DC2

Đầu tư Phát triển - Xây dựng (DIC) số 2 ·HNX ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 0.60%, −2.56pp YoY

Price

6,000

Latest close

03 Jun 2026

P/E 15.79x

P/B 0.55x

EPS 380

BVPS 10,903

ROE 3.5%

ROA 1.1%

Profit Margin 1.9%

Asset Turnover 0.60x

Equity Mult. 3.09x

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

What Is Changing

On a TTM 2026Q1 basis, DC2 is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 228bn
	                                
−9.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
−42.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    58.9%

Metric	2025	2024	2023	2022	2021
Revenue	204.3	250.2	210.0	333.1	322.6
Growth	-18%	+19%	-37%	+3%	—
Net Income	5.8	5.6	1.0	3.5	7.0
Net Margin	2.85%	2.23%	0.49%	1.05%	2.17%

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	53.7	49.7	63.2	61.1	30.3	100.0	54.5	67.9	27.8	76.1	55.6	38.1
Growth	+8%	-21%	+4%	+101%	-70%	+84%	-20%	+144%	-63%	+37%	+46%	—
Net Income	0.7	0.5	1.5	1.5	2.4	2.1	1.3	1.5	0.6	0.6	0.2	0.4
Net Margin	1.39%	1.05%	2.36%	2.44%	7.76%	2.14%	2.47%	2.25%	1.99%	0.75%	0.37%	1.06%

Drivers of DC2's profit

TTM

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

Other profit ↑ 4.5bn

Financial income ↑ 0.4bn

Gross profit ↓ 4.4bn

Finance costs ↑ 2.3bn

Administrative expenses ↑ 0.8bn

TTM

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

Other profit ↑ 1.7bn

Financial income ↑ 0.2bn

Finance costs ↑ 1.6bn

Gross profit ↓ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.3% = 2.9% × 0.80 × 3.10

2026Q1 3.5% = 1.9% × 0.60 × 3.09

ROE fell from 7.3% to 3.5% — all three components weakened, with asset turnover being the main drag.

Net margin: 1.9% -1.0pp Asset turnover: 0.60x -0.20x Leverage: 3.09x -0.02x

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 narrowed to 1.87%, falling 1.0pp. The main pressure comes from SG&A / Revenue rose 1.3pp and Gross margin fell 0.2pp (in addition, Other profit / Revenue rose 2.0pp added support while Net financial result / Revenue fell 1.3pp 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 1.87% −1.0pp

Gross Margin 15.41% −0.2pp

SG&A / Revenue 8.52% +1.3pp

Non-core / Revenue -3.63% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 58.9% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

ROIC fell to 0.60%, losing 2.6pp. That translates to 0.60 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.2pp and capital turnover fell 0.29x, while invested capital expanded strongly by 54bn — pressure came from both operational efficiency and asset efficiency.

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

Watchpoints

ROIC remains low

ROIC is currently 0.60% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.60% −2.6pp

NOPAT Margin 0.77% −2.2pp

Capital Turnover 0.78x −0.29x

Average Invested Capital 290.1bn +54.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 2.35x equity, net debt at 1.78x equity.

Inventory ended the period at 76.8bn, roughly 18.7% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 85.6 days versus the same period last year. The main moves came from DIO rose 72.9 days, DSO rose 27.2 days, and DPO rose 14.6 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 288.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +27.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 253.8 days +27.2 days

Inventory 137.1 days +72.9 days

Payables 102.9 days +14.6 days

Cash Conversion Cycle 288.0 days +85.6 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.78x and interest coverage only at 0.23x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.4% of debt, and total debt stands at 229.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.78x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.23x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.78x +0.83x

Interest Coverage 0.23x −0.73x

Cash / Debt 4.4% −11.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -22.50x −20.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -71.8bn in 2025, against investing cash flow of -16.4bn.

Post-investment cash flow was negative +88.2bn. Financing cash flow was positive +68.2bn.

CFO / net income was -22.50x.

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 95.6bn −77.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is -170.0%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.6%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -170.0% of PBT and CFO / net income currently at -22.50x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	204.3	250.2	210.0	333.1	322.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	204.3	250.2	210.0	333.1	322.6
Cost of Goods Sold	168.0	215.0	173.9	294.7	0.0
Gross Profit	36.4	35.2	36.1	38.4	28.6
Financial Income	0.5	1.6	7.8	1.0	1.4
Financial Expenses	11.7	11.9	26.6	15.1	-7.2
Interest Expense	11.7	11.8	26.2	15.1	-7.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.1	0.0	0.0	0.0	-0.0
General and Administrative Expenses	18.9	16.5	13.1	18.7	-13.9
Operating Profit	6.2	8.4	4.2	5.7	8.9
Other Income	2.8	0.7	0.6	0.7	0.0
Other Expenses	0.0	0.8	0.4	0.1	0.0
Other Profit	2.7	-0.1	0.1	0.5	-0.1
Profit Before Tax	8.9	8.3	4.3	6.3	8.8
Current Income Tax Expense	3.1	2.7	3.3	2.8	-1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.8	5.6	1.0	3.5	7.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	5.8	5.6	1.0	3.5	7.0
Earnings per Share	445.00	607.00	135.00	539.00	2,628.45
Diluted EPS	445.00	507.83	134.79	485.17	1,119.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	301.9	253.4	328.1	382.3	224.1
I. Cash and cash equivalents	6.9	26.9	7.0	2.7	4.8
1. Cash	6.9	26.9	7.0	2.7	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	11.0	0.0	29.0	19.0	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	11.0	0.0	29.0	19.0	0.0
III. Short-term receivables	200.7	197.7	280.7	315.7	140.2
1. Short-term trade accounts receivable	171.5	175.8	270.1	304.2	0.0
2. Short-term prepayments to suppliers	21.4	18.1	2.6	1.2	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	8.1	4.1	8.2	10.6	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.3	-0.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	76.8	28.4	11.3	44.8	53.1
1. Inventories	76.8	28.4	11.3	44.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.5	0.4	0.1	0.2	0.0
1. Short-term prepayments	0.6	0.4	0.1	0.2	0.0
2. Value added tax to be reclaimed	5.9	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)	108.8	69.0	67.8	60.1	36.4
I. Long-term receivables	—	0.0	0.0	0.5	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	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	53.4	51.0	40.2	43.4	24.6
1. Tangible fixed assets	15.2	12.5	12.1	15.2	16.8
- Cost	36.9	31.5	28.4	28.4	0.0
- Accumulated depreciation	-21.7	-19.0	-16.3	-13.2	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	38.2	38.5	28.2	28.2	7.8
- Cost	39.0	39.0	28.3	28.3	0.0
- Accumulated depreciation	-0.8	-0.5	-0.2	-0.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	47.0	15.6	24.4	9.1	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	47.0	15.6	24.4	9.1	0.0
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.0
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	0.2	0.2	0.2	0.2	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	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	8.4	2.4	3.1	7.0	0.0
1. Long-term prepayments	8.4	2.4	3.1	7.0	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	11.8
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)	410.8	322.4	396.0	442.5	260.5
A. LIABILITIES (300=210+330)	288.3	202.7	315.8	362.8	186.0
I. Short -term liabilities	288.3	202.7	309.1	352.3	186.0
1. Short-term trade accounts payable	63.1	50.9	68.0	106.5	36.7
2. Short-term advances from customers	13.5	7.7	0.0	6.0	0.0
3. Taxes and other payables to state authorities	3.6	3.2	7.4	6.6	0.0
4. Payable to employees	3.8	2.5	1.9	3.2	0.0
5. Short-term acrrued expenses	3.1	7.5	1.0	4.1	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	0.6	0.3	7.8	0.2	0.0
10. Short-term borrowings and financial leases	200.6	130.6	222.0	223.8	144.7
11. Provision for short-term liabilities	—	0.0	0.5	1.5	0.0
12.. Bonus and welfare fund	-0.1	0.0	0.5	0.4	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	6.6	10.4	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	6.6	10.4	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)	122.5	119.7	80.2	79.7	74.5
I. Owner's equity	122.5	119.7	80.2	79.7	0.0
1. Owner's capital	113.0	109.8	75.6	72.0	74.5
- Common stock with voting right	113,046,990,000.00	109,756,500,000.00	75,563,410,000.00	71,966,730,000.00	62,519,810,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	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	2.6	2.6	2.6	2.6	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	7.0	7.4	2.0	5.1	9.3
- Accumulated retained earning at the end of the previous period	1.2	1.9	1.0	1.6	2.3
- Undistributed earnings in this period	5.8	5.6	1.0	3.5	7.0
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)	410.8	322.4	396.0	442.5	260.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	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
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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	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	-2.7	-3.2	-2.9	-0.6	0.0
Other Operating Receipts	0.0	3.9	21.4	37.2	0.0
Other Operating Payments	-3.5	-16.1	-14.6	-43.1	0.0
Net Cash Flow from Operating Activities	-71.8	56.8	33.8	-81.7	-21.3
Payments for Fixed Assets and Other Long-term Assets	-5.4	-3.3	-15.3	-22.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	1.1	0.0
Loans and Purchases of Debt Instruments	—	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
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	0.0	1.2	1.3	1.5	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	-16.4	27.0	-24.0	-12.8	1.4
Proceeds from Equity Issuance and Capital Contributions	—	34,193,090,000.00	0.00	2,905,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	272.2	279.5	278.7	392.2	241.5
Repayment of Borrowings	-202.2	-377.6	-284.3	-302.7	-218.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1.8	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	68.2	-63.9	-5.6	92.4	23.4
Net Cash Flow During the Period	-20.0	19.9	4.3	-2.0	-2.8
Cash and Cash Equivalents at Beginning of Period	26.9	7.0	2.7	4.8	1.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.9	26.9	7.0	2.7	4.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	53.7	49.7	63.2	61.1	30.3	100.0	54.5	67.9	27.8	76.1	55.6	38.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	53.7	49.7	63.2	61.1	30.3	100.0	54.5	67.9	27.8	76.1	55.6	38.1
Cost of Goods Sold	45.1	42.1	52.9	52.5	20.4	89.4	45.9	57.6	22.1	68.0	46.0	27.6
Gross Profit	8.6	7.6	10.4	8.5	9.9	10.6	8.6	10.3	5.7	8.0	9.7	10.5
Financial Income	0.2	0.1	0.1	0.2	0.0	-0.3	0.3	0.3	1.3	2.7	2.1	2.5
Financial Expenses	3.8	3.4	3.3	2.8	2.2	2.7	2.4	3.6	3.1	6.4	6.8	6.8
Interest Expense	3.8	3.4	3.3	2.8	2.2	2.7	2.4	3.6	3.1	6.4	0.0	6.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	4.6	5.5	5.0	3.8	4.5	4.8	4.5	4.2	3.0	3.5	3.4	3.4
Operating Profit	-0.1	-1.2	2.2	2.2	3.0	2.9	1.9	2.8	0.9	0.8	1.6	2.8
Other Income	1.7	2.6	0.1	0.0	0.0	0.1	0.5	0.0	0.0	0.6	0.0	0.6
Other Expenses	0.0	0.0	—	0.0	—	0.1	0.4	0.4	0.0	0.6	0.1	1.4
Other Profit	1.7	2.6	0.1	-0.0	0.0	0.1	0.1	-0.4	0.0	0.0	-0.1	-0.8
Profit Before Tax	1.6	1.4	2.3	2.2	3.1	2.9	2.0	2.4	0.9	0.8	1.5	2.0
Current Income Tax Expense	0.8	0.9	0.8	0.7	0.7	0.8	0.7	0.9	0.4	0.3	1.3	1.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.7	0.5	1.5	1.5	2.4	2.1	1.3	1.5	0.6	0.6	0.2	0.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.7	0.5	1.5	1.5	2.4	2.1	1.3	1.5	0.6	0.6	0.2	0.4
Earnings per Share	66.00	46.00	132.00	136.00	215.00	195.00	178.00	202.00	73.00	76.00	27.00	54.00
Diluted EPS	65.81	46.01	131.93	135.99	214.59	194.71	178.05	201.80	73.37	75.89	27.17	53.58

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)	325.0	305.0	256.4	269.2	255.6	253.3	231.6	284.9	238.6	327.8	366.2	375.1
I. Cash and cash equivalents	10.1	6.9	10.9	7.5	21.9	26.9	1.1	4.5	5.7	7.0	5.7	7.8
1. Cash	10.1	6.9	10.9	7.5	21.9	26.9	1.1	4.5	5.7	7.0	5.7	7.8
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	11.0	11.0	10.0	10.0	10.0	0.0	29.0	29.0	29.0	29.0	29.0	29.0
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	11.0	11.0	10.0	10.0	10.0	0.0	29.0	29.0	29.0	29.0	29.0	29.0
III. Short-term receivables	206.8	200.7	174.8	183.7	166.7	197.6	166.3	232.6	183.4	280.7	301.9	306.6
1. Short-term trade accounts receivable	173.4	171.5	151.3	147.0	143.2	175.8	147.8	218.1	170.6	270.1	291.8	300.1
2. Short-term prepayments to suppliers	26.5	21.4	18.9	32.7	19.1	18.1	14.1	9.9	7.3	2.7	5.3	1.9
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	7.2	8.1	5.0	4.3	4.7	4.0	4.8	5.0	5.8	8.2	5.1	4.9
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	90.0	77.6	56.0	62.0	54.7	28.4	33.9	18.4	20.3	11.0	28.5	31.3
1. Inventories	90.0	77.6	56.0	62.0	54.7	28.4	33.9	18.4	20.3	11.0	28.5	31.3
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	7.0	8.8	4.7	6.0	2.3	0.3	1.3	0.3	0.2	0.2	1.1	0.4
1. Short-term prepayments	0.8	2.9	0.4	0.5	0.4	0.3	0.3	0.3	0.2	0.2	0.1	0.3
2. Value added tax to be reclaimed	6.2	5.9	4.2	5.5	2.0	0.0	1.0	0.0	0.0	0.0	0.9	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	108.2	105.4	103.3	104.2	68.5	69.1	68.4	66.1	66.9	67.8	68.3	70.6
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	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	0.6	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	52.6	53.4	54.2	54.6	50.4	51.0	50.6	38.7	39.5	40.2	41.0	41.8
1. Tangible fixed assets	14.4	15.2	16.0	16.2	11.9	12.5	11.8	10.6	11.3	12.1	12.9	13.6
- Cost	36.9	—	—	—	—	31.5	30.2	28.3	28.3	28.4	28.4	28.4
- Accumulated depreciation	-22.5	—	—	—	—	-19.0	-18.4	-17.8	-17.0	-16.3	-15.5	-14.7
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	38.1	38.2	38.3	38.4	38.4	38.5	38.8	28.2	28.2	28.2	28.2	28.2
- Cost	39.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	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	47.0	47.0	46.9	47.4	15.9	15.6	15.3	25.8	25.3	24.4	22.9	23.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	47.0	47.0	46.9	47.4	15.9	15.6	15.3	25.8	25.3	24.4	22.9	23.9
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	8.6	4.9	2.0	2.2	2.1	2.4	2.3	1.5	2.1	3.1	3.7	4.8
1. Long-term prepayments	8.6	4.9	2.0	2.2	2.1	2.4	2.3	1.5	2.1	3.1	3.7	4.8
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)	433.2	410.4	359.7	373.4	324.1	322.4	300.0	351.0	305.5	395.6	434.5	445.7
A. LIABILITIES (300=210+330)	309.9	287.9	237.7	256.2	202.1	202.7	216.5	268.8	224.8	315.3	354.8	366.0
I. Short -term liabilities	309.9	287.9	237.7	256.2	202.1	202.7	209.9	262.2	218.2	306.8	346.3	355.6
1. Short-term trade accounts payable	54.1	62.7	45.0	57.5	54.5	50.9	50.0	54.9	48.7	67.5	75.2	81.3
2. Short-term advances from customers	17.0	13.5	9.4	5.6	3.4	7.7	22.3	0.5	1.5	0.0	0.0	0.0
3. Taxes and other payables to state authorities	4.5	3.6	2.5	1.6	3.5	3.2	2.3	5.4	4.2	7.3	8.2	8.7
4. Payable to employees	2.3	3.8	2.1	2.0	1.9	2.5	1.5	1.2	0.7	1.8	0.8	0.9
5. Short-term acrrued expenses	2.8	3.1	3.0	2.5	1.3	7.5	1.8	3.2	8.1	0.6	3.3	11.3
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	0.5	0.6	1.2	5.8	0.4	0.3	0.4	0.5	2.3	8.3	8.0	2.4
10. Short-term borrowings and financial leases	229.6	200.6	174.7	181.4	137.3	130.6	131.4	196.1	152.3	220.1	248.6	248.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.1	0.4	0.5	0.5	1.5	1.5
12.. Bonus and welfare fund	-1.0	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0	-0.2	0.5	0.6	0.8
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	6.6	6.6	6.6	8.5	8.5	10.4
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	6.6	6.6	6.6	8.5	8.5	10.4
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)	123.3	122.5	122.0	117.2	122.0	119.7	83.5	82.1	80.8	80.3	79.7	79.7
I. Owner's equity	123.3	122.5	122.0	117.2	122.0	119.7	83.5	82.1	80.8	80.3	79.7	79.7
1. Owner's capital	113.0	113.0	113.0	109.8	109.8	109.8	75.6	75.6	75.6	75.6	75.6	75.6
- Common stock with voting right	113,046,990,000.00	113,046,990,000.00	113,046,990,000.00	109,756,500,000.00	109,756,500,000.00	109,756,500,000.00	75,563,410,000.00	75,563,410,000.00	75,563,410,000.00	75,563,410,000.00	75,563,410,000.00	75,563,410,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	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	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
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	7.7	7.0	6.5	5.0	9.8	7.4	5.3	3.9	2.6	2.1	1.5	1.5
- Accumulated retained earning at the end of the previous period	7.0	6.5	5.0	3.5	7.4	1.9	3.9	1.9	2.0	1.5	1.3	5.2
- Undistributed earnings in this period	0.7	0.5	1.5	1.5	2.4	5.6	1.3	2.1	0.6	0.6	0.2	-3.7
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)	433.2	410.4	359.7	373.4	324.1	322.4	300.0	351.0	305.5	395.6	434.5	445.7

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	—	—	—	—	—	0.0	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
Provision (Increase)/Reversal	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	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
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	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
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	—	0.0	—	-2.7	—	0.0	-3.2	0.0	0.0	-2.9	0.0	0.0
Other Operating Receipts	2.4	—	—	—	—	0.1	3.4	-2.8	4.5	-6.4	16.1	-25.9
Other Operating Payments	-1.2	-0.3	1.8	-1.8	-3.2	-3.3	-2.5	-5.3	-11.1	10.8	-19.6	-4.3
Net Cash Flow from Operating Activities	-25.5	-81.9	64.7	-52.9	-1.8	-30.0	66.9	-53.1	71.7	27.8	2.1	20.4
Payments for Fixed Assets and Other Long-term Assets	—	0.0	—	-5.4	—	0.0	-1.8	0.2	-0.0	-0.5	0.0	-14.8
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	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	0.0	0.0	-0.0	—	0.0	0.0	-3.8	4.7	0.0	0.5	0.0	0.8
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	-16.4	15.5	-5.5	-10.0	29.0	-5.6	4.9	-0.0	-0.0	0.0	-14.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	34,193,090,000.00	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	83.3	191.1	-27.7	56.8	52.1	71.8	86.9	69.0	51.9	94.0	72.7	51.3
Repayment of Borrowings	-54.3	-114.4	-29.7	-12.7	-45.3	-79.2	-151.5	-22.0	-124.9	-120.5	-76.9	-50.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-1.8	—	—	—	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	28.7	74.9	-57.4	44.1	6.7	26.7	-64.7	47.0	-73.0	-26.4	-4.2	0.4
Net Cash Flow During the Period	3.2	-23.4	22.8	-14.4	-5.0	25.8	-3.4	-1.2	-1.3	1.3	-2.1	6.8
Cash and Cash Equivalents at Beginning of Period	6.9	10.9	7.5	21.9	26.9	7.0	7.0	7.0	7.0	2.7	2.7	2.7
FX Difference from Revaluation	—	—	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.1	6.9	10.9	7.5	21.9	26.9	1.1	4.5	5.7	7.0	5.7	7.8

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DC2

What Is Changing

Drivers of DC2'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