SJE

Sông Đà 11 ·HNX ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 9.62%, +2.74pp YoY

Price

13,600

Latest close

03 Jun 2026

P/E 2.55x

P/B 0.37x

EPS 5,338

BVPS 36,736

ROE 12.3%

ROA 4.4%

Profit Margin 8.3%

Asset Turnover 0.52x

Equity Mult. 2.82x

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

What Is Changing

On a TTM 2026Q1 basis, SJE has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,768bn
	                                
−27.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 170bn
	                                
+1.5%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -6.55x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,671.9	2,359.7	696.2	907.4	710.5
Growth	-29%	+239%	-23%	+28%	—
Net Income	160.4	170.1	89.0	71.5	56.0
Net Margin	9.60%	7.21%	12.79%	7.88%	7.88%

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	306.2	420.2	357.0	684.9	209.7	695.8	598.1	934.0	165.4	267.0	135.5	152.8
Growth	-27%	+18%	-48%	+227%	-70%	+16%	-36%	+465%	-38%	+97%	-11%	—
Net Income	33.0	17.7	69.1	50.3	30.4	55.3	9.7	72.0	33.1	34.4	27.0	11.6
Net Margin	10.76%	4.21%	19.37%	7.34%	14.52%	7.95%	1.63%	7.71%	20.02%	12.89%	19.89%	7.57%

Drivers of SJE's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 30.1bn

Administrative expenses ↓ 14.3bn

Financial income ↑ 3.5bn

Finance costs ↑ 34.9bn

Tax ↑ 6.5bn

Other profit ↓ 3.3bn

TTM

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

Gross profit ↑ 24.9bn

Other profit ↑ 0.6bn

Finance costs ↑ 20.3bn

Tax ↑ 2.0bn

Administrative expenses ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.7% = 6.9% × 0.96 × 2.98

2026Q1 14.2% = 9.6% × 0.52 × 2.82

ROE fell from 19.7% to 14.2% — asset turnover weakened the most, though net margin still provided support.

Net margin: 9.6% +2.7pp Asset turnover: 0.52x -0.44x Leverage: 2.82x -0.16x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.62%, rising 2.7pp. Core operating signals are improving as Gross margin rose 7.3pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 3.4pp and Other profit / Revenue fell 0.2pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 9.62% +2.7pp

Gross Margin 22.22% +7.3pp

SG&A / Revenue 3.72% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 6.5% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 6.48%, losing 2.7pp. That translates to 6.48 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.68x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 854bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 6.48% −2.7pp

NOPAT Margin 9.81% +2.9pp

Capital Turnover 0.66x −0.68x

Average Invested Capital 2,677.2bn +853.8bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.87x equity, net debt at 1.32x equity.

Over the last 12 months, working capital absorbed 1,207.3bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −718.9bn

Inventories increased → lower CFO: −38.2bn

Payables decreased → lower CFO: −450.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 51.8 days versus the same period last year. The main moves came from DIO rose 8.5 days, DSO rose 71.0 days, and DPO rose 27.7 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 139.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +71.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 136.3 days +71.0 days

Inventory 71.5 days +8.5 days

Payables 68.2 days +27.7 days

Cash Conversion Cycle 139.7 days +51.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 972.8bn due to capex of 9.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.32x and interest coverage only at 1.38x.

At present, short-term debt accounts for 40.7% of total debt, cash equals 3.3% of debt, and total debt stands at 2,007.4bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.32x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.38x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.32x +0.21x

Interest Coverage 1.38x −0.34x

Cash / Debt 3.3% −5.1pp

Short-term Debt / Total Debt 40.7% −0.8pp

CFO / NI -6.55x −8.42x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -855.1bn in 2025, against investing cash flow of -289.8bn.

Post-investment cash flow was negative +1,144.9bn. Financing cash flow was positive +1,104.2bn.

CFO / net income was -6.55x.

After spending +9.1bn on fixed-asset investment, the business generated trailing free cash flow of −972.8bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 963.7bn −1,248.9bn

Cash Capex 9.1bn −3.5bn

FCF TTM −972.8bn −1,245.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.7 pp. The next item to monitor is capital efficiency, with ROIC at 6.5%. The main risk still sits in leverage and liquidity, with interest coverage at 1.38x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.62% after expanding 2.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.38x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,671.9	2,359.7	696.2	907.4	710.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,671.9	2,359.7	696.2	907.4	710.5
Cost of Goods Sold	1,304.4	2,001.9	466.6	667.2	0.0
Gross Profit	367.5	357.8	229.5	240.2	235.8
Financial Income	0.6	0.9	0.3	7.2	0.1
Financial Expenses	119.3	102.6	88.7	89.5	-96.7
Interest Expense	108.7	89.6	81.2	86.0	-94.6
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	66.8	76.9	32.5	85.9	-82.7
Operating Profit	182.0	179.1	108.6	72.0	56.6
Other Income	0.8	10.4	1.6	28.2	0.0
Other Expenses	5.2	7.9	11.6	14.0	0.0
Other Profit	-4.4	2.5	-10.0	14.2	5.9
Profit Before Tax	177.7	181.6	98.6	86.2	62.5
Current Income Tax Expense	13.6	8.5	5.9	10.4	-6.5
Deferred Income Tax Expense	3.6	3.0	3.6	4.4	0.0
Net Income	160.4	170.1	89.0	71.5	56.0
Non-controlling Interest	19.9	15.4	12.3	18.1	13.4
Profit Attributable to Parent	140.5	154.7	76.7	53.4	42.5
Earnings per Share	5,508.00	6,402.00	3,362.00	2,432.00	1,941.00
Diluted EPS	3,513.25	6,402.25	3,173.58	2,431.67	1,935.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,825.7	1,225.0	622.6	549.0	704.0
I. Cash and cash equivalents	74.5	115.2	72.7	66.4	84.8
1. Cash	56.1	97.7	61.5	64.2	0.0
2. Cash equivalents	18.4	17.6	11.2	2.1	0.0
II. Short-term financial investments	21.5	2.3	0.1	1.9	0.0
1. Available for sale securities	0.1	0.1	0.1	1.9	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	21.4	2.2	0.0	0.0	0.0
III. Short-term receivables	1,450.2	875.8	416.7	310.5	417.3
1. Short-term trade accounts receivable	901.5	773.9	336.8	313.9	0.0
2. Short-term prepayments to suppliers	148.5	66.5	45.0	19.5	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	8.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	478.4	111.7	101.0	64.4	0.0
7. Provision for short-term doubtful debts (*)	-86.3	-76.3	-66.1	-87.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	263.8	217.8	128.0	165.3	195.5
1. Inventories	263.8	217.8	128.0	165.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.7	14.0	5.1	5.0	4.6
1. Short-term prepayments	2.5	1.2	1.2	0.9	0.0
2. Value added tax to be reclaimed	13.1	12.5	3.6	3.5	0.0
3. Taxes and other receivables from state authorities	0.1	0.3	0.3	0.6	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,307.6	1,446.2	1,295.3	1,369.7	1,423.1
I. Long-term receivables	28.6	33.8	38.1	47.6	0.0
1. Long-term trade receivables	27.7	32.9	37.7	47.6	24.0
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	0.9	0.9	0.4	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,762.6	1,187.8	1,234.4	1,292.4	1,356.7
1. Tangible fixed assets	1,753.7	1,180.7	1,227.4	1,285.4	1,349.6
- Cost	2,596.8	1,841.9	1,835.2	1,834.8	0.0
- Accumulated depreciation	-843.1	-661.2	-607.9	-549.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8.9	7.1	7.1	7.1	7.1
- Cost	9.0	7.2	7.2	7.2	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	1.4	0.6	0.2	1.6	5.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	0.6	0.2	1.6	0.0
V. Long-term financial investments	471.4	207.4	1.8	0.0	2.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	376.6	205.6	0.0	0.0	0.0
3. Investments in other entities	94.8	1.8	1.8	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	43.6	16.7	20.8	28.0	0.0
1. Long-term prepayments	18.6	8.8	8.1	10.0	0.0
2. Deferred income tax assets	1.4	5.0	8.1	11.7	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	35.1
5. Goodwill	23.6	2.9	4.6	6.3	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,133.2	2,671.3	1,917.9	1,918.6	2,127.1
A. LIABILITIES (300=210+330)	2,691.3	1,765.2	1,166.6	1,236.8	1,468.1
I. Short -term liabilities	1,551.2	1,274.5	575.6	547.2	663.0
1. Short-term trade accounts payable	260.6	330.0	119.3	73.9	102.4
2. Short-term advances from customers	176.6	158.6	100.8	69.7	88.7
3. Taxes and other payables to state authorities	32.7	19.0	11.7	15.2	0.0
4. Payable to employees	8.1	14.2	19.4	13.0	0.0
5. Short-term acrrued expenses	70.6	29.2	31.3	23.2	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	1.8	1.8	1.8	1.8	36.6
9. Other short-term payables	28.8	30.3	29.0	35.0	0.0
10. Short-term borrowings and financial leases	959.6	689.4	259.4	314.4	326.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	12.4	2.1	3.0	1.0	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	1,140.1	490.6	591.0	689.7	805.1
1. Long-term trade payables	26.6	13.8	21.3	28.3	30.9
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	25.8	27.6	29.3	31.1	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,087.7	449.3	540.3	630.3	774.2
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)	1,441.9	906.1	751.3	681.8	659.0
I. Owner's equity	1,441.9	906.1	751.3	681.8	0.0
1. Owner's capital	400.0	241.7	241.7	219.7	659.0
- Common stock with voting right	400,000,000,000.00	241,687,110,000.00	241,687,110,000.00	219,718,260,000.00	219,718,260,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	118.4	71.2	71.2	71.2	71.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	20.0	20.0	20.0	20.0	20.0
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	328.6	203.5	203.5	203.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	20.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	228.3	259.5	109.7	60.0	42.3
- Accumulated retained earning at the end of the previous period	89.6	104.7	33.0	6.8	-0.2
- Undistributed earnings in this period	138.6	154.7	76.7	53.2	42.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	326.7	110.3	105.3	107.4	102.4
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)	4,133.2	2,671.3	1,917.9	1,918.6	2,127.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	177.7	181.6	98.6	86.2	0.0
Depreciation of Fixed Assets and Investment Property	62.4	61.4	62.0	62.8	0.0
Provision (Increase)/Reversal	10.0	10.3	-21.2	23.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.6	-2.1	0.1	-33.2	0.0
Interest Expense	108.7	89.6	81.2	86.0	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	358.0	340.7	220.7	224.9	0.0
Increase/(Decrease) in Receivables	-588.7	-501.7	-45.3	76.4	0.0
Increase/(Decrease) in Inventory	-46.1	-89.8	37.3	30.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-455.6	254.0	68.0	-59.4	0.0
Increase/(Decrease) in Prepaid Expenses	-11.1	4.0	1.6	0.9	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-103.9	-90.1	-81.1	-90.0	0.0
Corporate Income Tax Paid	-6.1	-7.3	-5.8	-9.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.6	-6.1	-3.9	-4.4	0.0
Net Cash Flow from Operating Activities	-855.1	-96.2	191.5	169.0	242.5
Payments for Fixed Assets and Other Long-term Assets	-7.3	-16.8	-4.1	-5.4	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	4.0	4.0	29.7	5.1
Loans and Purchases of Debt Instruments	-19.2	-2.2	0.0	0.0	-23.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	12.5
Investments in Other Entities	-267.6	-178.6	-27.0	-0.2	-2.2
Proceeds from Investments in Other Entities	3.6	0.0	0.0	9.5	0.0
Dividends and Interest Income Received	0.6	0.6	0.2	0.2	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	-289.8	-193.0	-26.8	33.8	-7.4
Proceeds from Equity Issuance and Capital Contributions	205,578,117,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2,174.8	1,385.7	610.9	365.7	354.9
Repayment of Borrowings	-1,266.1	-1,046.7	-755.9	-522.0	-487.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-10.0	-7.3	-13.3	-59.0	-10.5
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	1,104.2	331.6	-158.3	-215.3	-142.6
Net Cash Flow During the Period	-40.8	42.5	6.4	-12.4	48.8
Cash and Cash Equivalents at Beginning of Period	115.2	72.7	66.4	78.8	47.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	74.5	115.2	72.7	66.4	84.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	306.2	420.2	357.0	684.9	209.7	695.8	598.1	934.0	165.4	267.0	135.5	152.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	306.2	420.2	357.0	684.9	209.7	695.8	598.1	934.0	165.4	267.0	135.5	152.8
Cost of Goods Sold	212.3	327.8	242.2	593.1	140.7	587.1	536.6	810.4	101.3	210.2	78.0	89.6
Gross Profit	93.9	92.4	114.7	91.9	69.0	108.7	61.5	123.6	64.1	56.8	57.5	63.2
Financial Income	0.2	0.3	0.1	3.8	0.0	0.3	0.2	0.3	0.1	0.2	0.0	0.0
Financial Expenses	41.9	43.6	26.6	27.4	21.7	23.5	29.8	29.6	19.8	19.4	23.5	23.6
Interest Expense	40.7	40.1	24.0	23.8	19.9	0.0	0.0	24.5	18.0	17.8	20.3	22.4
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	14.8	25.1	11.8	14.1	13.9	26.5	18.6	21.1	11.1	-3.3	2.8	19.4
Operating Profit	37.4	24.1	76.5	54.1	33.5	59.1	13.3	73.2	33.4	40.9	31.3	20.1
Other Income	0.4	0.2	0.0	—	0.6	6.1	0.2	1.5	2.6	1.2	0.2	0.2
Other Expenses	0.4	2.5	0.2	1.3	1.2	6.7	0.8	0.2	0.2	3.8	2.2	6.5
Other Profit	-0.0	-2.2	-0.2	-1.3	-0.6	-0.6	-0.5	1.3	2.4	-2.6	-1.9	-6.4
Profit Before Tax	37.3	21.8	76.3	52.8	32.8	58.5	12.8	74.5	35.8	38.3	29.4	13.8
Current Income Tax Expense	3.5	3.2	6.2	1.6	1.5	2.9	2.1	1.6	1.7	1.8	1.5	1.3
Deferred Income Tax Expense	0.9	0.9	0.9	0.9	0.9	0.3	0.9	0.9	0.9	2.0	0.9	0.9
Net Income	33.0	17.7	69.1	50.3	30.4	55.3	9.7	72.0	33.1	34.4	27.0	11.6
Non-controlling Interest	—	11.7	8.6	2.7	0.8	4.3	7.0	2.6	1.5	4.6	5.5	1.1
Profit Attributable to Parent	33.0	6.0	60.5	47.6	29.6	51.0	2.7	69.4	31.6	29.8	21.5	10.5
Earnings per Share	823.78	38.00	2,506.00	1,970.00	1,226.00	2,112.00	113.00	2,872.00	1,308.00	1,263.00	918.00	476.00
Diluted EPS	823.78	149.66	2,505.23	1,970.17	1,225.70	2,111.89	113.42	2,872.18	1,308.07	1,235.01	889.58	476.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,727.7	1,827.5	1,422.4	1,364.8	994.2	1,222.5	1,406.5	1,428.6	1,076.4	596.8	500.0	511.4
I. Cash and cash equivalents	65.9	74.5	96.2	38.0	93.7	117.4	267.0	143.7	95.8	72.7	25.3	17.5
1. Cash	41.9	56.1	68.2	29.1	78.9	97.7	244.9	101.9	49.4	61.5	18.2	14.1
2. Cash equivalents	24.0	18.4	28.0	8.9	14.8	19.7	22.1	41.8	46.4	11.2	7.1	3.4
II. Short-term financial investments	24.4	21.4	2.8	12.9	2.3	0.1	0.1	0.1	0.1	0.1	0.1	1.9
1. Available for sale securities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	1.9
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	24.4	21.4	2.7	12.8	2.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,330.6	1,452.5	1,038.6	1,136.9	630.9	873.7	764.9	607.9	475.8	390.9	347.8	356.5
1. Short-term trade accounts receivable	750.8	901.5	813.5	997.9	509.5	772.0	534.6	396.1	292.6	337.7	316.2	347.0
2. Short-term prepayments to suppliers	246.9	148.5	173.9	91.0	79.3	66.5	171.1	153.5	160.9	45.0	42.3	28.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	8.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	419.1	478.9	127.4	124.2	118.4	110.7	127.6	124.5	87.4	73.3	74.4	75.4
7. Provision for short-term doubtful debts (*)	-86.3	-84.5	-76.2	-76.2	-76.2	-75.6	-68.3	-66.2	-65.2	-65.1	-85.1	-94.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	288.6	263.8	271.4	172.0	250.4	217.8	356.7	623.7	465.8	128.0	122.7	131.7
1. Inventories	288.6	263.8	271.4	172.0	250.4	217.8	356.7	623.7	465.8	128.0	122.7	131.7
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	18.3	15.2	13.5	5.0	16.9	13.6	17.8	53.4	39.0	5.2	4.1	3.8
1. Short-term prepayments	3.7	2.0	1.4	2.0	1.9	0.8	0.5	0.8	4.5	1.2	0.8	0.6
2. Value added tax to be reclaimed	14.6	13.1	12.0	3.1	14.8	12.5	16.8	52.1	34.0	3.6	3.0	2.9
3. Taxes and other receivables from state authorities	0.0	0.1	0.1	0.0	0.3	0.3	0.5	0.5	0.5	0.3	0.3	0.3
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,370.8	2,308.3	1,621.4	1,637.5	1,645.4	1,446.5	1,455.2	1,349.2	1,339.7	1,320.7	1,310.4	1,325.7
I. Long-term receivables	28.1	28.6	33.8	33.8	33.8	33.8	38.2	38.2	38.2	64.7	37.7	37.7
1. Long-term trade receivables	27.7	27.7	32.9	32.9	32.9	32.9	37.8	37.8	37.8	37.7	37.7	37.7
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	0.4	0.9	0.9	0.9	0.9	0.9	0.4	0.4	0.4	27.0	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	1,740.7	1,762.7	1,145.7	1,160.6	1,172.2	1,187.8	1,198.5	1,212.9	1,235.3	1,234.1	1,248.1	1,263.3
1. Tangible fixed assets	1,731.8	1,753.8	1,136.8	1,151.7	1,165.1	1,180.7	1,191.4	1,205.8	1,228.2	1,227.0	1,241.0	1,256.2
- Cost	2,596.4	—	—	—	—	1,841.9	1,836.2	1,835.2	1,848.1	1,834.8	1,835.6	1,836.0
- Accumulated depreciation	-864.6	—	—	—	—	-661.2	-644.8	-629.4	-620.0	-607.8	-594.6	-579.8
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	8.9	8.9	8.9	8.9	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
- Cost	9.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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	1.4	1.4	0.1	0.1	0.2	0.6	0.2	0.2	0.2	0.2	0.5	0.6
1. Long-term production in progress	—	—	—	—	—	0.6	0.2	0.0	0.2	0.0	0.0	0.0
2. Construction in progress	1.4	1.4	0.1	0.1	0.2	0.0	0.0	0.2	0.0	0.2	0.5	0.6
V. Long-term financial investments	559.6	471.4	431.4	431.4	423.9	207.4	201.4	78.9	46.4	1.8	1.8	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	464.8	376.6	336.6	429.6	422.1	205.6	199.6	77.1	44.6	0.0	0.0	0.0
3. Investments in other entities	94.8	94.8	94.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	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	41.1	44.3	10.4	11.7	15.3	17.0	16.9	18.9	15.5	15.3	17.3	18.6
1. Long-term prepayments	17.8	19.2	6.4	6.4	8.8	9.1	8.2	8.2	8.3	8.3	8.4	8.8
2. Deferred income tax assets	0.5	1.4	2.3	3.2	4.1	5.0	5.3	7.1	7.1	6.9	9.0	9.9
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	22.8	23.6	1.6	2.1	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	2.9	3.3	3.7	4.2	4.6	5.0	5.5
TOTAL ASSETS (280=100+200)	4,098.5	4,135.8	3,043.7	3,002.3	2,639.6	2,668.9	2,861.7	2,777.8	2,416.1	1,917.5	1,810.4	1,837.0
A. LIABILITIES (300=210+330)	2,629.1	2,688.5	2,007.3	2,032.9	1,717.1	1,763.2	2,008.4	1,935.9	1,642.0	1,167.2	1,094.2	1,146.9
I. Short -term liabilities	1,389.5	1,548.4	1,367.8	1,392.5	989.4	1,272.5	1,459.6	1,424.7	1,065.3	576.2	456.3	502.7
1. Short-term trade accounts payable	238.3	260.6	221.4	249.5	202.7	329.9	183.7	186.1	187.7	120.3	60.0	63.4
2. Short-term advances from customers	203.4	176.6	205.7	236.6	226.8	156.8	256.2	178.8	273.4	100.8	83.9	88.7
3. Dividends and profits payable	7.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	26.9	31.8	33.6	19.7	16.6	18.9	14.5	9.3	9.2	11.6	18.1	14.2
4. Payable to employees	5.7	8.1	6.8	8.3	5.1	14.2	15.5	21.0	12.7	19.4	12.1	19.5
5. Short-term acrrued expenses	61.6	68.2	70.2	59.7	33.6	29.2	78.9	66.1	36.8	31.4	22.4	20.8
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	1.3	1.8	1.9	1.8	1.3	1.8	1.3	1.2	1.3	1.8	1.3	1.8
9. Other short-term payables	16.1	29.3	27.7	28.5	27.0	30.3	27.3	30.8	39.6	28.6	29.7	31.4
10. Short-term borrowings and financial leases	817.9	959.6	787.6	775.4	463.1	689.3	878.3	926.2	499.1	259.4	225.2	258.5
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	11.5	12.4	12.8	13.0	13.3	2.1	3.9	5.2	5.7	3.0	3.6	4.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,239.6	1,140.1	639.4	640.4	727.7	490.7	548.8	511.2	576.7	591.0	637.9	644.2
1. Long-term trade payables	24.2	26.6	29.0	29.9	48.5	13.8	13.8	21.1	21.3	21.3	25.0	27.0
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	25.8	25.8	26.7	26.7	27.6	27.6	28.4	29.0	29.3	29.3	30.2	30.2
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	1,189.5	1,087.7	583.8	583.8	651.7	449.4	506.5	461.1	526.1	540.3	582.7	587.0
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)	1,469.5	1,447.2	1,036.5	969.5	922.4	905.7	853.3	841.9	774.0	750.3	716.2	690.1
I. Owner's equity	1,469.5	1,447.2	1,036.5	969.5	922.4	905.7	853.3	841.9	774.0	750.3	716.2	690.1
1. Owner's capital	400.0	400.0	241.7	241.7	241.7	241.7	241.7	241.7	241.7	241.7	241.7	219.7
- Common stock with voting right	400,000,000,000.00	400,000,000,000.00	241,687,110,000.00	241,687,110,000.00	241,687,110,000.00	241,687,110,000.00	241,687,110,000.00	241,687,110,000.00	241,687,110,000.00	241,687,110,000.00	241,687,110,000.00	219,718,260,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	118.4	118.4	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
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	328.6	328.6	328.6	328.6	328.6	203.5	203.5	203.5	203.5	203.5	203.5	203.5
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	20.0	20.0	20.0	20.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	257.2	221.7	238.8	180.4	132.9	259.3	208.2	206.6	136.9	108.7	78.8	80.2
- Accumulated retained earning at the end of the previous period	227.3	79.7	102.8	103.2	103.3	104.7	104.7	105.5	105.3	33.0	33.0	55.0
- Undistributed earnings in this period	29.9	142.0	136.0	77.2	29.6	154.6	103.5	101.0	31.6	75.7	45.9	25.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	325.2	338.5	116.2	107.7	108.1	110.1	108.7	99.0	100.8	105.3	101.0	95.6
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)	4,098.5	4,135.8	3,043.7	3,002.3	2,639.6	2,668.9	2,861.7	2,777.8	2,416.1	1,917.5	1,810.4	1,837.0

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	37.3	17.5	76.3	51.0	32.8	58.5	12.8	74.2	35.8	38.1	29.4	12.9
Depreciation of Fixed Assets and Investment Property	22.2	15.9	15.2	15.2	16.1	16.7	15.3	15.0	14.4	14.7	15.3	16.6
Provision (Increase)/Reversal	-0.0	10.1	-0.0	-0.0	-0.1	7.3	2.2	1.0	-0.9	-19.1	-9.3	7.2
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	-0.2	-0.3	-0.0	-0.8	0.5	0.4	-0.2	-1.5	-0.5	2.6	-2.8	2.4
Interest Expense	40.7	41.8	24.0	23.0	19.9	22.5	25.2	24.5	18.0	17.4	20.3	22.4
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	100.0	85.0	115.4	88.4	69.2	105.4	55.3	113.2	66.8	53.7	52.9	61.6
Increase/(Decrease) in Receivables	112.5	-430.7	90.7	-491.3	242.6	-130.8	-151.4	-150.5	-87.7	-21.5	19.3	-59.3
Increase/(Decrease) in Inventory	-24.7	7.5	-99.3	78.3	-32.6	138.9	297.0	-187.9	-337.8	-5.2	8.9	10.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.6	-452.3	-43.4	69.0	-28.9	-1.8	53.4	-4.4	203.9	78.6	-5.7	11.2
Increase/(Decrease) in Prepaid Expenses	-0.3	-13.3	0.0	1.4	0.7	-1.1	0.3	3.7	-3.4	-0.2	-0.6	0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-40.2	-35.9	-26.7	-19.1	-22.3	-23.3	-24.8	-24.1	-19.1	-15.8	-23.5	-20.2
Corporate Income Tax Paid	-5.7	-0.6	-0.4	-1.5	-3.7	-1.7	-1.4	-1.5	-2.6	-1.6	-0.9	-1.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.0	0.3
Other Operating Payments	-1.6	-1.0	0.0	-0.4	-0.2	-1.0	-1.1	-0.1	-2.7	-0.6	-2.2	3.7
Net Cash Flow from Operating Activities	116.3	-841.3	36.4	-275.1	224.9	84.7	227.3	-251.8	-182.5	87.0	48.2	7.4
Payments for Fixed Assets and Other Long-term Assets	-2.1	-3.4	-0.3	-3.3	-0.3	-6.4	-0.7	-5.3	-4.3	-2.1	-0.0	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	—	—	—	—	0.8	0.0	1.2	1.9	0.7	-0.2	3.3
Loans and Purchases of Debt Instruments	9.1	-18.7	0.0	-0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	4.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-6.0
Investments in Other Entities	-88.2	—	—	—	—	21.0	-96.4	-58.5	-17.6	-27.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	3.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.3	0.2	0.0	0.0	0.0	0.2	0.3	0.1	0.1	0.0	0.0
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	-80.9	-61.7	-0.1	-11.3	-216.8	15.4	-96.9	-62.3	-19.9	-28.3	-0.2	0.1
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	286.2	928.2	163.3	385.4	697.9	101.0	206.6	683.4	380.4	230.4	270.0	74.5
Repayment of Borrowings	-326.0	-252.3	-151.1	-140.9	-721.8	-350.8	-206.5	-321.3	-154.9	-238.5	-307.6	-120.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-4.1	-0.2	-0.5	-3.6	-5.8	-0.0	-7.2	-0.1	0.0	-3.1	-2.7	-4.8
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	-44.0	881.3	11.7	240.9	-29.7	-249.7	-7.1	362.1	225.4	-11.2	-40.3	-51.1
Net Cash Flow During the Period	-8.6	-21.7	48.0	-45.5	-21.6	-149.6	123.3	47.9	23.0	47.5	7.8	-43.6
Cash and Cash Equivalents at Beginning of Period	74.5	96.2	48.2	93.7	115.2	72.7	72.7	72.7	72.7	66.4	66.4	66.4
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	65.9	74.5	96.2	48.2	93.7	117.4	267.0	143.7	95.8	72.7	25.3	17.5

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SJE

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