SD9

Sông Đà 9 ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 4.65x

Price

11,000

Latest close

03 Jun 2026

P/E 11.52x

P/B 0.44x

EPS 955

BVPS 25,248

ROE 3.8%

ROA 2.0%

Profit Margin 6.3%

Asset Turnover 0.31x

Equity Mult. 1.92x

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

What Is Changing

On a TTM 2026Q1 basis, SD9 is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 520bn
	                                
+35.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 54bn
	                                
+26.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	487.7	426.9	505.1	574.2	571.6
Growth	+14%	-15%	-12%	+0%	—
Net Income	49.4	48.5	38.5	43.9	36.3
Net Margin	10.13%	11.35%	7.62%	7.65%	6.35%

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	100.3	198.2	123.5	98.4	67.6	103.2	96.9	117.1	112.1	226.5	117.7	95.8
Growth	-49%	+60%	+26%	+46%	-35%	+7%	-17%	+4%	-51%	+92%	+23%	—
Net Income	14.3	0.6	23.5	15.5	11.0	5.6	7.0	19.1	16.9	8.1	16.1	17.7
Net Margin	14.27%	0.30%	18.99%	15.72%	16.22%	5.46%	7.24%	16.28%	15.11%	3.57%	13.63%	18.44%

Drivers of SD9's profit

TTM

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

Other profit ↑ 12.6bn

Gross profit ↑ 10.7bn

Finance costs ↓ 9.4bn

Financial income ↑ 2.0bn

Administrative expenses ↑ 22.9bn

Minority interests ↑ 3.5bn

TTM

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

Gross profit ↑ 5.0bn

Finance costs ↓ 1.0bn

Other profit ↑ 0.4bn

Administrative expenses ↑ 2.4bn

Minority interests ↑ 1.7bn

Tax ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.0% = 11.1% × 0.22 × 2.07

2026Q1 6.2% = 10.3% × 0.31 × 1.92

ROE rose from 5.0% to 6.2% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 10.3% -0.7pp Asset turnover: 0.31x +0.10x Leverage: 1.92x -0.15x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 10.34%, falling 0.7pp. The main pressure comes from Gross margin fell 9.2pp and SG&A / Revenue rose 0.6pp (with additional support from Net financial result / Revenue rose 5.5pp and Other profit / Revenue rose 2.8pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 10.34% −0.7pp

Gross Margin 34.09% −9.2pp

SG&A / Revenue 15.27% +0.6pp

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 3.7% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC stands at 3.66%, broadly flat versus the same period. That translates to 3.66 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 3.0pp, but capital turnover rose 0.11x, 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 3.66% +0.2pp

NOPAT Margin 9.39% −3.0pp

Capital Turnover 0.39x +0.11x

Average Invested Capital 1,335.3bn −38.5bn

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 1.20x equity, net debt at 0.49x equity.

Inventory ended the period at 242.9bn, roughly 14.5% of total assets.

Over the last 12 months, working capital released 40.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −8.8bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +48.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 196.0 days versus the same period last year. The main moves came from DIO fell 160.4 days, DSO fell 99.3 days, and DPO fell 63.7 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 361.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 158.9 days −99.3 days

Inventory 253.9 days −160.4 days

Payables 50.9 days −63.7 days

Cash Conversion Cycle 361.9 days −196.0 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.49x and interest coverage only at 1.33x.

At present, short-term debt accounts for 32.4% of total debt, cash equals 17.8% of debt, and total debt stands at 520.0bn.

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 1.33x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 17.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.49x −0.11x

Interest Coverage 1.33x +0.21x

Cash / Debt 17.8% +6.5pp

Short-term Debt / Total Debt 32.4% +8.5pp

CFO / NI 4.65x −1.85x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 165.0bn in 2025, against investing cash flow of -2.8bn.

Post-investment cash flow was positive +162.2bn. Financing cash flow was negative +112.3bn.

CFO / net income was 4.65x.

After spending +46.4bn on fixed-asset investment, the business generated trailing free cash flow of +105.6bn.

