STG

Kho vận Miền Nam ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.51%, +4.23pp YoY

Price

32,500

Latest close

04 Jun 2026

P/E 10.11x

P/B 1.15x

EPS 3,215

BVPS 28,194

ROE 12.1%

ROA 9.1%

Profit Margin 11.7%

Asset Turnover 0.78x

Equity Mult. 1.32x

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

What Is Changing

On a TTM 2026Q1 basis, STG has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,710bn
	                                
+6.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 339bn
	                                
+61.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,589.2	2,454.3	1,795.6	2,639.3	2,965.9
Growth	+5%	+37%	-32%	-11%	—
Net Income	312.0	203.8	150.7	253.6	244.3
Net Margin	12.05%	8.30%	8.39%	9.61%	8.24%

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	676.7	693.0	662.2	677.7	556.9	706.0	661.8	610.4	475.8	530.4	425.3	453.2
Growth	-2%	+5%	-2%	+22%	-21%	+7%	+8%	+28%	-10%	+25%	-6%	—
Net Income	83.8	82.0	87.0	86.0	57.0	49.3	57.7	45.9	45.7	41.6	45.0	83.0
Net Margin	12.38%	11.84%	13.13%	12.70%	10.23%	6.98%	8.72%	7.53%	9.60%	7.84%	10.59%	18.30%

Drivers of STG's profit

TTM

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

Gross profit ↑ 136.4bn

Associates income ↑ 25.1bn

Administrative expenses ↓ 16.7bn

Selling expenses ↑ 27.3bn

Minority interests ↑ 14.2bn

Finance costs ↑ 13.0bn

TTM

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

Gross profit ↑ 26.3bn

Associates income ↑ 5.3bn

Administrative expenses ↓ 4.1bn

Minority interests ↑ 4.5bn

Selling expenses ↑ 3.6bn

Finance costs ↑ 2.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.8% = 8.3% × 0.85 × 1.26

2026Q1 13.0% = 12.5% × 0.78 × 1.32

ROE rose from 8.8% to 13.0% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 12.5% +4.2pp Asset turnover: 0.78x -0.06x Leverage: 1.32x +0.06x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 12.51%, rising 4.2pp. The main driver is Gross margin rose 4.0pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.5pp and Other profit / Revenue fell 0.3pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 12.51% +4.2pp

Gross Margin 20.20% +4.0pp

SG&A / Revenue 9.15% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 6.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 13.23%, rising 3.3pp. That translates to 13.23 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.4pp, with capital turnover fell 0.18x; while invested capital expanded strongly by 508bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 13.23% +3.3pp

NOPAT Margin 12.41% +4.4pp

Capital Turnover 1.07x −0.18x

Average Invested Capital 2,540.9bn +507.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.35x equity, net debt at 0.02x equity.

Over the last 12 months, working capital absorbed 305.5bn 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: −358.1bn

Inventories increased → lower CFO: −2.9bn

Payables increased → higher CFO: +55.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 6.6 days versus the same period last year. The main moves came from DIO fell 1.5 days, DSO rose 10.9 days, and DPO rose 2.7 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +6.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +10.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 65.4 days +10.9 days

Inventory 7.2 days −1.5 days

Payables 24.0 days +2.7 days

Cash Conversion Cycle 48.6 days +6.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 266.4bn due to capex of 355.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 12.31x.

At present, short-term debt accounts for 20.1% of total debt, cash equals 88.1% of debt, and total debt stands at 545.9bn.

Leverage and liquidity trend

Net Debt / Equity 0.02x +0.11x

Interest Coverage 12.31x −1.09x

Cash / Debt 88.1% −126.0pp

Short-term Debt / Total Debt 20.1% −38.0pp

CFO / NI 0.28x −0.59x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 189.3bn in 2025, against investing cash flow of -441.0bn.

Post-investment cash flow was negative +251.8bn. Financing cash flow was positive +206.5bn.

CFO / net income was 0.28x.

After spending +355.4bn on fixed-asset investment, the business generated trailing free cash flow of −266.4bn.

Cash Conversion

CFO TTM 89.0bn −86.7bn

Cash Capex 355.4bn +44.9bn

FCF TTM −266.4bn −131.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.2 pp. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.51% after expanding 4.2pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 266.4bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,589.2	2,454.3	1,795.6	2,639.3	2,965.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,589.2	2,454.3	1,795.6	2,639.3	2,965.9
Cost of Goods Sold	2,068.2	2,060.4	1,507.3	2,187.3	0.0
Gross Profit	521.1	393.9	288.4	451.9	487.8
Financial Income	26.3	24.7	24.3	14.6	8.6
Financial Expenses	30.0	17.3	18.6	23.1	-18.7
Interest Expense	22.8	14.2	15.3	17.4	-15.3
Share of Associates and Joint Ventures	107.7	85.2	75.6	60.0	45.6
Selling Expenses	110.5	81.7	74.8	80.1	-91.8
General and Administrative Expenses	137.7	151.6	129.8	129.7	-134.2
Operating Profit	376.9	253.2	165.2	293.8	297.3
Other Income	9.6	19.6	67.5	16.7	0.0
Other Expenses	5.1	8.0	12.3	4.4	0.0
Other Profit	4.5	11.6	55.1	12.3	5.1
Profit Before Tax	381.3	264.8	220.4	306.1	302.4
Current Income Tax Expense	70.9	59.6	75.3	54.4	-58.1
Deferred Income Tax Expense	-1.5	1.4	-5.6	-1.9	0.0
Net Income	312.0	203.8	150.7	253.6	244.3
Non-controlling Interest	18.4	11.3	8.4	15.2	13.7
Profit Attributable to Parent	293.6	192.6	142.2	238.4	230.5
Earnings per Share	2,988.00	1,960.00	1,448.00	2,426.00	2,346.00
Diluted EPS	2,988.00	1,960.00	1,448.00	2,426.00	2,346.41

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,257.1	1,127.1	1,171.3	994.2	996.1
I. Cash and cash equivalents	462.6	507.9	606.9	347.4	276.3
1. Cash	138.0	108.8	140.3	144.4	0.0
2. Cash equivalents	324.6	399.1	466.5	203.0	0.0
II. Short-term financial investments	96.9	86.5	67.9	74.7	0.0
1. Available for sale securities	0.7	0.7	0.7	0.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.1	-0.1	0.0
3. Held to maturity investments	96.4	85.9	67.3	74.1	0.0
III. Short-term receivables	590.6	478.5	426.5	440.8	508.9
1. Short-term trade accounts receivable	471.9	412.1	333.8	331.6	0.0
2. Short-term prepayments to suppliers	65.4	36.1	53.1	58.0	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	150.8	129.7	111.4	112.4	0.0
7. Provision for short-term doubtful debts (*)	-97.6	-99.4	-71.9	-61.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	33.8	36.3	58.0	113.9	107.2
1. Inventories	34.5	36.3	58.0	114.1	0.0
2. Provision for decline in value of inventories	-0.7	0.0	0.0	-0.1	0.0
V. Other short-term assets	73.2	17.9	12.1	17.4	28.3
1. Short-term prepayments	7.4	6.4	9.0	6.5	0.0
2. Value added tax to be reclaimed	51.5	11.5	2.6	10.3	0.0
3. Taxes and other receivables from state authorities	14.4	0.0	0.6	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)	2,359.0	1,925.1	1,697.4	1,789.8	1,686.8
I. Long-term receivables	4.0	3.5	4.4	4.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	4.0	3.5	4.4	4.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,159.9	1,105.0	983.4	906.3	822.6
1. Tangible fixed assets	1,100.8	981.5	887.2	776.8	689.3
- Cost	2,548.1	2,274.3	2,001.5	1,794.4	0.0
- Accumulated depreciation	-1,447.3	-1,292.8	-1,114.2	-1,017.6	0.0
2. Financial leased fixed assets	12.9	74.4	64.5	69.6	74.8
- Cost	16.7	94.5	77.9	77.9	0.0
- Accumulated depreciation	-3.7	-20.1	-13.4	-8.2	0.0
3. Intangible fixed assets	46.1	49.0	31.7	59.9	58.5
- Cost	97.3	97.3	75.2	102.0	0.0
- Accumulated depreciation	-51.2	-48.2	-43.5	-42.1	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	199.9	149.3	79.9	246.6	187.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	199.9	149.3	79.9	246.6	0.0
V. Long-term financial investments	680.2	606.2	554.2	529.9	548.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	678.5	604.6	552.6	528.3	0.0
3. Investments in other entities	1.6	1.6	1.6	1.6	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	315.1	61.1	75.5	102.7	0.0
1. Long-term prepayments	296.1	33.5	36.2	52.8	0.0
2. Deferred income tax assets	15.8	14.2	15.6	16.0	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	124.4
5. Goodwill	3.2	13.4	23.7	33.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	3,616.1	3,052.2	2,868.7	2,784.0	2,682.9
A. LIABILITIES (300=210+330)	929.8	652.3	614.0	660.3	800.2
I. Short -term liabilities	538.3	526.5	481.0	484.6	570.9
1. Short-term trade accounts payable	123.1	127.5	122.0	135.0	215.6
2. Short-term advances from customers	17.8	3.4	29.6	4.8	19.8
3. Taxes and other payables to state authorities	39.4	26.1	50.7	21.9	0.0
4. Payable to employees	36.0	32.0	32.0	28.8	0.0
5. Short-term acrrued expenses	45.9	25.3	23.0	20.0	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	38.9	37.6	37.8	37.4	36.8
9. Other short-term payables	136.4	127.7	135.7	136.9	0.0
10. Short-term borrowings and financial leases	92.6	136.0	34.3	67.7	64.6
11. Provision for short-term liabilities	—	1.1	0.2	16.0	0.0
12.. Bonus and welfare fund	8.2	9.9	15.7	16.2	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	391.5	125.8	133.0	175.7	229.3
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	40.3	41.8	37.0	41.4	0.0
8. Long-term borrowings and financial leases	345.6	78.5	89.9	122.3	172.6
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	2.5	2.4	2.4	8.4	0.0
12. Provision for long-term liabilities	3.1	3.1	3.7	3.6	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,686.3	2,399.8	2,254.6	2,123.7	1,882.6
I. Owner's equity	2,686.3	2,399.8	2,254.6	2,123.7	0.0
1. Owner's capital	925.6	982.5	982.5	982.5	1,882.6
- Common stock with voting right	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00
- Preferred stock	-56,911,927,829.00	0.00	0.00	0.00	0.00
2. Share premium	-2.0	-2.0	-2.0	-2.0	-2.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	-54.5	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	5.2	2.8	2.8	2.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,628.3	1,344.2	1,155.0	1,028.9	802.4
- Accumulated retained earning at the end of the previous period	1,335.4	1,151.2	1,022.9	791.1	572.3
- Undistributed earnings in this period	292.9	193.0	132.1	237.7	230.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	129.2	126.8	116.3	111.5	96.9
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)	3,616.1	3,052.2	2,868.7	2,784.0	2,682.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	381.3	264.8	220.4	306.1	302.4
Depreciation of Fixed Assets and Investment Property	153.6	135.3	128.6	121.2	103.7
Provision (Increase)/Reversal	-2.1	27.8	-5.3	14.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.1	-1.7	1.2	1.3	0.0
Gain/Loss from Investment Activities	-125.4	-104.8	-146.4	-83.4	0.0
Interest Expense	22.8	14.2	15.3	17.4	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	-2.4	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	429.0	335.7	213.8	377.0	375.4
Increase/(Decrease) in Receivables	-179.7	114.0	2.5	68.2	0.0
Increase/(Decrease) in Inventory	1.8	21.7	56.1	-0.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.1	-302.2	5.8	-122.2	0.0
Increase/(Decrease) in Prepaid Expenses	-17.6	5.3	14.1	19.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-22.8	-14.2	-15.5	-20.4	0.0
Corporate Income Tax Paid	-55.4	-78.7	-49.9	-47.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.1	-7.4	-3.3	-3.1	0.0
Net Cash Flow from Operating Activities	189.3	74.2	223.6	271.1	259.9
Payments for Fixed Assets and Other Long-term Assets	-447.4	-165.4	-62.0	-261.9	-268.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	18.4	108.0	22.2	5.9
Loans and Purchases of Debt Instruments	-18.8	-34.2	-13.0	-10.6	-4.2
Receipts from Loan Repayments and Sale of Debt Instruments	8.4	15.6	19.4	15.9	5.5
Investments in Other Entities	-54.4	-101.2	-12.7	0.0	-6.4
Proceeds from Investments in Other Entities	—	0.0	3.0	0.0	0.0
Dividends and Interest Income Received	71.2	46.7	60.2	83.2	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	-441.0	-220.2	102.9	-151.2	-195.0
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	476.6	152.8	31.4	157.9	179.3
Repayment of Borrowings	-245.7	-93.9	-88.4	-194.3	-172.6
Repayment of Finance Leases	-8.8	-12.1	-10.2	-12.6	-35.9
Dividends Paid	-15.7	0.0	-0.1	-0.8	-10.2
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	206.5	46.8	-67.3	-49.8	-39.3
Net Cash Flow During the Period	-45.3	-99.2	259.2	70.1	15.5
Cash and Cash Equivalents at Beginning of Period	507.9	606.9	347.4	276.3	250.4
FX Difference from Revaluation	0.0	0.2	0.2	1.1	0.3
Cash and Cash Equivalents at End of Period	462.6	507.9	606.9	347.4	276.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	676.7	693.0	662.2	677.7	556.9	706.0	661.8	610.4	475.8	530.4	425.3	453.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	676.7	693.0	662.2	677.7	556.9	706.0	661.8	610.4	475.8	530.4	425.3	453.2
Cost of Goods Sold	548.5	541.2	522.8	549.8	455.1	586.9	559.7	522.6	391.5	438.6	335.3	405.5
Gross Profit	128.2	151.8	139.4	127.9	101.9	119.1	102.2	87.8	84.3	91.8	90.0	47.7
Financial Income	4.5	8.4	3.3	10.3	4.7	9.5	3.6	8.3	3.5	6.8	8.7	5.7
Financial Expenses	7.6	8.5	7.7	9.3	5.0	7.0	3.9	4.0	2.5	4.3	5.3	4.6
Interest Expense	7.4	7.7	6.6	5.0	3.9	5.8	2.4	3.6	2.3	4.0	2.9	4.0
Share of Associates and Joint Ventures	27.1	27.8	27.2	30.9	21.9	21.5	23.1	21.4	19.1	21.0	22.6	19.9
Selling Expenses	27.2	31.0	29.8	26.2	23.5	21.7	21.4	20.2	18.3	17.0	20.3	18.6
General and Administrative Expenses	26.4	44.6	31.6	31.2	30.5	61.1	26.9	31.9	31.5	34.0	31.4	29.2
Operating Profit	98.7	104.0	100.9	102.4	69.4	60.3	76.6	61.4	54.6	64.3	64.3	20.9
Other Income	0.1	0.8	6.4	0.6	1.9	9.3	6.9	1.8	2.1	19.0	0.5	79.3
Other Expenses	0.2	2.5	1.3	0.7	1.2	0.3	4.6	3.1	0.1	10.1	1.9	0.3
Other Profit	-0.1	-1.7	5.2	-0.1	0.7	8.9	2.3	-1.2	2.0	8.9	-1.4	79.0
Profit Before Tax	98.6	102.3	106.0	102.3	70.1	69.3	78.9	60.2	56.7	73.2	62.9	100.0
Current Income Tax Expense	15.1	21.8	19.0	16.3	13.1	19.2	15.7	14.0	10.7	31.2	18.4	16.9
Deferred Income Tax Expense	-0.3	-1.5	0.0	-0.1	0.0	0.9	5.5	0.3	0.3	0.4	-0.5	0.1
Net Income	83.8	82.0	87.0	86.0	57.0	49.3	57.7	45.9	45.7	41.6	45.0	83.0
Non-controlling Interest	5.0	5.2	4.9	7.8	0.5	2.5	3.3	2.5	2.6	2.3	2.5	5.1
Profit Attributable to Parent	78.8	76.8	82.1	78.2	56.5	46.8	54.4	43.4	43.1	39.3	42.6	77.9
Earnings per Share	802.00	782.00	835.00	796.00	575.00	476.00	991.00	443.00	438.00	399.00	434.00	793.00
Diluted EPS	802.00	782.00	835.00	796.00	575.00	1,910.00	991.00	443.00	438.00	399.00	434.00	793.00

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)	1,498.8	1,270.9	1,288.5	1,198.7	1,050.9	1,123.4	1,165.9	1,217.0	1,214.3	1,216.3	1,166.7	1,156.2
I. Cash and cash equivalents	480.8	458.0	502.0	427.9	394.5	507.9	495.3	494.7	596.2	573.3	512.1	444.8
1. Cash	90.2	138.0	362.0	134.9	129.1	108.8	99.7	140.7	110.0	140.3	159.1	126.8
2. Cash equivalents	390.6	320.0	140.0	293.0	265.4	399.1	395.5	354.0	486.2	433.0	353.0	318.0
II. Short-term financial investments	97.8	101.5	109.5	104.3	91.1	86.5	67.5	64.0	66.2	101.4	106.4	70.1
1. Available for sale securities	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
2. Provision for diminution in value of 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	-0.1
3. Held to maturity investments	97.2	101.0	109.0	103.7	90.5	85.9	66.9	63.4	65.6	100.9	105.9	69.5
III. Short-term receivables	815.7	598.6	575.7	564.1	496.1	477.2	531.4	568.8	479.1	444.8	440.3	514.3
1. Short-term trade accounts receivable	554.2	477.7	454.0	448.2	417.3	412.0	393.3	373.4	340.9	333.8	302.7	353.6
2. Short-term prepayments to suppliers	154.1	75.9	65.2	59.2	38.4	35.9	55.0	65.8	67.7	53.1	49.7	63.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	44.4	0.0	0.0	0.0	0.0
6. Other short-term receivables	194.8	142.7	154.6	156.2	139.1	128.1	156.0	158.9	141.5	124.5	150.1	158.9
7. Provision for short-term doubtful debts (*)	-87.4	-97.6	-98.0	-99.5	-98.8	-98.8	-72.9	-73.7	-71.0	-66.6	-62.2	-61.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	43.2	33.8	46.0	42.4	41.0	36.3	55.7	71.7	60.4	84.3	95.2	114.3
1. Inventories	43.9	34.5	46.0	42.4	41.0	36.3	55.7	71.7	60.4	84.3	95.2	114.4
2. Provision for decline in value of inventories	-0.7	-0.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
V. Other short-term assets	61.4	78.9	55.3	60.0	28.2	15.6	16.1	17.8	12.5	12.4	12.6	12.7
1. Short-term prepayments	9.1	6.8	8.8	10.6	7.2	6.4	7.2	9.6	9.5	9.3	7.6	9.1
2. Value added tax to be reclaimed	50.4	53.1	46.1	46.8	21.1	9.2	8.1	7.1	1.9	2.6	2.5	2.1
3. Taxes and other receivables from state authorities	1.9	19.0	0.3	2.7	0.0	0.0	0.8	1.1	1.1	0.6	2.5	1.5
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)	2,325.9	2,359.1	2,252.0	2,238.7	2,037.4	1,926.3	1,888.6	1,717.4	1,686.8	1,700.3	1,693.1	1,705.7
I. Long-term receivables	3.4	3.7	3.9	3.8	3.7	5.0	4.9	4.9	4.0	4.1	4.6	4.6
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	3.4	3.7	3.9	3.8	3.7	5.0	4.9	4.9	4.0	4.1	4.6	4.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	1,125.4	1,159.9	1,105.6	1,141.5	1,070.0	1,105.0	1,096.1	995.0	956.2	983.4	953.5	1,005.0
1. Tangible fixed assets	1,067.6	1,100.8	1,045.3	1,079.9	949.1	981.5	970.6	886.2	861.9	887.2	855.5	881.7
- Cost	2,549.1	—	—	—	—	2,274.3	2,240.3	2,050.6	2,004.5	2,001.5	1,946.2	1,946.9
- Accumulated depreciation	-1,481.5	—	—	—	—	-1,292.8	-1,269.7	-1,164.3	-1,142.6	-1,114.2	-1,090.6	-1,065.3
2. Financial leased fixed assets	12.4	12.9	13.5	14.1	72.6	74.4	76.3	78.2	63.2	64.5	65.7	67.0
- Cost	16.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	45.4	46.1	46.8	47.6	48.3	49.0	49.1	30.6	31.2	31.7	32.2	56.3
- Cost	97.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-52.0	—	—	—	—	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
- 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	204.0	199.9	190.5	181.5	296.0	149.3	121.0	69.4	87.4	79.9	128.3	108.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	204.0	199.9	190.5	181.5	296.0	149.3	121.0	69.4	87.4	79.9	128.3	108.2
V. Long-term financial investments	684.8	680.2	652.3	625.2	613.1	606.2	600.6	577.4	573.3	554.2	527.3	504.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	683.2	678.5	650.7	623.5	611.4	604.6	598.9	575.8	571.7	552.6	525.7	503.1
3. Investments in other entities	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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	308.3	315.4	299.7	286.7	54.7	60.9	66.1	70.6	44.7	55.0	53.1	54.4
1. Long-term prepayments	291.5	296.6	279.8	264.2	29.5	33.5	35.6	36.9	29.4	37.9	35.6	38.6
2. Deferred income tax assets	16.2	15.7	14.2	14.2	14.4	13.9	14.5	15.1	15.3	17.1	17.5	15.8
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	0.6	3.2	5.7	8.3	10.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	13.4	16.0	18.6	21.1	23.7	26.2	28.8
TOTAL ASSETS (280=100+200)	3,824.7	3,630.0	3,540.5	3,437.3	3,088.3	3,049.8	3,054.5	2,934.4	2,901.1	2,916.6	2,859.8	2,861.9
A. LIABILITIES (300=210+330)	1,054.5	943.5	933.5	901.6	631.5	655.2	708.5	591.4	600.8	627.0	611.6	631.7
I. Short -term liabilities	572.4	525.9	550.0	537.7	508.0	524.9	568.8	461.0	472.4	494.2	465.2	468.4
1. Short-term trade accounts payable	146.2	126.4	110.5	141.2	138.6	130.2	102.3	106.3	110.3	125.0	102.2	119.3
2. Short-term advances from customers	12.3	28.2	17.3	11.3	4.8	3.3	13.0	43.3	47.6	29.6	15.7	11.4
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	28.6	45.4	71.8	50.9	30.1	23.9	34.8	24.3	32.9	57.0	45.9	30.4
4. Payable to employees	22.8	36.0	28.6	24.5	26.3	32.0	26.9	23.8	17.6	20.8	14.4	15.2
5. Short-term acrrued expenses	71.0	44.1	73.5	49.3	28.3	25.3	51.7	38.1	36.8	34.2	49.5	46.9
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	37.7	38.9	45.7	36.9	37.8	37.6	37.6	36.8	37.6	37.8	42.4	36.9
9. Other short-term payables	136.3	132.2	126.2	129.3	126.5	125.4	157.7	139.1	146.5	139.7	142.0	141.6
10. Short-term borrowings and financial leases	109.8	66.5	66.6	83.9	107.0	136.0	133.8	33.6	28.1	34.3	36.1	31.6
11. Provision for short-term liabilities	—	—	—	—	—	1.4	0.3	0.3	0.3	0.0	0.9	17.5
12.. Bonus and welfare fund	6.8	8.2	9.8	10.4	8.6	9.9	10.6	15.3	14.7	15.7	16.1	17.6
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	482.1	417.6	383.5	363.9	123.5	130.3	139.7	130.4	128.3	132.8	146.4	163.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	40.3	40.3	40.6	40.7	40.7	41.0	42.3	35.1	35.2	36.8	38.4	40.1
8. Long-term borrowings and financial leases	436.0	371.7	337.4	317.5	77.2	78.5	86.9	89.6	87.2	89.9	101.9	111.2
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	2.6	2.4	2.4	2.4	2.4	7.7	7.4	2.4	2.4	2.4	2.4	8.4
12. Provision for long-term liabilities	3.1	3.1	3.1	3.2	3.1	3.1	3.1	3.3	3.5	3.7	3.6	3.6
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,770.1	2,686.5	2,607.0	2,535.7	2,456.8	2,394.6	2,346.0	2,343.0	2,300.3	2,289.6	2,248.2	2,230.2
I. Owner's equity	2,770.1	2,686.5	2,607.0	2,535.7	2,456.8	2,394.6	2,346.0	2,343.0	2,300.3	2,289.6	2,248.2	2,230.2
1. Owner's capital	982.5	982.5	982.5	982.5	982.5	982.5	982.5	982.5	982.5	982.5	982.5	982.5
- Common stock with voting right	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00	982,533,570,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	-56.9	-56.9	-54.5	-54.5	-54.5	-54.5	-54.5	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	5.2	5.2	5.2	5.2	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,707.1	1,628.5	1,551.8	1,469.7	1,400.7	1,339.3	1,293.1	1,238.9	1,198.1	1,188.7	1,148.9	1,131.2
- Accumulated retained earning at the end of the previous period	1,628.3	1,335.4	1,335.4	1,335.4	1,344.2	1,151.2	1,152.3	1,152.3	1,155.0	1,022.9	1,022.9	1,023.3
- Undistributed earnings in this period	78.8	293.1	216.4	134.4	56.5	188.1	140.8	86.6	43.1	165.8	126.1	107.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	134.2	129.2	124.0	134.8	127.2	126.4	124.0	120.7	118.9	117.6	115.9	115.7
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)	3,824.7	3,630.0	3,540.5	3,437.3	3,088.3	3,049.8	3,054.5	2,934.4	2,901.1	2,916.6	2,859.8	2,861.9

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	98.6	102.7	106.0	102.5	70.1	69.3	78.9	60.2	56.7	39.6	62.9	67.0
Depreciation of Fixed Assets and Investment Property	38.1	38.3	39.0	38.8	37.6	36.1	34.0	32.5	32.8	32.4	32.1	31.6
Provision (Increase)/Reversal	-10.2	0.3	-1.5	0.8	-1.7	26.9	-1.0	2.6	-0.9	9.0	-16.6	18.4
FX Gain/Loss from Revaluation of Monetary Items	—	-0.8	3.1	-1.3	—	-1.7	-0.9	1.1	-0.2	-0.5	1.8	-0.1
Gain/Loss from Investment Activities	-31.2	-33.1	-31.0	-35.1	-26.1	-28.9	-27.3	-25.8	-22.7	-30.7	-27.2	-73.2
Interest Expense	7.4	7.7	6.6	4.6	3.9	5.8	2.4	3.7	2.3	4.0	2.9	4.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	102.7	112.6	122.3	110.1	83.9	107.6	86.0	74.4	68.0	53.9	56.0	47.7
Increase/(Decrease) in Receivables	-177.5	-31.1	-30.8	-118.7	0.9	40.8	-101.6	-25.5	-46.1	-10.8	47.0	-68.4
Increase/(Decrease) in Inventory	-9.4	11.6	-3.6	-1.4	-4.7	19.4	16.0	-11.2	-2.5	37.3	19.2	12.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	37.9	-37.8	-7.7	63.1	20.5	-45.9	5.8	-10.6	17.7	12.4	3.1	-7.5
Increase/(Decrease) in Prepaid Expenses	66.2	-47.2	27.3	-0.9	3.2	3.1	13.9	-7.8	6.3	-1.9	4.5	6.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-7.0	-10.9	-5.6	-2.5	-3.9	-9.2	-1.1	-2.3	-1.6	-7.1	-0.1	-4.8
Corporate Income Tax Paid	-35.0	-15.7	-13.4	-4.4	-21.9	-19.4	-10.1	-16.8	-32.5	-12.6	-13.9	-7.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-1.6	-0.6	-0.5	-1.3	0.0	-5.9	-0.5	-1.0	-0.4	-2.0	-0.2
Net Cash Flow from Operating Activities	-23.6	-20.1	87.9	44.7	76.7	96.3	3.0	-0.3	8.4	70.8	113.9	-22.3
Payments for Fixed Assets and Other Long-term Assets	-68.4	-19.7	-19.2	-248.1	-160.5	-65.4	-22.3	-62.3	-15.4	-18.7	-23.2	27.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	—	—	2.3	0.1	18.4	0.0	-0.6	0.6	108.0
Loans and Purchases of Debt Instruments	-0.9	7.6	-7.8	-14.0	-4.6	0.0	-4.3	-44.2	-5.7	32.2	-10.6	-32.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.0	3.0	0.4	—	-19.0	42.7	4.5	7.4	5.9	4.2	5.8
Investments in Other Entities	—	—	—	—	—	-0.1	-81.0	-20.0	0.0	0.0	0.0	-12.7
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	3.0	0.0	0.0
Dividends and Interest Income Received	3.3	7.7	26.2	32.1	5.2	4.2	24.2	15.8	3.4	15.5	19.1	23.0
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	-65.9	-53.8	2.2	-229.5	-159.9	-78.0	-40.6	-87.9	-10.3	37.3	-9.9	118.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	138.6	101.0	46.7	307.8	21.1	38.7	57.1	11.8	0.0	-4.7	16.8	4.6
Repayment of Borrowings	-30.0	-2.4	-43.8	-88.4	-47.9	-41.1	-18.4	-19.4	-6.4	-6.5	-20.5	-20.2
Repayment of Finance Leases	-0.9	-0.9	-0.9	-3.5	-3.5	-3.5	-3.5	-2.6	-2.6	-2.6	-2.6	-2.6
Dividends Paid	—	0.0	-15.7	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	107.7	34.5	-13.7	215.9	-30.2	-5.9	35.2	-10.2	-8.9	-13.7	-6.3	-18.2
Net Cash Flow During the Period	18.2	-39.4	76.4	31.1	-113.4	12.4	-2.4	-98.3	-10.9	94.4	97.7	77.9
Cash and Cash Equivalents at Beginning of Period	462.6	502.0	427.5	394.5	507.9	606.9	606.9	606.9	606.9	347.4	347.4	347.4
FX Difference from Revaluation	—	0.0	—	1.9	—	0.2	0.4	-0.6	0.2	0.4	-0.4	0.1
Cash and Cash Equivalents at End of Period	480.8	462.6	502.0	427.5	394.5	507.9	495.3	497.3	596.2	606.9	512.1	414.8

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STG

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