SZE

Môi trường Sonadezi ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 2.35%, −5.60pp YoY

Price

7,800

Latest close

03 Jun 2026

P/E 28.78x

P/B 0.67x

EPS 271

BVPS 11,663

ROE 2.7%

ROA 1.7%

Profit Margin 2.3%

Asset Turnover 0.70x

Equity Mult. 1.61x

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

What Is Changing

On a TTM 2026Q1 basis, SZE posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 407bn
	                                
+3.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
−69.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    42.3%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	424.0	396.4	425.9	481.2	355.2
Growth	+7%	-7%	-11%	+35%	—
Net Income	14.4	30.6	29.4	27.5	30.0
Net Margin	3.40%	7.71%	6.89%	5.72%	8.46%

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	79.7	83.6	83.3	160.0	97.1	93.8	102.6	98.9	101.2	133.4	108.3	87.2
Growth	-5%	+0%	-48%	+65%	+4%	-9%	+4%	-2%	-24%	+23%	+24%	—
Net Income	2.6	4.3	-1.9	4.6	7.4	10.3	6.3	7.2	6.8	7.0	8.0	7.7
Net Margin	3.24%	5.09%	-2.25%	2.86%	7.65%	10.96%	6.15%	7.24%	6.75%	5.26%	7.36%	8.84%

Drivers of SZE's profit

TTM

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

Tax ↓ 10.5bn

Gross profit ↓ 23.4bn

Administrative expenses ↑ 8.9bn

TTM

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

Tax ↓ 2.1bn

Other profit ↑ 1.4bn

Gross profit ↓ 5.5bn

Administrative expenses ↑ 3.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.5% = 7.9% × 0.63 × 1.71

2026Q1 2.7% = 2.3% × 0.70 × 1.61

ROE fell from 8.5% to 2.7% — leverage weakened the most, though asset turnover still provided support.

Net margin: 2.3% -5.6pp Asset turnover: 0.70x +0.08x Leverage: 1.61x -0.10x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 2.35%, losing 5.6pp. The main pressure comes from Gross margin fell 6.3pp and SG&A / Revenue rose 1.9pp (with additional support from Net financial result / Revenue rose 0.5pp and Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 2.35% −5.6pp

Gross Margin 9.98% −6.3pp

SG&A / Revenue 9.15% +1.9pp

Non-core / Revenue 1.72% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 67.4% of PBT and lifted net margin by 0.5pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 1.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC fell to 1.88%, losing 5.1pp. That translates to 1.88 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.7pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 1.88% −5.1pp

NOPAT Margin 1.76% −5.7pp

Capital Turnover 1.07x +0.14x

Average Invested Capital 380.8bn −41.1bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.54x equity, net debt at 0.02x equity.

Over the last 12 months, working capital released 34.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +57.5bn

Inventories decreased → higher CFO: +30.2bn

Payables decreased → lower CFO: −53.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 6.6 days versus the same period last year. The main moves came from DIO rose 7.5 days, DSO fell 15.4 days, and DPO fell 14.6 days.

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

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 120.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +7.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 97.2 days −15.4 days

Inventory 60.9 days +7.5 days

Payables 37.9 days −14.6 days

Cash Conversion Cycle 120.2 days +6.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 5.56x.

At present, short-term debt accounts for 62.7% of total debt, cash equals 77.1% of debt, and total debt stands at 31.8bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 62.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.08x

Interest Coverage 5.56x −11.90x

Cash / Debt 77.1% +37.7pp

Short-term Debt / Total Debt 62.7% +28.5pp

CFO / NI 6.56x +6.07x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 66.2bn in 2025, against investing cash flow of -3.9bn.

Post-investment cash flow was positive +62.3bn. Financing cash flow was negative +50.6bn.

CFO / net income was 6.56x.

After spending +4.5bn on fixed-asset investment, the business generated trailing free cash flow of +58.2bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 62.7bn +47.2bn

Cash Capex 4.5bn −10.1bn

FCF TTM +58.2bn +57.3bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 5.6 pp. The next watchpoint is the earnings mix, when non-core contribution is 42.3%. The main offsetting support comes from leverage pressure is easing, with net debt/equity down to 0.02x.

Improvement: leverage pressure is easing, with net debt / equity down 0.08x to 0.02x while interest coverage holds at 5.56x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.56x. Even so, net financial result still accounts for 42.3% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 2.35% after a 5.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	424.0	396.4	425.9	481.2	355.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	424.0	396.4	425.9	481.2	355.2
Cost of Goods Sold	378.0	333.8	366.3	424.2	0.0
Gross Profit	46.0	62.6	59.6	57.0	52.3
Financial Income	5.6	4.9	6.7	4.5	5.8
Financial Expenses	1.6	2.3	3.1	3.6	-0.0
Interest Expense	1.6	2.3	3.1	3.6	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	34.2	29.4	28.0	27.3	-26.1
Operating Profit	15.8	35.9	35.2	30.7	31.9
Other Income	2.5	4.4	2.1	5.7	0.0
Other Expenses	1.4	0.7	0.2	1.2	0.0
Other Profit	1.2	3.7	2.0	4.5	5.6
Profit Before Tax	16.9	39.7	37.2	35.2	37.5
Current Income Tax Expense	1.7	10.0	8.6	7.8	-7.5
Deferred Income Tax Expense	0.8	-0.9	-0.7	-0.2	0.0
Net Income	14.4	30.6	29.4	27.5	30.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.4	30.6	29.4	27.5	30.0
Earnings per Share	410.00	870.00	832.00	781.00	853.00
Diluted EPS	410.00	870.00	832.00	781.00	1,001.48

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	208.9	272.9	257.5	245.6	249.3
I. Cash and cash equivalents	61.0	49.2	52.6	50.8	38.5
1. Cash	16.0	49.2	42.6	20.8	0.0
2. Cash equivalents	45.0	0.0	10.0	30.0	0.0
II. Short-term financial investments	52.0	57.0	63.0	53.9	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	52.0	57.0	63.0	53.9	0.0
III. Short-term receivables	61.2	107.9	131.5	131.3	110.1
1. Short-term trade accounts receivable	65.2	106.8	130.1	130.4	0.0
2. Short-term prepayments to suppliers	1.4	2.4	2.9	2.1	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	2.8	2.6	2.8	2.2	0.0
7. Provision for short-term doubtful debts (*)	-8.2	-3.9	-4.2	-3.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	31.7	56.0	9.7	8.9	26.2
1. Inventories	33.2	57.5	9.7	8.9	0.0
2. Provision for decline in value of inventories	-1.5	-1.5	0.0	0.0	0.0
V. Other short-term assets	3.0	2.8	0.6	0.6	0.6
1. Short-term prepayments	0.5	0.6	0.5	0.3	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.4	2.1	0.1	0.3	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)	327.1	344.7	368.9	399.9	439.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	198.8	227.9	251.1	280.3	315.5
1. Tangible fixed assets	198.8	227.8	251.0	280.1	315.3
- Cost	591.6	595.5	586.5	579.4	0.0
- Accumulated depreciation	-392.8	-367.8	-335.5	-299.2	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	0.1	0.1	0.2	0.2	0.2
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	57.7	57.6	57.5	57.6	57.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	57.7	57.6	57.5	57.6	0.0
V. Long-term financial investments	20.0	7.5	7.5	7.5	7.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	20.0	7.5	7.5	7.5	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	50.5	51.7	52.8	54.5	0.0
1. Long-term prepayments	48.7	49.0	51.0	53.4	0.0
2. Deferred income tax assets	1.8	2.7	1.8	1.0	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	59.3
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)	536.0	617.5	626.4	645.4	688.9
A. LIABILITIES (300=210+330)	188.6	256.0	267.1	287.5	332.7
I. Short -term liabilities	176.7	217.6	202.1	197.9	231.2
1. Short-term trade accounts payable	22.1	44.9	51.3	57.3	72.7
2. Short-term advances from customers	3.1	7.6	1.2	1.2	4.8
3. Taxes and other payables to state authorities	1.1	3.5	4.7	6.9	0.0
4. Payable to employees	18.2	23.4	19.6	15.5	0.0
5. Short-term acrrued expenses	13.7	22.5	15.8	11.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	25.3	21.6	18.3	14.7	11.2
9. Other short-term payables	49.8	50.8	50.4	50.2	0.0
10. Short-term borrowings and financial leases	26.6	26.6	26.6	26.6	25.8
11. Provision for short-term liabilities	0.2	0.2	0.2	0.2	0.0
12.. Bonus and welfare fund	16.6	16.6	14.1	14.2	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	11.9	38.5	65.0	89.6	101.5
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	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	11.9	38.5	65.0	89.6	101.5
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	347.3	361.5	359.3	357.9	356.2
I. Owner's equity	347.3	361.5	359.3	357.9	0.0
1. Owner's capital	300.0	300.0	300.0	300.0	356.2
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	0.00	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	—	0.0	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	28.2	25.1	22.2	19.4	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	19.2	36.4	37.1	38.5	39.8
- Accumulated retained earning at the end of the previous period	4.8	5.8	7.8	11.0	9.7
- Undistributed earnings in this period	14.4	30.6	29.4	27.5	30.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	536.0	617.5	626.4	645.4	688.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	16.9	39.7	37.2	35.2	37.5
Depreciation of Fixed Assets and Investment Property	31.5	32.3	36.3	40.5	20.6
Provision (Increase)/Reversal	4.3	1.1	0.8	0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.4	-4.9	-6.7	-4.5	0.0
Interest Expense	1.6	2.3	3.1	3.6	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	48.0	70.4	70.7	75.3	53.5
Increase/(Decrease) in Receivables	42.3	20.1	0.4	-24.0	0.0
Increase/(Decrease) in Inventory	24.2	-47.7	-0.8	17.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-35.0	13.9	7.7	1.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	1.9	2.2	5.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.6	-2.4	-3.2	-3.6	0.0
Corporate Income Tax Paid	-7.6	-9.2	-8.2	-7.3	0.0
Other Operating Receipts	0.2	0.2	0.0	0.1	0.0
Other Operating Payments	-4.8	-2.0	-4.2	-1.7	0.0
Net Cash Flow from Operating Activities	66.2	45.1	64.7	62.8	18.3
Payments for Fixed Assets and Other Long-term Assets	-2.6	-8.9	-12.0	-42.3	-183.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.8	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-65.0	-36.0	-54.0	-21.9
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	71.0	26.9	76.3	47.0
Investments in Other Entities	-12.5	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	5.4	4.9	6.7	4.6	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	-3.9	2.1	-14.4	-15.4	-152.9
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	2.0	14.7	120.3
Repayment of Borrowings	-26.6	-26.6	-26.6	-25.8	-16.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-24.0	-24.0	-24.0	-24.0	-24.0
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	-50.6	-50.6	-48.6	-35.1	80.2
Net Cash Flow During the Period	11.8	-3.4	1.8	12.3	13.7
Cash and Cash Equivalents at Beginning of Period	49.2	52.6	50.8	38.5	92.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	61.0	49.2	52.6	50.8	38.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	79.7	83.6	83.3	160.0	97.1	93.8	102.6	98.9	101.2	133.4	108.3	87.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	79.7	83.6	83.3	160.0	97.1	93.8	102.6	98.9	101.2	133.4	108.3	87.2
Cost of Goods Sold	69.4	68.5	82.4	145.6	81.4	70.8	90.9	85.3	86.8	118.0	93.9	71.0
Gross Profit	10.3	15.1	0.8	14.4	15.8	23.0	11.6	13.6	14.4	15.4	14.4	16.2
Financial Income	1.0	1.0	3.1	0.7	0.8	0.7	2.1	1.0	1.2	2.5	1.4	1.3
Financial Expenses	0.2	0.4	0.4	0.4	0.5	0.5	0.6	0.6	0.5	0.8	0.8	0.8
Interest Expense	0.2	0.4	0.4	0.4	0.5	0.5	0.6	0.6	0.5	0.8	0.8	0.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	8.8	12.5	7.4	8.6	5.8	10.0	6.2	6.3	6.9	9.0	5.3	7.6
Operating Profit	2.3	3.2	-3.8	6.0	10.3	13.1	6.9	7.7	8.2	8.1	9.8	9.1
Other Income	1.0	2.0	0.1	0.1	0.2	0.3	1.5	1.8	0.8	1.0	0.3	0.6
Other Expenses	0.3	0.3	0.1	0.0	0.9	0.1	0.2	0.3	0.1	0.1	0.0	0.0
Other Profit	0.8	1.7	0.0	0.1	-0.7	0.2	1.3	1.6	0.7	0.9	0.3	0.6
Profit Before Tax	3.0	4.9	-3.8	6.1	9.6	13.3	8.2	9.3	8.9	9.0	10.0	9.7
Current Income Tax Expense	0.2	0.4	-2.7	1.8	2.3	3.5	2.0	2.3	2.2	2.7	2.1	2.1
Deferred Income Tax Expense	0.2	0.3	0.9	-0.2	-0.1	-0.5	-0.1	-0.2	-0.1	-0.7	-0.0	-0.0
Net Income	2.6	4.3	-1.9	4.6	7.4	10.3	6.3	7.2	6.8	7.0	8.0	7.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.6	4.3	-1.9	4.6	7.4	10.3	6.3	7.2	6.8	7.0	8.0	7.7
Earnings per Share	73.00	121.00	-53.00	130.00	212.00	292.00	179.00	204.00	194.00	199.00	226.00	219.00
Diluted EPS	86.14	141.75	-62.42	152.70	247.79	342.52	210.15	238.73	227.66	233.89	265.68	257.01

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)	203.5	208.9	250.9	260.6	293.8	272.9	308.3	280.3	261.0	257.5	272.8	251.0
I. Cash and cash equivalents	24.5	61.0	82.0	141.4	23.0	49.2	33.8	21.9	11.7	52.6	15.4	32.6
1. Cash	4.5	16.0	2.0	141.4	8.0	49.2	3.8	21.9	6.7	42.6	15.4	17.6
2. Cash equivalents	20.0	45.0	80.0	—	15.0	0.0	30.0	0.0	5.0	10.0	0.0	15.0
II. Short-term financial investments	52.0	52.0	52.0	52.0	52.0	57.0	67.0	97.0	108.0	63.0	78.0	68.0
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	52.0	52.0	52.0	52.0	52.0	57.0	67.0	97.0	108.0	63.0	78.0	68.0
III. Short-term receivables	79.2	61.2	92.7	54.7	137.3	107.9	159.8	126.1	118.2	131.5	155.2	122.3
1. Short-term trade accounts receivable	82.3	65.2	90.3	50.0	134.1	106.8	158.0	124.3	108.0	130.1	150.4	117.0
2. Short-term prepayments to suppliers	1.7	1.4	1.6	4.2	1.1	2.4	1.3	1.2	1.6	2.9	3.4	4.7
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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.3	2.8	4.6	4.4	5.9	2.6	4.5	4.6	13.0	2.8	5.6	4.7
7. Provision for short-term doubtful debts (*)	-8.2	-8.2	-3.9	-3.9	-3.9	-3.9	-3.9	-3.9	-4.2	-4.2	-4.1	-4.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	43.7	31.7	19.6	11.5	75.4	56.0	45.5	34.2	19.3	9.7	21.8	27.6
1. Inventories	45.2	33.2	21.1	13.0	76.9	57.5	45.5	34.2	19.3	9.7	21.8	27.6
2. Provision for decline in value of inventories	-1.5	-1.5	-1.5	-1.5	-1.5	-1.5	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	4.1	3.0	4.6	0.9	6.2	2.8	2.2	1.1	3.8	0.6	2.5	0.5
1. Short-term prepayments	0.5	0.5	0.7	0.9	0.5	0.6	0.5	0.3	0.4	0.5	0.7	0.5
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	3.5	2.4	3.9	—	5.6	2.1	1.7	0.8	3.4	0.1	1.8	0.0
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)	322.8	327.1	322.7	330.8	336.5	344.7	352.5	356.0	363.4	368.9	381.3	382.6
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	194.4	198.8	206.6	212.6	220.0	227.9	235.7	235.2	243.1	251.1	255.4	263.0
1. Tangible fixed assets	194.3	198.8	206.5	212.4	219.9	227.8	235.6	235.1	242.9	251.0	255.2	262.9
- Cost	593.4	—	—	—	—	595.5	595.5	586.5	586.5	586.5	579.4	579.4
- Accumulated depreciation	-399.1	—	—	—	—	-367.8	-359.9	-351.4	-343.6	-335.5	-324.2	-316.5
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	57.3	57.7	57.6	58.7	57.6	57.6	57.6	60.7	60.7	57.5	65.8	58.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	57.3	57.7	57.6	58.7	57.6	57.6	57.6	60.7	60.7	57.5	65.8	58.7
V. Long-term financial investments	20.0	20.0	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
1. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	20.0	20.0	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
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	51.1	50.5	51.0	52.0	51.3	51.7	51.7	52.6	52.2	52.8	52.6	53.4
1. Long-term prepayments	49.5	48.7	48.9	49.1	48.6	49.0	49.6	50.6	50.3	51.0	51.5	52.3
2. Deferred income tax assets	1.6	1.8	2.1	3.0	2.8	2.7	2.2	2.0	1.8	1.8	1.1	1.1
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)	526.3	536.0	573.6	591.3	630.3	617.5	660.8	636.3	624.4	626.4	654.1	633.6
A. LIABILITIES (300=210+330)	176.4	188.6	206.5	222.4	261.3	256.0	285.6	267.4	258.3	267.1	277.8	265.3
I. Short -term liabilities	164.0	176.7	181.3	197.2	222.9	217.6	233.8	215.6	193.3	202.1	199.5	173.7
1. Short-term trade accounts payable	25.8	22.1	29.1	37.5	50.2	44.9	63.7	48.9	44.3	51.3	63.1	51.0
2. Short-term advances from customers	2.7	3.1	4.1	3.1	17.9	7.6	1.9	2.7	3.1	1.2	0.8	1.2
3. Taxes and other payables to state authorities	0.0	1.1	0.0	4.1	2.3	3.5	2.2	2.7	2.2	4.7	2.1	3.1
4. Payable to employees	12.2	18.2	19.8	6.8	16.0	23.4	31.5	18.8	14.8	19.6	15.4	10.8
5. Short-term acrrued expenses	11.9	13.7	16.9	25.6	26.4	22.5	25.7	27.8	24.9	15.8	15.9	12.9
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	26.4	25.3	24.6	23.7	23.1	21.6	20.8	20.1	19.6	18.3	17.7	16.9
9. Other short-term payables	50.0	49.8	49.8	50.8	51.4	50.8	50.6	50.3	51.0	50.4	50.4	50.2
10. Short-term borrowings and financial leases	19.9	26.6	19.9	26.6	19.9	26.6	19.9	26.6	19.9	26.6	19.9	13.3
11. Provision for short-term liabilities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
12.. Bonus and welfare fund	15.0	16.6	16.8	18.9	15.6	16.6	17.3	17.7	13.3	14.1	14.1	14.2
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	12.3	11.9	25.2	25.2	38.5	38.5	51.7	51.7	65.0	65.0	78.3	91.6
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	0.5	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	11.9	11.9	25.2	25.2	38.5	38.5	51.7	51.7	65.0	65.0	78.3	91.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	349.9	347.3	367.1	368.9	368.9	361.5	375.2	368.9	366.1	359.3	376.3	368.3
I. Owner's equity	349.9	347.3	367.1	368.9	368.9	361.5	375.2	368.9	366.1	359.3	376.3	368.3
1. Owner's capital	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0	300.0
- Common stock with voting right	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00	300,000,000,000.00
- Preferred stock	—	—	—	—	—	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	—	—	—	—	—	0.0	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
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	28.2	28.2	28.2	28.2	25.1	25.1	25.1	25.1	22.2	22.2	22.2	22.2
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	21.7	19.2	38.9	40.8	43.8	36.4	50.1	43.8	43.9	37.1	54.1	46.1
- Accumulated retained earning at the end of the previous period	19.2	4.8	28.8	28.8	5.8	5.8	29.8	29.8	7.8	7.8	31.8	31.8
- Undistributed earnings in this period	2.6	14.4	10.1	12.0	38.0	30.6	20.3	14.0	36.2	29.4	22.3	14.4
12. Reserves for investment in construction	—	—	—	—	—	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
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)	526.3	536.0	573.6	591.3	630.3	617.5	660.8	636.3	624.4	626.4	654.1	633.6

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	3.0	4.9	-3.8	6.1	9.6	13.3	8.2	9.3	8.9	9.0	10.0	9.7
Depreciation of Fixed Assets and Investment Property	6.3	8.5	7.3	7.9	7.9	7.9	8.4	7.9	8.1	11.3	7.7	8.6
Provision (Increase)/Reversal	—	4.3	0.0	0.0	—	1.4	0.0	-0.3	0.0	0.1	0.0	0.7
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	-1.8	-3.1	-0.7	-0.8	-0.7	-2.1	-1.0	-1.2	-2.5	-1.4	-1.3
Interest Expense	0.2	0.4	0.4	0.4	0.5	0.5	0.6	0.6	0.5	0.8	0.8	0.8
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	8.6	16.3	0.8	13.8	17.1	22.4	15.2	16.5	16.4	18.8	17.1	18.5
Increase/(Decrease) in Receivables	-18.9	28.9	-42.6	90.0	-34.1	51.4	-32.7	-5.8	10.6	24.0	-36.7	4.5
Increase/(Decrease) in Inventory	-11.9	-13.7	-6.5	62.4	-17.9	-13.5	-11.3	-15.0	-9.5	12.0	5.8	-9.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.5	-14.6	0.5	-37.0	16.1	-21.1	30.1	10.5	1.6	-11.6	26.2	-9.1
Increase/(Decrease) in Prepaid Expenses	-0.9	0.4	0.4	-0.9	0.6	0.4	0.8	-0.2	0.8	0.7	0.6	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.3	-0.4	-0.4	-0.5	-0.5	-0.5	-0.7	-0.5	-0.9	-0.6	-1.0
Corporate Income Tax Paid	—	0.0	-1.8	-2.3	-3.5	-2.0	-2.3	-2.2	-2.7	-2.1	-2.1	-1.7
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Other Operating Payments	-0.9	-3.0	0.7	-1.4	-1.1	-0.7	-0.2	-0.2	-0.7	-0.4	0.2	-1.5
Net Cash Flow from Operating Activities	-26.8	14.0	-48.9	124.3	-23.2	36.4	-0.8	3.0	15.9	40.5	10.6	1.0
Payments for Fixed Assets and Other Long-term Assets	-3.9	5.1	-6.3	0.6	-2.0	-2.6	-12.7	2.7	-5.6	7.4	-11.4	1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	-20.0	0.0	0.0	-45.0	0.0	-10.0	-16.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	5.0	30.0	30.0	11.0	0.0	15.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	0.8	2.2	2.4	0.2	0.6	2.3	2.0	0.1	0.6	5.0	0.3	0.4
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	-3.0	-4.4	-3.9	0.8	3.6	9.7	19.3	13.8	-50.1	27.4	-21.1	-14.0
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	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-24.0	—	—	—	-24.0	0.0	0.0	0.0	-24.0	0.0	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	-6.6	-30.6	-6.6	-6.6	-6.6	-30.6	-6.6	-6.6	-6.6	-30.6	-6.6	-6.6
Net Cash Flow During the Period	-36.4	-21.0	-59.4	118.4	-26.2	15.4	11.9	10.1	-40.9	37.2	-17.2	-19.7
Cash and Cash Equivalents at Beginning of Period	61.0	82.0	141.4	23.0	49.2	52.6	52.6	52.6	52.6	50.8	50.8	50.8
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	24.5	61.0	82.0	141.4	23.0	49.2	33.8	21.9	11.7	52.6	15.4	32.6

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SZE

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What is driving the margin?

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Cash Flow