SII

Hạ tầng Nước Sài Gòn ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 19.56%, −209.59pp YoY

Price

16,000

Latest close

13 May 2026

P/E 20.70x

P/B 0.70x

EPS 773

BVPS 22,855

ROE 3.4%

ROA 1.8%

Profit Margin 17.2%

Asset Turnover 0.10x

Equity Mult. 1.95x

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

What Is Changing

On a TTM 2026Q1 basis, SII posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 291bn
	                                
+7.2%YoY

	                            
	                                NET MARGIN
	                            
	                                    19.56%
	                                
−209.6ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 57bn
	                                
−90.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    154.6%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	286.1	266.3	243.4	224.8	202.7
Growth	+7%	+9%	+8%	+11%	—
Net Income	9.2	552.1	-38.6	-86.4	-78.2
Net Margin	3.21%	207.30%	-15.86%	-38.44%	-38.58%

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	74.4	70.2	71.5	74.6	69.7	65.1	66.6	69.9	63.7	66.8	58.7	61.5
Growth	+6%	-2%	-4%	+7%	+7%	-2%	-5%	+10%	-5%	+14%	-4%	—
Net Income	-8.3	38.1	-5.0	32.0	-49.9	674.9	-3.1	-0.4	-3.9	-6.8	-12.7	-5.5
Net Margin	-11.10%	54.27%	-6.99%	42.89%	-71.56%	1037.49%	-4.66%	-0.53%	-6.18%	-10.15%	-21.71%	-8.97%

Drivers of SII's profit

TTM

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

Finance costs ↓ 61.6bn

Financial income ↓ 614.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 38.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 52.6% = 229.1% × 0.11 × 2.10

2026Q1 3.9% = 19.6% × 0.10 × 1.95

ROE fell from 52.6% to 3.9% — all three components weakened, with net margin being the main drag.

Net margin: 19.6% -209.6pp Asset turnover: 0.10x -0.01x Leverage: 1.95x -0.15x

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 fell to 19.56%, losing 209.6pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (in addition, Other profit / Revenue rose 0.7pp added support while Net financial result / Revenue fell 206.1pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 19.56% −209.6pp

Gross Margin 4.54% −0.5pp

SG&A / Revenue 17.38% −0.5pp

Non-core / Revenue 34.32% −205.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 205.5pp, financial result still accounts for 160.8% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 2.6% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 2.63%, losing 31.2pp. That translates to 2.63 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 210.0pp, outweighing the movement in capital turnover; while invested capital rose by 200bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 2.63% −31.2pp

NOPAT Margin 18.35% −210.0pp

Capital Turnover 0.14x −0.00x

Average Invested Capital 2,029.3bn +199.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.98x equity, net debt at 0.45x equity.

Over the last 12 months, working capital released 72.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +27.7bn

Inventories increased → lower CFO: −7.3bn

Payables increased → higher CFO: +51.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 194.1 days versus the same period last year. The main moves came from DIO fell 2.6 days, DSO fell 29.5 days, and DPO fell 226.2 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +194.1 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 23.7 days −29.5 days

Inventory 21.2 days −2.6 days

Payables 40.0 days −226.2 days

Cash Conversion Cycle 5.0 days +194.1 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.45x and interest coverage only at 1.17x.

At present, short-term debt accounts for 44.2% of total debt, cash equals 3.3% of debt, and total debt stands at 686.2bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Interest coverage is thin

Interest coverage is 1.17x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 3.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.45x +0.11x

Interest Coverage 1.17x −4.43x

Cash / Debt 3.3% −31.1pp

Short-term Debt / Total Debt 44.2% +4.8pp

CFO / NI 1.94x +0.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 167.2bn in 2025, against investing cash flow of -368.6bn.

Post-investment cash flow was negative +201.4bn. Financing cash flow was negative +62.4bn.

CFO / net income was 1.94x.

After spending +60.5bn on fixed-asset investment, the business generated trailing free cash flow of +36.4bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 96.9bn −742.0bn

Cash Capex 60.5bn +33.8bn

FCF TTM +36.4bn −775.9bn

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 core profitability, with net margin down 209.6 pp.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.94x. Even so, net financial result still accounts for 154.6% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 19.56% after a 209.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	286.1	266.3	243.4	224.8	202.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	286.1	266.3	243.4	224.8	202.7
Cost of Goods Sold	273.1	251.5	245.4	233.1	0.0
Gross Profit	12.9	14.8	-2.0	-8.3	-15.6
Financial Income	137.7	660.7	106.5	51.8	78.4
Financial Expenses	88.3	75.7	81.6	82.5	-87.1
Interest Expense	64.3	65.7	81.6	82.2	-86.3
Share of Associates and Joint Ventures	—	0.6	-6.6	47.2	5.5
Selling Expenses	17.3	14.9	15.8	16.7	-14.2
General and Administrative Expenses	34.1	31.3	38.5	83.3	-39.8
Operating Profit	10.9	554.3	-38.0	-91.7	-72.7
Other Income	3.5	1.9	1.9	6.1	0.0
Other Expenses	0.1	0.2	0.1	5.2	0.0
Other Profit	3.4	1.7	1.9	0.9	1.1
Profit Before Tax	14.3	556.1	-36.1	-90.8	-71.6
Current Income Tax Expense	5.1	4.5	1.9	2.4	-6.6
Deferred Income Tax Expense	—	-0.5	0.5	-6.8	0.0
Net Income	9.2	552.1	-38.6	-86.4	-78.2
Non-controlling Interest	6.7	7.5	3.7	2.6	-4.7
Profit Attributable to Parent	2.5	544.6	-42.3	-89.0	-73.5
Earnings per Share	39.00	8,441.00	-656.00	-1,379.00	-1,139.00
Diluted EPS	38.55	8,843.00	-656.30	-1,378.96	-1,139.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,054.3	962.7	155.6	137.1	114.7
I. Cash and cash equivalents	30.7	294.5	8.4	18.1	41.8
1. Cash	12.8	257.9	7.3	9.0	0.0
2. Cash equivalents	17.9	36.7	1.1	9.1	0.0
II. Short-term financial investments	0.5	16.3	17.0	10.3	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	0.5	16.3	17.0	10.3	0.0
III. Short-term receivables	982.8	602.5	96.0	73.0	16.2
1. Short-term trade accounts receivable	17.1	19.6	59.0	52.9	0.0
2. Short-term prepayments to suppliers	0.7	2.2	4.7	0.3	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	866.7	620.7	130.1	116.4	0.0
6. Other short-term receivables	173.0	35.6	16.3	11.5	0.0
7. Provision for short-term doubtful debts (*)	-74.6	-75.5	-114.2	-108.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	18.0	16.6	14.3	14.6	17.6
1. Inventories	18.0	16.6	14.3	14.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	22.3	32.8	20.0	21.0	22.7
1. Short-term prepayments	3.5	3.3	0.6	1.0	0.0
2. Value added tax to be reclaimed	9.0	8.6	9.4	9.8	0.0
3. Taxes and other receivables from state authorities	9.8	9.8	10.0	10.2	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	11.2	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,876.7	1,889.1	2,014.7	2,088.2	2,245.5
I. Long-term receivables	39.2	39.1	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.9
2. Long-term prepayments to suppliers	0.1	0.1	0.1	0.1	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	39.1	39.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,614.9	1,664.4	1,624.4	1,688.1	1,884.6
1. Tangible fixed assets	1,600.9	1,662.0	1,622.4	1,685.8	1,878.1
- Cost	2,676.2	2,640.8	2,474.4	2,450.4	0.0
- Accumulated depreciation	-1,075.2	-978.8	-851.9	-764.5	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	14.0	2.3	2.0	2.3	6.6
- Cost	18.4	6.0	4.1	4.0	0.0
- Accumulated depreciation	-4.4	-3.7	-2.2	-1.7	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	3.4	1.4	3.3	2.7	0.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.4	1.4	3.3	2.7	0.0
V. Long-term financial investments	179.2	143.2	365.7	372.3	325.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	36.0	0.0	222.6	229.2	0.0
3. Investments in other entities	143.2	143.2	143.2	143.2	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	40.0	41.1	21.1	25.0	0.0
1. Long-term prepayments	11.8	7.5	3.5	4.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	4.4	4.5	9.4	9.6	0.0
4. Other long-term assets	—	0.0	0.0	0.0	34.4
5. Goodwill	23.8	29.1	8.3	11.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,931.0	2,851.7	2,170.3	2,225.3	2,360.2
A. LIABILITIES (300=210+330)	1,451.8	1,373.1	1,233.3	933.7	984.0
I. Short -term liabilities	484.3	360.1	99.7	448.2	462.5
1. Short-term trade accounts payable	30.8	30.0	40.6	39.5	40.8
2. Short-term advances from customers	1.4	1.4	1.1	0.1	0.1
3. Taxes and other payables to state authorities	4.7	4.7	2.4	2.6	0.0
4. Payable to employees	3.1	3.5	2.4	1.5	0.0
5. Short-term acrrued expenses	13.8	11.2	8.4	10.4	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	145.4	13.5	1.9	33.4	0.0
10. Short-term borrowings and financial leases	282.4	295.3	42.5	360.4	393.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	0.4	0.3	0.3	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	967.5	1,013.0	1,133.6	485.5	521.4
1. Long-term trade payables	—	0.0	308.7	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	48.0	41.7	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	484.9	492.7	20.3	0.0	0.0
8. Long-term borrowings and financial leases	421.2	465.2	791.3	472.8	501.9
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	13.4	13.4	13.2	12.7	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)	1,479.1	1,478.6	937.0	1,291.5	1,376.2
I. Owner's equity	1,479.1	1,478.6	937.0	1,291.5	0.0
1. Owner's capital	645.2	645.2	645.2	645.2	1,376.2
- Common stock with voting right	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	161.8	161.8	161.8	161.8	161.8
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	18.6	17.2	18.5	18.5	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	0.1	0.1	0.0
11. Undistributed earnings after tax	548.7	549.7	6.2	49.8	139.4
- Accumulated retained earning at the end of the previous period	546.3	5.1	48.6	138.8	212.9
- Undistributed earnings in this period	2.5	544.6	-42.3	-89.0	-73.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	104.7	104.6	105.1	416.1	411.2
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)	2,931.0	2,851.7	2,170.3	2,225.3	2,360.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	14.3	556.1	-36.1	-90.8	-71.6
Depreciation of Fixed Assets and Investment Property	56.4	95.3	92.3	94.6	99.2
Provision (Increase)/Reversal	-0.9	-38.7	6.2	57.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-101.9	-660.7	-100.2	-104.2	0.0
Interest Expense	64.3	65.7	81.6	82.2	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	32.2	17.6	43.7	38.8	39.5
Increase/(Decrease) in Receivables	81.0	5.1	-10.5	-0.7	0.0
Increase/(Decrease) in Inventory	-6.4	3.3	2.2	8.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	110.4	164.4	23.1	3.0	0.0
Increase/(Decrease) in Prepaid Expenses	-4.6	-6.4	1.3	3.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-39.2	-59.2	-114.6	-62.1	0.0
Corporate Income Tax Paid	-5.3	-2.3	-2.2	-1.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-0.5	-1.0	-0.9	0.0
Net Cash Flow from Operating Activities	167.2	121.8	-58.0	-12.3	-39.4
Payments for Fixed Assets and Other Long-term Assets	-60.8	-21.9	-28.8	-23.1	-14.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.0	0.6	5.0	1.4
Loans and Purchases of Debt Instruments	-382.7	-539.1	-49.2	-14.0	-14.8
Receipts from Loan Repayments and Sale of Debt Instruments	152.5	39.6	28.8	15.9	24.3
Investments in Other Entities	-149.4	-9.2	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	766.4	0.0	0.0	0.0
Dividends and Interest Income Received	71.3	91.0	101.7	34.9	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	-368.6	326.9	53.1	18.7	101.8
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	19.4	335.7	441.6	123.1	170.4
Repayment of Borrowings	-76.4	-495.4	-440.9	-151.9	-205.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.5	-2.9	-5.5	-1.3	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	-62.4	-162.6	-4.8	-30.1	-34.6
Net Cash Flow During the Period	-263.8	286.1	-9.7	-23.7	30.4
Cash and Cash Equivalents at Beginning of Period	294.5	8.4	18.1	41.8	14.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	30.7	294.5	8.4	18.1	41.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	74.4	70.2	71.5	74.6	69.7	65.1	66.6	69.9	63.7	66.8	58.7	61.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	74.4	70.2	71.5	74.6	69.7	65.1	66.6	69.9	63.7	66.8	58.7	61.5
Cost of Goods Sold	70.7	68.4	69.1	69.3	66.0	63.4	64.2	64.1	58.7	63.7	62.2	61.1
Gross Profit	3.7	1.9	2.4	5.3	3.7	1.7	2.4	5.8	5.0	3.1	-3.5	0.4
Financial Income	19.6	42.9	25.0	58.2	16.7	665.0	1.3	77.0	15.8	21.1	0.5	58.5
Financial Expenses	18.3	-7.3	19.3	19.4	56.8	16.0	18.8	19.8	20.3	19.1	20.0	21.2
Interest Expense	15.1	15.8	16.1	161.3	16.3	12.4	15.4	18.0	20.2	19.1	20.0	21.2
Share of Associates and Joint Ventures	-0.4	—	—	—	—	37.8	23.9	-51.5	6.5	0.7	21.2	-25.5
Selling Expenses	3.6	5.2	4.0	3.7	4.4	4.7	3.6	3.5	3.3	4.1	3.4	3.9
General and Administrative Expenses	8.7	9.3	8.2	7.8	8.2	8.9	7.4	7.6	7.1	9.3	7.4	13.3
Operating Profit	-7.8	37.5	-4.2	32.6	-49.1	674.9	-2.2	0.4	-3.3	-7.5	-12.6	-5.0
Other Income	0.9	1.7	0.2	1.2	0.5	1.2	0.2	0.2	0.4	1.4	0.3	0.1
Other Expenses	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1
Other Profit	0.9	1.7	0.2	1.1	0.5	1.0	0.1	0.2	0.4	1.4	0.3	0.1
Profit Before Tax	-6.9	39.3	-4.0	33.7	-48.6	675.9	-2.1	0.6	-2.9	-6.1	-12.3	-4.9
Current Income Tax Expense	1.3	1.2	1.0	1.7	1.3	1.0	1.0	1.5	1.0	0.7	0.4	0.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	-0.5	0.0	0.0	0.0	0.0
Net Income	-8.3	38.1	-5.0	32.0	-49.9	674.9	-3.1	-0.4	-3.9	-6.8	-12.7	-5.5
Non-controlling Interest	1.8	1.4	1.3	2.4	1.5	1.5	1.6	2.7	1.7	1.3	0.8	1.0
Profit Attributable to Parent	-10.1	36.7	-6.3	29.6	-51.4	673.4	-4.7	-3.1	-5.7	-8.1	-13.5	-6.5
Earnings per Share	-156.00	568.00	-97.00	458.00	-797.00	10,437.00	-73.00	-47.00	-88.00	-125.00	-209.00	-101.00
Diluted EPS	-156.11	568.37	-97.00	458.17	-797.20	10,437.16	-73.21	-47.42	-87.87	-125.17	-209.41	-100.86

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)	999.2	1,054.3	1,096.2	1,094.5	1,066.7	964.0	214.0	223.9	170.0	155.6	157.8	169.8
I. Cash and cash equivalents	22.7	30.7	42.6	54.2	257.7	673.6	35.3	23.6	19.2	8.4	9.1	17.8
1. Cash	7.2	12.8	9.8	8.0	128.2	257.0	10.8	10.2	13.6	7.3	9.1	15.3
2. Cash equivalents	15.5	17.9	32.8	46.2	129.5	416.7	24.4	13.4	5.6	1.1	0.0	2.5
II. Short-term financial investments	752.7	0.5	0.5	0.5	5.9	22.3	17.5	22.8	18.2	17.0	18.0	18.0
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	752.7	0.5	0.5	0.5	5.9	22.3	17.5	22.8	18.2	17.0	18.0	18.0
III. Short-term receivables	187.6	982.8	1,015.9	1,002.6	755.5	215.4	124.2	141.0	94.0	96.0	95.0	99.6
1. Short-term trade accounts receivable	18.5	17.1	18.3	22.8	19.2	19.5	19.3	20.0	59.9	59.0	53.1	53.2
2. Short-term prepayments to suppliers	7.0	0.7	15.8	1.2	1.2	1.1	0.8	1.6	4.0	4.7	4.4	1.6
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	—	866.7	992.7	993.2	770.2	246.5	127.3	127.3	131.1	130.1	131.1	132.4
6. Other short-term receivables	236.8	173.0	64.8	60.9	40.4	29.6	58.1	73.2	13.1	16.3	19.8	25.8
7. Provision for short-term doubtful debts (*)	-74.6	-74.6	-75.5	-75.5	-75.5	-81.4	-81.4	-81.2	-114.2	-114.2	-113.4	-113.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	16.1	18.0	16.8	17.7	16.2	15.4	16.8	15.7	17.5	14.3	14.9	12.4
1. Inventories	16.1	18.0	16.8	17.7	16.2	15.4	16.8	15.7	17.5	14.3	14.9	12.4
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	20.2	22.3	20.3	19.5	31.4	37.3	20.3	20.8	21.2	20.0	20.9	22.0
1. Short-term prepayments	2.2	3.5	2.5	1.4	2.0	3.0	1.9	2.3	2.3	0.6	1.4	2.1
2. Value added tax to be reclaimed	8.1	9.0	8.1	8.3	8.5	8.6	8.6	8.8	9.0	9.4	9.5	9.8
3. Taxes and other receivables from state authorities	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.9	10.0	10.1	10.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	11.2	16.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,857.6	1,876.7	1,796.3	1,708.1	1,727.8	1,753.2	1,968.8	1,965.3	1,996.7	2,014.7	2,023.6	2,019.2
I. Long-term receivables	41.2	39.2	39.2	39.2	39.1	40.2	39.1	39.5	0.1	0.1	1.1	0.1
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	2.1	0.1	0.1	0.1	0.1	1.2	0.1	0.5	0.1	0.1	1.1	0.1
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	39.1	39.1	39.1	39.1	39.0	39.0	39.0	39.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,592.6	1,614.9	1,603.0	1,625.2	1,645.7	1,550.9	1,565.7	1,586.8	1,607.2	1,624.4	1,634.6	1,648.7
1. Tangible fixed assets	1,578.7	1,600.9	1,602.3	1,624.3	1,644.6	1,549.7	1,564.4	1,585.2	1,605.4	1,622.4	1,632.5	1,646.6
- Cost	2,679.1	—	—	—	—	2,493.7	2,487.3	2,480.8	2,479.2	2,474.4	2,456.8	2,452.8
- Accumulated depreciation	-1,100.4	—	—	—	—	-944.0	-922.9	-895.6	-873.8	-851.9	-824.3	-806.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	13.9	14.0	0.6	0.9	1.1	1.2	1.4	1.6	1.8	2.0	2.1	2.1
- Cost	18.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.5	—	—	—	—	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	4.5	3.4	8.1	3.0	1.1	1.4	1.7	1.7	1.3	3.3	1.5	4.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.5	3.4	8.1	3.0	1.1	1.4	1.7	1.7	1.3	3.3	1.5	4.4
V. Long-term financial investments	178.7	179.2	106.0	—	—	143.2	344.7	320.8	372.3	365.7	365.0	343.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	35.6	36.0	—	—	—	0.0	201.5	177.6	229.1	222.6	221.8	200.6
3. Investments in other entities	143.2	143.2	143.2	—	—	143.2	143.2	143.2	143.2	143.2	143.2	143.2
4. Provision for diminution in value of long-term investments	—	—	-37.2	—	—	0.0	0.0	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	40.5	40.0	40.0	40.8	41.8	17.5	17.6	16.6	8.3	12.9	12.5	12.5
1. Long-term prepayments	11.6	11.8	10.5	9.9	9.6	7.5	6.9	5.1	3.7	3.5	3.1	2.8
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	6.5	4.4	4.4	4.4	4.5	4.5	4.5	4.5	4.6	9.4	9.4	9.8
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	22.5	23.8	25.0	26.5	27.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	5.5	6.2	6.9	7.6	8.3	9.0	9.7
TOTAL ASSETS (280=100+200)	2,856.8	2,931.0	2,892.5	2,802.6	2,794.5	2,717.2	2,182.8	2,189.1	2,166.7	2,170.3	2,181.4	2,189.1
A. LIABILITIES (300=210+330)	1,382.2	1,451.8	1,451.5	1,353.4	1,365.8	1,238.8	1,259.8	1,260.5	1,233.7	1,233.3	928.8	923.2
I. Short -term liabilities	501.6	484.3	469.5	362.0	360.2	343.5	126.9	118.7	108.9	763.5	452.3	456.2
1. Short-term trade accounts payable	31.3	30.8	32.7	33.4	29.5	25.6	31.8	31.0	37.6	349.3	36.4	41.5
2. Short-term advances from customers	1.0	1.4	1.4	1.9	2.0	1.4	1.0	1.4	1.0	1.1	1.6	0.6
3. Taxes and other payables to state authorities	3.0	4.7	4.0	3.2	2.7	4.5	4.3	3.3	2.5	2.4	2.1	1.6
4. Payable to employees	3.1	3.1	2.9	2.9	3.0	0.8	0.5	1.9	1.8	2.4	0.8	1.2
5. Short-term acrrued expenses	10.0	13.8	11.9	10.2	9.7	12.4	10.0	10.2	9.3	8.4	10.2	15.0
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	148.2	145.4	136.9	25.7	17.6	15.8	23.1	18.1	11.9	1.9	58.1	50.0
10. Short-term borrowings and financial leases	303.4	282.4	276.7	282.8	295.3	282.0	55.2	52.5	44.6	397.6	342.1	345.1
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	1.7	2.6	2.8	2.0	0.3	0.8	1.0	0.3	0.2	0.3	1.1	1.2
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	880.6	967.5	982.0	991.4	1,005.5	895.4	1,132.9	1,141.9	1,124.8	469.8	476.5	467.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	308.7	10.8	10.6	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	49.5	48.0	46.5	44.9	43.4	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	7.4	0.0
7. Other long-term liabilities	434.9	484.9	489.9	489.9	494.6	490.4	495.6	493.6	22.5	9.5	0.0	0.0
8. Long-term borrowings and financial leases	382.8	421.2	432.2	443.2	454.2	392.2	624.6	635.6	780.3	436.2	445.2	454.2
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	13.4	13.4	13.4	13.4	13.4	12.7	12.7	12.7	13.2	13.2	13.2	12.7
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)	1,474.6	1,479.1	1,441.0	1,449.2	1,428.7	1,478.3	923.1	928.6	933.1	937.0	1,252.6	1,265.9
I. Owner's equity	1,474.6	1,479.1	1,441.0	1,449.2	1,428.7	1,478.3	923.1	928.6	933.1	937.0	1,252.6	1,265.9
1. Owner's capital	645.2	645.2	645.2	645.2	645.2	645.2	645.2	645.2	645.2	645.2	645.2	645.2
- Common stock with voting right	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00	645,221,040,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	161.8	161.8	161.8	161.8	161.8	161.8	161.8	161.8	161.8	161.8	161.8	161.8
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	18.6	18.6	18.6	20.0	17.2	17.2	17.2	17.0	18.5	18.5	18.5	18.5
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	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	541.5	548.7	512.1	518.9	498.3	545.4	-8.4	-2.6	0.6	6.1	14.2	28.6
- Accumulated retained earning at the end of the previous period	551.6	546.3	546.3	540.8	549.7	-114.6	5.1	6.1	6.2	48.6	48.6	48.6
- Undistributed earnings in this period	-10.1	2.5	-34.2	-21.9	-51.4	659.9	-13.5	-8.7	-5.7	-42.5	-34.4	-20.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	107.4	104.7	103.3	103.3	106.2	108.7	107.2	107.2	106.9	105.3	412.8	411.7
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)	2,856.8	2,931.0	2,892.5	2,802.6	2,794.5	2,717.2	2,182.8	2,189.1	2,166.7	2,170.3	2,181.4	2,189.1

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	-6.9	39.3	-4.0	27.6	-48.6	675.9	-2.1	0.7	-2.9	-6.1	-12.3	-4.9
Depreciation of Fixed Assets and Investment Property	26.5	1.5	1.9	25.9	27.1	23.8	23.7	23.7	23.5	23.7	23.2	22.8
Provision (Increase)/Reversal	-0.0	-38.0	-0.0	37.2	-0.0	-0.0	33.2	-33.0	0.0	0.8	-0.0	5.4
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	-19.1	-36.2	4.1	-53.1	-16.7	69.5	-23.0	-24.3	-22.3	-22.1	-21.7	-33.4
Interest Expense	15.1	15.8	16.1	16.1	16.3	12.4	15.4	16.8	20.2	19.1	20.0	21.2
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	15.6	-17.7	18.0	53.8	-21.9	781.7	47.2	-16.0	18.5	15.3	9.1	11.1
Increase/(Decrease) in Receivables	-55.5	27.1	53.8	2.4	-2.2	-14.1	34.2	-64.1	8.7	-12.4	7.8	-5.2
Increase/(Decrease) in Inventory	-5.7	-1.2	-4.2	3.8	-4.9	0.6	-5.7	6.0	-3.0	-3.7	-4.9	11.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-55.8	2.1	3.9	101.7	2.7	-4.2	232.3	-55.7	1.9	5.2	15.9	-1.5
Increase/(Decrease) in Prepaid Expenses	1.6	-2.3	-1.7	0.3	-0.8	-1.7	-2.6	-0.2	-1.9	0.4	0.4	1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.1	-12.9	-11.3	-3.6	-11.5	-23.9	-71.4	39.7	-10.8	-75.6	-17.4	-10.6
Corporate Income Tax Paid	-3.4	-0.3	-0.4	-1.0	-3.5	-0.4	-0.2	-0.2	-1.4	-0.2	-0.2	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.2	-0.4	-0.3	-0.0	-0.1	-0.3	0.1	-0.1	-0.7	-0.2	-0.1
Net Cash Flow from Operating Activities	-112.5	-5.4	57.7	157.1	-42.2	738.0	233.5	-90.4	11.9	-71.6	10.5	6.4
Payments for Fixed Assets and Other Long-term Assets	-10.0	-21.3	-25.7	-3.5	-10.3	-9.8	-4.2	-2.3	-6.8	-2.7	-8.6	-10.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	—	—	—	0.0	6.8	-6.8	0.0	0.6	0.0	0.0
Loans and Purchases of Debt Instruments	-54.5	-23.5	110.3	-329.9	-139.6	-125.8	-1.5	2.2	-2.2	0.9	-1.0	-15.1
Receipts from Loan Repayments and Sale of Debt Instruments	169.0	149.5	-109.8	112.3	0.5	1.8	0.0	0.0	0.0	1.0	2.3	14.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	-102.9	143.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	13.5	43.0	14.4	-8.7	22.7	39.8	-42.7	70.5	17.0	24.5	0.0	50.9
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	-1.7	1.7	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	118.1	-1.2	-51.1	-332.7	16.4	-94.0	-43.2	65.2	7.9	24.4	-7.3	39.7
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	—	0.0	0.0	0.0	19.4	258.0	-141.3	193.6	25.4	365.8	14.9	30.7
Repayment of Borrowings	-13.6	-5.3	-17.1	-23.5	-30.5	-263.6	-35.9	-161.5	-34.3	-319.3	-26.9	-59.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-1.1	-4.4	—	0.0	-1.3	-2.6	0.0	0.1	0.0	-5.6
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	-13.6	-5.3	-18.2	-27.9	-11.0	-5.6	-178.5	29.5	-9.0	46.6	-12.0	-34.3
Net Cash Flow During the Period	-8.1	-11.9	-11.6	-203.5	-36.8	638.4	11.7	4.4	10.8	-0.6	-8.8	11.9
Cash and Cash Equivalents at Beginning of Period	30.7	42.6	54.2	257.7	294.5	8.4	8.4	8.4	8.4	18.1	18.1	18.1
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	22.7	30.7	42.6	54.2	257.7	673.6	35.3	23.6	19.2	8.4	9.1	17.8

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SII

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