SDG

Sadico Cần Thơ ·HNX ·2025Q4

▼▼ Declining sharply

Margins remain under pressure Net margin −8.80%, −4.00pp YoY

Price

8,900

Latest close

03 Jun 2026

P/E -2.20x

P/B 0.41x

EPS -4,046

BVPS 21,488

ROE -16.9%

ROA -5.9%

Profit Margin -4.5%

Asset Turnover 1.31x

Equity Mult. 2.87x

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

What Is Changing

On a TTM 2025Q4 basis, SDG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,014bn
	                                
−8.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 89bn
	                                
−68.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,014.6	1,084.9	1,342.2	1,554.5	1,353.6
Growth	-6%	-19%	-14%	+15%	—
Net Income	-91.7	-52.4	19.8	49.1	25.3
Net Margin	-9.04%	-4.83%	1.47%	3.16%	1.87%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	276.8	188.8	292.7	255.8	342.6	294.7	302.3	167.1	364.8	317.1	407.2	253.1
Growth	+47%	-35%	+14%	-25%	+16%	-3%	+81%	-54%	+15%	-22%	+61%	—
Net Income	-50.4	-47.0	6.3	2.0	-20.9	8.5	16.9	-57.6	41.4	15.7	-8.3	-25.8
Net Margin	-18.22%	-24.90%	2.14%	0.77%	-6.09%	2.88%	5.58%	-34.46%	11.34%	4.94%	-2.04%	-10.19%

Drivers of SDG's profit

TTM

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

Minority interests ↓ 17.9bn

Finance costs ↓ 5.4bn

Other profit ↑ 2.5bn

Gross profit ↓ 40.0bn

Financial income ↓ 6.2bn

TTM

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

Minority interests ↓ 13.7bn

Selling expenses ↓ 3.3bn

Administrative expenses ↓ 1.6bn

Gross profit ↓ 37.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q4 -14.5% = -4.8% × 1.24 × 2.45

2025Q4 -33.2% = -8.8% × 1.31 × 2.87

ROE fell from -14.5% to -33.2% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: -8.8% -4.0pp Asset turnover: 1.31x +0.07x Leverage: 2.87x +0.43x

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 fell to -8.80%, losing 4.0pp. The main pressure comes from Gross margin fell 3.7pp and SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -8.80% −4.0pp

Gross Margin -1.44% −3.7pp

SG&A / Revenue 6.61% +0.3pp

TTM YoY · 2024Q4 -> 2025Q4

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to -18.50%, losing 10.2pp. That translates to -18.50 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 4.2pp, outweighing the movement in capital turnover; while invested capital contracted by 136bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently -18.50% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -18.50% −10.2pp

NOPAT Margin -8.91% −4.2pp

Capital Turnover 2.08x +0.30x

Average Invested Capital 488.3bn −135.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.36x equity, net debt at 1.04x equity.

Inventory ended the period at 121.4bn, roughly 16.7% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 27.0 days versus the same period last year. The main moves came from DIO rose 0.0 days, DSO fell 19.6 days, and DPO rose 7.4 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Inventory turnover is slowing

DIO increased by +0.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 62.7 days −19.6 days

Inventory 39.5 days +0.0 days

Payables 63.7 days +7.4 days

Cash Conversion Cycle 38.5 days −27.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 14.5bn due to capex of 6.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.04x and interest coverage only at -5.20x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.9% of debt, and total debt stands at 236.9bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.04x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -5.20x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.04x +0.37x

Interest Coverage -5.20x −2.91x

Cash / Debt 4.9% −3.8pp

Short-term Debt / Total Debt 100.0% +3.9pp

CFO / NI 0.17x +4.89x

TTM YoY · 2024Q4 -> 2025Q4

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -7.6bn in 2025, against investing cash flow of 6.2bn.

Post-investment cash flow was negative +1.5bn. Financing cash flow was negative +7.3bn.

CFO / net income was 0.17x.

After spending +6.9bn on fixed-asset investment, the business generated trailing free cash flow of −14.5bn.

Cash Conversion

CFO TTM 7.6bn −136.3bn

Cash Capex 6.9bn −72.8bn

FCF TTM −14.5bn −63.5bn

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. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.2%. The main risk still sits in core profitability, with net margin down 4.0 pp.

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

Key risk: profitability remains under pressure, with trailing-12M net margin at -8.80% after a 4.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,076.5	1,137.0	1,355.3	1,621.0	1,476.6
Revenue Deductions	61.9	52.1	13.1	66.6	0.0
Net Revenue	1,014.6	1,084.9	1,342.2	1,554.5	1,353.6
Cost of Goods Sold	1,029.7	1,057.2	1,211.9	1,382.0	0.0
Gross Profit	-15.1	27.7	130.2	172.5	137.1
Financial Income	7.6	14.7	26.2	7.1	8.0
Financial Expenses	16.1	22.0	28.6	24.9	-19.8
Interest Expense	14.5	19.8	25.9	20.1	-19.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	24.7	26.4	33.2	46.2	-44.3
General and Administrative Expenses	43.3	45.0	68.1	47.1	-50.6
Operating Profit	-91.5	-50.9	26.6	61.4	30.4
Other Income	0.0	0.1	0.1	1.0	0.0
Other Expenses	0.0	0.8	0.1	0.3	0.0
Other Profit	0.0	-0.7	-0.0	0.6	0.8
Profit Before Tax	-91.5	-51.6	26.5	62.0	31.2
Current Income Tax Expense	0.1	1.0	6.1	13.1	-5.9
Deferred Income Tax Expense	0.1	-0.2	0.7	-0.1	0.0
Net Income	-91.7	-52.4	19.8	49.1	25.3
Non-controlling Interest	-45.6	-25.8	1.0	15.1	8.3
Profit Attributable to Parent	-46.1	-26.6	18.8	34.0	17.0
Earnings per Share	-4,550.00	-2,626.00	1,086.00	2,900.00	911.00
Diluted EPS	-4,550.31	-2,626.00	1,086.00	2,900.00	1,674.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	372.2	431.2	621.4	574.2	503.7
I. Cash and cash equivalents	11.5	20.2	31.0	15.2	11.8
1. Cash	11.5	20.2	19.6	15.2	0.0
2. Cash equivalents	—	0.0	11.4	0.0	0.0
II. Short-term financial investments	72.6	76.0	123.0	71.5	0.0
1. Available for sale securities	3.9	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.3	0.0	0.0	0.0	0.0
3. Held to maturity investments	71.0	76.0	123.0	71.5	0.0
III. Short-term receivables	156.6	217.1	325.9	309.3	209.5
1. Short-term trade accounts receivable	142.5	206.5	274.9	291.9	0.0
2. Short-term prepayments to suppliers	15.5	10.4	13.7	8.0	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	19.8	19.1	53.6	20.5	0.0
7. Provision for short-term doubtful debts (*)	-21.2	-18.9	-16.3	-11.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.2	0.0
IV. Inventories	121.4	101.2	134.4	170.8	167.9
1. Inventories	121.4	101.2	134.4	170.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	10.1	16.7	7.1	7.3	12.5
1. Short-term prepayments	3.0	11.1	6.7	5.7	0.0
2. Value added tax to be reclaimed	6.5	5.7	0.0	1.5	0.0
3. Taxes and other receivables from state authorities	0.6	0.0	0.5	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)	354.1	385.8	338.8	408.0	412.9
I. Long-term receivables	0.2	0.0	11.3	0.0	0.0
1. Long-term trade receivables	—	0.0	11.3	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	0.2	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	328.9	336.7	311.1	383.5	352.3
1. Tangible fixed assets	328.9	336.7	311.1	369.4	338.0
- Cost	851.5	822.7	760.9	846.2	0.0
- Accumulated depreciation	-522.5	-486.0	-449.8	-476.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	14.2	14.2
- Cost	0.2	0.2	0.2	14.6	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.4	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	5.2	25.3	0.1	2.5	34.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.2	25.3	0.1	2.5	0.0
V. Long-term financial investments	11.6	13.2	13.5	13.3	16.5
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	11.6	15.5	15.5	15.5	0.0
4. Provision for diminution in value of long-term investments	—	-2.3	-2.1	-2.2	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	8.2	10.6	2.8	8.6	0.0
1. Long-term prepayments	6.6	8.6	0.4	5.3	0.0
2. Deferred income tax assets	0.1	0.1	0.0	0.6	0.0
3. Long-term equipment, supplies, spare parts	0.6	0.7	0.7	0.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	9.7
5. Goodwill	0.9	1.3	1.7	2.1	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	726.3	817.0	960.2	982.2	916.6
A. LIABILITIES (300=210+330)	510.3	495.9	558.3	492.0	444.5
I. Short -term liabilities	391.0	357.4	473.0	460.8	410.5
1. Short-term trade accounts payable	63.1	67.4	82.3	115.2	46.4
2. Short-term advances from customers	2.5	2.2	0.0	0.8	1.4
3. Taxes and other payables to state authorities	1.4	2.0	5.9	5.0	0.0
4. Payable to employees	12.1	13.8	13.5	18.7	0.0
5. Short-term acrrued expenses	26.6	6.6	7.6	5.5	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	0.6	0.0	0.0	0.2	7.3
9. Other short-term payables	20.9	3.8	5.3	6.1	0.0
10. Short-term borrowings and financial leases	236.9	233.2	335.0	299.2	305.0
11. Provision for short-term liabilities	—	0.0	0.0	0.8	0.0
12.. Bonus and welfare fund	26.9	28.3	23.5	9.3	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	119.3	138.5	85.3	31.2	34.0
1. Long-term trade payables	114.3	114.3	62.5	5.4	5.0
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	4.8	23.4	22.6	22.8	0.0
8. Long-term borrowings and financial leases	—	0.8	0.0	3.0	10.8
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	0.2	0.0	0.1	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)	216.1	321.2	401.9	490.2	472.1
I. Owner's equity	216.1	321.2	401.9	490.2	0.0
1. Owner's capital	101.4	101.4	101.4	101.4	472.1
- Common stock with voting right	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	36.1	36.0	32.2	30.6	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	41.3	99.5	156.5	187.8	165.6
- Accumulated retained earning at the end of the previous period	87.4	126.2	138.0	153.8	146.0
- Undistributed earnings in this period	-46.1	-26.6	18.5	34.0	19.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	37.3	84.3	111.9	170.4	176.1
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)	726.3	817.0	960.2	982.2	916.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	-91.5	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	36.6	0.0	0.0	0.0	24.6
Provision (Increase)/Reversal	2.3	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.6	0.0	0.0	0.0	0.0
Interest Expense	14.5	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-45.8	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	56.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-20.2	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.6	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	10.1	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.9	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.3	-3.0	-6.2	-12.2	0.0
Other Operating Receipts	—	36.7	4.4	20.2	0.0
Other Operating Payments	-5.3	-52.0	-66.6	-86.6	0.0
Net Cash Flow from Operating Activities	-7.6	131.3	64.5	43.8	-96.6
Payments for Fixed Assets and Other Long-term Assets	-6.9	-87.4	-14.8	-45.7	-21.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	-40.0	0.0	0.0	0.0	-120.0
Receipts from Loan Repayments and Sale of Debt Instruments	45.0	0.0	0.0	0.0	95.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	2.8	0.0	0.0
Dividends and Interest Income Received	8.0	19.5	7.3	7.3	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	6.2	-20.8	-56.2	-6.5	-39.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	30,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	889.9	905.3	1,106.5	1,299.2	1,002.6
Repayment of Borrowings	-887.1	-1,006.2	-1,031.2	-1,312.8	-882.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-10.1	-20.3	-67.8	-20.3	-21.4
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	-7.3	-121.2	7.5	-33.9	128.5
Net Cash Flow During the Period	-8.7	-10.8	15.8	3.4	0.0
Cash and Cash Equivalents at Beginning of Period	20.2	31.0	15.2	11.8	23.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.5	20.2	31.0	15.2	0.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	309.1	204.3	303.6	259.0	356.2	298.3	306.1	176.4	367.8	320.8	410.9	255.8
Revenue Deductions	32.3	15.5	10.9	3.2	13.7	3.6	3.8	9.3	2.9	3.7	3.7	2.7
Net Revenue	276.8	188.8	292.7	255.8	342.6	294.7	302.3	167.1	364.8	317.1	407.2	253.1
Cost of Goods Sold	307.8	215.4	268.5	237.0	335.9	267.9	267.1	210.4	308.6	281.2	368.0	256.6
Gross Profit	-31.1	-26.6	24.3	18.8	6.7	26.8	35.2	-43.3	56.2	35.9	39.2	-3.5
Financial Income	3.0	0.5	1.0	4.0	2.5	3.1	4.0	5.1	18.0	1.8	2.9	4.2
Financial Expenses	5.6	3.7	3.5	4.6	6.9	4.8	6.1	5.1	9.8	6.1	6.4	6.3
Interest Expense	3.8	3.9	3.5	3.3	4.0	4.8	1.5	5.1	6.6	6.1	6.9	6.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.5	6.8	7.0	5.3	8.8	6.2	5.8	5.1	7.8	8.9	10.1	6.9
General and Administrative Expenses	11.2	10.9	9.6	10.8	12.8	10.3	11.0	9.5	11.9	8.3	33.3	11.2
Operating Profit	-50.4	-47.4	5.2	2.1	-19.4	8.7	16.3	-57.8	44.7	14.3	-7.7	-23.7
Other Income	—	0.9	0.9	0.0	0.0	0.0	0.0	0.1	0.0	1.9	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.5	0.2	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.9	0.9	-0.0	-0.5	-0.2	-0.0	0.1	-0.0	1.9	0.0	-0.0
Profit Before Tax	-50.4	-46.5	6.1	2.1	-19.9	8.5	16.3	-57.8	44.6	16.2	-7.6	-23.7
Current Income Tax Expense	0.0	0.3	0.0	—	1.1	0.1	-0.1	0.2	3.0	0.7	0.9	1.6
Deferred Income Tax Expense	0.0	0.2	-0.2	0.1	-0.1	-0.1	-0.5	-0.4	0.2	-0.1	-0.2	0.5
Net Income	-50.4	-47.0	6.3	2.0	-20.9	8.5	16.9	-57.6	41.4	15.7	-8.3	-25.8
Non-controlling Interest	-24.8	-22.4	2.8	0.6	-11.1	7.0	7.8	-29.6	20.6	7.7	4.0	-15.0
Profit Attributable to Parent	-25.7	-24.6	3.4	1.4	-9.8	1.5	9.1	-28.0	20.7	8.0	-12.2	-10.7
Earnings per Share	-2,294.00	-2,079.00	214.00	113.00	-987.00	123.00	876.00	-2,780.00	1,678.00	630.00	303.00	-1,060.00
Diluted EPS	-2,294.00	-2,079.00	214.00	113.00	-2,720.00	123.00	876.00	-2,780.00	1,678.00	630.00	303.00	-1,060.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	373.8	462.2	476.2	398.3	435.7	530.5	544.2	612.1	631.4	611.0	578.7	558.2
I. Cash and cash equivalents	11.5	6.6	7.0	13.9	20.2	28.3	19.7	16.5	31.0	27.6	13.0	14.3
1. Cash	11.5	6.6	7.0	13.9	20.2	28.3	19.7	16.5	19.6	27.6	13.0	14.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	11.4	0.0	0.0	0.0
II. Short-term financial investments	72.6	72.7	71.0	76.0	76.0	101.0	101.0	101.0	123.0	101.5	101.5	101.5
1. Available for sale securities	3.9	3.9	—	—	0.0	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 (*)	-2.3	-2.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	71.0	71.0	71.0	76.0	76.0	101.0	101.0	101.0	123.0	101.5	101.5	101.5
III. Short-term receivables	156.8	193.5	256.6	181.3	218.0	258.2	264.3	348.7	336.4	295.5	253.1	213.1
1. Short-term trade accounts receivable	142.5	174.7	236.5	167.1	206.1	210.5	197.0	201.9	281.9	289.0	254.8	187.0
2. Short-term prepayments to suppliers	15.4	19.0	11.8	10.4	10.4	11.5	5.2	65.9	13.7	19.1	16.8	16.8
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	19.7	19.6	27.7	23.2	18.8	52.5	78.4	97.1	53.6	15.6	12.8	20.4
7. Provision for short-term doubtful debts (*)	-20.9	-19.6	-19.4	-19.4	-17.3	-16.3	-16.3	-16.3	-12.8	-28.4	-31.5	-11.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.2
IV. Inventories	122.8	175.0	124.4	104.3	99.7	124.9	144.2	131.7	133.9	179.1	199.9	213.8
1. Inventories	122.8	175.0	124.4	104.3	99.7	124.9	144.2	131.7	133.9	179.1	199.9	213.8
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.1	14.4	17.1	22.7	21.7	18.0	14.9	14.3	7.1	7.3	11.2	15.5
1. Short-term prepayments	3.0	5.2	13.1	17.3	16.0	11.2	4.2	4.2	6.7	6.4	7.2	6.2
2. Value added tax to be reclaimed	6.5	9.1	4.0	5.4	5.7	6.5	9.3	9.7	0.0	0.0	3.4	9.1
3. Taxes and other receivables from state authorities	0.6	0.1	0.0	0.0	0.0	0.3	1.4	0.3	0.5	0.9	0.6	0.1
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	354.0	362.9	370.0	377.0	380.9	396.0	402.6	332.1	339.0	371.1	383.0	395.6
I. Long-term receivables	0.2	—	—	—	0.0	11.3	11.3	11.3	11.3	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	11.3	11.3	11.3	11.3	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	—	—	—	0.0	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	0.0
II. Fixed assets	328.9	312.1	322.0	331.0	336.7	342.1	294.0	302.7	311.1	351.1	362.6	375.1
1. Tangible fixed assets	328.9	312.1	322.0	331.0	336.7	342.1	294.0	302.7	311.1	336.9	348.4	360.9
- Cost	—	—	—	—	822.7	818.9	761.4	761.3	760.9	851.7	850.6	850.6
- Accumulated depreciation	—	—	—	—	-486.0	-476.8	-467.4	-458.6	-449.8	-514.8	-502.2	-489.7
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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	14.2	14.2	14.2
- Cost	—	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.2	30.4	29.6	27.3	25.4	25.9	80.6	1.6	0.1	0.0	0.0	0.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.2	30.4	29.6	27.3	25.4	25.9	80.6	1.6	0.1	0.0	0.0	0.1
V. Long-term financial investments	11.6	11.6	13.1	13.2	13.2	13.3	13.3	13.5	13.5	13.9	13.9	13.4
1. Investments in subsidiaries	—	—	—	—	0.0	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	0.0
3. Investments in other entities	11.6	11.6	15.5	15.5	15.5	15.5	15.5	15.5	15.5	15.5	15.5	15.5
4. Provision for diminution in value of long-term investments	—	—	-2.4	-2.3	-2.3	-2.2	-2.2	-2.1	-2.1	-1.6	-1.6	-2.2
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.1	8.9	5.3	5.4	5.6	3.3	3.4	1.3	1.3	4.3	4.6	5.1
1. Long-term prepayments	6.6	7.3	3.3	3.5	3.6	1.0	1.0	0.7	0.4	3.1	3.5	4.3
2. Deferred income tax assets	—	—	0.2	—	0.0	0.1	0.2	0.0	0.2	0.5	0.3	0.1
3. Long-term equipment, supplies, spare parts	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.8	0.7
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.9	1.0	1.1	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	1.3	1.4	1.5	1.6	1.7	1.8	1.9	2.0
TOTAL ASSETS (280=100+200)	727.8	825.1	846.1	775.2	816.6	926.4	946.8	944.2	970.4	982.1	961.7	953.8
A. LIABILITIES (300=210+330)	509.9	546.6	520.6	453.1	497.1	586.1	595.0	599.9	559.9	560.9	535.9	489.4
I. Short -term liabilities	390.5	377.4	372.6	313.7	349.9	427.0	430.8	520.3	474.8	496.2	476.2	424.3
1. Short-term trade accounts payable	63.0	71.6	71.4	67.0	67.3	83.1	30.9	107.3	89.4	118.8	128.8	63.4
2. Short-term advances from customers	2.5	1.1	6.2	1.3	2.0	0.8	0.6	0.4	0.0	2.4	0.8	1.7
3. Taxes and other payables to state authorities	1.6	2.5	0.8	1.4	2.4	1.8	1.9	1.4	6.1	8.8	6.9	6.6
4. Payable to employees	12.8	10.5	9.3	8.4	14.0	10.7	9.7	7.9	13.5	13.0	12.2	11.6
5. Short-term acrrued expenses	26.6	23.7	5.5	3.4	6.4	3.4	3.1	4.3	7.6	7.7	3.9	4.2
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.3	0.2
9. Other short-term payables	20.6	3.0	2.6	3.5	4.6	22.8	30.0	47.2	5.3	5.0	15.3	5.5
10. Short-term borrowings and financial leases	236.9	238.6	250.2	200.5	225.0	275.8	326.5	328.6	335.0	322.4	289.9	321.5
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	26.4	26.5	26.6	28.3	28.4	28.5	28.0	23.3	18.1	18.1	18.1	9.6
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	119.4	169.2	148.0	139.4	147.2	159.1	164.2	79.5	85.1	64.7	59.7	65.1
1. Long-term trade payables	114.3	146.7	125.5	116.2	114.3	117.9	116.6	23.7	62.5	39.9	34.5	38.7
2. Long-term advances from customers	—	—	—	—	0.0	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	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	5.0	22.4	22.4	22.4	23.4	23.4	22.4	22.6	22.6	21.6	21.6	22.8
8. Long-term borrowings and financial leases	—	—	—	0.8	9.1	17.2	25.3	33.4	0.0	3.2	3.6	3.7
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	0.2	0.1	0.1	0.1	0.4	0.6	-0.0	-0.2	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	217.9	278.6	325.6	322.1	319.5	340.4	351.8	344.3	410.5	421.1	425.8	464.4
I. Owner's equity	217.9	278.6	325.6	322.1	319.5	340.4	351.8	344.3	410.5	421.1	425.8	464.4
1. Owner's capital	101.4	101.4	101.4	101.4	101.4	101.4	101.4	101.4	101.4	101.4	101.4	101.4
- Common stock with voting right	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00	101,399,970,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	36.8	36.8	36.1	36.0	36.0	36.0	36.0	32.2	32.2	32.2	32.2	30.6
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	41.3	77.2	101.7	100.3	98.8	108.2	126.4	128.5	136.1	154.8	165.8	177.0
- Accumulated retained earning at the end of the previous period	87.0	97.1	97.4	98.9	126.1	125.7	145.3	156.5	114.9	154.0	173.0	187.8
- Undistributed earnings in this period	-45.6	-19.9	4.2	1.4	-27.4	-17.6	-18.8	-28.0	21.2	0.8	-7.2	-10.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	38.4	63.2	86.5	84.5	83.4	94.8	88.0	82.3	140.8	132.8	126.4	155.4
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	727.8	825.1	846.1	775.2	816.6	926.4	946.8	944.2	970.4	982.1	961.7	953.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-52.2	-46.5	7.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	9.1	10.0	17.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	1.7	0.1	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.4	-0.1	-4.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	-4.1	11.9	6.8	—	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-48.8	-24.7	27.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	46.2	43.4	-33.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	53.0	-50.1	-23.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-42.4	55.7	-1.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	3.9	3.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	4.8	-11.9	-6.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	0.1	0.0	-0.3	-0.4	-0.1	0.0	-2.4	-3.5	-0.1	-0.0	-2.5
Other Operating Receipts	—	—	—	—	41.5	2.2	0.4	0.1	-0.6	-7.8	11.8	1.0
Other Operating Payments	-1.1	-2.1	9.3	-11.3	-12.7	-10.8	-10.7	-18.5	-8.0	-18.7	-23.3	-16.6
Net Cash Flow from Operating Activities	14.4	14.3	-72.1	35.8	53.4	58.4	72.3	-55.3	34.8	-4.8	31.0	3.5
Payments for Fixed Assets and Other Long-term Assets	-0.2	-3.9	8.7	-11.4	-3.6	5.1	-66.1	-15.0	-10.6	-0.9	-1.3	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-30.0	0.0	-10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	30.0	0.0	15.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	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	2.8	0.0	0.0	0.0
Dividends and Interest Income Received	2.5	0.8	2.7	2.0	-18.9	18.2	7.3	6.7	-7.5	9.5	0.8	4.5
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	2.3	-3.1	16.3	-9.4	2.5	34.6	-58.8	13.8	-36.8	8.6	-0.5	-27.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	-47,000,000.00	47,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	268.4	187.2	222.4	211.9	218.2	150.4	281.8	254.9	283.3	243.1	285.3	294.8
Repayment of Borrowings	-270.1	-198.9	-173.4	-244.7	-277.2	-209.2	-291.9	-228.0	-231.7	-210.8	-317.0	-271.7
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-10.1	—	—	—	-5.0	-14.3	0.0	-0.0	-46.3	-21.5	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-11.8	-11.7	48.9	-32.8	-63.9	-73.1	-10.2	27.0	5.4	10.7	-31.7	23.1
Net Cash Flow During the Period	5.0	-0.5	-6.9	-6.4	-8.1	19.9	3.3	-14.5	3.4	14.5	-1.3	-0.9
Cash and Cash Equivalents at Beginning of Period	6.6	7.0	13.9	20.2	19.6	19.6	31.0	31.0	15.2	15.2	15.2	15.2
FX Difference from Revaluation	0.0	-0.0	0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.5	6.6	7.0	13.9	20.2	28.3	19.7	16.5	31.0	27.6	13.0	14.3

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SDG

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