SHN

Đầu tư Tổng hợp Hà Nội ·HNX ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE −0.01%, −0.40pp YoY

Price

3,400

Latest close

03 Jun 2026

P/E -3,400.00x

P/B 0.27x

EPS -1

BVPS 12,401

ROE -0.0%

ROA -0.0%

Profit Margin -0.0%

Asset Turnover 0.63x

Equity Mult. 3.48x

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

What Is Changing

On a TTM 2026Q1 basis, SHN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,513bn
	                                
−15.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 2bn
	                                
−120.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    353.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	3,515.3	3,821.5	5,724.4	5,853.6	3,745.8
Growth	-8%	-33%	-2%	+56%	—
Net Income	1.7	8.9	3.5	2.8	46.7
Net Margin	0.05%	0.23%	0.06%	0.05%	1.25%

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	1,107.2	878.4	421.1	1,106.2	1,109.6	1,256.4	534.3	1,278.5	752.2	1,349.2	1,440.9	1,474.9
Growth	+26%	+109%	-62%	-0%	-12%	+135%	-58%	+70%	-44%	-6%	-2%	—
Net Income	0.3	-6.6	-3.2	7.2	4.3	-0.3	0.6	6.8	1.7	-2.7	-6.0	11.1
Net Margin	0.03%	-0.75%	-0.76%	0.65%	0.39%	-0.02%	0.12%	0.53%	0.22%	-0.20%	-0.42%	0.75%

Drivers of SHN's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Financial income ↑ 12.8bn

Other profit ↑ 9.6bn

Tax ↓ 4.2bn

Minority interests ↓ 2.4bn

Finance costs ↑ 16.7bn

Selling expenses ↑ 10.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Tax ↓ 2.0bn

Gross profit ↑ 1.8bn

Minority interests ↓ 0.6bn

Finance costs ↑ 4.6bn

Selling expenses ↑ 1.8bn

Other profit ↓ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.7% = 0.3% × 0.78 × 3.34

2026Q1 -0.1% = -0.1% × 0.63 × 3.48

ROE fell from 0.7% to -0.1% — asset turnover weakened the most, though leverage still provided support.

Net margin: -0.1% -0.3pp Asset turnover: 0.63x -0.15x Leverage: 3.48x +0.14x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to -0.07%, falling 0.3pp. The main pressure is SG&A / Revenue rose 0.6pp, outweighing the improvement in Gross margin rose 0.0pp (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 -0.07% −0.3pp

Gross Margin 1.42% +0.0pp

SG&A / Revenue 1.33% +0.6pp

Non-core / Revenue -0.08% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (477.7% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to -0.01%, falling 0.4pp. That translates to -0.01 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.4pp and capital turnover fell 0.22x, while invested capital rose by 382bn — pressure came from both operational efficiency and asset efficiency.

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

Watchpoints

ROIC remains low

ROIC is currently -0.01% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.01% −0.4pp

NOPAT Margin -0.01% −0.4pp

Capital Turnover 0.74x −0.22x

Average Invested Capital 4,743.0bn +381.8bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.17x equity, net debt at 1.93x equity.

Over the last 12 months, working capital released 149.1bn 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: +275.8bn

Inventories increased → lower CFO: −3.6bn

Payables decreased → lower CFO: −123.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 53.2 days versus the same period last year. The main moves came from DIO rose 18.2 days, DSO rose 45.0 days, and DPO rose 10.0 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 209.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +45.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 254.2 days +45.0 days

Inventory 25.6 days +18.2 days

Payables 70.1 days +10.0 days

Cash Conversion Cycle 209.8 days +53.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.93x and interest coverage only at -0.01x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.5% of debt, and total debt stands at 3,146.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.93x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.01x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.93x −0.06x

Interest Coverage -0.01x −0.11x

Cash / Debt 1.5% +0.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -2065.87x −1982.29x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 223.5bn in 2025, against investing cash flow of 487.4bn.

Post-investment cash flow was positive +710.9bn. Financing cash flow was negative +696.9bn.

CFO / net income was -2,065.87x.

After spending +2.9bn on fixed-asset investment, the business generated trailing free cash flow of +130.9bn.

