SHA

Sơn Hà Sài Gòn ·HOSE ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 2.88x

Price

4,040

Latest close

03 Jun 2026

P/E 8.03x

P/B 0.32x

EPS 503

BVPS 12,726

ROE 3.9%

ROA 1.6%

Profit Margin 1.4%

Asset Turnover 1.12x

Equity Mult. 2.44x

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

What Is Changing

On a TTM 2026Q1 basis, SHA is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this improvement broadens out in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,193bn
	                                
+4.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
+20.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,163.5	1,140.4	1,083.6	1,100.9	927.6
Growth	+2%	+5%	-2%	+19%	—
Net Income	16.1	13.5	12.4	17.7	17.9
Net Margin	1.38%	1.18%	1.14%	1.61%	1.93%

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	308.5	299.6	299.2	285.7	278.3	305.0	299.0	262.5	273.9	241.9	290.3	239.6
Growth	+3%	+0%	+5%	+3%	-9%	+2%	+14%	-4%	+13%	-17%	+21%	—
Net Income	4.8	3.7	3.0	5.7	3.9	2.1	4.3	4.0	3.4	2.6	4.1	4.1
Net Margin	1.56%	1.23%	1.00%	2.01%	1.39%	0.69%	1.44%	1.53%	1.24%	1.09%	1.41%	1.72%

Drivers of SHA's profit

TTM

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

Gross profit ↑ 7.4bn

Financial income ↑ 3.7bn

Deferred tax ↓ 1.2bn

Finance costs ↓ 0.7bn

Selling expenses ↑ 6.9bn

Administrative expenses ↑ 2.6bn

TTM

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

Gross profit ↑ 5.4bn

Financial income ↑ 0.7bn

Tax ↓ 0.6bn

Other profit ↑ 0.2bn

Selling expenses ↑ 4.1bn

Administrative expenses ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.4% = 1.2% × 1.08 × 2.51

2026Q1 3.9% = 1.4% × 1.12 × 2.44

ROE rose from 3.4% to 3.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 1.4% +0.2pp Asset turnover: 1.12x +0.04x Leverage: 2.44x -0.07x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.45%, 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 1.45% +0.2pp

Gross Margin 12.30% +0.1pp

SG&A / Revenue 8.85% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 1.82%, broadly flat versus the same period. That translates to 1.82 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.2pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 1.82% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.82% +0.3pp

NOPAT Margin 1.44% +0.2pp

Capital Turnover 1.26x +0.03x

Average Invested Capital 948.6bn +12.9bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.48x equity, net debt at 1.13x equity.

Inventory ended the period at 468.2bn, roughly 42.7% of total assets.

Over the last 12 months, working capital released 18.6bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +74.4bn

Inventories increased → lower CFO: −20.5bn

Payables decreased → lower CFO: −35.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.5 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO fell 13.3 days, and DPO fell 7.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 230.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 86.5 days −13.3 days

Inventory 160.0 days −0.5 days

Payables 16.3 days −7.3 days

Cash Conversion Cycle 230.2 days −6.5 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 1.13x and interest coverage only at 0.59x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.5% of debt, and total debt stands at 562.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.13x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.59x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.13x −0.08x

Interest Coverage 0.59x +0.08x

Cash / Debt 10.5% +1.1pp

Short-term Debt / Total Debt 100.0% +0.0pp

CFO / NI 2.88x +2.85x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.1bn in 2025, against investing cash flow of -34.8bn.

Post-investment cash flow was negative +8.7bn. Financing cash flow was positive +23.2bn.

CFO / net income was 2.88x.

After spending +13.2bn on fixed-asset investment, the business generated trailing free cash flow of +36.5bn.

Cash Conversion

CFO TTM 49.6bn +49.2bn

Cash Capex 13.2bn +8.8bn

FCF TTM +36.5bn +40.4bn

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 2.88x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.8%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.88x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,190.8	1,224.1	1,156.2	1,175.1	982.8
Revenue Deductions	27.3	83.8	72.6	74.2	0.0
Net Revenue	1,163.5	1,140.4	1,083.6	1,100.9	927.6
Cost of Goods Sold	1,022.1	1,002.4	938.9	957.7	0.0
Gross Profit	141.4	137.9	144.7	143.2	123.9
Financial Income	13.0	8.7	5.7	7.8	6.6
Financial Expenses	33.7	36.7	44.1	33.2	-26.5
Interest Expense	33.5	36.6	43.7	32.6	-25.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	76.6	71.0	66.7	68.8	-61.9
General and Administrative Expenses	23.8	23.0	24.9	29.3	-23.8
Operating Profit	20.2	16.0	14.8	19.7	18.4
Other Income	0.4	0.4	0.9	0.6	0.0
Other Expenses	0.6	0.1	0.0	0.1	0.0
Other Profit	-0.2	0.3	0.8	0.5	1.6
Profit Before Tax	20.0	16.3	15.7	20.1	20.0
Current Income Tax Expense	4.3	3.0	3.3	2.6	-2.1
Deferred Income Tax Expense	-0.4	-0.2	-0.0	-0.2	0.0
Net Income	16.1	13.5	12.4	17.7	17.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	16.1	13.5	12.4	17.7	17.9
Earnings per Share	477.00	404.00	370.00	528.00	562.00
Diluted EPS	477.00	404.00	370.00	528.00	535.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	903.1	876.6	813.3	801.1	812.3
I. Cash and cash equivalents	83.8	69.4	39.8	43.5	45.2
1. Cash	83.8	69.4	39.8	43.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	26.2	42.2	19.2	15.0	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	26.2	42.2	19.2	15.0	0.0
III. Short-term receivables	316.6	314.3	301.8	310.0	385.3
1. Short-term trade accounts receivable	266.7	281.7	274.2	301.2	0.0
2. Short-term prepayments to suppliers	13.7	5.8	3.6	4.1	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	14.9	0.0	0.0
6. Other short-term receivables	37.4	28.0	9.9	6.7	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-0.8	-1.9	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	468.2	440.5	436.4	415.5	355.6
1. Inventories	468.2	440.5	436.4	415.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.4	10.3	16.1	17.2	11.9
1. Short-term prepayments	3.5	3.9	4.8	3.0	0.0
2. Value added tax to be reclaimed	4.8	6.3	11.3	14.1	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	193.9	182.0	198.9	219.5	217.3
I. Long-term receivables	23.2	0.3	0.6	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.5
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	23.2	0.3	0.6	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	126.3	139.0	155.4	161.2	142.7
1. Tangible fixed assets	87.9	99.2	111.7	115.3	95.3
- Cost	249.1	243.7	236.4	223.9	0.0
- Accumulated depreciation	-161.2	-144.5	-124.7	-108.6	0.0
2. Financial leased fixed assets	0.3	0.5	3.2	4.1	3.8
- Cost	1.1	1.1	6.3	6.3	0.0
- Accumulated depreciation	-0.8	-0.6	-3.2	-2.3	0.0
3. Intangible fixed assets	38.1	39.3	40.5	41.8	43.5
- Cost	55.1	55.1	55.1	55.1	0.0
- Accumulated depreciation	-17.0	-15.8	-14.6	-13.3	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	32.2	31.0	31.0	41.0	51.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	32.2	31.0	31.0	41.0	0.0
V. Long-term financial investments	10.0	10.0	10.0	10.0	10.0
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	10.0	10.0	10.0	10.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.2	1.7	1.9	6.8	0.0
1. Long-term prepayments	0.6	0.5	0.8	5.7	0.0
2. Deferred income tax assets	1.6	1.2	1.0	1.0	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	13.0
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)	1,097.0	1,058.6	1,012.2	1,020.7	1,029.6
A. LIABILITIES (300=210+330)	654.9	632.3	599.2	619.7	629.3
I. Short -term liabilities	654.4	631.6	598.0	617.8	624.0
1. Short-term trade accounts payable	37.0	37.1	28.9	94.2	131.9
2. Short-term advances from customers	3.7	3.5	4.4	4.1	6.6
3. Taxes and other payables to state authorities	3.8	2.5	3.2	2.2	0.0
4. Payable to employees	6.2	5.1	4.3	7.2	0.0
5. Short-term acrrued expenses	4.9	8.0	4.4	7.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.7	0.6	1.0	0.0
10. Short-term borrowings and financial leases	595.8	572.4	549.9	499.6	451.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.3	2.3	2.3	2.3	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	0.5	0.7	1.2	1.8	5.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.3	0.2	0.0
8. Long-term borrowings and financial leases	0.3	0.5	0.9	1.6	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)	442.1	426.3	413.1	401.0	400.3
I. Owner's equity	442.1	426.3	413.1	401.0	0.0
1. Owner's capital	351.2	334.5	334.5	334.5	400.3
- Common stock with voting right	351,186,320,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2
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	13.7	13.7	13.7	13.7	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	77.5	78.4	65.2	53.1	52.4
- Accumulated retained earning at the end of the previous period	61.4	64.9	52.8	35.4	34.5
- Undistributed earnings in this period	16.1	13.5	12.4	17.7	17.9
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)	1,097.0	1,058.6	1,012.2	1,020.7	1,029.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	20.0	16.3	15.7	20.1	20.0
Depreciation of Fixed Assets and Investment Property	18.1	19.0	18.9	20.1	17.6
Provision (Increase)/Reversal	—	0.4	-1.1	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	-2.3	-1.9	-1.1	-0.7	0.0
Interest Expense	33.5	36.6	43.7	32.6	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	69.4	70.3	76.1	72.1	63.0
Increase/(Decrease) in Receivables	15.4	-22.4	26.6	-56.3	0.0
Increase/(Decrease) in Inventory	-27.7	-4.1	-21.0	-57.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.0	10.8	-65.7	44.3	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	1.3	3.2	5.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-33.5	-36.5	-44.0	-32.3	0.0
Corporate Income Tax Paid	-3.8	-3.5	-1.8	-1.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	26.1	16.0	-26.6	-25.5	-59.5
Payments for Fixed Assets and Other Long-term Assets	-14.0	-2.1	-8.9	-18.8	-39.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-23.0	-28.0	-42.5	-0.6	-24.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	19.9	23.3	0.0	0.0
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	2.2	1.8	1.5	0.7	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	-34.8	-8.3	-26.6	-18.7	-63.3
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	1,334.0	1,278.8	1,301.7	1,276.3	1,161.2
Repayment of Borrowings	-1,310.7	-1,256.0	-1,251.2	-1,232.0	-1,114.6
Repayment of Finance Leases	-0.2	-0.7	-0.8	-1.0	-0.8
Dividends Paid	—	-0.2	-0.3	-0.7	-0.3
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	23.2	21.9	49.4	42.6	45.5
Net Cash Flow During the Period	14.4	29.6	-3.8	-1.6	-22.9
Cash and Cash Equivalents at Beginning of Period	69.4	39.8	43.5	45.2	122.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	83.8	69.4	39.8	43.5	45.2

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	308.7	299.8	299.7	296.9	293.7	325.9	319.6	289.7	288.9	261.1	312.0	258.3
Revenue Deductions	0.2	0.1	0.5	11.2	15.4	20.9	20.6	27.2	15.0	19.3	21.7	18.7
Net Revenue	308.5	299.6	299.2	285.7	278.3	305.0	299.0	262.5	273.9	241.9	290.3	239.6
Cost of Goods Sold	267.0	262.6	265.5	251.1	242.2	273.9	262.3	227.0	239.3	209.3	250.5	203.3
Gross Profit	41.5	37.0	33.7	34.6	36.1	31.1	36.7	35.5	34.6	32.5	39.7	36.3
Financial Income	3.2	3.5	3.5	3.3	2.5	3.7	1.1	2.6	1.3	3.0	0.2	1.8
Financial Expenses	8.5	8.9	8.3	8.7	7.9	8.6	9.0	9.6	9.5	10.7	10.6	11.8
Interest Expense	8.5	8.8	8.3	8.6	7.9	8.5	9.0	9.6	9.5	10.7	10.6	11.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	22.9	20.8	18.3	18.0	18.8	18.5	18.2	17.8	16.6	16.1	19.2	15.8
General and Administrative Expenses	7.2	5.9	7.2	5.4	6.0	5.4	5.7	5.9	5.9	5.9	5.7	6.2
Operating Profit	6.1	5.0	3.4	5.8	5.9	2.3	5.0	4.8	3.9	2.8	4.5	4.2
Other Income	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.1	0.5
Other Expenses	0.2	0.1	0.0	0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.2	-0.0	0.1	0.1	-0.4	0.2	0.1	0.1	0.1	0.2	0.1	0.5
Profit Before Tax	5.9	5.0	3.5	5.9	5.5	2.5	5.1	4.8	4.0	3.0	4.6	4.7
Current Income Tax Expense	1.2	1.4	0.6	1.0	1.8	0.4	0.7	0.6	0.6	0.4	0.5	0.4
Deferred Income Tax Expense	-0.1	-0.1	-0.1	-0.8	-0.1	-0.0	0.0	0.2	0.0	-0.1	-0.0	0.1
Net Income	4.8	3.7	3.0	5.7	3.9	2.1	4.3	4.0	3.4	2.6	4.1	4.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.8	3.7	3.0	5.7	3.9	2.1	4.3	4.0	3.4	2.6	4.1	4.1
Earnings per Share	137.00	105.00	89.00	172.00	116.00	62.00	129.00	120.00	101.00	79.00	123.00	123.00
Diluted EPS	137.00	105.00	89.00	156.00	116.00	417.00	129.00	120.00	101.00	79.00	123.00	123.00

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)	861.3	919.3	935.9	897.5	904.2	880.5	880.6	873.3	844.6	882.7	832.6	821.4
I. Cash and cash equivalents	59.3	83.8	52.7	59.9	53.9	85.4	72.1	41.1	36.2	39.8	34.7	57.4
1. Cash	59.3	83.8	52.7	59.9	53.9	69.4	64.1	41.1	36.2	39.8	34.7	57.4
2. Cash equivalents	—	—	—	—	—	16.0	8.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	28.2	26.2	26.2	26.2	42.2	26.2	21.2	19.2	18.2	19.2	24.0	24.0
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	28.2	26.2	26.2	26.2	42.2	26.2	21.2	19.2	18.2	19.2	24.0	24.0
III. Short-term receivables	297.7	333.2	392.6	351.4	350.8	320.3	350.4	359.2	341.5	371.6	359.2	339.8
1. Short-term trade accounts receivable	247.2	284.0	353.6	311.9	318.5	286.1	333.7	336.6	307.8	342.0	347.4	330.6
2. Short-term prepayments to suppliers	15.4	13.7	7.7	5.2	3.5	5.8	5.3	7.3	4.5	3.6	4.2	2.8
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	14.9	16.9	0.0	0.0
6. Other short-term receivables	36.3	37.3	32.5	35.5	30.0	29.7	12.6	16.4	15.0	9.9	9.3	8.2
7. Provision for short-term doubtful debts (*)	-1.2	-1.8	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-0.8	-0.8	-1.7	-1.7
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	468.9	468.2	457.6	452.2	448.4	438.6	427.8	442.2	435.7	436.4	403.7	388.9
1. Inventories	468.9	468.2	457.6	452.2	448.4	438.6	427.8	442.2	435.7	436.4	403.7	388.9
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	7.2	8.0	6.8	7.8	8.9	10.0	9.0	11.6	13.0	15.6	11.0	11.3
1. Short-term prepayments	3.3	3.1	1.7	2.1	2.8	3.6	2.5	2.2	3.5	4.3	2.3	2.5
2. Value added tax to be reclaimed	3.9	4.8	4.8	5.6	5.9	6.3	6.5	9.2	9.6	11.3	8.6	8.8
3. Taxes and other receivables from state authorities	0.0	0.0	0.2	0.1	0.2	0.1	0.0	0.2	0.0	0.0	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	194.7	194.3	193.9	196.2	179.8	181.9	186.6	190.0	194.3	199.3	205.2	211.2
I. Long-term receivables	23.2	23.2	23.2	20.2	0.2	0.2	0.2	0.2	0.5	0.5	0.5	0.5
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	23.2	23.2	23.2	20.2	0.2	0.2	0.2	0.2	0.5	0.5	0.5	0.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	126.7	126.3	127.1	131.7	136.2	139.0	143.7	146.0	150.7	155.4	160.2	165.0
1. Tangible fixed assets	88.7	87.9	88.4	92.6	96.8	99.2	103.6	105.8	107.5	111.7	115.9	120.2
- Cost	252.9	—	—	—	—	243.7	244.3	241.8	236.5	236.4	237.0	237.0
- Accumulated depreciation	-164.3	—	—	—	—	-144.5	-140.7	-136.0	-128.9	-124.7	-121.1	-116.8
2. Financial leased fixed assets	0.2	0.3	0.3	0.4	0.5	0.5	0.6	0.3	3.0	3.2	3.4	3.6
- Cost	1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	37.8	38.1	38.4	38.7	39.0	39.3	39.6	39.9	40.2	40.5	40.8	41.1
- Cost	55.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-17.3	—	—	—	—	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	32.3	32.2	31.0	31.0	31.1	31.0	31.0	31.0	31.1	31.0	31.0	31.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	32.3	32.2	31.0	31.0	31.1	31.0	31.0	31.0	31.1	31.0	31.0	31.0
V. Long-term financial investments	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.5	2.6	2.5	3.2	2.2	1.6	1.6	2.7	2.0	2.3	3.5	4.7
1. Long-term prepayments	0.9	1.0	1.1	1.2	1.4	0.8	0.8	2.0	1.0	1.3	2.5	3.8
2. Deferred income tax assets	1.7	1.6	1.5	2.1	0.9	0.8	0.7	0.8	1.0	1.0	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)	1,056.0	1,113.6	1,129.8	1,093.7	1,084.0	1,062.4	1,067.2	1,063.4	1,038.9	1,082.0	1,037.8	1,032.7
A. LIABILITIES (300=210+330)	609.1	671.5	691.4	657.8	653.8	635.6	642.5	642.9	622.4	667.4	625.8	624.9
I. Short -term liabilities	608.6	671.0	690.9	657.2	653.5	634.9	641.7	642.0	621.4	664.3	624.6	623.5
1. Short-term trade accounts payable	27.6	54.2	102.4	56.1	65.9	42.1	65.7	81.6	64.3	96.7	87.9	93.0
2. Short-term advances from customers	5.0	3.7	4.6	2.6	3.2	4.6	4.4	7.0	4.7	4.4	5.2	4.9
3. Taxes and other payables to state authorities	1.5	3.8	2.6	2.7	1.3	1.6	2.6	1.8	0.8	1.7	1.9	1.6
4. Payable to employees	5.8	5.6	2.7	4.4	4.2	5.2	4.2	4.4	4.0	4.3	4.0	3.8
5. Short-term acrrued expenses	3.3	4.9	4.2	4.1	5.1	6.2	5.4	4.7	1.3	4.4	3.1	2.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.9	0.7	0.8	0.7	1.2	0.7	0.9	0.8	0.8	0.6	1.2	1.1
10. Short-term borrowings and financial leases	562.2	595.8	571.2	584.4	570.3	572.4	556.2	539.5	543.2	549.9	519.0	514.2
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	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
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	0.5	0.5	0.6	0.6	0.3	0.7	0.8	0.9	1.0	3.2	1.3	1.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	0.3	0.3	0.3	0.4	0.5	0.5	0.6	0.6	0.8	2.9	1.0	1.2
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	—	—	—	—	-0.4	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)	446.9	442.0	438.3	435.9	430.2	426.7	424.6	420.5	416.5	414.6	411.9	407.8
I. Owner's equity	446.9	442.0	438.3	435.9	430.2	426.7	424.6	420.5	416.5	414.6	411.9	407.8
1. Owner's capital	351.2	351.2	334.5	334.5	334.5	334.5	334.5	334.5	334.5	334.5	334.5	334.5
- Common stock with voting right	351,186,320,000.00	351,186,320,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00	334,466,750,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. 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	13.7	13.7	13.7	13.7	13.7	13.7	13.7	13.7	13.7	13.7	13.7	13.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	82.3	77.4	90.4	88.0	82.3	78.8	76.7	72.6	68.6	66.7	64.0	59.9
- Accumulated retained earning at the end of the previous period	77.5	61.4	78.1	78.4	78.4	64.9	64.9	65.2	65.2	52.8	52.8	52.8
- Undistributed earnings in this period	4.8	16.0	12.3	9.6	3.9	13.9	11.8	7.4	3.4	13.9	11.2	7.1
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)	1,056.0	1,113.6	1,129.8	1,093.7	1,084.0	1,062.4	1,067.2	1,063.4	1,038.9	1,082.0	1,037.8	1,032.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	5.9	5.0	3.5	5.9	5.5	2.5	5.1	4.8	4.0	3.0	4.6	4.7
Depreciation of Fixed Assets and Investment Property	3.4	4.1	4.5	4.7	4.7	4.7	4.8	4.7	4.7	4.8	4.8	4.8
Provision (Increase)/Reversal	—	—	—	—	0.4	0.4	-0.4	0.4	0.0	-0.9	0.0	-0.2
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
Gain/Loss from Investment Activities	-0.1	-0.6	-0.7	-0.7	-0.3	-0.2	-0.1	-1.1	-0.2	-0.2	-0.2	-0.7
Interest Expense	8.5	8.8	8.3	8.6	7.9	8.4	9.0	9.6	9.5	10.6	10.6	11.6
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	17.8	17.4	15.6	18.2	18.2	15.8	18.3	18.5	18.0	17.2	19.8	20.3
Increase/(Decrease) in Receivables	31.0	88.5	-43.2	-1.9	-28.0	27.1	11.4	-29.1	-37.4	70.5	-19.2	-0.0
Increase/(Decrease) in Inventory	-0.7	-10.6	-5.4	-3.8	-7.9	-10.8	14.5	-6.6	0.7	-32.7	-14.8	8.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-24.4	-45.8	44.1	-9.2	17.0	-16.6	-24.6	21.6	31.3	-52.0	-10.6	20.1
Increase/(Decrease) in Prepaid Expenses	-0.0	-1.4	0.5	0.9	0.2	-1.0	0.8	0.3	1.1	-0.9	1.5	1.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-8.7	-8.5	-8.5	-8.4	-8.1	-8.1	-8.9	-9.7	-9.5	-10.5	-10.7	-11.9
Corporate Income Tax Paid	-3.0	-0.8	0.0	0.0	-3.0	-0.8	0.0	0.0	-2.7	-0.6	-0.1	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	11.9	38.9	3.1	-4.3	-11.6	5.5	11.5	-5.0	1.6	-9.1	-34.2	38.0
Payments for Fixed Assets and Other Long-term Assets	-1.2	-12.0	0.0	0.1	-2.0	-1.5	-0.3	-0.5	-0.1	-6.9	6.7	-8.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-2.0	-19.0	0.0	-4.0	—	-9.0	-2.0	-1.0	0.0	-25.5	0.0	-17.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	4.0	4.0	14.9	1.0	15.0	0.0	8.3
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	0.3	-1.5	3.1	0.3	0.3	0.2	1.3	0.4	0.7	0.8	0.0	0.5
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	-2.8	-32.5	3.1	-3.7	-1.7	-6.3	3.0	13.8	1.6	-16.6	6.8	-16.7
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	289.9	349.2	293.1	429.3	262.5	392.5	320.9	328.5	236.9	404.5	286.0	327.3
Repayment of Borrowings	-323.5	-324.5	-306.4	-415.2	-264.6	-378.5	-304.2	-331.9	-243.4	-373.5	-281.1	-342.6
Repayment of Finance Leases	—	-0.1	—	-0.1	—	0.0	0.1	-0.6	-0.2	-0.2	-0.2	-0.2
Dividends Paid	—	—	-0.3	—	—	0.0	-0.2	0.0	0.0	0.0	0.0	-0.3
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-33.6	24.8	-13.5	14.0	-2.1	14.0	16.6	-3.9	-6.8	30.8	4.7	-15.8
Net Cash Flow During the Period	-24.5	31.1	-7.2	6.0	-15.5	13.3	31.1	4.9	-3.6	5.1	-22.7	5.4
Cash and Cash Equivalents at Beginning of Period	83.8	52.7	59.9	53.9	69.4	39.8	39.8	39.8	39.8	43.5	43.5	43.5
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	59.3	83.8	52.7	59.9	53.9	85.4	72.1	41.1	36.2	39.8	34.7	57.4

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SHA

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Cash Flow