SDU

Đầu tư Xây dựng và Phát triển Đô thị Sông Đà ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 6.52%, +4.82pp YoY

Price

7,300

Latest close

03 Jun 2026

P/E 5.05x

P/B 0.37x

EPS 1,445

BVPS 19,523

ROE 7.8%

ROA 2.6%

Profit Margin 6.5%

Asset Turnover 0.39x

Equity Mult. 3.02x

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

What Is Changing

On a TTM 2026Q1 basis, SDU is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 443bn
	                                
+409.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 29bn
	                                
+1848.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	445.4	82.9	84.8	86.2	54.5
Growth	+437%	-2%	-2%	+58%	—
Net Income	21.9	1.3	1.0	1.2	2.9
Net Margin	4.92%	1.52%	1.22%	1.37%	5.34%

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	14.5	296.2	14.1	118.1	12.1	34.0	13.8	26.9	10.9	30.3	13.3	37.2
Growth	-95%	+2006%	-88%	+873%	-64%	+146%	-49%	+148%	-64%	+127%	-64%	—
Net Income	0.1	-26.8	0.5	55.1	0.3	0.6	0.3	0.3	0.3	0.3	0.5	1.2
Net Margin	0.62%	-9.06%	3.54%	46.69%	2.21%	1.71%	2.37%	1.13%	3.15%	1.01%	4.04%	3.10%

Drivers of SDU's profit

TTM

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

Gross profit ↑ 49.9bn

Finance costs ↓ 3.6bn

Tax ↑ 7.9bn

TTM

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

Finance costs ↓ 1.1bn

Gross profit ↑ 0.2bn

Other profit ↓ 0.7bn

Administrative expenses ↑ 0.7bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.4% = 1.7% × 0.07 × 3.37

2026Q1 7.8% = 6.5% × 0.39 × 3.02

ROE rose from 0.4% to 7.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 6.5% +4.8pp Asset turnover: 0.39x +0.32x Leverage: 3.02x -0.34x

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 6.52%, rising 4.8pp. Core operating signals are improving as SG&A / Revenue fell 12.0pp are enough to offset pressure from Gross margin fell 29.4pp (with additional support from Net financial result / Revenue rose 14.7pp and Other profit / Revenue rose 5.8pp).

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 6.52% +4.8pp

Gross Margin 21.20% −29.4pp

SG&A / Revenue 7.46% −12.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 6.7% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC expanded to 6.68%, rising 6.1pp. That translates to 6.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.1pp and capital turnover rose 0.70x, while invested capital contracted by 72bn — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 6.68% +6.1pp

NOPAT Margin 7.94% +4.1pp

Capital Turnover 0.84x +0.70x

Average Invested Capital 526.1bn −71.6bn

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 1.71x equity, net debt at 0.18x equity.

Development inventory ended the period at 370.4bn, about 36.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4011.7 days versus the same period last year. The main moves came from DIO fell 4135.6 days, DSO fell 50.9 days, and DPO fell 174.8 days.

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

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 513.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 27.6 days −50.9 days

Inventory 500.2 days −4135.6 days

Payables 14.4 days −174.8 days

Cash Conversion Cycle 513.3 days −4011.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.18x and interest coverage at 4.35x.

At present, short-term debt accounts for 39.6% of total debt, cash equals 13.2% of debt, and total debt stands at 82.8bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 13.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.18x −0.48x

Interest Coverage 4.35x +3.54x

Cash / Debt 13.2% +9.1pp

Short-term Debt / Total Debt 39.6% −59.7pp

CFO / NI 2.93x −18.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 95.7bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +95.8bn. Financing cash flow was negative +100.5bn.

CFO / net income was 2.93x.

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

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

Cash Conversion

CFO TTM 84.7bn +52.8bn

Cash Capex — —

FCF TTM — —

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 4.8 pp. The next item to monitor is the earnings mix, when non-core contribution is 21.7%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.52% after expanding 4.8pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.93x. Even so, net financial result still accounts for 21.7% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	445.4	82.9	84.8	86.2	54.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	445.4	82.9	84.8	86.2	54.5
Cost of Goods Sold	355.1	39.2	43.3	45.6	0.0
Gross Profit	90.3	43.7	41.5	40.6	31.3
Financial Income	0.0	0.0	0.7	1.8	0.0
Financial Expenses	12.5	15.1	16.0	15.7	-13.4
Interest Expense	7.4	15.1	15.5	15.5	-16.0
Share of Associates and Joint Ventures	-0.1	-0.1	-0.3	-0.5	-0.3
Selling Expenses	17.4	1.3	1.2	2.5	-0.8
General and Administrative Expenses	16.2	14.1	13.4	13.9	-8.7
Operating Profit	44.3	13.0	11.2	9.8	8.1
Other Income	0.2	0.0	2.1	0.0	0.0
Other Expenses	13.1	7.3	7.9	4.4	0.0
Other Profit	-12.9	-7.3	-5.8	-4.4	-3.3
Profit Before Tax	31.4	5.7	5.4	5.4	4.8
Current Income Tax Expense	9.4	4.4	4.4	4.2	-1.9
Deferred Income Tax Expense	0.1	0.0	0.0	0.0	0.0
Net Income	21.9	1.3	1.0	1.2	2.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	21.9	1.3	1.0	1.2	2.9
Earnings per Share	1,095.00	63.00	52.00	59.00	144.00
Diluted EPS	1,095.00	63.00	52.00	59.00	145.37

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	825.8	980.5	987.2	965.7	943.0
I. Cash and cash equivalents	7.6	12.2	10.2	9.9	24.7
1. Cash	7.6	12.2	10.2	9.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.4	0.4	0.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	0.4	0.4	0.0	0.0	0.0
III. Short-term receivables	441.1	425.7	409.8	395.7	415.9
1. Short-term trade accounts receivable	56.1	26.8	12.2	11.0	0.0
2. Short-term prepayments to suppliers	84.6	97.5	97.3	81.7	0.0
3. Short-term inter-company receivables	-0.9	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	309.4	309.6	308.5	310.9	0.0
7. Provision for short-term doubtful debts (*)	-8.2	-8.2	-8.2	-8.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	370.4	536.6	549.1	541.9	482.6
1. Inventories	370.4	536.6	549.1	541.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.2	5.6	18.1	18.3	19.7
1. Short-term prepayments	0.0	0.1	0.1	0.2	0.0
2. Value added tax to be reclaimed	6.1	5.4	17.9	17.9	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.2	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)	191.3	207.9	216.9	227.0	246.3
I. Long-term receivables	0.0	0.0	0.1	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.5
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.1	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.2	0.2	0.5	0.8
1. Tangible fixed assets	0.2	0.2	0.2	0.5	0.8
- Cost	24.4	24.4	38.6	39.7	0.0
- Accumulated depreciation	-24.2	-24.2	-38.3	-39.2	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	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	171.4	165.5	172.7	179.9	187.2
- Cost	228.0	217.1	217.1	217.1	0.0
- Accumulated depreciation	-56.6	-51.7	-44.4	-37.2	0.0
IV. Long-term assets in progress	1.8	1.8	2.2	2.2	10.7
1. Long-term production in progress	1.8	1.8	2.2	2.2	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	17.4	22.6	22.7	23.5	23.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.6	9.6	9.8	10.1	0.0
3. Investments in other entities	24.0	24.0	24.0	24.0	0.0
4. Provision for diminution in value of long-term investments	-16.2	-11.0	-11.0	-10.5	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	0.6	17.9	19.0	20.8	0.0
1. Long-term prepayments	0.3	17.6	18.6	20.5	0.0
2. Deferred income tax assets	0.3	0.3	0.3	0.3	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	23.5
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)	1,017.0	1,188.4	1,204.1	1,192.8	1,189.2
A. LIABILITIES (300=210+330)	641.3	834.6	851.5	841.2	836.8
I. Short -term liabilities	633.6	824.9	821.7	788.9	804.7
1. Short-term trade accounts payable	8.3	17.3	25.2	24.7	15.8
2. Short-term advances from customers	63.4	274.2	249.1	272.7	304.5
3. Taxes and other payables to state authorities	58.7	15.5	24.4	22.7	0.0
4. Payable to employees	4.2	4.3	3.3	2.6	0.0
5. Short-term acrrued expenses	178.3	23.7	25.4	26.7	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	0.1	0.1	0.0	0.0
9. Other short-term payables	250.4	243.2	242.7	241.4	0.0
10. Short-term borrowings and financial leases	67.7	243.9	248.8	195.3	176.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	2.7	2.7	2.8	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	7.7	9.6	29.8	52.3	32.2
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	7.7	7.9	8.0	8.3	0.0
8. Long-term borrowings and financial leases	—	1.8	21.9	44.0	24.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	375.8	353.9	352.6	351.6	352.4
I. Owner's equity	375.8	353.9	352.6	351.6	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	352.4
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	99.8	99.8	99.8	99.8	99.8
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	23.9	23.9	23.9	23.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.9	3.9	3.9	3.9	0.0
11. Undistributed earnings after tax	48.2	26.3	25.0	24.0	24.8
- Accumulated retained earning at the end of the previous period	26.3	25.0	24.0	22.8	21.9
- Undistributed earnings in this period	21.9	1.3	1.0	1.2	2.9
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)	1,017.0	1,188.4	1,204.1	1,192.8	1,189.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	5.7	5.4	5.4	0.0
Depreciation of Fixed Assets and Investment Property	—	7.5	7.6	7.6	0.0
Provision (Increase)/Reversal	—	-0.0	-2.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	-2.1	0.0	0.0
Interest Expense	—	15.1	15.5	15.5	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	28.2	23.5	28.5	0.0
Increase/(Decrease) in Receivables	—	-3.2	-14.3	18.2	0.0
Increase/(Decrease) in Inventory	—	12.9	-3.6	-50.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	4.9	-22.2	-33.5	0.0
Increase/(Decrease) in Prepaid Expenses	—	1.0	1.9	2.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.3	-2.0	-2.6	0.0
Corporate Income Tax Paid	-7.2	-1.2	-2.7	-3.3	0.0
Other Operating Receipts	147.8	0.0	0.0	0.0	0.0
Other Operating Payments	-171.9	-0.1	-0.0	-0.0	0.0
Net Cash Flow from Operating Activities	95.7	42.3	-19.3	-40.8	28.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	2.1	0.0	1.1
Loans and Purchases of Debt Instruments	—	-0.4	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	0.0	0.0	0.0	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	0.0	-0.6	2.1	0.0	1.1
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	44.5	21.9	67.6	55.9	3.0
Repayment of Borrowings	-145.0	-61.7	-50.0	-29.9	-70.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	-100.5	-39.8	17.6	26.0	-67.4
Net Cash Flow During the Period	-4.7	2.0	0.3	-14.9	12.9
Cash and Cash Equivalents at Beginning of Period	12.4	10.2	9.9	24.7	62.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.6	12.2	10.2	9.9	24.7

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	14.5	296.2	14.1	118.1	12.1	34.0	13.8	26.9	10.9	30.3	13.3	37.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	14.5	296.2	14.1	118.1	12.1	34.0	13.8	26.9	10.9	30.3	13.3	37.2
Cost of Goods Sold	8.4	288.7	9.0	42.9	6.2	16.9	7.2	12.7	5.3	15.1	7.0	21.7
Gross Profit	6.1	7.5	5.0	75.2	5.9	17.2	6.7	14.2	5.6	15.1	6.4	15.5
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Financial Expenses	1.1	6.9	0.0	3.3	2.2	7.5	0.0	5.3	2.2	8.0	0.3	7.4
Interest Expense	1.1	1.7	0.1	3.3	2.2	7.5	0.0	5.5	2.2	8.1	0.2	7.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	16.4	—	—	—	1.0	0.3	0.0	0.0	1.0	0.0	0.2
General and Administrative Expenses	4.1	4.1	4.1	4.4	3.4	4.7	3.8	3.6	3.0	2.3	5.5	5.9
Operating Profit	0.9	-19.9	0.9	67.6	0.3	3.9	2.6	5.3	0.4	3.9	0.7	2.1
Other Income	0.0	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.7	7.0	0.4	1.0	0.0	1.3	2.2	3.3	0.1	2.3	0.0	0.0
Other Profit	-0.7	-7.0	-0.4	-0.7	-0.0	-1.3	-2.2	-3.3	-0.1	-2.3	-0.0	0.0
Profit Before Tax	0.2	-26.8	0.5	66.8	0.3	2.6	0.4	2.1	0.4	1.6	0.6	2.1
Current Income Tax Expense	0.1	-0.0	0.0	11.7	0.0	2.0	0.0	1.8	0.0	1.3	0.0	0.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Net Income	0.1	-26.8	0.5	55.1	0.3	0.6	0.3	0.3	0.3	0.3	0.5	1.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.2	0.0	0.0	0.0
Profit Attributable to Parent	0.1	-26.8	0.5	55.1	0.3	0.6	0.3	0.3	0.2	0.3	0.5	1.2
Earnings per Share	5.00	-1,341.00	25.00	2,756.00	13.00	29.00	16.00	15.00	17.00	22.00	22.00	22.00
Diluted EPS	4.51	-1,341.00	25.00	2,756.00	13.00	64.00	16.00	15.00	17.00	22.00	22.00	22.00

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)	855.4	825.8	920.2	984.1	980.8	986.8	974.0	980.9	978.7	1,007.5	975.9	981.4
I. Cash and cash equivalents	10.9	7.6	20.4	11.6	9.9	12.2	12.6	15.6	11.7	10.2	9.6	9.4
1. Cash	10.9	7.6	20.4	11.6	9.9	12.2	12.6	15.6	11.7	10.2	9.6	9.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.4	0.4	0.4	0.5	0.5	0.4	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	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	-0.0	-0.0	-0.0	-0.0
3. Held to maturity investments	0.4	0.4	0.4	0.5	0.5	0.4	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	419.7	441.1	407.4	445.4	426.9	431.0	410.2	410.2	408.8	429.3	394.1	403.3
1. Short-term trade accounts receivable	40.4	56.1	18.2	56.7	26.5	32.1	13.6	11.1	10.9	31.5	11.3	17.7
2. Short-term prepayments to suppliers	79.5	84.6	83.2	83.8	98.1	97.5	95.1	98.3	97.8	97.3	82.3	82.8
3. Short-term inter-company receivables	—	-0.9	—	—	—	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	307.9	309.4	314.2	313.2	310.6	309.6	309.7	309.0	308.3	308.7	308.7	310.8
7. Provision for short-term doubtful debts (*)	-8.2	-8.2	-8.2	-8.2	-8.2	-8.1	-8.1	-8.2	-8.2	-8.2	-8.2	-8.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	418.4	370.4	486.1	521.0	538.0	536.9	545.0	549.1	552.5	549.5	553.7	549.5
1. Inventories	418.4	370.4	486.1	521.0	538.0	536.9	545.0	549.1	552.5	549.5	553.7	549.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.9	6.2	5.8	5.5	5.5	6.3	6.1	5.9	5.7	18.6	18.6	19.1
1. Short-term prepayments	0.6	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	0.3	0.3
2. Value added tax to be reclaimed	5.3	6.1	5.7	5.4	5.3	6.2	6.0	5.8	5.4	18.3	18.2	18.7
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.1	0.1	0.1	0.2	0.2
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)	209.4	191.3	214.6	183.1	206.1	208.5	211.1	213.1	215.1	217.5	221.1	223.2
I. Long-term receivables	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	13.3	0.2	0.1	0.2	0.2	0.2	0.0	0.1	0.1	0.2	0.3	0.4
1. Tangible fixed assets	13.3	0.2	0.1	0.2	0.2	0.2	0.0	0.1	0.1	0.2	0.3	0.4
- Cost	25.3	—	—	—	—	38.8	38.6	38.6	38.6	38.6	38.6	38.6
- Accumulated depreciation	-12.0	—	—	—	—	-38.6	-38.6	-38.5	-38.4	-38.3	-38.3	-38.2
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	—	—	—	—	—	0.0	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
III. Investment properties	176.5	171.4	173.3	140.7	163.7	165.5	167.3	169.1	170.9	172.7	174.5	176.3
- Cost	235.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-58.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.8	1.8	1.8	1.8	1.8	2.2	2.2	2.2	2.2	2.2	2.2	2.2
1. Long-term production in progress	1.8	1.8	1.8	1.8	1.8	2.2	2.2	2.2	2.2	2.2	2.2	2.2
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	17.3	17.4	22.6	22.6	22.6	22.6	22.6	22.7	22.7	23.3	23.3	23.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.5	9.6	9.6	9.6	9.6	9.7	9.7	9.8	9.8	9.8	9.8	10.1
3. Investments in other entities	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0
4. Provision for diminution in value of long-term investments	-16.2	-16.2	-11.0	-11.0	-11.0	-11.0	-11.1	-11.0	-11.0	-10.5	-10.5	-10.5
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	0.6	16.8	18.0	18.0	18.0	18.9	18.9	19.0	19.0	20.8	20.8
1. Long-term prepayments	0.1	0.3	16.6	17.6	17.6	17.7	18.6	18.6	18.7	18.6	20.4	20.5
2. Deferred income tax assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	1,064.7	1,017.0	1,134.8	1,167.2	1,186.9	1,195.3	1,185.1	1,194.0	1,193.8	1,225.0	1,197.1	1,204.6
A. LIABILITIES (300=210+330)	674.3	641.3	732.2	763.9	832.8	841.4	831.9	840.9	840.8	871.8	844.2	851.4
I. Short -term liabilities	616.6	633.6	724.7	756.3	823.7	829.1	819.6	811.5	811.0	820.0	792.8	785.8
1. Short-term trade accounts payable	8.6	8.3	19.6	19.5	19.0	19.5	16.9	34.1	25.5	25.2	24.8	25.1
2. Short-term advances from customers	75.1	63.4	315.1	283.5	275.6	277.3	279.1	261.0	258.2	266.8	262.3	266.0
3. Dividends and profits payable	23.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	25.9	58.7	26.8	32.3	15.6	16.1	14.3	12.4	11.7	25.6	21.2	21.4
4. Payable to employees	3.9	4.2	3.5	2.9	2.2	5.3	3.0	2.8	1.9	4.7	4.7	2.8
5. Short-term acrrued expenses	217.0	178.3	21.2	20.9	21.5	23.7	23.9	25.2	25.4	25.5	25.8	25.6
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	0.1	0.0	0.1	0.0	0.1	0.0	0.1
9. Other short-term payables	227.2	250.4	246.2	245.6	243.3	243.2	243.0	243.0	242.9	242.0	241.9	241.7
10. Short-term borrowings and financial leases	32.8	67.7	89.7	148.9	243.8	241.2	236.7	230.1	242.5	227.6	209.4	200.4
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	2.6	2.6	2.6	2.6	2.7	2.7	2.7	2.7	2.7	2.7	2.8	2.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	57.6	7.7	7.4	7.6	9.1	12.3	12.3	29.4	29.9	51.7	51.4	65.7
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	7.6	7.7	7.4	7.6	7.3	7.9	7.9	7.9	8.0	8.7	8.4	8.4
8. Long-term borrowings and financial leases	50.0	—	—	—	1.8	4.5	4.4	21.5	21.9	43.1	43.0	57.3
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)	390.5	375.8	402.6	403.3	354.1	353.9	353.2	353.1	352.9	353.2	352.9	353.2
I. Owner's equity	390.5	375.8	402.6	403.3	354.1	353.9	353.2	353.1	352.9	353.2	352.9	353.2
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	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
2. Share premium	99.8	99.8	99.8	99.8	99.8	99.8	99.8	99.8	99.8	99.8	99.8	99.8
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	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9	23.9
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	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
11. Undistributed earnings after tax	62.9	48.2	75.0	75.7	26.5	26.3	25.6	25.5	25.3	25.6	25.3	25.5
- Accumulated retained earning at the end of the previous period	62.8	26.3	26.3	26.3	26.3	25.0	25.0	25.0	25.0	24.0	24.0	24.0
- Undistributed earnings in this period	0.1	21.9	48.7	49.4	0.3	1.3	0.6	0.5	0.3	1.7	1.3	1.6
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)	1,064.7	1,017.0	1,134.8	1,167.2	1,186.9	1,195.3	1,185.1	1,194.0	1,193.8	1,225.0	1,197.1	1,204.6

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	—	—	—	57.7	—	0.0	-2.5	2.5	0.0	5.4	-2.9	2.9
Depreciation of Fixed Assets and Investment Property	—	—	—	4.2	—	0.0	-3.8	3.8	0.0	7.6	-3.8	3.8
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.1	-0.1	0.0	-2.9	-0.2	0.2
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	—	—	—	-58.5	—	0.0	0.0	0.0	0.0	-2.1	2.1	-2.1
Interest Expense	—	—	—	5.5	—	0.0	-7.6	7.6	0.0	15.5	-7.2	7.2
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	—	—	—	8.9	—	0.0	-13.8	13.8	0.0	23.5	-12.0	12.0
Increase/(Decrease) in Receivables	—	—	—	23.7	—	0.0	-12.4	12.4	0.0	-14.3	-1.2	1.2
Increase/(Decrease) in Inventory	—	—	—	18.3	—	0.0	-0.0	0.0	0.0	-3.6	8.8	-8.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	-33.1	—	0.0	-14.4	14.4	0.0	-22.2	16.6	-16.6
Increase/(Decrease) in Prepaid Expenses	—	—	—	1.0	—	0.0	-0.1	0.1	0.0	1.9	0.0	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	-1.0	—	0.0	7.6	-7.6	0.0	-2.0	0.7	-0.7
Corporate Income Tax Paid	—	0.0	-3.1	-3.6	-0.5	0.0	0.0	-1.2	0.0	-1.3	-1.1	-0.3
Other Operating Receipts	94.4	—	—	—	—	5.9	48.3	-8.7	8.7	-35.3	35.3	-9.8
Other Operating Payments	-117.7	-26.5	-145.4	12.1	-12.1	-12.2	-61.8	12.6	-12.7	54.6	-54.7	23.5
Net Cash Flow from Operating Activities	-10.7	12.7	69.3	13.5	0.3	2.2	7.4	22.0	9.9	-30.2	24.3	-12.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—	—	1.3	—	0.0	0.0	0.0	0.0	2.1	-1.3	1.3
Loans and Purchases of Debt Instruments	—	—	—	-0.0	—	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	—	0.0	0.0	0.0	-0.0	0.0	-0.5	0.5	-0.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	-1.3	1.3	0.0	0.0	0.0	-0.0	0.0	1.6	-0.9	0.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	69.9	5.0	0.0	35.5	4.0	17.9	0.0	1.0	3.0	43.0	-13.0	29.7
Repayment of Borrowings	-55.9	-30.6	-59.3	-48.5	-6.6	-20.8	-10.5	-19.1	-11.4	-13.8	-10.2	-18.3
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	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	0.0	0.0	0.0
Net Cash Flow from Financing Activities	14.0	-25.6	-59.3	-13.0	-2.6	-2.9	-10.5	-18.1	-8.4	29.2	-23.2	11.4
Net Cash Flow During the Period	3.3	-12.9	8.7	1.8	-2.3	-0.7	-3.0	3.9	1.5	0.6	0.2	-0.0
Cash and Cash Equivalents at Beginning of Period	7.6	20.4	11.6	9.9	12.2	10.5	10.2	10.2	10.2	9.9	9.9	9.9
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	10.9	7.6	20.4	11.6	9.9	12.2	12.6	15.6	11.7	10.2	9.6	9.4

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SDU

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow