SWC

Tổng Công ty cổ phần Đường sông Miền Nam ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 28.13%, +4.59pp YoY

Price

24,500

Latest close

04 Jun 2026

P/E 5.13x

P/B 0.81x

EPS 4,776

BVPS 30,405

ROE 16.0%

ROA 14.5%

Profit Margin 28.1%

Asset Turnover 0.51x

Equity Mult. 1.11x

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

What Is Changing

On a TTM 2026Q1 basis, SWC has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,140bn
	                                
−3.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 321bn
	                                
+15.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,083.4	1,151.3	824.1	932.7	734.8
Growth	-6%	+40%	-12%	+27%	—
Net Income	311.1	274.4	228.4	211.7	184.8
Net Margin	28.72%	23.83%	27.72%	22.70%	25.15%

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	316.0	283.3	265.0	275.2	259.9	338.3	303.7	281.0	228.4	258.2	181.5	221.7
Growth	+12%	+7%	-4%	+6%	-23%	+11%	+8%	+23%	-12%	+42%	-18%	—
Net Income	72.8	83.7	84.4	79.6	63.2	81.3	71.6	62.4	53.5	75.9	62.1	55.8
Net Margin	23.05%	29.55%	31.84%	28.94%	24.32%	24.04%	23.57%	22.21%	23.43%	29.40%	34.23%	25.19%

Drivers of SWC's profit

TTM

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

Associates income ↑ 32.0bn

Gross profit ↑ 23.0bn

Deferred tax ↓ 5.9bn

Other profit ↓ 8.6bn

Administrative expenses ↑ 5.5bn

TTM

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

Financial income ↑ 7.0bn

Gross profit ↑ 6.0bn

Finance costs ↓ 1.0bn

Associates income ↓ 2.2bn

Administrative expenses ↑ 1.1bn

Tax ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.1% = 23.5% × 0.56 × 1.13

2026Q1 16.0% = 28.1% × 0.51 × 1.11

ROE rose from 15.1% to 16.0% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 28.1% +4.6pp Asset turnover: 0.51x -0.05x Leverage: 1.11x -0.03x

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 28.13%, rising 4.6pp. Core operating signals are improving as Gross margin rose 2.8pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.7pp remained a drag).

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

Profitability trend

Net Margin 28.13% +4.6pp

Gross Margin 23.73% +2.8pp

SG&A / Revenue 2.62% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 3.2 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 18.45%, rising 1.5pp. That translates to 18.45 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 5.2pp was enough to offset the decline from capital turnover fell 0.09x, while invested capital rose by 140bn.

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

CAPITAL EFFICIENCY TREND

ROIC 18.45% +1.5pp

NOPAT Margin 27.76% +5.2pp

Capital Turnover 0.66x −0.09x

Average Invested Capital 1,714.1bn +140.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.11x equity, with a net cash position equivalent to 0.17x equity.

Over the last 12 months, working capital absorbed 36.9bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −50.6bn

Inventories decreased → higher CFO: +11.9bn

Payables increased → higher CFO: +1.8bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 3.2 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO rose 5.0 days, and DPO rose 1.7 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 +3.2 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +5.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 46.9 days +5.0 days

Inventory 3.0 days −0.1 days

Payables 31.6 days +1.7 days

Cash Conversion Cycle 18.3 days +3.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 275.6bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.17x and interest coverage at 57.03x.

At present, short-term debt accounts for 13.6% of total debt, cash equals 664.0% of debt, and total debt stands at 60.0bn.

Leverage and liquidity trend

Net Debt / Equity -0.17x −0.05x

Interest Coverage 57.03x +21.14x

Cash / Debt 664.0% +228.8pp

Short-term Debt / Total Debt 13.6% −2.9pp

CFO / NI 0.72x −0.34x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 275.6bn in 2025, against investing cash flow of -30.9bn.

Post-investment cash flow was positive +244.7bn. Financing cash flow was negative +291.7bn.

CFO / net income was 0.72x.

After spending +52.3bn on fixed-asset investment, the business generated trailing free cash flow of +178.4bn.

Cash Conversion

CFO TTM 230.7bn −65.2bn

Cash Capex 52.3bn −18.5bn

FCF TTM +178.4bn −46.7bn

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 4.6 pp. The next item to monitor is the earnings mix, when non-core contribution is 15.1%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 28.13% after expanding 4.6pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.1% of PBT and CFO / net income currently at 0.72x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,083.4	1,151.3	824.1	932.7	734.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,083.4	1,151.3	824.1	932.7	734.8
Cost of Goods Sold	819.0	912.9	638.4	722.0	0.0
Gross Profit	264.4	238.4	185.7	210.7	187.6
Financial Income	55.7	49.4	68.5	82.4	66.5
Financial Expenses	7.5	7.7	9.8	9.4	-7.6
Interest Expense	5.1	7.6	7.7	7.6	-7.5
Share of Associates and Joint Ventures	74.0	52.0	24.3	-13.7	-12.5
Selling Expenses	—	0.2	0.0	0.0	-0.0
General and Administrative Expenses	28.7	25.1	18.8	20.9	-18.6
Operating Profit	358.0	306.8	249.9	249.1	215.5
Other Income	7.1	16.0	18.3	1.6	0.0
Other Expenses	1.6	0.6	1.0	0.7	0.0
Other Profit	5.5	15.4	17.2	0.9	4.3
Profit Before Tax	363.5	322.2	267.2	250.0	219.7
Current Income Tax Expense	53.0	47.9	40.2	38.1	-34.9
Deferred Income Tax Expense	-0.7	-0.1	-1.5	0.2	0.0
Net Income	311.1	274.4	228.4	211.7	184.8
Non-controlling Interest	0.1	0.2	0.2	0.6	0.2
Profit Attributable to Parent	311.0	274.2	228.2	211.2	184.6
Earnings per Share	4,635.00	4,086.00	3,401.00	3,147.00	2,750.00
Diluted EPS	4,635.00	4,086.00	3,401.00	3,147.00	2,750.62

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	640.8	689.2	625.6	447.2	352.5
I. Cash and cash equivalents	379.5	426.2	394.5	233.7	189.3
1. Cash	59.5	61.2	49.5	49.7	0.0
2. Cash equivalents	320.0	365.0	345.0	184.0	0.0
II. Short-term financial investments	60.5	60.9	66.9	74.1	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	60.5	60.9	66.9	74.1	0.0
III. Short-term receivables	181.5	193.7	160.5	132.7	81.6
1. Short-term trade accounts receivable	120.5	131.1	117.4	95.9	0.0
2. Short-term prepayments to suppliers	32.4	19.7	36.4	42.9	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	25.0	25.0	0.0	0.0	0.0
6. Other short-term receivables	20.5	35.0	24.0	11.3	0.0
7. Provision for short-term doubtful debts (*)	-16.9	-17.1	-17.3	-17.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	6.1	5.8	1.6	5.0	1.4
1. Inventories	6.1	5.8	1.6	5.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	13.2	2.5	2.1	1.6	5.4
1. Short-term prepayments	2.9	1.4	2.0	0.8	0.0
2. Value added tax to be reclaimed	6.5	1.1	0.0	0.8	0.0
3. Taxes and other receivables from state authorities	3.7	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,552.4	1,477.2	1,320.7	1,289.2	1,180.0
I. Long-term receivables	7.1	7.1	7.1	7.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	7.0
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	7.1	7.1	7.1	7.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	832.6	837.4	703.2	564.2	458.5
1. Tangible fixed assets	805.6	808.9	693.5	558.4	452.7
- Cost	1,469.9	1,381.3	1,107.6	906.8	0.0
- Accumulated depreciation	-664.3	-572.4	-414.1	-348.4	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	27.0	28.5	9.7	5.7	5.8
- Cost	32.9	32.8	10.8	6.2	0.0
- Accumulated depreciation	-5.8	-4.3	-1.1	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	47.5	41.7	72.8	203.5	182.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	47.5	41.7	72.8	203.5	0.0
V. Long-term financial investments	659.5	585.5	533.5	509.2	527.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	658.7	584.7	532.7	508.4	0.0
3. Investments in other entities	0.8	0.8	0.8	0.8	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	5.7	5.5	4.1	5.2	0.0
1. Long-term prepayments	3.5	3.9	2.7	5.2	0.0
2. Deferred income tax assets	2.2	1.5	1.4	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	5.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,193.2	2,166.4	1,946.2	1,736.3	1,532.5
A. LIABILITIES (300=210+330)	225.9	268.1	263.7	264.5	265.4
I. Short -term liabilities	158.6	194.0	172.8	152.9	121.6
1. Short-term trade accounts payable	72.1	71.3	56.9	52.5	34.5
2. Short-term advances from customers	15.8	0.5	26.1	0.7	0.8
3. Taxes and other payables to state authorities	20.0	12.7	15.3	6.7	0.0
4. Payable to employees	23.5	18.8	18.9	15.3	0.0
5. Short-term acrrued expenses	2.0	3.8	1.9	1.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	1.2	0.9	0.9	0.8
9. Other short-term payables	14.9	24.7	34.8	39.6	0.0
10. Short-term borrowings and financial leases	8.1	56.7	13.1	14.2	15.8
11. Provision for short-term liabilities	—	1.1	0.2	16.0	0.0
12.. Bonus and welfare fund	2.0	3.4	4.8	5.2	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	67.2	74.1	90.9	111.6	143.8
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	11.2	11.2	14.0	18.3	0.0
8. Long-term borrowings and financial leases	53.1	60.0	73.4	89.9	117.2
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	2.9	2.9	3.5	3.4	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)	1,967.3	1,898.3	1,682.5	1,471.8	1,267.1
I. Owner's equity	1,967.3	1,898.3	1,682.5	1,471.8	0.0
1. Owner's capital	671.0	616.5	671.0	671.0	1,267.1
- Common stock with voting right	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00
- Preferred stock	—	-54,497,407,794.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-56.4	0.5	0.5	0.5	0.5
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	19.5	18.1	18.1	18.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	49.6	49.6	49.6	49.6	0.0
11. Undistributed earnings after tax	1,280.7	1,210.8	940.1	726.3	521.9
- Accumulated retained earning at the end of the previous period	970.4	936.1	722.0	515.7	337.8
- Undistributed earnings in this period	310.3	274.6	218.1	210.6	184.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.9	2.8	3.2	6.3	6.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,193.2	2,166.4	1,946.2	1,736.3	1,532.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	363.5	322.2	267.2	250.0	219.7
Depreciation of Fixed Assets and Investment Property	95.0	81.5	70.8	63.4	50.9
Provision (Increase)/Reversal	-0.2	-0.3	-0.0	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.4	-0.4	1.4	1.7	0.0
Gain/Loss from Investment Activities	-136.6	-104.1	-92.1	-70.9	0.0
Interest Expense	5.1	7.6	7.7	7.6	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	328.2	306.7	254.9	251.9	220.1
Increase/(Decrease) in Receivables	-1.1	54.5	-13.0	-39.6	0.0
Increase/(Decrease) in Inventory	-0.3	-4.2	3.4	-3.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.9	-42.2	-7.8	23.3	0.0
Increase/(Decrease) in Prepaid Expenses	-1.2	-0.4	1.3	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.1	-7.6	-7.7	-7.6	0.0
Corporate Income Tax Paid	-44.6	-51.3	-33.6	-40.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-5.4	-5.3	-5.5	0.0
Net Cash Flow from Operating Activities	275.6	250.0	192.2	177.4	200.4
Payments for Fixed Assets and Other Long-term Assets	-52.3	-58.1	-65.5	-191.9	-220.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	1.4	0.8	3.5
Loans and Purchases of Debt Instruments	-160.0	-78.6	-12.2	-10.6	-50.2
Receipts from Loan Repayments and Sale of Debt Instruments	160.4	15.2	19.4	15.9	51.5
Investments in Other Entities	-57.4	-101.2	-12.7	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	3.0	0.0	0.0
Dividends and Interest Income Received	78.3	36.2	54.4	83.7	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	-30.9	-186.7	-12.4	-102.1	-142.0
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	—	0.0	0.0	0.0	18.5
Repayment of Borrowings	-57.0	-31.8	-19.0	-30.7	-13.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-234.6	-0.1	-0.1	-0.3	-0.4
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	-291.7	-31.9	-19.1	-30.9	4.7
Net Cash Flow During the Period	-47.0	31.4	160.8	44.4	-14.6
Cash and Cash Equivalents at Beginning of Period	426.2	394.5	233.7	189.3	126.1
FX Difference from Revaluation	0.2	0.3	0.0	0.1	-0.0
Cash and Cash Equivalents at End of Period	379.5	426.2	394.5	233.7	189.3

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	316.0	283.3	265.0	275.2	259.9	338.3	303.7	281.0	228.4	258.2	181.5	221.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	316.0	283.3	265.0	275.2	259.9	338.3	303.7	281.0	228.4	258.2	181.5	221.7
Cost of Goods Sold	255.0	204.7	197.1	212.4	204.8	261.2	241.8	227.5	182.4	202.0	131.6	173.8
Gross Profit	61.0	78.6	67.9	62.8	55.1	77.0	61.8	53.5	46.0	56.1	49.9	47.9
Financial Income	26.7	4.8	6.4	24.9	19.7	21.1	4.2	21.3	2.8	-2.0	6.4	15.3
Financial Expenses	1.2	1.6	1.4	2.3	2.2	3.2	1.2	2.3	1.0	2.3	3.2	2.8
Interest Expense	1.0	1.8	0.7	0.7	1.9	3.2	1.2	2.3	1.0	2.5	1.2	2.6
Share of Associates and Joint Ventures	4.6	27.8	27.2	12.1	6.9	5.6	23.1	4.1	19.1	26.8	22.7	8.7
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.8	11.6	6.1	5.3	5.7	10.1	4.2	4.4	6.6	4.7	4.7	4.4
Operating Profit	84.4	98.0	94.0	92.2	73.8	90.4	83.8	72.2	60.4	73.9	71.1	64.8
Other Income	0.0	0.2	6.3	0.6	0.0	7.1	6.6	0.5	1.8	18.1	0.1	0.0
Other Expenses	0.1	0.2	1.2	0.7	0.1	0.3	0.2	0.0	0.0	1.0	0.0	0.0
Other Profit	-0.0	0.0	5.0	-0.1	-0.1	6.7	6.4	0.5	1.7	17.1	0.0	0.0
Profit Before Tax	84.4	98.1	99.0	92.1	73.7	97.2	90.2	72.7	62.1	91.0	71.1	64.8
Current Income Tax Expense	11.7	14.5	14.8	12.7	10.7	15.5	13.6	10.2	8.6	15.1	9.7	9.0
Deferred Income Tax Expense	-0.1	-0.2	-0.1	-0.2	-0.1	0.3	5.0	0.1	0.0	-0.0	-0.7	0.0
Net Income	72.8	83.7	84.4	79.6	63.2	81.3	71.6	62.4	53.5	75.9	62.1	55.8
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	72.8	83.7	84.3	79.6	63.2	81.2	71.6	62.4	53.5	75.9	62.1	55.8
Earnings per Share	1,085.00	1,247.00	1,257.00	1,187.00	942.00	1,210.00	1,066.00	930.00	797.00	1,131.00	926.00	832.00
Diluted EPS	1,085.31	1,247.14	1,256.93	1,186.66	941.52	1,210.30	1,066.36	929.73	797.31	1,130.57	925.69	831.90

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)	711.9	640.6	466.1	650.2	576.9	689.6	668.3	739.8	681.5	625.5	539.4	542.7
I. Cash and cash equivalents	398.1	379.5	205.2	358.1	305.6	426.2	383.2	391.7	398.3	394.5	331.0	280.1
1. Cash	47.1	59.5	65.2	73.1	73.6	61.2	50.7	116.7	66.3	49.5	71.0	55.1
2. Cash equivalents	351.0	320.0	140.0	285.0	232.0	365.0	332.5	275.0	332.0	345.0	260.0	225.0
II. Short-term financial investments	85.5	60.5	60.5	60.5	60.9	60.9	61.5	63.0	65.2	66.9	69.9	69.5
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	85.5	60.5	60.5	60.5	60.9	60.9	61.5	63.0	65.2	66.9	69.9	69.5
III. Short-term receivables	217.1	181.5	186.4	213.5	193.9	194.1	216.4	275.8	213.1	160.5	132.6	174.6
1. Short-term trade accounts receivable	153.9	120.5	129.5	145.7	138.9	131.1	118.1	119.9	132.4	117.4	96.2	119.0
2. Short-term prepayments to suppliers	25.5	32.4	27.3	23.4	16.7	19.7	31.7	45.2	46.1	36.4	21.5	26.6
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	—	25.0	25.0	25.0	25.0	25.0	25.0	69.4	25.0	0.0	0.0	0.0
6. Other short-term receivables	54.6	20.5	21.8	36.7	30.4	35.0	58.4	58.3	26.6	24.0	32.3	46.5
7. Provision for short-term doubtful debts (*)	-16.9	-16.9	-17.2	-17.3	-17.1	-16.7	-16.8	-16.9	-17.1	-17.3	-17.4	-17.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.2	6.1	9.8	12.0	13.1	5.8	4.7	6.8	2.9	1.6	3.1	16.9
1. Inventories	1.2	6.1	9.8	12.0	13.1	5.8	4.7	6.8	2.9	1.6	3.1	16.9
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	10.0	13.1	4.1	6.1	3.3	2.5	2.5	2.4	2.0	2.1	3.0	1.5
1. Short-term prepayments	3.9	2.8	1.6	1.5	1.6	1.4	0.8	1.4	1.8	2.0	1.0	0.8
2. Value added tax to be reclaimed	4.8	1.8	2.1	1.9	1.7	1.1	0.9	0.0	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.3	8.5	0.3	2.7	0.0	0.0	0.8	0.9	0.0	0.0	2.0	0.7
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,538.3	1,552.4	1,632.0	1,619.1	1,603.9	1,476.9	1,469.6	1,318.4	1,330.9	1,320.7	1,302.5	1,272.1
I. Long-term receivables	7.1	7.1	167.1	167.1	147.1	7.1	7.1	7.1	7.1	7.1	7.0	7.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	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	—	—	160.0	160.0	140.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.0	7.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	809.5	832.6	766.0	789.7	813.5	837.4	860.9	749.4	687.7	703.2	665.9	682.4
1. Tangible fixed assets	782.9	805.6	738.7	761.9	785.4	808.9	832.6	740.1	678.2	693.5	656.1	672.4
- Cost	1,470.7	—	—	—	—	1,381.3	1,380.8	1,191.1	1,110.6	1,107.6	1,056.9	1,055.7
- Accumulated depreciation	-687.8	—	—	—	—	-572.4	-548.2	-451.1	-432.3	-414.1	-400.8	-383.3
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	26.7	27.0	27.4	27.8	28.1	28.5	28.2	9.3	9.5	9.7	9.8	10.0
- Cost	32.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.2	—	—	—	—	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	52.2	47.5	61.4	53.2	45.7	41.7	16.6	1.9	80.0	72.8	117.9	94.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	52.2	47.5	61.4	53.2	45.7	41.7	16.6	1.9	80.0	72.8	117.9	94.4
V. Long-term financial investments	664.1	659.5	631.7	604.5	592.4	585.5	579.9	556.8	552.6	533.5	506.7	484.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	663.3	658.7	630.9	603.7	591.6	584.7	579.1	555.9	551.8	532.7	505.9	483.2
3. Investments in other entities	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	5.4	5.7	5.9	4.7	5.3	5.2	5.2	3.2	3.5	4.1	4.9	4.2
1. Long-term prepayments	3.1	3.5	3.8	2.8	3.4	3.9	3.9	1.9	2.1	2.7	3.5	4.2
2. Deferred income tax assets	2.3	2.2	2.0	1.9	1.9	1.3	1.3	1.3	1.4	1.4	1.4	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,250.2	2,193.0	2,098.1	2,269.3	2,180.8	2,166.5	2,137.9	2,058.1	2,012.4	1,946.2	1,842.0	1,814.8
A. LIABILITIES (300=210+330)	210.1	225.7	211.9	232.6	219.3	273.7	325.8	262.9	276.4	263.7	235.2	266.9
I. Short -term liabilities	144.1	158.5	141.5	161.3	146.3	194.7	242.0	181.1	189.9	172.8	139.0	167.7
1. Short-term trade accounts payable	72.9	72.1	63.6	77.0	77.6	71.3	59.6	51.5	75.7	56.9	46.7	58.3
2. Short-term advances from customers	1.1	15.8	5.5	6.5	0.6	0.5	9.8	47.2	37.2	26.1	7.6	4.6
3. Taxes and other payables to state authorities	15.7	19.9	21.9	20.2	13.6	12.7	16.7	13.6	13.5	15.3	11.4	14.3
4. Payable to employees	10.3	23.5	18.1	14.2	16.0	18.8	16.7	13.4	9.1	18.9	14.5	11.7
5. Short-term acrrued expenses	20.0	2.0	5.9	8.6	2.5	3.8	6.1	2.1	2.4	1.9	3.1	2.1
6. Short-term inter-company payables	—	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	0.1	—	0.4	0.7	1.2	1.6	0.3	0.7	0.9	1.2	0.3
9. Other short-term payables	14.9	14.9	14.9	20.7	21.4	25.0	51.9	35.0	34.1	34.9	35.4	39.2
10. Short-term borrowings and financial leases	8.1	8.1	9.0	10.3	11.6	56.7	75.5	13.2	13.1	13.1	13.0	12.9
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	1.0	2.0	2.7	3.3	2.4	3.4	3.8	4.4	3.9	4.8	5.1	6.6
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	65.9	67.2	70.4	71.2	72.9	79.1	83.8	81.8	86.5	90.9	96.2	99.3
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	—	—	—	—	0.2	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	11.2	11.2	11.2	11.2	11.2	10.9	12.2	12.3	12.4	14.0	15.3	17.0
8. Long-term borrowings and financial leases	51.8	53.1	56.3	57.1	58.7	60.0	63.7	66.4	70.7	73.4	77.5	78.8
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	—	—	—	—	—	5.3	5.0	0.0	0.0	0.0	0.0	0.1
12. Provision for long-term liabilities	2.9	2.9	2.9	3.0	2.9	2.9	2.9	3.1	3.3	3.5	3.4	3.4
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)	2,040.2	1,967.3	1,886.2	2,036.7	1,961.5	1,892.8	1,812.1	1,795.3	1,736.1	1,682.5	1,606.8	1,547.9
I. Owner's equity	2,040.2	1,967.3	1,886.2	2,036.7	1,961.5	1,892.8	1,812.1	1,795.3	1,736.1	1,682.5	1,606.8	1,547.9
1. Owner's capital	614.1	671.0	671.0	671.0	671.0	671.0	671.0	671.0	671.0	671.0	671.0	671.0
- Common stock with voting right	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00	671,000,000,000.00
- Preferred stock	-56,911,927,829.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.5	-56.4	-54.0	-54.0	-54.0	-54.0	-54.0	0.5	0.5	0.5	0.5	0.5
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	19.5	19.5	19.5	19.5	18.1	18.1	18.1	18.1	18.1	18.1	18.1	18.1
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	49.6	49.6	49.6	49.6	49.6	49.6	49.6	49.6	49.6	49.6	49.6	49.6
11. Undistributed earnings after tax	1,353.6	1,280.7	1,197.2	1,347.8	1,274.0	1,205.2	1,124.7	1,053.3	993.6	941.1	864.7	805.5
- Accumulated retained earning at the end of the previous period	1,280.7	970.4	970.4	1,205.3	1,210.8	936.2	937.3	937.3	940.1	722.0	722.0	722.4
- Undistributed earnings in this period	72.8	310.3	226.8	142.5	63.2	269.1	187.4	116.0	53.5	219.0	142.7	83.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.9	2.9	2.9	2.8	2.8	2.8	2.8	2.8	3.2	2.3	2.9	3.2
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)	2,250.2	2,193.0	2,098.1	2,269.3	2,180.8	2,166.5	2,137.9	2,058.1	2,012.4	1,946.2	1,842.0	1,814.8

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
Profit Before Tax	84.4	98.5	99.0	92.3	73.7	97.2	90.2	72.7	62.1	91.0	71.1	61.5
Depreciation of Fixed Assets and Investment Property	23.9	23.5	23.7	23.9	23.9	24.7	20.9	18.9	18.4	17.9	17.7	17.6
Provision (Increase)/Reversal	—	-0.3	-0.1	0.2	—	-0.1	-0.4	0.2	-0.2	-0.1	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	—	-0.3	0.5	1.1	—	0.1	0.0	-0.4	0.0	-0.2	1.4	0.2
Gain/Loss from Investment Activities	-31.7	-33.2	-36.5	-39.6	-27.3	-28.7	-27.7	-25.4	-22.3	-26.2	-27.0	-24.1
Interest Expense	1.0	1.8	0.7	0.7	1.9	3.2	1.2	2.3	1.0	2.5	1.2	2.6
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	77.6	90.0	87.2	78.6	72.3	96.3	84.1	68.2	59.0	84.9	64.4	57.9
Increase/(Decrease) in Receivables	-28.3	-2.1	8.6	-28.8	21.2	39.7	20.7	14.9	-22.3	-43.0	27.5	-30.4
Increase/(Decrease) in Inventory	4.9	3.7	2.2	1.2	-7.3	-1.1	2.1	-3.9	-1.3	1.4	13.8	-13.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.0	20.2	-19.9	6.6	-1.0	-28.0	-22.0	5.3	3.0	33.2	-35.4	5.1
Increase/(Decrease) in Prepaid Expenses	-0.6	-1.0	-1.1	0.7	0.3	-0.6	-1.3	0.6	0.9	-0.3	0.5	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.5	-2.8	-0.4	-0.4	-1.6	-4.1	-0.9	-1.9	-0.6	-3.4	-0.9	-2.0
Corporate Income Tax Paid	-17.5	-15.4	-13.4	-4.3	-11.5	-19.2	-10.3	-9.6	-12.2	-12.5	-10.3	-5.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.8	-0.7	-3.6	-1.0	-1.1	-0.7	-2.7	-1.0	-2.6	-1.9	-0.1
Net Cash Flow from Operating Activities	26.6	91.7	62.4	50.0	71.4	81.8	71.8	70.9	25.5	57.7	57.8	12.2
Payments for Fixed Assets and Other Long-term Assets	-11.2	-20.7	-8.0	-12.5	-11.2	-22.7	-22.2	-14.7	1.5	-10.0	-21.5	15.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	—	—	0.0	0.0	0.0	0.0	1.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-20.0	-140.0	0.0	-3.5	-44.4	-30.7	-3.2	-4.4	-2.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	160.0	0.0	0.4	—	0.6	2.5	4.7	7.4	6.1	4.0	6.0
Investments in Other Entities	—	—	—	—	—	0.0	-81.2	-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	4.7	4.4	29.8	38.4	5.6	5.9	24.4	3.0	2.9	12.2	17.6	22.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-6.5	86.4	21.9	6.4	-145.6	-16.2	-80.1	-71.5	-18.9	9.5	-4.2	27.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.3	-3.8	-2.7	-4.1	-46.5	-22.5	-2.7	-3.9	-2.7	-3.9	-2.7	-3.8
Repayment of Finance Leases	—	—	-234.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-234.6	—	—	—	-0.1	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	-1.4	-3.8	-237.3	-4.1	-46.5	-22.6	-2.7	-3.9	-2.7	-3.9	-2.8	-3.8
Net Cash Flow During the Period	18.7	174.2	-152.9	52.3	-120.6	43.1	-11.1	-4.5	3.9	63.4	50.8	36.1
Cash and Cash Equivalents at Beginning of Period	379.5	205.2	358.1	305.6	426.2	394.5	394.5	394.5	394.5	233.7	233.7	233.7
FX Difference from Revaluation	—	0.2	0.2	0.2	—	-0.0	0.0	0.4	0.0	0.1	0.0	-0.1
Cash and Cash Equivalents at End of Period	398.1	379.5	205.2	358.1	305.6	426.2	383.2	394.2	398.3	394.5	331.0	280.1

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SWC

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