ATS

Tập đoàn Đầu tư ATS ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT −0.98x

Price

27,400

Latest close

04 Mar 2026

P/E 142.71x

P/B 2.16x

EPS 192

BVPS 12,692

ROE 1.5%

ROA 1.4%

Profit Margin 1.3%

Asset Turnover 1.03x

Equity Mult. 1.11x

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

What Is Changing

On a TTM 2026Q1 basis, ATS is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 51bn
	                                
+1.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+125.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.98x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	47.5	50.6	47.9	42.2	38.4
Growth	-6%	+6%	+13%	+10%	—
Net Income	0.5	0.2	0.2	0.8	0.2
Net Margin	1.11%	0.39%	0.48%	1.91%	0.45%

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	13.3	13.2	12.5	11.7	10.1	14.0	13.5	12.2	10.9	13.3	13.3	11.3
Growth	+1%	+6%	+7%	+16%	-28%	+4%	+10%	+12%	-18%	+0%	+18%	—
Net Income	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1
Net Margin	1.81%	1.17%	1.05%	1.22%	1.00%	0.51%	0.49%	0.48%	0.02%	0.38%	0.52%	0.67%

Drivers of ATS's profit

TTM

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

Gross profit ↑ 0.4bn

Administrative expenses ↑ 0.3bn

TTM

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

Gross profit ↑ 0.3bn

Administrative expenses ↑ 0.1bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.7% = 0.6% × 1.03 × 1.11

2026Q1 1.5% = 1.3% × 1.03 × 1.11

ROE rose from 0.7% to 1.5% — all three components improved, with net margin contributing the most.

Net margin: 1.3% +0.7pp Asset turnover: 1.03x +0.00x Leverage: 1.11x +0.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.32%, rising 0.7pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 0.5pp.

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

Profitability trend

Net Margin 1.32% +0.7pp

Gross Margin 5.86% +0.8pp

SG&A / Revenue 4.23% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.32% +0.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.00x equity.

Over the last 12 months, working capital released 1.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.9bn

Inventories increased → lower CFO: −0.0bn

Payables increased → higher CFO: +2.1bn

Working Capital Efficiency

Cash conversion cycle improved by 0.5 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO rose 7.8 days, and DPO rose 8.0 days.

Working capital cycle is flat — components are offsetting each other.

Watchpoints

Receivables collection is slowing

DSO increased by +7.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 31.6 days +7.8 days

Inventory 0.2 days −0.3 days

Payables 34.6 days +8.0 days

Cash Conversion Cycle -2.7 days −0.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.00x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.98x +12.30x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.9bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was negative +0.9bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.98x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.7bn +3.3bn

Cash Capex — —

FCF TTM — —

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 earnings conversion is confirmed, with CFO/NI at -0.98x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -0.98x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	47.5	50.6	47.9	42.2	38.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	47.5	50.6	47.9	42.2	38.4
Cost of Goods Sold	44.8	48.0	45.7	37.9	0.0
Gross Profit	2.7	2.6	2.2	4.3	4.1
Financial Income	0.0	0.0	0.0	0.4	0.3
Financial Expenses	—	0.0	0.0	0.1	-0.1
Interest Expense	—	0.0	0.0	0.1	-0.1
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	2.1	1.9	1.9	1.9	-2.9
Operating Profit	0.7	0.8	0.3	2.8	1.3
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.4	0.0	1.1	0.0
Other Profit	-0.0	-0.4	0.0	-1.1	-1.1
Profit Before Tax	0.7	0.4	0.3	1.7	0.3
Current Income Tax Expense	0.1	0.2	0.1	0.9	-0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.5	0.2	0.2	0.8	0.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.5	0.2	0.2	0.8	0.2
Earnings per Share	151.00	57.00	69.00	231.00	51.00
Diluted EPS	151.28	56.78	65.96	231.01	49.84

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	16.8	15.2	12.7	12.5	21.8
I. Cash and cash equivalents	0.1	1.0	0.0	0.1	3.2
1. Cash	0.1	1.0	0.0	0.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	5.0	4.5	4.6	6.3	13.4
1. Short-term trade accounts receivable	5.0	4.5	4.6	4.2	0.0
2. Short-term prepayments to suppliers	—	2.7	2.7	2.7	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	0.0	0.0	0.0	2.0	0.0
7. Provision for short-term doubtful debts (*)	—	-2.7	-2.7	-2.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.1	0.0	0.0
1. Inventories	0.0	0.0	0.1	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	11.7	9.7	8.0	6.1	5.2
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	11.7	9.7	8.0	6.1	0.0
3. Taxes and other receivables from state authorities	—	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)	33.1	33.1	37.7	35.7	35.9
I. Long-term receivables	—	0.0	0.0	30.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	30.1
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	30.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.1	0.1	0.0	0.0	0.0
1. Tangible fixed assets	0.1	0.1	0.0	0.0	0.0
- Cost	0.2	0.2	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	—	0.0	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
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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	33.0	33.0	37.7	5.7	5.7
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	33.0	33.0	37.7	5.7	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	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	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	0.0
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)	49.9	48.4	50.4	48.2	57.7
A. LIABILITIES (300=210+330)	5.7	4.7	6.9	5.0	16.4
I. Short -term liabilities	5.7	4.7	6.9	5.0	16.4
1. Short-term trade accounts payable	5.1	3.9	5.0	3.8	9.9
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	0.2	0.1	0.6	0.0
4. Payable to employees	0.5	0.6	1.8	0.5	0.0
5. Short-term acrrued expenses	0.0	0.1	0.1	0.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	—	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	1.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
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
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	44.2	43.7	43.5	43.2	41.3
I. Owner's equity	44.2	43.7	43.5	43.2	0.0
1. Owner's capital	35.0	35.0	35.0	35.0	41.3
- Common stock with voting right	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00
- 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	—	0.0	0.0	0.0	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	9.2	8.7	8.5	8.2	6.3
- Accumulated retained earning at the end of the previous period	8.7	8.5	8.2	7.4	6.0
- Undistributed earnings in this period	0.5	0.2	0.2	0.8	0.3
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)	49.9	48.4	50.4	48.2	57.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.7	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-2.7	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-2.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.2	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.2	-0.2	-0.6	-1.0	0.0
Other Operating Receipts	—	0.5	0.0	20.6	0.0
Other Operating Payments	—	-1.3	-0.3	-24.3	0.0
Net Cash Flow from Operating Activities	-0.9	-3.6	-0.1	-9.9	4.3
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-27.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	22.1
Investments in Other Entities	—	-33.0	-37.7	0.0	0.0
Proceeds from Investments in Other Entities	—	37.7	35.7	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	2.0	0.0	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	0.0	4.6	0.0	8.6	-5.6
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	0.5	8.0
Repayment of Borrowings	—	0.0	0.0	-2.3	-6.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	-1.8	1.8
Net Cash Flow During the Period	-0.9	1.0	-0.1	-3.1	0.3
Cash and Cash Equivalents at Beginning of Period	1.0	0.0	0.1	3.2	2.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	1.0	0.0	0.1	3.2

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	13.3	13.2	12.5	11.7	10.1	14.0	13.5	12.2	10.9	13.3	13.3	11.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	13.3	13.2	12.5	11.7	10.1	14.0	13.5	12.2	10.9	13.3	13.3	11.3
Cost of Goods Sold	12.5	12.6	11.9	10.8	9.5	13.5	13.0	11.4	10.2	12.7	12.7	10.8
Gross Profit	0.9	0.6	0.6	0.9	0.6	0.6	0.5	0.9	0.7	0.6	0.6	0.5
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.6	0.4	0.4	0.7	0.5	0.5	0.4	0.5	0.5	0.6	0.5	0.4
Operating Profit	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.4	0.2	0.1	0.1	0.1
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	—	—	0.0	—	0.0	0.0	0.2	0.2	0.0	0.0	0.0
Other Profit	-0.0	—	—	-0.0	—	0.0	0.0	-0.2	-0.2	0.0	0.0	0.0
Profit Before Tax	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1
Earnings per Share	69.00	44.00	38.00	41.00	29.00	21.00	19.00	17.00	1.00	15.00	20.00	22.00
Diluted EPS	68.87	44.34	37.57	40.58	28.79	20.50	18.73	16.89	0.66	14.65	19.98	21.76

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)	18.0	16.8	16.3	15.2	14.0	15.2	14.9	13.2	11.9	12.7	11.8	10.9
I. Cash and cash equivalents	0.1	0.1	1.2	0.9	0.8	1.0	1.9	0.1	0.0	0.0	0.0	0.0
1. Cash	0.1	0.1	1.2	0.9	0.8	1.0	1.9	0.1	0.0	0.0	0.0	0.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	5.7	5.0	4.0	3.8	3.2	4.5	3.7	4.3	3.4	4.6	4.3	4.0
1. Short-term trade accounts receivable	5.6	5.0	3.9	3.8	3.1	4.5	3.7	4.3	3.3	4.6	4.3	4.0
2. Short-term prepayments to suppliers	—	—	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
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	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. Provision for short-term doubtful debts (*)	—	—	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0
1. Inventories	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0
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	12.2	11.7	11.1	10.5	10.1	9.7	9.3	8.8	8.4	8.0	7.4	6.9
1. Short-term prepayments	0.0	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	12.2	11.7	11.1	10.5	10.1	9.7	9.3	8.8	8.4	8.0	7.4	6.9
3. Taxes and other receivables from state authorities	—	—	—	—	—	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
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)	33.1	33.1	33.1	33.1	33.1	33.1	33.2	37.9	37.7	37.7	37.7	37.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
1. Tangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
- Cost	0.2	—	—	—	—	0.2	0.2	0.2	0.1	0.1	0.1	0.1
- Accumulated depreciation	-0.1	—	—	—	—	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	33.0	33.0	33.0	33.0	33.0	33.0	33.0	37.7	37.7	37.7	37.7	37.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	37.7	0.0	0.0
3. Investments in other entities	33.0	33.0	33.0	33.0	33.0	33.0	33.0	37.7	37.7	0.0	37.7	37.7
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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)	51.1	49.9	49.4	48.3	47.1	48.4	48.1	51.1	49.6	50.4	49.5	48.7
A. LIABILITIES (300=210+330)	6.7	5.7	5.4	4.4	3.4	4.7	4.5	7.6	6.1	6.9	6.1	5.3
I. Short -term liabilities	6.7	5.7	5.4	4.4	3.4	4.7	4.5	7.6	6.1	6.9	6.1	5.3
1. Short-term trade accounts payable	6.1	5.1	4.8	3.9	3.0	3.9	3.7	4.5	3.9	5.0	4.7	4.6
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	0.1	0.1	0.1	0.0	0.2	0.1	0.1	0.1	0.1	0.0	0.0
4. Payable to employees	0.5	0.5	0.5	0.4	0.4	0.6	0.5	2.8	2.1	1.8	1.3	0.6
5. Short-term acrrued expenses	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	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
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)	44.4	44.2	44.0	43.9	43.8	43.7	43.6	43.5	43.5	43.5	43.4	43.3
I. Owner's equity	44.4	44.2	44.0	43.9	43.8	43.7	43.6	43.5	43.5	43.5	43.4	43.3
1. Owner's capital	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0	35.0
- Common stock with voting right	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00	35,000,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	9.4	9.2	9.0	8.9	8.8	8.7	8.6	8.5	8.5	8.5	8.4	8.3
- Accumulated retained earning at the end of the previous period	9.2	8.7	8.7	8.7	8.7	8.5	8.5	8.5	8.5	8.2	8.2	8.2
- Undistributed earnings in this period	0.2	0.5	0.4	0.2	0.1	0.2	0.1	0.1	0.0	0.2	0.2	0.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	51.1	49.9	49.4	48.3	47.1	48.4	48.1	51.1	49.6	50.4	49.5	48.7

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	0.3	0.2	0.2	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	-2.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.3	-2.5	0.2	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-1.1	1.1	-0.8	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-0.0	-0.0	-0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.0	0.3	1.0	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	0.0	0.0	0.0	-0.2	0.0	0.0	-0.1	-0.1	0.0	0.0	-0.5
Other Operating Receipts	—	—	—	—	—	0.0	-0.0	0.5	0.0	-2.0	0.0	-30.0
Other Operating Payments	—	—	—	—	-0.1	-0.1	-0.1	-0.7	-0.3	0.3	-0.5	0.1
Net Cash Flow from Operating Activities	0.1	-1.1	0.3	0.1	-0.2	-0.9	-3.0	0.2	-0.0	-2.0	-0.0	-30.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.1	-0.1	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	-33.0	0.0	0.0	0.0	0.0	-37.7
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	37.7	0.0	0.0	0.0	0.0	30.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	2.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	0.0	0.0	—	0.0	4.8	-0.1	0.0	2.0	0.0	-7.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Net Cash Flow During the Period	0.1	-1.1	0.3	0.1	-0.2	-0.9	1.8	0.1	-0.0	0.0	-0.0	-38.2
Cash and Cash Equivalents at Beginning of Period	0.1	1.2	0.9	0.8	1.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	0.1	0.1	1.2	0.9	0.8	1.0	1.9	0.1	0.0	0.0	0.0	0.0

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ATS

What Is Changing

Drivers of ATS's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow