SVI

Bao bì Biên Hòa ·HOSE ·2024Q4

▼▼ Declining sharply

Margins remain under pressure Net margin 5.04%, −3.75pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 5,917

BVPS 67,978

ROE 8.9%

ROA 5.9%

Profit Margin 5.0%

Asset Turnover 1.17x

Equity Mult. 1.51x

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

What Is Changing

On a TTM 2024Q4 basis, SVI is retaining some revenue, but margins are collapsing sharply — profit is at an all-time high. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,506bn
	                                
+0.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 76bn
	                                
−42.7%YoY

Metric	2024	2023	2022	2021	2020
Revenue	1,506.0	1,505.5	1,878.1	1,837.2	1,687.4
Growth	+0%	-20%	+2%	+9%	—
Net Income	75.9	132.4	116.6	92.1	146.3
Net Margin	5.04%	8.80%	6.21%	5.01%	8.67%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	420.5	374.5	354.4	356.6	410.5	359.0	387.1	349.0	424.7	462.6	514.5	476.3
Growth	+12%	+6%	-1%	-13%	+14%	-7%	+11%	-18%	-8%	-10%	+8%	—
Net Income	27.8	14.0	13.1	21.0	32.9	31.2	38.5	29.8	33.3	22.7	32.5	28.0
Net Margin	6.62%	3.75%	3.70%	5.88%	8.02%	8.69%	9.94%	8.55%	7.84%	4.92%	6.33%	5.88%

Drivers of SVI's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 11.3bn

Gross profit ↓ 42.4bn

Selling expenses ↑ 23.8bn

Financial income ↓ 6.5bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 4.2bn

Selling expenses ↑ 4.6bn

Finance costs ↑ 1.9bn

Other profit ↓ 1.3bn

Tax ↑ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q4 17.0% = 8.8% × 1.23 × 1.57

2024Q4 8.9% = 5.0% × 1.17 × 1.51

ROE fell from 17.0% to 8.9% — all three components weakened, with asset turnover being the main drag.

Net margin: 5.0% -3.8pp Asset turnover: 1.17x -0.06x Leverage: 1.51x -0.05x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 5.04%, losing 3.8pp. The main pressure comes from Gross margin fell 2.8pp and SG&A / Revenue rose 1.4pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.4pp remained a drag).

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

Profitability trend

Net Margin 5.04% −3.8pp

Gross Margin 14.52% −2.8pp

SG&A / Revenue 9.19% +1.4pp

TTM YoY · 2023Q4 -> 2024Q4

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 8.56%, losing 8.0pp. That translates to 8.56 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.8pp and capital turnover fell 0.18x, while invested capital rose by 84bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 8.56% −8.0pp

NOPAT Margin 5.04% −3.8pp

Capital Turnover 1.70x −0.18x

Average Invested Capital 887.0bn +83.5bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.55x equity, net debt at 0.10x equity.

Over the last 12 months, working capital absorbed 37.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −25.7bn

Inventories decreased → higher CFO: +21.3bn

Payables decreased → lower CFO: −33.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.4 days versus the same period last year. The main moves came from DIO fell 7.1 days, DSO fell 0.1 days, and DPO fell 4.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 79.3 days −0.1 days

Inventory 41.6 days −7.1 days

Payables 82.9 days −4.8 days

Cash Conversion Cycle 38.0 days −2.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 2.8bn due to capex of 52.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 18.55x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 37.1% of debt, and total debt stands at 145.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.10x +0.13x

Interest Coverage 18.55x −7.86x

Cash / Debt 37.1% −120.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.65x −0.81x

TTM YoY · 2023Q4 -> 2024Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 51.9bn in 2024, against investing cash flow of -129.3bn.

Post-investment cash flow was negative +77.5bn. Financing cash flow was positive +78.1bn.

CFO / net income was 0.65x.

After spending +52.1bn on fixed-asset investment, the business generated trailing free cash flow of −2.8bn.

Cash Conversion

CFO TTM 49.3bn −144.3bn

Cash Capex 52.1bn +36.5bn

FCF TTM −2.8bn −180.8bn

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 next item to monitor is the earnings mix, when non-core contribution is 18.6%. The main risk still sits in core profitability, with net margin down 3.8 pp.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.6% of PBT and CFO / net income currently at 0.65x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 5.04% after a 3.8pp decline versus the same period last year.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	1,506.9	1,507.5	1,880.1	1,839.1	1,687.8
Revenue Deductions	0.9	2.0	2.1	0.0	0.0
Net Revenue	1,506.0	1,505.5	1,878.1	1,837.2	1,687.4
Cost of Goods Sold	1,287.3	1,244.5	1,611.2	0.0	0.0
Gross Profit	218.6	261.0	266.9	232.5	292.5
Financial Income	23.7	30.3	15.3	8.8	5.5
Financial Expenses	5.3	6.3	5.5	-6.3	-10.6
Interest Expense	4.0	5.8	5.2	-6.0	-10.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0	-0.0
Selling Expenses	95.8	72.0	82.9	-79.7	-74.2
General and Administrative Expenses	42.5	45.8	43.5	-40.5	-30.0
Operating Profit	98.7	167.2	150.3	114.9	183.1
Other Income	1.1	0.6	1.7	0.0	0.0
Other Expenses	1.0	1.0	3.6	0.0	0.0
Other Profit	0.1	-0.4	-1.9	0.4	0.1
Profit Before Tax	98.8	166.8	148.4	115.3	183.1
Current Income Tax Expense	23.1	34.5	31.5	-23.2	-36.9
Deferred Income Tax Expense	-0.3	-0.1	0.3	0.0	0.0
Net Income	75.9	132.4	116.6	92.1	146.3
Non-controlling Interest	0.0	0.0	0.0	-0.0	-0.0
Profit Attributable to Parent	75.9	132.4	116.6	92.1	146.3
Earnings per Share	5,918.00	10,319.00	9,086.00	6,688.00	10,032.00
Diluted EPS	5,917.54	10,319.00	9,085.80	7,178.64	11,400.43

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,047.4	943.1	918.7	848.2	738.4
I. Cash and cash equivalents	53.8	53.0	72.5	64.9	32.8
1. Cash	53.8	53.0	72.5	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	507.1	411.0	321.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	507.1	411.0	321.0	0.0	0.0
III. Short-term receivables	349.9	321.2	349.0	432.5	410.5
1. Short-term trade accounts receivable	343.2	311.3	344.1	0.0	0.0
2. Short-term prepayments to suppliers	1.7	6.6	1.8	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.7	4.0	4.4	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-1.3	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	134.0	156.6	172.6	214.1	142.4
1. Inventories	136.0	157.4	174.8	0.0	0.0
2. Provision for decline in value of inventories	-2.0	-0.8	-2.2	0.0	0.0
V. Other short-term assets	2.6	1.4	3.5	2.2	2.2
1. Short-term prepayments	2.6	1.4	3.5	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	306.3	281.2	299.9	311.9	350.6
I. Long-term receivables	0.1	0.1	0.1	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.1	0.1
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	0.1	0.1	0.1	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	136.5	138.7	162.0	166.0	201.2
1. Tangible fixed assets	136.4	138.6	161.9	165.6	200.5
- Cost	699.8	674.1	661.3	0.0	0.0
- Accumulated depreciation	-563.4	-535.5	-499.5	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.2	0.4	0.7
- Cost	3.0	3.0	3.0	0.0	0.0
- Accumulated depreciation	-3.0	-3.0	-2.8	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	43.5	12.9	6.6	10.3	10.1
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	43.5	12.9	6.6	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	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
VI. Other long-term assets	126.1	129.5	131.2	0.0	0.0
1. Long-term prepayments	123.4	127.1	128.8	0.0	0.0
2. Deferred income tax assets	2.7	2.5	2.3	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	135.5	139.3
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,353.6	1,224.3	1,218.6	1,160.0	1,089.0
A. LIABILITIES (300=210+330)	481.3	394.6	491.2	526.2	522.0
I. Short -term liabilities	475.2	388.9	485.3	513.0	489.6
1. Short-term trade accounts payable	282.1	302.4	295.7	345.8	247.0
2. Short-term advances from customers	0.1	0.0	0.1	0.1	0.1
3. Taxes and other payables to state authorities	12.8	10.9	12.7	0.0	0.0
4. Payable to employees	11.2	10.6	9.4	0.0	0.0
5. Short-term acrrued expenses	21.5	27.6	25.0	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.4	3.7	0.5	0.0	0.0
10. Short-term borrowings and financial leases	145.1	33.6	141.7	115.4	172.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.3	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	6.1	5.7	5.9	13.2	32.3
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	23.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	6.1	5.7	5.9	0.0	0.0
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	872.3	829.7	727.4	633.9	567.1
I. Owner's equity	872.3	829.7	727.4	0.0	0.0
1. Owner's capital	128.3	128.3	128.3	633.9	567.1
- Common stock with voting right	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.6	0.6	0.6	0.6	0.6
3. Convertible bond option	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
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	153.6	153.6	153.6	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	589.8	547.2	444.8	351.3	284.5
- Accumulated retained earning at the end of the previous period	513.8	414.8	328.2	259.2	210.7
- Undistributed earnings in this period	75.9	132.4	116.6	92.1	73.8
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,353.6	1,224.3	1,218.6	1,160.0	1,089.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	98.8	166.8	148.4	115.3	183.1
Depreciation of Fixed Assets and Investment Property	28.8	36.4	43.3	44.0	40.2
Provision (Increase)/Reversal	1.9	-1.7	2.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.2	-0.1	0.0	0.0
Gain/Loss from Investment Activities	0.0	-29.9	-13.2	0.0	0.0
Interest Expense	4.0	5.8	5.2	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	-0.1	0.0	0.0	0.0	0.0
Interest Income and Dividends	-22.9	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	110.4	177.5	185.7	161.3	230.9
Increase/(Decrease) in Receivables	-33.3	34.1	88.3	0.0	0.0
Increase/(Decrease) in Inventory	21.3	17.4	39.3	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.1	3.5	-60.4	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.5	3.9	2.4	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-5.8	-5.4	0.0	0.0
Corporate Income Tax Paid	-22.1	-36.7	-30.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	-0.3	-2.5	0.0	0.0
Net Cash Flow from Operating Activities	51.9	193.7	217.5	120.6	117.3
Payments for Fixed Assets and Other Long-term Assets	-54.7	-15.6	-39.1	-8.2	-64.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.6	0.1	0.6
Loans and Purchases of Debt Instruments	0.0	-563.4	-396.8	-255.5	-128.5
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	473.4	210.3	271.5	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	21.3	30.4	11.8	0.0	0.0
Increase/(Decrease) in Term Deposits	-96.1	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-129.3	-75.2	-213.2	17.2	-188.8
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	508.8	347.0	601.1	788.3	799.6
Repayment of Borrowings	-397.3	-455.1	-574.7	-868.3	-753.4
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-33.4	-30.0	-23.1	-25.7	-25.7
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	78.1	-138.2	3.2	-105.7	20.5
Net Cash Flow During the Period	0.7	-19.7	7.5	18.1	23.2
Cash and Cash Equivalents at Beginning of Period	53.0	72.5	64.9	32.8	84.0
FX Difference from Revaluation	0.2	0.1	0.2	-0.1	-0.1
Cash and Cash Equivalents at End of Period	53.8	53.0	72.5	64.9	32.8

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	420.8	374.7	354.6	356.8	410.8	359.4	387.5	349.8	425.3	462.8	515.1	476.9
Revenue Deductions	0.3	0.2	0.2	0.2	0.4	0.4	0.4	0.9	0.6	0.2	0.6	0.6
Net Revenue	420.5	374.5	354.4	356.6	410.5	359.0	387.1	349.0	424.7	462.6	514.5	476.3
Cost of Goods Sold	354.0	326.4	304.6	302.3	343.4	300.1	313.7	287.2	350.0	402.1	444.9	414.2
Gross Profit	66.5	48.1	49.8	54.3	67.0	58.9	73.3	61.8	74.8	60.5	69.5	62.1
Financial Income	6.4	5.8	5.5	6.1	6.4	7.5	8.8	7.5	5.4	4.1	3.4	2.3
Financial Expenses	2.4	0.8	1.5	0.6	0.5	0.6	1.8	3.4	1.7	1.9	1.3	0.7
Interest Expense	1.4	1.2	0.8	0.7	0.2	0.6	1.8	3.2	1.6	1.8	1.1	0.6
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	24.2	23.7	24.3	23.6	19.7	16.6	18.3	17.5	20.4	21.4	21.4	19.7
General and Administrative Expenses	8.0	12.0	11.4	11.2	12.2	10.2	12.5	10.9	13.0	11.5	9.8	9.2
Operating Profit	38.2	17.5	18.2	24.9	41.0	39.0	49.6	37.6	45.2	29.8	40.4	34.9
Other Income	-1.0	0.3	0.2	1.7	0.2	0.2	0.1	0.1	0.7	0.3	0.5	0.3
Other Expenses	0.4	0.1	0.2	0.4	0.4	0.1	0.2	0.3	2.4	1.0	0.1	0.1
Other Profit	-1.4	0.2	-0.0	1.3	-0.2	0.0	-0.0	-0.2	-1.8	-0.7	0.4	0.2
Profit Before Tax	36.7	17.6	18.2	26.2	40.8	39.0	49.6	37.3	43.4	29.1	40.8	35.1
Current Income Tax Expense	9.1	3.6	5.2	5.2	8.0	7.8	11.1	7.5	10.3	7.4	8.2	5.6
Deferred Income Tax Expense	-0.2	0.0	-0.1	0.0	-0.1	0.0	0.0	0.0	-0.2	-1.0	0.0	1.5
Net Income	27.8	14.0	13.1	21.0	32.9	31.2	38.5	29.8	33.3	22.7	32.5	28.0
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	27.8	14.0	13.1	21.0	32.9	31.2	38.5	29.8	33.3	22.7	32.5	28.0
Earnings per Share	2,170.00	1,093.00	1,020.00	1,634.00	2,566.00	2,430.00	2,998.00	2,325.00	2,594.00	1,772.00	2,536.00	2,184.00
Diluted EPS	5,918.00	1,093.00	1,020.00	1,634.00	2,566.00	2,430.00	2,998.00	2,325.00	2,594.00	1,772.00	2,536.00	2,184.00

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,047.4	1,060.0	971.3	1,000.0	943.1	857.8	881.9	913.2	918.7	864.0	946.9	846.5
I. Cash and cash equivalents	53.8	45.9	43.0	39.2	53.0	65.4	76.3	71.8	72.5	75.6	61.6	48.9
1. Cash	53.8	45.9	43.0	39.2	53.0	65.4	76.3	71.8	72.5	75.6	61.6	48.9
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	507.1	505.5	459.5	494.7	411.0	331.8	306.4	341.3	321.0	255.9	251.8	188.0
1. Available for sale securities	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
3. Held to maturity investments	507.1	505.5	459.5	494.7	411.0	331.8	306.4	341.3	321.0	255.9	251.8	188.0
III. Short-term receivables	349.9	332.2	302.2	313.7	321.2	300.1	327.3	314.6	349.0	374.2	418.9	406.7
1. Short-term trade accounts receivable	343.2	317.3	292.2	291.4	311.3	287.9	321.8	306.8	344.1	368.8	414.8	402.4
2. Short-term prepayments to suppliers	1.7	9.1	6.5	14.8	6.6	4.0	0.5	0.1	1.8	2.1	3.3	4.1
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.7	6.6	4.3	8.1	4.0	8.9	6.5	9.0	4.4	5.4	3.0	2.8
7. Provision for short-term doubtful debts (*)	-0.7	-0.8	-0.8	-0.7	-0.7	-0.7	-1.5	-1.4	-1.3	-2.1	-2.1	-2.6
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	134.0	174.1	163.9	149.5	156.6	159.0	168.3	181.7	172.6	154.5	210.3	200.3
1. Inventories	136.0	175.8	165.7	150.3	157.4	160.9	170.3	183.8	174.8	154.5	210.3	200.4
2. Provision for decline in value of inventories	-2.0	-1.7	-1.7	-0.8	-0.8	-1.9	-1.9	-2.2	-2.2	0.0	0.0	-0.1
V. Other short-term assets	2.6	2.2	2.7	3.0	1.4	1.5	3.6	3.8	3.5	3.9	4.5	2.7
1. Short-term prepayments	2.6	2.2	2.7	3.0	1.4	1.5	3.6	3.8	3.5	3.9	4.5	2.7
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	306.3	279.6	283.4	274.3	281.2	285.1	282.6	291.5	299.9	303.9	304.4	313.3
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
1. Long-term trade receivables	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	136.5	129.8	130.3	131.2	138.7	144.6	146.1	153.0	162.0	162.4	154.9	163.5
1. Tangible fixed assets	136.4	129.8	130.2	131.2	138.6	144.6	146.1	152.9	161.9	162.2	154.6	163.2
- Cost	699.8	686.4	680.3	674.1	674.1	671.1	663.8	661.8	661.3	655.5	637.1	634.9
- Accumulated depreciation	-563.4	-556.7	-550.1	-542.9	-535.5	-526.5	-517.7	-508.9	-499.5	-493.3	-482.5	-471.8
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.2	0.2	0.3	0.4
- Cost	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	43.5	23.2	26.1	14.4	12.9	10.7	7.9	8.7	6.6	9.7	18.3	17.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	43.5	23.2	26.1	14.4	12.9	10.7	7.9	8.7	6.6	9.7	18.3	17.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	126.1	126.5	127.0	128.6	129.5	129.7	128.5	129.7	131.2	131.7	131.1	132.6
1. Long-term prepayments	123.4	123.9	124.5	126.1	127.1	127.4	126.2	127.4	128.8	129.5	130.0	131.5
2. Deferred income tax assets	2.7	2.6	2.6	2.5	2.5	2.3	2.3	2.3	2.3	2.1	1.1	1.2
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,353.6	1,339.6	1,254.7	1,274.3	1,224.3	1,142.9	1,164.5	1,204.7	1,218.6	1,167.9	1,251.3	1,159.8
A. LIABILITIES (300=210+330)	481.3	495.1	424.3	423.5	394.6	346.1	398.9	447.5	491.2	473.8	580.0	497.9
I. Short -term liabilities	475.2	489.5	418.6	417.9	388.9	340.4	393.0	441.7	485.3	468.4	574.4	492.1
1. Short-term trade accounts payable	282.1	294.2	288.4	268.6	302.4	252.6	255.5	260.5	295.7	285.9	357.6	352.6
2. Short-term advances from customers	0.1	0.2	0.1	0.1	0.0	0.0	0.1	0.0	0.1	0.1	0.0	0.1
3. Taxes and other payables to state authorities	12.8	7.0	7.6	7.4	10.9	21.5	20.2	9.4	12.7	19.6	13.5	9.4
4. Payable to employees	11.2	11.1	10.0	10.6	10.6	8.2	8.4	7.8	9.4	7.8	7.8	7.7
5. Short-term acrrued expenses	21.5	33.4	26.1	16.4	27.6	32.3	26.5	15.7	25.0	37.3	30.8	20.5
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.4	2.4	3.2	3.7	3.7	4.9	0.4	0.4	0.5	0.5	0.2	0.9
10. Short-term borrowings and financial leases	145.1	141.2	83.2	111.2	33.6	20.6	81.7	147.6	141.7	116.7	163.8	98.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	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	0.3	0.3	0.3	0.3	0.5	0.5	2.5
13. Price stabilization 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
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	6.1	5.7	5.7	5.7	5.7	5.7	5.9	5.8	5.9	5.4	5.6	5.8
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	6.1	5.7	5.7	5.7	5.7	5.7	5.9	5.8	5.9	5.4	5.6	5.8
13. Fund for technology development	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	872.3	844.5	830.4	850.7	829.7	796.8	765.6	757.2	727.4	694.1	671.3	661.9
I. Owner's equity	872.3	844.5	830.4	850.7	829.7	796.8	765.6	757.2	727.4	694.1	671.3	661.9
1. Owner's capital	128.3	128.3	128.3	128.3	128.3	128.3	128.3	128.3	128.3	128.3	128.3	128.3
- Common stock with voting right	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00	128,324,370,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
3. Convertible bond option	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
8. Investment and development fund	153.6	153.6	153.6	153.6	153.6	153.6	153.6	153.6	153.6	153.6	153.6	153.6
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	589.8	561.9	547.9	568.2	547.2	514.3	483.1	474.6	444.8	411.5	388.8	379.3
- Accumulated retained earning at the end of the previous period	513.8	513.8	513.8	547.2	414.8	414.8	414.8	444.8	328.2	328.2	328.2	351.3
- Undistributed earnings in this period	75.9	48.1	34.1	21.0	132.4	99.5	68.3	29.8	116.6	83.3	60.6	28.0
12. Reserves for investment in construction	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. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,353.6	1,339.6	1,254.7	1,274.3	1,224.3	1,142.9	1,164.5	1,204.7	1,218.6	1,167.9	1,251.3	1,159.8

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	36.7	17.6	18.2	26.2	40.8	39.0	49.6	37.3	43.4	29.1	40.8	35.1
Depreciation of Fixed Assets and Investment Property	6.7	6.6	7.1	8.4	9.0	9.0	8.9	9.5	10.8	11.1	10.8	10.6
Provision (Increase)/Reversal	0.8	0.0	1.1	0.0	-1.1	-0.9	-0.0	0.3	2.9	-0.1	-0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.5	0.5	0.0	0.2	0.1	-0.1	0.0	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.1	-16.8	5.9	-6.0	0.2	-14.0	-8.6	-7.5	-5.7	-9.8	4.5	-2.2
Interest Expense	1.4	1.2	0.8	0.7	0.2	0.6	1.8	3.2	1.6	1.8	1.1	0.6
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	11.3	-11.3	0.0	0.0	0.0	0.0	0.0	0.0	5.6	-5.6	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	39.4	19.4	22.2	29.3	49.3	33.8	51.6	42.8	52.9	37.7	51.0	44.1
Increase/(Decrease) in Receivables	-26.0	-17.5	-7.4	25.1	-23.7	35.7	-16.5	38.6	29.2	42.8	-9.5	25.8
Increase/(Decrease) in Inventory	39.8	-10.1	-15.4	7.1	3.5	9.4	13.6	-9.1	-20.3	48.0	-2.1	13.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-25.2	1.2	36.9	-46.0	25.1	12.5	13.3	-47.4	-16.0	-44.5	6.4	-6.4
Increase/(Decrease) in Prepaid Expenses	0.2	1.0	1.9	-0.6	0.5	0.8	1.4	1.2	1.1	1.0	-0.3	0.6
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-1.2	-0.8	-0.7	-0.2	-0.8	-2.2	-2.6	-2.2	-1.7	-0.8	-0.7
Corporate Income Tax Paid	-8.8	0.0	-5.2	-8.0	-7.8	-11.1	-7.5	-10.3	-6.1	-9.6	-5.6	-8.8
Other Operating Receipts	0.0	0.0	0.0	0.0	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	-0.3	0.0	0.0	0.0	-0.2	0.0	-2.0	-0.3
Net Cash Flow from Operating Activities	18.1	-7.2	32.3	6.1	46.4	80.3	53.7	13.3	38.4	73.7	37.3	68.1
Payments for Fixed Assets and Other Long-term Assets	-19.6	-5.0	-11.8	-15.7	2.5	-16.4	0.8	-2.6	-9.6	-8.9	-6.4	-14.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.5	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-320.6	-186.4	-307.1	-140.4	-354.3	-56.7	-122.1	-30.3	-167.0	22.0	-171.9	-79.9
Receipts from Loan Repayments and Sale of Debt Instruments	319.1	140.4	342.3	56.7	275.1	31.3	157.0	10.0	101.9	-26.1	108.1	26.4
Investments in Other Entities	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.9	3.3	9.2	1.8	4.7	11.6	11.0	3.0	7.6	0.3	3.2	0.7
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-14.2	-47.7	32.6	-97.5	-72.0	-30.1	46.7	-19.8	-66.7	-12.6	-66.9	-67.1
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00
Proceeds from Borrowings	145.1	141.2	83.2	139.2	33.6	36.5	107.1	169.8	151.7	130.1	163.8	155.4
Repayment of Borrowings	-141.2	-83.2	-111.2	-61.6	-20.6	-97.6	-173.0	-163.9	-126.7	-177.2	-98.4	-172.4
Repayment of Finance Leases	-33.4	33.4	-33.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	33.4	-33.4	0.0	0.0	0.0	0.0	-30.0	0.0	0.0	0.0	-23.1	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	3.9	58.0	-61.4	77.6	13.0	-61.1	-95.9	5.8	25.0	-47.1	42.3	-17.0
Net Cash Flow During the Period	7.8	3.1	3.6	-13.8	-12.6	-10.9	4.4	-0.7	-3.2	14.0	12.7	-16.0
Cash and Cash Equivalents at Beginning of Period	53.0	53.0	53.0	53.0	72.5	72.5	72.5	72.5	64.9	64.9	64.9	64.9
FX Difference from Revaluation	0.2	-0.2	0.2	0.0	0.1	-0.1	0.1	0.0	0.2	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	53.8	45.9	43.0	39.2	53.0	65.4	76.3	71.8	72.5	75.6	61.6	48.9

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SVI

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