SEA

Tổng Công ty Thủy sản Việt Nam - CTCP ·UPCOM ·2026Q1

▲▲ Improving positively

Capital efficiency is improving ROE 8.66%, +1.08pp YoY

Price

43,200

Latest close

03 Jun 2026

P/E 25.68x

P/B 2.07x

EPS 1,682

BVPS 20,900

ROE 8.3%

ROA 7.6%

Profit Margin 26.2%

Asset Turnover 0.29x

Equity Mult. 1.09x

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

What Is Changing

On a TTM 2026Q1 basis, SEA is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 804bn
	                                
+30.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 239bn
	                                
+32.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	757.3	601.2	701.2	982.2	1,008.2
Growth	+26%	-14%	-29%	-3%	—
Net Income	228.8	167.7	229.5	233.6	202.5
Net Margin	30.22%	27.89%	32.73%	23.78%	20.09%

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	186.7	198.7	222.5	195.7	140.6	138.6	152.5	186.5	123.7	130.4	187.5	213.2
Growth	-6%	-11%	+14%	+39%	+1%	-9%	-18%	+51%	-5%	-30%	-12%	—
Net Income	50.2	90.0	36.4	62.6	45.6	31.6	40.8	62.7	39.8	50.8	63.0	74.0
Net Margin	26.86%	45.29%	16.37%	32.01%	32.44%	22.78%	26.77%	33.63%	32.16%	38.99%	33.62%	34.70%

Drivers of SEA's profit

TTM

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

Gross profit ↑ 46.7bn

Other profit ↑ 18.5bn

Tax ↓ 2.7bn

Minority interests ↑ 32.1bn

Selling expenses ↑ 4.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower associates income. Supporting and offsetting drivers:

Gross profit ↑ 11.5bn

Other profit ↑ 0.9bn

Financial income ↑ 0.8bn

Selling expenses ↓ 0.5bn

Associates income ↓ 7.2bn

Minority interests ↑ 5.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.5% = 29.2% × 0.23 × 1.10

2026Q1 9.4% = 29.8% × 0.29 × 1.09

ROE rose from 7.5% to 9.4% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 29.8% +0.5pp Asset turnover: 0.29x +0.06x Leverage: 1.09x -0.01x

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 edged up to 29.76%, rising 0.5pp. The main driver is SG&A / Revenue fell 3.7pp and Gross margin rose 1.7pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 2.3pp added support while Net financial result / Revenue fell 0.9pp remained a drag).

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 29.76% +0.5pp

Gross Margin 19.43% +1.7pp

SG&A / Revenue 13.51% −3.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 108.8 days.

Is capital being deployed efficiently?

ROIC edged up to 8.66%, rising 1.1pp. That translates to 8.66 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin narrowed 0.7pp, with capital turnover broadly stable; while invested capital rose by 258bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 8.66% +1.1pp

NOPAT Margin 28.09% −0.7pp

Capital Turnover 0.31x +0.04x

Average Invested Capital 2,607.4bn +258.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.08x equity, net debt at 0.03x equity.

Over the last 12 months, working capital absorbed 79.7bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −1.3bn

Inventories increased → lower CFO: −51.3bn

Payables decreased → lower CFO: −27.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 42.8 days versus the same period last year. The main moves came from DIO fell 34.8 days, DSO fell 10.2 days, and DPO fell 2.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 108.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 33.6 days −10.2 days

Inventory 80.0 days −34.8 days

Payables 4.8 days −2.2 days

Cash Conversion Cycle 108.8 days −42.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 5.0bn due to capex of 5.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.03x and interest coverage at 26.07x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 25.8% of debt, and total debt stands at 119.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.03x +0.01x

Interest Coverage 26.07x −2.83x

Cash / Debt 25.8% −11.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.00x −0.35x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.1bn in 2025, against investing cash flow of -239.4bn.

Post-investment cash flow was negative +238.3bn. Financing cash flow was negative +29.4bn.

CFO / net income was 0.00x.

After spending +5.8bn on fixed-asset investment, the business generated trailing free cash flow of −5.0bn.

Cash Conversion

CFO TTM 0.9bn −64.5bn

Cash Capex 5.8bn +5.5bn

FCF TTM −5.0bn −70.0bn

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 capital efficiency, with ROIC at 8.7%. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 2.4%. The main risk still sits in self-funded cash generation remains weak.

Improvement: capital efficiency is improving, with trailing-12M ROIC at 8.66%, up 1.1pp versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 5.0bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	757.4	601.3	701.2	982.4	1,008.2
Revenue Deductions	0.1	0.1	0.0	0.1	0.0
Net Revenue	757.3	601.2	701.2	982.2	1,008.2
Cost of Goods Sold	614.4	493.9	583.3	848.3	0.0
Gross Profit	142.9	107.3	117.9	133.9	104.2
Financial Income	28.2	26.2	56.2	53.0	38.8
Financial Expenses	7.7	7.3	19.0	15.3	-5.9
Interest Expense	4.6	4.6	5.6	4.9	-4.4
Share of Associates and Joint Ventures	166.0	152.8	196.6	170.2	170.0
Selling Expenses	36.5	31.3	37.3	44.1	-40.4
General and Administrative Expenses	75.2	77.1	78.3	72.4	-63.7
Operating Profit	217.7	170.7	236.1	225.4	203.1
Other Income	39.4	4.2	5.5	22.5	0.0
Other Expenses	18.2	0.4	2.5	4.3	0.0
Other Profit	21.1	3.8	3.0	18.2	1.0
Profit Before Tax	238.8	174.5	239.1	243.6	204.1
Current Income Tax Expense	5.3	8.6	11.2	5.3	-1.5
Deferred Income Tax Expense	4.7	-1.8	-1.6	4.7	0.0
Net Income	228.8	167.7	229.5	233.6	202.5
Non-controlling Interest	23.1	-3.6	0.1	3.5	-0.8
Profit Attributable to Parent	205.8	171.3	229.4	230.1	203.4
Earnings per Share	1,646.00	1,370.00	1,835.00	1,841.00	1,627.00
Diluted EPS	1,646.00	1,370.16	1,835.33	1,840.98	1,626.90

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	660.6	582.4	678.9	946.2	2,013.6
I. Cash and cash equivalents	26.1	293.9	232.4	46.8	1,374.5
1. Cash	24.1	18.6	21.7	46.5	0.0
2. Cash equivalents	2.0	275.3	210.7	0.3	0.0
II. Short-term financial investments	425.6	126.2	191.1	601.7	0.0
1. Available for sale securities	2.3	2.3	2.3	2.3	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	423.3	123.9	188.8	599.5	0.0
III. Short-term receivables	57.3	66.9	85.1	132.6	80.9
1. Short-term trade accounts receivable	59.3	60.7	70.8	101.5	0.0
2. Short-term prepayments to suppliers	4.0	7.6	6.4	9.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	36.2	33.8	29.0	28.7	0.0
7. Provision for short-term doubtful debts (*)	-55.3	-48.4	-34.3	-19.7	0.0
8. Assets awaiting resolution	13.2	13.2	13.1	13.1	0.0
IV. Inventories	138.8	92.0	167.2	157.7	153.1
1. Inventories	141.5	95.3	174.2	159.8	0.0
2. Provision for decline in value of inventories	-2.8	-3.3	-7.0	-2.1	0.0
V. Other short-term assets	12.8	3.4	3.2	7.4	4.5
1. Short-term prepayments	0.3	0.2	0.1	0.2	0.0
2. Value added tax to be reclaimed	10.8	2.8	2.4	1.9	0.0
3. Taxes and other receivables from state authorities	1.7	0.3	0.6	5.2	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)	2,098.9	2,004.7	1,894.5	1,740.3	1,604.6
I. Long-term receivables	4.5	4.4	4.4	4.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4.1
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	4.5	4.4	4.4	4.3	0.0
7. Provision for long-term doubtful debts	-0.0	0.0	0.0	0.0	0.0
II. Fixed assets	69.7	74.9	101.9	109.0	120.7
1. Tangible fixed assets	48.9	53.4	79.5	85.6	96.4
- Cost	325.1	330.7	366.4	363.1	0.0
- Accumulated depreciation	-276.2	-277.3	-286.9	-277.5	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	20.9	21.5	22.4	23.3	24.3
- Cost	33.5	33.2	33.2	33.2	0.0
- Accumulated depreciation	-12.6	-11.7	-10.8	-9.9	0.0
III. Investment properties	17.5	18.2	0.0	0.0	0.0
- Cost	41.4	34.6	0.0	0.0	0.0
- Accumulated depreciation	-24.0	-16.4	0.0	0.0	0.0
IV. Long-term assets in progress	693.0	692.8	692.8	680.2	662.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	693.0	692.8	692.8	680.2	0.0
V. Long-term financial investments	1,307.1	1,203.3	1,085.7	936.8	805.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,180.7	1,087.9	972.7	814.2	0.0
3. Investments in other entities	145.0	131.9	131.9	131.9	0.0
4. Provision for diminution in value of long-term investments	-18.6	-16.4	-18.8	-9.3	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	7.1	11.1	9.7	10.1	0.0
1. Long-term prepayments	4.5	4.7	3.3	3.7	0.0
2. Deferred income tax assets	2.6	6.4	6.4	6.4	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	11.7
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)	2,759.4	2,587.0	2,573.4	2,686.5	3,618.2
A. LIABILITIES (300=210+330)	194.3	171.5	249.8	580.0	548.8
I. Short -term liabilities	164.2	153.9	220.1	554.5	516.6
1. Short-term trade accounts payable	6.4	4.3	6.1	3.9	8.7
2. Short-term advances from customers	5.4	4.7	4.2	4.2	4.7
3. Taxes and other payables to state authorities	3.8	17.5	17.1	11.5	0.0
4. Payable to employees	14.8	11.7	16.1	19.1	0.0
5. Short-term acrrued expenses	26.8	42.6	41.0	140.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.5	0.2	0.2	0.1	0.1
9. Other short-term payables	18.8	27.4	19.7	25.0	0.0
10. Short-term borrowings and financial leases	84.9	42.6	112.6	348.2	332.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.8	2.8	3.1	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	30.1	17.6	29.8	25.5	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	25.3	13.7	23.1	13.4	0.0
8. Long-term borrowings and financial leases	—	0.0	1.0	4.8	10.0
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	4.8	3.9	5.7	7.3	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)	2,565.2	2,415.5	2,323.5	2,106.5	3,069.4
I. Owner's equity	2,565.2	2,415.5	2,323.5	2,106.5	0.0
1. Owner's capital	1,250.0	1,250.0	1,250.0	1,250.0	3,069.4
- Common stock with voting right	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	0.00
6. Assets revaluation differences	-28.9	-28.9	-28.9	-28.9	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	25.7	25.7	25.7	25.7	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	1,207.2	1,076.3	974.1	753.4	1,717.7
- Accumulated retained earning at the end of the previous period	1,001.4	905.0	744.7	523.3	1,514.3
- Undistributed earnings in this period	205.8	171.3	229.4	230.1	203.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	111.3	92.6	102.8	106.4	105.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,759.4	2,587.0	2,573.4	2,686.5	3,618.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	238.8	174.5	239.1	243.6	188.7
Depreciation of Fixed Assets and Investment Property	8.9	9.0	10.2	11.8	12.2
Provision (Increase)/Reversal	8.6	8.0	29.0	7.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.4	0.3	-0.7	0.0
Gain/Loss from Investment Activities	-172.5	-173.5	-247.8	-235.6	0.0
Interest Expense	4.6	4.6	5.6	4.9	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	88.4	22.9	36.4	31.6	15.9
Increase/(Decrease) in Receivables	-3.5	4.0	26.2	-60.9	0.0
Increase/(Decrease) in Inventory	-46.2	78.9	-14.4	-6.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.4	-7.5	7.2	11.6	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	-1.5	0.5	1.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.6	-4.6	-5.6	-4.9	0.0
Corporate Income Tax Paid	-7.4	-9.5	-1.1	-13.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-7.5	-8.5	-8.5	-6.4	0.0
Net Cash Flow from Operating Activities	1.1	74.2	40.8	-48.3	-39.7
Payments for Fixed Assets and Other Long-term Assets	-4.3	-0.4	-117.8	-0.2	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.5	0.0	0.1	0.5
Loans and Purchases of Debt Instruments	-450.3	-116.5	-688.6	-1,091.8	-506.2
Receipts from Loan Repayments and Sale of Debt Instruments	151.0	181.3	1,099.3	890.6	439.6
Investments in Other Entities	—	0.0	0.0	-6.6	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	64.2	61.1	94.2	106.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-239.4	126.1	387.1	-101.6	1,369.6
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	508.9	335.3	470.2	524.7	644.3
Repayment of Borrowings	-466.6	-406.8	-709.8	-512.9	-625.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-71.7	-67.4	-2.6	-1,189.6	-12.0
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	-29.4	-138.8	-242.2	-1,177.8	6.8
Net Cash Flow During the Period	-267.7	61.4	185.7	-1,327.6	1,338.7
Cash and Cash Equivalents at Beginning of Period	293.9	232.4	46.8	1,374.5	37.8
FX Difference from Revaluation	-0.0	0.1	-0.1	-0.1	-0.1
Cash and Cash Equivalents at End of Period	26.1	293.9	232.4	46.8	1,374.5

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
Revenue	186.9	198.7	222.5	195.7	140.6	138.6	152.6	186.5	123.7	130.4	187.5	213.2
Revenue Deductions	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	186.7	198.7	222.5	195.7	140.6	138.6	152.5	186.5	123.7	130.4	187.5	213.2
Cost of Goods Sold	149.9	158.9	181.1	157.6	115.2	115.8	126.7	151.2	100.3	101.7	155.2	179.8
Gross Profit	36.8	39.8	41.4	38.1	25.4	22.9	25.9	35.3	23.4	28.7	32.4	33.3
Financial Income	7.7	6.1	7.0	8.2	6.9	8.3	5.1	7.1	5.5	12.0	13.7	17.4
Financial Expenses	2.3	3.0	1.5	2.0	0.8	5.9	2.9	-3.2	1.7	7.8	3.1	6.4
Interest Expense	1.4	1.5	1.2	1.3	0.7	0.8	1.0	1.5	1.3	1.4	1.3	1.3
Share of Associates and Joint Ventures	37.7	48.0	33.5	44.3	45.0	40.1	37.0	40.7	34.8	49.7	51.2	56.3
Selling Expenses	6.8	10.7	9.1	9.4	7.4	8.1	7.0	9.2	6.6	9.4	9.8	10.0
General and Administrative Expenses	19.5	18.7	19.4	15.0	19.6	26.6	16.3	12.3	14.8	24.9	18.9	12.8
Operating Profit	53.6	61.5	51.9	64.2	49.5	30.7	41.8	64.7	40.6	48.3	65.5	77.8
Other Income	0.1	34.1	4.9	0.7	0.7	1.5	0.8	1.1	0.8	5.0	0.1	0.1
Other Expenses	1.2	0.0	19.1	0.0	2.8	0.2	0.1	0.0	0.1	1.3	0.1	1.1
Other Profit	-1.2	34.1	-14.1	0.7	-2.1	1.4	0.7	1.0	0.7	3.7	0.1	-1.0
Profit Before Tax	52.5	95.6	37.8	64.9	47.4	32.1	42.5	65.8	41.3	52.0	65.6	76.8
Current Income Tax Expense	2.3	-0.1	1.4	2.4	1.7	3.5	1.7	1.8	1.6	1.8	2.5	3.8
Deferred Income Tax Expense	—	5.7	—	-0.1	—	-3.0	0.0	1.3	0.0	-0.6	0.0	-1.0
Net Income	50.2	90.0	36.4	62.6	45.6	31.6	40.8	62.7	39.8	50.8	63.0	74.0
Non-controlling Interest	2.2	15.5	7.3	3.9	-3.0	-3.9	-0.3	4.0	-0.4	-0.5	1.3	3.4
Profit Attributable to Parent	47.9	74.5	29.1	58.7	48.6	35.4	41.2	58.8	40.1	51.3	61.8	70.6
Earnings per Share	384.00	596.00	233.00	469.00	389.00	284.00	329.00	470.00	321.00	410.00	495.00	565.00
Diluted EPS	384.00	596.00	233.00	469.00	389.00	1,404.00	329.00	470.00	321.00	410.00	495.00	565.00

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)	705.2	661.8	741.8	736.6	631.3	589.4	702.2	725.3	705.9	678.9	834.3	1,051.8
I. Cash and cash equivalents	30.9	26.1	100.0	28.5	31.4	293.9	394.1	380.0	308.2	230.5	35.4	29.5
1. Cash	28.9	24.1	26.3	22.7	25.5	18.6	49.0	41.7	19.6	21.7	26.4	19.5
2. Cash equivalents	2.1	2.0	73.7	5.8	5.9	275.3	345.1	338.3	288.7	208.9	9.0	10.0
II. Short-term financial investments	428.6	425.6	373.3	411.7	399.4	126.2	63.4	62.1	114.2	193.0	517.1	663.4
1. Available for sale securities	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
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	426.3	423.3	371.0	409.5	397.1	123.9	61.2	59.8	111.9	190.7	514.8	661.1
III. Short-term receivables	68.8	57.6	125.9	136.2	79.7	74.1	122.4	127.7	87.3	85.1	101.2	148.5
1. Short-term trade accounts receivable	73.7	59.5	83.9	85.1	74.1	60.7	75.0	74.5	74.1	70.8	72.3	85.3
2. Short-term prepayments to suppliers	3.9	4.0	6.7	8.1	7.1	7.6	6.7	7.6	7.3	6.4	7.9	11.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	35.6	37.4	76.3	80.6	35.7	34.0	63.4	66.4	27.2	29.0	40.8	68.8
7. Provision for short-term doubtful debts (*)	-57.6	-56.5	-54.2	-50.8	-50.5	-41.4	-36.0	-33.9	-34.4	-34.3	-32.9	-30.3
8. Assets awaiting resolution	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.1	13.1	13.1	13.1	13.1
IV. Inventories	160.1	139.7	133.4	156.9	117.7	92.0	118.3	151.6	193.0	167.2	175.3	206.3
1. Inventories	162.8	141.7	136.7	160.2	120.9	95.3	126.6	161.5	199.1	174.2	183.3	208.4
2. Provision for decline in value of inventories	-2.8	-2.0	-3.3	-3.3	-3.3	-3.3	-8.3	-9.9	-6.1	-7.0	-8.0	-2.1
V. Short-term Biological Assets	9.4	—	—	—	—	—	—	—	—	—	—	—
1. Short-term consumable livestock	9.4	—	—	—	—	—	—	—	—	—	—	—
V. Other short-term assets	7.4	12.8	9.1	3.3	3.2	3.2	4.0	3.9	3.2	3.2	5.3	4.2
1. Short-term prepayments	0.2	0.3	0.2	0.5	0.3	0.2	0.3	0.4	0.5	0.1	1.4	0.3
2. Value added tax to be reclaimed	6.6	10.8	8.8	2.7	2.7	2.8	3.4	3.3	2.5	2.5	3.7	2.7
3. Taxes and other receivables from state authorities	0.5	1.7	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.6	0.2	1.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,136.8	2,102.2	2,060.7	2,048.0	2,047.2	2,004.4	1,970.5	1,934.2	1,926.7	1,894.5	1,848.8	1,797.1
I. Long-term receivables	4.5	4.5	4.4	4.5	4.5	4.4	4.4	4.4	4.4	4.4	4.3	4.3
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	4.5	4.5	4.5	4.5	4.5	4.4	4.4	4.4	4.4	4.4	4.3	4.3
7. Provision for long-term doubtful debts	-0.0	-0.0	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	70.2	69.9	71.1	72.3	72.9	93.1	95.3	97.3	99.6	101.9	102.9	104.1
1. Tangible fixed assets	49.5	49.0	50.0	51.3	51.6	71.5	73.6	75.3	77.4	79.5	80.2	81.3
- Cost	327.4	—	—	—	—	365.3	365.3	365.2	366.4	366.3	364.9	363.6
- Accumulated depreciation	-277.9	—	—	—	—	-293.8	-291.7	-289.9	-288.9	-286.9	-284.6	-282.3
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	20.7	20.9	21.1	21.1	21.3	21.5	21.7	22.0	22.2	22.4	22.6	22.9
- Cost	33.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	17.2	17.3	17.5	17.7	18.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	41.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-24.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	692.9	693.0	692.8	692.8	692.8	692.8	692.8	692.8	692.8	692.8	691.7	688.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	692.9	693.0	692.8	692.8	692.8	692.8	692.8	692.8	692.8	692.8	691.7	688.8
V. Long-term financial investments	1,344.9	1,310.7	1,264.1	1,250.1	1,248.3	1,203.0	1,167.7	1,130.7	1,120.6	1,085.7	1,040.3	989.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,218.5	1,184.0	1,136.0	1,135.2	1,132.9	1,087.6	1,048.3	1,011.3	1,007.5	972.7	922.7	872.0
3. Investments in other entities	145.0	145.0	145.0	131.9	131.9	131.9	131.9	131.9	131.9	131.9	131.9	131.9
4. Provision for diminution in value of long-term investments	-18.6	-18.3	-16.9	-16.9	-16.4	-16.4	-12.4	-12.4	-18.8	-18.8	-14.3	-14.3
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	7.1	6.9	10.9	10.7	10.7	11.1	10.3	9.0	9.3	9.7	9.7	10.2
1. Long-term prepayments	4.5	4.3	4.5	4.3	4.3	4.7	3.9	2.6	2.9	3.3	3.3	3.8
2. Deferred income tax assets	2.6	2.6	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
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)	2,841.9	2,764.0	2,802.5	2,784.6	2,678.5	2,593.8	2,672.7	2,659.5	2,632.5	2,573.4	2,683.1	2,848.8
A. LIABILITIES (300=210+330)	229.5	193.4	321.9	340.0	217.3	171.2	281.6	309.2	269.2	250.1	410.6	639.6
I. Short -term liabilities	199.4	163.5	293.9	313.5	190.6	153.6	250.6	278.2	239.5	220.3	385.9	615.1
1. Short-term trade accounts payable	8.8	6.4	7.3	5.1	8.1	4.4	3.3	5.8	11.3	6.1	12.5	47.8
2. Short-term advances from customers	4.3	5.4	6.3	9.5	6.4	4.7	4.6	5.3	13.2	4.2	5.1	4.2
3. Dividends and profits payable	0.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	7.1	3.9	29.4	26.4	17.9	17.6	20.9	15.5	17.1	17.1	23.2	15.7
4. Payable to employees	8.1	13.7	13.0	10.7	8.9	11.6	6.6	5.9	7.4	16.3	12.2	12.0
5. Short-term acrrued expenses	27.4	26.8	44.9	44.1	44.7	42.6	43.4	44.7	41.3	41.0	114.6	152.7
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	0.5	0.5	0.7	0.3	0.1	0.2	0.2	0.2	0.2	0.1	0.2
9. Other short-term payables	18.8	19.2	87.5	93.2	20.0	27.2	86.2	86.8	18.9	19.7	25.9	26.7
10. Short-term borrowings and financial leases	119.9	84.9	101.9	119.4	83.6	42.6	81.6	108.8	128.3	112.6	188.4	351.1
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	4.1	2.8	3.1	4.3	0.7	2.8	3.6	5.2	1.8	3.1	3.9	4.5
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	30.1	30.0	28.0	26.6	26.7	17.6	31.1	31.1	29.8	29.7	24.7	24.5
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	25.3	25.3	25.3	22.8	22.7	13.7	23.1	23.1	23.1	23.1	13.6	13.4
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	1.0	1.0	1.0	1.0	4.8	4.8
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	4.8	4.7	2.7	3.8	3.9	3.9	6.9	6.9	5.7	5.6	6.3	6.3
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)	2,612.4	2,570.6	2,480.6	2,444.6	2,461.2	2,422.7	2,391.1	2,350.3	2,363.3	2,323.3	2,272.5	2,209.2
I. Owner's equity	2,612.4	2,570.6	2,480.6	2,444.6	2,461.2	2,422.7	2,391.1	2,350.3	2,363.3	2,323.3	2,272.5	2,209.2
1. Owner's capital	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0	1,250.0
- Common stock with voting right	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00	1,250,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00	-95,950,000.00
6. Assets revaluation differences	-28.9	-28.9	-28.9	-28.9	-28.9	-28.9	-28.9	-28.9	-28.9	-28.9	-28.9	-28.9
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7	25.7
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	1,253.7	1,211.9	1,137.4	1,108.7	1,124.9	1,080.5	1,045.0	1,003.9	1,014.2	973.9	922.6	860.6
- Accumulated retained earning at the end of the previous period	1,205.8	1,001.4	1,001.4	1,001.5	1,076.3	905.0	905.0	905.0	974.1	744.7	744.7	744.7
- Undistributed earnings in this period	47.9	210.5	136.0	107.3	48.6	175.5	140.0	98.9	40.1	229.2	177.9	115.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	112.1	112.0	96.5	89.2	89.6	95.6	99.4	99.8	102.4	102.8	103.2	102.0
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)	2,841.9	2,764.0	2,802.5	2,784.6	2,678.5	2,593.8	2,672.7	2,659.5	2,632.5	2,573.4	2,683.1	2,848.8

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
Profit Before Tax	52.5	90.3	37.8	63.3	47.4	32.1	42.5	65.7	41.3	52.2	65.6	77.0
Depreciation of Fixed Assets and Investment Property	2.1	2.2	2.3	2.2	2.2	2.2	2.2	2.3	2.3	2.4	2.5	2.6
Provision (Increase)/Reversal	2.3	2.2	3.4	0.9	2.1	4.4	0.5	-3.1	-0.7	4.9	8.5	8.6
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.1	-0.0	-0.0	-0.0	-0.4	1.1	-0.1	-0.2	0.5	-0.2	-0.1
Gain/Loss from Investment Activities	-45.2	-50.4	-20.8	-50.2	-51.1	-46.0	-41.3	-46.4	-39.4	-61.0	-63.2	-72.4
Interest Expense	1.4	1.5	1.2	1.3	0.7	0.8	1.0	1.5	1.3	1.4	1.3	1.3
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	13.0	45.9	23.9	17.4	1.2	-6.9	6.1	19.8	4.6	0.5	14.6	17.1
Increase/(Decrease) in Receivables	-9.4	24.5	-3.4	-13.0	-11.6	11.7	2.0	-6.3	-4.3	-1.6	13.4	3.2
Increase/(Decrease) in Inventory	-30.7	-4.8	22.7	-38.4	-25.6	31.3	34.9	37.6	-24.9	9.1	25.1	-49.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.8	-43.6	5.5	9.2	10.5	-11.7	-1.1	-4.0	12.0	-10.2	-26.2	33.2
Increase/(Decrease) in Prepaid Expenses	0.1	-0.2	0.1	-0.1	0.3	-0.6	-1.2	0.3	0.1	1.3	-0.5	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-1.4	-1.2	-1.3	-0.7	-0.7	-1.0	-1.5	-1.4	39.8	-42.5	-1.3
Corporate Income Tax Paid	-3.2	-2.0	-0.0	-0.5	-4.8	-3.5	-0.3	0.0	-5.7	-0.8	-0.1	-0.0
Other Operating Receipts	0.1	—	—	—	—	0.0	0.1	0.0	0.0	-0.5	0.8	-0.3
Other Operating Payments	-3.8	2.0	-3.5	-3.3	-2.7	9.7	-1.6	-14.3	-4.9	3.0	-1.3	-5.4
Net Cash Flow from Operating Activities	-33.6	20.3	44.1	-30.0	-33.4	29.1	37.9	31.7	-24.6	40.6	-16.7	-2.7
Payments for Fixed Assets and Other Long-term Assets	-1.5	-1.7	-1.2	-1.4	-0.0	0.0	-0.2	-0.1	0.0	-115.5	-1.8	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.1	—	—	0.0	0.0	0.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-56.9	-88.5	-44.3	-32.6	-285.0	-79.9	-7.4	-17.7	-11.4	-72.5	-29.6	-202.8
Receipts from Loan Repayments and Sale of Debt Instruments	53.9	36.2	82.7	20.2	11.8	17.2	6.0	69.8	88.4	398.5	175.9	180.6
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	7.9	45.5	10.5	5.0	3.2	40.3	6.1	7.1	7.6	28.4	40.7	12.9
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	3.3	-8.4	47.8	-8.8	-270.0	-22.5	4.6	59.5	84.5	238.9	185.3	-9.9
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	50.5	119.6	117.4	178.1	93.9	46.5	79.1	102.3	107.5	83.5	138.2	150.6
Repayment of Borrowings	—	-136.5	-134.8	-142.3	-53.0	-87.0	-106.3	-121.8	-91.7	-163.3	-301.0	-154.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-15.6	-68.8	-2.9	-0.0	-0.0	-67.3	0.0	0.0	-0.0	-2.5	-0.0	-0.1
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	35.0	-85.8	-20.4	35.8	40.9	-107.8	-27.2	-19.5	15.7	-82.3	-162.7	-3.8
Net Cash Flow During the Period	4.7	-73.8	71.5	-2.9	-262.5	-101.1	15.3	71.6	75.6	197.2	5.8	-16.4
Cash and Cash Equivalents at Beginning of Period	26.1	100.0	28.5	31.4	293.9	232.4	232.4	232.4	232.4	46.8	46.8	46.8
FX Difference from Revaluation	0.1	-0.0	0.0	0.0	0.0	0.9	-1.1	0.1	0.2	-0.2	0.2	0.1
Cash and Cash Equivalents at End of Period	30.9	26.1	100.0	28.5	31.4	293.9	394.1	380.0	308.2	232.4	35.4	29.5

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SEA

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