SP2

Thủy điện Sử Pán 2 ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 35.71%, +5.20pp YoY

Price

21,000

Latest close

28 May 2026

P/E 6.88x

P/B 2.54x

EPS 3,053

BVPS 8,284

ROE 44.9%

ROA 11.5%

Profit Margin 35.7%

Asset Turnover 0.32x

Equity Mult. 3.92x

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

What Is Changing

On a TTM 2026Q1 basis, SP2 has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 176bn
	                                
+1.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 63bn
	                                
+19.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	174.4	178.4	151.1	196.0	181.6
Growth	-2%	+18%	-23%	+8%	—
Net Income	59.4	54.0	24.0	55.8	36.8
Net Margin	34.04%	30.25%	15.86%	28.49%	20.28%

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	16.5	37.5	70.7	51.6	14.6	32.6	79.6	46.3	19.9	29.7	66.3	38.2
Growth	-56%	-47%	+37%	+253%	-55%	-59%	+72%	+133%	-33%	-55%	+73%	—
Net Income	-6.2	9.6	38.0	21.6	-9.7	3.9	43.7	15.0	-8.6	2.0	30.6	6.8
Net Margin	-37.27%	25.57%	53.69%	41.84%	-66.43%	11.82%	54.83%	32.43%	-43.25%	6.62%	46.13%	17.72%

Drivers of SP2's profit

TTM

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

Finance costs ↓ 7.1bn

Gross profit ↑ 2.3bn

TTM

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

Gross profit ↑ 1.8bn

Finance costs ↓ 1.3bn

Financial income ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 64.0% = 30.5% × 0.29 × 7.26

2026Q1 44.9% = 35.7% × 0.32 × 3.92

ROE fell from 64.0% to 44.9% — leverage weakened the most, though net margin and asset turnover still provided support.

Net margin: 35.7% +5.2pp Asset turnover: 0.32x +0.03x Leverage: 3.92x -3.35x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 35.71%, rising 5.2pp. The main driver is Gross margin rose 0.4pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 4.7pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 35.71% +5.2pp

Gross Margin 47.53% +0.4pp

SG&A / Revenue 2.94% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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 — —

NOPAT Margin — —

Capital Turnover 0.68x +0.01x

Average Invested Capital 259.7bn +1.8bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 2.13x equity, net debt at 0.66x 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: —

Working Capital Efficiency

Cash conversion cycle lengthened by 1.7 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 3.7 days, and DPO fell 5.5 days.

Working capital cycle is flat — components are offsetting each other.

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 +1.7 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 29.6 days −3.7 days

Inventory 0.4 days −0.1 days

Payables 11.1 days −5.5 days

Cash Conversion Cycle 18.9 days +1.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.66x and interest coverage at 4.75x.

At present, short-term debt accounts for 47.6% of total debt, cash equals 14.4% of debt, and total debt stands at 132.7bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 14.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.66x −0.49x

Interest Coverage 4.75x +2.09x

Cash / Debt 14.4% −17.8pp

Short-term Debt / Total Debt 47.6% −52.4pp

CFO / NI 1.04x −0.29x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 56.9bn in 2025, against investing cash flow of -28.4bn.

Post-investment cash flow was positive +28.5bn. Financing cash flow was negative +63.2bn.

CFO / net income was 1.04x.

Track how much investment can be funded internally from operating cash flow.

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 65.2bn −4.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 5.2 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 35.71% after expanding 5.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	174.4	178.4	151.1	196.0	181.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	174.4	178.4	151.1	196.0	181.6
Cost of Goods Sold	92.5	93.1	90.3	95.4	0.0
Gross Profit	81.9	85.4	60.8	100.6	90.4
Financial Income	1.6	2.2	5.1	1.2	1.3
Financial Expenses	15.4	24.7	34.1	34.6	-36.7
Interest Expense	15.4	24.7	34.0	32.8	-36.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-3.6
General and Administrative Expenses	5.2	5.9	5.5	6.9	-3.8
Operating Profit	62.9	57.0	26.4	60.4	47.6
Other Income	—	0.3	0.0	0.7	0.0
Other Expenses	0.1	0.1	0.2	1.1	0.0
Other Profit	-0.1	0.2	-0.2	-0.4	-7.5
Profit Before Tax	62.8	57.3	26.2	60.0	40.0
Current Income Tax Expense	3.5	3.3	2.2	4.1	-3.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	59.4	54.0	24.0	55.8	36.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	59.4	54.0	24.0	55.8	36.8
Earnings per Share	2,879.00	2,601.00	1,162.00	3,502.00	689.00
Diluted EPS	2,879.00	2,601.00	1,162.00	3,502.00	2,415.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	102.9	97.6	101.4	101.3	77.2
I. Cash and cash equivalents	45.7	80.4	15.0	60.1	42.8
1. Cash	23.2	23.2	4.7	57.1	0.0
2. Cash equivalents	22.5	57.2	10.3	3.0	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	56.8	16.9	86.1	41.0	34.2
1. Short-term trade accounts receivable	21.4	15.1	31.6	25.7	0.0
2. Short-term prepayments to suppliers	0.1	0.1	3.0	0.2	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	29.8	0.0	45.7	13.4	0.0
6. Other short-term receivables	5.5	1.7	5.9	1.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.3	0.1	0.1	0.0	0.0
1. Inventories	0.3	0.1	0.1	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.2	0.2	0.1	0.1
1. Short-term prepayments	0.1	0.2	0.2	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	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)	454.1	507.5	555.6	613.9	666.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	438.6	493.2	545.7	600.2	654.6
1. Tangible fixed assets	438.6	493.2	545.7	600.2	654.6
- Cost	1,159.8	1,159.8	1,158.6	1,158.5	0.0
- Accumulated depreciation	-721.2	-666.5	-612.9	-558.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.2	1.2	1.2	1.5	3.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.0	4.0	4.0	4.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-2.8	-2.8	-2.8	-2.8	0.0
5. Held to maturity investments	—	0.0	0.0	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	14.2	13.1	8.6	12.1	0.0
1. Long-term prepayments	14.2	13.1	8.6	12.1	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	8.8
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)	557.0	605.1	656.9	715.2	743.9
A. LIABILITIES (300=210+330)	379.0	486.5	592.3	674.5	809.3
I. Short -term liabilities	292.7	473.8	389.4	378.1	467.1
1. Short-term trade accounts payable	2.3	2.4	4.7	5.8	41.1
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	4.6	3.2	3.3	3.3	0.0
4. Payable to employees	1.8	1.9	2.3	0.8	0.0
5. Short-term acrrued expenses	212.5	256.2	296.0	326.8	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	1.9	1.9	1.9	1.9	1.9
9. Other short-term payables	6.4	6.3	6.4	6.9	0.0
10. Short-term borrowings and financial leases	63.1	201.9	74.8	32.5	32.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	86.3	12.7	202.9	296.4	342.2
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	9.5	11.4	13.3	15.2	17.1
7. Other long-term liabilities	1.2	1.2	1.2	1.2	0.0
8. Long-term borrowings and financial leases	75.6	0.0	188.3	280.0	323.8
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	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)	178.0	118.6	64.7	40.7	-65.3
I. Owner's equity	178.0	118.6	64.7	40.7	0.0
1. Owner's capital	207.5	207.5	207.5	207.5	-65.3
- Common stock with voting right	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	152,460,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	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	—	0.0	0.0	0.0	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	-27.5	-86.9	-140.8	-164.8	-216.0
- Accumulated retained earning at the end of the previous period	-86.9	-140.8	-164.8	-220.6	-252.1
- Undistributed earnings in this period	59.4	54.0	24.0	55.8	36.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	557.0	605.1	656.9	715.2	743.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	62.8	57.3	26.2	60.0	0.0
Depreciation of Fixed Assets and Investment Property	54.7	54.7	54.5	54.6	0.0
Provision (Increase)/Reversal	—	0.0	0.0	-15.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.6	-2.6	-5.1	-1.7	0.0
Interest Expense	15.4	24.7	34.0	32.8	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	131.3	134.1	109.6	129.8	0.0
Increase/(Decrease) in Receivables	1.0	34.5	-8.4	10.2	0.0
Increase/(Decrease) in Inventory	-0.2	-0.0	-0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.4	-17.1	-2.1	-53.9	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	-4.4	3.4	-3.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-59.0	-63.0	-64.7	-72.6	0.0
Corporate Income Tax Paid	-2.6	-3.4	-2.2	-6.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	56.9	80.6	35.7	4.2	66.4
Payments for Fixed Assets and Other Long-term Assets	—	-2.8	-0.0	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.8	0.0	0.6	0.0
Loans and Purchases of Debt Instruments	-49.8	-27.2	-135.1	-92.4	-21.7
Receipts from Loan Repayments and Sale of Debt Instruments	20.0	72.9	103.1	90.8	20.1
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.4	2.2	0.7	3.1	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	-28.4	45.9	-31.3	1.9	-1.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	55,000,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-63.2	-61.2	-49.4	-43.9	-44.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	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	-63.2	-61.2	-49.4	11.1	-44.4
Net Cash Flow During the Period	-34.7	65.4	-45.1	17.3	25.2
Cash and Cash Equivalents at Beginning of Period	80.4	15.0	60.1	42.8	22.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	45.7	80.4	15.0	60.1	42.8

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	16.5	37.5	70.7	51.6	14.6	32.6	79.6	46.3	19.9	29.7	66.3	38.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	16.5	37.5	70.7	51.6	14.6	32.6	79.6	46.3	19.9	29.7	66.3	38.2
Cost of Goods Sold	19.1	23.2	26.1	24.1	19.0	22.2	26.7	23.7	20.5	22.1	25.2	23.0
Gross Profit	-2.6	14.3	44.5	27.5	-4.4	10.3	53.0	22.7	-0.6	7.5	41.1	15.2
Financial Income	0.9	0.6	0.5	0.3	0.2	0.2	0.2	0.8	1.0	1.2	1.2	1.4
Financial Expenses	3.0	3.2	3.7	4.2	4.3	5.0	5.7	6.0	7.9	8.2	8.3	8.7
Interest Expense	3.0	3.2	3.7	4.2	4.3	5.0	5.7	6.0	6.4	8.2	8.3	8.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.2	1.5	1.2	1.3	1.2	1.4	1.4	1.7	1.4	1.9	1.4	1.1
Operating Profit	-5.9	10.3	40.1	22.3	-9.7	4.1	46.1	15.7	-8.9	-1.3	32.7	6.8
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.3	3.8	0.0	0.0
Other Expenses	0.3	0.1	0.0	0.0	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Other Profit	-0.3	-0.1	-0.0	-0.0	—	-0.0	-0.0	-0.0	0.3	3.6	0.0	-0.0
Profit Before Tax	-6.2	10.2	40.1	22.3	-9.7	4.1	46.0	15.7	-8.6	2.3	32.7	6.8
Current Income Tax Expense	—	0.6	2.1	0.7	—	0.2	2.4	0.7	0.0	0.3	2.1	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-6.2	9.6	38.0	21.6	-9.7	3.9	43.7	15.0	-8.6	2.0	30.6	6.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-6.2	9.6	38.0	21.6	-9.7	3.9	43.7	15.0	-8.6	2.0	30.6	6.8
Earnings per Share	-299.00	465.00	1,840.00	1,047.00	-471.00	187.00	2,118.00	729.00	-417.00	95.00	1,483.00	329.00
Diluted EPS	-299.00	465.00	1,840.00	1,047.00	-471.00	2,617.00	2,118.00	729.00	-417.00	95.00	1,483.00	329.00

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)	94.8	102.9	137.1	106.6	73.9	97.6	153.0	112.7	85.1	101.4	138.5	110.8
I. Cash and cash equivalents	19.1	45.7	39.5	37.1	59.5	80.4	61.0	62.8	29.7	15.0	16.0	24.6
1. Cash	1.8	23.2	4.6	1.7	5.7	23.2	2.1	4.2	23.9	4.7	12.0	19.6
2. Cash equivalents	17.3	22.5	34.9	35.4	53.8	57.2	58.9	58.6	5.8	10.3	4.0	5.0
II. Short-term financial investments	55.1	—	—	—	—	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	55.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	20.5	56.8	97.2	69.1	14.2	16.9	91.6	49.3	55.2	86.1	122.1	85.8
1. Short-term trade accounts receivable	17.9	21.4	75.8	49.5	10.6	15.1	85.3	46.4	20.9	31.6	70.8	45.7
2. Short-term prepayments to suppliers	0.1	0.1	0.2	2.8	2.4	0.1	5.2	2.0	0.3	3.0	0.1	0.2
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	—	29.8	15.0	15.0	—	0.0	0.0	0.0	32.4	45.7	43.9	35.3
6. Other short-term receivables	2.4	5.5	6.2	1.8	1.2	1.7	1.1	0.9	1.7	5.9	7.3	4.6
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.3	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Inventories	0.1	0.3	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.0	0.1	0.2	0.3	0.0	0.2	0.3	0.4	0.0	0.2	0.3	0.4
1. Short-term prepayments	0.0	0.1	0.2	0.3	0.0	0.2	0.3	0.4	0.0	0.2	0.3	0.4
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	439.1	454.1	467.7	476.9	492.0	507.5	517.3	532.5	547.7	555.6	570.3	586.1
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	425.0	438.6	452.2	465.9	479.6	493.2	506.9	520.6	534.2	545.7	559.3	573.0
1. Tangible fixed assets	425.0	438.6	452.2	465.9	479.6	493.2	506.9	520.6	534.2	545.7	559.3	573.0
- Cost	1,159.8	—	—	—	—	1,159.8	1,159.8	1,159.8	1,159.7	1,158.6	1,158.5	1,158.6
- Accumulated depreciation	-734.8	—	—	—	—	-666.5	-652.9	-639.2	-625.5	-612.9	-599.2	-585.6
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	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.5	1.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-2.8	-2.8	-2.8	-2.8	-2.8	0.0	0.0	0.0	-2.8	-2.8	-2.8	-2.8
5. Held to maturity investments	—	—	—	—	—	-2.8	-2.8	-2.8	0.0	0.0	0.3	0.3
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.8	14.2	14.2	9.8	11.2	13.1	9.1	10.6	12.2	8.6	9.5	11.5
1. Long-term prepayments	12.8	14.2	14.2	9.8	11.2	13.1	9.1	10.6	12.2	8.6	9.5	11.5
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	—	—	—	—	—	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)	533.9	557.0	604.7	583.5	565.9	605.1	670.3	645.2	632.8	656.9	708.9	696.9
A. LIABILITIES (300=210+330)	362.1	378.9	436.3	453.0	457.0	486.5	555.5	574.0	576.7	588.6	642.5	661.1
I. Short -term liabilities	281.8	292.6	335.5	441.3	444.8	473.8	398.3	416.9	401.7	385.8	393.3	377.3
1. Short-term trade accounts payable	3.0	2.3	3.0	2.9	2.6	2.4	4.3	4.5	5.7	4.7	4.6	6.1
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.2	4.6	10.8	8.3	1.2	3.2	9.5	5.6	1.5	3.5	7.7	3.6
4. Payable to employees	1.2	1.8	1.4	1.3	1.2	1.9	1.5	1.3	1.2	2.3	1.8	1.5
5. Short-term acrrued expenses	205.6	212.5	247.1	251.6	247.2	256.2	282.9	290.4	290.7	292.2	316.8	325.2
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	1.4	1.9	1.9	1.9	1.9	1.9	1.4	1.9	1.9	1.9	1.9	1.0
9. Other short-term payables	6.2	6.4	7.6	8.2	6.2	6.3	7.6	8.0	6.2	6.4	7.4	7.6
10. Short-term borrowings and financial leases	63.1	63.1	63.6	167.2	184.6	201.9	91.2	105.2	94.4	74.8	53.1	32.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	80.3	86.3	100.8	11.7	12.2	12.7	157.2	157.2	175.0	202.9	249.3	283.8
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	9.5	9.5	10.0	10.5	10.9	11.4	12.4	12.4	12.8	13.3	13.8	15.2
7. Other long-term liabilities	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
8. Long-term borrowings and financial leases	69.6	75.6	89.6	—	—	0.0	143.6	143.6	160.9	188.3	234.2	267.3
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)	171.9	178.1	168.5	130.5	108.9	118.6	114.8	71.1	56.1	68.3	66.3	35.8
I. Owner's equity	171.9	178.1	168.5	130.5	108.9	118.6	114.8	71.1	56.1	68.3	66.3	35.8
1. Owner's capital	207.5	207.5	207.5	207.5	207.5	207.5	207.5	207.5	207.5	207.5	207.5	207.5
- Common stock with voting right	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00	207,460,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
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	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00	-1,513,020,050.00
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-33.6	-27.4	-37.0	-75.0	-96.6	-86.9	-90.7	-134.4	-149.4	-137.2	-139.2	-169.7
- Accumulated retained earning at the end of the previous period	-27.5	-86.9	-86.9	-86.9	-86.9	-140.8	-140.8	-140.8	-116.8	-164.8	-164.8	-164.8
- Undistributed earnings in this period	-6.2	59.4	49.8	11.9	-9.7	54.0	50.1	6.4	-32.6	27.6	25.6	-4.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	533.9	557.0	604.7	583.5	565.9	605.1	670.3	645.2	632.8	656.9	708.9	696.9

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	—	50.2	—	12.6	—	0.0	-7.1	7.1	0.0	26.2	5.0	-5.0
Depreciation of Fixed Assets and Investment Property	—	27.3	—	27.3	—	0.0	-27.3	27.3	0.0	54.5	-27.3	27.3
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-1.0	—	-0.5	—	0.0	2.1	-2.1	0.0	-5.1	2.7	-2.7
Interest Expense	—	6.9	—	8.5	—	0.0	-13.9	13.9	0.0	34.0	-17.6	17.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	83.4	—	48.0	—	0.0	-46.3	46.3	0.0	109.6	-37.2	37.2
Increase/(Decrease) in Receivables	—	27.2	—	-26.2	—	0.0	-2.1	2.1	0.0	-8.4	20.2	-20.2
Increase/(Decrease) in Inventory	—	-0.2	—	0.0	—	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-7.9	—	-4.5	—	0.0	20.0	-20.0	0.0	-2.1	-2.2	2.2
Increase/(Decrease) in Prepaid Expenses	—	-4.3	—	3.1	—	0.0	2.3	-2.3	0.0	3.4	-0.3	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-45.8	—	-13.3	—	0.0	8.2	-8.2	0.0	-64.7	19.0	-19.0
Corporate Income Tax Paid	-2.0	-1.5	0.0	0.0	-1.1	-2.2	0.0	0.0	-1.2	-1.0	0.0	0.0
Other Operating Receipts	5.5	—	—	—	—	0.6	11.6	-6.0	6.0	-3.8	3.8	-1.3
Other Operating Payments	-6.9	—	-24.6	—	-4.6	-13.7	-28.6	5.1	-5.1	23.3	-23.3	5.7
Net Cash Flow from Operating Activities	4.7	34.2	16.8	9.6	-3.6	52.2	13.8	7.6	9.1	24.0	12.4	1.1
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	-0.0	-2.8	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.1	0.8	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-34.8	—	-15.0	—	0.0	27.2	-27.2	0.0	-135.1	80.0	-80.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	20.0	—	—	—	0.0	-72.9	72.9	0.0	103.1	-58.0	58.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.9	—	0.4	—	0.0	-1.7	1.7	0.0	0.7	-0.1	0.1
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	-25.3	-13.4	-0.4	-14.6	—	0.0	-1.6	32.1	13.3	-0.8	-8.7	-23.8
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	-6.0	-14.5	-14.0	-17.4	-17.4	-32.8	-14.0	-6.6	-7.7	-24.2	-12.3	-2.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-6.0	-14.5	-14.0	-17.4	-17.4	-32.8	-14.0	-6.6	-7.7	-24.2	-12.3	-2.3
Net Cash Flow During the Period	-26.6	6.2	2.3	-22.4	-20.9	19.4	-1.8	33.1	14.7	-1.0	-8.5	-25.0
Cash and Cash Equivalents at Beginning of Period	45.7	39.5	37.1	59.5	80.4	15.0	15.0	15.0	15.0	60.1	60.1	60.1
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	19.1	45.7	39.5	37.1	59.5	80.4	61.0	62.8	29.7	15.0	16.0	24.6

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SP2

What Is Changing

Drivers of SP2'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