SD3

Sông Đà 3 ·UPCOM ·2026Q1

▼ Slightly negative

Margins remain under pressure Net margin 19.84%, −3.25pp YoY

Price

8,900

Latest close

02 Jun 2026

P/E 4.35x

P/B 2.13x

EPS 2,045

BVPS 4,169

ROE 47.3%

ROA 3.3%

Profit Margin 19.4%

Asset Turnover 0.17x

Equity Mult. 14.16x

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

What Is Changing

On a TTM 2026Q1 basis, SD3 is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — the growth momentum has held across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 167bn
	                                
+21.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 33bn
	                                
+4.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	170.4	125.7	148.6	166.5	194.7
Growth	+36%	-15%	-11%	-14%	—
Net Income	25.4	-2.0	0.3	8.3	5.4
Net Margin	14.93%	-1.56%	0.22%	4.98%	2.77%

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	49.0	45.7	26.2	46.4	51.1	42.2	11.8	32.3	39.3	32.9	21.0	45.1
Growth	+7%	+75%	-44%	-9%	+21%	+257%	-63%	-18%	+20%	+57%	-54%	—
Net Income	20.4	26.3	-6.2	-7.4	17.2	34.9	-11.8	-8.5	9.0	-3.1	2.0	-6.0
Net Margin	41.56%	57.61%	-23.52%	-15.87%	33.64%	82.60%	-99.75%	-26.41%	22.97%	-9.46%	9.56%	-13.31%

Drivers of SD3's profit

TTM

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

Gross profit ↑ 36.8bn

Finance costs ↑ 22.4bn

Other profit ↓ 9.9bn

Administrative expenses ↑ 1.5bn

Tax ↑ 1.5bn

TTM

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

Finance costs ↓ 3.1bn

Administrative expenses ↓ 0.8bn

Other profit ↓ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 46.2% = 23.1% × 0.14 × 14.37

2026Q1 48.3% = 19.8% × 0.17 × 14.16

ROE rose from 46.2% to 48.3% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 19.8% -3.3pp Asset turnover: 0.17x +0.03x Leverage: 14.16x -0.21x

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 19.84%, losing 3.3pp. Gross margin rose 12.6pp and SG&A / Revenue fell 1.7pp improved but not enough to offset the weakness in Net financial result / Revenue fell 10.6pp and Other profit / Revenue fell 6.3pp.

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 19.84% −3.3pp

Gross Margin 65.35% +12.6pp

SG&A / Revenue 12.96% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 6.7% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 6.72%, rising 2.1pp. That translates to 6.72 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.4pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 6.72% +2.1pp

NOPAT Margin 23.35% +2.4pp

Capital Turnover 0.29x +0.06x

Average Invested Capital 581.6bn −35.4bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 19.66x equity, net debt at 7.42x equity.

Inventory ended the period at 148.7bn, roughly 15.5% of total assets.

Over the last 12 months, working capital absorbed 39.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +20.0bn

Inventories decreased → higher CFO: +3.3bn

Payables decreased → lower CFO: −62.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 47.0 days versus the same period last year. The main moves came from DIO rose 157.1 days, DSO fell 111.6 days, and DPO fell 1.5 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 644.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +157.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 271.7 days −111.6 days

Inventory 980.6 days +157.1 days

Payables 607.6 days −1.5 days

Cash Conversion Cycle 644.7 days +47.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 7.42x and interest coverage only at 1.01x.

At present, short-term debt accounts for 23.3% of total debt, cash equals 5.5% of debt, and total debt stands at 523.7bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 7.42x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.01x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 7.42x −0.08x

Interest Coverage 1.01x −0.46x

Cash / Debt 5.5% +5.1pp

Short-term Debt / Total Debt 23.3% +1.7pp

CFO / NI 1.27x +0.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 47.8bn in 2025, against investing cash flow of -1.1bn.

Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +33.6bn.

CFO / net income was 1.27x.

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

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 41.2bn +4.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 17.7%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.27x. Even so, net financial result still accounts for 17.7% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 19.84% after a 3.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	170.5	125.7	148.8	166.5	210.5
Revenue Deductions	0.1	0.0	0.2	0.0	0.0
Net Revenue	170.4	125.7	148.6	166.5	194.7
Cost of Goods Sold	61.7	55.3	71.6	74.7	0.0
Gross Profit	108.7	70.4	77.0	91.9	61.6
Financial Income	0.1	0.1	0.1	0.0	0.2
Financial Expenses	47.3	18.5	57.4	63.3	-34.5
Interest Expense	46.0	18.4	56.6	63.3	-34.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	25.4	40.9	17.6	18.6	-20.0
Operating Profit	36.1	11.1	2.0	10.0	7.3
Other Income	0.0	2.2	3.6	2.6	0.0
Other Expenses	6.5	12.9	3.5	1.9	0.0
Other Profit	-6.5	-10.7	0.2	0.7	-0.6
Profit Before Tax	29.6	0.4	2.2	10.7	6.7
Current Income Tax Expense	4.1	2.3	1.8	2.4	-1.3
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	25.4	-2.0	0.3	8.3	5.4
Non-controlling Interest	0.7	0.4	0.4	0.5	0.5
Profit Attributable to Parent	24.7	-2.3	-0.0	7.8	4.9
Earnings per Share	1,547.00	-145.00	-1.00	487.00	306.00
Diluted EPS	1,547.00	-145.00	-1.31	487.45	307.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	353.1	366.2	395.2	438.0	497.5
I. Cash and cash equivalents	39.7	26.5	25.4	17.5	20.4
1. Cash	39.7	26.5	25.4	17.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	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	164.2	183.8	227.5	252.6	288.6
1. Short-term trade accounts receivable	98.7	120.1	156.4	179.7	0.0
2. Short-term prepayments to suppliers	27.4	24.0	16.0	19.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	82.4	79.3	71.2	70.7	0.0
7. Provision for short-term doubtful debts (*)	-44.3	-39.7	-16.1	-17.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	148.7	155.5	137.4	166.5	187.4
1. Inventories	148.7	155.5	137.4	166.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.4	4.9	1.4	1.2
1. Short-term prepayments	0.3	0.2	4.8	0.7	0.0
2. Value added tax to be reclaimed	0.2	0.1	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	0.6	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)	607.3	631.5	628.6	635.9	656.1
I. Long-term receivables	2.3	2.3	0.0	0.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	2.3	2.3	0.0	0.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	550.5	519.6	555.4	584.9	614.5
1. Tangible fixed assets	550.5	519.6	555.4	584.8	614.4
- Cost	867.9	864.1	911.1	941.4	0.0
- Accumulated depreciation	-317.5	-344.5	-355.7	-356.6	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	—	0.0	0.0	0.0	0.1
- Cost	0.5	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.5	-0.4	-0.4	-0.4	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	13.0	77.0	48.2	34.5	25.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.0	77.0	48.2	34.5	0.0
V. Long-term financial investments	4.8	5.0	5.0	5.9	5.9
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	4.9	4.9	4.9	4.9	0.0
4. Provision for diminution in value of long-term investments	-1.1	-0.9	-0.9	0.0	0.0
5. Held to maturity investments	1.0	1.0	1.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	36.8	27.7	19.9	9.8	0.0
1. Long-term prepayments	31.8	21.9	14.7	4.5	0.0
2. Deferred income tax assets	0.4	0.4	0.4	0.5	0.0
3. Long-term equipment, supplies, spare parts	4.6	5.3	4.8	4.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	9.7
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)	960.4	997.6	1,023.8	1,073.9	1,153.6
A. LIABILITIES (300=210+330)	913.9	944.1	966.2	1,009.4	1,036.1
I. Short -term liabilities	511.9	525.1	779.7	783.4	760.1
1. Short-term trade accounts payable	94.7	142.0	126.5	148.9	159.0
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.6
3. Taxes and other payables to state authorities	10.4	8.6	6.9	5.7	0.0
4. Payable to employees	2.2	1.4	1.2	3.4	0.0
5. Short-term acrrued expenses	263.3	215.4	205.2	192.9	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	19.4	19.1	27.2	31.1	0.0
10. Short-term borrowings and financial leases	121.8	138.4	412.1	399.3	445.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.4	1.9	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	402.0	418.9	186.5	226.0	276.0
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	0.1	0.3	0.3	0.0	0.0
8. Long-term borrowings and financial leases	401.9	418.6	186.2	226.0	276.0
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)	46.5	53.6	57.6	64.5	117.5
I. Owner's equity	46.5	53.6	57.6	64.5	0.0
1. Owner's capital	160.0	160.0	160.0	160.0	117.5
- Common stock with voting right	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	100.0	100.0	100.0	100.0	100.0
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	39.5	32.8	32.8	27.2	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	-256.2	-242.1	-238.0	-225.7	-172.2
- Accumulated retained earning at the end of the previous period	-280.9	-239.7	-238.0	-233.5	-175.4
- Undistributed earnings in this period	24.7	-2.3	-0.0	7.8	3.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3.1	2.9	2.9	3.0	3.2
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)	960.4	997.6	1,023.8	1,073.9	1,153.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	29.6	0.4	2.2	10.7	4.7
Depreciation of Fixed Assets and Investment Property	34.6	35.0	29.3	29.5	17.4
Provision (Increase)/Reversal	4.7	23.7	-0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-1.4	-1.8	-1.7	0.0
Interest Expense	46.0	18.4	56.6	63.3	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	0.4	0.0
Operating Profit Before Changes in Working Capital	114.5	76.0	86.1	102.2	56.3
Increase/(Decrease) in Receivables	14.9	17.8	29.4	41.6	0.0
Increase/(Decrease) in Inventory	7.6	-17.6	29.1	-5.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-56.1	17.9	-47.2	-31.7	0.0
Increase/(Decrease) in Prepaid Expenses	-10.0	-2.6	-14.3	4.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-18.2	-18.1	-27.9	-15.7	0.0
Corporate Income Tax Paid	-2.3	-1.0	-1.4	-2.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.5	-3.1	-7.0	-1.6	0.0
Net Cash Flow from Operating Activities	47.8	69.3	46.7	91.7	133.3
Payments for Fixed Assets and Other Long-term Assets	-8.0	-28.7	-11.7	-0.6	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.8	2.1	0.0	2.5	0.0
Loans and Purchases of Debt Instruments	—	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
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	0.1	0.1	0.1	0.0	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	-1.1	-26.5	-11.5	2.0	-1.2
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	108.2	25.4	17.2	0.0	9.0
Repayment of Borrowings	-141.5	-66.6	-44.2	-96.3	-129.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-0.3	-0.3	0.0	-0.2
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	-33.6	-41.6	-27.3	-96.3	-120.2
Net Cash Flow During the Period	13.2	1.1	7.9	-2.7	-1.2
Cash and Cash Equivalents at Beginning of Period	26.5	25.4	17.5	20.2	8.4
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	39.7	26.5	25.4	17.5	20.4

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	49.0	45.7	26.3	46.4	51.1	42.2	11.8	32.3	39.3	32.9	21.0	45.1
Revenue Deductions	—	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	49.0	45.7	26.2	46.4	51.1	42.2	11.8	32.3	39.3	32.9	21.0	45.1
Cost of Goods Sold	17.2	3.1	15.0	22.7	19.3	18.5	15.6	11.5	21.2	8.1	11.6	30.8
Gross Profit	31.8	42.6	11.2	23.7	31.8	23.7	-3.8	20.8	18.1	24.8	9.4	14.3
Financial Income	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	1.9	0.0
Financial Expenses	5.1	8.5	12.1	17.9	8.2	-12.0	4.7	20.3	5.4	23.8	4.0	14.8
Interest Expense	5.1	7.4	12.1	17.8	8.2	-12.1	4.7	20.3	5.4	23.8	4.0	14.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.9	5.3	4.3	8.1	4.7	4.3	3.5	7.7	2.9	4.7	3.9	5.1
Operating Profit	22.8	28.8	-5.2	-2.3	19.0	31.5	-12.0	-7.2	9.9	-3.8	3.4	-5.5
Other Income	0.0	7.0	—	0.0	—	0.1	2.0	0.0	0.1	3.2	0.0	0.0
Other Expenses	1.2	7.3	0.8	4.4	0.8	-4.3	1.6	0.7	0.5	2.1	1.2	0.2
Other Profit	-1.2	-0.3	-0.8	-4.4	-0.8	4.3	0.4	-0.7	-0.4	1.1	-1.2	-0.2
Profit Before Tax	21.7	28.6	-6.0	-6.7	18.2	35.9	-11.6	-8.0	9.5	-2.7	2.3	-5.7
Current Income Tax Expense	1.3	2.2	0.1	0.7	1.0	1.0	0.2	0.6	0.4	0.4	0.2	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	20.4	26.3	-6.2	-7.4	17.2	34.9	-11.8	-8.5	9.0	-3.1	2.0	-6.0
Non-controlling Interest	0.2	0.4	0.0	0.1	0.2	0.1	0.0	0.1	0.1	0.1	0.0	0.0
Profit Attributable to Parent	20.2	26.0	-6.2	-7.5	17.0	34.8	-11.8	-8.6	8.9	-3.3	2.0	-6.0
Earnings per Share	1,273.00	1,625.00	-386.00	-467.00	1,063.00	2,172.00	-739.00	-540.00	558.00	-203.00	124.00	-377.00
Diluted EPS	1,273.00	1,625.00	-386.00	-467.00	1,063.00	40.00	-739.00	-540.00	558.00	-203.00	124.00	-377.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	365.4	366.5	384.8	391.1	364.8	367.9	317.9	378.3	378.0	400.9	405.6	396.0
I. Cash and cash equivalents	28.7	39.7	52.6	51.1	2.3	27.0	1.5	35.5	13.5	25.9	10.1	11.9
1. Cash	28.7	39.7	52.6	51.1	2.3	27.0	1.5	35.5	13.5	25.9	10.1	11.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	179.3	177.6	178.3	183.0	205.0	184.8	182.3	207.9	227.8	226.9	242.2	236.5
1. Short-term trade accounts receivable	114.6	98.7	106.4	112.5	134.5	120.1	114.2	119.1	154.2	156.4	155.7	168.9
2. Short-term prepayments to suppliers	25.4	27.4	26.2	23.7	23.9	24.4	30.6	28.5	16.2	16.3	29.1	22.9
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	83.8	91.2	85.3	86.4	86.3	80.0	79.2	79.4	73.5	70.3	74.5	61.8
7. Provision for short-term doubtful debts (*)	-44.5	-39.7	-39.7	-39.7	-39.7	-39.7	-41.6	-19.1	-16.1	-16.1	-17.1	-17.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	154.5	148.7	153.1	156.8	157.1	155.5	132.9	132.2	135.8	147.5	151.3	146.3
1. Inventories	154.5	148.7	153.1	156.8	157.1	155.5	132.9	132.2	135.8	147.5	151.3	146.3
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	2.9	0.6	0.9	0.2	0.4	0.6	1.2	2.7	0.8	0.7	2.0	1.3
1. Short-term prepayments	1.6	0.3	0.2	0.1	0.2	0.4	1.0	2.5	0.5	0.6	0.8	0.6
2. Value added tax to be reclaimed	1.3	0.2	0.7	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.5	0.1
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3	0.0	0.8	0.6
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)	600.4	608.1	594.4	603.7	616.3	633.0	612.9	623.9	615.7	634.0	623.4	620.2
I. Long-term receivables	5.1	2.3	2.3	2.3	2.3	2.3	0.8	0.8	0.8	0.8	0.8	0.8
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	5.1	2.3	2.3	2.3	2.3	2.3	0.8	0.8	0.8	0.8	0.8	0.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	542.7	550.0	556.6	493.7	507.0	519.2	528.0	540.4	545.3	555.2	562.6	562.7
1. Tangible fixed assets	542.7	550.0	556.6	493.7	507.0	519.2	528.0	540.4	545.3	555.2	562.6	562.7
- Cost	868.9	—	—	—	—	864.1	864.1	910.8	910.8	911.1	941.4	941.4
- Accumulated depreciation	-326.2	—	—	—	—	-344.9	-336.1	-370.4	-365.5	-355.9	-378.8	-378.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	17.1	14.2	6.2	78.1	78.2	76.6	56.1	53.3	49.7	48.0	42.8	40.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	17.1	14.2	6.2	78.1	78.2	76.6	56.1	53.3	49.7	48.0	42.8	40.0
V. Long-term financial investments	4.8	4.8	4.8	4.8	5.0	5.0	5.0	5.0	5.0	5.9	5.9	5.9
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	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
4. Provision for diminution in value of long-term investments	-1.1	-1.1	-1.1	-1.1	-0.9	-0.9	-0.9	-0.9	-0.9	0.0	0.0	0.0
5. Held to maturity investments	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	30.7	36.8	24.6	24.8	23.9	29.9	22.9	24.3	14.9	24.2	11.3	10.8
1. Long-term prepayments	25.7	31.8	19.4	19.6	18.1	18.9	12.5	19.1	9.7	18.9	6.1	5.5
2. Deferred income tax assets	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5
3. Long-term equipment, supplies, spare parts	4.6	4.6	4.8	4.8	5.3	10.6	10.0	4.8	4.8	4.8	4.8	4.8
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)	965.8	974.6	979.2	994.8	981.1	1,000.9	930.8	1,002.2	993.7	1,034.9	1,029.0	1,016.1
A. LIABILITIES (300=210+330)	899.1	892.3	923.3	932.6	910.3	945.4	910.1	954.9	927.1	969.5	960.1	960.0
I. Short -term liabilities	497.1	490.9	456.4	555.7	491.8	799.2	751.9	799.4	737.8	783.0	752.8	756.2
1. Short-term trade accounts payable	88.0	94.7	122.7	111.6	105.1	119.9	108.5	113.6	111.6	129.6	105.3	122.5
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.6	0.6	0.5
3. Taxes and other payables to state authorities	6.9	10.3	7.6	7.6	7.7	8.4	6.1	5.3	4.8	6.9	4.3	5.1
4. Payable to employees	2.1	2.2	0.8	1.8	3.0	1.4	0.1	1.6	1.3	1.2	2.1	3.7
5. Short-term acrrued expenses	262.5	233.6	233.6	241.7	219.0	215.3	227.1	224.4	205.1	205.2	192.6	195.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	15.7	27.5	15.6	37.8	41.9	42.8	19.4	26.8	24.2	27.1	48.1	26.8
10. Short-term borrowings and financial leases	121.8	122.4	75.0	154.1	115.0	411.1	388.5	424.9	390.5	412.1	395.3	395.3
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	1.0	0.9	0.0	0.1	1.9	2.6	0.3	0.4	4.5	7.1
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	402.0	401.4	466.9	376.9	418.5	146.2	158.2	155.5	189.2	186.5	207.3	203.8
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	0.1	0.1	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.0
8. Long-term borrowings and financial leases	401.9	401.3	466.6	376.6	418.2	145.9	157.9	155.2	188.9	186.2	207.0	203.8
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)	66.7	82.3	55.9	62.2	70.8	55.4	20.7	47.3	66.7	65.4	68.9	56.1
I. Owner's equity	66.7	82.3	55.9	62.2	70.8	55.4	20.7	47.3	66.7	65.4	68.9	56.1
1. Owner's capital	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0
- Common stock with voting right	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00	159,993,560,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
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	39.5	39.6	39.6	39.6	32.8	32.8	32.8	32.8	32.8	32.8	32.8	32.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-236.2	-220.8	-246.7	-240.6	-225.1	-240.2	-275.0	-248.4	-229.1	-230.6	-227.0	-239.6
- Accumulated retained earning at the end of the previous period	-256.3	-250.0	-250.0	-250.1	-242.1	-240.9	-240.9	-248.7	-238.0	-238.0	-238.0	-248.8
- Undistributed earnings in this period	20.2	29.3	3.3	9.5	17.0	0.6	-34.1	0.3	8.9	7.4	11.0	9.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.4	3.5	3.1	3.2	3.1	2.8	2.8	2.9	3.0	3.3	3.2	2.9
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)	965.8	974.6	979.2	994.8	981.1	1,000.9	930.8	1,002.2	993.7	1,034.9	1,029.0	1,016.1

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	21.7	24.1	-6.1	-6.7	18.2	35.9	-11.6	-30.5	9.5	-10.4	2.3	-5.8
Depreciation of Fixed Assets and Investment Property	8.7	-0.4	9.6	12.9	12.6	8.8	12.7	4.6	10.1	7.1	0.2	7.2
Provision (Increase)/Reversal	0.2	4.6	0.0	0.1	—	-2.0	-0.0	25.6	0.0	-0.2	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
Gain/Loss from Investment Activities	-0.0	-0.4	-0.0	-0.0	-0.0	-0.1	0.1	-0.1	-0.0	0.2	-1.9	-0.0
Interest Expense	5.1	7.3	12.1	18.4	8.2	-12.1	4.7	20.3	5.4	23.8	4.0	14.8
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	35.6	35.2	15.6	24.8	39.0	30.5	5.8	20.0	24.9	20.4	4.5	16.1
Increase/(Decrease) in Receivables	-16.1	31.8	-17.9	22.3	-21.3	-21.4	-10.9	-0.6	16.2	20.3	2.8	20.7
Increase/(Decrease) in Inventory	-5.8	4.6	3.6	0.8	-1.5	-26.6	-6.0	3.6	1.6	44.3	-31.6	12.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-14.8	-49.9	-2.4	4.8	-8.6	26.5	16.7	-2.3	-20.0	-31.4	31.1	-20.0
Increase/(Decrease) in Prepaid Expenses	4.8	-12.5	0.1	-1.4	3.9	5.9	-4.0	7.3	-9.4	-12.7	-0.7	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.4	-0.6	-8.8	-0.7	-8.2	0.0	-8.9	-1.1	-5.4	-1.4	-13.3	0.7
Corporate Income Tax Paid	-4.1	-0.0	0.0	-0.0	-2.3	0.0	0.0	-0.2	-0.8	-1.4	1.1	-0.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-2.1	0.1	-0.3	-0.1	0.0	2.3	-0.7	0.0	-7.0	1.5	-1.5
Net Cash Flow from Operating Activities	-5.8	5.2	-8.5	50.3	0.8	14.9	-5.0	26.0	7.1	31.1	-4.7	28.0
Payments for Fixed Assets and Other Long-term Assets	-5.1	-6.8	0.0	—	-1.2	0.0	5.4	-5.4	0.0	-11.7	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	6.8	—	—	—	0.0	-0.1	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	—	0.1	—	0.0	—	0.0	-0.0	0.0	0.0	0.1	-0.0	0.0
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	-5.1	0.1	-1.2	1.2	-1.2	0.0	5.2	-5.2	0.0	-11.5	-0.0	0.0
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	—	18.0	90.0	0.0	0.2	16.6	-10.2	16.3	2.7	17.2	-10.8	2.5
Repayment of Borrowings	—	-35.9	-79.1	-2.5	-24.0	-6.0	-23.4	-15.6	-21.6	-21.2	14.0	-37.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	—	-0.3	—	0.0	0.0	0.0	0.0	-0.3	0.3	-0.3
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	—	-18.2	11.2	-2.8	-23.8	10.6	-33.7	0.7	-18.9	-4.3	3.4	-34.7
Net Cash Flow During the Period	-10.9	-12.9	1.5	48.7	-24.2	25.5	-33.5	21.4	-11.8	15.3	-1.3	-6.7
Cash and Cash Equivalents at Beginning of Period	39.7	52.6	51.1	2.3	26.5	25.4	25.4	25.4	25.4	17.5	17.5	17.5
FX Difference from Revaluation	—	0.0	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	28.7	39.7	52.6	51.1	2.3	27.0	1.5	35.0	13.5	25.4	10.1	11.4

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SD3

What Is Changing

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Cash Flow ●

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow