ECI

Tập Đoàn ECI ·HNX ·2025Q3

▲ Showing improvement

Price

9,400

Latest close

27 Mar 2026

P/E 2.99x

P/B 0.54x

EPS 3,143

BVPS 17,467

ROE 17.9%

ROA 12.1%

Profit Margin 303.4%

Asset Turnover 0.03x

Equity Mult. 1.47x

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

What Is Changing

On a TTM 2025Q2 basis, ECI posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1bn
	                                
−88.2%YoY

	                            
	                                NET MARGIN
	                            
	                                    246.20%
	                                
+315.5ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
+142.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    31.2%
	                                
affects earnings quality

Metric	2024	2023	2022	2021	2020
Revenue	3.4	18.3	54.2	60.1	65.3
Growth	-81%	-66%	-10%	-8%	—
Net Income	-0.5	-5.8	2.7	4.8	4.7
Net Margin	-13.78%	-31.52%	5.01%	8.04%	7.18%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	—	0.0	0.0	0.3	1.0	0.6	1.9	5.2	3.2	5.0	5.0	14.4
Growth	—	-80%	-97%	-68%	+61%	-68%	-63%	+61%	-35%	+0%	-66%	—
Net Income	-0.3	-0.4	-1.1	4.9	-1.9	-2.2	-1.7	-1.8	-1.8	-1.5	-0.6	1.1
Net Margin	—	-23269.15%	-13963.10%	1583.96%	-198.85%	-361.33%	-88.02%	-34.26%	-54.63%	-31.18%	-12.67%	7.52%

Drivers of ECI's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower minority interests. Supporting and offsetting drivers:

Minority interests ↓ 2.4bn

Administrative expenses ↓ 2.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.6bn

Financial income ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -13.78% +315.5pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2024Q3 -> 2025Q3

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (31.2% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.40x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital released 4.7bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +7.3bn

Inventories decreased → higher CFO: +0.1bn

Payables decreased → lower CFO: −2.7bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.02x and interest coverage only at -12.21x.

At present, short-term debt accounts for 15.3% of total debt, cash equals 122.1% of debt, and total debt stands at 2.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is -12.21x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.02x +0.01x

Interest Coverage -12.21x +13.46x

Cash / Debt 122.1% −0.7pp

Short-term Debt / Total Debt 15.3% +2.6pp

CFO / NI 1.84x +2.09x

TTM YoY · 2024Q3 -> 2025Q3

Cash Flow

Operating cash flow reached -10.0bn in 2024, against investing cash flow of 22.4bn.

Post-investment cash flow was positive +12.3bn. Financing cash flow was negative +0.5bn.

CFO / net income was 1.84x.

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 10.1bn +8.2bn

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at -12.21x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.84x. Even so, net financial result still accounts for 31.2% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -12.21x.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	3.4	18.4	54.8	61.5	67.4
Revenue Deductions	0.0	0.1	0.6	0.0	0.0
Net Revenue	3.4	18.3	54.2	60.1	65.3
Cost of Goods Sold	3.1	14.1	40.2	0.0	0.0
Gross Profit	0.4	4.2	14.0	18.5	19.2
Financial Income	1.2	0.4	0.4	0.7	0.7
Financial Expenses	0.3	0.3	0.1	-0.0	0.2
Interest Expense	0.3	0.3	0.1	-0.0	-0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0	-0.0
Selling Expenses	3.2	4.2	5.8	-8.6	-9.4
General and Administrative Expenses	4.4	5.6	5.0	-5.0	-5.0
Operating Profit	-6.4	-5.5	3.5	5.6	5.7
Other Income	6.5	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.2	0.0	0.0	0.0
Other Profit	6.4	-0.2	0.0	0.0	-0.1
Profit Before Tax	0.1	-5.7	3.5	5.6	5.7
Current Income Tax Expense	0.5	0.1	0.8	-0.8	-1.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-0.5	-5.8	2.7	4.8	4.7
Non-controlling Interest	0.0	0.1	0.1	-0.0	-0.0
Profit Attributable to Parent	-0.5	-5.9	2.7	4.8	4.7
Earnings per Share	-271.00	-3,331.00	1,511.00	2,745.00	2,665.16
Diluted EPS	-271.00	-3,331.00	1,511.00	2,597.00	2,522.47

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	44.5	46.9	52.4	46.8	44.2
I. Cash and cash equivalents	12.7	0.9	17.8	17.9	12.3
1. Cash	12.7	0.9	17.8	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	16.0	20.0	0.0	0.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	16.0	20.0	0.0	0.0	0.0
III. Short-term receivables	14.1	23.2	29.7	15.0	20.4
1. Short-term trade accounts receivable	4.0	4.9	8.0	0.0	0.0
2. Short-term prepayments to suppliers	6.4	0.2	0.2	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	17.0	16.5	0.0	0.0
6. Other short-term receivables	4.7	1.9	5.4	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.0	-0.7	-0.4	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.6	2.7	4.9	4.8	3.4
1. Inventories	3.7	4.5	6.7	0.0	0.0
2. Provision for decline in value of inventories	-2.1	-1.8	-1.8	0.0	0.0
V. Other short-term assets	0.1	0.1	0.0	0.0	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	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	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3.4	4.4	5.7	1.2	1.1
I. Long-term receivables	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
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	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
II. Fixed assets	3.3	4.3	5.3	0.1	0.0
1. Tangible fixed assets	3.3	4.3	5.2	0.1	0.0
- Cost	8.6	8.6	8.6	0.0	0.0
- Accumulated depreciation	-5.3	-4.3	-3.4	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.1	0.1	0.0	0.0
- Cost	0.1	0.1	0.1	0.0	0.0
- Accumulated depreciation	-0.1	-0.0	-0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	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
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	1.0	1.0
1. Investments in subsidiaries	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
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	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
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.4	0.0	0.0
1. Long-term prepayments	0.0	0.1	0.4	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.1	0.1
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	47.9	51.3	58.2	48.0	45.3
A. LIABILITIES (300=210+330)	13.7	16.7	16.7	12.7	11.5
I. Short -term liabilities	11.4	13.9	13.4	12.7	11.5
1. Short-term trade accounts payable	7.2	9.5	9.6	3.6	5.5
2. Short-term advances from customers	0.0	0.5	0.1	0.7	0.3
3. Taxes and other payables to state authorities	0.7	0.3	0.8	0.0	0.0
4. Payable to employees	0.3	0.3	1.7	0.0	0.0
5. Short-term acrrued expenses	0.8	0.9	0.0	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.6	1.6	0.5	0.0	0.0
10. Short-term borrowings and financial leases	0.5	0.5	0.5	0.0	0.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	2.3	2.8	3.3	0.0	0.0
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	2.3	2.8	3.3	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	34.2	34.6	41.5	35.3	33.8
I. Owner's equity	34.2	34.6	41.5	0.0	0.0
1. Owner's capital	18.6	18.6	18.6	35.3	33.8
- Common stock with voting right	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	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
5. Treasury shares	-726,105,307.00	-726,105,307.00	-726,105,307.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	2.6	2.6	2.6	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.7	0.7	0.7	0.0	0.0
11. Undistributed earnings after tax	9.4	9.8	16.7	14.0	12.6
- Accumulated retained earning at the end of the previous period	9.9	15.6	14.0	12.0	10.0
- Undistributed earnings in this period	-0.5	-5.9	2.7	2.0	2.6
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.5	3.6	3.6	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	47.9	51.3	58.2	48.0	45.3

Item	2024	2023	2022	2021	2020
Profit Before Tax	0.1	-5.7	3.5	5.6	5.7
Depreciation of Fixed Assets and Investment Property	1.0	1.0	0.5	0.1	0.0
Provision (Increase)/Reversal	0.5	0.4	-1.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-0.4	-0.4	0.0	0.0
Interest Expense	0.3	0.3	0.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.6	-4.4	2.7	5.2	4.3
Increase/(Decrease) in Receivables	-8.3	7.0	1.9	0.0	0.0
Increase/(Decrease) in Inventory	0.8	2.2	0.8	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.8	-0.4	2.8	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.3	-0.3	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.3	-0.1	0.0	0.0
Corporate Income Tax Paid	-0.2	-0.3	-0.6	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-10.0	4.1	7.1	3.9	5.7
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	-5.8	-0.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-21.0	-37.0	-18.7	-4.1	-7.7
Receipts from Loan Repayments and Sale of Debt Instruments	42.0	16.5	11.3	6.0	0.7
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	1.2	0.0	0.0
Dividends and Interest Income Received	1.4	0.0	0.3	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	22.4	-20.5	-11.8	2.3	-6.3
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	3,500,000,000.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	4.0	0.0	0.0
Repayment of Borrowings	-0.5	-0.5	-0.2	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-2.8	-0.5	-4.6
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.5	-0.5	4.5	-0.5	-4.6
Net Cash Flow During the Period	11.8	-16.9	-0.1	8.8	3.2
Cash and Cash Equivalents at Beginning of Period	0.9	17.8	17.9	12.3	17.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.7	0.9	17.8	17.9	12.3

Item	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	—	0.0	0.0	0.3	1.0	0.6	1.9	5.3	3.2	5.0	5.0	14.9
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.4
Net Revenue	—	0.0	0.0	0.3	1.0	0.6	1.9	5.2	3.2	5.0	5.0	14.4
Cost of Goods Sold	—	—	0.0	0.3	0.7	0.6	1.5	4.2	2.5	3.6	3.9	11.2
Gross Profit	—	0.0	0.0	0.0	0.3	-0.0	0.4	1.0	0.8	1.3	1.1	3.2
Financial Income	0.4	0.7	0.0	0.3	0.0	0.4	0.1	0.1	0.0	0.1	0.1	0.3
Financial Expenses	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Interest Expense	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.1	0.3	0.6	1.1	0.9	0.8	1.2	1.1	1.3	0.6	0.5
General and Administrative Expenses	0.6	0.8	0.7	0.7	1.2	1.4	1.3	1.5	1.4	1.5	1.2	1.6
Operating Profit	-0.3	-0.3	-1.1	-1.1	-2.0	-2.1	-1.7	-1.6	-1.8	-1.5	-0.6	1.4
Other Income	—	—	—	6.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	—	-0.0	-0.0	6.5	0.0	-0.0	-0.0	-0.1	0.0	-0.0	-0.0	0.0
Profit Before Tax	-0.3	-0.4	-1.1	5.3	-2.0	-2.1	-1.7	-1.8	-1.8	-1.5	-0.6	1.4
Current Income Tax Expense	—	—	—	0.4	-0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.3
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.3	-0.4	-1.1	4.9	-1.9	-2.2	-1.7	-1.8	-1.8	-1.5	-0.6	1.1
Non-controlling Interest	-0.0	-0.1	-0.0	-2.2	-0.0	-0.0	0.0	0.1	0.1	0.1	0.0	0.1
Profit Attributable to Parent	-0.3	-0.3	-1.0	7.1	-1.9	-2.2	-1.7	-1.9	-1.8	-1.6	-0.6	1.0
Earnings per Share	-160.00	-152.70	-588.00	4,044.00	-1,073.00	-1,234.00	-949.00	-1,057.00	-1,044.00	-921.00	-369.00	584.00
Diluted EPS	-151.59	-152.70	-588.00	-487.00	-1,073.00	-1,234.00	-949.00	-1,057.00	-1,044.00	-921.00	-369.00	584.00

Item	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	43.0	43.3	43.6	44.5	41.7	43.1	45.2	46.9	46.2	49.3	50.1	52.4
I. Cash and cash equivalents	3.0	3.0	11.9	14.7	3.6	18.1	0.4	0.9	18.2	17.5	25.9	17.8
1. Cash	3.0	3.0	11.9	14.7	3.6	3.1	0.4	0.9	18.2	17.5	25.9	17.8
2. Cash equivalents	—	—	—	0.0	0.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	16.0	16.0	16.0	16.0	0.0	20.0	20.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	16.0	—	0.0	0.0	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	0.0	0.0
3. Held to maturity investments	—	—	16.0	16.0	16.0	0.0	20.0	20.0	0.0	0.0	0.0	0.0
III. Short-term receivables	38.4	20.7	14.0	12.1	20.1	23.0	22.7	23.3	26.0	29.5	20.8	29.7
1. Short-term trade accounts receivable	1.4	1.6	1.5	4.0	4.5	4.7	4.9	4.9	4.9	6.8	6.7	8.0
2. Short-term prepayments to suppliers	11.3	11.2	11.2	6.4	14.0	18.2	0.2	0.2	0.4	0.3	0.2	0.2
3. Short-term inter-company receivables	—	—	—	0.0	0.0	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	0.0	0.0
5. Short-term loan receivables	24.0	8.0	—	0.0	0.0	0.0	17.0	17.0	0.0	16.5	0.0	16.5
6. Other short-term receivables	2.8	1.0	2.3	2.7	2.5	1.1	1.4	1.9	21.3	6.4	14.2	5.4
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.0	-1.0	-1.0	-1.0	-0.7	-0.7	-0.5	-0.5	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.5	1.5	1.6	1.6	1.8	1.9	2.0	2.7	1.9	2.2	3.3	4.9
1. Inventories	3.7	3.7	3.7	3.7	3.8	3.9	3.8	4.5	3.9	4.2	5.1	6.7
2. Provision for decline in value of inventories	-2.2	-2.2	-2.1	-2.1	-1.9	-1.9	-1.8	-1.8	-2.0	-2.0	-1.8	-1.8
V. Other short-term assets	0.1	2.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.0
1. Short-term prepayments	0.0	—	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	0.1	—	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	0.0	0.0	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	0.0	0.0
5. Other short-term assets	—	2.0	—	0.0	0.0	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)	2.6	2.9	3.1	3.4	3.6	3.9	4.2	4.4	4.8	5.2	5.4	5.7
I. Long-term receivables	—	—	—	0.0	0.0	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	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	0.0	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	0.0	0.0
4. Long-term inter-company receivables	—	—	—	0.0	0.0	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	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	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	0.0	0.0
II. Fixed assets	2.6	2.9	3.1	3.3	3.6	3.8	4.1	4.3	4.6	4.8	5.1	5.3
1. Tangible fixed assets	2.6	2.8	3.1	3.3	3.6	3.8	4.0	4.3	4.5	4.7	5.0	5.2
- Cost	—	—	—	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
- Accumulated depreciation	—	—	—	-5.3	-5.0	-4.8	-4.6	-4.3	-4.1	-3.9	-3.6	-3.4
2. Financial leased fixed assets	—	—	—	0.0	0.0	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	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	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	0.1	0.1	0.1	0.1	0.1
- Cost	—	—	—	0.0	0.0	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	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0	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	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	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	0.0	0.0
1. Long-term production in progress	—	—	—	0.0	0.0	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	0.0	0.0
V. Long-term financial investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	0.0	0.0	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	0.0	0.0
3. Investments in other entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	0.0	0.0	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	0.0	0.0
6. Other long-term investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.4	0.4	0.4
1. Long-term prepayments	0.0	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.4	0.4	0.4
2. Deferred income tax assets	—	—	—	0.0	0.0	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	0.0	0.0
4. Other long-term assets	—	—	—	0.0	0.0	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	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	45.7	46.2	46.8	47.9	45.3	47.0	49.3	51.4	50.9	54.5	55.5	58.2
A. LIABILITIES (300=210+330)	13.2	13.4	13.7	13.7	16.0	16.2	16.3	16.7	13.4	15.2	14.7	16.6
I. Short -term liabilities	11.1	11.3	11.3	11.4	13.5	13.7	13.5	13.8	10.5	11.9	11.3	13.3
1. Short-term trade accounts payable	7.3	7.4	7.2	7.2	9.5	9.4	9.5	9.5	7.5	9.2	9.0	9.6
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.1	0.0	0.1	0.1
3. Taxes and other payables to state authorities	0.7	0.7	0.5	0.7	0.2	0.4	0.3	0.3	0.3	0.5	0.4	0.7
4. Payable to employees	—	—	0.4	0.3	0.6	0.7	0.3	0.3	0.3	0.4	0.4	1.7
5. Short-term acrrued expenses	0.8	0.8	0.8	0.8	0.8	0.8	1.0	0.9	0.9	0.8	0.3	0.0
6. Short-term inter-company payables	—	—	—	0.0	0.0	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	0.0	0.0
8. Short-term unearned revenue	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.7	1.7	1.8	1.6	1.7	1.7	1.8	1.6	0.6	0.6	0.6	0.5
10. Short-term borrowings and financial leases	0.4	0.5	0.4	0.5	0.4	0.5	0.4	0.5	0.5	0.2	0.4	0.5
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
13. Price stabilization fund	—	—	—	0.0	0.0	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	0.0	0.0
II. Long-term liabilities	2.1	2.1	2.3	2.3	2.6	2.6	2.8	2.8	3.0	3.3	3.3	3.3
1. Long-term trade payables	—	—	—	0.0	0.0	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	0.0	0.0
3. Long-term acrrued expenses	—	—	—	0.0	0.0	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	0.0	0.0
5. Long-term inter-company payables	—	—	—	0.0	0.0	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	0.0	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	2.1	2.1	2.3	2.3	2.6	2.6	2.8	2.8	3.0	3.3	3.3	3.3
9. Convertible bonds	—	—	—	0.0	0.0	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	0.00	0.00
11. Deferred income tax liabilities	—	—	—	0.0	0.0	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	0.0	0.0
13. Fund for technology development	—	—	—	0.0	0.0	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	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	32.5	32.8	33.1	34.2	29.3	30.8	33.0	34.7	37.5	39.3	40.8	41.5
I. Owner's equity	32.5	32.8	33.1	34.2	29.3	30.8	33.0	34.7	37.5	39.3	40.8	41.5
1. Owner's capital	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6
- Common stock with voting right	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00	18,600,000,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	0.0	0.0	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	0.0	0.0
5. Treasury shares	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00	-726,105,307.00
6. Assets revaluation differences	—	—	—	0.0	0.0	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	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	0.0	0.0
10. Other funds from owner's equity	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
11. Undistributed earnings after tax	7.8	8.1	8.4	8.9	4.3	5.9	8.1	9.8	12.7	14.4	16.0	16.7
- Accumulated retained earning at the end of the previous period	9.4	9.4	9.4	9.8	9.8	9.8	9.8	15.6	16.7	16.7	16.7	14.0
- Undistributed earnings in this period	-1.7	-1.4	-1.0	-0.9	-5.4	-3.8	-1.7	-5.8	-4.0	-2.3	-0.6	2.7
12. Reserves for investment in construction	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.5	3.5	3.5	4.0	3.7	3.6	3.6	3.6	3.6	3.6	3.6	3.6
14. Financial reserves	—	—	—	0.0	0.0	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	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	0.0	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	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	45.7	46.2	46.8	47.9	45.3	47.0	49.3	51.4	50.9	54.5	55.5	58.2

Item	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	-1.3	0.7	-1.1	5.3	-2.0	-1.6	-1.7	-1.8	-1.8	-1.5	-0.6	1.4
Depreciation of Fixed Assets and Investment Property	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3
Provision (Increase)/Reversal	0.5	-0.2	—	0.2	0.0	0.4	0.0	0.1	0.0	0.3	0.0	-0.3
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.1	—	-0.0	1.4	0.3	-0.8	-0.1	-0.1	-0.0	-0.1	-0.1	-0.3
Interest Expense	0.1	-0.0	0.1	-1.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	0.0	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	0.0	0.0
Amortization of Goodwill	—	—	—	0.0	0.0	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	0.0	0.0
Operating Profit Before Changes in Working Capital	-1.5	0.6	-0.8	6.0	-1.3	-1.8	-1.4	-1.6	-1.5	-0.9	-0.4	1.1
Increase/(Decrease) in Receivables	-0.9	0.9	0.1	7.2	3.4	-17.6	0.6	19.6	-13.0	7.7	-7.4	8.9
Increase/(Decrease) in Inventory	0.0	-0.0	0.0	0.1	0.1	-0.1	0.7	-0.6	0.3	0.9	1.6	-1.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.4	-2.4	-0.0	-2.7	0.1	-0.0	-0.2	2.3	-1.4	0.6	-1.9	-4.1
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.3	-0.0	0.0	0.9
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	—	-0.1	1.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Corporate Income Tax Paid	—	—	—	0.0	-0.3	0.0	-0.0	-0.0	-0.3	0.0	0.0	-0.1
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.1	-0.8	-0.7	11.8	2.0	-19.5	-0.4	19.9	-15.7	8.2	-8.3	5.2
Payments for Fixed Assets and Other Long-term Assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-16.0	-8.0	—	0.0	-16.0	0.0	0.0	-37.0	16.5	-16.5	0.0	-16.5
Receipts from Loan Repayments and Sale of Debt Instruments	17.1	—	0.1	0.0	0.0	37.0	0.0	0.0	0.0	0.0	16.5	0.0
Investments in Other Entities	—	—	—	0.0	0.0	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	0.0	1.2
Dividends and Interest Income Received	0.4	-0.0	0.0	-0.6	-0.3	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	0.0	0.0	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	0.0	0.0
Other Investing Receipts	—	—	—	0.0	0.0	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	0.0	0.0
Net Cash Flow from Investing Activities	1.6	-8.1	0.1	-0.6	-16.3	37.4	0.0	-37.0	16.5	-16.5	16.5	-15.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.00	0.00	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	0.00	0.00
Proceeds from Borrowings	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.5	-0.0	-0.1	-0.1	-0.1	-0.2	0.0	-0.1	-0.1	-0.1	-0.1	-0.1
Repayment of Finance Leases	—	—	—	0.0	0.0	0.1	-0.1	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	0.0	0.0
Other Financing Receipts	—	—	—	0.0	0.0	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	0.0	0.0
Net Cash Flow from Financing Activities	-1.5	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Net Cash Flow During the Period	0.0	-8.9	-0.8	11.1	-14.5	17.7	-0.5	-17.3	0.7	-8.4	8.1	-10.7
Cash and Cash Equivalents at Beginning of Period	3.0	11.9	12.7	0.9	0.9	0.9	0.9	17.8	17.8	17.8	17.8	17.9
FX Difference from Revaluation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.0	3.0	11.9	14.7	3.6	18.1	0.4	0.9	18.2	17.5	25.9	17.8

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ECI

What Is Changing

Drivers of ECI's profit

Financial Highlights

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Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow