.5	7.5	13.9	9.8	7.8	8.7	11.0	8.2	5.9	8.6	9.4
Current Income Tax Expense	2.0	2.4	2.5	5.3	2.0	4.3	3.0	4.2	1.6	2.5	2.6	3.3
Deferred Income Tax Expense	—	-1.2	—	—	—	-1.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.9	2.3	4.9	8.6	7.9	4.6	5.7	6.9	6.5	3.4	6.1	6.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.9	2.3	4.9	8.6	7.9	4.6	5.7	6.9	6.5	3.4	6.1	6.1
Earnings per Share	305.01	90.00	190.00	331.00	303.00	175.00	219.00	264.00	252.00	131.00	233.00	235.00
Diluted EPS	305.01	90.00	190.00	331.00	303.00	909.00	219.00	264.00	252.00	131.00	233.00	235.00

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)	1,178.0	991.5	1,137.8	1,350.9	1,337.2	1,304.7	1,235.8	1,435.1	1,309.0	1,163.9	1,247.6	1,498.7
I. Cash and cash equivalents	203.6	226.0	317.3	173.1	153.7	175.0	119.0	144.5	106.0	86.9	160.3	125.8
1. Cash	197.2	186.6	317.3	173.1	153.7	133.0	119.0	144.5	106.0	86.9	160.3	125.8
2. Cash equivalents	6.4	39.4	—	—	—	42.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	3.0	8.5	8.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	3.0	8.5	8.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	613.0	291.0	350.4	517.4	506.1	644.6	702.1	927.4	710.3	665.7	727.9	764.3
1. Short-term trade accounts receivable	711.7	379.4	410.1	471.4	395.0	400.2	451.4	706.1	520.7	537.0	581.6	611.2
2. Short-term prepayments to suppliers	26.8	36.0	64.9	107.3	168.0	278.9	251.8	230.9	192.0	126.4	143.9	154.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	1.8	1.8	1.8	4.0	9.4	20.9	9.3	3.9	3.0	0.0	0.0
6. Other short-term receivables	5.9	5.1	4.9	32.6	11.0	4.2	5.4	8.5	6.0	11.6	11.9	8.5
7. Provision for short-term doubtful debts (*)	-131.3	-131.3	-131.4	-95.7	-72.0	-48.2	-27.4	-27.4	-12.2	-12.3	-9.5	-9.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	305.3	425.9	419.9	601.4	588.9	421.4	341.7	294.9	426.2	349.5	302.8	544.0
1. Inventories	305.3	425.9	419.9	601.4	588.9	421.4	341.7	294.9	426.2	349.5	302.8	544.0
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	56.0	48.6	47.2	50.5	80.0	63.8	73.0	68.2	66.4	61.8	56.5	64.6
1. Short-term prepayments	5.1	2.0	6.0	9.4	10.8	4.7	4.8	5.4	4.9	2.4	2.1	3.2
2. Value added tax to be reclaimed	22.7	18.2	16.4	16.4	44.8	35.3	45.4	41.1	41.8	40.5	40.6	47.6
3. Taxes and other receivables from state authorities	28.1	28.4	24.8	24.8	24.3	23.8	22.8	21.7	19.7	18.8	13.8	13.8
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)	423.3	396.9	400.0	355.9	309.7	292.0	296.0	293.6	346.8	331.2	329.6	317.1
I. Long-term receivables	337.8	310.0	313.1	263.0	212.9	182.2	201.5	196.5	244.9	221.6	212.6	189.8
1. Long-term trade receivables	334.3	306.5	309.6	259.5	209.4	179.0	198.7	193.0	240.4	217.3	208.4	185.7
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	3.5	3.5	3.5	3.5	3.5	3.3	2.7	3.5	4.4	4.3	4.2	4.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	48.7	53.6	55.9	60.6	63.2	71.0	65.9	69.6	73.0	78.0	82.0	85.9
1. Tangible fixed assets	14.4	16.1	15.1	17.6	20.7	25.4	28.6	29.3	25.3	27.2	30.6	33.0
- Cost	1,094.1	—	—	—	—	1,086.9	1,084.6	1,088.9	1,065.9	1,072.5	1,072.5	1,097.4
- Accumulated depreciation	-1,079.7	—	—	—	—	-1,061.4	-1,056.0	-1,059.7	-1,040.7	-1,045.3	-1,041.9	-1,064.4
2. Financial leased fixed assets	34.3	37.6	40.8	42.9	42.5	45.5	37.4	40.3	47.8	50.8	51.5	52.9
- Cost	66.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-32.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	—	—	—	—	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	3.2	3.7	0.7	—	—	1.7	2.4	0.1	0.4	0.1	0.1	0.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	3.7	0.7	—	—	1.7	2.4	0.1	0.4	0.1	0.1	0.8
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	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	33.6	29.5	30.3	32.3	33.6	37.1	26.3	27.5	28.6	31.5	34.9	40.6
1. Long-term prepayments	31.3	27.3	29.2	31.3	32.6	36.1	26.3	27.5	28.6	31.5	34.9	40.6
2. Deferred income tax assets	2.3	2.3	1.0	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,601.3	1,388.4	1,537.8	1,706.8	1,646.9	1,596.8	1,531.8	1,728.7	1,655.8	1,495.1	1,577.2	1,815.8
A. LIABILITIES (300=210+330)	1,111.8	906.8	1,058.6	1,232.5	1,158.6	1,116.4	1,055.9	1,258.5	1,171.4	1,017.3	1,102.8	1,347.4
I. Short -term liabilities	994.4	820.8	958.0	1,144.9	1,039.9	978.2	914.6	1,091.8	1,037.6	888.3	982.6	1,226.0
1. Short-term trade accounts payable	159.9	169.2	193.4	341.0	281.8	165.8	113.0	121.9	103.9	150.0	87.6	96.7
2. Short-term advances from customers	130.1	59.8	115.9	108.6	131.7	189.8	151.3	209.8	330.5	305.2	274.1	370.6
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.1	0.3	—	—	1.8	1.5	3.9	3.1	2.4	0.1	0.1	0.3
4. Payable to employees	26.4	29.3	15.5	26.8	25.8	21.6	21.1	21.1	26.0	19.5	15.5	14.1
5. Short-term acrrued expenses	344.1	381.7	428.7	475.3	425.8	341.6	381.7	458.6	465.6	273.0	370.3	349.0
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	14.0	—	13.1	6.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	141.8	125.6	129.3	103.1	111.5	185.9	179.7	134.7	20.5	38.2	11.8	10.7
9. Other short-term payables	19.8	39.7	46.2	40.2	45.4	54.2	47.7	39.3	16.4	29.6	32.7	32.4
10. Short-term borrowings and financial leases	153.1	12.0	12.6	39.4	12.0	12.0	10.0	95.8	66.9	66.9	184.3	346.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.5	3.3	3.3	4.2	4.1	5.8	6.2	7.4	5.5	5.8	6.1	6.2
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	117.4	86.0	100.5	87.6	118.7	138.1	141.3	166.7	133.8	129.0	120.1	121.4
1. Long-term trade payables	109.0	76.0	89.6	74.7	94.6	111.0	113.9	108.2	102.0	95.6	86.6	82.5
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	—	—	—	—	10.1	10.1	14.1	44.8	17.2	17.2	17.2	21.4
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	8.4	10.0	11.0	12.9	14.0	17.0	13.3	13.8	14.6	16.1	16.3	17.5
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)	489.5	481.6	479.3	474.3	488.3	480.4	475.9	470.2	484.4	477.8	474.4	468.4
I. Owner's equity	489.5	481.6	479.3	474.3	488.3	480.4	475.9	470.2	484.4	477.8	474.4	468.4
1. Owner's capital	260.0	260.0	260.0	260.0	260.0	260.0	260.0	260.0	260.0	260.0	260.0	260.0
- Common stock with voting right	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00	259,998,480,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	43.1	43.1	43.1	43.1	43.1	43.1	43.1	43.1	43.1	43.1	43.1	43.1
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	143.1	143.1	143.1	143.1	143.1	143.1	143.1	143.1	143.1	143.1	143.1	143.1
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	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6
11. Undistributed earnings after tax	32.7	24.8	22.5	17.5	31.5	23.6	19.1	13.4	27.6	21.1	17.6	11.6
- Accumulated retained earning at the end of the previous period	24.8	1.0	1.0	1.0	23.6	0.0	0.0	0.0	21.1	0.0	0.0	0.0
- Undistributed earnings in this period	7.9	23.8	21.4	16.5	7.9	23.6	19.1	13.4	6.5	21.1	17.6	11.6
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)	1,601.3	1,388.4	1,537.8	1,706.8	1,646.9	1,596.8	1,531.8	1,728.7	1,655.8	1,495.1	1,577.2	1,815.8

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	9.9	3.5	7.5	13.9	9.8	7.8	8.7	11.0	8.2	5.9	8.6	9.4
Depreciation of Fixed Assets and Investment Property	6.0	5.9	6.4	7.7	7.8	7.8	7.7	7.5	7.3	7.4	7.2	7.3
Provision (Increase)/Reversal	—	-0.1	35.6	23.8	23.8	20.8	0.1	15.1	0.0	2.8	0.0	-0.7
FX Gain/Loss from Revaluation of Monetary Items	-1.8	4.9	1.5	-5.7	-0.2	-14.8	11.0	1.6	-5.4	6.2	-5.7	-1.3
Gain/Loss from Investment Activities	—	-0.3	-0.2	-0.0	-0.3	-0.6	-3.1	-3.5	1.4	-2.5	0.0	-0.2
Interest Expense	1.5	0.4	0.5	1.1	0.7	0.4	0.8	1.7	1.3	3.0	5.9	7.0
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	15.6	14.4	51.2	40.8	41.5	21.5	25.1	33.4	12.7	22.8	16.1	21.6
Increase/(Decrease) in Receivables	-498.5	47.2	85.2	-51.5	66.3	73.8	195.7	-171.1	-73.1	68.3	4.7	84.0
Increase/(Decrease) in Inventory	120.6	-6.0	181.5	-12.5	-167.5	-79.7	-46.8	131.3	-76.7	-46.7	241.2	-58.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	235.6	-149.5	-148.5	45.3	47.9	49.3	-98.9	31.1	176.5	4.3	-62.5	14.7
Increase/(Decrease) in Prepaid Expenses	-11.5	5.9	5.4	2.8	-2.7	-9.7	1.9	0.5	0.5	3.1	6.8	7.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-0.5	-0.5	-1.6	-0.2	-0.4	-0.8	-1.7	-1.3	-3.1	-6.1	-7.1
Corporate Income Tax Paid	—	-4.8	0.0	-7.3	-1.7	-8.9	0.0	-2.8	0.0	-2.1	0.0	-3.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	0.0	-0.9	-1.7	-1.7	-0.4	-1.2	-1.0	-0.3	-0.3	-0.1	-0.7
Net Cash Flow from Operating Activities	-140.4	-93.2	173.4	14.2	-18.1	45.6	75.1	19.8	38.3	46.2	200.0	58.0
Payments for Fixed Assets and Other Long-term Assets	-0.8	-4.8	-0.3	-3.4	—	-1.8	-0.7	-2.7	-1.6	-1.8	-0.1	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.1	2.8	-0.0	1.4	-0.2	2.7	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-10.3	-0.3	-8.0	-15.9	-11.3	-2.7	-3.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.5	0.0	9.7	—	19.3	4.4	5.8	1.7	4.1	-4.1	4.1
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-4.1	4.1	0.0
Dividends and Interest Income Received	—	0.4	0.1	0.2	0.2	0.4	0.3	0.8	0.1	0.0	0.0	0.1
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	-0.8	4.1	-0.2	-3.8	-0.1	10.0	-9.1	-7.4	-1.1	-5.0	2.6	2.9
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	154.8	0.9	1.1	83.0	59.4	0.0	0.0	80.9	97.8	71.5	174.4	296.4
Repayment of Borrowings	-11.7	0.0	-26.6	-53.7	-59.4	0.0	-85.9	-50.2	-95.6	-187.1	-334.8	-301.8
Repayment of Finance Leases	-3.5	-2.5	-3.2	-3.0	-3.0	0.5	-6.0	-4.6	-4.6	0.2	-8.6	-4.5
Dividends Paid	-20.8	0.0	0.0	-18.2	—	0.0	0.0	-0.3	-15.3	0.0	0.0	-10.5
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	118.8	-1.6	-28.7	8.1	-3.0	0.5	-91.9	25.9	-17.7	-115.5	-169.0	-20.5
Net Cash Flow During the Period	-22.3	-90.7	144.4	18.5	-21.3	56.0	-25.9	38.3	19.5	-74.2	33.6	40.4
Cash and Cash Equivalents at Beginning of Period	226.0	317.3	173.1	153.7	175.0	86.9	86.9	86.9	86.9	167.0	167.0	167.0
FX Difference from Revaluation	-0.0	-0.0	0.7	0.8	-0.0	-0.0	0.4	0.2	-0.4	0.8	0.9	-1.8
Cash and Cash Equivalents at End of Period	203.6	226.0	317.3	173.1	153.7	175.0	119.0	144.5	106.0	86.9	160.3	125.8

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SD5

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