SRF

SEAREFICO ·HOSE ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE −0.34%, −3.28pp YoY

Price

7,700

Latest close

02 Jun 2026

P/E 28.79x

P/B 0.62x

EPS 267

BVPS 12,520

ROE 2.1%

ROA 0.5%

Profit Margin 0.8%

Asset Turnover 0.70x

Equity Mult. 3.92x

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

What Is Changing

On a TTM 2026Q1 basis, SRF is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,224bn
	                                
+27.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+25.7%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    122.3%

Metric	2025	2024	2023	2022	2021
Revenue	1,207.5	1,082.7	1,643.5	1,185.6	930.4
Growth	+12%	-34%	+39%	+27%	—
Net Income	24.6	1.2	3.8	-141.3	32.5
Net Margin	2.03%	0.11%	0.23%	-11.92%	3.50%

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	180.7	499.2	297.6	246.3	148.6	385.1	196.7	227.3	271.0	471.1	440.6	458.8
Growth	-64%	+68%	+21%	+66%	-61%	+96%	-13%	-16%	-42%	+7%	-4%	—
Net Income	2.4	15.7	0.9	-6.1	9.3	0.1	0.9	0.0	0.6	-0.9	0.8	0.7
Net Margin	1.31%	3.15%	0.31%	-2.48%	6.24%	0.01%	0.46%	0.01%	0.23%	-0.18%	0.18%	0.16%

Drivers of SRF's profit

TTM

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

Gross profit ↑ 74.0bn

Administrative expenses ↓ 51.4bn

Other profit ↑ 45.2bn

Tax ↓ 1.2bn

Financial income ↓ 138.9bn

Finance costs ↑ 19.6bn

TTM

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

Administrative expenses ↓ 57.7bn

Gross profit ↑ 57.4bn

Other profit ↑ 26.2bn

Tax ↓ 2.1bn

Financial income ↓ 149.8bn

Finance costs ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.3% = 1.1% × 0.59 × 3.68

2026Q1 2.9% = 1.1% × 0.70 × 3.92

ROE rose from 2.3% to 2.9% — mainly driven by leverage.

Net margin: 1.1% -0.0pp Asset turnover: 0.70x +0.11x Leverage: 3.92x +0.25x

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 stands at 1.05%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.05% −0.0pp

Gross Margin 7.61% +5.6pp

SG&A / Revenue 4.56% −6.5pp

Non-core / Revenue -0.68% −11.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 11.6pp, financial result still accounts for 122.3% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to -0.34%, losing 3.3pp. That translates to -0.34 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.5pp, outweighing the movement in capital turnover; while invested capital rose by 91bn.

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

Watchpoints

ROIC remains low

ROIC is currently -0.34% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -0.34% −3.3pp

NOPAT Margin -0.23% −2.5pp

Capital Turnover 1.46x +0.18x

Average Invested Capital 837.5bn +91.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 3.03x equity, net debt at 1.15x equity.

Inventory ended the period at 401.7bn, roughly 22.5% of total assets.

Over the last 12 months, working capital released 113.0bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.4bn

Inventories increased → lower CFO: −184.8bn

Payables increased → higher CFO: +298.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 32.1 days versus the same period last year. The main moves came from DIO rose 21.9 days, DSO fell 83.5 days, and DPO fell 29.5 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 181.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +21.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 154.1 days −83.5 days

Inventory 155.2 days +21.9 days

Payables 127.8 days −29.5 days

Cash Conversion Cycle 181.5 days −32.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 121.5bn due to capex of 95.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.15x and interest coverage only at -0.09x.

At present, short-term debt accounts for 95.6% of total debt, cash equals 17.4% of debt, and total debt stands at 620.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.15x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.09x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.15x +0.55x

Interest Coverage -0.09x −1.32x

Cash / Debt 17.4% −13.8pp

Short-term Debt / Total Debt 95.6% +12.1pp

CFO / NI -2.77x +22.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -174.4bn in 2025, against investing cash flow of 19.2bn.

Post-investment cash flow was negative +155.2bn. Financing cash flow was positive +160.3bn.

CFO / net income was -2.77x.

After spending +95.5bn on fixed-asset investment, the business generated trailing free cash flow of −121.5bn.

Cash Conversion

CFO TTM 26.0bn +202.9bn

Cash Capex 95.5bn +84.9bn

FCF TTM −121.5bn +118.0bn

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. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is -164.1%. The main risk still sits in capital efficiency remains weak, with ROIC at -0.3%.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 118.0bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -164.1% of PBT and CFO / net income currently at -2.77x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,207.6	1,082.7	1,643.6	1,185.6	930.4
Revenue Deductions	0.1	0.0	0.1	0.0	0.0
Net Revenue	1,207.5	1,082.7	1,643.5	1,185.6	930.4
Cost of Goods Sold	1,175.4	1,012.3	1,534.8	1,204.4	0.0
Gross Profit	32.1	70.4	108.8	-18.8	90.4
Financial Income	194.7	7.8	14.6	104.6	12.7
Financial Expenses	60.2	31.0	54.6	48.8	-36.8
Interest Expense	37.2	30.9	42.9	38.9	-36.3
Share of Associates and Joint Ventures	-9.3	0.0	0.0	0.0	16.8
Selling Expenses	1.6	1.2	1.8	4.1	-3.6
General and Administrative Expenses	105.1	56.4	63.4	160.4	-44.2
Operating Profit	50.6	-10.4	3.6	-127.5	35.4
Other Income	27.3	20.0	6.1	3.7	0.0
Other Expenses	46.3	2.9	2.2	3.1	0.0
Other Profit	-19.1	17.1	3.9	0.6	1.0
Profit Before Tax	31.5	6.8	7.5	-126.9	36.3
Current Income Tax Expense	8.0	7.3	4.6	14.3	-3.8
Deferred Income Tax Expense	-1.0	-1.7	-0.8	0.2	0.0
Net Income	24.6	1.2	3.8	-141.3	32.5
Non-controlling Interest	4.6	-0.5	0.8	-0.0	4.7
Profit Attributable to Parent	20.0	1.7	3.0	-141.3	27.8
Earnings per Share	591.00	52.00	79.00	-4,269.00	781.47
Diluted EPS	561.68	49.10	83.97	-4,269.00	781.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,257.6	1,222.2	1,383.0	1,381.7	1,341.4
I. Cash and cash equivalents	88.5	83.3	253.9	238.8	59.7
1. Cash	25.9	21.8	93.7	77.8	0.0
2. Cash equivalents	62.5	61.5	160.2	161.0	0.0
II. Short-term financial investments	36.1	43.1	67.8	118.0	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	36.1	43.1	67.8	118.0	0.0
III. Short-term receivables	698.4	745.6	787.2	726.7	789.9
1. Short-term trade accounts receivable	604.3	663.8	714.3	740.6	0.0
2. Short-term prepayments to suppliers	103.2	50.3	60.7	52.2	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	—	0.0	0.2	0.0	0.0
6. Other short-term receivables	24.9	53.7	32.9	42.6	0.0
7. Provision for short-term doubtful debts (*)	-34.0	-22.2	-20.9	-108.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	401.7	329.1	246.5	275.0	334.3
1. Inventories	439.7	331.9	248.6	278.0	0.0
2. Provision for decline in value of inventories	-37.9	-2.8	-2.1	-3.1	0.0
V. Other short-term assets	32.9	21.1	27.5	23.3	46.4
1. Short-term prepayments	3.6	3.9	3.5	4.0	0.0
2. Value added tax to be reclaimed	19.2	16.4	23.4	18.0	0.0
3. Taxes and other receivables from state authorities	10.1	0.8	0.6	1.2	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)	525.4	373.0	370.4	348.8	520.1
I. Long-term receivables	1.5	1.7	2.7	2.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.8
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	1.5	1.7	2.7	2.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	179.1	236.9	247.1	259.8	272.8
1. Tangible fixed assets	166.9	232.0	241.3	256.1	269.8
- Cost	237.2	369.3	366.5	387.6	0.0
- Accumulated depreciation	-70.3	-137.4	-125.3	-131.5	0.0
2. Financial leased fixed assets	0.8	0.9	1.0	1.0	0.0
- Cost	1.0	1.0	1.0	1.0	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	0.0	0.0
3. Intangible fixed assets	11.4	4.0	4.8	2.6	3.0
- Cost	16.7	8.6	8.5	6.0	0.0
- Accumulated depreciation	-5.3	-4.6	-3.6	-3.4	0.0
III. Investment properties	40.9	43.1	5.9	0.0	0.0
- Cost	49.0	49.0	7.4	0.0	0.0
- Accumulated depreciation	-8.2	-5.9	-1.5	0.0	0.0
IV. Long-term assets in progress	113.9	37.0	65.9	33.6	33.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	113.9	37.0	65.9	33.6	0.0
V. Long-term financial investments	155.1	6.9	3.7	5.6	165.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	155.1	5.3	2.1	2.1	0.0
3. Investments in other entities	—	1.6	3.5	3.5	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-1.9	0.0	0.0
5. Held to maturity investments	—	0.1	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	34.9	47.4	45.2	47.2	0.0
1. Long-term prepayments	17.0	30.5	30.0	32.7	0.0
2. Deferred income tax assets	17.9	16.9	15.2	14.6	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	46.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,783.0	1,595.2	1,753.4	1,730.6	1,861.5
A. LIABILITIES (300=210+330)	1,340.1	1,161.4	1,320.9	1,301.6	1,289.7
I. Short -term liabilities	1,270.5	1,084.2	1,247.3	1,221.4	1,192.9
1. Short-term trade accounts payable	416.8	412.4	454.2	381.2	305.9
2. Short-term advances from customers	174.4	126.0	90.9	207.8	111.3
3. Taxes and other payables to state authorities	9.0	13.7	4.2	14.2	0.0
4. Payable to employees	0.5	2.7	6.4	8.7	0.0
5. Short-term acrrued expenses	54.3	97.8	134.8	143.3	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	3.3	3.1	0.4	0.2	0.0
9. Other short-term payables	22.5	12.8	75.2	23.3	0.0
10. Short-term borrowings and financial leases	570.1	409.0	473.7	434.8	607.2
11. Provision for short-term liabilities	16.3	1.7	1.3	0.6	0.0
12.. Bonus and welfare fund	3.2	5.0	6.3	7.1	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	69.6	77.3	73.6	80.2	96.7
1. Long-term trade payables	—	0.0	0.2	0.6	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	4.2	4.4	0.9	1.2	0.0
8. Long-term borrowings and financial leases	27.6	71.3	70.5	76.3	90.6
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	36,229,900,000.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	1.6	1.6	1.9	2.1	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	442.9	433.8	432.5	429.0	571.8
I. Owner's equity	442.9	433.8	432.5	429.0	0.0
1. Owner's capital	355.7	355.7	355.7	355.7	571.8
- Common stock with voting right	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	8.5	8.5	8.5	4.4	4.4
5. Treasury shares	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	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	5.4	8.3	8.3	8.3	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	20.6	0.2	0.4	0.4	143.0
- Accumulated retained earning at the end of the previous period	0.6	-1.6	-2.6	141.7	115.2
- Undistributed earnings in this period	20.0	1.7	3.0	-141.3	27.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	81.7	90.0	88.5	89.1	89.4
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,783.0	1,595.2	1,753.4	1,730.6	1,861.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	31.5	6.8	7.5	-126.9	36.3
Depreciation of Fixed Assets and Investment Property	18.4	19.1	17.6	16.9	16.9
Provision (Increase)/Reversal	100.0	0.8	7.7	79.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.4	-0.3	3.8	1.7	0.0
Gain/Loss from Investment Activities	-171.9	-5.7	-13.7	-102.8	0.0
Interest Expense	37.2	30.9	42.9	38.9	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	-0.5	0.0	0.0
Operating Profit Before Changes in Working Capital	17.8	51.5	65.4	-92.4	51.4
Increase/(Decrease) in Receivables	-76.4	48.1	-73.4	4.2	0.0
Increase/(Decrease) in Inventory	-150.6	-83.3	29.4	56.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	95.5	-96.3	-7.7	207.6	0.0
Increase/(Decrease) in Prepaid Expenses	-13.7	-1.3	3.7	-1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-36.7	-32.0	-41.9	-39.2	0.0
Corporate Income Tax Paid	-6.2	-3.1	-14.6	-8.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.9	-3.8	-0.9	-9.8	0.0
Net Cash Flow from Operating Activities	-174.4	-120.3	-40.0	117.2	10.9
Payments for Fixed Assets and Other Long-term Assets	-88.4	-16.7	-43.4	-7.0	-19.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.0	0.2	1.2
Loans and Purchases of Debt Instruments	-189.7	-39.9	-121.2	-267.2	-11.1
Receipts from Loan Repayments and Sale of Debt Instruments	223.7	64.7	171.2	259.6	78.2
Investments in Other Entities	-132.0	-1.3	0.0	0.0	0.0
Proceeds from Investments in Other Entities	200.8	0.0	0.0	248.0	0.0
Dividends and Interest Income Received	4.6	5.4	15.4	15.1	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	19.2	12.2	22.0	248.7	69.2
Proceeds from Equity Issuance and Capital Contributions	2,372,000,000.00	2,735,200,000.00	0.00	0.00	10,739,040,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,055.4	1,010.6	1,365.1	851.6	1,510.8
Repayment of Borrowings	-897.1	-1,074.3	-1,331.7	-1,039.1	-1,604.6
Repayment of Finance Leases	—	-0.3	-0.3	-0.1	0.0
Dividends Paid	-0.4	-1.3	0.0	0.0	-0.5
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	160.3	-62.5	33.1	-187.6	-83.5
Net Cash Flow During the Period	5.2	-170.6	15.1	178.3	-23.3
Cash and Cash Equivalents at Beginning of Period	83.3	253.9	238.8	60.5	63.1
FX Difference from Revaluation	—	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	88.5	83.3	253.9	238.8	59.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	180.7	499.2	297.6	246.3	148.6	385.1	196.7	227.3	271.0	471.1	440.6	458.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	180.7	499.2	297.6	246.3	148.6	385.1	196.7	227.3	271.0	471.1	440.6	458.8
Cost of Goods Sold	159.1	453.3	272.3	246.1	184.3	372.5	178.8	203.0	254.5	433.8	416.9	433.3
Gross Profit	21.6	45.9	25.4	0.3	-35.8	12.6	17.9	24.3	16.5	37.3	23.7	25.5
Financial Income	2.7	1.1	1.1	14.2	152.5	2.8	1.6	1.0	1.6	1.8	3.1	5.2
Financial Expenses	11.8	15.6	12.7	11.6	9.9	5.3	8.4	8.3	8.2	16.8	11.8	13.6
Interest Expense	11.7	12.1	9.2	7.5	6.9	7.2	8.1	7.6	7.5	9.6	10.9	12.6
Share of Associates and Joint Ventures	1.2	-10.2	-0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.4	0.6	0.6	0.3	0.2	0.2	0.3	0.7	0.1	0.3	0.5	0.6
General and Administrative Expenses	9.7	21.5	12.0	9.9	67.4	8.0	12.4	16.5	14.9	23.7	14.9	15.2
Operating Profit	2.6	-0.8	1.0	-7.3	39.2	1.9	-1.6	-0.1	-5.1	-1.7	-0.4	1.4
Other Income	0.5	24.1	0.9	1.6	0.8	2.4	3.3	1.4	7.8	2.9	1.8	0.7
Other Expenses	0.1	0.9	0.8	1.1	26.5	1.8	0.2	0.2	0.5	1.1	0.0	0.7
Other Profit	0.4	23.2	0.1	0.5	-25.7	0.6	3.0	1.1	7.2	1.8	1.7	-0.0
Profit Before Tax	3.0	22.4	1.1	-6.8	13.5	2.5	1.5	1.0	2.1	0.1	1.3	1.4
Current Income Tax Expense	1.8	4.8	1.0	0.1	3.9	2.9	0.8	1.3	2.1	0.6	1.0	1.0
Deferred Income Tax Expense	-1.1	1.9	-0.8	-0.7	0.3	-0.5	-0.2	-0.4	-0.7	0.4	-0.5	-0.4
Net Income	2.4	15.7	0.9	-6.1	9.3	0.1	0.9	0.0	0.6	-0.9	0.8	0.7
Non-controlling Interest	0.1	2.3	0.7	0.4	0.7	-0.6	0.6	0.4	0.1	0.2	0.5	0.4
Profit Attributable to Parent	2.3	13.4	0.2	-6.5	8.6	0.6	0.3	-0.3	0.5	-1.0	0.3	0.3
Earnings per Share	68.00	377.69	5.18	-183.45	255.00	18.03	9.25	-9.57	14.93	-28.65	9.09	9.38
Diluted EPS	64.49	377.69	5.18	-183.45	242.15	18.03	9.25	-9.57	14.93	-28.65	9.09	9.38

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)	1,336.3	1,330.4	1,305.6	1,256.8	1,193.4	1,221.7	1,286.2	1,241.0	1,230.7	1,367.3	1,364.2	1,563.9
I. Cash and cash equivalents	108.1	88.4	62.9	104.0	122.5	98.6	133.9	73.0	131.9	272.8	159.2	220.1
1. Cash	53.7	25.9	20.6	29.9	90.6	21.8	81.5	44.4	107.2	93.7	37.8	49.7
2. Cash equivalents	54.4	62.5	42.4	74.1	31.9	76.8	52.4	28.6	24.7	179.0	121.4	170.4
II. Short-term financial investments	20.1	36.1	42.7	53.7	43.0	27.8	56.0	76.4	61.4	49.0	36.3	141.4
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	20.1	36.1	42.7	53.7	43.0	27.8	56.0	76.4	61.4	49.0	36.3	141.4
III. Short-term receivables	642.1	789.5	747.8	674.8	648.2	759.4	719.4	737.4	718.1	771.4	859.1	850.1
1. Short-term trade accounts receivable	505.1	715.1	642.8	582.0	528.2	666.1	648.6	684.9	718.7	778.6	849.5	818.4
2. Short-term prepayments to suppliers	147.7	103.5	109.5	64.1	50.8	62.0	49.1	39.0	68.2	63.3	76.3	91.3
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	—	—	—	—	27.2	0.0	0.1	0.1	0.0	0.0	0.0	0.0
6. Other short-term receivables	23.3	24.5	50.0	62.8	71.6	53.5	43.8	35.6	45.1	42.2	42.7	49.5
7. Provision for short-term doubtful debts (*)	-34.0	-53.6	-54.5	-34.1	-29.6	-22.2	0.0	-22.1	-113.9	-112.6	-109.4	-109.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	-22.1	0.0	0.0	0.0	0.0	0.0
IV. Inventories	532.3	383.7	420.5	387.6	354.4	313.5	354.5	320.7	292.1	246.7	288.0	320.6
1. Inventories	570.2	405.5	460.4	434.5	391.2	316.3	356.6	322.8	294.3	248.8	291.0	323.6
2. Provision for decline in value of inventories	-37.9	-21.8	-39.9	-46.9	-36.8	-2.8	-2.1	-2.1	-2.1	-2.1	-3.1	-3.1
V. Other short-term assets	33.7	32.7	31.6	36.7	25.3	22.4	22.3	33.4	27.3	27.4	21.5	31.7
1. Short-term prepayments	4.6	3.3	5.0	4.7	2.4	5.2	5.1	5.8	6.3	3.4	3.9	3.5
2. Value added tax to be reclaimed	27.4	27.4	25.0	30.9	22.0	16.4	16.2	26.9	20.4	23.4	12.0	24.9
3. Taxes and other receivables from state authorities	1.7	1.9	1.6	1.1	0.9	0.8	1.1	0.7	0.5	0.6	5.6	3.4
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)	535.4	508.6	470.6	453.6	436.8	372.3	375.8	378.0	367.4	371.8	342.6	345.5
I. Long-term receivables	1.3	1.6	1.6	1.7	1.7	1.7	1.7	1.8	2.3	3.4	2.6	2.6
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	1.3	1.6	1.6	1.7	1.7	1.7	1.7	1.8	2.3	3.4	2.6	2.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	180.4	178.4	182.2	178.3	177.5	231.9	235.3	238.5	243.4	247.2	249.0	251.5
1. Tangible fixed assets	168.5	166.1	169.6	174.0	173.0	227.0	230.2	233.3	237.9	241.4	245.6	248.1
- Cost	239.8	—	—	—	—	364.2	362.7	363.3	387.5	388.2	387.9	386.3
- Accumulated depreciation	-71.4	—	—	—	—	-137.2	-132.5	-130.0	-149.7	-146.8	-142.3	-138.3
2. Financial leased fixed assets	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9	0.9	1.0	1.0	1.0
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	11.1	11.4	11.8	3.4	3.7	4.0	4.2	4.4	4.6	4.8	2.4	2.4
- Cost	16.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	40.3	40.8	41.4	41.8	42.5	48.7	51.6	52.3	5.8	5.9	6.0	6.1
- Cost	49.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	119.2	100.9	47.2	37.4	37.8	37.0	38.6	36.7	67.0	65.9	33.4	33.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	119.2	100.9	47.2	37.4	37.8	37.0	38.6	36.7	67.0	65.9	33.4	33.1
V. Long-term financial investments	158.7	150.7	161.2	158.6	143.7	6.9	3.7	3.7	3.7	3.7	5.6	5.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	156.3	150.7	160.9	158.3	143.4	5.3	2.1	2.1	2.1	2.1	2.1	2.1
3. Investments in other entities	—	—	—	—	—	1.6	3.5	3.5	3.5	3.5	3.5	3.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	-1.9	-1.9	-1.9	-1.9	0.0	0.0
5. Held to maturity investments	2.4	—	0.3	0.4	0.4	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	35.4	36.3	37.0	35.8	33.7	46.2	45.0	45.0	45.1	45.7	46.1	46.8
1. Long-term prepayments	16.4	17.1	18.0	18.5	17.1	29.2	28.4	28.7	29.5	30.3	30.3	31.4
2. Deferred income tax assets	19.0	19.1	19.0	17.3	16.6	17.0	16.5	16.3	15.6	15.4	15.8	15.3
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,871.6	1,839.0	1,776.2	1,710.4	1,630.3	1,594.1	1,662.0	1,619.0	1,598.1	1,739.1	1,706.8	1,909.4
A. LIABILITIES (300=210+330)	1,426.3	1,366.5	1,319.7	1,271.7	1,182.9	1,159.9	1,225.9	1,183.7	1,167.0	1,307.7	1,274.5	1,477.9
I. Short -term liabilities	1,356.7	1,328.6	1,261.2	1,207.5	1,112.4	1,082.6	1,141.9	1,094.5	1,090.3	1,254.1	1,182.9	1,405.7
1. Short-term trade accounts payable	369.1	467.4	470.1	432.4	422.5	397.5	407.4	368.8	385.9	512.6	380.9	374.8
2. Short-term advances from customers	306.4	164.4	201.5	226.2	234.9	131.4	192.9	149.3	121.4	89.6	111.4	166.8
3. Dividends and profits payable	0.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.7	10.9	8.4	9.5	12.3	13.4	7.6	3.2	3.3	2.8	7.8	6.3
4. Payable to employees	10.1	0.3	10.2	9.6	6.2	2.7	13.2	13.1	10.4	6.6	8.4	9.2
5. Short-term acrrued expenses	33.1	86.8	70.6	82.1	83.1	103.4	100.4	127.0	141.5	121.6	252.8	246.6
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	1.5	3.1	1.3	3.1	1.1	3.1	0.8	2.4	0.0	0.4	0.2	0.2
9. Other short-term payables	12.5	22.1	24.3	40.4	19.6	15.4	25.5	11.1	20.7	19.2	13.0	15.9
10. Short-term borrowings and financial leases	593.2	570.1	471.2	399.1	328.1	409.0	389.7	414.7	401.7	493.7	400.7	578.0
11. Provision for short-term liabilities	16.3	—	0.1	0.1	0.1	1.7	1.3	1.5	1.7	1.3	1.5	0.9
12.. Bonus and welfare fund	3.2	3.5	3.6	5.0	4.6	5.0	3.3	3.3	3.7	6.3	6.3	7.0
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	69.7	38.0	58.5	64.2	70.6	77.3	84.0	89.2	76.7	53.6	91.6	72.2
1. Long-term trade payables	—	—	—	—	—	0.0	0.2	0.2	0.2	0.2	0.6	0.6
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	4.8	4.2	4.2	4.2	4.4	4.4	4.8	4.5	0.9	0.9	1.0	1.3
8. Long-term borrowings and financial leases	27.1	27.6	50.1	58.4	64.5	71.3	77.3	82.5	73.6	50.5	88.0	68.4
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	4.6	2.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.9	1.9	1.9	1.9	1.9
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)	445.3	472.4	456.5	438.7	447.3	434.2	436.1	435.3	431.1	431.4	432.3	431.5
I. Owner's equity	445.3	472.4	456.5	438.7	447.3	434.2	436.1	435.3	431.1	431.4	432.3	431.5
1. Owner's capital	355.7	355.7	355.7	355.7	355.7	355.7	355.7	355.7	355.7	355.7	355.7	355.7
- Common stock with voting right	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00	355,667,800,000.00
- Preferred stock	36,229,900,000.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.3	21.9	21.9	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	8.5	8.5	8.5	5.2	4.1	8.5	8.5	8.5	4.4	4.4	4.4	4.4
5. Treasury shares	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00	-29,238,407,099.00
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	5.4	5.4	5.4	5.4	5.4	8.3	8.3	8.3	8.3	8.3	8.3	8.3
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	22.9	13.8	0.4	23.4	35.1	0.5	1.3	0.6	0.9	2.2	3.2	2.5
- Accumulated retained earning at the end of the previous period	20.6	-3.8	-3.8	21.3	26.5	-1.6	0.4	0.4	0.4	0.4	0.4	0.4
- Undistributed earnings in this period	2.3	17.6	4.2	2.1	8.6	2.1	0.9	0.2	0.5	1.8	2.8	2.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	81.8	96.3	93.8	77.9	76.0	90.1	91.3	91.1	90.7	89.8	89.6	89.5
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,871.6	1,839.0	1,776.2	1,710.4	1,630.3	1,594.1	1,662.0	1,619.0	1,598.1	1,739.1	1,706.8	1,909.4

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	3.0	19.6	1.1	-2.7	13.5	2.5	1.5	1.0	2.1	2.8	1.3	1.4
Depreciation of Fixed Assets and Investment Property	1.9	4.5	4.5	4.2	5.2	1.5	4.1	4.5	3.5	3.6	5.6	4.2
Provision (Increase)/Reversal	-0.0	4.3	0.0	19.5	76.2	-0.7	-0.5	-0.2	1.6	6.1	0.8	0.7
FX Gain/Loss from Revaluation of Monetary Items	-1.3	0.5	2.0	-2.0	2.0	-0.8	0.7	0.3	0.4	3.1	-0.2	1.2
Gain/Loss from Investment Activities	-2.6	22.0	-13.5	-180.1	-0.2	-3.0	-2.7	-0.7	-1.3	-1.6	-3.0	-5.0
Interest Expense	11.7	12.5	9.2	8.7	6.9	7.2	8.2	7.9	7.5	8.7	11.5	12.7
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	-0.6	0.6	0.0	-0.5	0.0	0.0
Operating Profit Before Changes in Working Capital	12.8	63.3	3.3	-152.4	103.6	6.6	10.7	13.4	13.7	22.2	15.9	15.1
Increase/(Decrease) in Receivables	56.5	-43.3	-8.8	-4.8	-19.5	-37.1	32.5	-16.7	56.2	62.9	-10.2	-133.1
Increase/(Decrease) in Inventory	-130.6	-25.0	12.8	-42.1	-96.4	40.4	-33.8	-28.7	-45.4	42.4	32.6	3.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	64.5	21.3	-134.6	347.0	-138.2	-86.4	64.8	-9.3	-72.8	-7.1	-48.4	56.5
Increase/(Decrease) in Prepaid Expenses	-0.3	2.4	-0.6	-15.7	0.2	-1.0	-0.1	1.4	-2.2	1.5	0.1	1.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.5	-13.4	-7.7	-8.7	-6.9	-8.5	-7.1	-8.7	-7.0	-7.8	-12.0	-13.2
Corporate Income Tax Paid	-1.5	1.0	-1.4	-4.3	-1.6	-0.1	0.0	-2.0	-0.9	-1.2	-0.4	-13.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-3.0	0.8	-2.2	0.5	-0.3	-0.3	-0.4	-2.6	0.2	-0.5	-0.5
Net Cash Flow from Operating Activities	-10.0	3.2	-136.1	116.9	-158.4	-86.4	66.8	-51.0	-60.9	113.1	-22.9	-83.2
Payments for Fixed Assets and Other Long-term Assets	-8.0	-66.1	-14.6	-6.8	-0.9	6.5	1.3	-17.5	-0.7	-40.8	3.3	-6.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	—	—	—	-0.9	-0.2	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-175.7	0.0	-14.1	0.0	28.3	49.4	-26.3	-12.0	-202.9	105.0	-23.4
Receipts from Loan Repayments and Sale of Debt Instruments	13.6	182.3	-12.6	54.0	—	-0.1	-29.1	30.1	-0.4	171.2	0.0	0.0
Investments in Other Entities	—	—	—	—	—	-1.3	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	-0.4	0.0	-23.2	224.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.4	0.6	1.1	2.6	0.2	3.0	4.2	1.2	1.9	-1.3	12.7	1.4
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	7.0	-58.9	-26.1	-5.7	109.9	35.6	25.6	-12.3	-11.1	-73.7	121.0	-28.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	2,032,489,999.00	-2,735,200,000.00	2,735,200,000.00	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	279.3	479.7	230.5	136.5	208.7	250.8	153.7	185.3	359.4	359.2	368.1	320.0
Repayment of Borrowings	-256.7	-362.7	-171.2	-242.1	-121.1	-237.5	-184.0	-163.3	-428.3	-303.4	-527.1	-185.7
Repayment of Finance Leases	—	—	-0.1	-0.1	—	0.0	0.1	-0.1	0.0	-0.3	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.4	—	0.0	1.3	-1.3	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	22.6	81.2	97.1	-105.6	87.6	15.3	-31.6	23.3	-68.9	55.5	-159.0	134.4
Net Cash Flow During the Period	19.6	25.5	-65.1	5.6	39.2	-35.5	60.8	-40.0	-140.9	94.8	-60.9	22.9
Cash and Cash Equivalents at Beginning of Period	88.5	62.9	128.0	122.5	83.3	253.9	253.9	253.9	272.8	238.8	238.8	238.8
FX Difference from Revaluation	0.0	—	0.0	0.0	—	0.3	0.0	-0.0	0.0	-0.1	0.0	0.1
Cash and Cash Equivalents at End of Period	108.1	88.5	62.9	128.0	122.5	98.6	133.9	73.0	131.9	253.9	159.2	220.1

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SRF

What Is Changing

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Balance Sheet ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow