SHP

Thủy điện Miền Nam ·HOSE ·2026Q1

▼ Slightly negative

Margins remain under pressure Net margin 47.55%, −1.94pp YoY

Price

34,500

Latest close

02 Jun 2026

P/E 11.67x

P/B 2.67x

EPS 2,956

BVPS 12,899

ROE 25.8%

ROA 24.6%

Profit Margin 47.6%

Asset Turnover 0.52x

Equity Mult. 1.05x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 679bn
	                                
+6.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 323bn
	                                
+2.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	647.7	627.8	661.2	746.1	657.8
Growth	+3%	-5%	-11%	+13%	—
Net Income	298.3	295.9	275.3	321.0	264.9
Net Margin	46.06%	47.13%	41.63%	43.03%	40.27%

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	97.0	206.5	236.4	138.6	66.1	239.3	232.5	99.5	56.6	190.8	254.3	132.5
Growth	-53%	-13%	+70%	+110%	-72%	+3%	+134%	+76%	-70%	-25%	+92%	—
Net Income	37.6	89.4	136.9	58.8	13.2	129.9	138.8	33.5	-6.3	80.3	133.9	45.8
Net Margin	38.73%	43.26%	57.92%	42.44%	19.96%	54.30%	59.71%	33.66%	-11.09%	42.07%	52.66%	34.56%

Drivers of SHP's profit

TTM

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

Gross profit ↑ 20.7bn

Financial income ↑ 3.6bn

Tax ↑ 15.2bn

Administrative expenses ↑ 6.7bn

TTM

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

Gross profit ↑ 26.2bn

Tax ↑ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 25.8% = 49.5% × 0.48 × 1.09

2026Q1 25.8% = 47.6% × 0.52 × 1.05

ROE is broadly flat at 25.8% — the components are offsetting one another.

Net margin: 47.6% -1.9pp Asset turnover: 0.52x +0.04x Leverage: 1.05x -0.04x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 47.55%, losing 1.9pp. The main pressure comes from SG&A / Revenue rose 0.7pp and Gross margin fell 0.6pp (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 47.55% −1.9pp

Gross Margin 59.68% −0.6pp

SG&A / Revenue 5.59% +0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 47.55% −1.9pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.17x equity.

Over the last 12 months, working capital absorbed 40.0bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −35.3bn

Inventories increased → lower CFO: −1.3bn

Payables decreased → lower CFO: −3.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 4.1 days versus the same period last year. The main moves came from DIO rose 0.8 days, DSO rose 0.5 days, and DPO fell 2.7 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +4.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 38.1 days +0.5 days

Inventory 8.6 days +0.8 days

Payables 3.9 days −2.7 days

Cash Conversion Cycle 42.9 days +4.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 429.4bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.17x −0.12x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.16x −0.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 429.4bn in 2025, against investing cash flow of 15.7bn.

Post-investment cash flow was positive +445.1bn. Financing cash flow was negative +280.6bn.

CFO / net income was 1.16x.

After spending +3.5bn on fixed-asset investment, the business generated trailing free cash flow of +372.0bn.

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

Cash Conversion

CFO TTM 375.5bn −57.9bn

Cash Capex 3.5bn —

FCF TTM +372.0bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.9 pp. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.16x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.16x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 47.55% after a 1.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	647.7	627.8	661.2	746.1	657.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	647.7	627.8	661.2	746.1	657.8
Cost of Goods Sold	269.0	263.3	313.0	319.3	0.0
Gross Profit	378.7	364.5	348.2	426.8	349.8
Financial Income	4.8	2.5	4.9	4.5	0.2
Financial Expenses	0.6	7.2	19.1	26.5	-41.9
Interest Expense	0.6	7.2	19.1	26.5	-41.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	37.3	30.9	28.2	33.9	-29.4
Operating Profit	345.6	328.9	305.8	370.9	278.7
Other Income	0.1	0.5	0.2	-0.2	0.0
Other Expenses	0.0	0.4	0.0	3.7	0.0
Other Profit	0.1	0.1	0.2	-3.9	0.3
Profit Before Tax	345.7	329.0	306.0	367.0	279.0
Current Income Tax Expense	47.4	33.1	30.7	46.0	-14.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	298.3	295.9	275.3	321.0	264.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	298.3	295.9	275.3	321.0	264.9
Earnings per Share	2,833.00	2,823.00	2,629.00	3,077.00	2,744.00
Diluted EPS	2,947.33	2,924.03	2,720.00	3,172.05	2,827.06

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	438.3	309.4	307.5	378.5	292.3
I. Cash and cash equivalents	213.5	49.0	58.9	219.1	152.6
1. Cash	14.8	7.0	13.8	22.6	0.0
2. Cash equivalents	198.7	42.0	45.1	196.5	0.0
II. Short-term financial investments	5.2	16.8	0.0	30.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	5.2	16.8	0.0	30.0	0.0
III. Short-term receivables	211.8	237.2	242.4	122.9	133.4
1. Short-term trade accounts receivable	203.3	236.1	239.6	118.5	0.0
2. Short-term prepayments to suppliers	6.4	0.8	1.8	3.5	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	2.1	0.3	1.0	1.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	7.4	5.8	6.1	6.2	6.1
1. Inventories	7.4	5.8	6.1	6.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.7	0.2	0.2	0.3
1. Short-term prepayments	0.4	0.7	0.2	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,031.6	1,135.0	1,238.3	1,390.5	1,540.2
I. Long-term receivables	0.0	6.0	0.0	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	5.3	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	0.7	0.0	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,009.2	1,111.9	1,229.7	1,384.5	1,538.4
1. Tangible fixed assets	1,006.1	1,109.2	1,226.9	1,381.7	1,535.6
- Cost	3,114.0	3,111.9	3,111.7	3,111.0	0.0
- Accumulated depreciation	-2,107.9	-2,002.7	-1,884.7	-1,729.3	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	3.1	2.7	2.7	2.8	2.8
- Cost	3.7	3.3	3.3	3.3	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	13.3	1.6	4.9	4.6	0.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.3	1.6	4.9	4.6	0.0
V. Long-term financial investments	—	5.2	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	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	—	5.2	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	9.1	10.3	3.7	0.8	0.0
1. Long-term prepayments	9.1	10.3	3.7	0.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.1
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)	1,470.0	1,444.5	1,545.8	1,769.0	1,832.5
A. LIABILITIES (300=210+330)	100.9	105.8	189.5	321.8	496.1
I. Short -term liabilities	100.9	105.8	160.5	202.8	257.1
1. Short-term trade accounts payable	8.9	3.1	4.1	2.3	2.7
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	35.0	30.9	23.1	45.0	0.0
4. Payable to employees	17.7	10.6	12.3	9.3	0.0
5. Short-term acrrued expenses	2.6	2.6	3.3	3.2	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	31.4	24.9	22.1	20.0	0.0
10. Short-term borrowings and financial leases	—	29.0	90.0	120.0	178.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.3	4.7	5.6	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	—	0.0	29.0	119.0	239.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	29.0	119.0	239.0
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)	1,369.1	1,338.7	1,356.3	1,447.2	1,336.5
I. Owner's equity	1,369.1	1,338.7	1,356.3	1,447.2	0.0
1. Owner's capital	1,012.1	1,012.1	1,012.1	1,012.1	1,336.5
- Common stock with voting right	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	937,102,000,000.00
- 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
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	28.3	28.3	28.3	28.3	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	328.7	298.3	315.9	406.8	371.0
- Accumulated retained earning at the end of the previous period	30.4	2.4	40.7	85.8	106.1
- Undistributed earnings in this period	298.3	295.9	275.3	321.0	264.9
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)	1,470.0	1,444.5	1,545.8	1,769.0	1,832.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	345.7	329.0	306.0	367.0	279.0
Depreciation of Fixed Assets and Investment Property	105.2	118.0	156.1	156.4	156.4
Provision (Increase)/Reversal	—	0.0	-0.3	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	-1.0	-0.5	0.0	-0.2	0.0
Interest Expense	0.6	7.2	19.1	26.5	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	450.5	453.7	480.8	549.7	477.3
Increase/(Decrease) in Receivables	31.5	-0.7	-119.6	10.0	0.0
Increase/(Decrease) in Inventory	-1.1	1.0	0.2	0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.0	2.3	-4.5	-19.3	0.0
Increase/(Decrease) in Prepaid Expenses	1.4	-7.2	-2.8	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-7.4	-19.5	-26.6	0.0
Corporate Income Tax Paid	-47.0	-27.5	-43.5	-28.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-14.3	-10.8	-9.3	-8.5	0.0
Net Cash Flow from Operating Activities	429.4	403.4	281.9	477.2	421.3
Payments for Fixed Assets and Other Long-term Assets	-1.9	-0.0	-1.9	-2.4	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	-22.0	0.0	-30.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	16.8	0.0	30.0	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	0.9	0.3	1.0	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	15.7	-21.7	29.1	-32.4	-1.0
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	—	15.3	0.0	0.0	64.6
Repayment of Borrowings	-29.0	-105.3	-120.0	-178.5	-251.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-251.6	-301.6	-351.3	-199.9	-94.9
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	-280.6	-391.6	-471.3	-378.3	-281.8
Net Cash Flow During the Period	164.5	-9.9	-160.2	66.5	74.2
Cash and Cash Equivalents at Beginning of Period	49.0	58.9	219.1	152.6	14.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	213.5	49.0	58.9	219.1	152.6

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
Revenue	97.0	206.5	236.4	138.6	66.1	239.5	232.5	99.5	56.6	190.8	254.3	132.5
Revenue Deductions	—	—	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	97.0	206.5	236.4	138.6	66.1	239.3	232.5	99.5	56.6	190.8	254.3	132.5
Cost of Goods Sold	50.2	86.3	73.4	63.8	45.5	81.8	70.0	55.8	55.7	87.0	95.3	72.9
Gross Profit	46.9	120.2	163.0	74.9	20.6	157.4	162.5	43.7	0.9	103.8	159.0	59.6
Financial Income	2.9	1.7	1.2	0.8	1.1	0.4	1.0	0.5	0.6	0.3	0.6	1.7
Financial Expenses	—	—	—	0.1	0.5	1.2	1.8	1.9	2.3	3.2	4.5	5.5
Interest Expense	—	—	—	0.1	0.5	1.2	1.8	1.9	2.3	3.2	4.5	5.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.1	17.9	7.5	6.4	5.4	12.5	7.3	6.1	5.1	11.9	5.8	5.5
Operating Profit	43.7	104.1	156.7	69.1	15.8	144.2	154.4	36.3	-5.9	89.1	149.3	50.3
Other Income	0.0	0.0	0.0	0.0	0.1	0.2	0.0	0.3	0.0	0.1	-0.5	0.6
Other Expenses	—	0.0	—	0.0	—	0.0	0.1	0.0	0.4	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	-0.0	0.1	0.2	-0.1	0.3	-0.3	0.0	-0.5	0.6
Profit Before Tax	43.8	104.1	156.7	69.0	15.9	144.4	154.3	36.6	-6.3	89.1	148.8	51.0
Current Income Tax Expense	6.2	14.8	19.8	10.2	2.7	14.5	15.5	3.1	0.0	8.8	14.9	5.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	37.6	89.4	136.9	58.8	13.2	129.9	138.8	33.5	-6.3	80.3	133.9	45.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	37.6	89.4	136.9	58.8	13.2	129.9	138.8	33.5	-6.3	80.3	133.9	45.8
Earnings per Share	371.00	769.00	1,265.00	551.00	130.00	1,183.00	1,314.00	321.00	-62.00	702.00	1,256.00	431.00
Diluted EPS	371.29	882.91	1,352.63	581.38	130.41	1,283.71	1,371.53	330.79	-62.06	793.00	1,322.96	452.44

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)	353.7	438.3	416.0	237.0	161.1	320.0	405.2	236.2	195.8	307.5	389.0	334.5
I. Cash and cash equivalents	239.7	213.5	206.0	75.1	77.4	49.0	222.9	100.4	91.5	58.9	139.5	169.6
1. Cash	14.0	14.8	11.0	24.8	27.4	7.0	86.8	19.8	31.2	13.8	16.9	0.1
2. Cash equivalents	225.7	198.7	195.0	50.3	50.0	42.0	136.0	80.6	60.2	45.1	122.6	169.5
II. Short-term financial investments	10.2	5.2	22.0	22.0	16.8	22.0	0.0	20.0	20.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.2	5.2	22.0	22.0	16.8	22.0	0.0	20.0	20.0	0.0	0.0	0.0
III. Short-term receivables	95.9	211.8	181.6	133.6	60.8	242.5	176.8	110.5	78.9	242.4	242.8	158.6
1. Short-term trade accounts receivable	87.8	203.3	173.5	131.0	54.0	236.1	175.8	109.1	77.3	239.6	240.8	152.6
2. Short-term prepayments to suppliers	6.1	6.4	6.0	0.8	6.1	6.1	0.6	0.9	0.4	1.8	1.1	5.1
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	2.0	2.1	2.1	1.8	0.8	0.3	0.4	0.5	1.1	1.0	0.8	1.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	7.4	7.4	5.9	5.8	5.5	5.8	5.3	5.1	5.3	6.1	6.7	6.2
1. Inventories	7.4	7.4	5.9	5.8	5.5	5.8	5.3	5.1	5.3	6.1	6.7	6.2
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	0.4	0.4	0.5	0.5	0.6	0.7	0.2	0.2	0.1	0.2	0.2	0.1
1. Short-term prepayments	0.4	0.4	0.4	0.5	0.6	0.7	0.2	0.2	0.1	0.2	0.2	0.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,005.0	1,031.6	1,053.0	1,074.6	1,102.5	1,124.5	1,152.3	1,180.8	1,208.7	1,238.3	1,276.0	1,311.9
I. Long-term receivables	0.0	0.0	0.0	5.3	0.7	0.7	0.7	0.7	0.0	0.0	0.0	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	—	—	—	5.3	—	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	0.0	0.0	0.0	0.0	0.7	0.7	0.7	0.7	0.0	0.0	0.0	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	983.4	1,009.2	1,033.9	1,059.2	1,085.4	1,111.9	1,139.0	1,166.2	1,193.4	1,229.7	1,267.4	1,306.4
1. Tangible fixed assets	980.3	1,006.1	1,031.2	1,056.5	1,082.7	1,109.2	1,136.2	1,163.5	1,190.7	1,226.9	1,264.7	1,303.6
- Cost	3,114.5	—	—	—	—	3,111.9	3,111.7	3,111.7	3,111.7	3,111.7	3,110.4	3,110.4
- Accumulated depreciation	-2,134.2	—	—	—	—	-2,002.7	-1,975.5	-1,948.2	-1,921.0	-1,884.7	-1,845.7	-1,806.8
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	3.1	3.1	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.8	2.8
- Cost	3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	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	13.0	13.3	12.7	2.4	2.2	1.6	1.2	1.2	2.0	4.9	4.5	1.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	13.0	13.3	12.7	2.4	2.2	1.6	1.2	1.2	2.0	4.9	4.5	1.0
V. Long-term financial investments	—	—	—	—	5.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	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	—	—	—	—	5.2	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	8.6	9.1	6.3	7.6	9.0	10.3	11.4	12.8	13.4	3.7	4.1	4.5
1. Long-term prepayments	8.6	9.1	6.3	7.6	9.0	10.3	11.4	12.8	13.4	3.7	4.1	4.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,358.7	1,470.0	1,469.0	1,311.5	1,263.5	1,444.5	1,557.4	1,417.0	1,404.5	1,545.8	1,665.1	1,646.4
A. LIABILITIES (300=210+330)	53.3	100.9	189.3	168.7	63.5	105.8	348.7	347.1	155.6	189.5	389.0	504.2
I. Short -term liabilities	53.3	100.9	189.3	168.7	63.5	105.8	348.7	334.1	134.6	160.5	330.0	415.2
1. Short-term trade accounts payable	3.6	8.9	9.7	3.5	2.2	3.1	1.4	0.7	7.0	4.1	3.9	1.0
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	26.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	15.0	35.0	45.3	27.3	10.1	30.9	39.0	15.7	4.8	23.1	40.0	16.7
4. Payable to employees	0.8	17.7	—	—	0.1	10.6	0.0	0.0	0.0	12.3	0.0	0.0
5. Short-term acrrued expenses	2.7	2.6	2.4	2.5	3.5	2.6	2.5	3.0	3.8	3.3	3.1	3.1
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	4.1	31.4	125.5	126.0	25.8	24.9	224.1	225.5	34.3	22.1	176.4	274.8
10. Short-term borrowings and financial leases	—	—	—	—	21.0	29.0	74.3	80.3	83.0	90.0	100.0	110.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	5.3	6.3	9.4	0.9	4.7	7.3	9.0	1.9	5.6	6.6	9.6
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	—	—	—	—	—	0.0	0.0	13.0	21.0	29.0	59.0	89.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	13.0	21.0	29.0	59.0	89.0
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)	1,305.4	1,369.1	1,279.7	1,142.8	1,200.1	1,338.7	1,208.8	1,070.0	1,248.8	1,356.3	1,276.1	1,142.2
I. Owner's equity	1,305.4	1,369.1	1,279.7	1,142.8	1,200.1	1,338.7	1,208.8	1,070.0	1,248.8	1,356.3	1,276.1	1,142.2
1. Owner's capital	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1	1,012.1
- Common stock with voting right	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00	1,012,063,520,000.00
- 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	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3	28.3
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	265.1	328.7	239.3	102.4	159.7	298.3	168.4	29.6	208.5	315.9	235.7	101.8
- Accumulated retained earning at the end of the previous period	227.5	30.4	30.4	30.4	146.5	2.4	2.4	2.4	214.7	40.7	40.7	40.7
- Undistributed earnings in this period	37.6	298.3	208.9	72.0	13.2	295.9	166.0	27.2	-6.3	275.3	195.0	61.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,358.7	1,470.0	1,469.0	1,311.5	1,263.5	1,444.5	1,557.4	1,417.0	1,404.5	1,545.8	1,665.1	1,646.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	43.8	104.1	156.7	69.0	15.9	144.4	154.3	36.6	-6.3	89.1	148.8	51.0
Depreciation of Fixed Assets and Investment Property	26.3	26.2	26.2	26.3	26.5	27.2	27.2	27.2	36.3	39.0	39.0	39.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-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	-0.1	-0.2	-0.3	0.2	-0.8	-0.1	-0.0	-0.2	-0.1	0.0	0.8	-0.3
Interest Expense	—	0.0	0.0	0.1	0.5	1.2	1.8	1.9	2.3	3.2	4.5	5.5
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	70.0	130.1	182.6	95.6	42.2	172.7	183.3	65.6	32.2	131.3	193.0	95.0
Increase/(Decrease) in Receivables	115.6	-30.8	-42.5	-77.7	182.4	-65.6	-66.6	-32.2	163.6	0.4	-84.9	-41.6
Increase/(Decrease) in Inventory	0.1	-1.4	-0.1	0.1	0.3	-0.5	-0.2	0.8	0.9	0.6	-0.4	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-33.4	-108.3	128.9	9.4	-21.0	5.3	10.5	1.9	-15.5	-2.4	10.0	9.5
Increase/(Decrease) in Prepaid Expenses	0.6	-2.9	1.3	1.5	1.5	0.6	1.3	0.6	-9.7	0.4	0.3	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.2	-0.5	-1.2	-1.9	-2.0	-2.3	-3.3	-4.6	-5.6
Corporate Income Tax Paid	-15.7	-20.6	-9.3	-2.7	-14.5	-15.5	-3.1	0.0	-8.9	-14.9	-0.2	-6.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-4.6	-1.0	-3.1	-6.4	-3.8	-2.6	-1.6	-2.9	-3.7	-1.0	-2.9	-3.3
Net Cash Flow from Operating Activities	132.6	-34.8	257.9	19.8	186.5	93.2	121.8	31.8	156.5	111.0	110.3	47.8
Payments for Fixed Assets and Other Long-term Assets	-1.5	-0.7	-1.0	-0.2	—	0.0	0.0	-0.0	0.0	-1.1	-0.1	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-5.0	—	—	—	—	-22.0	20.0	0.0	-20.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	16.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	30.0
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	0.4	0.9	—	—	—	0.0	0.3	0.0	0.0	0.0	0.0	1.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-6.2	16.9	-1.0	-0.2	—	-22.0	20.3	-0.0	-20.0	-1.1	-0.1	30.3
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	—	—	—	—	15.3	0.0	10.9	4.3	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	-5.7	-23.3	-45.3	-30.0	-15.0	-15.0	-40.0	-40.0	-20.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-100.2	25.3	-125.9	-0.9	-150.1	-199.8	-0.6	-12.1	-89.0	-150.5	-100.4	-0.7
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	-100.2	25.3	-125.9	-21.9	-158.1	-245.1	-19.7	-22.8	-104.0	-190.5	-140.4	-20.7
Net Cash Flow During the Period	26.3	7.4	130.9	-2.3	28.4	-173.9	122.5	9.0	32.6	-80.6	-30.1	57.4
Cash and Cash Equivalents at Beginning of Period	213.5	206.0	75.1	77.4	49.0	58.9	58.9	58.9	58.9	219.1	219.1	219.1
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	239.7	213.5	206.0	75.1	77.4	49.0	222.9	100.4	91.5	58.9	139.5	169.6

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SHP

What Is Changing

Drivers of SHP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▼

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow