SZC

Sonadezi Châu Đức ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 30.03%, −3.89pp YoY

Price

22,900

Latest close

04 Jun 2026

P/E 17.95x

P/B 1.28x

EPS 1,276

BVPS 17,890

ROE 7.3%

ROA 2.9%

Profit Margin 30.0%

Asset Turnover 0.10x

Equity Mult. 2.53x

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

What Is Changing

On a TTM 2026Q1 basis, SZC is declining on both revenue and margins simultaneously, showing pressure from multiple directions at once — profit is at an all-time high. What still needs to be determined is whether the business can stabilize before this pressure deepens into the profit structure.

	                            
	                                TTM REVENUE
	                            
	                                    VND 786bn
	                                
−26.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 236bn
	                                
−35.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,097.9	870.7	817.9	858.9	713.2
Growth	+26%	+6%	-5%	+20%	—
Net Income	344.8	302.1	218.9	197.4	323.6
Net Margin	31.40%	34.70%	26.76%	22.98%	45.38%

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	101.9	379.4	86.5	217.8	414.2	229.8	164.8	262.4	213.7	258.5	208.1	288.2
Growth	-73%	+339%	-60%	-47%	+80%	+39%	-37%	+23%	-17%	+24%	-28%	—
Net Income	17.1	103.0	20.8	94.9	126.3	75.2	59.6	102.2	65.1	56.1	55.1	96.0
Net Margin	16.82%	27.15%	24.08%	43.58%	30.50%	32.72%	36.17%	38.95%	30.45%	21.69%	26.47%	33.30%

Drivers of SZC's profit

TTM

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

Selling expenses ↓ 14.8bn

Gross profit ↓ 113.2bn

Other profit ↓ 40.2bn

Financial income ↓ 13.6bn

TTM

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

Tax ↓ 25.1bn

Selling expenses ↓ 11.8bn

Gross profit ↓ 153.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.7% = 33.9% × 0.13 × 2.59

2026Q1 7.3% = 30.0% × 0.10 × 2.53

ROE fell from 11.7% to 7.3% — all three components weakened, with leverage being the main drag.

Net margin: 30.0% -3.9pp Asset turnover: 0.10x -0.04x Leverage: 2.53x -0.06x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 30.03%, losing 3.9pp. The main pressure is SG&A / Revenue rose 0.2pp, outweighing the improvement in Gross margin rose 3.3pp (with lingering pressure from Other profit / Revenue fell 5.1pp and Net financial result / Revenue fell 0.6pp).

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

Profitability trend

Net Margin 30.03% −3.9pp

Gross Margin 51.85% +3.3pp

SG&A / Revenue 8.18% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 5.1% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC fell to 5.07%, losing 2.8pp. That translates to 5.07 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.08x, while invested capital rose by 518bn — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC 5.07% −2.8pp

NOPAT Margin 33.21% −0.6pp

Capital Turnover 0.15x −0.08x

Average Invested Capital 5,143.4bn +518.4bn

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 1.55x equity, net debt at 0.67x equity.

Development inventory ended the period at 1,892.7bn, about 23.2% of total assets — reflecting projects in progress awaiting handover.

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 597.1 days versus the same period last year. The main moves came from DIO rose 644.8 days, DSO rose 9.5 days, and DPO rose 57.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1580.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +9.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 32.9 days +9.5 days

Inventory 1768.7 days +644.8 days

Payables 221.6 days +57.2 days

Cash Conversion Cycle 1580.0 days +597.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 483.0bn due to capex of 807.6bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.67x and interest coverage at 13.49x.

At present, short-term debt accounts for 16.8% of total debt, cash equals 15.9% of debt, and total debt stands at 2,577.8bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 15.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.67x +0.16x

Interest Coverage 13.49x −0.71x

Cash / Debt 15.9% −2.3pp

Short-term Debt / Total Debt 16.8% −1.9pp

CFO / NI 1.38x −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 236.0bn in 2025, against investing cash flow of -488.8bn.

Post-investment cash flow was negative +252.8bn. Financing cash flow was negative +35.3bn.

CFO / net income was 1.38x.

After spending +807.6bn on fixed-asset investment, the business generated trailing free cash flow of −483.0bn.

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

Cash Conversion

CFO TTM 324.6bn −367.0bn

Cash Capex 807.6bn +168.7bn

FCF TTM −483.0bn −535.7bn

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 earnings conversion is confirmed, with CFO/NI at 1.38x. The next item to monitor is capital efficiency, with ROIC at 5.1%. The main risk still sits in core profitability, with net margin down 3.9 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.38x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 30.03% after a 3.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,098.0	872.7	818.0	858.9	713.2
Revenue Deductions	0.0	2.0	0.0	0.0	0.0
Net Revenue	1,097.9	870.7	817.9	858.9	713.2
Cost of Goods Sold	537.4	439.9	467.6	549.2	0.0
Gross Profit	560.5	430.8	350.3	309.6	451.0
Financial Income	34.3	40.0	17.1	15.2	13.0
Financial Expenses	26.8	34.6	46.0	32.2	-7.2
Interest Expense	26.8	32.2	45.8	32.2	-7.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	13.9	5.0	8.5	10.0	-11.0
General and Administrative Expenses	73.0	56.4	46.5	40.1	-53.7
Operating Profit	481.1	374.8	266.4	242.6	392.1
Other Income	1.9	0.2	1.0	1.5	0.0
Other Expenses	39.7	0.4	0.5	0.0	0.0
Other Profit	-37.8	-0.2	0.5	1.5	4.6
Profit Before Tax	443.3	374.6	266.9	244.2	396.7
Current Income Tax Expense	101.6	72.5	48.0	46.8	-73.1
Deferred Income Tax Expense	-3.2	0.0	0.0	0.0	0.0
Net Income	344.8	302.1	218.9	197.4	323.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	344.8	302.1	218.9	197.4	323.6
Earnings per Share	1,764.00	1,616.00	1,621.00	1,750.00	2,564.00
Diluted EPS	1,764.00	1,616.00	1,081.00	1,973.67	3,236.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,531.4	3,066.8	2,064.4	1,734.8	352.1
I. Cash and cash equivalents	417.2	705.3	222.4	265.6	199.4
1. Cash	137.1	105.2	179.6	101.7	0.0
2. Cash equivalents	280.1	600.1	42.9	164.0	0.0
II. Short-term financial investments	34.8	334.8	30.0	40.0	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	34.8	334.8	30.0	40.0	0.0
III. Short-term receivables	124.4	149.8	67.3	39.6	52.2
1. Short-term trade accounts receivable	65.6	72.3	63.7	25.8	0.0
2. Short-term prepayments to suppliers	6.5	23.4	4.6	11.4	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	58.2	59.5	2.4	2.4	0.0
7. Provision for short-term doubtful debts (*)	-6.0	-5.4	-3.4	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,892.7	1,743.1	1,621.2	1,343.1	6.6
1. Inventories	1,892.7	1,743.1	1,621.2	1,343.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	62.4	133.9	123.5	46.5	34.0
1. Short-term prepayments	7.4	81.0	76.3	2.0	0.0
2. Value added tax to be reclaimed	52.9	52.9	47.2	44.5	0.0
3. Taxes and other receivables from state authorities	2.1	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)	5,640.1	5,159.0	4,896.7	4,600.2	5,264.2
I. Long-term receivables	0.4	0.3	0.3	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	0.4	0.3	0.3	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	716.0	755.6	791.0	668.9	307.4
1. Tangible fixed assets	714.6	754.0	789.0	668.8	307.3
- Cost	962.3	925.3	921.8	771.7	0.0
- Accumulated depreciation	-247.8	-171.3	-132.8	-102.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.5	1.7	2.0	0.1	0.1
- Cost	2.5	2.4	7.7	5.6	0.0
- Accumulated depreciation	-1.0	-0.7	-5.7	-5.5	0.0
III. Investment properties	1,079.5	1,120.0	1,054.8	1,123.2	41.2
- Cost	2,161.6	1,961.5	1,807.0	1,807.0	0.0
- Accumulated depreciation	-1,082.1	-841.5	-752.2	-683.8	0.0
IV. Long-term assets in progress	3,554.5	3,148.1	2,943.3	2,699.3	4,855.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3,554.5	3,148.1	2,943.3	2,699.3	0.0
V. Long-term financial investments	56.6	52.8	52.8	52.8	52.8
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	56.6	52.8	52.8	52.8	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	233.0	82.1	54.4	55.6	0.0
1. Long-term prepayments	229.9	82.1	54.4	55.6	0.0
2. Deferred income tax assets	3.2	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	7.0
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)	8,171.5	8,225.8	6,961.1	6,335.0	5,616.4
A. LIABILITIES (300=210+330)	4,968.6	5,120.2	5,223.8	4,800.7	4,150.8
I. Short -term liabilities	1,464.3	1,911.5	1,789.4	1,540.1	1,258.9
1. Short-term trade accounts payable	195.1	180.0	268.1	248.3	216.8
2. Short-term advances from customers	285.3	655.6	357.0	421.5	487.8
3. Taxes and other payables to state authorities	43.1	14.2	42.7	7.9	0.0
4. Payable to employees	10.0	8.8	8.3	10.7	0.0
5. Short-term acrrued expenses	4.5	6.2	26.4	9.2	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	19.9	19.8	20.0	12.1	9.7
9. Other short-term payables	332.0	310.5	412.8	293.9	0.0
10. Short-term borrowings and financial leases	515.6	675.6	601.0	491.2	386.2
11. Provision for short-term liabilities	5.2	4.7	0.0	0.0	0.0
12.. Bonus and welfare fund	53.5	36.2	53.0	45.2	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	3,504.3	3,208.7	3,434.5	3,260.7	2,891.9
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	1,250.5	1,241.9	1,056.8	832.6	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	290.6	307.6	308.5	283.2	231.2
7. Other long-term liabilities	2.4	2.4	2.4	0.9	0.0
8. Long-term borrowings and financial leases	1,960.9	1,656.8	2,066.8	2,144.0	1,813.4
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)	3,202.9	3,105.6	1,737.3	1,534.3	1,465.6
I. Owner's equity	3,202.9	3,105.6	1,737.3	1,534.3	0.0
1. Owner's capital	1,799.9	1,799.9	1,200.0	1,000.0	1,465.6
- Common stock with voting right	1,799,858,630,000.00	1,799,858,630,000.00	1,199,999,610,000.00	1,000,000,000,000.00	1,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	604.3	604.3	5.3	5.4	5.4
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	207.8	157.8	127.8	87.8	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	590.9	543.6	404.1	441.0	408.3
- Accumulated retained earning at the end of the previous period	246.1	241.5	185.3	243.6	84.7
- Undistributed earnings in this period	344.8	302.1	218.9	197.4	323.6
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)	8,171.5	8,225.8	6,961.1	6,335.0	5,616.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	443.3	374.6	266.9	244.2	0.0
Depreciation of Fixed Assets and Investment Property	335.9	313.3	337.6	454.1	0.0
Provision (Increase)/Reversal	1.1	6.8	3.3	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-23.3	-40.1	-16.6	-15.2	0.0
Interest Expense	26.8	32.2	45.8	32.5	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	—	0.2	0.3	0.0	0.0
Operating Profit Before Changes in Working Capital	783.7	686.9	637.3	715.6	0.0
Increase/(Decrease) in Receivables	16.8	-84.5	-33.5	0.4	0.0
Increase/(Decrease) in Inventory	-149.6	-121.9	-278.0	-1,336.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-199.1	369.5	435.0	1,411.9	0.0
Increase/(Decrease) in Prepaid Expenses	-74.2	-32.4	-73.1	-49.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-16.1	-33.9	-44.1	-36.1	0.0
Corporate Income Tax Paid	-117.1	-96.7	-16.2	-54.3	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-8.5	-29.6	-8.0	-13.4	0.0
Net Cash Flow from Operating Activities	236.0	657.4	619.4	638.0	703.6
Payments for Fixed Assets and Other Long-term Assets	-825.2	-648.7	-717.9	-906.5	-1,098.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	1.7	0.0	10.0
Loans and Purchases of Debt Instruments	-20.0	-314.8	0.0	-40.0	10.0
Receipts from Loan Repayments and Sale of Debt Instruments	320.0	12.3	10.0	60.0	0.0
Investments in Other Entities	-3.8	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	40.1	31.9	16.8	15.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-488.8	-919.1	-689.4	-870.7	-1,067.7
Proceeds from Equity Issuance and Capital Contributions	—	1,199,718,040,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	898.2	331.6	521.3	914.1	1,104.3
Repayment of Borrowings	-754.1	-667.7	-488.9	-478.8	-558.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-179.4	-119.1	-5.6	-136.4	-71.6
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	-35.3	744.5	26.7	298.9	474.3
Net Cash Flow During the Period	-288.1	482.8	-43.2	66.2	-23.7
Cash and Cash Equivalents at Beginning of Period	705.3	222.4	265.6	199.4	89.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	417.2	705.3	222.4	265.6	199.4

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
Revenue	101.9	379.4	86.5	217.8	414.2	231.7	164.8	262.4	213.7	258.5	208.1	288.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	101.9	379.4	86.5	217.8	414.2	229.8	164.8	262.4	213.7	258.5	208.1	288.2
Cost of Goods Sold	67.1	181.3	48.5	81.4	225.9	132.5	79.2	112.9	115.2	165.9	122.4	150.5
Gross Profit	34.8	198.2	38.0	136.4	188.3	97.2	85.6	149.5	98.5	92.7	85.7	137.7
Financial Income	2.0	9.3	11.5	7.0	6.4	20.8	15.1	1.1	2.9	7.8	6.1	1.7
Financial Expenses	5.1	6.6	6.5	7.6	6.2	6.7	8.3	10.3	9.4	11.3	10.8	12.3
Interest Expense	5.1	6.6	6.5	7.5	6.2	6.6	7.5	8.9	9.1	11.1	10.8	12.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.1	0.1	1.6	12.1	2.2	2.4	0.3	0.1	1.6	5.5	0.6
General and Administrative Expenses	10.2	29.3	6.4	16.2	21.0	17.1	16.8	13.5	9.1	22.6	7.7	7.5
Operating Profit	21.1	171.4	36.6	118.0	155.4	92.2	73.2	126.5	82.8	64.9	67.8	119.0
Other Income	0.1	0.4	0.0	0.2	1.3	0.2	0.0	0.0	0.0	0.5	0.0	0.4
Other Expenses	0.0	28.7	11.0	—	0.0	0.1	0.1	0.1	0.1	0.0	0.5	0.0
Other Profit	0.1	-28.3	-11.0	0.2	1.3	0.1	-0.1	-0.1	-0.1	0.5	-0.5	0.4
Profit Before Tax	21.2	143.1	25.6	118.2	156.7	92.3	73.1	126.4	82.7	65.5	67.4	119.4
Current Income Tax Expense	5.2	43.3	4.8	23.3	30.3	17.1	13.5	24.2	17.6	9.4	12.3	23.5
Deferred Income Tax Expense	-1.1	-3.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.1	103.0	20.8	94.9	126.3	75.2	59.6	102.2	65.1	56.1	55.1	96.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.1	103.0	20.8	94.9	126.3	75.2	59.6	102.2	65.1	56.1	55.1	96.0
Earnings per Share	76.00	527.00	107.00	566.00	754.00	436.00	345.00	508.00	485.00	415.00	408.00	960.00
Diluted EPS	95.27	572.34	115.68	527.42	701.99	1,752.00	331.08	567.98	364.70	467.18	408.00	959.69

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)	2,687.2	2,678.4	2,598.6	2,599.0	2,657.6	3,066.8	3,039.6	3,204.7	3,142.1	2,064.4	1,697.0	1,670.3
I. Cash and cash equivalents	410.4	417.2	380.9	350.0	371.3	705.3	1,024.1	1,336.8	1,295.2	222.4	184.2	161.6
1. Cash	147.3	137.1	145.8	113.9	121.2	105.2	110.2	103.9	1,292.3	179.6	40.1	17.3
2. Cash equivalents	263.1	280.1	235.1	236.1	250.1	600.1	913.9	1,232.9	2.9	42.9	144.1	144.3
II. Short-term financial investments	174.8	34.8	34.8	134.8	314.8	334.8	132.0	20.0	20.0	30.0	30.0	30.0
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	174.8	34.8	34.8	134.8	314.8	334.8	132.0	20.0	20.0	30.0	30.0	30.0
III. Short-term receivables	130.1	122.9	145.3	145.6	149.6	149.8	91.3	77.2	71.5	67.3	62.3	59.4
1. Short-term trade accounts receivable	68.4	65.6	71.7	78.4	73.2	72.3	62.5	65.4	64.2	63.7	44.1	41.6
2. Short-term prepayments to suppliers	5.3	5.0	24.2	17.9	28.4	23.4	32.8	15.7	10.2	4.6	17.6	17.0
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	62.4	58.2	56.3	56.3	53.5	59.5	0.7	0.8	0.5	2.4	0.6	0.9
7. Provision for short-term doubtful debts (*)	-6.0	-6.0	-7.0	-7.0	-5.4	-5.4	-4.7	-4.7	-3.4	-3.4	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,907.6	1,892.7	1,844.3	1,796.8	1,758.4	1,743.1	1,667.2	1,646.9	1,632.0	1,621.2	1,373.3	1,367.5
1. Inventories	1,907.6	1,892.7	1,844.3	1,796.8	1,758.4	1,743.1	1,667.2	1,646.9	1,632.0	1,621.2	1,373.3	1,367.5
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	64.3	210.8	193.2	171.7	63.5	133.9	125.0	123.8	123.5	123.5	47.2	51.9
1. Short-term prepayments	7.7	155.9	135.3	115.0	5.5	81.0	77.1	76.3	76.4	76.3	1.2	6.0
2. Value added tax to be reclaimed	51.5	52.9	58.0	56.7	54.6	52.9	47.9	47.5	47.1	47.2	46.0	45.9
3. Taxes and other receivables from state authorities	5.1	2.1	—	—	3.4	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)	5,645.8	5,492.0	5,601.4	5,564.0	5,354.8	5,159.0	5,167.4	5,046.3	4,915.4	4,896.7	4,707.3	4,675.6
I. Long-term receivables	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	690.9	716.0	749.9	763.5	782.4	755.6	762.6	772.3	780.7	791.0	645.4	654.4
1. Tangible fixed assets	689.5	714.6	748.3	761.9	780.8	754.0	760.8	770.4	778.8	789.0	645.0	654.4
- Cost	963.9	—	—	—	—	925.3	923.0	922.8	921.4	921.8	754.8	771.8
- Accumulated depreciation	-274.4	—	—	—	—	-171.3	-162.2	-152.4	-142.6	-132.8	-109.9	-117.4
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	1.4	1.5	1.6	1.6	1.6	1.7	1.7	1.9	1.9	2.0	0.5	0.1
- Cost	2.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	1,061.0	1,079.5	1,062.9	1,082.3	1,101.1	1,120.0	1,003.4	1,020.3	1,037.3	1,054.8	1,071.8	1,088.7
- Cost	2,161.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,100.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3,597.3	3,554.5	3,651.9	3,579.5	3,276.4	3,148.1	3,296.7	3,147.3	2,991.5	2,943.3	2,886.1	2,827.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3,597.3	3,554.5	3,651.9	3,579.5	3,276.4	3,148.1	3,296.7	3,147.3	2,991.5	2,943.3	2,886.1	2,827.1
V. Long-term financial investments	56.6	56.6	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	56.6	56.6	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8	52.8
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	239.6	85.0	83.5	85.5	141.8	82.1	51.6	53.2	52.7	54.4	50.8	52.2
1. Long-term prepayments	235.2	81.8	83.5	85.5	141.8	82.1	51.6	53.2	52.7	54.4	50.8	52.2
2. Deferred income tax assets	4.3	3.2	—	—	—	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)	8,333.0	8,170.4	8,200.0	8,162.9	8,012.5	8,225.8	8,207.0	8,251.0	8,057.5	6,961.1	6,404.3	6,346.0
A. LIABILITIES (300=210+330)	5,112.9	4,967.2	5,058.0	5,041.8	4,780.6	5,120.3	5,176.7	5,280.3	5,086.2	5,223.8	4,723.0	4,719.7
I. Short -term liabilities	1,196.2	1,324.6	1,559.2	1,620.1	1,477.9	1,911.6	1,776.9	1,905.9	1,421.4	1,812.6	1,546.9	1,610.7
1. Short-term trade accounts payable	187.0	195.1	189.5	217.9	272.2	180.0	168.7	162.7	223.6	268.1	236.4	231.9
2. Short-term advances from customers	180.2	285.3	475.1	377.1	436.8	655.6	701.2	455.5	271.0	357.0	367.0	452.9
3. Dividends and profits payable	3.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	14.9	43.2	14.9	23.1	1.3	14.2	66.6	32.4	17.7	42.7	63.6	44.7
4. Payable to employees	1.7	10.0	7.1	15.6	11.3	8.8	14.2	9.8	1.8	8.3	4.2	1.7
5. Short-term acrrued expenses	0.6	2.2	0.3	5.9	6.6	6.2	17.2	14.3	28.2	26.4	14.9	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	15.3	19.9	18.4	32.5	18.8	19.8	20.7	22.1	9.3	20.0	21.9	20.3
9. Other short-term payables	318.0	332.8	468.0	488.1	310.9	310.6	227.2	490.7	380.8	412.8	332.0	303.8
10. Short-term borrowings and financial leases	434.0	377.4	331.0	404.5	381.9	675.6	515.0	667.6	446.1	624.2	452.6	500.3
11. Provision for short-term liabilities	—	5.2	—	—	4.7	4.7	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	41.1	53.5	54.8	55.5	33.3	36.2	46.0	50.8	42.9	53.0	54.4	55.1
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	3,916.7	3,642.5	3,498.9	3,421.7	3,302.7	3,208.7	3,399.7	3,374.4	3,664.8	3,411.3	3,176.2	3,109.1
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	1,239.5	1,250.5	1,331.1	1,342.6	1,335.9	1,241.9	1,213.8	1,183.6	1,119.9	1,056.8	980.2	920.2
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	531.1	290.6	293.4	293.4	307.6	307.6	311.5	302.1	314.1	308.5	273.5	273.5
7. Other long-term liabilities	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
8. Long-term borrowings and financial leases	2,143.8	2,099.1	1,872.0	1,783.3	1,656.8	1,656.8	1,872.1	1,886.3	2,228.4	2,043.6	1,920.2	1,913.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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)	3,220.0	3,203.2	3,141.9	3,121.1	3,231.9	3,105.5	3,030.3	2,970.7	2,971.3	1,737.3	1,681.3	1,626.2
I. Owner's equity	3,220.0	3,203.2	3,141.9	3,121.1	3,231.9	3,105.5	3,030.3	2,970.7	2,971.3	1,737.3	1,681.3	1,626.2
1. Owner's capital	1,799.9	1,799.9	1,799.9	1,799.9	1,799.9	1,799.9	1,799.9	1,799.9	1,784.5	1,200.0	1,200.0	1,000.0
- Common stock with voting right	1,799,858,630,000.00	1,799,858,630,000.00	1,799,858,630,000.00	1,799,858,630,000.00	1,799,858,630,000.00	1,799,858,630,000.00	1,799,858,630,000.00	1,799,858,630,000.00	1,784,455,430,000.00	1,199,999,610,000.00	1,199,999,610,000.00	1,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	604.3	604.3	604.3	604.3	604.3	604.3	604.3	604.3	589.8	5.3	5.3	5.4
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	207.8	207.8	207.8	207.8	157.8	157.8	157.8	157.8	127.8	127.8	127.8	127.8
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	608.1	591.2	530.0	509.1	669.9	543.5	468.4	408.8	469.2	404.1	348.1	493.0
- Accumulated retained earning at the end of the previous period	590.9	246.1	287.9	287.9	543.6	241.5	241.5	241.5	404.1	185.3	185.3	385.3
- Undistributed earnings in this period	17.1	345.1	242.1	221.3	126.3	302.1	226.9	167.3	65.1	218.9	162.8	107.7
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)	8,333.0	8,170.4	8,200.0	8,162.9	8,012.5	8,225.8	8,207.0	8,251.0	8,057.5	6,961.1	6,404.3	6,346.0

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	—	168.4	—	274.9	—	0.0	-209.1	209.1	0.0	266.9	-134.0	134.0
Depreciation of Fixed Assets and Investment Property	—	168.1	—	167.8	—	0.0	-181.0	181.0	0.0	337.6	-136.7	136.7
Provision (Increase)/Reversal	—	-0.4	—	1.5	—	0.0	-1.4	1.4	0.0	3.3	-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	0.0	-0.0
Gain/Loss from Investment Activities	—	-9.9	—	-13.4	—	0.0	4.1	-4.1	0.0	-16.6	3.2	-3.2
Interest Expense	—	13.1	—	13.7	—	0.0	-18.0	18.0	0.0	45.8	-24.0	24.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.1	-0.1	0.0	0.3	0.0	0.0
Operating Profit Before Changes in Working Capital	—	339.2	—	444.5	—	0.0	-405.3	405.3	0.0	637.3	-291.6	291.6
Increase/(Decrease) in Receivables	—	25.9	—	-9.1	—	0.0	13.9	-13.9	0.0	-33.5	22.8	-22.8
Increase/(Decrease) in Inventory	—	-95.8	—	-53.7	—	0.0	25.7	-25.7	0.0	-278.0	11.2	-11.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	18.1	—	-217.2	—	0.0	-81.8	81.8	0.0	435.0	-94.6	94.6
Increase/(Decrease) in Prepaid Expenses	—	-36.8	—	-37.4	—	0.0	-1.2	1.2	0.0	-73.1	0.7	-0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-2.8	—	-13.4	—	0.0	16.5	-16.5	0.0	-44.1	45.6	-45.6
Corporate Income Tax Paid	-43.8	-57.5	-12.9	0.0	-46.7	-39.2	-0.7	-16.3	-40.4	-4.7	-1.8	-0.0
Other Operating Receipts	10.7	—	—	—	—	27.7	138.0	-121.4	121.4	-30.3	30.3	-9.3
Other Operating Payments	-42.1	152.7	-154.7	41.7	-48.1	-108.0	-320.5	177.6	-192.6	100.7	-102.8	47.7
Net Cash Flow from Operating Activities	115.1	96.3	79.1	34.2	26.4	43.0	253.9	368.2	-7.7	213.7	115.2	119.3
Payments for Fixed Assets and Other Long-term Assets	-81.7	-156.1	-176.6	-393.2	-99.4	-114.4	-187.4	-237.6	-109.2	-471.1	-60.0	-96.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.1	—	0.1	0.0	0.0	0.0	-0.2	1.9	0.0
Loans and Purchases of Debt Instruments	—	0.0	—	-20.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	100.0	—	220.0	—	0.0	-12.3	12.3	0.0	10.0	-10.0	10.0
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	3.9	7.1	11.8	8.6	12.6	12.7	15.1	1.1	2.9	5.7	6.1	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	-217.8	-152.6	-64.8	-204.5	-66.8	-304.3	-284.4	-236.5	-93.9	-465.5	-52.0	-94.7
Proceeds from Equity Issuance and Capital Contributions	10,000,000,000.00	—	—	—	—	0.00	0.00	30,805,300,000.00	1,168,911,640,000.00	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	226.4	386.5	142.5	333.1	36.1	87.9	11.7	25.9	206.1	378.8	32.7	53.8
Repayment of Borrowings	-125.1	-114.7	-125.6	-184.0	-329.8	-142.9	-178.5	-146.8	-199.5	-83.7	-73.2	-117.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-179.2	-0.2	-0.0	-0.0	-2.5	-115.5	-0.0	-1.0	-5.1	-0.1	-0.1
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	111.0	92.6	16.8	149.0	-293.7	-57.5	-282.3	-90.1	1,174.4	289.9	-40.5	-63.8
Net Cash Flow During the Period	8.2	36.3	31.0	-21.3	-334.0	-318.8	-312.7	41.6	1,072.8	38.1	22.6	-39.3
Cash and Cash Equivalents at Beginning of Period	417.2	380.9	350.0	371.3	705.3	222.4	222.4	222.4	222.4	265.6	265.6	265.6
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	425.4	417.2	380.9	350.0	371.3	705.3	1,024.1	1,336.8	1,295.2	222.4	184.2	161.6

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SZC

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