SZG

Sonadezi Giang Điền ·UPCOM ·2026Q1

● Maintaining

Price

36,900

Latest close

02 Jun 2026

P/E 8.14x

P/B 1.80x

EPS 4,531

BVPS 20,474

ROE 23.8%

ROA 5.4%

Profit Margin 36.8%

Asset Turnover 0.15x

Equity Mult. 4.40x

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

What Is Changing

On a TTM 2026Q1 basis, SZG posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 675bn
	                                
+48.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 249bn
	                                
+20.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	649.7	439.8	425.3	365.1	231.3
Growth	+48%	+3%	+16%	+58%	—
Net Income	236.6	184.9	189.7	110.6	47.8
Net Margin	36.42%	42.04%	44.62%	30.29%	20.67%

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	133.1	288.1	113.0	141.2	107.4	106.3	140.1	101.3	92.1	88.2	87.1	165.1
Growth	-54%	+155%	-20%	+31%	+1%	-24%	+38%	+10%	+4%	+1%	-47%	—
Net Income	67.9	50.8	71.1	58.9	55.8	53.5	67.3	30.0	36.5	48.1	38.4	69.8
Net Margin	51.06%	17.61%	62.95%	41.74%	51.99%	50.37%	48.01%	29.60%	39.60%	54.49%	44.06%	42.28%

Drivers of SZG's profit

TTM

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

Gross profit ↑ 33.3bn

Selling expenses ↓ 10.5bn

Tax ↑ 10.6bn

TTM

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

Gross profit ↑ 10.0bn

Financial income ↑ 4.3bn

Tax ↑ 3.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 23.1% = 45.4% × 0.12 × 4.25

2026Q1 23.8% = 36.8% × 0.15 × 4.40

ROE rose from 23.1% to 23.8% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 36.8% -8.6pp Asset turnover: 0.15x +0.03x Leverage: 4.40x +0.14x

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 36.83%, losing 8.6pp. The main pressure is Gross margin fell 15.2pp, outweighing the improvement in SG&A / Revenue fell 5.7pp (in addition, Other profit / Revenue rose 0.5pp added support while Net financial result / Revenue fell 1.6pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 36.83% −8.6pp

Gross Margin 46.52% −15.2pp

SG&A / Revenue 6.36% −5.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 36.36% −9.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.54x equity, with a net cash position equivalent to 0.74x equity.

Over the last 12 months, working capital released 1,223.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +521.4bn

Inventories increased → lower CFO: −0.5bn

Payables increased → higher CFO: +702.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 148.7 days versus the same period last year. The main moves came from DIO fell 124.8 days, DSO rose 7.9 days, and DPO rose 31.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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 105.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +7.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 43.9 days +7.9 days

Inventory 117.7 days −124.8 days

Payables 55.9 days +31.8 days

Cash Conversion Cycle 105.6 days −148.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.74x and interest coverage at 2112.66x.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.74x —

Interest Coverage 2112.66x +285.60x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 3.49x +4.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -242.3bn in 2025, against investing cash flow of 379.9bn.

Post-investment cash flow was positive +137.6bn. Financing cash flow was negative +82.3bn.

CFO / net income was 3.49x.

After spending +10.6bn on fixed-asset investment, the business generated trailing free cash flow of +856.7bn.

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

Cash Conversion

CFO TTM 867.4bn +1,129.6bn

Cash Capex 10.6bn −585.1bn

FCF TTM +856.7bn +1,714.6bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.49x. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 8.6 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.49x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 36.83% after a 8.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	649.7	439.8	425.3	365.1	231.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	649.7	439.8	425.3	365.1	231.3
Cost of Goods Sold	345.5	177.3	167.0	172.4	0.0
Gross Profit	304.2	262.4	258.2	192.7	114.4
Financial Income	29.7	23.1	7.7	15.2	5.3
Financial Expenses	0.1	0.7	0.8	7.4	-23.1
Interest Expense	0.1	1.2	0.3	7.3	-23.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	10.4	20.7	3.5	16.5	-11.8
General and Administrative Expenses	33.5	35.1	33.8	46.9	-23.6
Operating Profit	289.9	229.0	227.9	137.1	61.2
Other Income	4.9	0.2	8.4	4.3	0.0
Other Expenses	0.9	0.1	0.0	3.8	0.0
Other Profit	4.0	0.2	8.4	0.4	-1.0
Profit Before Tax	293.9	229.2	236.3	137.5	60.2
Current Income Tax Expense	57.2	44.3	46.5	26.9	-12.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	236.6	184.9	189.7	110.6	47.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	236.6	184.9	189.7	110.6	47.8
Earnings per Share	4,247.00	3,255.00	3,169.00	1,840.00	870.65
Diluted EPS	4,247.00	3,255.00	3,169.00	1,840.00	870.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,314.5	1,774.2	1,446.9	1,495.6	1,615.2
I. Cash and cash equivalents	703.5	648.3	41.2	62.0	188.2
1. Cash	24.4	25.3	41.2	42.0	0.0
2. Cash equivalents	679.1	623.0	0.0	20.0	0.0
II. Short-term financial investments	219.3	349.3	218.8	259.3	0.0
1. Available for sale securities	219.3	219.3	219.3	219.3	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	-0.5	0.0	0.0
3. Held to maturity investments	—	130.0	0.0	40.0	0.0
III. Short-term receivables	1,275.1	660.2	1,070.2	1,086.3	1,071.4
1. Short-term trade accounts receivable	66.0	47.2	20.7	17.1	0.0
2. Short-term prepayments to suppliers	600.8	599.7	1,035.9	1,054.1	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	617.4	18.3	14.9	15.8	0.0
7. Provision for short-term doubtful debts (*)	-9.2	-5.0	-1.3	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	116.3	115.9	112.4	85.0	53.1
1. Inventories	116.3	115.9	112.4	85.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.6	4.3	3.1	0.3
1. Short-term prepayments	0.3	0.6	0.4	0.4	0.0
2. Value added tax to be reclaimed	—	0.0	3.9	2.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,478.9	2,144.8	2,243.0	2,179.9	2,180.0
I. Long-term receivables	618.3	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	618.3	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	211.4	231.4	243.6	169.6	162.6
1. Tangible fixed assets	204.9	224.7	236.8	162.6	155.4
- Cost	317.4	336.7	335.1	250.3	0.0
- Accumulated depreciation	-112.5	-112.0	-98.3	-87.7	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	6.5	6.6	6.8	7.0	7.2
- Cost	9.3	9.3	9.3	9.3	0.0
- Accumulated depreciation	-2.8	-2.6	-2.4	-2.2	0.0
III. Investment properties	971.8	1,227.7	1,288.2	1,298.2	1,297.0
- Cost	1,675.9	2,021.1	2,017.8	1,965.0	0.0
- Accumulated depreciation	-704.1	-793.4	-729.6	-666.7	0.0
IV. Long-term assets in progress	11.2	11.4	28.3	31.7	42.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	11.2	11.4	28.3	31.7	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	666.2	674.4	682.8	680.3	0.0
1. Long-term prepayments	666.2	674.4	682.8	680.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	677.7
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)	4,793.4	3,919.1	3,689.8	3,675.5	3,795.2
A. LIABILITIES (300=210+330)	3,737.3	3,011.4	2,900.2	3,005.1	3,148.4
I. Short -term liabilities	228.1	213.2	359.8	303.0	333.5
1. Short-term trade accounts payable	7.1	10.7	44.9	18.2	14.7
2. Short-term advances from customers	4.2	4.2	4.5	13.4	5.6
3. Taxes and other payables to state authorities	8.2	12.5	8.3	1.9	0.0
4. Payable to employees	6.0	5.8	2.9	8.2	0.0
5. Short-term acrrued expenses	19.6	19.3	41.9	31.5	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	132.2	102.0	77.5	75.7	75.4
9. Other short-term payables	35.7	44.2	28.1	29.0	0.0
10. Short-term borrowings and financial leases	—	0.0	139.4	109.5	132.8
11. Provision for short-term liabilities	—	0.0	0.0	5.3	0.0
12.. Bonus and welfare fund	15.1	14.4	12.1	10.2	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	3,509.2	2,798.2	2,540.4	2,702.1	2,814.9
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	16.1	16.7	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	3,443.4	2,699.9	2,350.2	2,429.7	2,188.7
7. Other long-term liabilities	49.7	81.7	80.7	53.4	0.0
8. Long-term borrowings and financial leases	—	0.0	109.5	219.0	582.4
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)	1,056.0	907.6	789.7	670.5	646.8
I. Owner's equity	1,056.0	907.6	789.7	670.5	0.0
1. Owner's capital	549.0	549.0	549.0	549.0	646.8
- Common stock with voting right	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	193.1	94.4	57.2	38.2	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	313.9	264.3	183.5	83.3	70.7
- Accumulated retained earning at the end of the previous period	148.6	107.7	34.7	15.8	23.6
- Undistributed earnings in this period	165.3	156.5	148.8	67.5	47.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,793.4	3,919.1	3,689.8	3,675.5	3,795.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	293.9	229.2	236.3	137.5	60.2
Depreciation of Fixed Assets and Investment Property	76.0	78.5	73.7	69.6	53.2
Provision (Increase)/Reversal	4.2	3.2	-4.2	5.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-57.8	-23.1	-7.7	-15.2	0.0
Interest Expense	0.1	1.2	0.3	7.3	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	316.3	289.0	298.3	204.6	134.6
Increase/(Decrease) in Receivables	-1,231.2	413.1	-4.0	21.8	0.0
Increase/(Decrease) in Inventory	-0.4	16.3	-27.4	-15.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	728.1	393.6	-60.4	245.0	0.0
Increase/(Decrease) in Prepaid Expenses	9.1	8.2	-2.5	-2.7	0.0
Changes in Trading Securities	—	0.0	0.0	2.9	0.0
Interest Paid	—	-1.4	-0.5	-8.2	0.0
Corporate Income Tax Paid	-59.0	-43.9	-39.5	-29.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.3	-4.2	-2.7	-4.7	0.0
Net Cash Flow from Operating Activities	-242.3	1,070.6	161.3	414.5	231.5
Payments for Fixed Assets and Other Long-term Assets	-1.3	-33.9	-95.6	-126.1	-74.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	219.9	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-260.9	0.0	-90.0	-410.0
Receipts from Loan Repayments and Sale of Debt Instruments	130.0	130.9	40.0	130.0	360.0
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	31.4	20.0	8.7	14.4	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	379.9	-144.0	-46.9	-71.6	-119.5
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	—	0.0	29.9	0.0	15.5
Repayment of Borrowings	—	-248.9	-109.5	-386.7	-112.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-82.3	-70.6	-55.6	-82.3	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-82.3	-319.5	-135.2	-469.1	-97.5
Net Cash Flow During the Period	55.3	607.1	-20.8	-126.1	5.5
Cash and Cash Equivalents at Beginning of Period	648.3	41.2	62.0	188.2	436.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	703.5	648.3	41.2	62.0	188.2

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	133.1	288.1	113.0	141.2	107.4	106.3	140.1	101.3	92.1	88.2	87.1	165.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	133.1	288.1	113.0	141.2	107.4	106.3	140.1	101.3	92.1	88.2	87.1	165.1
Cost of Goods Sold	52.1	215.1	39.7	54.3	36.4	37.3	58.4	42.0	39.6	41.6	38.3	50.4
Gross Profit	81.0	73.1	73.3	86.9	71.0	69.0	81.7	59.2	52.5	46.6	48.8	114.7
Financial Income	8.7	4.2	16.0	5.1	4.4	14.6	9.3	2.0	0.1	0.3	1.0	5.6
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.1	0.1	0.1
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.1	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.8	0.6	8.4	0.6	0.8	2.5	16.7	0.7	0.7	0.9	0.9
General and Administrative Expenses	4.3	12.7	5.9	10.0	5.0	16.7	5.6	7.1	5.7	-11.0	5.7	33.5
Operating Profit	85.0	63.8	82.8	73.6	69.8	66.1	82.9	37.4	45.7	57.1	43.1	85.9
Other Income	—	8.0	4.5	0.2	0.1	0.0	0.0	0.2	0.0	3.2	4.9	0.2
Other Expenses	0.0	7.9	0.8	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.1	3.7	0.2	0.1	-0.1	0.0	0.2	-0.0	3.2	4.9	0.2
Profit Before Tax	85.0	63.9	86.4	73.7	69.8	66.0	82.9	37.6	45.7	60.2	48.0	86.1
Current Income Tax Expense	17.1	13.1	15.3	14.8	14.0	12.5	15.7	7.6	9.2	12.2	9.6	16.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	67.9	50.8	71.1	58.9	55.8	53.5	67.3	30.0	36.5	48.1	38.4	69.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	67.9	50.8	71.1	58.9	55.8	53.5	67.3	30.0	36.5	48.1	38.4	69.8
Earnings per Share	1,238.00	924.56	1,295.52	1,073.37	1,016.97	975.39	1,225.05	546.11	664.61	875.47	698.64	1,271.80
Diluted EPS	1,238.00	924.56	1,295.52	1,073.37	1,016.97	975.39	1,225.05	546.11	664.61	875.47	698.64	1,271.80

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)	2,563.8	2,314.5	1,795.6	1,660.3	1,412.2	1,774.2	1,683.4	1,621.5	1,233.9	1,446.9	1,503.6	1,513.3
I. Cash and cash equivalents	837.2	703.5	191.5	660.1	275.0	648.3	645.6	414.0	33.4	41.2	93.3	109.7
1. Cash	28.6	24.4	13.0	22.5	40.4	25.3	43.6	36.0	10.4	41.2	33.3	29.7
2. Cash equivalents	808.6	679.1	178.5	637.6	234.6	623.0	602.0	378.0	23.0	0.0	60.0	80.0
II. Short-term financial investments	837.6	219.3	219.3	219.3	349.3	349.3	219.3	290.2	290.2	218.8	219.3	219.3
1. Available for sale securities	219.3	219.3	219.3	219.3	219.3	219.3	219.3	219.3	219.3	219.3	219.3	219.3
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.5	0.0	0.0
3. Held to maturity investments	—	—	—	—	130.0	130.0	0.0	70.9	70.9	0.0	0.0	0.0
5. Other short-term investments	618.3	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	712.9	1,275.1	1,268.1	664.1	670.9	660.2	702.1	801.2	794.3	1,070.2	1,082.3	1,080.5
1. Short-term trade accounts receivable	104.6	66.0	62.1	57.1	57.7	47.2	42.6	37.1	32.0	20.7	30.3	29.3
2. Short-term prepayments to suppliers	600.1	600.8	599.5	600.2	599.8	599.7	644.1	749.2	748.6	1,035.9	1,038.8	1,038.5
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	17.4	617.4	615.9	16.2	18.5	18.3	17.5	17.0	15.0	14.9	15.8	15.3
7. Provision for short-term doubtful debts (*)	-9.2	-9.2	-9.3	-9.3	-5.0	-5.0	-2.1	-2.1	-1.3	-1.3	-2.6	-2.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	116.7	116.3	116.2	116.1	116.2	115.9	115.7	115.3	115.1	112.4	107.1	100.8
1. Inventories	116.7	116.3	116.2	116.1	116.2	115.9	115.7	115.3	115.1	112.4	107.1	100.8
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	59.4	0.3	0.4	0.7	0.9	0.6	0.7	0.8	0.9	4.3	1.7	3.0
1. Short-term prepayments	0.5	0.3	0.4	0.7	0.9	0.6	0.7	0.8	0.9	0.4	0.5	0.8
2. Value added tax to be reclaimed	58.9	—	—	—	—	0.0	0.0	0.0	0.0	3.9	1.1	2.1
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,456.4	2,478.9	2,685.5	2,707.5	2,742.2	2,144.8	2,163.0	2,202.4	2,220.7	2,243.0	2,222.5	2,229.7
I. Long-term receivables	—	618.3	618.3	618.3	618.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	618.3	618.3	618.3	618.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	209.0	211.4	222.3	225.7	227.9	231.4	233.9	237.0	240.2	243.6	163.5	166.1
1. Tangible fixed assets	202.6	204.9	215.7	219.1	221.3	224.7	227.2	230.3	233.4	236.8	156.6	159.1
- Cost	318.1	—	—	—	—	336.7	335.7	335.4	335.1	335.1	252.0	252.0
- Accumulated depreciation	-115.5	—	—	—	—	-112.0	-108.5	-105.1	-101.7	-98.3	-95.4	-92.8
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	6.4	6.5	6.5	6.6	6.6	6.6	6.7	6.7	6.8	6.8	6.9	6.9
- Cost	9.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	942.4	971.8	1,164.2	1,181.0	1,211.8	1,227.7	1,241.6	1,276.1	1,272.1	1,288.2	1,299.5	1,274.0
- Cost	1,655.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-713.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	11.0	11.2	11.5	11.4	11.4	11.4	11.5	11.5	28.3	28.3	81.5	110.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	11.0	11.2	11.5	11.4	11.4	11.4	11.5	11.5	28.3	28.3	81.5	110.2
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1,294.0	666.2	669.2	671.2	672.9	674.4	676.1	677.8	680.1	682.8	678.1	679.4
1. Long-term prepayments	1,294.0	666.2	669.2	671.2	672.9	674.4	676.1	677.8	680.1	682.8	678.1	679.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	5,020.2	4,793.4	4,481.1	4,367.9	4,154.4	3,919.1	3,846.5	3,823.9	3,454.6	3,689.8	3,726.1	3,743.1
A. LIABILITIES (300=210+330)	3,896.2	3,737.3	3,475.8	3,433.4	3,190.9	3,009.0	2,989.4	3,034.1	2,628.5	2,900.2	2,962.6	3,017.8
I. Short -term liabilities	363.2	228.1	259.2	262.8	247.1	210.8	234.4	298.3	202.9	359.8	378.0	407.7
1. Short-term trade accounts payable	100.7	7.1	7.7	9.2	10.0	10.7	9.9	16.8	13.0	43.1	14.6	23.3
2. Short-term advances from customers	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.5	4.5	4.2
3. Taxes and other payables to state authorities	10.4	8.2	13.6	15.9	24.1	13.1	18.3	10.1	8.2	8.3	27.4	18.2
4. Payable to employees	—	6.0	—	—	—	5.8	0.0	0.0	0.9	2.9	23.9	25.4
5. Short-term acrrued expenses	19.6	19.6	19.3	19.8	19.1	19.3	40.0	42.7	41.4	43.7	47.1	41.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	178.0	132.2	144.8	146.4	144.8	102.0	115.8	123.6	104.2	77.5	93.8	105.1
9. Other short-term payables	36.0	35.7	54.3	50.2	32.3	41.2	31.9	85.8	20.7	28.1	44.7	68.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	139.4	109.5	109.5
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	14.4	15.1	15.4	17.0	12.6	14.4	14.3	15.0	10.3	12.1	12.4	12.8
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	3,533.0	3,509.2	3,216.6	3,170.6	2,943.8	2,798.2	2,755.0	2,735.8	2,425.6	2,540.4	2,584.6	2,610.2
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	16.0	16.1	16.3	16.4	16.5	16.7	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	3,468.6	3,443.4	3,144.3	3,095.5	2,846.6	2,699.9	2,677.2	2,656.6	2,331.3	2,350.2	2,367.7	2,383.3
7. Other long-term liabilities	48.4	49.7	56.0	58.7	80.7	81.7	77.8	79.2	94.3	80.7	80.1	62.7
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	109.5	136.9	164.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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)	1,124.0	1,056.0	1,005.3	934.5	963.5	910.0	857.1	789.9	826.1	789.7	763.6	725.2
I. Owner's equity	1,124.0	1,056.0	1,005.3	934.5	963.5	910.0	857.1	789.9	826.1	789.7	763.6	725.2
1. Owner's capital	549.0	549.0	549.0	549.0	549.0	549.0	549.0	549.0	549.0	549.0	549.0	549.0
- Common stock with voting right	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00	548,980,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	193.1	193.1	122.1	122.1	94.4	94.8	66.7	66.7	57.2	57.2	38.2	38.2
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	381.9	313.9	334.2	263.3	320.1	266.3	241.5	174.2	220.0	183.5	176.4	138.0
- Accumulated retained earning at the end of the previous period	313.9	148.6	148.6	148.6	264.3	107.7	107.7	107.7	183.5	34.7	34.7	34.7
- Undistributed earnings in this period	67.9	165.3	185.5	114.7	55.8	158.6	133.7	66.5	36.5	148.8	141.7	103.3
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)	5,020.2	4,793.4	4,481.1	4,367.9	4,154.4	3,919.1	3,846.5	3,823.9	3,454.6	3,689.8	3,726.1	3,743.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	85.0	63.9	86.4	73.7	69.8	66.0	82.9	37.6	45.7	60.2	48.0	86.1
Depreciation of Fixed Assets and Investment Property	17.3	17.5	20.3	19.0	19.1	19.7	19.6	19.8	19.5	19.1	18.4	18.1
Provision (Increase)/Reversal	—	-0.1	0.0	4.3	—	2.9	0.0	0.8	-0.5	-6.0	0.0	1.8
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	-8.7	-32.3	-16.0	-5.1	-4.4	-14.6	-9.3	-2.0	-0.1	-0.3	-1.0	-5.6
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.1	0.1	0.1	0.1
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	93.7	49.0	90.8	92.0	84.6	74.0	93.2	56.2	65.6	73.1	65.4	100.5
Increase/(Decrease) in Receivables	1,123.3	2.0	-604.5	0.5	-629.2	44.9	-817.6	302.9	-29.1	28.6	-20.1	15.4
Increase/(Decrease) in Inventory	-0.4	-15.3	-0.1	15.2	-0.2	-0.2	19.5	-0.2	-2.7	-5.3	-6.3	-7.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	155.7	263.5	43.6	239.6	181.4	23.8	-52.5	402.3	-44.5	-29.2	-43.7	6.8
Increase/(Decrease) in Prepaid Expenses	-628.0	3.7	2.2	1.9	1.2	1.8	1.8	2.4	2.2	-4.6	1.6	-0.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	-1.4	-0.0	-0.1	-0.3
Corporate Income Tax Paid	-13.1	-15.5	-15.0	-14.5	-14.0	-16.8	-7.6	-9.5	-10.0	-30.0	0.0	-6.5
Other Operating Receipts	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.4	-1.9	-1.2	-1.8	-0.4	-0.8	-1.2	-1.8	-0.2	-0.4	-0.2
Net Cash Flow from Operating Activities	731.6	287.1	-484.9	333.6	-378.1	127.0	-763.9	752.9	-21.8	32.4	-3.6	107.2
Payments for Fixed Assets and Other Long-term Assets	12.1	1.9	-0.1	-3.2	0.1	-8.0	976.1	-372.6	343.9	-49.9	31.6	-99.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	219.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	-130.0	0.0	-60.0	-70.9	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	-618.3	0.0	0.0	130.0	—	0.0	70.9	60.0	0.0	0.0	0.0	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	8.3	3.1	16.4	7.2	4.7	13.8	8.8	0.3	0.0	-4.3	5.7	5.7
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	-597.9	225.0	16.2	133.9	4.8	-124.2	1,055.9	-372.3	273.1	-54.2	37.3	-93.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	29.9	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	-248.9	-27.4	-27.4	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-82.3	—	-0.1	-60.3	-0.0	-10.2	-32.9	-22.7	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	—	0.0	0.0	-82.3	—	-0.1	-60.3	-0.0	-259.1	-30.4	-50.1	0.0
Net Cash Flow During the Period	133.7	512.0	-468.6	385.2	-373.3	2.7	231.6	380.6	-7.8	-52.1	-16.4	13.3
Cash and Cash Equivalents at Beginning of Period	703.5	191.5	660.1	275.0	648.3	41.2	41.2	41.2	41.2	62.0	62.0	62.0
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	837.2	703.5	191.5	660.1	275.0	648.3	645.6	414.0	33.4	41.2	93.3	109.7

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SZG

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