SZL

Sonadezi Long Thành ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 26.94%, +5.29pp YoY

Price

49,700

Latest close

03 Jun 2026

P/E 11.58x

P/B 2.02x

EPS 4,291

BVPS 24,630

ROE 21.4%

ROA 7.1%

Profit Margin 26.9%

Asset Turnover 0.26x

Equity Mult. 3.01x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 545bn
	                                
+9.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 147bn
	                                
+36.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	534.8	488.2	441.1	410.4	387.8
Growth	+10%	+11%	+7%	+6%	—
Net Income	140.7	104.6	103.6	99.2	101.1
Net Margin	26.31%	21.42%	23.49%	24.18%	26.08%

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	138.9	132.5	135.6	137.5	125.1	123.5	124.4	125.0	115.2	126.5	103.9	107.9
Growth	+5%	-2%	-1%	+10%	+1%	-1%	-0%	+9%	-9%	+22%	-4%	—
Net Income	32.1	47.2	32.7	34.6	26.4	22.3	24.5	34.6	23.2	34.3	23.6	22.0
Net Margin	23.12%	35.66%	24.14%	25.14%	21.13%	18.04%	19.67%	27.71%	20.11%	27.10%	22.74%	20.42%

Drivers of SZL's profit

TTM

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

Gross profit ↑ 44.0bn

Other profit ↑ 10.2bn

Financial income ↑ 5.0bn

Administrative expenses ↑ 9.3bn

Tax ↑ 7.3bn

TTM

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

Gross profit ↑ 8.0bn

Tax ↑ 1.4bn

Administrative expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.6% = 21.6% × 0.26 × 2.97

2026Q1 21.4% = 26.9% × 0.26 × 3.01

ROE rose from 16.6% to 21.4% — all three components improved, with net margin contributing the most.

Net margin: 26.9% +5.3pp Asset turnover: 0.26x +0.01x Leverage: 3.01x +0.03x

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 26.94%, rising 5.3pp. Core operating signals are improving as Gross margin rose 5.2pp are enough to offset pressure from SG&A / Revenue rose 1.0pp (with additional support from Other profit / Revenue rose 2.0pp and Net financial result / Revenue rose 0.4pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 26.94% +5.3pp

Gross Margin 39.29% +5.2pp

SG&A / Revenue 11.24% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 18.3% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC expanded to 18.29%, rising 3.2pp. That translates to 18.29 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.6pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 18.29% +3.2pp

NOPAT Margin 26.67% +3.6pp

Capital Turnover 0.69x +0.03x

Average Invested Capital 794.1bn +34.2bn

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 1.97x equity, net debt at 0.16x equity.

Over the last 12 months, working capital released 215.4bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −34.7bn

Inventories increased → lower CFO: −0.2bn

Payables increased → higher CFO: +250.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.2 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 0.3 days, and DPO rose 5.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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

Receivables collection is slowing

DSO increased by +0.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 17.2 days +0.3 days

Inventory 129.2 days −0.4 days

Payables 38.6 days +5.1 days

Cash Conversion Cycle 107.8 days −5.2 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.16x and interest coverage at 39.16x.

At present, short-term debt accounts for 37.1% of total debt, cash equals 51.0% of debt, and total debt stands at 234.9bn.

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

Leverage and liquidity trend

Net Debt / Equity 0.16x +0.01x

Interest Coverage 39.16x −0.41x

Cash / Debt 51.0% +3.4pp

Short-term Debt / Total Debt 37.1% −2.7pp

CFO / NI 2.21x +0.64x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 247.7bn in 2025, against investing cash flow of -179.6bn.

Post-investment cash flow was positive +68.2bn. Financing cash flow was negative +81.8bn.

CFO / net income was 2.21x.

After spending +282.9bn on fixed-asset investment, the business generated trailing free cash flow of +41.4bn.

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

Cash Conversion

CFO TTM 324.3bn +155.0bn

Cash Capex 282.9bn +154.0bn

FCF TTM +41.4bn +1.0bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 5.3 pp. The next item to monitor is capital efficiency, with ROIC at 18.3%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 26.94% after expanding 5.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	534.8	488.2	441.1	410.4	387.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	534.8	488.2	441.1	410.4	387.8
Cost of Goods Sold	324.8	326.3	288.5	276.1	0.0
Gross Profit	210.0	161.9	152.6	134.3	138.5
Financial Income	28.4	24.8	25.1	31.5	27.4
Financial Expenses	4.1	3.9	2.8	0.7	-0.5
Interest Expense	4.1	3.9	2.8	0.7	-0.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	5.0	4.4	3.8	2.9	-2.6
General and Administrative Expenses	59.7	44.9	46.3	44.4	-40.6
Operating Profit	169.6	133.5	124.9	117.8	122.2
Other Income	7.4	2.9	3.1	1.2	0.0
Other Expenses	6.1	10.0	0.0	0.1	0.0
Other Profit	1.3	-7.2	3.1	1.1	1.3
Profit Before Tax	170.9	126.4	128.0	118.9	123.5
Current Income Tax Expense	37.3	23.5	25.1	19.5	-22.4
Deferred Income Tax Expense	-7.1	-1.7	-0.7	0.2	0.0
Net Income	140.7	104.6	103.6	99.2	101.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	140.7	104.6	103.6	99.2	101.1
Earnings per Share	4,116.00	3,059.00	3,034.00	4,364.00	4,447.00
Diluted EPS	4,116.00	3,059.00	3,034.00	4,961.82	5,056.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	237.2	277.7	423.8	497.6	370.2
I. Cash and cash equivalents	37.6	51.3	173.6	172.3	114.4
1. Cash	37.6	51.3	46.0	80.3	0.0
2. Cash equivalents	—	0.0	127.6	92.0	0.0
II. Short-term financial investments	20.0	20.0	70.0	177.0	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	20.0	20.0	70.0	177.0	0.0
III. Short-term receivables	42.3	78.9	54.4	59.8	100.6
1. Short-term trade accounts receivable	27.3	20.5	23.8	22.1	0.0
2. Short-term prepayments to suppliers	14.2	9.1	1.8	3.0	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	12.1	55.3	34.5	40.2	0.0
7. Provision for short-term doubtful debts (*)	-11.3	-6.2	-5.7	-5.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	117.5	117.3	116.2	77.7	77.4
1. Inventories	117.5	117.3	116.2	77.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	19.7	10.2	9.6	10.9	7.9
1. Short-term prepayments	6.5	6.7	0.8	0.0	0.0
2. Value added tax to be reclaimed	13.2	3.5	6.3	10.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	2.5	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)	1,790.8	1,608.2	1,491.7	1,470.6	1,319.6
I. Long-term receivables	3.7	3.7	3.7	3.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.7
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	3.7	3.7	3.7	3.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	193.1	186.3	202.4	223.6	119.0
1. Tangible fixed assets	192.9	186.0	202.0	223.2	119.0
- Cost	654.1	623.6	616.4	612.5	0.0
- Accumulated depreciation	-461.2	-437.6	-414.3	-389.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.2	0.3	0.5	0.0
- Cost	1.3	1.3	1.3	1.3	0.0
- Accumulated depreciation	-1.2	-1.1	-1.0	-0.9	0.0
III. Investment properties	524.8	497.8	501.7	363.5	374.2
- Cost	1,011.9	926.3	876.4	692.8	0.0
- Accumulated depreciation	-487.1	-428.5	-374.6	-329.3	0.0
IV. Long-term assets in progress	377.3	315.2	296.5	385.4	326.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	377.3	315.2	296.5	385.4	0.0
V. Long-term financial investments	398.0	391.8	270.8	270.8	270.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	104.5	104.5	104.5	104.5	0.0
3. Investments in other entities	293.5	287.3	166.3	166.3	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	294.0	213.5	216.6	223.5	0.0
1. Long-term prepayments	283.1	209.7	214.5	222.1	0.0
2. Deferred income tax assets	10.8	3.8	2.1	1.4	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	225.4
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)	2,028.0	1,885.9	1,915.6	1,968.2	1,689.9
A. LIABILITIES (300=210+330)	1,345.5	1,255.8	1,294.9	1,374.4	1,097.4
I. Short -term liabilities	244.8	205.2	182.9	170.6	130.6
1. Short-term trade accounts payable	35.7	18.5	35.3	69.1	24.6
2. Short-term advances from customers	3.3	2.5	2.6	1.1	7.2
3. Taxes and other payables to state authorities	3.6	3.4	0.3	0.3	0.0
4. Payable to employees	11.1	4.6	4.3	4.2	0.0
5. Short-term acrrued expenses	45.4	45.5	5.0	8.2	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	31.2	25.6	25.6	25.7	25.7
9. Other short-term payables	22.5	6.7	12.7	19.0	0.0
10. Short-term borrowings and financial leases	73.2	78.9	78.9	20.2	11.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	18.8	19.5	18.3	23.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,100.7	1,050.6	1,112.0	1,203.7	966.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	13.6	16.1	18.6	6.1	7.1
3. Long-term acrrued expenses	8.2	9.4	10.5	6.9	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	649.8	619.4	645.0	670.7	696.3
7. Other long-term liabilities	292.8	275.2	261.4	282.4	0.0
8. Long-term borrowings and financial leases	136.3	130.5	176.4	237.7	6.9
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)	682.5	630.1	620.6	593.8	592.4
I. Owner's equity	682.5	630.1	620.6	593.8	0.0
1. Owner's capital	291.1	291.1	291.1	200.0	592.4
- Common stock with voting right	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.5	5.5	5.5	4.0	4.0
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	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,812,874,949.00	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	94.8	84.4	74.0	155.2	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	313.3	271.4	272.3	257.4	266.1
- Accumulated retained earning at the end of the previous period	172.6	166.8	190.6	176.3	165.0
- Undistributed earnings in this period	140.7	104.6	81.7	81.0	101.1
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)	2,028.0	1,885.9	1,915.6	1,968.2	1,689.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	170.9	126.4	128.0	118.9	123.5
Depreciation of Fixed Assets and Investment Property	81.5	76.6	69.5	61.1	58.8
Provision (Increase)/Reversal	5.1	0.5	1.0	1.6	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	-27.9	-24.9	-25.1	-31.8	0.0
Interest Expense	4.1	3.9	2.8	0.7	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	233.6	182.5	176.1	150.5	155.7
Increase/(Decrease) in Receivables	21.9	-23.0	0.5	31.3	0.0
Increase/(Decrease) in Inventory	0.1	-1.0	-38.5	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	119.3	43.1	58.7	32.1	0.0
Increase/(Decrease) in Prepaid Expenses	-73.3	-1.1	6.9	2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-4.0	-2.7	-0.7	0.0
Corporate Income Tax Paid	-37.1	-20.2	-27.8	-20.0	0.0
Other Operating Receipts	0.1	0.1	0.0	0.2	0.0
Other Operating Payments	-12.9	-12.8	-12.8	-17.7	0.0
Net Cash Flow from Operating Activities	247.7	163.7	160.4	178.1	102.1
Payments for Fixed Assets and Other Long-term Assets	-201.9	-140.1	-220.5	-197.2	-314.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.2	0.0	0.3	0.0
Loans and Purchases of Debt Instruments	—	-26.0	-161.0	-172.0	-45.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	76.0	268.0	65.0	86.3
Investments in Other Entities	-6.2	-121.0	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	28.3	25.7	31.1	35.2	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	-179.6	-185.2	-82.4	-268.7	-242.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	1,974,970,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	79.0	35.9	46.1	255.9	16.8
Repayment of Borrowings	-78.9	-81.9	-48.5	-16.8	-8.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-82.0	-54.7	-76.4	-90.9	-54.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-81.8	-100.7	-76.9	148.2	-45.9
Net Cash Flow During the Period	-13.7	-122.2	1.1	57.5	2.3
Cash and Cash Equivalents at Beginning of Period	51.3	173.6	172.3	114.4	300.5
FX Difference from Revaluation	0.0	-0.1	0.3	0.4	-0.1
Cash and Cash Equivalents at End of Period	37.6	51.3	173.6	172.3	114.4

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	138.9	132.5	135.6	137.5	125.1	123.5	124.4	125.0	115.2	126.5	103.9	107.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	138.9	132.5	135.6	137.5	125.1	123.5	124.4	125.0	115.2	126.5	103.9	107.9
Cost of Goods Sold	82.5	77.8	84.2	86.1	76.7	75.5	90.2	85.8	74.8	75.9	70.7	74.6
Gross Profit	56.4	54.7	51.4	51.4	48.4	48.1	34.2	39.2	40.4	50.5	33.3	33.3
Financial Income	0.4	19.2	0.3	8.6	0.3	3.6	6.8	12.9	1.5	7.9	8.5	4.5
Financial Expenses	1.0	1.3	1.3	0.9	0.5	0.8	1.0	1.2	0.9	1.2	0.9	0.4
Interest Expense	1.0	1.3	1.3	0.9	0.5	0.8	1.0	1.2	0.9	1.2	0.9	0.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.1	1.2	1.7	1.1	1.1	1.2	0.9	1.1	1.2	0.6	2.3	0.4
General and Administrative Expenses	14.4	19.4	10.3	12.2	13.4	13.8	10.1	9.6	11.4	15.3	9.7	9.1
Operating Profit	40.3	52.1	38.4	45.9	33.6	35.8	29.1	40.2	28.4	41.3	28.8	27.9
Other Income	0.0	4.1	2.9	0.1	0.4	1.9	0.1	0.2	0.7	0.0	0.0	0.0
Other Expenses	0.1	1.3	0.1	3.7	0.9	10.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.1	2.8	2.7	-3.7	-0.5	-8.2	0.1	0.2	0.7	0.0	0.0	-0.0
Profit Before Tax	40.3	54.9	41.1	42.2	33.2	27.6	29.2	40.4	29.1	41.3	28.8	27.9
Current Income Tax Expense	8.1	7.5	8.3	7.6	6.7	7.2	4.6	5.7	5.9	7.9	5.2	5.8
Deferred Income Tax Expense	0.1	0.1	0.1	0.1	0.1	-1.9	0.1	0.1	0.1	-0.9	0.0	0.0
Net Income	32.1	47.2	32.7	34.6	26.4	22.3	24.5	34.6	23.2	34.3	23.6	22.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	32.1	47.2	32.7	34.6	26.4	22.3	24.5	34.6	23.2	34.3	23.6	22.0
Earnings per Share	940.00	1,382.00	958.00	1,011.00	773.00	652.00	716.00	1,013.00	678.00	1,004.00	1,039.00	969.00
Diluted EPS	1,103.33	1,622.48	1,124.70	1,187.17	907.73	765.32	840.80	1,189.72	795.88	1,177.10	1,181.49	1,101.41

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)	386.0	237.2	263.1	352.1	321.1	257.7	284.5	322.5	317.9	423.8	453.3	477.5
I. Cash and cash equivalents	119.8	37.6	14.8	85.1	90.4	51.3	85.1	86.9	112.8	173.6	95.6	51.7
1. Cash	101.8	37.6	14.8	85.1	90.4	51.3	85.1	76.9	39.4	46.0	38.6	36.7
2. Cash equivalents	18.0	—	—	—	0.0	0.0	0.0	10.0	73.4	127.6	57.0	15.0
II. Short-term financial investments	20.0	20.0	20.0	20.0	20.0	0.0	0.0	46.0	31.0	70.0	164.0	231.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	20.0	20.0	20.0	20.0	20.0	0.0	0.0	46.0	31.0	70.0	164.0	231.0
III. Short-term receivables	101.6	42.3	99.6	116.7	76.4	78.9	74.5	68.1	54.6	54.4	66.9	63.5
1. Short-term trade accounts receivable	28.2	27.3	30.3	34.2	23.1	20.5	22.7	25.9	23.1	23.8	24.0	25.9
2. Short-term prepayments to suppliers	72.2	14.2	24.3	25.4	4.2	9.1	23.9	2.1	3.4	1.8	7.3	2.0
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	12.4	12.1	55.6	63.3	55.3	55.3	33.6	45.8	33.8	34.5	41.0	41.0
7. Provision for short-term doubtful debts (*)	-11.3	-11.3	-10.6	-6.2	-6.2	-6.2	-5.7	-5.7	-5.7	-5.7	-5.4	-5.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	117.2	117.5	116.6	116.4	116.7	117.3	116.4	116.1	116.3	116.2	116.3	116.4
1. Inventories	117.2	117.5	116.6	116.4	116.7	117.3	116.4	116.1	116.3	116.2	116.3	116.4
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	27.4	19.7	12.1	13.9	17.5	10.2	8.5	5.4	3.2	9.6	10.5	14.9
1. Short-term prepayments	20.1	6.5	10.5	13.1	14.8	6.7	8.1	4.6	2.5	0.8	2.0	3.5
2. Value added tax to be reclaimed	7.3	13.2	1.6	0.8	2.7	3.5	0.4	0.8	0.7	6.3	8.5	11.3
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.5	0.0	0.0
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,793.9	1,790.8	1,660.0	1,660.4	1,630.2	1,628.2	1,594.1	1,590.8	1,598.7	1,491.7	1,481.0	1,491.1
I. Long-term receivables	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	193.7	193.1	192.4	180.2	185.6	186.3	187.7	192.8	197.2	202.4	207.0	212.9
1. Tangible fixed assets	193.6	192.9	192.2	180.0	185.4	186.0	187.4	192.5	196.9	202.0	206.6	212.5
- Cost	660.9	—	—	—	628.8	623.6	619.6	618.7	617.1	616.4	614.9	614.6
- Accumulated depreciation	-467.3	—	—	—	-443.4	-437.6	-432.2	-426.2	-420.3	-414.3	-408.3	-402.1
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.4
- Cost	1.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	559.4	524.8	527.6	508.9	487.0	497.8	508.0	522.8	526.2	501.7	481.7	370.3
- Cost	1,062.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-502.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	345.7	377.3	319.8	356.5	350.1	315.2	271.3	266.1	264.9	296.5	300.2	414.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	345.7	377.3	319.8	356.5	350.1	315.2	271.3	266.1	264.9	296.5	300.2	414.0
V. Long-term financial investments	398.0	398.0	391.8	391.8	391.8	411.8	411.8	391.8	391.8	270.8	270.8	270.8
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5	104.5
3. Investments in other entities	293.5	293.5	287.3	287.3	287.3	287.3	287.3	287.3	287.3	166.3	166.3	166.3
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	20.0	20.0	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	0.0
VI. Other long-term assets	293.4	294.0	224.7	219.2	212.1	213.5	211.7	213.6	215.0	216.6	217.5	219.4
1. Long-term prepayments	282.6	283.1	213.8	208.3	208.4	209.7	209.8	211.6	212.9	214.5	216.3	218.1
2. Deferred income tax assets	10.8	10.8	10.9	11.0	3.7	3.8	1.9	2.0	2.0	2.1	1.2	1.3
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	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	0.0
5. Goodwill	—	—	—	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	2,179.9	2,028.0	1,923.1	2,012.5	1,951.3	1,885.9	1,878.6	1,913.3	1,916.6	1,915.6	1,934.3	1,968.6
A. LIABILITIES (300=210+330)	1,462.8	1,345.6	1,287.9	1,409.7	1,294.8	1,254.3	1,238.4	1,297.6	1,272.8	1,294.9	1,331.8	1,391.8
I. Short -term liabilities	261.9	244.9	254.3	350.9	261.6	203.7	194.5	233.8	193.7	182.9	212.3	254.1
1. Short-term trade accounts payable	24.7	35.7	21.6	32.1	45.3	18.5	11.3	13.7	15.0	35.3	33.0	66.7
2. Short-term advances from customers	0.8	3.3	2.5	0.6	0.8	2.5	2.6	2.6	2.6	2.6	0.4	0.6
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	18.4	3.6	26.4	24.0	16.9	3.4	18.7	3.0	5.1	0.3	7.2	8.7
4. Payable to employees	2.9	11.1	5.2	4.9	2.5	4.6	3.9	2.7	1.8	4.3	2.0	1.7
5. Short-term acrrued expenses	44.5	45.4	44.4	45.3	44.5	44.0	4.7	4.8	7.9	5.0	11.1	10.1
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	66.7	31.2	37.3	52.7	58.4	25.6	36.7	45.0	55.5	25.6	35.7	43.9
9. Other short-term payables	3.1	22.5	24.5	93.8	3.5	6.7	12.9	62.5	14.8	12.7	19.5	25.1
10. Short-term borrowings and financial leases	87.2	73.2	70.6	73.1	75.6	78.9	80.5	74.1	78.3	78.9	81.7	73.7
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.4	18.8	21.9	24.4	14.2	19.5	23.3	25.4	12.7	18.3	21.9	23.7
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	1,200.9	1,100.7	1,033.6	1,058.8	1,033.2	1,050.6	1,043.9	1,063.9	1,079.2	1,112.0	1,119.5	1,137.7
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	13.6	13.6	14.1	16.1	16.1	16.1	16.3	16.6	16.8	18.6	6.1	6.1
3. Long-term acrrued expenses	8.0	8.2	8.5	8.8	9.1	9.4	9.6	9.9	10.2	10.5	6.2	6.4
4. Inter-company payables on business capital	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	734.4	649.8	600.2	606.6	613.0	619.4	625.8	632.2	638.5	645.0	651.4	657.9
7. Other long-term liabilities	297.2	292.8	288.1	281.1	280.7	275.2	257.4	256.1	259.2	261.4	277.3	272.3
8. Long-term borrowings and financial leases	147.6	136.3	122.7	146.3	114.3	130.5	134.7	149.0	154.4	176.4	178.4	194.9
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	717.1	682.4	635.2	602.8	656.5	631.6	640.2	615.7	643.8	620.6	602.5	576.8
I. Owner's equity	717.1	682.4	635.2	602.8	656.5	631.6	640.2	615.7	643.8	620.6	602.5	576.8
1. Owner's capital	291.1	291.1	291.1	291.1	291.1	291.1	291.1	291.1	291.1	291.1	200.0	200.0
- Common stock with voting right	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	291,148,400,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	7.3	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.6	4.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	-21,693,106,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,323,606,949.00	-22,812,874,949.00
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	94.8	94.8	94.8	94.8	84.4	84.4	84.4	84.4	74.0	74.0	165.2	165.2
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	345.5	313.3	266.0	233.6	297.8	272.9	281.5	257.0	295.5	272.3	254.1	230.4
- Accumulated retained earning at the end of the previous period	313.3	172.6	172.6	172.6	271.4	168.3	199.2	199.2	272.3	190.6	184.7	184.7
- Undistributed earnings in this period	32.1	140.6	93.4	61.0	26.4	104.6	82.3	57.8	23.2	81.7	69.3	45.7
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,179.9	2,028.0	1,923.1	2,012.5	1,951.3	1,885.9	1,878.6	1,913.3	1,916.6	1,915.6	1,934.3	1,968.6

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	40.3	54.9	41.1	41.8	33.2	27.6	29.2	40.4	29.1	41.3	28.8	27.9
Depreciation of Fixed Assets and Investment Property	21.6	21.1	20.6	20.1	19.7	17.0	20.4	20.2	19.1	18.8	18.2	16.4
Provision (Increase)/Reversal	—	0.6	0.0	4.5	0.0	0.5	0.0	0.0	0.0	1.0	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	-0.0	-0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-0.4	-19.2	-0.3	-9.0	0.5	-3.8	-6.8	-12.9	-1.5	-7.9	-8.5	-4.5
Interest Expense	1.0	1.3	1.3	0.9	0.5	0.8	1.0	1.2	0.9	1.2	0.9	0.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	62.5	58.6	62.8	58.3	53.9	42.2	43.8	48.9	47.6	54.4	39.4	40.1
Increase/(Decrease) in Receivables	-53.4	52.3	-3.1	-30.5	3.2	-8.0	-18.3	-1.4	7.1	4.2	-0.6	-1.5
Increase/(Decrease) in Inventory	0.3	-0.7	-0.2	0.3	0.6	-0.9	-0.3	0.2	-0.1	0.1	0.1	-38.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	177.6	30.1	5.0	37.6	46.6	-12.1	37.3	-16.0	32.2	-7.9	-1.1	286.7
Increase/(Decrease) in Prepaid Expenses	-13.0	-65.3	-3.0	1.8	-6.8	1.6	-1.7	-0.8	-0.2	3.0	3.3	-1.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-1.1	-1.3	0.2	-1.6	-0.8	-1.0	-1.3	-0.9	-1.1	-0.9	-0.4
Corporate Income Tax Paid	-7.5	-15.9	-6.7	-7.3	-7.2	-12.3	0.0	-5.9	-1.9	-17.0	-6.2	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Operating Payments	-5.4	-3.1	-2.5	-1.9	-5.4	-3.8	-2.1	-1.2	-5.7	-2.1	-3.3	-2.9
Net Cash Flow from Operating Activities	160.0	55.0	51.0	58.4	83.4	5.8	57.7	22.4	78.2	33.7	30.8	282.0
Payments for Fixed Assets and Other Long-term Assets	-106.0	-63.6	-19.5	-93.8	-25.0	-37.5	-42.0	-24.3	-36.8	-37.7	-56.2	-56.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.4	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	-15.0	-11.0	0.0	-10.0	-84.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	26.0	0.0	50.0	94.0	77.0	64.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	-121.0	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	0.0
Dividends and Interest Income Received	0.3	19.2	8.5	0.3	0.3	3.6	19.1	0.6	2.3	14.9	8.4	4.3
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-105.7	-50.6	-11.1	-93.2	-24.7	-33.8	3.1	-38.7	-116.4	71.1	19.3	-71.8
Proceeds from Equity Issuance and Capital Contributions	2,484,260,000.00	—	—	—	0.00	0.00	0.00	0.00	0.00	-66,000,000.00	2,040,970,000.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	50.8	26.7	1.4	41.6	9.3	6.3	20.9	2.5	6.1	7.4	17.8	-231.9
Repayment of Borrowings	-25.5	-10.5	-27.4	-12.2	-28.8	-12.2	-28.8	-12.2	-28.8	-12.2	-26.3	-5.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	2.2	-84.2	—	0.0	-0.1	-54.6	-0.0	-0.0	-21.9	-0.0	-54.5
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	27.8	18.4	-110.2	29.5	-19.5	-5.9	-62.5	-9.6	-22.7	-26.7	-6.5	-291.5
Net Cash Flow During the Period	82.1	22.8	-70.3	-5.3	39.1	-33.8	-1.7	-25.9	-60.9	78.1	43.6	-81.3
Cash and Cash Equivalents at Beginning of Period	37.6	14.8	85.1	90.4	51.3	173.6	173.6	173.6	173.6	172.3	172.3	172.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	-0.0	0.3	0.1
Cash and Cash Equivalents at End of Period	119.8	37.6	14.8	85.1	90.4	51.3	85.1	86.9	112.8	173.6	95.6	51.7

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SZL

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