FOC

Dịch vụ Trực tuyến FPT ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 20.57%, +1.10pp YoY

Price

68,500

Latest close

02 Jun 2026

P/E 9.83x

P/B 1.58x

EPS 6,969

BVPS 43,443

ROE 20.8%

ROA 18.8%

Profit Margin 20.6%

Asset Turnover 0.92x

Equity Mult. 1.10x

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

What Is Changing

On a TTM 2026Q1 basis, FOC is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 826bn
	                                
+18.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 170bn
	                                
+25.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	804.8	704.5	620.0	775.4	607.7
Growth	+14%	+14%	-20%	+28%	—
Net Income	156.8	132.8	117.4	247.4	220.1
Net Margin	19.49%	18.85%	18.93%	31.91%	36.22%

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	138.7	256.1	221.4	209.8	117.5	224.7	201.5	151.2	127.2	207.1	154.1	163.6
Growth	-46%	+16%	+6%	+79%	-48%	+12%	+33%	+19%	-39%	+34%	-6%	—
Net Income	31.8	47.4	46.0	44.6	18.8	37.6	45.5	33.5	16.3	47.3	33.9	31.1
Net Margin	22.95%	18.52%	20.78%	21.27%	15.97%	16.71%	22.57%	22.18%	12.80%	22.82%	22.03%	19.00%

Drivers of FOC's profit

TTM

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

Gross profit ↑ 92.3bn

Financial income ↑ 4.0bn

Selling expenses ↑ 38.4bn

Administrative expenses ↑ 15.9bn

Tax ↑ 7.3bn

TTM

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

Gross profit ↑ 19.8bn

Selling expenses ↑ 3.8bn

Tax ↑ 3.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.1% = 19.5% × 0.79 × 1.11

2026Q1 20.8% = 20.6% × 0.92 × 1.10

ROE rose from 17.1% to 20.8% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 20.6% +1.1pp Asset turnover: 0.92x +0.12x Leverage: 1.10x -0.01x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 20.57%, rising 1.1pp. Core operating signals are improving as Gross margin rose 3.7pp are enough to offset pressure from SG&A / Revenue rose 2.2pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.4pp remained a drag).

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

Profitability trend

Net Margin 20.57% +1.1pp

Gross Margin 50.58% +3.7pp

SG&A / Revenue 29.78% +2.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 20.56% +1.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.26x equity, with a net cash position equivalent to 0.05x equity.

Over the last 12 months, working capital absorbed 10.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −12.0bn

Inventories decreased → higher CFO: +0.2bn

Payables increased → higher CFO: +1.8bn

Working Capital Efficiency

Cash conversion cycle improved by 1.0 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO fell 6.3 days, and DPO fell 5.7 days.

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

Working Capital Efficiency

Receivables 34.7 days −6.3 days

Inventory 0.8 days −0.4 days

Payables 8.6 days −5.7 days

Cash Conversion Cycle 26.9 days −1.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 106.1bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.05x and interest coverage at 399.06x.

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

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

Leverage and liquidity trend

Net Debt / Equity -0.05x —

Interest Coverage 399.06x −406.12x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.76x +0.23x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 106.1bn in 2025, against investing cash flow of 90.1bn.

Post-investment cash flow was positive +196.3bn. Financing cash flow was negative +184.2bn.

CFO / net income was 0.76x.

After spending +0.6bn on fixed-asset investment, the business generated trailing free cash flow of +127.8bn.

Cash Conversion

CFO TTM 128.4bn +57.2bn

Cash Capex 0.6bn —

FCF TTM +127.8bn —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 1.1 pp. The next item to monitor is the earnings mix, when non-core contribution is 19.2%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 20.57% after expanding 1.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.2% of PBT and CFO / net income currently at 0.76x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	817.8	710.6	625.4	786.4	618.1
Revenue Deductions	13.0	6.1	5.5	11.0	0.0
Net Revenue	804.8	704.5	620.0	775.4	607.7
Cost of Goods Sold	406.8	385.2	352.2	309.2	0.0
Gross Profit	398.1	319.3	267.8	466.3	420.5
Financial Income	40.9	37.0	53.9	33.7	22.4
Financial Expenses	0.2	0.2	0.1	0.0	-6.6
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	125.3	90.4	80.0	106.4	-94.1
General and Administrative Expenses	117.1	97.7	92.2	84.8	-66.1
Operating Profit	196.4	167.9	149.4	308.8	276.1
Other Income	0.1	0.1	1.2	0.5	0.0
Other Expenses	0.0	0.6	3.6	0.0	0.0
Other Profit	0.1	-0.5	-2.3	0.4	0.0
Profit Before Tax	196.5	167.5	147.1	309.3	276.2
Current Income Tax Expense	38.4	33.7	30.5	61.6	-56.1
Deferred Income Tax Expense	1.2	0.9	-0.8	0.2	0.0
Net Income	156.8	132.8	117.4	247.4	220.1
Non-controlling Interest	—	0.0	-1.0	-0.0	-0.0
Profit Attributable to Parent	156.8	132.8	118.4	247.4	220.1
Earnings per Share	7,664.00	6,490.00	5,786.00	12,088.00	10,754.00
Diluted EPS	7,664.00	6,490.00	5,786.00	12,088.00	11,915.82

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	924.6	928.4	844.3	889.6	860.3
I. Cash and cash equivalents	67.8	53.3	73.2	166.6	281.2
1. Cash	43.2	23.3	27.0	31.6	0.0
2. Cash equivalents	24.6	30.0	46.2	135.0	0.0
II. Short-term financial investments	710.2	763.0	664.9	610.0	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	710.2	763.0	664.9	610.0	0.0
III. Short-term receivables	143.5	108.3	102.2	105.6	110.5
1. Short-term trade accounts receivable	147.5	108.9	104.2	94.3	0.0
2. Short-term prepayments to suppliers	0.5	0.9	3.6	2.5	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	12.1	15.7	11.9	13.3	0.0
7. Provision for short-term doubtful debts (*)	-16.6	-17.2	-17.6	-4.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.7	1.1	1.4	1.3	5.7
1. Inventories	0.7	1.1	1.4	1.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.4	2.8	2.5	6.0	12.9
1. Short-term prepayments	2.4	2.8	2.5	2.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	3.5	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	45.5	50.9	61.1	70.7	61.3
I. Long-term receivables	3.8	0.6	0.6	3.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.9
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	3.8	0.6	0.6	3.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3.0	5.6	9.3	11.7	15.0
1. Tangible fixed assets	3.0	5.5	8.9	11.7	15.0
- Cost	94.4	93.8	94.0	95.2	0.0
- Accumulated depreciation	-91.4	-88.3	-85.1	-83.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.4	0.0	0.0
- Cost	0.1	0.1	0.5	0.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	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	3.7	3.7	3.7	3.7	0.0
4. Provision for diminution in value of long-term investments	-3.7	-3.7	-3.7	-3.7	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	38.6	44.7	51.2	56.0	0.0
1. Long-term prepayments	38.6	43.8	50.0	55.9	0.0
2. Deferred income tax assets	—	0.9	1.2	0.1	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	43.5
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)	970.1	979.2	905.4	960.3	921.7
A. LIABILITIES (300=210+330)	199.4	165.6	174.4	239.3	276.0
I. Short -term liabilities	198.2	164.7	174.2	239.3	276.0
1. Short-term trade accounts payable	25.9	19.1	16.7	34.3	9.1
2. Short-term advances from customers	26.1	38.7	36.2	34.5	75.3
3. Taxes and other payables to state authorities	30.1	10.1	18.2	19.3	0.0
4. Payable to employees	87.4	48.6	36.8	54.1	0.0
5. Short-term acrrued expenses	9.5	6.5	3.0	3.5	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	2.6	2.6	2.7	3.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.5	39.1	60.5	90.4	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	1.3	0.9	0.3	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	1.3	0.9	0.3	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)	770.6	813.7	730.9	721.0	645.7
I. Owner's equity	770.6	813.7	730.9	721.0	0.0
1. Owner's capital	184.7	184.7	184.7	184.7	645.7
- Common stock with voting right	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	36.2	36.2	36.2	36.2	36.2
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	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	550.4	593.5	510.7	496.3	421.0
- Accumulated retained earning at the end of the previous period	409.3	473.9	400.3	273.6	222.9
- Undistributed earnings in this period	141.2	119.5	110.4	222.7	198.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	4.6	4.6
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)	970.1	979.2	905.4	960.3	921.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	196.5	167.5	147.1	309.3	276.2
Depreciation of Fixed Assets and Investment Property	3.1	3.6	3.9	4.5	2.6
Provision (Increase)/Reversal	-0.6	-0.4	13.0	2.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.5	-3.3	-1.8	-1.2	0.0
Gain/Loss from Investment Activities	-38.4	-33.4	-52.1	-31.3	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	158.1	134.0	110.1	283.4	263.0
Increase/(Decrease) in Receivables	-37.1	-5.2	-6.7	9.7	0.0
Increase/(Decrease) in Inventory	0.4	0.3	-0.1	4.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	40.2	19.0	-35.1	-21.6	0.0
Increase/(Decrease) in Prepaid Expenses	5.5	6.0	5.9	-5.9	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	-22.6	-40.8	-30.7	-60.2	0.0
Other Operating Receipts	—	0.0	0.1	0.1	0.0
Other Operating Payments	-38.3	-34.6	-41.8	-41.3	0.0
Net Cash Flow from Operating Activities	106.1	78.6	1.7	168.6	125.3
Payments for Fixed Assets and Other Long-term Assets	-0.5	-0.1	-1.5	-1.2	-11.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1,320.7	-1,487.8	-1,344.6	-1,397.6	-773.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,373.5	1,389.7	1,287.7	1,237.7	716.0
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	37.8	33.1	55.2	24.2	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	90.1	-65.1	-3.3	-137.0	-43.7
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	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-184.2	-36.8	-93.6	-147.4	-368.4
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	-184.2	-36.8	-93.6	-147.4	-368.4
Net Cash Flow During the Period	12.1	-23.3	-95.2	-115.7	-33.5
Cash and Cash Equivalents at Beginning of Period	53.3	73.2	166.6	281.2	573.8
FX Difference from Revaluation	2.5	3.3	1.8	1.2	-5.8
Cash and Cash Equivalents at End of Period	67.8	53.3	73.2	166.6	281.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	138.8	265.5	223.9	210.6	117.8	230.6	201.5	151.2	127.3	212.5	154.1	163.7
Revenue Deductions	0.1	9.4	2.5	0.8	0.3	6.0	0.0	0.0	0.1	5.3	0.0	0.1
Net Revenue	138.7	256.1	221.4	209.8	117.5	224.7	201.5	151.2	127.2	207.1	154.1	163.6
Cost of Goods Sold	66.1	117.2	111.2	113.8	64.6	127.2	98.9	78.5	80.6	97.0	80.8	101.1
Gross Profit	72.6	138.9	110.3	96.0	52.9	97.5	102.5	72.7	46.6	110.1	73.2	62.4
Financial Income	10.9	9.7	9.2	11.5	10.5	12.5	5.5	9.0	10.0	11.0	14.5	14.6
Financial Expenses	0.4	0.0	0.0	0.1	0.0	0.2	0.0	0.0	0.0	0.1	0.0	-0.2
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	21.5	51.9	32.5	23.2	17.7	31.8	24.3	16.8	17.4	26.0	22.3	18.3
General and Administrative Expenses	21.9	37.0	29.4	28.5	22.2	29.1	26.8	22.9	18.9	33.3	23.1	20.0
Operating Profit	39.8	59.6	57.5	55.8	23.4	48.9	56.8	42.0	20.3	61.8	42.4	38.9
Other Income	0.0	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	0.1	1.0	0.1	0.1
Other Expenses	0.0	0.0	0.0	-0.0	0.0	0.6	0.0	-0.0	0.0	3.4	0.1	0.1
Other Profit	-0.0	0.1	0.0	0.0	0.0	-0.6	0.0	0.0	0.1	-2.4	0.1	-0.0
Profit Before Tax	39.8	59.7	57.5	55.8	23.5	48.3	56.8	42.0	20.3	59.5	42.4	38.8
Current Income Tax Expense	8.0	12.2	11.0	10.6	4.5	10.1	11.8	8.0	3.7	13.4	8.1	7.7
Deferred Income Tax Expense	-0.0	0.1	0.5	0.5	0.2	0.6	-0.4	0.4	0.3	-1.2	0.4	0.1
Net Income	31.8	47.4	46.0	44.6	18.8	37.6	45.5	33.5	16.3	47.3	33.9	31.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.0	0.0	-0.0
Profit Attributable to Parent	31.8	47.4	46.0	44.6	18.8	37.6	45.5	33.5	16.3	48.3	33.9	31.1
Earnings per Share	1,728.00	1,724.00	2,499.00	1,018.00	1,018.00	1,317.00	2,468.00	1,820.00	884.00	5,564.00	1,842.00	1,683.00
Diluted EPS	1,728.00	1,724.00	2,499.00	1,018.00	1,018.00	6,489.00	2,468.00	1,820.00	884.00	5,564.00	1,842.00	1,683.00

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)	850.9	924.6	837.3	770.6	858.8	928.4	879.0	832.5	788.9	844.3	785.8	733.5
I. Cash and cash equivalents	41.4	67.8	33.8	46.9	34.6	53.3	33.2	25.4	29.6	73.2	28.7	22.5
1. Cash	31.4	43.2	33.8	46.9	34.6	23.3	33.2	25.4	29.6	27.0	28.7	22.5
2. Cash equivalents	10.0	24.6	—	—	—	30.0	0.0	0.0	0.0	46.2	0.0	0.0
II. Short-term financial investments	731.8	710.2	682.6	622.1	744.5	763.0	747.2	730.7	679.1	664.9	621.9	586.4
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	731.8	710.2	682.6	622.1	744.5	763.0	747.2	730.7	679.1	664.9	621.9	586.4
III. Short-term receivables	73.2	143.5	119.2	98.8	75.1	108.3	97.4	75.1	75.5	99.0	126.6	116.2
1. Short-term trade accounts receivable	79.9	147.5	117.1	99.8	77.3	108.9	99.4	80.4	79.0	104.2	89.0	77.8
2. Short-term prepayments to suppliers	5.0	0.5	6.2	3.4	1.0	0.9	2.0	1.2	0.1	0.4	2.6	7.0
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	30.0	30.0
6. Other short-term receivables	5.1	12.1	12.7	12.4	13.6	15.7	13.4	10.8	13.2	11.9	16.8	14.4
7. Provision for short-term doubtful debts (*)	-16.7	-16.6	-16.7	-16.7	-16.9	-17.2	-17.3	-17.3	-16.8	-17.6	-11.9	-13.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.8	0.7	0.8	0.9	1.0	1.1	1.0	1.1	1.3	1.4	2.3	1.8
1. Inventories	0.8	0.7	0.8	0.9	1.0	1.1	1.0	1.1	1.3	1.4	2.3	1.8
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	3.7	2.4	0.9	1.9	3.7	2.8	0.1	0.2	3.4	5.7	6.4	6.7
1. Short-term prepayments	3.7	2.4	0.9	1.9	3.7	2.8	0.1	0.2	2.9	5.7	2.9	3.2
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.6	0.0	3.5	3.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	46.4	45.5	42.8	45.8	47.7	50.9	54.4	57.3	60.9	61.1	66.0	66.2
I. Long-term receivables	5.4	3.8	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	3.6	3.6
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	5.4	3.8	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	3.6	3.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2.4	3.0	3.8	4.6	4.8	5.6	6.6	7.5	8.4	9.3	10.3	9.8
1. Tangible fixed assets	2.4	3.0	3.7	4.5	4.7	5.5	6.3	7.1	8.0	8.9	9.8	9.8
- Cost	94.5	—	—	—	—	93.8	94.0	94.0	94.0	94.0	94.0	95.4
- Accumulated depreciation	-92.1	—	—	—	—	-88.3	-87.7	-86.9	-86.0	-85.1	-84.2	-85.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.3	0.4	0.4	0.4	0.5	0.0
- Cost	0.1	—	—	—	—	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
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	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
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	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
4. Provision for diminution in value of long-term investments	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7	-3.7
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	38.6	38.6	38.4	40.6	42.3	44.7	47.2	49.2	51.9	51.2	52.1	52.8
1. Long-term prepayments	38.6	38.6	38.4	40.0	41.4	43.8	46.1	48.1	50.7	50.0	52.1	52.7
2. Deferred income tax assets	—	—	—	0.7	0.9	0.9	1.0	1.1	1.2	1.2	0.0	0.1
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	897.3	970.1	880.1	816.4	906.5	979.2	933.4	889.8	849.8	905.4	851.8	799.6
A. LIABILITIES (300=210+330)	94.8	199.4	141.3	123.5	74.1	165.6	144.0	109.0	102.6	178.5	157.3	139.1
I. Short -term liabilities	93.6	198.2	140.1	122.2	73.0	164.7	143.6	108.1	102.0	178.3	157.0	139.1
1. Short-term trade accounts payable	9.0	25.9	21.5	20.8	10.3	19.1	21.0	7.5	18.7	16.7	14.6	12.1
2. Short-term advances from customers	30.0	26.1	34.1	42.3	40.4	38.7	32.4	40.0	35.5	36.2	39.3	40.2
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.9	30.1	15.5	16.4	6.6	10.1	15.2	10.7	5.4	17.0	11.7	12.6
4. Payable to employees	22.4	87.4	51.7	30.4	11.9	48.6	37.1	18.1	10.6	42.5	32.7	20.2
5. Short-term acrrued expenses	2.3	9.5	13.1	8.2	0.1	6.5	9.2	3.0	3.5	3.0	6.8	2.4
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	2.8	2.6	3.3	3.1	2.8	2.6	2.7	2.8	2.2	2.7	3.1	3.0
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.2	16.5	0.9	0.9	1.0	39.1	25.9	26.0	26.0	60.1	48.7	48.7
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	1.2	1.3	1.2	1.4	1.1	0.9	0.4	0.9	0.6	0.3	0.3	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	1.2	1.3	1.2	1.4	1.1	0.9	0.4	0.9	0.6	0.3	0.3	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)	802.4	770.6	738.9	692.8	832.4	813.7	789.4	780.8	747.2	726.8	694.5	660.5
I. Owner's equity	802.4	770.6	738.9	692.8	832.4	813.7	789.4	780.8	747.2	726.8	694.5	660.5
1. Owner's capital	184.7	184.7	184.7	184.7	184.7	184.7	184.7	184.7	184.7	184.7	184.7	184.7
- Common stock with voting right	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00	184,712,750,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2	36.2
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	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00	-721,035,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	582.2	550.4	518.7	472.6	612.2	593.5	569.2	560.6	527.0	506.6	469.7	435.8
- Accumulated retained earning at the end of the previous period	550.4	409.3	409.3	409.3	593.5	473.9	473.9	510.7	510.7	400.3	404.2	404.2
- Undistributed earnings in this period	31.8	141.2	109.4	63.4	18.8	119.5	95.3	49.8	16.3	106.3	65.6	31.6
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	4.6	4.5
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)	897.3	970.1	880.1	816.4	906.5	979.2	933.4	889.8	849.8	905.4	851.8	799.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	39.8	59.7	57.5	55.8	23.5	48.3	56.8	42.0	20.3	65.2	42.4	38.8
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9	0.9	1.0
Provision (Increase)/Reversal	0.1	-0.1	0.0	-0.2	-0.3	-0.2	0.1	0.5	-0.8	5.7	-1.2	8.5
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.4	-0.6	-1.6	-0.6	-2.7	2.5	-1.4	-1.7	0.2	-1.9	-0.3
Gain/Loss from Investment Activities	-10.9	-10.0	-8.6	-9.9	-9.8	-9.6	-7.9	-7.5	-8.3	-11.2	-12.6	-14.5
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	29.9	50.7	49.1	44.9	13.5	36.8	52.3	34.4	10.5	60.7	27.7	33.6
Increase/(Decrease) in Receivables	59.3	-25.3	-20.6	-25.4	34.2	-9.8	-21.2	-1.0	26.8	-9.0	-9.1	-19.2
Increase/(Decrease) in Inventory	-0.1	0.1	0.1	0.1	0.1	-0.0	0.0	0.2	0.1	0.9	-0.5	-1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-89.0	30.4	17.2	43.1	-50.6	12.2	31.8	1.9	-26.9	-0.2	17.5	-12.7
Increase/(Decrease) in Prepaid Expenses	-1.2	-1.7	2.5	3.3	1.4	-0.3	2.1	5.2	-1.0	2.5	0.9	2.3
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	-23.2	0.0	-10.6	-4.5	-7.4	-14.5	-8.0	-3.7	-14.5	-9.0	-7.7	-0.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.0	-0.0	-0.1	-38.1	-0.0	-0.1	-0.0	-34.5	-0.0	-0.1	-41.2
Net Cash Flow from Operating Activities	-24.7	54.2	37.6	61.4	-47.0	24.4	56.8	37.0	-39.6	45.9	28.7	-38.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	0.0	-0.5	—	-0.1	0.0	0.0	0.0	0.0	-1.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-416.1	-299.2	-404.1	-273.2	-344.2	-397.9	-360.6	-383.6	-345.7	-331.9	-398.4	-317.1
Receipts from Loan Repayments and Sale of Debt Instruments	403.5	271.5	343.7	395.5	362.8	382.1	344.0	332.0	331.5	316.8	362.9	337.4
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	11.2	7.8	9.1	11.7	9.2	8.9	6.8	9.0	8.4	15.4	12.4	17.3
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	-1.5	-19.8	-51.3	133.5	27.7	-7.0	-9.7	-42.6	-5.7	0.3	-24.4	37.6
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	—	0.0	0.0	-184.2	—	0.0	-36.8	0.0	0.0	-1.5	0.0	-92.1
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	-184.2	—	0.0	-36.8	0.0	0.0	-1.5	0.0	-92.1
Net Cash Flow During the Period	-26.2	34.4	-13.7	10.7	-19.3	17.4	10.3	-5.6	-45.3	44.7	4.3	-92.8
Cash and Cash Equivalents at Beginning of Period	67.8	33.8	46.9	34.6	53.3	73.2	73.2	73.2	73.2	166.6	166.6	166.6
FX Difference from Revaluation	-0.2	2.5	2.8	2.2	0.6	2.7	-2.5	1.4	1.7	-0.2	1.9	0.3
Cash and Cash Equivalents at End of Period	41.4	67.8	33.8	46.9	34.6	53.3	33.2	25.4	29.6	73.2	28.7	22.5

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FOC

What Is Changing

Drivers of FOC'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 ●

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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