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

Cash Conversion

CFO TTM 151.9bn −10.5bn

Cash Capex 46.4bn +29.7bn

FCF TTM +105.6bn −40.2bn

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 earnings conversion is confirmed, with CFO/NI at 4.65x. The next item to monitor is capital efficiency, with ROIC at 3.7%. The main risk still sits in leverage and liquidity, with interest coverage at 1.33x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.65x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.33x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	487.7	426.9	505.1	574.2	571.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	487.7	426.9	505.1	574.2	571.6
Cost of Goods Sold	315.3	246.9	349.1	391.6	0.0
Gross Profit	172.4	180.0	156.0	182.5	154.9
Financial Income	6.9	4.3	4.4	3.8	3.8
Financial Expenses	46.1	58.3	77.3	81.7	-71.0
Interest Expense	46.0	53.3	76.5	79.7	-77.6
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	77.1	57.9	30.9	41.9	-35.3
Operating Profit	56.1	68.1	52.2	62.8	52.3
Other Income	9.7	0.2	7.1	0.9	0.0
Other Expenses	3.8	6.0	5.1	5.2	0.0
Other Profit	6.0	-5.8	2.0	-4.3	-2.5
Profit Before Tax	62.1	62.3	54.2	58.5	49.8
Current Income Tax Expense	12.4	13.6	15.5	14.3	-13.6
Deferred Income Tax Expense	0.2	0.3	0.3	0.3	0.0
Net Income	49.4	48.5	38.5	43.9	36.3
Non-controlling Interest	19.4	23.1	26.5	28.1	25.1
Profit Attributable to Parent	30.0	25.3	12.0	15.8	11.2
Earnings per Share	875.00	739.00	349.00	462.00	327.00
Diluted EPS	875.00	739.00	349.00	462.00	327.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	737.2	757.2	860.9	1,027.4	1,158.1
I. Cash and cash equivalents	121.3	71.4	138.1	78.5	33.8
1. Cash	111.3	69.4	74.1	41.5	0.0
2. Cash equivalents	10.0	2.0	64.0	37.0	0.0
II. Short-term financial investments	119.2	115.5	32.7	30.0	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	119.2	115.5	32.7	30.0	0.0
III. Short-term receivables	238.1	321.3	410.1	561.2	730.3
1. Short-term trade accounts receivable	255.5	293.6	327.9	418.3	0.0
2. Short-term prepayments to suppliers	31.1	27.4	49.2	103.6	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	49.7	54.3	61.9	71.1	0.0
7. Provision for short-term doubtful debts (*)	-98.2	-54.0	-28.9	-31.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	242.9	228.6	254.4	332.5	344.4
1. Inventories	242.9	228.6	254.4	332.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.8	20.3	25.6	25.2	20.1
1. Short-term prepayments	1.2	3.3	0.5	3.2	0.0
2. Value added tax to be reclaimed	12.8	16.4	24.9	21.9	0.0
3. Taxes and other receivables from state authorities	1.8	0.7	0.2	0.1	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)	940.9	968.8	1,014.2	1,081.4	1,167.9
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	875.4	933.4	986.5	1,060.4	1,151.6
1. Tangible fixed assets	870.8	928.8	981.9	1,055.8	1,147.0
- Cost	2,276.9	2,370.6	2,363.1	2,395.1	0.0
- Accumulated depreciation	-1,406.1	-1,441.8	-1,381.3	-1,339.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	4.6	4.6	4.6	4.6	4.6
- Cost	4.7	4.7	4.7	4.7	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	32.6	20.0	0.7	1.0	0.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	32.6	20.0	0.7	1.0	0.0
V. Long-term financial investments	5.3	5.3	10.2	10.3	10.7
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	31.4	31.4	31.4	31.4	0.0
4. Provision for diminution in value of long-term investments	-26.1	-26.1	-21.2	-21.1	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	27.6	10.0	16.8	9.8	0.0
1. Long-term prepayments	27.4	9.6	16.1	8.8	0.0
2. Deferred income tax assets	0.2	0.4	0.7	0.9	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	4.9
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)	1,678.2	1,726.0	1,875.1	2,108.8	2,325.9
A. LIABILITIES (300=210+330)	828.1	878.2	1,039.3	1,272.7	1,501.2
I. Short -term liabilities	476.5	431.4	493.1	747.7	1,071.5
1. Short-term trade accounts payable	61.8	68.9	111.0	156.4	170.8
2. Short-term advances from customers	70.3	68.3	78.6	116.0	173.0
3. Taxes and other payables to state authorities	18.2	17.3	22.2	39.5	0.0
4. Payable to employees	17.5	14.8	19.3	17.3	0.0
5. Short-term acrrued expenses	48.0	23.9	54.1	99.1	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	0.5	0.6	0.6	0.8	0.4
9. Other short-term payables	63.0	79.8	86.4	83.2	0.0
10. Short-term borrowings and financial leases	190.8	153.6	116.3	230.6	436.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.4	4.2	4.6	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	351.6	446.8	546.2	525.0	429.7
1. Long-term trade payables	—	0.0	0.0	6.8	6.8
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	351.5	446.8	546.2	518.2	422.9
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	0.1	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)	690.0	847.7	835.7	836.1	824.7
I. Owner's equity	690.0	847.7	835.7	836.1	0.0
1. Owner's capital	342.3	342.3	342.3	342.3	824.7
- Common stock with voting right	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	21.2	21.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	15.3	15.3	15.3	15.3	15.3
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	242.6	242.6	242.6	242.6	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	68.6	63.1	49.6	49.5	38.4
- Accumulated retained earning at the end of the previous period	38.6	37.8	37.6	33.7	30.4
- Undistributed earnings in this period	30.0	25.3	12.0	15.8	8.0
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	163.2	164.8	165.2	164.9
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	160.1	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,678.2	1,726.0	1,875.1	2,108.8	2,325.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	62.1	62.3	54.2	58.5	49.8
Depreciation of Fixed Assets and Investment Property	60.4	60.5	80.5	92.5	105.1
Provision (Increase)/Reversal	44.3	29.9	-2.8	5.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	0.6	0.0
Gain/Loss from Investment Activities	-16.1	-4.2	-8.5	-3.7	0.0
Interest Expense	46.0	53.3	76.5	79.7	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	196.6	201.8	200.0	233.2	222.4
Increase/(Decrease) in Receivables	41.5	73.3	150.9	162.3	0.0
Increase/(Decrease) in Inventory	-14.2	25.7	78.1	11.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.2	-88.5	-151.9	-102.3	0.0
Increase/(Decrease) in Prepaid Expenses	-15.7	3.8	-4.7	-8.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-46.0	-56.0	-78.3	-80.4	0.0
Corporate Income Tax Paid	-13.4	-15.2	-12.2	-13.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.1	-5.6	-5.8	-6.6	0.0
Net Cash Flow from Operating Activities	165.0	139.2	176.1	196.4	80.7
Payments for Fixed Assets and Other Long-term Assets	-15.0	-26.8	-11.3	-1.6	-5.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	9.3	0.0	4.1	0.0	0.0
Loans and Purchases of Debt Instruments	-3.7	-89.4	-10.5	-55.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	6.6	7.8	55.6	1.6
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	6.6	2.8	4.2	3.5	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	-2.8	-106.9	-5.7	2.0	-1.9
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	193.0	125.3	634.2	141.7	191.0
Repayment of Borrowings	-251.1	-187.5	-720.4	-252.7	-248.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-54.3	-36.8	-24.6	-42.6	-22.6
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	-112.3	-99.0	-110.8	-153.7	-79.7
Net Cash Flow During the Period	49.9	-66.7	59.6	44.7	8.0
Cash and Cash Equivalents at Beginning of Period	71.4	138.1	78.5	33.8	34.7
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	121.3	71.4	138.1	78.5	33.8

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	100.3	198.2	123.5	98.4	67.6	103.2	96.9	117.1	112.1	226.5	117.7	95.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	100.3	198.2	123.5	98.4	67.6	103.2	96.9	117.1	112.1	226.5	117.7	95.8
Cost of Goods Sold	65.2	148.6	77.8	51.5	37.4	47.7	67.0	65.9	68.6	188.9	73.4	51.4
Gross Profit	35.2	49.7	45.7	46.9	30.1	55.5	29.9	51.2	43.5	37.6	44.3	44.3
Financial Income	1.7	1.9	1.7	1.8	1.6	1.7	1.0	0.7	0.9	1.2	1.1	1.2
Financial Expenses	10.8	11.1	11.4	11.7	11.9	12.4	13.2	17.1	15.7	16.5	19.5	17.1
Interest Expense	10.8	11.1	11.3	11.7	11.9	12.4	13.2	12.2	15.6	18.5	19.5	14.3
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	9.5	43.2	7.0	19.7	7.1	33.5	8.1	7.9	8.4	6.8	9.5	6.9
Operating Profit	16.5	-2.8	28.9	17.2	12.7	11.4	9.6	26.9	20.3	15.4	16.4	21.5
Other Income	—	8.1	-0.0	1.6	—	0.1	0.0	0.0	0.1	1.9	4.1	1.1
Other Expenses	0.0	1.2	2.1	0.0	0.4	3.8	0.5	1.6	0.1	3.9	0.6	0.5
Other Profit	-0.0	7.0	-2.2	1.6	-0.4	-3.7	-0.5	-1.6	-0.0	-2.0	3.5	0.6
Profit Before Tax	16.5	4.2	26.7	18.8	12.3	7.7	9.1	25.4	20.3	13.4	19.9	22.2
Current Income Tax Expense	2.2	3.4	3.3	3.4	1.3	1.8	2.1	6.3	3.3	5.1	3.9	4.5
Deferred Income Tax Expense	—	0.2	—	—	—	0.3	0.0	0.0	0.0	0.3	0.0	0.0
Net Income	14.3	0.6	23.5	15.5	11.0	5.6	7.0	19.1	16.9	8.1	16.1	17.7
Non-controlling Interest	4.3	4.5	6.2	6.1	2.6	2.0	4.1	8.9	6.6	6.4	7.6	8.7
Profit Attributable to Parent	10.0	-3.9	17.3	9.3	8.4	3.6	2.9	10.2	10.4	1.7	8.5	9.0
Earnings per Share	292.00	-114.00	504.00	273.00	244.00	60.00	84.29	297.00	303.00	50.00	247.00	263.00
Diluted EPS	292.34	-113.83	504.07	272.81	244.11	104.74	84.29	297.36	302.92	49.72	246.94	263.01

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)	687.8	737.2	770.8	756.4	745.4	756.1	853.7	864.4	846.9	860.9	978.9	986.8
I. Cash and cash equivalents	92.7	121.3	90.6	45.4	66.7	71.4	106.2	138.0	135.1	138.1	104.2	90.9
1. Cash	92.7	111.3	90.6	45.4	66.7	69.4	104.2	72.0	81.1	74.1	50.2	57.4
2. Cash equivalents	—	10.0	—	—	—	2.0	2.0	66.0	54.0	64.0	54.0	33.5
II. Short-term financial investments	129.2	119.2	137.5	145.9	155.5	115.5	92.1	32.1	38.4	32.7	31.6	30.8
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	129.2	119.2	137.5	145.9	155.5	115.5	92.1	32.1	38.4	32.7	31.6	30.8
III. Short-term receivables	210.4	238.1	275.5	296.3	264.6	321.3	399.4	424.3	390.8	410.1	451.1	477.5
1. Short-term trade accounts receivable	220.4	255.5	253.4	271.4	232.7	293.6	327.6	351.6	311.6	327.9	351.4	373.5
2. Short-term prepayments to suppliers	24.1	31.1	31.1	31.9	28.1	27.4	44.7	47.6	50.1	49.2	56.5	63.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	64.0	49.7	57.0	59.0	57.9	54.3	56.0	54.0	58.0	61.9	72.9	70.7
7. Provision for short-term doubtful debts (*)	-98.2	-98.2	-66.0	-66.0	-54.0	-54.0	-29.0	-28.9	-28.9	-28.9	-29.7	-29.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	238.6	242.9	245.6	249.8	238.6	228.6	231.8	244.1	256.2	254.4	374.5	366.1
1. Inventories	238.6	242.9	245.6	249.8	238.6	228.6	231.8	244.1	256.2	254.4	374.5	366.1
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	16.9	15.8	21.6	18.9	20.0	19.2	24.3	25.9	26.4	25.6	17.5	21.4
1. Short-term prepayments	0.7	1.2	2.0	1.2	2.1	2.2	2.5	1.4	0.6	0.5	1.3	1.7
2. Value added tax to be reclaimed	14.9	12.8	19.1	17.7	17.0	16.4	21.6	24.3	24.7	24.9	16.0	19.6
3. Taxes and other receivables from state authorities	1.3	1.8	0.5	0.1	0.9	0.7	0.2	0.2	1.1	0.2	0.2	0.2
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)	927.2	940.9	949.4	946.4	951.8	969.9	974.9	979.3	1,002.7	1,014.2	1,024.1	1,039.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	888.5	875.4	889.6	903.7	918.8	933.4	945.5	960.6	975.7	986.5	999.0	1,019.5
1. Tangible fixed assets	883.8	870.8	885.0	899.1	914.2	928.8	940.9	956.0	971.1	981.9	994.4	1,014.8
- Cost	2,302.5	—	—	—	—	2,370.6	2,367.6	2,367.6	2,367.6	2,363.1	2,356.5	2,395.1
- Accumulated depreciation	-1,418.6	—	—	—	—	-1,441.8	-1,426.7	-1,411.6	-1,396.5	-1,381.3	-1,362.1	-1,380.2
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	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6	4.6
- Cost	4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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	3.1	32.6	39.0	22.3	13.8	20.0	13.4	0.7	0.7	0.7	9.3	5.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.1	32.6	39.0	22.3	13.8	20.0	13.4	0.7	0.7	0.7	9.3	5.9
V. Long-term financial investments	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	10.2	10.2	7.6	7.6
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	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4	31.4
4. Provision for diminution in value of long-term investments	-26.1	-26.1	-26.1	-26.1	-26.1	-26.1	-26.1	-26.1	-21.2	-21.2	-23.9	-23.9
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	30.3	27.6	15.4	15.0	13.9	11.1	10.6	12.7	16.1	16.8	8.2	6.9
1. Long-term prepayments	30.2	27.4	15.0	14.6	13.5	10.7	10.0	12.0	15.4	16.1	7.3	6.0
2. Deferred income tax assets	0.2	0.2	0.4	0.4	0.4	0.4	0.7	0.7	0.7	0.7	0.9	0.9
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)	1,615.0	1,678.2	1,720.2	1,702.7	1,697.2	1,726.0	1,828.6	1,843.7	1,849.6	1,875.1	2,003.0	2,026.6
A. LIABILITIES (300=210+330)	750.7	827.0	859.3	865.4	838.6	878.3	980.3	996.1	996.9	1,039.4	1,169.3	1,202.6
I. Short -term liabilities	399.2	475.4	464.6	470.7	391.8	431.5	481.3	497.1	450.7	493.2	686.6	713.1
1. Short-term trade accounts payable	42.0	61.8	56.2	60.3	53.6	68.9	100.4	91.3	83.3	111.0	131.8	138.0
2. Short-term advances from customers	60.2	70.3	97.6	103.0	68.5	68.3	72.3	72.4	73.1	78.6	118.1	123.3
3. Dividends and profits payable	53.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	13.0	17.1	23.5	27.0	15.0	17.3	17.5	20.4	11.5	22.3	37.2	37.5
4. Payable to employees	14.6	17.5	13.3	12.8	13.2	14.8	11.7	7.4	7.9	19.3	18.0	17.8
5. Short-term acrrued expenses	35.0	48.0	30.0	18.7	19.3	23.9	55.3	62.3	79.9	54.1	64.0	56.2
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	0.5	0.5	0.4	0.4	0.6	0.6	0.4	0.4	0.6	0.6	0.0	0.5
9. Other short-term payables	7.9	63.0	64.2	61.5	79.1	79.8	85.9	81.4	86.6	86.4	90.7	87.5
10. Short-term borrowings and financial leases	168.5	190.8	169.2	176.6	140.2	153.6	133.0	154.9	104.9	116.3	219.9	244.5
11. Provision for short-term liabilities	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.4	6.4	10.2	10.6	2.2	4.2	4.8	6.6	2.9	4.6	6.9	7.9
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	351.5	351.6	394.8	394.7	446.8	446.8	499.0	499.0	546.2	546.2	482.7	489.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	351.5	351.5	394.7	394.7	446.8	446.8	499.0	499.0	546.2	546.2	482.7	482.7
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	—	0.1	0.1	—	—	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)	864.3	851.1	860.8	837.4	858.7	847.7	848.3	847.6	852.7	835.7	833.8	824.0
I. Owner's equity	864.3	851.1	860.8	837.4	858.7	847.7	848.3	847.6	852.7	835.7	833.8	824.0
1. Owner's capital	342.3	342.3	342.3	342.3	342.3	342.3	342.3	342.3	342.3	342.3	342.3	342.3
- Common stock with voting right	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00	342,340,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2	21.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.3
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	242.6	242.6	242.6	242.6	242.6	242.6	242.6	242.6	242.6	242.6	242.6	242.6
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	0.0
11. Undistributed earnings after tax	78.6	69.7	73.6	56.3	71.5	63.1	61.1	58.4	60.0	49.5	47.8	51.8
- Accumulated retained earning at the end of the previous period	68.6	38.6	38.6	38.6	63.1	37.8	37.8	37.8	49.6	37.6	37.6	50.0
- Undistributed earnings in this period	10.0	31.1	35.0	17.7	8.4	25.3	23.3	20.5	10.4	11.9	10.2	1.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	164.4	160.1	165.9	159.7	165.8	163.2	165.8	167.8	171.3	164.8	164.6	150.9
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)	1,615.0	1,678.2	1,720.2	1,702.7	1,697.2	1,726.0	1,828.6	1,843.7	1,849.6	1,875.1	2,003.0	2,026.6

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	16.5	4.2	26.7	18.8	12.3	7.7	9.1	25.2	20.3	13.4	19.9	22.1
Depreciation of Fixed Assets and Investment Property	12.5	15.0	15.1	15.1	15.1	15.1	15.1	15.2	15.2	57.8	-18.2	20.5
Provision (Increase)/Reversal	—	32.2	0.0	12.1	—	24.9	0.0	5.0	0.0	-3.5	0.0	0.7
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	-0.0	-0.1	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-9.9	-1.6	-3.0	-1.6	-1.7	-1.0	-0.7	-0.9	-1.2	-5.2	-1.3
Interest Expense	10.8	11.1	11.3	11.7	11.9	12.4	13.2	12.2	15.6	18.5	19.5	14.3
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	38.2	52.7	51.5	54.6	37.7	58.4	36.4	56.8	50.3	85.0	16.0	56.4
Increase/(Decrease) in Receivables	8.4	13.6	16.7	-47.6	58.8	58.6	25.0	-32.1	18.6	31.9	30.4	23.2
Increase/(Decrease) in Inventory	—	2.8	4.1	-11.2	-10.0	3.1	12.4	12.1	-1.9	120.1	-8.4	-15.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.1	-9.6	3.9	48.5	-19.6	-72.5	10.3	-5.5	-21.6	-80.9	-6.5	-20.5
Increase/(Decrease) in Prepaid Expenses	—	-11.5	-1.3	-0.1	-2.7	-0.4	0.9	2.6	0.7	-8.1	-0.9	2.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-10.8	-11.0	-11.3	-11.8	-11.9	-12.3	-15.3	-14.2	-14.2	-23.2	-24.2	-15.9
Corporate Income Tax Paid	-8.6	-1.5	-4.8	-1.1	-6.0	-0.0	-1.8	-2.3	-11.0	-1.9	-0.1	-3.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	2.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-3.8	-0.4	-1.0	-1.9	-0.6	0.2	-3.7	-1.7	-2.3	-1.0	-1.0
Net Cash Flow from Operating Activities	31.3	31.8	58.5	30.4	44.3	34.4	68.1	15.6	19.2	120.7	5.2	26.1
Payments for Fixed Assets and Other Long-term Assets	-25.6	5.5	-17.7	-8.6	5.7	-9.6	-12.8	0.0	-4.5	-41.4	35.2	-4.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	8.2	-0.2	1.3	—	0.0	0.0	0.0	0.0	0.0	4.1	0.0
Loans and Purchases of Debt Instruments	—	18.3	-21.6	39.6	-40.0	-23.4	-60.0	8.9	-14.9	-5.2	0.0	-1.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	-1.2	7.8	4.8	0.0	-1.1
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	0.0	0.0	0.0
Dividends and Interest Income Received	-2.0	-1.6	3.4	6.2	-1.4	1.7	1.0	0.8	0.9	1.1	1.1	1.4
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	-27.6	30.5	-35.9	38.4	-35.7	-31.3	-71.8	8.4	-10.7	-40.6	40.4	-6.0
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	31.6	84.1	41.5	49.9	17.6	32.9	27.1	117.2	-52.0	514.8	56.9	15.7
Repayment of Borrowings	-53.9	-105.7	-48.8	-65.6	-30.9	-64.6	-49.0	-114.4	40.5	-554.9	-81.6	-20.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-9.9	0.0	-44.4	—	-6.2	-6.2	-24.1	0.1	-6.1	-6.2	0.5
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	-22.3	-31.5	-7.4	-60.1	-13.4	-37.8	-28.1	-21.2	-11.4	-46.2	-30.8	-4.5
Net Cash Flow During the Period	-18.7	30.8	15.2	8.7	-4.8	-34.7	-31.8	2.8	-3.0	33.9	14.8	15.6
Cash and Cash Equivalents at Beginning of Period	111.3	90.6	75.4	66.7	71.4	138.1	138.1	138.1	138.1	78.5	78.5	78.5
FX Difference from Revaluation	—	0.0	0.1	0.1	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	92.7	121.3	90.6	75.4	66.7	71.4	106.2	138.0	135.1	138.1	104.2	89.4

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SD9

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