SFG

Phân Bón Miền Nam ·HOSE ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT −4.67x

Price

10,300

Latest close

03 Jun 2026

P/E 14.49x

P/B 0.74x

EPS 711

BVPS 13,956

ROE 5.1%

ROA 2.0%

Profit Margin 1.3%

Asset Turnover 1.50x

Equity Mult. 2.62x

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

What Is Changing

On a TTM 2026Q1 basis, SFG is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,597bn
	                                
+49.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 34bn
	                                
+28.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -4.67x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	2,065.6	1,600.2	1,559.0	2,008.5	2,109.7
Growth	+29%	+3%	-22%	-5%	—
Net Income	32.0	25.7	56.8	45.0	34.5
Net Margin	1.55%	1.61%	3.64%	2.24%	1.64%

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	1,018.9	327.6	678.3	572.5	487.2	509.7	298.8	447.7	344.0	419.3	421.2	407.3
Growth	+211%	-52%	+18%	+17%	-4%	+71%	-33%	+30%	-18%	-0%	+3%	—
Net Income	9.7	2.8	9.6	12.0	6.4	4.4	7.9	7.9	4.1	12.0	19.1	-8.3
Net Margin	0.95%	0.85%	1.41%	2.10%	1.32%	0.86%	2.65%	1.76%	1.19%	2.87%	4.54%	-2.04%

Drivers of SFG's profit

TTM

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

Gross profit ↑ 55.0bn

Financial income ↑ 1.9bn

Finance costs ↑ 21.9bn

Administrative expenses ↑ 11.0bn

Selling expenses ↑ 10.5bn

Other profit ↓ 4.5bn

TTM

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

Gross profit ↑ 29.2bn

Financial income ↑ 1.3bn

Selling expenses ↑ 13.9bn

Administrative expenses ↑ 6.7bn

Finance costs ↑ 5.8bn

Tax ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.1% = 1.5% × 1.27 × 2.09

2026Q1 5.1% = 1.3% × 1.50 × 2.62

ROE rose from 4.1% to 5.1% — mainly driven by leverage, despite net margin moving in the opposite direction.

Net margin: 1.3% -0.2pp Asset turnover: 1.50x +0.23x Leverage: 2.62x +0.53x

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 stands at 1.31%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.31% −0.2pp

Gross Margin 7.48% −0.5pp

SG&A / Revenue 4.81% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 2.24%, rising 0.6pp. That translates to 2.24 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.37x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital rose by 225bn.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Watchpoints

ROIC remains low

ROIC is currently 2.24% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.24% +0.6pp

NOPAT Margin 1.28% +0.1pp

Capital Turnover 1.75x +0.37x

Average Invested Capital 1,483.1bn +225.1bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.69x equity, net debt at 1.37x equity.

Inventory ended the period at 1,035.5bn, roughly 58.3% of total assets.

Over the last 12 months, working capital absorbed 210.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −16.2bn

Inventories increased → lower CFO: −312.9bn

Payables increased → higher CFO: +118.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.0 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO fell 8.5 days, and DPO fell 5.1 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 116.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +2.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 41.1 days −8.5 days

Inventory 82.7 days +2.3 days

Payables 7.1 days −5.1 days

Cash Conversion Cycle 116.7 days −1.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 185.9bn due to capex of 26.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.37x and interest coverage only at 0.78x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 16.9% of debt, and total debt stands at 1,102.0bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.37x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.78x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.37x +0.26x

Interest Coverage 0.78x −0.12x

Cash / Debt 16.9% +13.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -4.67x +8.34x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -465.9bn in 2025, against investing cash flow of 146.4bn.

Post-investment cash flow was negative +319.5bn. Financing cash flow was positive +322.0bn.

CFO / net income was -4.67x.

After spending +26.7bn on fixed-asset investment, the business generated trailing free cash flow of −185.9bn.

Cash Conversion

CFO TTM 159.2bn +186.8bn

Cash Capex 26.7bn +18.0bn

FCF TTM −185.9bn +168.8bn

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 capital efficiency remains weak remaining the main constraint, with ROIC at 2.2%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -4.67x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -4.67x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,075.6	1,605.6	1,560.1	2,022.7	2,117.8
Revenue Deductions	10.0	5.5	1.1	14.2	0.0
Net Revenue	2,065.6	1,600.2	1,559.0	2,008.5	2,109.7
Cost of Goods Sold	1,898.7	1,460.6	1,471.1	1,864.4	0.0
Gross Profit	166.9	139.5	87.9	144.1	164.2
Financial Income	24.4	26.8	82.8	36.0	10.3
Financial Expenses	47.2	29.7	33.0	36.8	-25.1
Interest Expense	38.6	23.5	22.2	32.5	-21.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	54.2	61.5	47.8	50.2	-76.2
General and Administrative Expenses	52.2	49.2	40.6	36.5	-36.2
Operating Profit	37.7	26.0	49.3	56.6	37.1
Other Income	3.6	7.5	8.8	4.6	0.0
Other Expenses	1.0	1.4	1.1	6.2	0.0
Other Profit	2.5	6.1	7.7	-1.6	6.1
Profit Before Tax	40.2	32.1	57.0	55.0	43.2
Current Income Tax Expense	7.0	7.5	0.3	9.1	-8.7
Deferred Income Tax Expense	1.2	-1.0	-0.1	0.9	0.0
Net Income	32.0	25.7	56.8	45.0	34.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	32.0	25.7	56.8	45.0	34.5
Earnings per Share	669.00	536.00	1,186.00	940.00	720.00
Diluted EPS	668.93	536.23	1,186.31	940.15	720.29

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,545.9	1,129.7	1,000.1	869.3	1,189.9
I. Cash and cash equivalents	13.9	11.3	63.7	17.6	101.7
1. Cash	13.9	11.3	12.7	7.6	0.0
2. Cash equivalents	—	0.0	51.0	10.0	0.0
II. Short-term financial investments	254.8	391.4	506.3	154.8	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	254.8	391.4	506.3	154.8	0.0
III. Short-term receivables	188.1	280.0	148.8	103.9	177.2
1. Short-term trade accounts receivable	166.0	254.7	150.1	120.0	0.0
2. Short-term prepayments to suppliers	37.5	35.3	6.6	8.4	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	4.0	8.2	8.8	3.8	0.0
7. Provision for short-term doubtful debts (*)	-19.4	-18.2	-16.8	-28.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,035.5	434.6	261.1	571.5	612.0
1. Inventories	1,035.5	434.6	261.1	571.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	53.6	12.3	20.2	21.6	12.0
1. Short-term prepayments	1.1	0.1	6.6	2.8	0.0
2. Value added tax to be reclaimed	52.1	11.8	11.8	14.9	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	1.9	3.9	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)	229.5	252.1	243.8	213.5	241.0
I. Long-term receivables	0.2	0.2	0.2	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
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	0.2	0.2	0.2	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	-0.0	0.0
II. Fixed assets	135.5	137.6	148.8	157.8	167.6
1. Tangible fixed assets	57.8	57.4	66.2	72.3	78.2
- Cost	561.2	551.6	541.5	529.3	0.0
- Accumulated depreciation	-503.4	-494.1	-475.3	-457.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.5	1.0
- Cost	—	0.0	0.0	1.2	0.0
- Accumulated depreciation	—	0.0	0.0	-0.7	0.0
3. Intangible fixed assets	77.7	80.1	82.5	85.0	88.3
- Cost	114.7	114.7	114.7	114.7	0.0
- Accumulated depreciation	-37.0	-34.6	-32.2	-29.7	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	4.5	6.3	1.9	1.1	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.5	6.3	1.9	1.1	0.0
V. Long-term financial investments	43.9	43.9	43.9	43.9	43.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	43.9	43.9	43.9	43.9	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	45.5	64.2	49.1	10.4	0.0
1. Long-term prepayments	45.5	63.0	49.0	10.4	0.0
2. Deferred income tax assets	—	1.2	0.1	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	28.2
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)	1,775.4	1,381.8	1,243.9	1,082.8	1,431.0
A. LIABILITIES (300=210+330)	1,116.6	732.5	590.4	467.7	849.4
I. Short -term liabilities	1,116.2	732.2	590.1	467.3	848.0
1. Short-term trade accounts payable	60.6	53.2	58.0	61.3	75.1
2. Short-term advances from customers	43.6	9.4	8.6	10.1	16.6
3. Taxes and other payables to state authorities	3.5	2.4	0.3	0.0	0.0
4. Payable to employees	17.8	11.0	18.7	55.1	0.0
5. Short-term acrrued expenses	2.6	10.8	4.5	3.5	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	5.7	6.1	10.2	64.1	0.0
10. Short-term borrowings and financial leases	978.9	633.0	484.0	270.4	696.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.4	6.1	5.7	2.9	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	0.5	0.3	0.3	0.4	1.4
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	0.1	0.1	0.1	0.1	0.2
7. Other long-term liabilities	0.3	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.1	1.0
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)	658.8	649.3	653.5	615.1	581.6
I. Owner's equity	658.8	649.3	653.5	615.1	0.0
1. Owner's capital	479.0	479.0	479.0	479.0	581.6
- Common stock with voting right	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00
- 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
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	116.5	108.8	91.7	78.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	7.4	7.4	7.4	7.4	0.0
11. Undistributed earnings after tax	55.9	54.2	75.5	50.6	35.3
- Accumulated retained earning at the end of the previous period	23.9	28.5	18.6	5.5	0.8
- Undistributed earnings in this period	32.0	25.7	56.8	45.0	34.5
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)	1,775.4	1,381.8	1,243.9	1,082.8	1,431.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	40.2	32.1	57.0	55.0	43.2
Depreciation of Fixed Assets and Investment Property	20.8	21.2	26.2	25.6	26.9
Provision (Increase)/Reversal	1.1	1.5	0.4	-9.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	-0.4	0.5	0.3	0.0
Gain/Loss from Investment Activities	-20.9	-24.3	-81.3	-27.1	0.0
Interest Expense	38.6	23.5	22.2	32.5	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	0.2	0.0
Operating Profit Before Changes in Working Capital	80.4	53.6	25.0	77.6	76.5
Increase/(Decrease) in Receivables	50.7	-134.6	-36.0	78.0	0.0
Increase/(Decrease) in Inventory	-600.9	-173.5	310.0	37.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.0	-9.2	-94.6	43.5	0.0
Increase/(Decrease) in Prepaid Expenses	15.4	-7.6	-42.4	15.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-38.1	-23.6	-22.0	-32.8	0.0
Corporate Income Tax Paid	-6.8	-3.5	0.0	-16.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-5.5	-5.5	-2.0	-1.0	0.0
Net Cash Flow from Operating Activities	-465.9	-303.8	138.1	202.1	2.2
Payments for Fixed Assets and Other Long-term Assets	-13.3	-14.5	-12.9	-9.0	-12.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.9	0.4	0.4
Loans and Purchases of Debt Instruments	-673.6	-920.7	-826.7	-665.0	-419.9
Receipts from Loan Repayments and Sale of Debt Instruments	810.3	1,035.5	475.2	797.2	162.9
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	23.0	26.2	77.1	27.4	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	146.4	126.6	-286.4	151.0	-261.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,200.3	1,538.5	1,139.2	1,510.6	2,065.1
Repayment of Borrowings	-1,854.4	-1,389.5	-925.1	-1,937.4	-1,748.0
Repayment of Finance Leases	—	0.0	-0.5	-0.4	-0.4
Dividends Paid	-23.8	-24.2	-19.1	-9.6	-11.9
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	322.0	124.8	194.5	-436.9	304.8
Net Cash Flow During the Period	2.6	-52.5	46.2	-83.8	70.7
Cash and Cash Equivalents at Beginning of Period	11.3	63.7	17.6	101.7	56.3
FX Difference from Revaluation	0.0	0.1	-0.0	-0.4	0.3
Cash and Cash Equivalents at End of Period	13.9	11.3	63.7	17.6	101.7

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	1,027.4	329.5	678.3	573.8	494.0	509.9	298.8	447.7	349.2	419.4	421.5	407.5
Revenue Deductions	8.4	1.8	0.0	1.3	6.8	0.3	0.0	0.0	5.2	0.0	0.3	0.3
Net Revenue	1,018.9	327.6	678.3	572.5	487.2	509.7	298.8	447.7	344.0	419.3	421.2	407.3
Cost of Goods Sold	960.4	299.9	626.1	516.7	457.9	474.1	265.8	406.4	313.4	376.4	381.9	399.3
Gross Profit	58.6	27.7	52.2	55.8	29.4	35.6	32.9	41.3	30.7	43.0	39.2	8.0
Financial Income	6.6	6.0	6.7	5.9	5.4	5.0	6.5	6.5	7.9	5.9	8.7	10.0
Financial Expenses	15.8	8.7	17.9	10.5	10.0	6.6	7.4	7.0	8.6	14.9	7.2	4.6
Interest Expense	14.2	6.6	15.9	8.9	7.2	6.0	5.7	5.7	6.1	7.0	5.8	4.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.3	9.5	17.5	19.6	5.4	19.9	11.0	19.2	11.4	14.9	12.0	12.5
General and Administrative Expenses	19.7	11.5	11.8	16.0	13.0	11.8	11.3	11.8	14.2	10.7	10.6	10.7
Operating Profit	10.3	4.0	11.7	15.5	6.3	2.2	9.8	9.7	4.3	8.4	18.1	-9.8
Other Income	2.0	1.2	0.3	0.2	1.8	5.4	0.4	0.6	1.1	3.6	1.2	2.6
Other Expenses	0.2	0.2	0.0	0.7	0.1	0.5	0.3	0.1	0.4	0.2	0.2	0.6
Other Profit	1.7	1.0	0.3	-0.5	1.7	4.8	0.1	0.4	0.8	3.4	1.0	2.0
Profit Before Tax	12.1	5.0	12.0	15.1	8.0	7.1	9.9	10.2	5.1	11.8	19.1	-7.8
Current Income Tax Expense	2.4	1.0	2.4	3.0	1.6	2.7	2.0	2.3	1.0	-0.2	0.0	0.5
Deferred Income Tax Expense	—	1.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.7	2.8	9.6	12.0	6.4	4.4	7.9	7.9	4.1	12.0	19.1	-8.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.7	2.8	9.6	12.0	6.4	4.4	7.9	7.9	4.1	12.0	19.1	-8.3
Earnings per Share	202.00	58.00	200.00	251.00	134.00	92.00	165.00	164.00	85.00	251.00	399.00	-173.00
Diluted EPS	201.58	58.01	200.34	251.42	133.82	92.02	165.25	164.21	85.45	251.48	399.49	-173.20

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)	1,759.8	1,547.9	1,679.2	1,438.5	1,257.8	1,136.5	1,053.4	1,126.1	1,014.4	1,000.2	1,068.6	929.6
I. Cash and cash equivalents	186.1	13.9	119.8	45.8	22.4	11.3	23.9	51.5	21.7	63.7	50.1	29.4
1. Cash	186.1	13.9	30.8	35.8	22.4	11.3	23.9	26.3	21.7	12.7	27.1	9.4
2. Cash equivalents	—	—	89.0	10.0	—	0.0	0.0	25.3	0.0	51.0	23.0	20.0
II. Short-term financial investments	412.0	254.8	344.7	418.9	409.5	391.4	454.3	472.3	515.6	506.3	401.2	330.4
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	412.0	254.8	344.7	418.9	409.5	391.4	454.3	472.3	515.6	506.3	401.2	330.4
III. Short-term receivables	401.2	187.7	564.8	415.4	420.5	279.9	222.4	311.4	136.5	148.8	297.6	244.0
1. Short-term trade accounts receivable	234.8	166.0	482.1	363.2	350.1	254.7	206.0	281.0	123.3	150.1	287.1	244.7
2. Short-term prepayments to suppliers	170.6	37.5	92.0	63.2	77.8	35.3	22.3	38.2	18.1	6.6	26.8	18.2
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	15.1	3.5	9.7	8.0	10.9	8.1	10.8	8.9	11.9	8.8	13.2	10.7
7. Provision for short-term doubtful debts (*)	-19.4	-19.4	-19.0	-19.0	-18.2	-18.2	-16.6	-16.6	-16.9	-16.7	-29.5	-29.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	700.7	1,035.5	627.4	543.6	387.8	434.6	336.3	272.5	318.4	261.1	302.5	306.6
1. Inventories	700.7	1,035.5	627.4	543.6	387.8	434.6	336.3	272.5	318.4	261.1	302.5	306.6
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	59.8	56.0	22.5	14.9	17.6	19.2	16.4	18.4	22.1	20.2	17.1	19.2
1. Short-term prepayments	12.2	3.5	0.9	1.0	4.0	6.7	2.0	3.9	6.1	6.6	1.5	3.2
2. Value added tax to be reclaimed	46.9	52.1	19.8	12.6	12.2	11.8	13.8	13.4	13.0	11.8	11.3	12.3
3. Taxes and other receivables from state authorities	0.8	0.4	1.9	1.3	1.4	0.7	0.6	1.0	3.0	1.9	4.3	3.7
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)	218.5	224.2	213.0	222.5	236.2	244.8	232.2	234.5	239.7	243.8	200.0	201.7
I. Long-term receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	-0.0	-0.0
II. Fixed assets	146.9	130.3	129.1	133.0	138.0	137.6	139.3	139.7	142.9	148.8	146.2	147.7
1. Tangible fixed assets	67.6	52.6	50.8	54.1	58.4	57.4	58.5	58.3	60.9	66.2	63.0	63.9
- Cost	575.7	—	—	—	—	551.6	548.4	543.9	541.5	541.5	532.9	528.1
- Accumulated depreciation	-508.1	—	—	—	—	-494.1	-489.8	-485.5	-480.6	-475.3	-469.9	-464.2
2. Financial leased fixed assets	2.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	77.1	77.7	78.3	78.9	79.5	80.1	80.7	81.3	81.9	82.5	83.1	83.8
- Cost	114.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-37.6	—	—	—	—	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	1.5	4.5	3.4	2.1	1.4	6.6	14.6	13.5	8.4	1.9	2.6	2.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.5	4.5	3.4	2.1	1.4	6.6	14.6	13.5	8.4	1.9	2.6	2.2
V. Long-term financial investments	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9	43.9
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	26.1	45.4	36.5	43.4	52.7	56.6	34.3	37.3	44.4	49.1	7.2	7.7
1. Long-term prepayments	26.1	45.4	35.3	42.2	51.6	56.4	34.1	37.1	44.3	49.0	7.1	7.7
2. Deferred income tax assets	—	—	1.2	1.2	1.2	0.1	0.1	0.1	0.1	0.1	0.1	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,978.3	1,772.1	1,892.2	1,661.1	1,493.9	1,381.2	1,285.6	1,360.6	1,254.1	1,244.0	1,268.6	1,131.3
A. LIABILITIES (300=210+330)	1,309.9	1,118.8	1,241.6	1,020.1	838.2	733.3	642.1	725.0	596.4	590.4	632.7	514.5
I. Short -term liabilities	1,309.5	1,118.5	1,241.4	1,019.9	838.0	733.1	641.8	724.7	596.2	590.1	632.5	514.3
1. Short-term trade accounts payable	38.4	60.6	49.2	69.5	54.5	53.2	36.9	48.9	52.7	58.0	62.5	60.0
2. Short-term advances from customers	75.1	43.6	23.6	12.5	2.2	9.4	4.2	4.5	4.5	8.6	24.5	1.3
3. Taxes and other payables to state authorities	2.4	3.5	2.8	3.1	1.8	3.3	2.0	0.7	0.4	0.3	1.3	1.1
4. Payable to employees	24.8	17.8	21.9	16.0	13.1	11.0	9.4	10.9	10.2	18.7	17.7	20.0
5. Short-term acrrued expenses	10.2	4.8	21.9	10.5	9.1	10.8	5.3	9.8	12.8	4.5	11.6	4.1
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	56.1	5.9	7.2	30.3	6.1	6.1	11.0	34.5	10.9	10.2	10.4	29.8
10. Short-term borrowings and financial leases	1,102.0	978.9	1,087.4	870.5	748.6	633.0	549.8	585.7	498.0	484.0	480.4	385.4
11. Provision for short-term liabilities	—	—	24.0	4.1	—	0.0	17.1	22.6	4.0	0.0	18.2	6.3
12.. Bonus and welfare fund	0.3	3.4	3.4	3.5	2.7	6.1	6.1	7.1	2.6	5.7	5.8	6.2
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	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.1	0.3
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Other long-term liabilities	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	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)	668.4	653.3	650.6	641.0	655.7	647.9	643.5	635.6	657.6	653.6	636.0	616.7
I. Owner's equity	668.4	653.3	650.6	641.0	655.7	647.9	643.5	635.6	657.6	653.6	636.0	616.7
1. Owner's capital	479.0	479.0	479.0	479.0	479.0	479.0	479.0	479.0	479.0	479.0	479.0	479.0
- Common stock with voting right	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00	478,973,330,000.00
- 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
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	116.5	116.5	116.5	116.5	108.8	108.8	108.8	108.8	91.7	91.7	91.7	91.7
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	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4
11. Undistributed earnings after tax	65.6	50.5	47.7	38.1	60.6	52.8	48.4	40.4	79.5	75.5	57.9	38.7
- Accumulated retained earning at the end of the previous period	55.9	19.7	19.7	19.7	54.2	28.5	28.5	28.5	75.5	18.6	13.1	13.1
- Undistributed earnings in this period	9.7	30.8	28.0	18.5	6.4	24.3	19.9	12.0	4.1	56.8	44.8	25.6
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)	1,978.3	1,772.1	1,892.2	1,661.1	1,493.9	1,381.2	1,285.6	1,360.6	1,254.1	1,244.0	1,268.6	1,131.3

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	12.1	5.2	12.0	15.1	8.0	7.1	9.9	10.2	5.1	11.8	19.1	-7.8
Depreciation of Fixed Assets and Investment Property	5.5	6.1	4.8	5.0	5.0	4.9	4.9	5.5	5.9	6.4	6.6	6.6
Provision (Increase)/Reversal	-0.0	-23.6	19.9	4.8	—	-15.5	-5.5	18.6	3.9	-19.0	11.9	3.3
FX Gain/Loss from Revaluation of Monetary Items	—	0.8	—	-0.3	—	0.0	-0.8	0.8	0.0	0.5	-0.4	0.4
Gain/Loss from Investment Activities	-4.4	-2.9	-7.1	-5.6	-5.3	-7.2	-5.4	-5.4	-7.9	-3.8	-11.6	-7.0
Interest Expense	14.2	6.6	15.9	8.9	7.2	6.0	5.7	5.7	6.1	7.0	5.8	4.1
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	-0.5	0.5
Operating Profit Before Changes in Working Capital	27.4	-8.1	45.7	27.9	14.9	-4.7	8.8	35.3	13.0	3.0	30.8	0.1
Increase/(Decrease) in Receivables	-207.1	345.3	-156.9	2.5	-140.2	-57.1	90.5	-153.8	-13.0	150.5	-50.8	-110.3
Increase/(Decrease) in Inventory	334.9	-408.2	-83.8	-155.8	46.8	-98.3	-63.1	45.2	-57.3	41.0	4.1	115.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	75.2	6.1	8.9	28.1	-4.2	24.0	-18.4	-30.9	16.3	-37.3	39.3	25.7
Increase/(Decrease) in Prepaid Expenses	8.4	-10.0	5.5	12.3	7.6	-14.4	-7.8	9.4	5.2	-45.2	0.6	-1.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-13.9	-6.5	-15.7	-8.7	-7.3	-5.9	-5.6	-5.9	-6.2	-6.9	-5.6	-4.0
Corporate Income Tax Paid	-4.7	0.0	-2.7	-0.3	-3.7	-1.6	0.0	0.0	-1.8	0.0	0.5	-0.5
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.1	0.1	-0.2	-1.9	-3.5	0.1	-1.0	-1.4	-3.2	-0.2	-0.3	-1.1
Net Cash Flow from Operating Activities	217.2	-81.2	-199.3	-95.8	-89.5	-157.8	3.4	-102.0	-47.1	104.9	18.6	24.0
Payments for Fixed Assets and Other Long-term Assets	-13.9	-11.5	-0.5	-0.7	-0.5	-7.9	7.1	-7.5	-6.5	-5.1	-3.4	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.2	-0.0	-0.0
Loans and Purchases of Debt Instruments	-265.0	-147.0	-107.8	-236.9	-182.0	-234.1	-157.3	-318.6	-210.6	-305.1	-191.2	-210.0
Receipts from Loan Repayments and Sale of Debt Instruments	107.8	236.9	182.0	227.6	163.9	297.0	175.3	362.0	201.2	200.0	120.4	91.0
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	3.2	5.4	6.8	7.1	3.6	7.4	3.6	8.5	6.9	14.0	1.0	3.1
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	-168.0	83.8	80.5	-2.9	-15.0	62.4	28.6	44.4	-9.0	-95.9	-73.4	-120.4
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	634.2	556.1	676.7	584.6	382.9	558.2	302.1	337.0	341.2	356.8	343.3	246.6
Repayment of Borrowings	-511.1	-664.6	-459.8	-462.7	-267.3	-474.9	-337.7	-249.6	-327.2	-352.1	-248.6	-125.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	-0.3
Dividends Paid	—	0.0	-23.8	-0.0	—	-0.4	-23.8	-0.0	-0.0	0.0	-19.1	-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	123.1	-108.5	193.1	121.9	115.6	82.8	-59.4	87.4	14.0	4.7	75.5	121.3
Net Cash Flow During the Period	172.3	-105.9	74.3	23.1	11.1	-12.5	-27.4	29.7	-42.1	13.6	20.6	24.9
Cash and Cash Equivalents at Beginning of Period	13.9	119.8	45.8	22.4	11.3	63.7	63.7	63.7	63.7	17.6	17.6	17.6
FX Difference from Revaluation	—	0.0	—	0.3	—	-0.1	-0.2	0.2	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	186.1	13.9	119.8	45.8	22.4	11.3	23.9	51.5	21.7	63.7	50.1	29.4

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SFG

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What is driving the margin?

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Balance Sheet

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Leverage & Liquidity

Cash Flow