SID

Đầu tư Phát triển Sài Gòn Co.op ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 108.22%, +41.77pp YoY

Price

14,900

Latest close

28 May 2026

P/E 13.16x

P/B 0.61x

EPS 1,132

BVPS 24,619

ROE 4.6%

ROA 4.3%

Profit Margin 108.2%

Asset Turnover 0.04x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, SID has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 105bn
	                                
+6.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 113bn
	                                
+72.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.09x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	100.6	99.1	87.3	74.4	73.4
Growth	+2%	+13%	+17%	+1%	—
Net Income	114.4	66.9	2.7	73.0	29.8
Net Margin	113.72%	67.50%	3.06%	98.22%	40.58%

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	28.4	30.7	22.4	23.0	24.4	32.5	20.7	20.9	24.4	27.1	17.7	17.9
Growth	-8%	+37%	-3%	-6%	-25%	+57%	-1%	-14%	-10%	+53%	-1%	—
Net Income	17.6	20.0	54.0	21.6	18.9	9.0	18.5	19.0	23.8	15.3	-55.7	25.6
Net Margin	62.02%	65.17%	240.62%	93.59%	77.22%	27.79%	89.37%	91.33%	97.43%	56.42%	-314.42%	143.31%

Drivers of SID's profit

TTM

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

Associates income ↑ 45.0bn

Gross profit ↑ 8.4bn

Financial income ↓ 6.5bn

TTM

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

Gross profit ↑ 3.9bn

Finance costs ↓ 0.8bn

Deferred tax ↓ 0.4bn

Other profit ↑ 0.2bn

Financial income ↓ 4.4bn

Administrative expenses ↑ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.7% = 66.5% × 0.04 × 1.07

2026Q1 4.6% = 108.2% × 0.04 × 1.07

ROE rose from 2.7% to 4.6% — all three components improved, with net margin contributing the most.

Net margin: 108.2% +41.8pp Asset turnover: 0.04x +0.00x Leverage: 1.07x +0.00x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 108.22%, rising 41.8pp. The main driver is SG&A / Revenue fell 4.5pp and Gross margin rose 4.5pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.9pp added support while Net financial result / Revenue fell 6.9pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 108.22% +41.8pp

Gross Margin 66.00% +4.5pp

SG&A / Revenue 76.86% −4.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 107.94% +41.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.07x equity, with a net cash position equivalent to 0.04x equity.

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: —

Is financial risk significant?

Leverage is safe but FCF is negative at 448.7bn due to capex of 212.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.04x and interest coverage at 234.84x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity -0.04x —

Interest Coverage 234.84x +163.89x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -2.09x −2.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -235.4bn in 2025, against investing cash flow of 250.9bn.

Post-investment cash flow was positive +15.5bn. Financing cash flow was negative +29.9bn.

CFO / net income was -2.09x.

After spending +212.4bn on fixed-asset investment, the business generated trailing free cash flow of −448.7bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 236.3bn −235.1bn

Cash Capex 212.4bn +178.2bn

FCF TTM −448.7bn −413.3bn

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 operating efficiency, with net margin improving 41.8 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 108.22% after expanding 41.8pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	100.6	99.1	87.3	74.4	73.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	100.6	99.1	87.3	74.4	73.4
Cost of Goods Sold	35.5	37.1	24.3	25.7	0.0
Gross Profit	65.1	61.9	63.1	48.7	49.7
Financial Income	18.9	20.4	28.6	15.7	14.3
Financial Expenses	1.3	0.3	3.9	-0.1	-1.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	117.3	66.3	86.7	74.7	19.4
Selling Expenses	20.9	20.9	19.7	17.7	-13.6
General and Administrative Expenses	58.1	54.3	66.2	45.5	-36.0
Operating Profit	121.1	73.1	88.7	75.9	32.8
Other Income	1.4	1.6	1.1	1.8	0.0
Other Expenses	1.3	1.2	82.5	1.0	0.0
Other Profit	0.1	0.4	-81.4	0.8	-0.2
Profit Before Tax	121.2	73.5	7.3	76.7	32.6
Current Income Tax Expense	6.1	5.6	4.6	3.8	-2.8
Deferred Income Tax Expense	0.7	1.0	0.0	-0.1	0.0
Net Income	114.4	66.9	2.7	73.0	29.8
Non-controlling Interest	—	0.0	0.0	0.4	-0.0
Profit Attributable to Parent	114.4	66.9	2.7	72.6	29.8
Earnings per Share	1,144.00	617.00	14.00	711.00	299.00
Diluted EPS	1,144.00	617.00	14.00	711.00	298.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	512.5	578.7	546.6	438.9	419.9
I. Cash and cash equivalents	195.2	209.6	117.0	77.5	293.1
1. Cash	70.4	37.8	26.9	21.0	0.0
2. Cash equivalents	124.8	171.8	90.1	56.6	0.0
II. Short-term financial investments	9.5	312.0	352.1	302.7	0.0
1. Available for sale securities	13.9	13.9	13.9	13.9	0.0
2. Provision for diminution in value of available for sale securities (*)	-6.3	-5.0	-4.7	-0.8	0.0
3. Held to maturity investments	2.0	303.1	342.9	289.7	0.0
III. Short-term receivables	289.7	46.9	67.4	48.5	106.0
1. Short-term trade accounts receivable	6.6	15.0	38.9	27.3	0.0
2. Short-term prepayments to suppliers	36.0	7.1	4.9	0.0	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	16.6	16.6	16.6	16.6	0.0
6. Other short-term receivables	246.1	23.8	23.0	4.5	0.0
7. Provision for short-term doubtful debts (*)	-15.6	-15.6	-15.9	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.8	1.7	1.0	1.4	1.3
1. Inventories	1.8	1.7	1.0	1.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	16.2	8.5	9.2	8.8	6.6
1. Short-term prepayments	3.1	3.0	3.2	2.5	0.0
2. Value added tax to be reclaimed	9.5	2.4	0.2	0.0	0.0
3. Taxes and other receivables from state authorities	3.5	3.0	5.8	6.4	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)	2,138.7	1,985.4	1,936.2	2,043.8	1,983.1
I. Long-term receivables	145.0	139.6	112.3	86.2	0.0
1. Long-term trade receivables	33.7	28.3	26.1	0.0	86.2
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	111.2	111.2	86.2	86.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	73.2	78.8	61.3	67.1	73.0
1. Tangible fixed assets	70.8	75.7	61.0	66.9	72.7
- Cost	163.3	165.8	144.8	144.7	0.0
- Accumulated depreciation	-92.5	-90.1	-83.8	-77.8	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	2.4	3.1	0.3	0.2	0.3
- Cost	5.9	5.9	2.7	2.5	0.0
- Accumulated depreciation	-3.6	-2.8	-2.3	-2.2	0.0
III. Investment properties	34.4	36.1	37.7	122.9	128.0
- Cost	57.8	57.8	57.8	160.4	0.0
- Accumulated depreciation	-23.4	-21.7	-20.1	-37.5	0.0
IV. Long-term assets in progress	603.8	497.9	483.8	494.9	491.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	603.8	497.9	483.8	494.9	0.0
V. Long-term financial investments	1,278.0	1,228.6	1,237.0	1,268.6	1,200.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,278.0	1,228.6	1,237.0	1,268.6	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.3	4.4	4.0	4.0	0.0
1. Long-term prepayments	4.1	4.3	3.9	3.7	0.0
2. Deferred income tax assets	0.2	0.1	0.1	0.3	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.2
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)	2,651.1	2,564.0	2,482.8	2,482.7	2,402.9
A. LIABILITIES (300=210+330)	167.3	161.2	145.2	143.7	136.2
I. Short -term liabilities	51.7	47.2	32.5	31.0	19.0
1. Short-term trade accounts payable	26.7	21.0	1.9	0.8	0.6
2. Short-term advances from customers	0.5	0.5	0.3	0.3	0.0
3. Taxes and other payables to state authorities	2.0	1.8	2.8	1.7	0.0
4. Payable to employees	2.2	4.8	9.1	6.4	0.0
5. Short-term acrrued expenses	0.7	0.6	0.2	0.2	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	0.1	0.1	0.1	0.1	0.1
9. Other short-term payables	4.1	5.7	6.5	12.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	15.4	12.9	11.7	9.1	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	115.6	113.9	112.7	112.6	117.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.2	0.2	0.4
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	112.2	111.3	111.0	110.7	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	3.4	2.6	1.6	1.8	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)	2,483.9	2,402.9	2,337.6	2,339.0	2,266.8
I. Owner's equity	2,483.9	2,402.9	2,337.6	2,339.0	0.0
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	2,266.8
- Common stock with voting right	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	895.9	867.5	858.7	837.2	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	588.0	535.3	479.0	501.1	432.7
- Accumulated retained earning at the end of the previous period	567.9	468.5	476.3	428.5	413.9
- Undistributed earnings in this period	20.0	66.9	2.7	72.6	18.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.7	2.3
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)	2,651.1	2,564.0	2,482.8	2,482.7	2,402.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	73.5	7.3	76.7	0.0
Depreciation of Fixed Assets and Investment Property	—	9.4	9.8	11.4	0.0
Provision (Increase)/Reversal	—	0.0	19.8	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-86.8	-34.0	-90.4	0.0
Interest Expense	—	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	—	-3.9	2.9	-2.4	0.0
Increase/(Decrease) in Receivables	—	-6.9	-39.0	1.6	0.0
Increase/(Decrease) in Inventory	—	-0.8	0.4	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	12.9	-1.4	5.9	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.1	-2.0	-0.8	0.0
Changes in Trading Securities	—	0.0	-0.0	-0.1	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.6	-5.1	-4.5	-2.3	0.0
Other Operating Receipts	220.2	0.0	0.0	0.0	0.0
Other Operating Payments	-442.7	-0.4	-0.4	-1.0	0.0
Net Cash Flow from Operating Activities	-235.4	-3.9	-44.0	0.7	-76.6
Payments for Fixed Assets and Other Long-term Assets	-139.8	-39.5	-8.3	-3.6	-4.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.2	0.1	1.8
Loans and Purchases of Debt Instruments	—	-728.0	-618.5	-308.1	-3.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	767.8	565.3	71.4	71.9
Investments in Other Entities	—	0.0	0.0	-50.8	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	89.3	96.2	145.3	76.8	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	250.9	96.5	84.0	-214.1	128.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	-1,960,000,000.00	-490,000,000.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-29.9	-0.0	-0.4	-0.2	-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	-29.9	-0.0	-0.4	-2.1	-0.5
Net Cash Flow During the Period	-14.4	92.6	39.5	-215.5	10.2
Cash and Cash Equivalents at Beginning of Period	209.6	117.0	77.5	293.1	241.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	195.2	209.6	117.0	77.5	293.1

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
Revenue	28.4	30.7	22.4	23.0	24.4	32.5	20.7	20.9	24.4	27.1	17.7	17.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	28.4	30.7	22.4	23.0	24.4	32.5	20.7	20.9	24.4	27.1	17.7	17.9
Cost of Goods Sold	9.4	7.8	9.1	9.2	9.3	13.5	7.7	7.4	7.4	3.7	6.1	7.1
Gross Profit	19.0	22.9	13.3	13.8	15.1	19.0	13.0	13.4	17.0	23.4	11.6	10.8
Financial Income	1.2	2.9	3.7	6.7	5.6	5.4	4.8	5.1	4.9	5.6	9.9	7.3
Financial Expenses	-0.7	0.3	-0.1	1.0	0.1	1.8	-0.8	-0.1	-0.6	0.0	0.4	0.8
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	18.3	19.9	55.7	22.8	19.0	17.0	17.7	18.1	20.7	25.1	20.3	23.2
Selling Expenses	4.8	6.8	4.6	5.0	4.4	6.8	4.3	4.8	4.7	5.5	4.3	4.1
General and Administrative Expenses	15.2	17.4	12.8	13.8	14.1	22.6	11.9	11.1	13.0	32.6	10.1	9.4
Operating Profit	19.3	21.2	55.4	23.5	21.0	10.1	20.2	20.8	25.5	15.9	27.0	26.9
Other Income	0.1	1.0	0.4	0.0	0.0	0.2	0.2	0.1	0.0	0.9	0.0	0.1
Other Expenses	0.3	0.7	0.2	0.1	0.4	0.3	0.2	0.2	0.5	0.1	81.6	0.0
Other Profit	-0.2	0.4	0.2	-0.1	-0.4	-0.0	-0.0	-0.1	-0.5	0.8	-81.6	0.1
Profit Before Tax	19.1	21.6	55.6	23.4	20.6	10.1	20.1	20.7	25.0	16.8	-54.6	26.9
Current Income Tax Expense	1.4	1.4	1.6	1.8	1.3	1.5	1.4	1.4	1.3	1.5	1.3	1.3
Deferred Income Tax Expense	0.1	0.2	0.0	-0.0	0.5	-0.4	0.2	0.3	-0.0	-0.1	-0.2	-0.0
Net Income	17.6	20.0	54.0	21.6	18.9	9.0	18.5	19.0	23.8	15.3	-55.7	25.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.6	20.0	54.0	21.6	18.9	9.0	18.5	19.0	23.8	15.3	-55.7	25.6
Earnings per Share	176.00	200.00	540.00	216.00	189.00	90.00	185.00	190.00	238.00	153.00	-557.00	256.00
Diluted EPS	176.00	200.00	540.00	216.00	189.00	653.00	185.00	190.00	238.00	153.00	-557.00	256.00

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)	514.0	512.5	557.0	618.3	580.5	599.3	608.0	606.2	537.4	574.9	546.6	536.8
I. Cash and cash equivalents	98.1	195.2	208.2	353.2	207.3	224.7	161.5	107.2	96.6	107.3	103.0	174.5
1. Cash	84.1	70.4	128.9	73.0	31.4	37.8	37.8	25.7	11.7	17.2	9.5	97.3
2. Cash equivalents	14.0	124.8	79.3	280.2	175.9	187.0	123.7	81.5	84.8	90.1	93.5	77.2
II. Short-term financial investments	44.9	9.5	156.5	188.0	312.1	296.8	349.8	420.7	360.8	352.1	355.4	285.2
1. Available for sale securities	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9	13.9
2. Provision for diminution in value of available for sale securities (*)	-5.6	-6.3	-6.0	-6.1	-5.1	-5.0	-5.2	-4.0	-4.1	-4.7	-4.7	-4.3
3. Held to maturity investments	36.7	2.0	148.7	180.3	303.3	288.0	341.1	410.9	351.0	342.9	346.2	275.6
III. Short-term receivables	352.0	289.7	176.8	64.7	48.5	67.8	85.6	68.8	68.9	105.7	79.3	68.4
1. Short-term trade accounts receivable	32.3	6.6	9.2	15.1	14.9	15.1	51.4	45.5	40.2	66.1	49.9	44.0
2. Short-term prepayments to suppliers	89.6	36.0	19.6	24.7	7.1	3.5	8.3	0.3	3.3	0.3	0.8	0.4
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	—	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6
6. Other short-term receivables	245.8	246.1	147.1	23.9	25.5	48.2	24.9	22.1	24.5	38.7	12.0	7.4
7. Provision for short-term doubtful debts (*)	-15.6	-15.6	-15.6	-15.6	-15.6	-15.6	-15.6	-15.6	-15.6	-15.9	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.5	1.8	1.6	1.7	1.4	1.7	1.2	1.1	1.3	0.8	1.0	0.9
1. Inventories	1.5	1.8	1.6	1.7	1.4	1.7	1.2	1.1	1.3	0.8	1.0	0.9
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	17.5	16.2	13.9	10.7	11.2	8.1	9.9	8.4	9.8	8.9	7.9	7.8
1. Short-term prepayments	3.5	3.1	3.9	3.0	5.2	3.0	5.0	3.3	4.2	3.1	4.3	4.1
2. Value added tax to be reclaimed	10.9	9.5	6.8	4.0	2.9	2.1	1.3	1.4	0.9	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	3.1	3.5	3.1	3.8	3.2	3.0	3.7	3.7	4.7	5.8	3.6	3.6
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)	2,119.6	2,138.7	2,077.3	1,988.2	2,011.5	1,969.4	1,935.0	1,917.4	1,964.8	1,910.7	1,928.4	1,989.8
I. Long-term receivables	122.6	145.0	140.5	140.5	140.5	114.6	111.8	111.8	111.8	85.0	86.2	86.2
1. Long-term trade receivables	11.4	33.7	29.3	29.3	29.3	28.3	25.6	25.6	25.6	-1.2	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	111.2	111.2	111.2	111.2	111.2	86.2	86.2	86.2	86.2	86.2	86.2	86.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	71.0	73.2	73.3	74.4	76.6	64.3	65.4	66.1	60.1	61.3	62.6	64.0
1. Tangible fixed assets	68.8	70.8	70.7	71.7	73.7	61.2	62.0	62.6	59.8	61.0	62.5	63.9
- Cost	163.3	—	—	—	—	150.6	150.6	149.6	145.1	144.8	144.8	144.8
- Accumulated depreciation	-94.5	—	—	—	—	-89.4	-88.6	-86.9	-85.3	-83.8	-82.3	-80.9
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	2.2	2.4	2.6	2.7	2.9	3.1	3.3	3.4	0.3	0.3	0.1	0.2
- Cost	5.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	34.0	34.4	34.8	35.2	35.7	36.1	36.5	36.9	37.3	37.7	38.2	120.4
- Cost	57.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-23.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	629.7	603.8	560.9	524.6	510.4	514.2	493.4	493.2	491.9	482.0	496.0	494.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	629.7	603.8	560.9	524.6	510.4	514.2	493.4	493.2	491.9	482.0	496.0	494.9
V. Long-term financial investments	1,257.9	1,278.0	1,265.2	1,210.3	1,244.6	1,235.8	1,223.0	1,203.9	1,257.7	1,240.8	1,241.8	1,221.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,257.9	1,278.0	1,265.2	1,210.3	1,244.6	1,235.8	1,220.9	1,203.9	1,257.7	1,240.8	1,241.8	1,221.6
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	2.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.4	4.3	2.6	3.1	3.8	4.4	5.0	5.5	6.0	3.8	3.5	2.6
1. Long-term prepayments	4.2	4.1	2.6	3.1	3.7	4.3	4.9	5.5	6.0	3.7	3.4	2.5
2. Deferred income tax assets	0.2	0.2	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1
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)	2,633.6	2,651.1	2,634.4	2,606.5	2,592.1	2,568.6	2,543.0	2,523.6	2,502.2	2,485.5	2,475.0	2,526.6
A. LIABILITIES (300=210+330)	171.6	167.3	170.5	196.6	170.3	162.3	145.7	144.8	140.8	138.7	143.5	139.4
I. Short -term liabilities	55.9	51.7	55.9	81.7	55.6	49.3	31.7	31.5	27.8	27.3	31.4	26.9
1. Short-term trade accounts payable	28.7	26.7	26.2	25.0	29.8	19.2	3.3	5.6	2.9	1.8	1.1	1.4
2. Short-term advances from customers	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.3	0.3	0.3	0.3	0.3
3. Dividends and profits payable	0.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.8	2.0	2.6	2.4	3.0	1.8	3.0	1.9	2.1	3.4	7.8	3.9
4. Payable to employees	2.7	2.2	2.4	2.4	2.2	8.8	2.4	2.3	2.3	3.9	2.2	2.1
5. Short-term acrrued expenses	0.7	0.7	0.5	0.3	1.0	0.3	3.4	2.5	1.6	0.1	0.5	0.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.6	0.1	1.5	0.0	1.5	0.1	1.5	0.0	1.5	0.1	1.4	0.0
9. Other short-term payables	3.1	4.1	6.4	35.3	5.2	5.7	4.3	5.7	5.5	6.0	6.2	7.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	15.4	15.4	15.8	15.8	12.4	12.9	13.2	13.2	11.6	11.7	12.0	12.0
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	115.7	115.6	114.6	114.9	114.7	113.0	114.0	113.4	113.1	111.5	112.1	112.5
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	0.2	0.2	0.2	0.2	0.2
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	112.2	112.2	111.5	111.8	111.6	111.4	112.0	111.4	111.3	109.9	110.4	110.7
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	3.5	3.4	3.1	3.1	3.1	1.6	2.0	1.8	1.5	1.4	1.5	1.7
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)	2,461.9	2,483.9	2,463.9	2,409.9	2,421.7	2,406.3	2,397.3	2,378.8	2,361.4	2,346.8	2,331.5	2,387.2
I. Owner's equity	2,461.9	2,483.9	2,463.9	2,409.9	2,421.7	2,406.3	2,397.3	2,378.8	2,361.4	2,346.8	2,331.5	2,387.2
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00	1,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	895.9	895.9	895.9	895.9	867.5	867.5	867.5	867.5	858.7	858.7	858.7	858.7
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	566.0	588.0	567.9	514.0	554.2	538.8	529.8	511.3	502.7	488.1	472.9	528.6
- Accumulated retained earning at the end of the previous period	548.4	567.9	514.0	492.4	535.3	529.8	511.3	492.2	479.0	472.9	528.6	503.0
- Undistributed earnings in this period	17.6	20.0	54.0	21.6	18.9	9.0	18.5	19.0	23.8	15.3	-55.7	25.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,633.6	2,651.1	2,634.4	2,606.5	2,592.1	2,568.6	2,543.0	2,523.6	2,502.2	2,485.5	2,475.0	2,526.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	44.0	—	0.0	-45.8	45.8	0.0	7.3	-54.7	54.7
Depreciation of Fixed Assets and Investment Property	—	—	—	5.2	—	0.0	-4.1	4.1	0.0	9.8	-5.7	5.7
Provision (Increase)/Reversal	—	—	—	1.1	—	0.0	1.0	-1.0	0.0	19.8	-3.5	3.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	-54.1	—	0.0	48.9	-48.9	0.0	-34.0	59.3	-59.3
Interest Expense	—	—	—	—	—	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
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	—	—	—	-3.7	—	0.0	0.1	-0.1	0.0	2.9	-4.5	4.5
Increase/(Decrease) in Receivables	—	—	—	-21.0	—	0.0	0.4	-0.4	0.0	-39.0	14.4	-14.4
Increase/(Decrease) in Inventory	—	—	—	-0.0	—	0.0	0.2	-0.2	0.0	0.4	-0.4	0.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	15.1	—	0.0	6.7	-6.7	0.0	-1.4	8.3	-8.3
Increase/(Decrease) in Prepaid Expenses	—	—	—	1.3	—	0.0	0.6	-0.6	0.0	-2.0	0.5	-0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.4	-1.6	-1.8	-1.3	-0.9	-1.4	-1.4	-1.3	-1.0	-2.4	-0.2	-1.0
Other Operating Receipts	25.9	—	—	—	—	63.6	111.1	-41.0	41.0	-131.6	131.6	-43.7
Other Operating Payments	-25.7	-198.7	-243.4	34.5	-35.0	-89.3	-110.3	40.7	-40.8	133.8	-134.1	47.8
Net Cash Flow from Operating Activities	-2.4	-105.1	-119.3	-9.5	-1.5	13.1	-10.0	-2.9	-7.5	-18.3	-5.6	-9.1
Payments for Fixed Assets and Other Long-term Assets	-78.6	-67.1	-32.1	-34.6	-6.0	-13.4	-8.7	-6.1	-8.2	-7.3	-1.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	-178.9	—	0.0	410.8	-410.8	0.0	-618.5	275.6	-275.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	303.1	—	0.0	-342.9	342.9	0.0	565.3	-289.7	289.7
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	1.8	12.6	4.7	67.0	5.1	10.4	3.3	79.5	3.3	36.1	5.8	102.9
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	-94.7	92.1	2.8	156.8	-0.8	50.1	64.3	13.5	-13.0	32.3	-65.8	117.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-29.9	-0.0	—	0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.4
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	-0.0	-0.0	-29.9	-0.0	—	0.0	0.0	-0.0	-0.0	-0.0	-0.0	-0.4
Net Cash Flow During the Period	-97.1	-13.0	-146.4	147.2	-2.3	63.3	54.3	10.6	-20.5	14.0	-71.5	107.5
Cash and Cash Equivalents at Beginning of Period	195.2	208.2	354.6	207.3	209.6	117.0	117.0	117.0	117.0	77.5	77.5	77.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	98.1	195.2	208.2	354.6	207.3	224.7	161.5	107.2	96.6	117.0	103.0	174.5

Explore Other Stocks In The Same Sector

VRE, FDC, EVG, MA1, HC3, VES, HRB, HLD, PTL, CCS, VPR, PNT, DKC, FTI, PXL, FCC, PVL, HU6, SSF, BII, VCR, IDJ

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

SID