Cash Conversion

CFO TTM 133.8bn +1,082.3bn

Cash Capex 2.9bn —

FCF TTM +130.9bn —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at -0.0%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 353.2% of PBT and CFO / net income currently at -2065.87x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,515.3	3,821.5	5,724.4	5,853.6	3,745.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	3,515.3	3,821.5	5,724.4	5,853.6	3,745.8
Cost of Goods Sold	3,467.2	3,766.0	5,624.6	5,775.2	0.0
Gross Profit	48.1	55.5	99.8	78.4	67.5
Financial Income	268.2	252.7	306.6	141.4	195.6
Financial Expenses	267.5	254.1	342.7	168.0	-120.3
Interest Expense	227.9	192.1	268.1	127.3	-113.6
Share of Associates and Joint Ventures	-1.7	-2.8	-0.0	-0.0	-0.1
Selling Expenses	16.9	8.7	35.9	18.6	-31.8
General and Administrative Expenses	27.8	21.3	22.5	23.2	-51.9
Operating Profit	2.3	21.2	5.3	10.1	59.0
Other Income	2.7	0.1	0.0	5.4	0.0
Other Expenses	0.3	9.1	0.4	0.8	0.0
Other Profit	2.4	-9.0	-0.3	4.6	0.6
Profit Before Tax	4.8	12.2	5.0	14.8	59.6
Current Income Tax Expense	3.1	3.3	1.4	11.9	-13.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.7	8.9	3.5	2.8	46.7
Non-controlling Interest	-1.7	0.1	0.2	0.3	0.8
Profit Attributable to Parent	3.4	8.8	3.3	2.5	45.9
Earnings per Share	26.00	68.00	26.00	20.00	354.00
Diluted EPS	26.00	68.00	25.53	20.00	354.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,507.1	4,031.8	4,224.5	4,395.7	2,650.9
I. Cash and cash equivalents	36.0	22.0	121.6	62.3	375.0
1. Cash	9.9	17.6	113.7	51.2	0.0
2. Cash equivalents	26.1	4.4	7.8	11.1	0.0
II. Short-term financial investments	0.4	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.4	0.0	0.0	0.0	0.0
III. Short-term receivables	3,140.2	3,851.1	4,068.7	3,460.1	1,927.9
1. Short-term trade accounts receivable	2,403.5	2,355.8	2,631.9	2,468.3	0.0
2. Short-term prepayments to suppliers	5.3	607.6	478.8	7.1	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	222.1	1,000.0	904.2	783.5	0.0
6. Other short-term receivables	511.3	165.5	331.4	478.3	0.0
7. Provision for short-term doubtful debts (*)	-2.0	-277.8	-277.7	-277.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	326.5	147.8	16.6	826.4	321.1
1. Inventories	326.5	147.8	16.6	827.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-1.2	0.0
V. Other short-term assets	4.0	10.9	17.7	46.9	26.8
1. Short-term prepayments	1.3	9.7	17.4	1.0	0.0
2. Value added tax to be reclaimed	2.7	1.2	0.3	45.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	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)	1,590.7	1,569.4	1,484.1	1,314.1	1,023.0
I. Long-term receivables	642.9	541.7	541.4	541.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	278.0
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	0.1	0.0
6. Other long-term receivables	644.0	549.2	549.0	549.2	0.0
7. Provision for long-term doubtful debts	-1.0	-7.6	-7.6	-7.6	0.0
II. Fixed assets	24.9	24.4	15.9	13.9	14.8
1. Tangible fixed assets	14.9	14.4	5.9	4.0	4.8
- Cost	37.2	34.3	25.1	21.9	0.0
- Accumulated depreciation	-22.3	-20.0	-19.2	-18.0	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	10.0	10.0	10.0	10.0	10.0
- Cost	10.0	10.0	10.0	10.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	8.3	182.1	180.0	0.1	0.0
1. Long-term production in progress	—	182.1	180.0	0.0	0.0
2. Construction in progress	8.3	0.0	0.0	0.1	0.0
V. Long-term financial investments	908.8	818.0	741.9	741.7	711.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	701.4	737.9	740.8	740.8	0.0
3. Investments in other entities	220.5	93.4	14.7	14.7	0.0
4. Provision for diminution in value of long-term investments	-13.2	-13.4	-13.5	-13.8	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	5.8	3.2	4.8	16.7	0.0
1. Long-term prepayments	4.2	0.7	1.4	12.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	19.1
5. Goodwill	1.6	2.5	3.4	4.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,097.8	5,601.2	5,708.6	5,709.8	3,673.9
A. LIABILITIES (300=210+330)	3,490.7	4,006.3	4,121.9	4,125.9	2,076.5
I. Short -term liabilities	3,490.7	4,006.3	4,121.9	4,125.8	1,888.4
1. Short-term trade accounts payable	659.9	508.7	1,015.8	1,194.6	412.3
2. Short-term advances from customers	31.3	1.9	0.3	0.1	1.3
3. Taxes and other payables to state authorities	4.0	4.0	3.1	12.6	0.0
4. Payable to employees	4.0	2.1	1.8	3.4	0.0
5. Short-term acrrued expenses	15.5	9.5	26.6	9.0	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	70.3	70.2	341.0	81.0	0.0
10. Short-term borrowings and financial leases	2,698.7	3,395.5	2,727.2	2,819.1	1,307.6
11. Provision for short-term liabilities	—	8.3	0.0	0.0	0.0
12.. Bonus and welfare fund	7.0	6.2	6.1	6.0	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	—	0.0	0.0	0.1	188.2
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	—	0.0	0.0	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	188.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,607.0	1,594.9	1,586.7	1,583.9	1,597.4
I. Owner's equity	1,607.0	1,594.9	1,586.7	1,583.9	0.0
1. Owner's capital	1,296.1	1,296.1	1,296.1	1,296.1	1,597.4
- Common stock with voting right	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	16.4	16.4	16.4	16.4	16.4
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	6.1	6.1	6.1	6.1	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	269.5	267.1	258.7	255.9	268.9
- Accumulated retained earning at the end of the previous period	266.1	258.3	255.4	253.3	223.0
- Undistributed earnings in this period	3.4	8.8	3.3	2.5	45.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	18.9	9.3	9.4	9.5	9.9
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	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,097.8	5,601.2	5,708.6	5,709.8	3,673.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	4.8	12.2	5.0	14.8	59.6
Depreciation of Fixed Assets and Investment Property	3.7	2.1	2.2	2.3	232.5
Provision (Increase)/Reversal	-1.0	8.2	-0.8	1.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.0	-0.0	0.4	0.0
Gain/Loss from Investment Activities	-55.3	-84.5	-112.4	-62.5	0.0
Interest Expense	227.9	192.1	269.0	129.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	179.9	130.2	163.0	86.1	389.9
Increase/(Decrease) in Receivables	66.5	253.5	-406.0	-2,268.4	0.0
Increase/(Decrease) in Inventory	2.9	-142.1	632.0	-506.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	194.7	-774.6	79.3	719.5	0.0
Increase/(Decrease) in Prepaid Expenses	4.9	8.3	-5.4	1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-222.0	-209.2	-250.0	-128.0	0.0
Corporate Income Tax Paid	-3.4	-1.5	-11.1	-21.3	0.0
Other Operating Receipts	-0.1	0.0	0.1	0.3	0.0
Other Operating Payments	-0.1	-0.4	-0.5	-0.8	0.0
Net Cash Flow from Operating Activities	223.5	-735.7	201.4	-2,117.6	1,131.7
Payments for Fixed Assets and Other Long-term Assets	-11.1	-0.4	-4.1	-3.8	8.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-0.4	-1,552.8	-649.3	-644.4	-828.3
Receipts from Loan Repayments and Sale of Debt Instruments	541.9	1,457.0	528.7	840.8	115.0
Investments in Other Entities	-127.1	-78.7	0.0	-510.0	0.0
Proceeds from Investments in Other Entities	35.0	0.0	0.0	781.2	0.0
Dividends and Interest Income Received	48.7	143.0	75.6	20.3	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	487.4	-32.0	-49.2	484.0	-696.0
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	5,402.0	6,941.9	6,968.5	6,032.1	4,438.5
Repayment of Borrowings	-6,098.8	-6,273.6	-7,061.2	-4,710.7	-4,636.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-0.2	-0.2	-0.4	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-696.9	668.1	-92.9	1,321.0	-197.6
Net Cash Flow During the Period	14.0	-99.6	59.3	-312.6	352.1
Cash and Cash Equivalents at Beginning of Period	22.0	121.6	62.3	375.0	136.9
FX Difference from Revaluation	0.0	0.0	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	36.0	22.0	121.6	62.3	375.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	1,107.2	878.4	421.1	1,106.2	1,109.6	1,256.4	534.3	1,278.5	752.2	1,349.2	1,440.9	1,474.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1,107.2	878.4	421.1	1,106.2	1,109.6	1,256.4	534.3	1,278.5	752.2	1,349.2	1,440.9	1,474.9
Cost of Goods Sold	1,091.6	866.8	413.5	1,091.1	1,095.8	1,239.2	525.5	1,259.6	741.6	1,333.0	1,428.4	1,421.9
Gross Profit	15.5	11.6	7.6	15.1	13.8	17.3	8.8	18.9	10.6	16.1	12.4	53.0
Financial Income	69.1	63.7	65.8	69.1	69.6	48.5	68.3	68.4	67.5	83.2	82.8	77.9
Financial Expenses	73.1	71.6	66.8	60.6	68.5	55.8	67.5	63.6	67.1	86.2	86.5	107.0
Interest Expense	67.4	61.3	55.7	53.9	56.9	44.7	54.6	50.4	42.5	54.3	73.2	81.5
Share of Associates and Joint Ventures	—	0.0	—	-1.6	—	-2.9	0.0	-0.0	0.0	-0.0	0.0	0.0
Selling Expenses	5.2	4.8	4.4	4.4	3.4	1.4	2.5	1.3	3.6	8.8	10.7	4.4
General and Administrative Expenses	5.7	7.2	7.0	8.1	5.5	5.2	5.9	5.2	5.0	7.5	5.3	5.4
Operating Profit	0.7	-8.3	-4.8	9.5	5.9	0.5	1.2	17.1	2.3	-3.2	-7.2	14.1
Other Income	0.1	0.4	1.3	0.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.1	0.0	0.2	0.4	8.4	0.0	0.1	0.1	0.2
Other Profit	0.1	0.4	1.2	-0.1	1.0	-0.2	-0.4	-8.4	-0.0	-0.1	-0.1	-0.1
Profit Before Tax	0.8	-7.9	-3.6	9.4	6.8	0.3	0.9	8.7	2.3	-3.3	-7.3	13.9
Current Income Tax Expense	0.5	-1.3	-0.4	2.3	2.5	0.6	0.2	1.9	0.6	-0.6	-1.3	2.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.3	-6.6	-3.2	7.2	4.3	-0.3	0.6	6.8	1.7	-2.7	-6.0	11.1
Non-controlling Interest	-0.6	-0.2	-0.2	-1.2	-0.1	0.1	0.1	0.0	-0.1	0.2	0.1	0.1
Profit Attributable to Parent	0.9	-6.3	-3.0	8.3	4.4	-0.3	0.5	6.8	1.8	-2.9	-6.1	11.0
Earnings per Share	7.00	-49.00	-23.00	64.00	34.00	-3.00	4.00	52.00	14.00	-22.00	-47.00	85.00
Diluted EPS	7.00	-49.00	-23.00	64.00	34.00	67.00	4.00	52.00	14.00	-22.00	-47.00	85.00

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)	3,913.6	3,507.1	3,522.5	3,759.9	3,893.0	4,031.3	2,860.7	4,283.7	3,516.4	4,224.5	3,723.5	4,578.0
I. Cash and cash equivalents	45.7	36.0	38.2	21.0	16.8	22.0	217.2	18.0	12.0	121.6	11.7	15.3
1. Cash	18.1	9.9	10.9	11.7	8.7	17.6	209.8	13.8	3.7	113.7	5.1	11.2
2. Cash equivalents	27.6	26.1	27.3	9.3	8.1	4.4	7.5	4.2	8.3	7.8	6.7	4.1
II. Short-term financial investments	221.1	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	221.1	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3,309.9	3,140.2	3,152.6	3,400.2	3,716.4	3,851.8	2,478.6	4,239.3	3,474.0	4,068.7	3,592.1	4,136.6
1. Short-term trade accounts receivable	2,452.4	2,403.5	2,124.0	2,380.4	2,440.9	2,355.8	1,536.0	3,202.2	2,350.1	2,631.9	2,481.0	2,640.1
2. Short-term prepayments to suppliers	305.2	5.3	314.0	314.9	603.9	608.2	621.6	527.9	528.1	478.8	0.4	30.0
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	—	222.1	222.1	222.1	458.1	1,000.0	458.1	480.3	525.7	904.2	1,114.2	1,268.2
6. Other short-term receivables	554.3	511.3	494.1	484.3	491.3	165.5	140.6	306.5	347.8	331.4	273.6	475.4
7. Provision for short-term doubtful debts (*)	-2.0	-2.0	-1.5	-1.5	-277.8	-277.8	-277.7	-277.7	-277.7	-277.7	-277.1	-277.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	335.1	326.5	327.5	332.1	151.5	146.7	159.3	17.4	17.1	16.6	112.7	418.8
1. Inventories	335.1	326.5	327.5	332.1	151.5	146.7	159.3	17.4	17.1	16.6	113.1	419.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.5	-0.5
V. Other short-term assets	1.7	4.0	3.8	6.2	7.8	10.9	5.5	9.1	13.4	17.7	6.9	7.3
1. Short-term prepayments	0.4	1.3	2.7	5.2	7.1	9.7	4.5	8.8	13.1	17.4	0.4	0.4
2. Value added tax to be reclaimed	1.2	2.7	1.1	1.0	0.7	1.2	1.0	0.3	0.3	0.3	6.5	6.9
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,589.1	1,590.7	1,591.1	1,587.6	1,767.7	1,569.8	1,563.1	1,693.4	1,483.3	1,484.1	1,490.4	1,313.1
I. Long-term receivables	642.9	642.9	642.9	642.9	734.6	541.7	541.4	541.4	541.4	541.4	541.4	542.0
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	0.1
6. Other long-term receivables	644.0	644.0	644.0	644.0	742.1	549.2	549.0	549.0	549.0	549.0	548.9	549.5
7. Provision for long-term doubtful debts	-1.0	-1.0	-1.0	-1.0	-7.6	-7.6	-7.6	-7.6	-7.6	-7.6	-7.6	-7.6
II. Fixed assets	27.1	24.9	25.7	25.6	24.3	24.4	15.8	16.1	15.6	15.9	16.2	13.3
1. Tangible fixed assets	17.1	14.9	15.7	15.6	14.3	14.4	5.8	6.1	5.6	5.9	6.3	3.3
- Cost	40.1	—	—	—	—	34.3	25.8	25.8	25.1	25.1	25.1	21.9
- Accumulated depreciation	-23.0	—	—	—	—	-20.0	-20.0	-19.7	-19.4	-19.2	-18.9	-18.6
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	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
- Cost	10.0	—	—	—	—	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
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	—	8.3	7.6	3.4	182.9	182.1	181.5	311.1	180.0	180.0	179.2	3.1
1. Long-term production in progress	—	—	—	—	182.9	182.1	181.5	311.1	180.0	180.0	179.2	0.0
2. Construction in progress	—	8.3	7.6	3.4	—	0.0	0.0	0.0	0.0	0.0	0.0	3.1
V. Long-term financial investments	908.8	908.8	908.6	908.6	818.0	818.0	820.9	820.9	741.9	741.9	741.9	741.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	701.4	701.4	701.4	701.4	737.9	737.9	740.8	740.8	740.8	740.8	740.8	740.8
3. Investments in other entities	220.5	220.5	220.5	220.5	93.4	93.4	93.4	93.4	14.7	14.7	14.7	14.7
4. Provision for diminution in value of long-term investments	-13.2	-13.2	-13.3	-13.3	-13.4	-13.3	-13.3	-13.3	-13.5	-13.5	-13.5	-13.5
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	10.2	5.8	6.4	7.1	7.9	3.7	3.5	4.0	1.2	1.4	8.0	9.0
1. Long-term prepayments	8.9	4.2	4.6	5.1	5.6	1.2	0.7	1.0	1.2	1.4	8.0	9.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	1.4	1.6	1.8	2.1	2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2.5	2.7	3.0	3.2	3.4	3.7	3.9
TOTAL ASSETS (280=100+200)	5,502.6	5,097.8	5,113.6	5,347.5	5,660.7	5,601.1	4,423.7	5,977.1	4,999.7	5,708.6	5,213.9	5,891.1
A. LIABILITIES (300=210+330)	3,895.3	3,490.7	3,500.0	3,738.7	4,061.4	4,006.2	2,828.6	4,382.6	3,411.4	4,122.5	3,625.1	4,307.1
I. Short -term liabilities	3,895.3	3,490.7	3,500.0	3,738.7	4,061.4	4,006.2	2,828.6	4,382.6	3,411.4	4,122.5	3,625.1	4,307.1
1. Short-term trade accounts payable	583.9	659.9	223.1	329.9	745.9	508.7	269.9	694.5	611.3	1,015.8	1,033.5	767.6
2. Short-term advances from customers	39.1	31.3	12.9	11.6	11.7	1.9	12.0	2.0	4.5	0.3	3.2	0.1
3. Taxes and other payables to state authorities	0.6	4.0	5.5	5.3	2.6	4.0	3.3	3.1	0.9	2.9	2.4	14.2
4. Payable to employees	1.3	4.0	1.5	1.4	0.9	2.0	0.9	0.9	0.8	2.7	1.4	1.6
5. Short-term acrrued expenses	40.2	15.5	23.4	14.2	19.7	9.5	13.3	15.3	7.2	26.6	24.5	25.4
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	77.1	70.3	71.0	70.8	70.4	70.2	70.5	71.1	413.1	341.0	169.8	335.3
10. Short-term borrowings and financial leases	3,146.2	2,698.7	3,155.6	3,290.3	3,195.8	3,395.5	2,444.4	3,581.2	2,367.9	2,727.2	2,384.3	3,156.7
11. Provision for short-term liabilities	—	—	—	8.3	8.3	8.3	8.3	8.3	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.0	7.0	7.1	7.1	6.2	6.2	6.2	6.2	5.8	6.1	6.1	6.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,607.3	1,607.0	1,613.6	1,608.8	1,599.2	1,594.9	1,595.1	1,594.5	1,588.3	1,586.0	1,588.8	1,584.0
I. Owner's equity	1,607.3	1,607.0	1,613.6	1,608.8	1,599.2	1,594.9	1,595.1	1,594.5	1,588.3	1,586.0	1,588.8	1,584.0
1. Owner's capital	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1	1,296.1
- Common stock with voting right	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00	1,296,071,470,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4	16.4
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	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1	6.1
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	270.5	269.5	275.9	278.8	271.5	267.0	267.4	266.9	260.5	258.1	261.0	256.3
- Accumulated retained earning at the end of the previous period	269.5	266.1	266.1	266.1	267.1	258.3	258.3	258.3	258.7	255.4	255.4	255.4
- Undistributed earnings in this period	0.9	3.4	9.7	12.7	4.4	8.7	9.1	8.5	1.8	2.7	5.6	0.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	18.3	18.9	19.2	11.4	9.2	9.3	9.2	9.1	9.3	9.4	9.2	9.2
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)	5,502.6	5,097.8	5,113.6	5,347.5	5,660.7	5,601.1	4,423.7	5,977.1	4,999.7	5,708.6	5,213.9	5,891.1

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	0.8	-7.9	-3.6	9.4	6.8	0.3	0.9	8.7	2.3	-2.5	-7.3	13.9
Depreciation of Fixed Assets and Investment Property	1.0	1.0	1.0	0.9	0.9	0.6	0.5	0.5	0.5	0.6	0.5	0.5
Provision (Increase)/Reversal	—	0.3	-1.3	-0.0	—	0.1	0.0	8.1	0.0	0.2	0.0	-1.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.2	-0.0	—	-0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-10.6	-10.9	-11.3	-11.9	-21.2	-18.0	-16.6	-32.6	-17.2	-23.0	-31.9	-32.4
Interest Expense	67.4	61.3	55.7	53.9	56.9	44.7	54.6	50.4	42.5	55.2	73.2	81.5
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	58.5	43.8	40.4	52.3	43.4	27.7	39.3	35.1	28.0	30.4	34.6	62.5
Increase/(Decrease) in Receivables	-379.9	3.2	251.5	401.1	-589.2	-834.0	1,683.4	-812.9	219.3	-669.9	406.2	-584.6
Increase/(Decrease) in Inventory	-11.6	1.0	4.7	2.3	-5.1	3.7	-141.9	-0.3	-0.4	96.7	126.9	29.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-65.3	455.7	-94.8	-418.8	252.6	227.9	-413.5	-260.9	-331.1	152.2	100.9	-9.8
Increase/(Decrease) in Prepaid Expenses	-3.8	1.7	3.0	2.5	-2.3	-5.7	4.6	4.4	4.5	-10.3	1.0	1.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-42.6	-67.8	-48.0	-52.1	-54.1	-46.5	-58.5	-42.4	-61.8	-52.1	-71.5	-62.3
Corporate Income Tax Paid	-2.8	-0.3	0.0	-0.0	-3.1	-0.2	0.0	-0.2	-1.1	-0.1	-0.1	-10.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.1
Other Operating Payments	-0.0	0.0	-0.0	-0.0	—	-0.0	-0.0	-0.0	-0.3	-0.1	0.0	-0.1
Net Cash Flow from Operating Activities	-447.4	437.3	156.8	-12.8	-357.7	-627.0	1,113.3	-1,077.1	-142.8	-453.3	598.0	-573.5
Payments for Fixed Assets and Other Long-term Assets	8.2	-0.7	-5.0	-5.4	—	-0.6	129.6	-131.5	-0.0	-1.0	-0.2	-2.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-0.4	-1,244.9	-4.1	-212.6	-91.2	-0.2	0.0	-79.2
Receipts from Loan Repayments and Sale of Debt Instruments	1.4	0.0	0.0	0.0	541.9	703.0	26.3	258.0	469.7	210.2	154.0	4.9
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-78.7	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	35.0	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Dividends and Interest Income Received	0.1	17.9	0.1	20.1	10.6	23.2	70.9	34.8	14.1	12.1	17.1	19.5
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	9.7	17.4	-4.8	-77.4	552.3	-519.3	222.7	-130.1	392.6	221.1	170.9	-57.7
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	2,021.6	1,507.8	511.8	2,359.0	1,023.4	1,416.9	1,591.0	2,107.7	1,186.3	1,975.9	1,341.4	2,368.3
Repayment of Borrowings	-1,574.1	-1,964.7	-646.6	-2,264.5	-1,223.2	-465.8	-2,727.8	-894.3	-1,545.7	-1,633.9	-2,113.8	-1,911.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.1	—	0.0	0.0	-0.2	0.0	0.0	0.0	-0.2
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	447.5	-456.8	-134.7	94.4	-199.8	951.1	-1,136.8	1,213.2	-359.4	342.0	-772.4	456.8
Net Cash Flow During the Period	9.8	-2.2	17.2	4.2	-5.2	-195.2	199.3	6.0	-109.6	109.8	-3.6	-174.4
Cash and Cash Equivalents at Beginning of Period	36.0	38.2	21.0	16.8	22.0	121.6	121.6	121.6	121.6	62.3	62.3	62.3
FX Difference from Revaluation	—	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	45.7	36.0	38.2	21.0	16.8	22.0	217.2	18.0	12.0	121.6	11.7	15.3

Explore Other Stocks In The Same Sector

HHS, DGW, TLP, PSD, BTT, HAM, BIG, PTM, VCM, HTC, HTL, MTS, BMF, HFC, TMC, LPT, KMT, PTH, AMP, GPC, VXT, HSV, APL, KDM, THS, CEN, VTJ, PEG, PMJ, TOP, PTV, DAS, TSC, LMH, ST8, TTH, FID, HFX, PXM, TIE, HTM, VKC, TNA, DPS, FBA

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

SHN

What Is Changing

Drivers of SHN's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ▼

Balance Sheet ●

Working Capital Efficiency ▼▼

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow