SD2

Sông Đà 2 ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 10.41%, +9.17pp YoY

Price

6,000

Latest close

01 Jun 2026

P/E 8.29x

P/B 1.01x

EPS 724

BVPS 5,917

ROE 13.0%

ROA 3.9%

Profit Margin 10.4%

Asset Turnover 0.38x

Equity Mult. 3.33x

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

What Is Changing

On a TTM 2026Q1 basis, SD2 posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 100bn
	                                
−28.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
+497.8%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    56.0%

Metric	2025	2024	2023	2022	2021
Revenue	104.5	146.5	149.5	149.8	215.2
Growth	-29%	-2%	-0%	-30%	—
Net Income	7.6	-6.0	2.1	2.3	12.0
Net Margin	7.25%	-4.07%	1.42%	1.52%	5.59%

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	27.9	37.6	11.0	23.7	32.1	37.3	46.8	24.7	36.4	64.4	27.2	28.4
Growth	-26%	+241%	-54%	-26%	-14%	-20%	+90%	-32%	-43%	+137%	-4%	—
Net Income	4.1	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.9	-5.8	0.1
Net Margin	14.77%	14.18%	0.88%	3.74%	3.91%	0.36%	0.34%	0.81%	0.33%	13.79%	-21.21%	0.20%

Drivers of SD2's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 17.5bn

Other profit ↓ 7.2bn

Gross profit ↓ 1.8bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 13.8bn

Finance costs ↓ 0.8bn

Gross profit ↓ 11.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.4% = 1.2% × 0.38 × 2.86

2026Q1 13.0% = 10.4% × 0.38 × 3.33

ROE rose from 1.4% to 13.0% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 10.4% +9.2pp Asset turnover: 0.38x -0.01x Leverage: 3.33x +0.47x

Is the profit sustainable?

Margins improved (+9.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 10.41%, rising 9.2pp. The main driver is SG&A / Revenue fell 16.1pp and Gross margin rose 0.6pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 6.8pp and Net financial result / Revenue fell 0.7pp).

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

Profitability trend

Net Margin 10.41% +9.2pp

Gross Margin 6.40% +0.6pp

SG&A / Revenue -12.44% −16.1pp

Non-core / Revenue -8.43% −7.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income share remains high

Even though contribution decreased by 7.5pp, other income still accounts for 56.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.86x +0.13x

Average Invested Capital 116.0bn −76.6bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.74x equity, net debt at 0.15x equity.

Inventory ended the period at 53.5bn, roughly 24.0% of total assets.

Over the last 12 months, working capital released 62.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +90.1bn

Inventories decreased → higher CFO: +10.6bn

Payables decreased → lower CFO: −37.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.2 days versus the same period last year. The main moves came from DIO fell 52.9 days, DSO rose 128.0 days, and DPO rose 77.3 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 588.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +128.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 691.7 days +128.0 days

Inventory 215.4 days −52.9 days

Payables 319.2 days +77.3 days

Cash Conversion Cycle 588.0 days −2.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.15x and interest coverage at 5.82x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 16.0% of debt, and total debt stands at 14.6bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 16.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.15x −0.65x

Interest Coverage 5.82x +5.68x

Cash / Debt 16.0% +12.1pp

Short-term Debt / Total Debt 100.0% +0.7pp

CFO / NI 5.20x +1.40x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 48.1bn in 2025, against investing cash flow of 0.5bn.

Post-investment cash flow was positive +48.5bn. Financing cash flow was negative +45.1bn.

CFO / net income was 5.20x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 54.3bn +47.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 9.2 pp. The next item to monitor is the earnings mix, when non-core contribution is -25.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.41% after expanding 9.2pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 5.20x. Even so, net financial result still accounts for -25.1% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	104.5	146.5	149.5	149.8	215.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	104.5	146.5	149.5	149.8	215.2
Cost of Goods Sold	86.9	136.5	133.6	137.6	0.0
Gross Profit	17.6	10.0	15.9	12.2	43.8
Financial Income	0.4	0.2	2.5	2.3	0.0
Financial Expenses	3.6	4.9	2.9	4.2	-7.3
Interest Expense	3.6	4.9	2.9	4.8	-7.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.1	1.3	2.6	3.7	-3.8
General and Administrative Expenses	0.1	7.3	13.7	12.2	-21.4
Operating Profit	13.2	-3.4	-0.8	-5.7	11.3
Other Income	9.6	4.2	7.6	8.4	0.0
Other Expenses	15.3	6.8	4.0	0.4	0.0
Other Profit	-5.7	-2.6	3.6	8.0	4.7
Profit Before Tax	7.6	-6.0	2.8	2.3	16.0
Current Income Tax Expense	—	0.0	0.7	0.0	-3.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.6	-6.0	2.1	2.3	12.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.6	-6.0	2.1	2.3	12.0
Earnings per Share	525.00	-413.00	147.00	158.00	700.00
Diluted EPS	525.03	-412.98	146.98	157.89	834.76

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	215.9	286.4	435.8	447.3	440.2
I. Cash and cash equivalents	4.5	1.1	2.4	28.0	15.8
1. Cash	4.5	1.1	2.4	12.9	0.0
2. Cash equivalents	—	0.0	0.0	15.1	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	156.0	214.7	294.2	259.1	242.0
1. Short-term trade accounts receivable	153.7	216.9	225.6	213.0	0.0
2. Short-term prepayments to suppliers	5.0	13.6	28.2	16.7	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	0.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	62.2	59.7	59.6	48.7	0.0
7. Provision for short-term doubtful debts (*)	-67.4	-77.6	-22.3	-22.4	0.0
8. Assets awaiting resolution	2.1	2.1	3.2	3.2	0.0
IV. Inventories	53.5	66.7	135.6	156.5	175.8
1. Inventories	53.5	66.7	135.6	156.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.8	3.8	3.6	3.7	6.6
1. Short-term prepayments	0.5	1.0	0.8	0.1	0.0
2. Value added tax to be reclaimed	1.3	2.8	2.7	3.6	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	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)	6.9	10.4	16.3	25.1	31.8
I. Long-term receivables	1.6	1.0	1.6	1.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.6
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	1.6	1.0	1.6	1.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4.7	7.8	12.0	19.8	28.2
1. Tangible fixed assets	4.6	7.8	12.0	19.8	28.2
- Cost	83.2	92.4	106.3	132.9	0.0
- Accumulated depreciation	-78.6	-84.5	-94.3	-113.1	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	0.0	0.0	0.0	0.0
- Cost	0.1	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.6	0.6	0.6	0.6	0.6
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	0.6	0.6	0.6	0.6	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	0.1	0.9	2.0	3.0	0.0
1. Long-term prepayments	0.1	0.9	2.0	3.0	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	1.4
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)	222.8	296.8	452.1	472.5	472.1
A. LIABILITIES (300=210+330)	141.6	223.3	271.5	293.9	295.9
I. Short -term liabilities	141.6	222.0	270.0	293.0	293.7
1. Short-term trade accounts payable	62.1	80.1	87.7	76.7	80.0
2. Short-term advances from customers	16.9	28.7	57.3	85.8	72.2
3. Taxes and other payables to state authorities	12.3	20.4	17.7	17.0	0.0
4. Payable to employees	4.5	4.1	4.8	6.0	0.0
5. Short-term acrrued expenses	21.1	18.6	16.1	11.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	0.3	0.2	0.2	0.0
9. Other short-term payables	6.1	6.8	9.2	17.0	0.0
10. Short-term borrowings and financial leases	18.3	63.0	77.0	78.6	92.8
11. Provision for short-term liabilities	—	0.0	0.0	0.4	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	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	—	1.2	1.4	0.9	2.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.1	0.0
8. Long-term borrowings and financial leases	—	0.4	0.6	0.0	1.7
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	—	0.8	0.8	0.8	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)	81.2	73.5	180.6	178.5	176.2
I. Owner's equity	81.2	73.5	180.6	178.5	0.0
1. Owner's capital	144.2	144.2	144.2	144.2	176.2
- Common stock with voting right	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	15.7	15.7	15.7	15.7	15.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	7.4	7.4	7.4	7.4	7.4
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	25.0	25.0	25.0	25.0	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	-111.1	-118.8	-11.6	-13.8	-16.1
- Accumulated retained earning at the end of the previous period	-118.6	-112.8	-13.8	-16.0	-28.1
- Undistributed earnings in this period	7.6	-6.0	2.1	2.3	12.0
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)	222.8	296.8	452.1	472.5	472.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	7.6	-6.0	2.8	2.3	16.0
Depreciation of Fixed Assets and Investment Property	3.2	4.2	4.6	5.6	6.7
Provision (Increase)/Reversal	-10.8	-2.4	-0.5	-0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-7.8	0.0
Gain/Loss from Investment Activities	-1.0	-3.0	-6.8	0.0	0.0
Interest Expense	3.6	4.9	2.9	4.8	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	2.5	-2.2	3.1	4.0	30.3
Increase/(Decrease) in Receivables	70.4	23.8	-34.1	-14.2	0.0
Increase/(Decrease) in Inventory	13.2	32.3	20.9	19.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-38.0	-40.5	-11.2	16.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.3	0.4	0.3	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-3.1	-2.5	-4.8	0.0
Corporate Income Tax Paid	-0.0	-0.9	-0.1	-3.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	48.1	9.9	-23.8	16.9	79.1
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	-1.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	2.8	8.6	8.3	5.9
Loans and Purchases of Debt Instruments	-0.5	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.6	0.0
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	0.4	0.2	2.5	2.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.5	3.0	10.0	11.1	5.9
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	29.9	63.1	79.4	60.2	86.6
Repayment of Borrowings	-75.0	-77.3	-82.6	-76.1	-158.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-8.6	0.0	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	-45.1	-14.2	-11.8	-15.9	-71.6
Net Cash Flow During the Period	3.4	-1.3	-25.6	12.2	-1.1
Cash and Cash Equivalents at Beginning of Period	1.1	2.4	28.0	15.8	2.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.5	1.1	2.4	28.0	15.8

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	27.9	37.6	11.0	23.7	32.1	37.3	46.8	24.7	36.4	64.4	27.2	28.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	27.9	37.6	11.0	23.7	32.1	37.3	46.8	24.7	36.4	64.4	27.2	28.4
Cost of Goods Sold	36.4	25.2	8.7	23.6	29.4	32.2	51.5	19.6	33.9	52.1	28.3	24.6
Gross Profit	-8.4	12.4	2.3	0.2	2.7	5.1	-4.6	5.0	2.5	12.3	-1.1	3.7
Financial Income	0.0	-0.0	0.0	0.2	0.2	0.0	-0.2	0.3	0.5	1.2	0.9	0.6
Financial Expenses	0.3	0.6	0.8	1.1	1.1	0.5	0.7	0.7	0.7	0.4	0.8	0.7
Interest Expense	0.3	0.6	0.6	1.1	1.1	0.5	0.7	0.7	0.7	0.4	0.8	0.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.4	0.2	0.2	0.3	0.3	0.3	0.4	0.3	1.8	0.3	0.3
General and Administrative Expenses	-14.3	-2.3	0.8	2.0	-0.5	4.1	-2.5	2.7	2.9	2.6	4.4	4.1
Operating Profit	5.1	13.6	0.6	-3.0	2.1	0.2	-3.3	1.5	-1.0	8.5	-5.8	-0.8
Other Income	0.2	4.3	0.1	4.2	0.9	0.0	3.8	0.9	1.2	6.7	0.4	0.9
Other Expenses	1.2	12.5	0.6	0.4	1.7	0.1	0.3	2.2	0.1	5.7	0.4	0.1
Other Profit	-1.0	-8.3	-0.5	3.9	-0.8	-0.1	3.4	-1.3	1.1	1.1	0.0	0.8
Profit Before Tax	4.1	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	9.6	-5.8	0.1
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.1	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.9	-5.8	0.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.1	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.9	-5.8	0.1
Earnings per Share	286.00	369.57	6.73	61.60	87.00	9.22	10.94	13.77	8.41	615.45	-400.27	8.00
Diluted EPS	285.84	369.57	6.73	61.60	87.14	9.22	10.94	13.77	8.41	615.45	-400.27	4.03

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)	220.2	215.2	244.9	257.7	293.3	380.5	393.2	405.8	414.1	435.1	408.3	430.3
I. Cash and cash equivalents	2.3	4.5	3.7	0.6	2.4	1.1	2.2	1.1	1.5	2.4	0.5	11.2
1. Cash	2.3	4.5	3.7	0.5	2.4	1.1	2.2	1.1	1.5	2.4	0.5	1.2
2. Cash equivalents	—	—	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	10.0
II. Short-term financial investments	7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	7.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	160.2	155.3	180.9	198.5	225.2	273.4	288.3	266.2	275.9	294.3	254.1	252.0
1. Short-term trade accounts receivable	156.9	153.2	183.2	198.0	223.2	216.9	221.5	205.0	211.9	225.6	192.0	189.8
2. Short-term prepayments to suppliers	4.9	5.0	5.5	8.0	8.8	13.6	19.3	20.9	21.8	28.3	33.3	33.8
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
5. Short-term loan receivables	—	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	46.1	62.0	63.3	64.4	65.7	59.7	62.7	59.5	61.4	59.6	48.0	47.6
7. Provision for short-term doubtful debts (*)	-49.8	-67.5	-73.2	-74.0	-74.7	-20.0	-18.3	-22.3	-22.3	-22.3	-22.3	-22.4
8. Assets awaiting resolution	2.1	2.1	2.1	2.1	2.1	3.2	3.2	3.2	3.2	3.2	3.2	3.2
IV. Inventories	48.7	53.5	57.9	55.1	62.1	102.1	98.6	134.3	132.9	135.6	147.3	162.5
1. Inventories	48.7	53.5	57.9	55.1	62.1	102.1	98.6	134.3	132.9	135.6	147.3	162.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Short-term Biological Assets	1.5	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	0.4	—	—	—	—	—	—	—	—	—	—	—
2. Short-term seasonal or single-harvest crops	1.1	—	—	—	—	—	—	—	—	—	—	—
3. Provision for impairment of short-term biological assets	0.0	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	—	1.8	2.5	3.5	3.6	3.8	4.0	4.2	3.9	2.8	6.4	4.5
1. Short-term prepayments	—	0.5	0.5	0.8	0.5	1.0	1.2	1.1	1.2	0.1	2.5	0.1
2. Value added tax to be reclaimed	—	1.3	1.9	2.7	3.1	2.8	2.8	3.0	2.7	2.7	3.9	4.4
3. Taxes and other receivables from state authorities	—	—	—	0.0	—	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)	9.7	6.9	8.8	8.0	10.4	12.1	14.9	14.0	14.2	17.0	19.1	23.2
I. Long-term receivables	1.5	1.6	2.0	1.2	0.5	1.0	0.5	0.5	0.5	1.6	1.2	1.6
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	1.6	2.0	1.2	0.5	1.0	0.5	0.5	0.5	1.6	1.2	1.6
7. Provision for long-term doubtful debts	1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.3	4.7	5.4	5.9	6.8	7.8	8.8	9.8	10.9	12.0	16.4	17.5
1. Tangible fixed assets	4.2	4.6	5.4	5.9	6.8	7.8	8.8	9.8	10.9	12.0	16.4	17.5
- Cost	83.2	—	—	—	—	92.4	106.3	106.3	106.3	106.3	119.7	119.7
- Accumulated depreciation	-79.0	—	—	—	—	-84.5	-97.5	-96.5	-95.4	-94.3	-103.3	-102.2
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	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	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
III. Investment properties	2.9	—	—	—	—	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	2.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	2.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	2.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.4	0.1	0.9	0.4	2.5	2.6	3.0	3.2	2.2	2.7	0.9	3.4
1. Long-term prepayments	0.4	0.1	0.9	0.4	2.5	2.6	3.0	3.2	2.2	2.7	0.9	3.4
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)	229.9	222.1	253.8	265.8	303.7	392.6	408.0	419.8	428.3	452.1	427.4	453.5
A. LIABILITIES (300=210+330)	144.5	141.0	178.0	190.1	228.9	211.5	226.9	238.9	247.6	271.5	254.5	274.8
I. Short -term liabilities	144.5	141.0	176.8	189.0	227.7	210.3	225.6	237.5	246.2	270.0	253.7	272.9
1. Short-term trade accounts payable	69.1	61.6	71.5	77.1	95.1	80.1	84.0	81.9	80.7	87.7	77.3	79.9
2. Short-term advances from customers	17.1	16.9	27.8	23.9	22.7	28.7	48.3	54.1	56.2	59.3	68.8	75.3
3. Taxes and other payables to state authorities	9.6	12.3	16.9	19.3	19.6	16.3	17.9	15.2	14.0	17.7	17.3	15.7
4. Payable to employees	2.9	4.5	3.8	3.4	3.1	4.4	2.9	3.5	4.1	4.8	3.6	3.4
5. Short-term acrrued expenses	24.2	21.1	19.9	19.0	18.1	10.0	7.3	10.2	13.6	16.1	8.1	8.2
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	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.6	0.2	0.6	0.2
9. Other short-term payables	6.8	5.9	4.5	5.5	7.0	7.4	4.9	5.5	6.0	7.2	9.7	16.9
10. Short-term borrowings and financial leases	14.6	18.3	32.2	40.3	61.7	63.0	59.9	67.0	71.0	77.0	68.2	73.2
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	1.2	1.2	1.2	1.2	1.3	1.4	1.4	1.4	0.8	1.9
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.1
8. Long-term borrowings and financial leases	—	—	0.4	0.4	0.4	0.4	0.5	0.0	0.6	0.6	0.0	0.0
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	—	—	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	0.5	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	85.3	81.1	75.8	75.7	74.8	181.1	181.1	181.0	180.8	180.6	172.9	178.6
I. Owner's equity	85.3	81.1	75.8	75.7	74.8	181.1	181.1	181.0	180.8	180.6	172.9	178.6
1. Owner's capital	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2
- Common stock with voting right	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00	144,235,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4
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	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
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	-106.9	-111.2	-116.5	-116.6	-117.5	-11.2	-11.2	-11.3	-11.5	-11.6	-19.4	-13.7
- Accumulated retained earning at the end of the previous period	-111.1	-118.8	-118.8	-118.8	-118.8	-11.8	-11.6	-11.6	-11.6	-13.8	-13.8	-13.8
- Undistributed earnings in this period	4.1	7.6	2.2	2.1	1.3	0.6	0.5	0.3	0.1	2.1	-5.7	0.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	229.9	222.1	253.7	265.8	303.7	392.6	408.0	419.8	428.3	452.1	427.4	453.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	4.1	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.5	-5.8	0.1
Depreciation of Fixed Assets and Investment Property	0.4	0.8	0.7	0.7	1.0	1.0	1.0	1.1	1.1	1.2	1.1	1.1
Provision (Increase)/Reversal	-16.9	-6.5	-0.8	-0.7	-2.9	1.6	-4.0	0.0	0.0	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	-0.0	-0.8	-0.2	0.0	-3.5	-0.1	-0.7	-2.1	-0.9	-3.6
Interest Expense	0.3	0.6	0.8	1.1	1.1	0.5	0.7	0.7	0.7	0.6	0.8	0.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-12.0	0.3	0.7	1.2	0.3	3.3	-5.7	1.9	1.3	8.1	-4.7	-1.7
Increase/(Decrease) in Receivables	12.5	32.2	18.4	27.0	-7.2	12.7	-17.6	9.1	19.6	-39.5	-1.1	-0.4
Increase/(Decrease) in Inventory	2.0	4.4	-2.8	7.0	4.6	-3.5	35.7	-1.4	2.7	11.7	15.3	-1.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.6	-21.9	-4.6	-17.9	6.4	-17.9	-5.5	-3.9	-17.1	8.7	-6.6	-1.9
Increase/(Decrease) in Prepaid Expenses	-0.2	0.9	-0.3	1.9	-1.1	0.5	0.1	-0.9	-0.6	0.6	0.1	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.1	-0.2	-0.5	-0.5	-1.0	-0.3	-1.1	-0.7	-0.2	-0.8	-0.7
Corporate Income Tax Paid	—	0.0	0.0	-0.0	—	-0.2	0.0	-0.0	-0.7	0.0	-0.1	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.1	0.0	0.0	0.0	-0.0	-0.0	0.0	1.1
Net Cash Flow from Operating Activities	8.8	15.8	11.3	18.5	2.5	-6.2	6.7	3.6	4.5	-10.7	2.1	-4.8
Payments for Fixed Assets and Other Long-term Assets	-7.5	-0.1	—	—	—	2.0	-2.0	0.0	0.0	-1.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	0.0	-0.2	0.9	—	-0.0	3.7	-0.2	0.2	5.5	0.0	2.0
Loans and Purchases of Debt Instruments	-0.5	-0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	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	0.0	-0.0	0.0	0.2	0.2	0.0	-0.2	0.3	0.5	0.8	0.9	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-7.3	-0.6	-0.2	1.1	0.2	2.0	1.5	0.1	0.7	5.3	0.9	2.5
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	—	0.5	10.9	2.4	16.1	24.4	7.7	9.9	21.1	17.3	11.8	15.8
Repayment of Borrowings	-3.7	-14.9	-18.9	-23.7	-17.5	-21.3	-14.8	-14.0	-27.1	-10.1	-16.7	-15.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	—	—	—	—	-0.0	0.0	-0.0	0.0	-8.6	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	8.7	-8.7	0.0
Net Cash Flow from Financing Activities	-3.7	-14.3	-8.1	-21.3	-1.4	3.1	-7.1	-4.1	-6.0	7.2	-13.6	0.6
Net Cash Flow During the Period	-2.2	0.9	3.0	-1.8	1.3	-1.1	1.1	-0.4	-0.9	1.9	-10.7	-1.7
Cash and Cash Equivalents at Beginning of Period	4.5	3.7	0.6	2.4	1.1	2.4	2.4	2.4	2.4	28.0	28.0	28.0
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	2.3	4.5	3.7	0.6	2.4	1.1	2.2	1.1	1.5	2.4	0.5	11.2

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SD2

What Is Changing

Drivers of SD2's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow