SJ1

Nông nghiệp Hùng Hậu ·HNX ·2026Q1

▲ Slightly positive

Cash generation is recovering CFO/NPAT −74 bn, +62 bn YoY

Price

11,500

Latest close

27 May 2026

P/E 13.31x

P/B 0.79x

EPS 864

BVPS 14,511

ROE 6.0%

ROA 2.0%

Profit Margin 1.7%

Asset Turnover 1.23x

Equity Mult. 2.91x

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

What Is Changing

On a TTM 2026Q1 basis, SJ1 is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,254bn
	                                
+18.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 39bn
	                                
+14.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.49x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	2,407.2	1,537.9	1,396.8	1,331.8	1,160.9
Growth	+57%	+10%	+5%	+15%	—
Net Income	32.7	31.4	10.6	16.0	13.2
Net Margin	1.36%	2.04%	0.76%	1.20%	1.14%

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	532.0	616.4	610.8	494.3	693.0	401.9	382.7	422.5	330.8	430.1	294.1	404.6
Growth	-14%	+1%	+24%	-29%	+72%	+5%	-9%	+28%	-23%	+46%	-27%	—
Net Income	10.8	14.1	9.4	5.0	6.9	13.9	9.7	3.9	3.8	5.1	2.9	2.2
Net Margin	2.03%	2.29%	1.54%	1.01%	1.00%	3.46%	2.53%	0.91%	1.15%	1.19%	0.98%	0.54%

Drivers of SJ1's profit

TTM

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

Gross profit ↑ 55.3bn

Financial income ↑ 14.4bn

Administrative expenses ↑ 22.5bn

Finance costs ↑ 19.7bn

Selling expenses ↑ 11.4bn

Tax ↑ 8.7bn

TTM

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

Gross profit ↑ 17.4bn

Financial income ↑ 5.0bn

Finance costs ↑ 6.7bn

Other profit ↓ 5.2bn

Administrative expenses ↑ 2.6bn

Selling expenses ↑ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.0% = 1.8% × 1.27 × 3.06

2026Q1 6.2% = 1.7% × 1.23 × 2.91

ROE fell from 7.0% to 6.2% — leverage weakened the most.

Net margin: 1.7% -0.1pp Asset turnover: 1.23x -0.04x Leverage: 2.91x -0.15x

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 1.75%, 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 1.75% −0.1pp

Gross Margin 8.07% +1.4pp

SG&A / Revenue 3.95% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 2.51%, broadly flat versus the same period. That translates to 2.51 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.06x, while invested capital expanded strongly by 326bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 2.51% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.51% −0.1pp

NOPAT Margin 1.87% −0.0pp

Capital Turnover 1.34x −0.06x

Average Invested Capital 1,676.0bn +326.4bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.18x equity, net debt at 1.82x equity.

Inventory ended the period at 413.8bn, roughly 20.8% of total assets.

Over the last 12 months, working capital absorbed 58.0bn 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: −50.6bn

Inventories increased → lower CFO: −13.8bn

Payables increased → higher CFO: +6.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.4 days versus the same period last year. The main moves came from DIO fell 8.1 days, DSO rose 9.1 days, and DPO rose 0.5 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 95.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +9.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 42.7 days +9.1 days

Inventory 67.7 days −8.1 days

Payables 15.2 days +0.5 days

Cash Conversion Cycle 95.2 days +0.4 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.82x and interest coverage only at 0.86x.

At present, short-term debt accounts for 85.9% of total debt, cash equals 2.5% of debt, and total debt stands at 1,179.1bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.82x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.86x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.82x +0.33x

Interest Coverage 0.86x −0.02x

Cash / Debt 2.5% +0.7pp

Short-term Debt / Total Debt 85.9% −0.9pp

CFO / NI -0.49x +0.91x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -209.8bn in 2025, against investing cash flow of -253.5bn.

Post-investment cash flow was negative +463.3bn. Financing cash flow was positive +454.2bn.

CFO / net income was -0.49x.

After spending +55.1bn on fixed-asset investment, the business generated trailing free cash flow of −73.6bn.

Cash Conversion

CFO TTM 18.4bn +29.6bn

Cash Capex 55.1bn −31.9bn

FCF TTM −73.6bn +61.5bn

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 2.5%. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 30.8%. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 61.5bn 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: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,408.4	1,538.5	1,396.8	1,333.2	1,161.7
Revenue Deductions	1.2	0.6	0.1	1.4	0.0
Net Revenue	2,407.2	1,537.9	1,396.8	1,331.8	1,160.9
Cost of Goods Sold	2,243.4	1,417.2	1,298.0	1,245.5	0.0
Gross Profit	163.8	120.7	98.7	86.3	91.8
Financial Income	35.9	23.7	12.3	9.2	6.2
Financial Expenses	67.9	53.2	60.4	46.8	-41.7
Interest Expense	66.4	46.0	54.7	38.2	-38.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	35.0	23.0	13.2	17.9	-22.1
General and Administrative Expenses	49.3	26.7	19.6	19.1	-16.4
Operating Profit	47.5	41.5	17.7	11.7	17.8
Other Income	2.0	1.1	2.1	9.7	0.0
Other Expenses	0.9	2.9	0.7	1.2	0.0
Other Profit	1.2	-1.8	1.4	8.5	-1.0
Profit Before Tax	48.7	39.7	19.1	20.2	16.8
Current Income Tax Expense	16.4	8.5	8.4	4.1	-3.5
Deferred Income Tax Expense	-0.5	-0.2	0.1	0.1	0.0
Net Income	32.7	31.4	10.6	16.0	13.2
Non-controlling Interest	0.6	0.0	-0.1	0.0	0.0
Profit Attributable to Parent	32.1	31.4	10.7	16.0	13.2
Earnings per Share	729.00	1,295.00	443.00	692.00	597.20
Diluted EPS	738.77	700.00	456.18	682.59	597.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,165.9	768.5	720.5	672.3	635.6
I. Cash and cash equivalents	27.6	36.1	14.4	32.1	12.2
1. Cash	27.6	36.1	14.4	32.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	126.3	62.1	40.5	39.6	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	126.3	62.1	40.5	39.6	0.0
III. Short-term receivables	562.6	273.1	288.8	282.0	276.3
1. Short-term trade accounts receivable	297.2	115.2	170.7	249.7	0.0
2. Short-term prepayments to suppliers	16.9	85.4	44.0	4.7	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	199.5	59.6	57.0	0.0	0.0
6. Other short-term receivables	49.4	12.9	17.3	28.7	0.0
7. Provision for short-term doubtful debts (*)	-0.4	0.0	-0.1	-1.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	413.8	378.8	353.9	303.1	295.4
1. Inventories	413.8	378.8	353.9	303.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	35.6	18.4	22.8	15.5	12.3
1. Short-term prepayments	3.8	2.6	2.2	2.0	0.0
2. Value added tax to be reclaimed	31.7	15.7	20.6	13.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	825.7	573.2	435.8	337.5	343.4
I. Long-term receivables	32.5	9.2	2.2	3.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	7.2
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	32.5	9.2	2.2	3.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	699.3	243.1	249.0	246.5	253.4
1. Tangible fixed assets	481.9	141.0	146.9	139.1	138.7
- Cost	630.9	273.5	268.2	249.2	0.0
- Accumulated depreciation	-149.0	-132.4	-121.2	-110.1	0.0
2. Financial leased fixed assets	128.1	11.6	10.4	14.4	21.0
- Cost	137.1	14.4	11.9	18.3	0.0
- Accumulated depreciation	-9.0	-2.9	-1.5	-3.8	0.0
3. Intangible fixed assets	89.4	90.5	91.7	92.9	93.8
- Cost	102.3	102.3	102.3	102.3	0.0
- Accumulated depreciation	-13.0	-11.8	-10.6	-9.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	11.2	236.9	106.5	13.5	8.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	11.2	236.9	106.5	13.5	0.0
V. Long-term financial investments	31.3	30.8	32.0	32.5	32.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.9	0.9	0.0
3. Investments in other entities	31.3	30.8	30.8	31.3	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	0.2	0.2	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	51.3	53.2	46.1	41.3	0.0
1. Long-term prepayments	50.5	52.8	45.7	41.3	0.0
2. Deferred income tax assets	0.4	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	42.1
5. Goodwill	0.4	0.4	0.5	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,991.6	1,341.7	1,156.3	1,009.8	979.0
A. LIABILITIES (300=210+330)	1,366.0	979.1	826.2	703.2	684.4
I. Short -term liabilities	1,156.4	760.9	684.4	646.3	608.3
1. Short-term trade accounts payable	109.0	54.2	31.4	33.2	69.4
2. Short-term advances from customers	6.7	2.6	1.0	0.9	9.1
3. Taxes and other payables to state authorities	34.0	16.9	20.0	8.8	0.0
4. Payable to employees	8.1	6.3	4.6	3.5	0.0
5. Short-term acrrued expenses	0.2	0.0	0.0	0.0	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	8.8	0.0	0.0	0.1	0.1
9. Other short-term payables	5.3	4.0	9.6	6.5	0.0
10. Short-term borrowings and financial leases	984.3	676.8	617.8	593.4	510.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	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	209.5	218.3	141.8	56.8	76.1
1. Long-term trade payables	30.2	31.3	16.0	10.6	15.1
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	—	58.7	35.5	4.0	0.0
8. Long-term borrowings and financial leases	179.3	128.2	90.1	42.1	51.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.1	0.3	0.1	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)	625.7	362.6	330.1	306.6	294.6
I. Owner's equity	625.7	362.6	330.1	306.6	0.0
1. Owner's capital	434.7	234.9	234.9	234.9	294.6
- Common stock with voting right	434,727,160,000.00	234,851,540,000.00	234,851,540,000.00	234,851,540,000.00	221,560,600,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	106.1	46.4	46.4	46.4	46.4
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	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	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	5.0	5.0	5.0	5.0	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	35.7	32.7	13.4	20.3	21.6
- Accumulated retained earning at the end of the previous period	3.6	1.4	2.7	4.3	18.0
- Undistributed earnings in this period	32.1	31.4	10.7	16.0	3.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	44.2	43.6	30.4	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)	1,991.6	1,341.7	1,156.3	1,009.8	979.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	48.7	39.7	19.1	20.2	16.7
Depreciation of Fixed Assets and Investment Property	24.5	15.3	15.1	15.4	15.5
Provision (Increase)/Reversal	0.4	-0.1	-1.0	1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.2	-1.2	1.5	2.8	0.0
Gain/Loss from Investment Activities	-30.8	-17.1	-9.7	-4.2	0.0
Interest Expense	66.4	46.0	54.7	38.2	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	108.0	82.5	79.7	73.7	68.6
Increase/(Decrease) in Receivables	-219.8	51.7	64.7	24.5	0.0
Increase/(Decrease) in Inventory	-35.0	-24.9	-50.8	-36.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.4	75.3	71.5	-54.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.0	-7.5	-5.0	0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-66.4	-46.0	-54.7	-38.2	0.0
Corporate Income Tax Paid	—	-11.9	-3.5	-3.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.5	-0.4	0.0
Net Cash Flow from Operating Activities	-209.8	119.2	101.4	-33.8	-8.7
Payments for Fixed Assets and Other Long-term Assets	-57.4	-171.0	-125.4	-9.7	-30.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	1.0	5.0	4.8	11.1
Loans and Purchases of Debt Instruments	-473.3	-58.0	-105.2	-8.5	15.0
Receipts from Loan Repayments and Sale of Debt Instruments	270.1	34.0	48.3	2.0	0.0
Investments in Other Entities	-0.5	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.9	0.0	0.0	0.0
Dividends and Interest Income Received	6.1	15.6	1.2	0.9	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	-253.5	-177.5	-176.2	-10.4	-3.4
Proceeds from Equity Issuance and Capital Contributions	259,563,706,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,018.6	1,474.1	1,371.4	1,276.2	1,134.9
Repayment of Borrowings	-1,767.2	-1,378.7	-1,295.0	-1,195.2	-1,089.0
Repayment of Finance Leases	-28.6	-3.8	-5.4	-10.1	-8.6
Dividends Paid	-28.2	-11.7	-14.1	-0.0	-13.3
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	454.2	79.9	56.9	70.8	24.0
Net Cash Flow During the Period	-9.1	21.7	-17.9	26.5	9.1
Cash and Cash Equivalents at Beginning of Period	36.1	14.4	32.1	5.5	2.6
FX Difference from Revaluation	0.5	0.0	0.3	0.0	-0.0
Cash and Cash Equivalents at End of Period	27.6	36.1	14.4	32.1	12.2

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	534.7	616.6	611.8	494.3	693.0	402.1	382.7	422.5	331.2	430.1	294.1	404.6
Revenue Deductions	2.6	0.1	1.1	—	0.0	0.2	0.0	0.0	0.4	0.0	0.0	0.0
Net Revenue	532.0	616.4	610.8	494.3	693.0	401.9	382.7	422.5	330.8	430.1	294.1	404.6
Cost of Goods Sold	482.5	563.7	568.9	456.7	660.9	372.2	346.4	394.1	304.5	406.8	267.4	379.7
Gross Profit	49.5	52.7	41.9	37.6	32.1	29.6	36.4	28.4	26.3	23.3	26.6	24.9
Financial Income	9.3	7.3	11.2	11.0	4.3	10.5	4.6	5.1	3.2	6.7	2.2	1.0
Financial Expenses	19.6	17.0	19.6	14.5	13.0	12.1	13.4	12.5	14.9	16.5	16.9	14.8
Interest Expense	19.3	16.5	19.5	14.1	12.4	11.0	11.1	11.5	12.4	13.7	14.5	14.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.7	8.8	10.3	9.4	6.6	6.1	8.2	4.8	3.9	3.5	3.3	3.0
General and Administrative Expenses	10.4	10.6	10.8	20.0	7.8	6.4	5.8	9.3	5.3	4.2	5.1	5.1
Operating Profit	20.1	23.7	12.4	4.8	9.0	15.5	13.5	6.8	5.5	5.8	3.7	3.0
Other Income	0.1	0.0	0.1	1.7	0.2	0.7	0.0	0.2	0.2	1.7	0.0	0.2
Other Expenses	5.7	0.1	0.1	0.2	0.5	0.7	1.1	0.4	0.7	0.2	0.1	0.2
Other Profit	-5.6	-0.0	-0.0	1.6	-0.3	0.1	-1.1	-0.2	-0.6	1.6	-0.0	-0.1
Profit Before Tax	14.5	23.6	12.4	6.3	8.7	15.6	12.4	6.6	4.9	7.3	3.6	2.9
Current Income Tax Expense	3.7	9.8	3.1	1.5	2.0	1.9	2.7	2.7	1.1	2.2	0.7	0.7
Deferred Income Tax Expense	0.0	-0.2	-0.2	-0.1	-0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.8	14.1	9.4	5.0	6.9	13.9	9.7	3.9	3.8	5.1	2.9	2.2
Non-controlling Interest	0.1	1.1	0.7	-0.2	-0.1	0.1	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0
Profit Attributable to Parent	10.7	13.0	8.7	5.2	7.0	13.8	9.7	3.9	3.9	5.1	2.9	2.2
Earnings per Share	245.50	299.82	200.31	118.61	161.09	586.02	413.74	165.79	164.10	218.81	125.40	94.47
Diluted EPS	245.50	299.82	200.31	118.61	161.09	700.00	413.74	165.79	164.10	218.81	125.40	94.47

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)	1,132.3	1,157.6	1,086.5	1,061.5	1,125.5	768.4	768.0	797.0	751.9	720.4	743.9	712.7
I. Cash and cash equivalents	28.9	27.6	4.2	31.1	17.2	36.1	5.2	17.4	17.2	14.2	8.8	30.7
1. Cash	28.9	27.6	4.2	31.1	17.2	36.1	5.2	17.4	17.2	14.2	8.8	30.7
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	124.9	126.1	127.3	125.7	123.4	62.1	56.8	54.9	41.8	40.5	40.3	40.3
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	124.9	126.1	127.3	125.7	123.4	62.1	56.8	54.9	41.8	40.5	40.3	40.3
III. Short-term receivables	550.0	560.3	567.5	505.9	589.1	271.4	340.6	339.0	303.0	289.7	302.5	267.1
1. Short-term trade accounts receivable	363.0	294.9	243.8	157.5	164.6	115.2	170.4	206.9	185.8	171.2	205.5	195.6
2. Short-term prepayments to suppliers	9.5	17.1	70.9	97.8	134.7	85.4	68.1	54.4	49.4	45.4	46.8	45.8
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	127.0	199.5	210.7	221.6	267.1	59.6	67.9	70.1	65.5	57.0	47.8	0.0
6. Other short-term receivables	50.9	49.3	42.0	29.0	22.7	11.3	34.3	7.6	2.5	16.2	3.5	26.8
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	—	—	0.0	0.0	0.0	0.0	-0.1	-0.0	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	391.1	407.9	361.1	375.4	377.3	380.5	347.8	359.0	359.5	353.2	365.5	350.8
1. Inventories	391.1	407.9	361.1	375.4	377.3	380.5	347.8	359.0	359.5	353.2	365.5	350.8
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	37.4	35.7	26.4	23.4	18.5	18.2	17.5	26.6	30.3	22.8	26.7	23.7
1. Short-term prepayments	1.9	3.9	4.7	5.4	1.8	2.5	4.0	6.0	0.9	2.2	4.8	4.1
2. Value added tax to be reclaimed	35.4	31.7	21.7	17.9	16.7	15.7	13.4	20.5	29.3	20.6	21.9	19.5
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	824.6	825.5	768.5	695.2	583.9	573.2	545.3	529.4	524.6	435.1	431.8	400.8
I. Long-term receivables	31.9	32.5	33.5	30.5	10.0	9.2	2.6	2.5	2.5	2.2	2.2	3.5
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	31.9	32.5	33.5	30.5	10.0	9.2	2.6	2.5	2.5	2.2	2.2	3.5
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	696.6	699.3	642.6	479.4	241.5	243.1	246.1	246.2	245.5	247.8	237.8	239.6
1. Tangible fixed assets	481.8	481.3	422.3	294.4	136.6	141.0	143.6	143.4	143.6	145.7	135.0	134.2
- Cost	637.6	—	—	—	271.9	273.5	273.3	270.0	267.6	266.9	255.6	249.9
- Accumulated depreciation	-155.8	—	—	—	-135.3	-132.4	-129.7	-126.6	-124.0	-121.2	-120.6	-115.7
2. Financial leased fixed assets	125.8	128.7	130.7	95.1	14.6	11.6	11.7	11.7	10.5	10.4	10.8	13.1
- Cost	137.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	89.0	89.4	89.6	89.9	90.2	90.5	90.8	91.1	91.4	91.7	92.0	92.3
- Cost	102.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.3	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	14.4	11.2	11.1	103.0	249.2	236.9	211.4	203.7	199.5	106.5	115.0	80.5
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	14.4	11.2	11.1	103.0	249.2	236.9	211.4	203.7	199.5	106.5	115.0	80.5
V. Long-term financial investments	31.6	31.3	31.0	30.8	30.8	30.8	31.1	31.1	31.1	32.5	32.5	32.5
1. Investments in subsidiaries	—	—	—	—	0.0	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	0.9	0.9	0.9
3. Investments in other entities	31.6	31.3	31.0	30.8	30.8	30.8	30.8	30.8	30.8	31.3	31.3	31.3
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	50.0	51.2	50.4	51.5	52.5	53.2	54.1	45.9	45.6	45.7	43.8	44.2
1. Long-term prepayments	49.3	50.4	49.9	50.9	51.9	52.8	53.7	45.5	45.6	45.7	43.8	44.2
2. Deferred income tax assets	0.4	0.4	0.2	0.2	0.1	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	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.4	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.4	0.4	0.4	0.5	0.5	0.5	0.5
TOTAL ASSETS (280=100+200)	1,956.8	1,983.1	1,855.0	1,756.6	1,709.4	1,341.6	1,313.3	1,326.4	1,276.5	1,155.5	1,175.7	1,113.5
A. LIABILITIES (300=210+330)	1,326.0	1,356.9	1,243.0	1,123.5	1,080.4	979.1	953.0	975.8	929.4	817.8	844.0	771.4
I. Short -term liabilities	1,119.5	1,125.0	1,026.0	938.4	930.5	762.2	757.2	765.1	719.2	676.7	691.1	649.1
1. Short-term trade accounts payable	43.1	117.1	96.2	46.4	66.2	54.2	62.9	58.1	43.1	40.3	52.7	36.8
2. Short-term advances from customers	4.1	6.7	4.6	3.0	4.7	2.6	1.8	0.3	0.6	0.5	0.9	1.5
3. Taxes and other payables to state authorities	39.8	33.8	24.2	24.5	16.7	16.9	14.7	22.7	19.5	12.5	13.9	12.4
4. Payable to employees	7.6	8.1	7.2	7.3	6.2	6.3	5.5	5.8	4.5	4.6	4.3	4.3
5. Short-term acrrued expenses	1.3	0.2	1.2	0.1	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	5.5	—	3.0	—	0.0	0.0	0.0	0.0	0.0	0.0	8.2	0.1
9. Other short-term payables	5.3	5.0	4.7	5.4	4.5	4.0	8.7	12.7	11.0	9.6	9.5	9.5
10. Short-term borrowings and financial leases	1,012.7	954.1	885.0	851.7	832.1	678.1	663.5	665.4	640.5	609.2	601.8	584.6
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	206.5	231.9	216.9	185.1	149.9	216.9	195.9	210.7	210.3	141.2	152.9	122.3
1. Long-term trade payables	40.1	22.1	18.1	10.1	22.9	31.3	12.9	9.1	10.3	7.0	5.6	6.1
2. Long-term advances from customers	—	—	—	—	0.0	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	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	58.7	45.1	53.2	41.6	35.3	44.3	42.3
8. Long-term borrowings and financial leases	166.4	209.7	198.8	175.0	126.9	126.8	137.5	148.1	158.0	98.6	102.7	73.8
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.1	0.3	0.3	0.3	0.3	0.3	0.1
12. Provision for long-term liabilities	—	—	—	—	0.0	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	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	630.8	626.2	612.1	633.1	629.1	362.4	360.3	350.6	347.1	337.7	331.7	342.1
I. Owner's equity	630.8	626.2	612.1	633.1	629.1	362.4	360.3	350.6	347.1	337.7	331.7	342.1
1. Owner's capital	434.7	434.7	434.7	434.7	434.7	234.9	234.9	234.9	234.9	234.9	234.9	234.9
- Common stock with voting right	434,727,160,000.00	434,727,160,000.00	434,727,160,000.00	434,727,160,000.00	434,727,160,000.00	234,851,540,000.00	234,851,540,000.00	234,851,540,000.00	234,851,540,000.00	234,851,540,000.00	234,851,540,000.00	234,851,540,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	106.1	106.1	106.1	106.1	106.1	46.4	46.4	46.4	46.4	46.4	46.4	46.4
3. Convertible bond option	—	—	—	—	0.0	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
5. Treasury shares	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00	-10,100,000.00
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	40.7	36.2	23.1	44.0	39.8	32.6	30.6	20.9	17.3	21.0	15.0	25.3
- Accumulated retained earning at the end of the previous period	30.1	3.6	3.6	31.8	32.7	1.4	13.1	13.1	13.4	5.7	5.7	19.8
- Undistributed earnings in this period	10.7	32.6	19.6	12.2	7.0	31.2	17.5	7.8	4.0	15.3	9.3	5.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	44.3	44.2	43.1	43.3	43.5	43.6	43.4	43.5	43.5	30.4	30.5	30.5
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,956.8	1,983.1	1,855.0	1,756.6	1,709.4	1,341.6	1,313.3	1,326.4	1,276.5	1,155.5	1,175.7	1,113.5

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
Profit Before Tax	14.5	23.3	12.4	4.2	8.7	15.7	12.4	6.6	4.9	7.4	3.6	4.0
Depreciation of Fixed Assets and Investment Property	9.5	8.8	7.1	4.7	3.9	3.9	3.9	3.8	3.8	3.9	3.7	3.7
Provision (Increase)/Reversal	—	0.4	—	—	0.0	0.0	0.0	-0.1	0.0	-1.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.5	-0.6	0.2	-0.7	-0.1	-0.0	-1.7	2.8	-2.3	-0.4	2.4	-0.1
Gain/Loss from Investment Activities	-8.2	-7.8	-9.8	-12.0	-1.2	-8.9	-2.6	-4.9	-0.7	-7.7	-0.7	-1.1
Interest Expense	19.3	18.5	19.5	16.1	12.4	11.0	11.1	11.5	12.4	13.7	14.5	14.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	-30.5	-0.1	30.5
Operating Profit Before Changes in Working Capital	34.5	42.7	29.4	12.3	23.7	21.7	23.1	19.7	18.0	-14.6	23.5	51.2
Increase/(Decrease) in Receivables	61.5	-82.7	-40.8	11.3	-107.6	64.2	19.7	-20.1	-12.0	44.3	-22.3	36.6
Increase/(Decrease) in Inventory	22.8	-52.7	14.7	1.5	1.6	-31.0	11.2	0.5	-5.6	11.6	-14.4	4.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-56.2	39.2	40.3	-16.9	-60.2	24.3	-3.9	28.7	26.3	3.7	26.9	9.0
Increase/(Decrease) in Prepaid Expenses	3.1	0.2	1.8	-2.6	1.6	2.4	-6.2	-5.0	1.3	0.2	-1.2	-3.2
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-19.3	-19.4	-18.6	-16.1	-12.4	-11.0	-11.1	-11.5	-12.4	-13.7	-14.5	-14.2
Corporate Income Tax Paid	-8.5	—	—	—	0.0	0.0	-10.3	0.0	-1.6	-2.5	-1.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	-0.5	0.0
Net Cash Flow from Operating Activities	38.0	-72.7	26.7	-10.5	-153.3	70.5	22.4	12.3	14.0	29.1	-3.6	83.7
Payments for Fixed Assets and Other Long-term Assets	-9.9	-23.4	-24.9	3.0	-12.1	-35.5	-30.0	-9.4	-96.1	-15.3	-32.0	-11.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	-0.0	1.5	0.0	0.9	-0.9	0.9	0.2	-1.0	6.0	0.0
Loans and Purchases of Debt Instruments	-65.7	-56.4	-63.0	-61.0	-292.9	-14.5	-4.5	-24.1	-15.0	-56.7	-4.1	-43.7
Receipts from Loan Repayments and Sale of Debt Instruments	155.1	69.4	72.9	103.7	24.1	17.7	4.8	6.3	5.2	48.3	-20.5	20.5
Investments in Other Entities	-0.2	—	—	—	0.0	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	0.9	0.0	0.0	0.0
Dividends and Interest Income Received	2.7	-0.2	1.2	3.3	1.8	5.8	3.4	5.7	0.6	-0.8	1.6	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	81.9	-10.8	-14.1	50.6	-279.2	-25.5	-27.2	-20.6	-104.2	-25.6	-48.9	-35.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	498.6	565.2	475.0	460.2	518.2	381.4	336.6	370.7	385.4	371.3	314.4	360.5
Repayment of Borrowings	-611.7	-480.1	-449.7	-474.3	-363.0	-382.9	-343.0	-361.4	-291.4	-364.4	-273.4	-385.6
Repayment of Finance Leases	-6.0	21.6	-36.6	-12.4	-1.3	-0.9	-0.9	-1.1	-0.9	-5.1	3.5	-1.9
Dividends Paid	0.0	0.1	-28.3	-0.0	0.0	-11.7	0.0	-0.0	0.0	-0.1	-14.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-119.1	106.8	-39.6	-26.4	413.5	-14.1	-7.3	8.2	93.1	1.8	30.6	-27.0
Net Cash Flow During the Period	0.8	23.3	-27.0	13.6	-19.0	30.9	-12.0	-0.0	2.8	5.3	-21.9	21.7
Cash and Cash Equivalents at Beginning of Period	27.6	4.2	31.1	17.2	36.1	14.4	14.4	14.4	14.4	32.1	32.1	32.1
FX Difference from Revaluation	0.5	0.5	0.5	0.4	0.2	0.0	-0.2	0.2	-0.0	0.3	0.0	-0.4
Cash and Cash Equivalents at End of Period	28.9	27.6	4.2	31.1	17.2	36.1	5.2	17.4	17.2	14.4	8.8	30.7

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SJ1

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