SZB

Sonadezi Long Bình ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 38.15%, +8.98pp YoY

Price

42,200

Latest close

03 Jun 2026

P/E 6.02x

P/B 1.54x

EPS 7,011

BVPS 27,387

ROE 27.4%

ROA 11.3%

Profit Margin 38.1%

Asset Turnover 0.30x

Equity Mult. 2.44x

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

What Is Changing

On a TTM 2026Q1 basis, SZB is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 551bn
	                                
+29.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 210bn
	                                
+69.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	522.1	526.8	382.6	361.2	341.1
Growth	-1%	+38%	+6%	+6%	—
Net Income	201.7	196.6	116.4	106.7	104.8
Net Margin	38.64%	37.33%	30.41%	29.55%	30.71%

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	129.9	211.1	103.8	106.6	100.7	115.9	93.6	115.8	201.6	102.3	86.7	105.8
Growth	-38%	+103%	-3%	+6%	-13%	+24%	-19%	-43%	+97%	+18%	-18%	—
Net Income	41.5	100.8	27.7	40.3	32.9	23.6	25.6	42.2	105.3	24.2	23.7	41.5
Net Margin	31.94%	47.76%	26.73%	37.79%	32.66%	20.33%	27.41%	36.41%	52.23%	23.71%	27.34%	39.21%

Drivers of SZB's profit

TTM

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

Gross profit ↑ 103.1bn

Tax ↑ 21.5bn

TTM

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

Gross profit ↑ 11.1bn

Tax ↑ 2.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.8% = 29.2% × 0.26 × 2.32

2026Q1 27.4% = 38.1% × 0.30 × 2.44

ROE rose from 17.8% to 27.4% — all three components improved, with leverage contributing the most.

Net margin: 38.1% +9.0pp Asset turnover: 0.30x +0.03x Leverage: 2.44x +0.12x

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 38.15%, rising 9.0pp. The main driver is Gross margin rose 9.4pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.6pp).

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

Profitability trend

Net Margin 38.15% +9.0pp

Gross Margin 50.17% +9.4pp

SG&A / Revenue 6.16% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 32.2% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC expanded to 32.24%, rising 6.1pp. That translates to 32.24 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 9.0pp, with capital turnover fell 0.05x; while invested capital expanded strongly by 177bn.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC 32.24% +6.1pp

NOPAT Margin 37.84% +9.0pp

Capital Turnover 0.85x −0.05x

Average Invested Capital 647.1bn +177.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.38x equity, with a net cash position equivalent to 0.09x equity.

Over the last 12 months, working capital released 76.6bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −42.4bn

Inventories decreased → higher CFO: +5.6bn

Payables increased → higher CFO: +113.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.7 days versus the same period last year. The main moves came from DIO fell 4.3 days, DSO fell 0.3 days, and DPO rose 2.1 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Working Capital Efficiency

Receivables 13.1 days −0.3 days

Inventory 4.2 days −4.3 days

Payables 17.2 days +2.1 days

Cash Conversion Cycle 0.1 days −6.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 222.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.09x and interest coverage at 66.07x.

At present, short-term debt accounts for 16.5% of total debt, cash equals 137.1% of debt, and total debt stands at 196.3bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Leverage and liquidity trend

Net Debt / Equity -0.09x +0.14x

Interest Coverage 66.07x +21.15x

Cash / Debt 137.1% −281.4pp

Short-term Debt / Total Debt 16.5% −6.1pp

CFO / NI 0.90x −0.53x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 222.9bn in 2025, against investing cash flow of -236.2bn.

Post-investment cash flow was negative +13.3bn. Financing cash flow was negative +26.2bn.

CFO / net income was 0.90x.

After spending +155.6bn on fixed-asset investment, the business generated trailing free cash flow of +33.0bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 188.6bn +11.6bn

Cash Capex 155.6bn +79.7bn

FCF TTM +33.0bn −68.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 9.0 pp. The next item to monitor is capital efficiency, with ROIC at 32.2%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 38.15% after expanding 9.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	522.1	526.8	382.6	361.2	341.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	522.1	526.8	382.6	361.2	341.1
Cost of Goods Sold	256.6	262.0	228.7	212.3	0.0
Gross Profit	265.5	264.8	153.9	148.8	141.5
Financial Income	18.1	13.2	18.3	6.8	9.0
Financial Expenses	3.1	3.5	1.5	0.6	-0.6
Interest Expense	3.1	3.5	1.5	0.6	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3.3	4.3	0.0	0.0	-0.0
General and Administrative Expenses	30.1	29.5	29.2	25.2	-22.4
Operating Profit	247.0	240.8	141.4	129.9	127.5
Other Income	1.9	1.8	1.4	1.2	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0
Other Profit	1.9	1.8	1.4	1.2	1.2
Profit Before Tax	248.9	242.6	142.8	131.0	128.7
Current Income Tax Expense	47.2	46.0	26.5	24.3	-23.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	201.7	196.6	116.4	106.7	104.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	201.7	196.6	116.4	106.7	104.8
Earnings per Share	6,416.00	6,173.00	3,578.00	3,277.00	3,332.00
Diluted EPS	6,416.00	6,173.00	3,578.00	3,277.00	3,492.00

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	494.4	448.0	422.1	278.4	282.4
I. Cash and cash equivalents	215.4	255.0	272.2	72.0	85.5
1. Cash	30.4	21.0	20.2	22.0	0.0
2. Cash equivalents	185.0	234.0	252.0	50.0	0.0
II. Short-term financial investments	187.5	93.5	91.3	122.7	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	187.5	93.5	91.3	122.7	0.0
III. Short-term receivables	55.8	87.7	51.2	73.6	87.4
1. Short-term trade accounts receivable	21.4	19.5	15.8	16.9	0.0
2. Short-term prepayments to suppliers	31.1	31.7	33.2	57.5	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	0.0	0.0	0.0
6. Other short-term receivables	3.9	37.2	3.3	0.3	0.0
7. Provision for short-term doubtful debts (*)	-0.6	-0.7	-1.1	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	6.3	6.2	7.3	5.8	5.7
1. Inventories	6.3	6.2	7.3	5.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	29.4	5.7	0.0	4.2	5.2
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	18.4	5.7	0.0	4.2	0.0
3. Taxes and other receivables from state authorities	11.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,359.6	1,130.1	1,065.1	1,010.9	915.4
I. Long-term receivables	88.3	89.6	91.2	91.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	91.5
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	88.3	89.6	91.2	91.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	387.2	402.3	393.0	390.1	325.7
1. Tangible fixed assets	357.9	372.0	361.7	357.8	292.4
- Cost	1,014.9	992.2	948.3	912.2	0.0
- Accumulated depreciation	-657.0	-620.2	-586.6	-554.4	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	29.3	30.3	31.3	32.3	33.3
- Cost	94.6	94.6	94.6	94.6	0.0
- Accumulated depreciation	-65.3	-64.3	-63.3	-62.2	0.0
III. Investment properties	181.2	108.3	110.6	49.6	53.9
- Cost	240.9	159.3	153.9	87.9	0.0
- Accumulated depreciation	-59.7	-51.1	-43.2	-38.3	0.0
IV. Long-term assets in progress	54.6	15.5	1.6	29.0	25.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	54.6	15.5	1.6	29.0	0.0
V. Long-term financial investments	40.0	40.0	40.0	40.0	40.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	40.0	40.0	40.0	40.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	608.3	474.4	428.7	410.8	0.0
1. Long-term prepayments	605.2	471.4	425.6	407.7	0.0
2. Deferred income tax assets	3.0	3.0	3.0	3.0	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	379.3
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)	1,854.0	1,578.1	1,487.2	1,289.3	1,197.8
A. LIABILITIES (300=210+330)	1,073.9	899.5	896.2	715.8	612.4
I. Short -term liabilities	224.1	186.6	244.8	128.1	112.3
1. Short-term trade accounts payable	74.3	52.3	32.2	36.0	24.3
2. Short-term advances from customers	16.5	14.0	121.3	14.0	19.7
3. Taxes and other payables to state authorities	22.0	7.2	4.5	5.3	0.0
4. Payable to employees	14.2	17.9	4.6	4.4	0.0
5. Short-term acrrued expenses	15.3	15.3	15.3	15.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	34.1	30.8	26.3	25.1	23.7
9. Other short-term payables	11.3	21.2	12.8	5.9	0.0
10. Short-term borrowings and financial leases	19.7	11.8	11.8	8.4	1.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.8	16.2	16.0	13.8	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	849.8	712.8	651.4	587.7	500.1
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	733.3	658.9	594.1	555.8	484.0
7. Other long-term liabilities	22.3	15.7	10.1	9.2	0.0
8. Long-term borrowings and financial leases	94.1	38.2	47.3	22.7	5.9
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	—	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)	780.1	678.6	591.0	573.5	585.3
I. Owner's equity	780.1	678.6	591.0	573.5	0.0
1. Owner's capital	300.0	300.0	300.0	300.0	585.3
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.6	5.6	5.6	5.6	5.6
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	184.9	125.9	114.3	103.6	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	289.6	247.1	171.1	164.3	186.6
- Accumulated retained earning at the end of the previous period	87.9	80.4	90.7	93.5	81.8
- Undistributed earnings in this period	201.7	166.6	80.4	70.7	104.8
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)	1,854.0	1,578.1	1,487.2	1,289.3	1,197.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	248.9	242.6	142.8	131.0	128.7
Depreciation of Fixed Assets and Investment Property	46.4	42.5	38.3	33.8	31.4
Provision (Increase)/Reversal	-0.1	-0.4	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-18.1	-13.2	-18.3	-6.8	0.0
Interest Expense	3.1	3.5	1.5	0.6	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	280.3	275.0	164.3	158.6	151.7
Increase/(Decrease) in Receivables	11.9	-42.0	29.9	13.6	0.0
Increase/(Decrease) in Inventory	-0.1	1.2	-1.5	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	94.1	2.4	153.9	36.7	0.0
Increase/(Decrease) in Prepaid Expenses	-118.9	-33.8	-12.6	-25.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.1	-3.6	-1.4	-0.6	0.0
Corporate Income Tax Paid	-31.8	-41.1	-29.8	-24.8	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-9.6	-9.8	-6.7	-10.3	0.0
Net Cash Flow from Operating Activities	222.9	148.3	296.1	147.2	63.8
Payments for Fixed Assets and Other Long-term Assets	-157.9	-69.2	-81.7	-56.6	-35.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-404.0	-241.5	-220.0	-135.2	-188.6
Receipts from Loan Repayments and Sale of Debt Instruments	310.0	239.3	251.4	111.1	227.0
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	15.8	13.9	16.3	7.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-236.2	-57.5	-33.9	-73.4	17.7
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	83.4	2.8	37.6	27.4	15.7
Repayment of Borrowings	-19.6	-11.8	-9.6	-3.7	-17.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-90.0	-99.0	-90.0	-111.0	-75.0
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	-26.2	-108.0	-62.0	-87.3	-76.4
Net Cash Flow During the Period	-39.6	-17.2	200.2	-13.5	-42.3
Cash and Cash Equivalents at Beginning of Period	255.0	272.2	72.0	85.5	80.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	215.4	255.0	272.2	72.0	85.5

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	129.9	211.1	103.8	106.6	100.7	115.9	93.6	115.8	201.6	102.3	86.7	105.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	129.9	211.1	103.8	106.6	100.7	115.9	93.6	115.8	201.6	102.3	86.7	105.8
Cost of Goods Sold	70.9	84.0	63.6	56.3	52.7	81.9	56.1	61.7	62.3	67.9	55.9	54.7
Gross Profit	59.1	127.1	40.2	50.2	47.9	34.1	37.4	54.1	139.2	34.3	30.8	51.1
Financial Income	2.0	6.9	2.4	7.5	1.3	4.9	1.7	4.2	2.4	7.3	5.5	3.1
Financial Expenses	1.4	1.1	0.6	0.8	0.6	0.9	0.7	1.0	0.8	0.9	0.2	0.2
Interest Expense	1.4	1.1	0.6	0.8	0.6	0.9	0.7	1.0	0.8	0.9	0.2	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	1.3	1.1	0.6	0.3	0.4	0.4	0.4	3.1	0.0	0.0	0.0
General and Administrative Expenses	7.7	9.8	6.6	6.2	7.5	8.3	6.4	8.0	6.8	10.8	6.6	5.5
Operating Profit	51.3	121.8	34.3	50.1	40.8	29.3	31.6	48.8	131.0	29.9	29.5	48.4
Other Income	0.6	0.7	0.4	0.4	0.3	0.3	0.5	0.4	0.7	0.5	0.3	0.3
Other Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Profit	0.6	0.7	0.4	0.4	0.3	0.3	0.5	0.4	0.7	0.5	0.3	0.3
Profit Before Tax	51.9	122.6	34.7	50.4	41.2	29.7	32.1	49.2	131.6	30.4	29.8	48.7
Current Income Tax Expense	10.4	21.8	7.0	10.2	8.3	6.1	6.5	7.0	26.4	6.1	6.1	7.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	41.5	100.8	27.7	40.3	32.9	23.6	25.6	42.2	105.3	24.2	23.7	41.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	41.5	100.8	27.7	40.3	32.9	23.6	25.6	42.2	105.3	24.2	23.7	41.5
Earnings per Share	1,383.00	3,361.00	925.00	1,342.00	1,096.00	786.00	855.00	1,405.00	3,509.00	808.00	790.00	1,383.00
Diluted EPS	1,383.00	3,361.00	925.00	1,342.00	1,096.00	6,555.00	855.00	1,405.00	3,509.00	808.00	790.00	1,383.00

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)	710.9	494.4	574.7	560.5	566.7	448.0	496.8	492.8	519.7	422.1	399.1	402.0
I. Cash and cash equivalents	269.2	215.4	247.6	185.9	218.2	255.0	257.1	272.2	347.9	272.2	203.2	139.8
1. Cash	19.2	30.4	20.8	25.9	25.2	21.0	42.1	29.7	43.4	20.2	43.2	34.8
2. Cash equivalents	250.0	185.0	226.8	160.0	193.0	234.0	215.0	242.5	304.5	252.0	160.0	105.0
II. Short-term financial investments	307.5	187.5	217.5	247.5	252.5	93.5	98.5	158.5	113.0	91.3	142.8	192.8
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	307.5	187.5	217.5	247.5	252.5	93.5	98.5	158.5	113.0	91.3	142.8	192.8
III. Short-term receivables	128.5	55.8	93.4	105.9	90.0	87.7	134.3	55.5	50.0	51.2	45.8	63.5
1. Short-term trade accounts receivable	22.0	21.4	20.3	28.2	17.4	19.5	14.0	21.9	13.8	15.8	13.1	18.9
2. Short-term prepayments to suppliers	106.5	31.1	37.3	38.1	37.0	31.7	32.3	31.3	36.0	33.2	33.5	32.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	3.9	36.6	40.4	36.3	37.2	88.0	2.3	0.3	3.3	0.2	12.9
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.7	-0.7	-0.7	-0.7	0.0	0.0	0.0	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.4	6.3	5.9	6.0	6.0	6.2	6.2	6.2	5.8	7.3	5.8	5.8
1. Inventories	0.4	6.3	5.9	6.0	6.0	6.2	6.2	6.2	5.8	7.3	5.8	5.8
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	5.4	29.4	10.3	15.2	—	5.7	0.7	0.4	3.0	0.0	1.4	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	18.4	1.5	0.1	—	5.7	0.7	0.4	0.0	0.0	1.4	0.0
3. Taxes and other receivables from state authorities	5.4	11.0	8.9	15.2	—	0.0	0.0	0.0	3.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,342.7	1,359.6	1,158.0	1,127.6	1,115.6	1,130.1	1,031.5	1,040.6	1,037.0	1,065.1	1,046.7	1,045.3
I. Long-term receivables	—	88.3	89.6	89.6	89.6	89.6	91.2	91.2	91.2	91.2	91.2	91.5
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	—	88.3	89.6	89.6	89.6	89.6	91.2	91.2	91.2	91.2	91.2	91.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	377.7	387.2	387.8	391.6	397.7	402.3	370.7	379.3	384.6	393.0	371.2	377.3
1. Tangible fixed assets	348.6	357.9	358.2	361.8	367.7	372.0	340.1	348.4	353.5	361.7	339.6	345.4
- Cost	1,015.0	—	—	—	—	992.2	951.6	951.6	948.4	948.3	918.1	915.9
- Accumulated depreciation	-666.3	—	—	—	—	-620.2	-611.5	-603.1	-594.9	-586.6	-578.5	-570.4
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	29.1	29.3	29.6	29.8	30.1	30.3	30.6	30.8	31.1	31.3	31.6	31.8
- Cost	94.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-65.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	178.1	181.2	102.1	104.1	106.2	108.3	108.4	108.5	108.8	110.6	46.4	47.5
- Cost	241.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-63.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	55.6	54.6	73.4	33.0	11.9	15.5	2.2	2.1	1.8	1.6	64.3	53.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	55.6	54.6	73.4	33.0	11.9	15.5	2.2	2.1	1.8	1.6	64.3	53.1
V. Long-term financial investments	128.3	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	128.3	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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	603.0	608.3	465.1	469.2	470.2	474.4	419.1	419.5	410.6	428.7	433.6	436.0
1. Long-term prepayments	600.0	605.2	462.1	466.2	467.1	471.4	416.1	416.4	407.6	425.6	430.6	433.0
2. Deferred income tax assets	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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)	2,053.6	1,854.0	1,732.7	1,688.1	1,682.3	1,578.1	1,528.3	1,533.4	1,556.7	1,487.2	1,445.7	1,447.3
A. LIABILITIES (300=210+330)	1,232.0	1,073.9	1,053.5	946.6	970.8	899.5	843.3	805.0	870.4	896.1	842.9	814.2
I. Short -term liabilities	258.2	224.1	285.6	192.9	216.1	186.6	198.9	162.3	217.1	244.7	201.0	174.0
1. Short-term trade accounts payable	10.9	74.3	17.1	13.8	15.0	52.3	10.0	15.2	6.0	32.2	13.3	13.0
2. Short-term advances from customers	122.8	16.5	120.3	60.2	99.5	14.0	75.3	52.5	96.4	121.3	68.9	51.4
3. Taxes and other payables to state authorities	14.2	22.0	18.1	19.2	15.9	7.2	25.0	7.3	26.1	4.4	30.5	23.0
4. Payable to employees	3.6	14.2	2.8	2.3	1.5	17.9	3.2	4.3	6.6	4.6	2.8	1.6
5. Short-term acrrued expenses	15.2	15.3	15.2	15.2	15.2	15.3	15.2	15.2	15.2	15.3	16.6	15.6
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	36.6	34.1	32.2	32.2	31.7	30.8	26.7	26.0	26.1	26.3	26.0	26.1
9. Other short-term payables	10.6	11.3	44.1	15.8	12.5	21.2	12.4	9.9	7.9	12.8	14.2	14.5
10. Short-term borrowings and financial leases	32.4	19.7	15.9	13.4	11.8	11.8	11.8	11.8	11.8	11.8	11.5	11.1
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	11.9	16.8	19.8	20.7	12.9	16.2	19.2	20.1	21.0	16.0	17.1	17.8
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	973.9	849.8	767.9	753.7	754.7	712.8	644.4	642.7	653.3	651.4	641.9	640.1
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	787.4	733.3	679.0	687.0	693.7	658.9	590.3	588.4	594.0	594.1	584.3	583.3
7. Other long-term liabilities	22.5	22.3	22.2	16.4	20.7	15.7	15.7	12.9	15.0	10.1	9.2	8.1
8. Long-term borrowings and financial leases	163.9	94.1	66.6	50.2	40.3	38.2	38.4	41.4	44.3	47.3	48.4	48.7
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)	821.6	780.1	679.3	741.5	711.5	678.6	685.0	728.4	686.2	591.1	602.8	633.1
I. Owner's equity	821.6	780.1	679.3	741.5	711.5	678.6	685.0	728.4	686.2	591.1	602.8	633.1
1. Owner's capital	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6
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	184.9	184.9	184.9	184.9	125.9	125.9	125.9	125.9	125.9	114.3	114.3	114.3
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	331.1	289.6	188.7	251.0	280.0	247.1	253.5	296.9	254.7	171.2	182.9	213.2
- Accumulated retained earning at the end of the previous period	289.6	87.9	87.9	177.9	247.1	80.4	80.4	149.4	149.4	90.7	90.7	144.7
- Undistributed earnings in this period	41.5	201.7	100.9	73.2	32.9	166.6	173.1	147.4	105.3	80.5	92.2	68.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,053.6	1,854.0	1,732.7	1,688.1	1,682.3	1,578.1	1,528.3	1,533.4	1,556.7	1,487.2	1,445.7	1,447.3

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	51.9	122.6	34.7	50.4	41.2	29.7	32.1	49.2	131.6	30.4	29.8	48.7
Depreciation of Fixed Assets and Investment Property	12.9	12.1	11.5	11.4	11.4	11.0	10.6	10.4	10.4	10.2	9.4	9.4
Provision (Increase)/Reversal	—	-0.1	—	—	—	0.7	0.0	0.0	-1.1	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	-2.0	-6.9	-2.4	-7.5	-1.3	-4.9	-1.7	-4.2	-2.4	-7.3	-5.5	-3.1
Interest Expense	1.4	1.1	0.6	0.8	0.6	0.9	0.7	1.0	0.8	0.9	0.2	0.2
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	64.2	128.8	44.5	55.2	51.9	37.4	41.7	56.5	139.4	34.2	33.9	55.3
Increase/(Decrease) in Receivables	-51.8	23.0	13.6	-27.1	2.4	43.6	-80.9	-0.8	-3.8	20.6	-4.9	14.9
Increase/(Decrease) in Inventory	5.9	-0.4	0.0	0.0	0.2	0.0	0.0	-0.4	1.5	-1.5	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	129.3	-49.4	80.7	-47.3	110.0	26.9	38.8	-46.4	-33.9	29.9	45.5	21.8
Increase/(Decrease) in Prepaid Expenses	5.3	-128.4	4.3	1.0	4.3	-44.6	1.5	-8.8	18.1	9.2	-0.3	-22.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-0.9	-0.7	-0.7	-0.8	-0.8	-0.7	-1.0	-1.0	-0.8	-0.1	-0.3
Corporate Income Tax Paid	-21.7	-17.4	-8.3	0.0	-6.1	-13.5	0.0	-25.3	-2.3	-18.4	-6.8	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-5.0	-3.0	-0.9	-2.4	-3.3	-3.0	-0.8	-1.0	-4.9	-1.2	-0.6	-0.7
Net Cash Flow from Operating Activities	124.5	-47.7	133.3	-21.4	158.7	46.0	-0.4	-27.3	112.9	72.2	66.6	68.1
Payments for Fixed Assets and Other Long-term Assets	-38.5	-49.3	-37.0	-30.9	-40.8	-26.8	-6.3	-2.0	-17.0	-23.3	-4.5	-35.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-315.0	-32.0	-140.0	-50.0	-182.0	-55.0	-28.0	-70.5	-88.0	-25.0	-60.0	-25.0
Receipts from Loan Repayments and Sale of Debt Instruments	195.0	62.0	170.0	55.0	23.0	60.0	88.0	25.0	66.3	76.5	110.0	0.0
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	5.2	3.6	6.5	3.4	2.2	3.8	3.6	2.1	4.4	5.4	5.4	3.2
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	-153.3	-15.7	-0.5	-22.4	-197.6	-18.0	57.2	-45.4	-34.3	33.6	50.8	-57.3
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	89.7	42.0	21.8	14.5	5.0	2.8	0.0	0.0	0.0	2.2	2.8	6.6
Repayment of Borrowings	-7.2	-10.8	-2.9	-2.9	-2.9	-2.9	-2.9	-2.9	-2.9	-2.9	-2.8	-2.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-90.0	—	—	-30.0	-69.0	0.0	0.0	-36.0	-54.0	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	82.5	31.3	-71.1	11.5	2.1	-30.2	-71.9	-2.9	-2.9	-36.8	-54.0	4.5
Net Cash Flow During the Period	53.7	-32.2	61.7	-32.3	-36.8	-2.1	-15.1	-75.7	75.6	69.0	63.4	15.3
Cash and Cash Equivalents at Beginning of Period	215.4	247.6	185.9	218.2	255.0	272.2	272.2	272.2	272.2	72.0	72.0	72.0
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	269.2	215.4	247.6	185.9	218.2	255.0	257.1	272.2	347.9	272.2	203.2	139.8

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SZB

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What is driving the margin?

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Balance Sheet

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Leverage & Liquidity

Cash Flow