AVC

Thủy điện A Vương ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 37.36%, −4.19pp YoY

Price

46,300

Latest close

03 Jun 2026

P/E 12.84x

P/B 2.79x

EPS 3,607

BVPS 16,603

ROE 22.6%

ROA 21.8%

Profit Margin 37.4%

Asset Turnover 0.58x

Equity Mult. 1.04x

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

What Is Changing

On a TTM 2026Q1 basis, AVC is retaining some revenue, but margins are collapsing sharply — margins have been compressing consistently over multiple periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 725bn
	                                
−8.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 271bn
	                                
−17.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	726.5	752.3	696.8	1,003.9	682.1
Growth	-3%	+8%	-31%	+47%	—
Net Income	269.4	297.2	346.5	571.7	342.2
Net Margin	37.08%	39.51%	49.73%	56.95%	50.16%

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	128.9	244.8	204.9	146.0	130.7	275.2	243.9	141.2	92.0	197.7	118.7	131.8
Growth	-47%	+19%	+40%	+12%	-53%	+13%	+73%	+53%	-53%	+66%	-10%	—
Net Income	49.8	79.0	96.6	45.3	59.8	131.5	123.7	13.7	33.3	66.0	48.7	77.4
Net Margin	38.62%	32.25%	47.17%	31.03%	45.72%	47.78%	50.73%	9.67%	36.20%	33.42%	41.05%	58.72%

Drivers of AVC's profit

TTM

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

Tax ↓ 14.7bn

Financial income ↑ 6.6bn

Gross profit ↓ 71.1bn

Administrative expenses ↑ 5.8bn

TTM

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

Tax ↓ 1.6bn

Gross profit ↓ 8.0bn

Financial income ↓ 2.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 30.6% = 41.5% × 0.58 × 1.27

2026Q1 22.6% = 37.4% × 0.58 × 1.04

ROE fell from 30.6% to 22.6% — leverage weakened the most, though asset turnover still provided support.

Net margin: 37.4% -4.2pp Asset turnover: 0.58x +0.00x Leverage: 1.04x -0.23x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 37.36%, losing 4.2pp. The main pressure comes from Gross margin fell 4.7pp and SG&A / Revenue rose 1.3pp (in addition, Net financial result / Revenue rose 1.0pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 37.36% −4.2pp

Gross Margin 50.78% −4.7pp

SG&A / Revenue 6.18% +1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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 — —

NOPAT Margin 37.28% −4.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.03x equity.

Over the last 12 months, working capital absorbed 133.0bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −87.0bn

Inventories increased → lower CFO: −5.8bn

Payables decreased → lower CFO: −40.1bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.0 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO fell 31.4 days, and DPO fell 13.9 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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.

Working Capital Efficiency

Receivables 70.8 days −31.4 days

Inventory 8.9 days −0.5 days

Payables 7.1 days −13.9 days

Cash Conversion Cycle 72.6 days −18.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 415.8bn.

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.

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

Leverage and liquidity trend

Net Debt / Equity -0.03x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.18x −0.29x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 415.8bn in 2025, against investing cash flow of -151.2bn.

Post-investment cash flow was positive +264.7bn. Financing cash flow was negative +206.7bn.

CFO / net income was 1.18x.

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

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 320.2bn −163.5bn

Cash Capex — —

FCF TTM — —

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 4.2 pp. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.18x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.18x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 37.36% after a 4.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	726.5	752.3	696.8	1,003.9	682.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	726.5	752.3	696.8	1,003.9	682.1
Cost of Goods Sold	357.6	349.8	297.2	333.6	0.0
Gross Profit	368.9	402.5	399.5	670.3	391.9
Financial Income	16.5	7.8	36.1	23.6	6.1
Financial Expenses	—	0.0	0.0	3.9	4.0
Interest Expense	—	0.0	0.0	3.9	-4.1
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	51.1	43.4	50.3	50.3	-39.3
Operating Profit	334.2	367.0	385.3	639.8	362.7
Other Income	0.7	4.1	0.7	1.9	0.0
Other Expenses	0.1	0.6	0.0	4.3	0.0
Other Profit	0.6	3.5	0.6	-2.4	-0.1
Profit Before Tax	334.9	370.5	385.9	637.4	362.6
Current Income Tax Expense	65.5	73.3	39.4	65.7	-20.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	269.4	297.2	346.5	571.7	342.2
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	269.4	297.2	346.5	571.7	342.2
Earnings per Share	3,589.00	3,960.00	4,617.00	7,618.00	4,559.30
Diluted EPS	3,589.00	3,960.00	4,616.72	7,617.61	4,559.30

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	459.6	305.7	548.5	795.6	473.3
I. Cash and cash equivalents	100.1	42.1	19.6	85.8	50.3
1. Cash	1.1	12.1	19.6	15.8	0.0
2. Cash equivalents	99.0	30.0	0.0	70.0	0.0
II. Short-term financial investments	162.0	15.0	45.0	502.0	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	162.0	15.0	45.0	502.0	0.0
III. Short-term receivables	185.1	242.8	468.0	193.4	160.7
1. Short-term trade accounts receivable	186.3	247.5	469.6	190.1	0.0
2. Short-term prepayments to suppliers	0.8	1.5	3.5	0.4	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	3.0	0.6	2.0	7.4	0.0
7. Provision for short-term doubtful debts (*)	-5.1	-6.8	-7.1	-4.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	11.7	5.7	15.7	14.2	10.7
1. Inventories	11.7	5.7	15.7	14.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.7	0.2	0.2	0.2	0.7
1. Short-term prepayments	0.7	0.2	0.2	0.2	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	0.0	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)	882.3	955.7	1,041.3	1,059.5	1,127.5
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	777.7	853.2	896.5	964.5	1,032.1
1. Tangible fixed assets	681.7	755.5	810.3	878.2	949.7
- Cost	3,383.2	3,365.6	3,335.1	3,318.1	0.0
- Accumulated depreciation	-2,701.4	-2,610.1	-2,524.8	-2,440.0	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	96.0	97.6	86.2	86.3	82.3
- Cost	105.6	105.6	91.0	89.0	0.0
- Accumulated depreciation	-9.6	-7.9	-4.9	-2.7	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	6.1	1.8	53.4	3.2	5.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	6.1	1.8	53.4	3.2	0.0
V. Long-term financial investments	79.8	79.8	79.8	79.8	79.8
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	79.8	79.8	79.8	79.8	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	18.7	20.9	11.7	12.0	0.0
1. Long-term prepayments	—	0.0	0.0	1.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	18.7	20.9	11.7	10.5	0.0
4. Other long-term assets	—	0.0	0.0	0.0	10.6
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)	1,341.9	1,261.4	1,589.9	1,855.1	1,600.7
A. LIABILITIES (300=210+330)	145.5	176.0	262.0	133.7	155.7
I. Short -term liabilities	145.5	176.0	262.0	133.7	155.7
1. Short-term trade accounts payable	12.5	11.5	56.6	17.7	20.6
2. Short-term advances from customers	1.8	0.2	1.7	3.5	2.2
3. Taxes and other payables to state authorities	44.4	40.5	24.0	63.7	0.0
4. Payable to employees	37.3	19.6	15.2	25.5	0.0
5. Short-term acrrued expenses	—	0.0	0.0	4.9	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	44.4	96.1	158.2	12.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	75.5
11. Provision for short-term liabilities	0.1	0.5	0.1	0.1	0.0
12.. Bonus and welfare fund	5.1	7.7	6.2	6.2	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	—	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)	1,196.4	1,085.4	1,327.9	1,721.4	1,445.0
I. Owner's equity	1,196.4	1,085.4	1,327.9	1,721.4	0.0
1. Owner's capital	750.5	750.5	750.5	750.5	1,445.0
- Common stock with voting right	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00
- 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	31.3	28.7	28.7	28.7	28.6
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	133.0	46.5	0.0	163.5	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	281.5	259.7	548.7	778.7	568.1
- Accumulated retained earning at the end of the previous period	49.6	0.0	359.4	244.5	414.7
- Undistributed earnings in this period	231.9	259.7	189.3	534.2	153.4
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)	1,341.9	1,261.4	1,589.9	1,855.1	1,600.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	334.9	370.5	385.9	637.4	362.6
Depreciation of Fixed Assets and Investment Property	94.5	90.8	87.2	85.1	82.0
Provision (Increase)/Reversal	-2.2	0.2	2.6	-2.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-16.8	-10.1	-36.1	-23.6	0.0
Interest Expense	—	0.0	0.0	3.9	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	410.4	451.3	439.6	700.1	429.3
Increase/(Decrease) in Receivables	59.8	224.7	-282.2	-26.1	0.0
Increase/(Decrease) in Inventory	-3.8	0.8	-2.7	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.1	-33.9	-38.5	14.2	0.0
Increase/(Decrease) in Prepaid Expenses	-3.0	49.1	1.5	0.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-3.9	0.0
Corporate Income Tax Paid	-59.8	-64.1	-81.2	-25.0	0.0
Other Operating Receipts	0.0	0.1	0.0	0.1	0.0
Other Operating Payments	-10.8	-13.6	-22.0	-29.3	0.0
Net Cash Flow from Operating Activities	415.8	614.4	14.7	630.4	324.8
Payments for Fixed Assets and Other Long-term Assets	-20.4	-45.8	-18.1	-24.5	-4.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	2.9	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-283.0	-110.0	-125.0	-734.0	-140.2
Receipts from Loan Repayments and Sale of Debt Instruments	136.0	140.0	582.0	483.0	36.0
Investments in Other Entities	—	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	16.0	8.6	41.1	18.7	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	-151.2	-4.3	480.0	-256.8	-103.6
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	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	-75.5	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-206.7	-587.7	-560.8	-262.5	-194.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-206.7	-587.7	-560.8	-338.0	-194.1
Net Cash Flow During the Period	58.0	22.5	-66.2	35.5	24.4
Cash and Cash Equivalents at Beginning of Period	42.1	19.6	85.8	50.3	23.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	100.1	42.1	19.6	85.8	50.3

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	128.9	244.8	204.9	146.0	130.7	275.2	243.9	141.2	92.0	197.7	118.7	131.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	128.9	244.8	204.9	146.0	130.7	275.2	243.9	141.2	92.0	197.7	118.7	131.8
Cost of Goods Sold	61.3	136.0	77.6	81.8	55.2	98.6	83.2	115.0	51.0	107.8	64.2	53.2
Gross Profit	67.6	108.8	127.3	64.3	75.5	176.6	160.6	26.2	41.0	89.9	54.5	78.6
Financial Income	1.1	8.3	0.2	3.9	4.1	0.7	0.5	1.6	5.0	1.4	9.6	19.6
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	6.6	19.3	6.8	12.1	5.9	15.4	6.8	10.9	6.0	17.9	12.3	9.7
Operating Profit	62.1	97.8	120.7	56.1	73.7	161.9	154.3	17.0	40.0	73.4	51.9	88.6
Other Income	0.1	0.5	0.1	0.1	0.0	3.0	0.3	0.2	0.5	0.3	0.1	0.2
Other Expenses	0.0	0.1	—	0.0	—	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	0.4	0.1	0.1	0.0	2.5	0.3	0.2	0.5	0.3	0.1	0.2
Profit Before Tax	62.2	98.2	120.8	56.1	73.8	164.4	154.6	17.1	40.5	73.7	52.0	88.8
Current Income Tax Expense	12.4	19.2	24.2	10.8	14.0	32.9	30.9	3.5	7.1	7.6	3.2	11.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	49.8	79.0	96.6	45.3	59.8	131.5	123.7	13.7	33.3	66.0	48.7	77.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	49.8	79.0	96.6	45.3	59.8	131.5	123.7	13.7	33.3	66.0	48.7	77.4
Earnings per Share	663.22	1,052.12	1,287.70	603.64	796.28	1,751.97	0.00	181.88	443.94	880.05	649.35	0.00
Diluted EPS	663.22	1,052.12	1,287.70	603.64	796.28	1,751.97	0.00	181.88	443.94	880.05	649.35	0.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	438.7	459.4	435.5	322.1	253.9	305.6	343.1	399.0	513.4	548.5	705.5	883.3
I. Cash and cash equivalents	39.9	100.1	102.9	63.3	20.6	42.1	34.8	57.0	62.5	19.6	4.1	120.4
1. Cash	4.9	1.1	7.9	7.3	8.6	12.1	4.8	7.0	7.5	19.6	4.1	45.4
2. Cash equivalents	35.0	99.0	95.0	56.0	12.0	30.0	30.0	50.0	55.0	0.0	0.0	75.0
II. Short-term financial investments	231.0	162.0	168.0	127.0	101.0	15.0	15.0	120.0	120.0	45.0	297.0	432.0
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	231.0	162.0	168.0	127.0	101.0	15.0	15.0	120.0	120.0	45.0	297.0	432.0
III. Short-term receivables	154.2	184.9	153.2	126.0	127.4	242.7	284.6	214.0	317.3	468.0	389.0	310.0
1. Short-term trade accounts receivable	153.5	186.3	151.6	123.6	127.6	247.5	279.0	210.4	315.4	469.6	375.9	297.1
2. Short-term prepayments to suppliers	0.8	0.8	1.9	4.7	2.4	1.5	6.1	5.1	4.4	3.5	3.2	4.1
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	4.2	2.8	4.2	3.2	4.0	0.6	4.9	4.1	3.2	2.0	13.9	12.8
7. Provision for short-term doubtful debts (*)	-4.3	-5.0	-4.4	-5.5	-6.5	-7.0	-5.4	-5.7	-5.8	-7.1	-4.0	-4.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	12.6	11.7	10.9	5.5	4.8	5.7	8.4	5.7	13.3	15.7	14.3	14.6
1. Inventories	12.6	11.7	10.9	5.5	4.8	5.7	8.4	5.7	13.3	15.7	14.3	14.6
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	1.1	0.7	0.5	0.3	0.1	0.2	0.3	2.3	0.4	0.2	1.2	6.2
1. Short-term prepayments	1.0	0.7	0.5	0.3	0.1	0.2	0.3	0.2	0.4	0.2	1.2	1.0
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	0.0	—	—	—	—	0.0	0.0	2.0	0.0	0.0	0.0	5.2
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)	856.4	882.3	907.0	911.7	936.4	951.7	943.9	970.4	1,022.0	1,041.3	1,011.9	1,027.2
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	755.0	777.7	787.8	809.0	829.6	849.1	839.1	860.5	877.4	896.5	902.4	921.1
1. Tangible fixed assets	659.4	681.7	691.4	712.3	732.4	751.5	753.7	774.7	791.0	810.3	817.8	835.9
- Cost	3,383.6	—	—	—	—	3,361.4	3,343.6	3,342.5	3,337.6	3,335.1	3,321.0	3,317.9
- Accumulated depreciation	-2,724.2	—	—	—	—	-2,609.9	-2,589.9	-2,567.9	-2,546.6	-2,524.8	-2,503.3	-2,482.0
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	95.6	96.0	96.4	96.7	97.2	97.6	85.3	85.9	86.4	86.2	84.7	85.2
- Cost	105.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.1	6.1	20.8	3.8	7.8	1.8	5.3	10.3	53.4	53.4	17.9	14.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.1	6.1	20.8	3.8	7.8	1.8	5.3	10.3	53.4	53.4	17.9	14.6
V. Long-term financial investments	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8
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	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8	79.8
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	18.5	18.7	18.6	19.1	19.3	20.9	19.7	19.8	11.3	11.7	11.7	11.7
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	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	18.5	18.7	18.6	19.1	19.3	20.9	19.7	19.8	11.3	11.7	11.7	11.7
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)	1,295.1	1,341.7	1,342.5	1,233.8	1,190.3	1,257.3	1,287.0	1,369.4	1,535.4	1,589.9	1,717.4	1,910.5
A. LIABILITIES (300=210+330)	49.0	134.1	63.7	51.7	45.2	166.9	163.1	369.1	533.6	620.5	112.1	53.8
I. Short -term liabilities	49.0	134.1	63.7	51.7	45.2	166.9	163.1	369.1	533.6	620.5	112.1	53.8
1. Short-term trade accounts payable	6.3	12.5	6.2	6.0	7.6	11.5	14.2	23.8	32.9	56.6	6.7	5.5
2. Short-term advances from customers	2.3	1.8	4.3	3.0	0.9	0.2	2.7	3.7	1.5	1.7	2.2	1.9
3. Taxes and other payables to state authorities	27.0	47.1	37.5	25.5	29.7	41.7	31.8	16.8	18.8	24.1	16.1	15.4
4. Payable to employees	6.4	23.1	7.5	7.8	3.1	10.6	2.5	2.6	0.3	14.2	18.9	3.2
5. Short-term acrrued expenses	—	—	—	—	—	0.0	2.0	0.0	0.0	0.0	0.0	8.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.6	44.4	0.6	1.1	1.0	94.7	97.1	307.1	478.1	517.7	60.0	0.6
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	0.1	0.1	0.1	0.1	0.5	0.5	0.3	0.1	0.1	0.1	0.3	0.2
12.. Bonus and welfare fund	1.3	5.1	7.6	8.2	2.4	7.7	12.3	15.0	1.9	6.2	7.8	17.9
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)	1,246.1	1,207.6	1,278.8	1,182.1	1,145.1	1,090.3	1,124.0	1,000.3	1,001.8	969.3	1,605.3	1,856.8
I. Owner's equity	1,246.1	1,207.6	1,278.8	1,182.1	1,145.1	1,090.3	1,124.0	1,000.3	1,001.8	969.3	1,605.3	1,856.8
1. Owner's capital	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5
- Common stock with voting right	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	0.00	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	750,520,520,000.00	0.00
- Preferred stock	—	—	—	—	—	0.00	750,520,520,000.00	0.00	0.00	0.00	0.00	750,520,520,000.00
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	31.3	31.3	30.0	30.0	28.7	28.7	28.7	28.7	28.7	28.7	28.7	28.7
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	133.0	133.0	134.4	134.4	46.5	46.5	46.5	46.5	0.0	0.0	163.5	163.5
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	331.3	292.8	363.9	267.3	319.5	264.6	298.3	174.6	222.6	190.1	662.6	914.0
- Accumulated retained earning at the end of the previous period	281.5	251.3	267.3	222.0	259.7	170.7	174.6	160.9	189.3	281.3	613.8	836.6
- Undistributed earnings in this period	49.8	41.4	96.6	45.3	59.8	94.0	123.7	13.7	33.3	-91.2	48.7	77.4
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)	1,295.1	1,341.7	1,342.5	1,233.8	1,190.3	1,257.3	1,287.0	1,369.4	1,535.4	1,589.9	1,717.4	1,910.5

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
Profit Before Tax	62.2	84.1	120.8	56.1	73.8	164.4	154.6	17.1	40.5	72.8	52.0	88.8
Depreciation of Fixed Assets and Investment Property	24.0	23.9	23.5	23.6	23.5	23.6	22.6	22.2	22.4	21.8	22.0	21.6
Provision (Increase)/Reversal	-0.8	0.6	-1.0	-1.3	-0.4	1.8	-0.1	-0.1	-1.3	2.9	0.1	-0.1
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	-1.1	-8.5	-0.2	-3.9	-4.1	-0.7	-0.5	-1.7	-5.0	-1.5	-9.6	-19.7
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	84.3	100.1	143.1	74.5	92.8	189.1	176.7	37.6	56.6	95.9	64.4	90.7
Increase/(Decrease) in Receivables	-30.9	-32.4	-26.6	2.8	115.9	40.4	-71.6	104.9	152.3	-87.1	-77.5	107.8
Increase/(Decrease) in Inventory	0.7	-1.0	-4.9	-0.6	2.6	1.5	-2.6	-0.9	2.8	-1.4	0.3	-1.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-96.5	39.7	7.4	9.3	-33.3	9.7	1.6	-5.4	-49.2	2.3	21.6	-34.6
Increase/(Decrease) in Prepaid Expenses	0.3	-2.6	1.7	-2.2	0.0	0.2	-45.8	45.8	-0.2	1.0	-0.2	-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	-19.2	-9.8	-17.9	-20.1	-12.0	-31.5	-18.3	-12.6	-1.8	-7.7	-4.4	-13.8
Other Operating Receipts	367.7	—	—	—	—	13.7	166.6	-32.0	32.0	-21.1	21.2	0.0
Other Operating Payments	-325.3	392.5	-395.5	336.6	-344.4	-48.0	-105.8	-6.3	0.0	142.1	-153.7	65.3
Net Cash Flow from Operating Activities	-18.9	50.6	143.3	145.2	76.7	175.0	100.8	131.2	192.4	124.0	-128.2	213.5
Payments for Fixed Assets and Other Long-term Assets	—	-18.4	—	-2.0	—	0.0	10.3	-10.3	2.4	-12.8	-4.6	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-150.0	155.0	-291.0	-34.0	-113.0	-90.0	-140.0	10.0	-120.0	65.0	-100.0	-60.0
Receipts from Loan Repayments and Sale of Debt Instruments	145.0	-84.0	185.0	-10.0	45.0	90.0	215.0	35.0	0.0	107.0	315.0	25.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	10.0	-10.0	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	1.1	8.4	0.2	2.9	4.5	0.3	1.7	0.3	6.2	10.9	8.9	17.1
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	-3.7	59.2	-103.7	-43.1	-63.5	0.3	87.0	35.1	-111.5	180.1	209.3	-18.6
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	—	—	—	—	—	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	-37.5	-112.6	0.0	-59.4	-34.7	-167.9	-210.0	-171.7	-38.1	-288.5	-197.4	-74.9
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	-37.5	-112.6	0.0	-59.4	-34.7	-167.9	-210.0	-171.7	-38.1	-288.5	-197.4	-74.9
Net Cash Flow During the Period	-60.2	-2.8	39.5	42.7	-21.5	7.3	-22.2	-5.5	42.9	15.5	-116.3	119.9
Cash and Cash Equivalents at Beginning of Period	100.1	102.9	63.3	20.6	42.1	19.6	19.6	19.6	19.6	85.8	85.8	85.8
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	39.9	100.1	102.9	63.3	20.6	42.1	34.8	57.0	62.5	19.6	4.1	120.4

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AVC

What Is Changing

Drivers of AVC's profit

Financial Highlights

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What is driving the margin? ▼▼

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Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▲

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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