HVA

Đầu tư HVA ·UPCOM ·2025Q4

▼▼ Declining sharply

Margins remain under pressure Net margin 5.31%, −39.10pp YoY

Price

4,300

Latest close

05 Jun 2026

P/E 12.54x

P/B 0.39x

EPS 343

BVPS 11,154

ROE 3.1%

ROA 2.9%

Profit Margin 5.3%

Asset Turnover 0.54x

Equity Mult. 1.09x

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

What Is Changing

On a TTM 2025Q4 basis, HVA is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 88bn
	                                
+427.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
−37.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    131.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	88.2	16.7	37.5	822.3	109.5
Growth	+427%	-55%	-95%	+651%	—
Net Income	4.7	7.4	0.6	5.6	0.1
Net Margin	5.30%	44.04%	1.49%	0.69%	0.09%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	27.4	20.0	20.2	20.6	15.1	1.2	0.3	0.2	0.0	130.1	133.0	165.6
Growth	+37%	-1%	-2%	+37%	+1150%	+314%	+63%	—	-100%	-2%	-20%	—
Net Income	1.2	0.1	1.0	2.3	6.1	1.2	0.4	-0.2	-0.3	-0.2	0.7	0.8
Net Margin	4.56%	0.40%	4.96%	11.42%	40.22%	98.61%	143.81%	-129.65%	—	-0.18%	0.53%	0.49%

Drivers of HVA's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Financial income ↑ 3.1bn

Gross profit ↑ 0.8bn

Tax ↓ 0.7bn

Administrative expenses ↑ 6.0bn

TTM

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

Tax ↓ 1.2bn

Financial income ↑ 0.6bn

Gross profit ↓ 3.9bn

Administrative expenses ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q4 5.2% = 44.4% × 0.11 × 1.01

2025Q4 3.1% = 5.3% × 0.54 × 1.09

ROE fell from 5.2% to 3.1% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 5.3% -39.1pp Asset turnover: 0.54x +0.43x Leverage: 1.09x +0.07x

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 fell to 5.31%, losing 39.1pp. The main pressure is Gross margin fell 35.2pp, outweighing the improvement in SG&A / Revenue fell 6.7pp (with lingering pressure from Net financial result / Revenue fell 20.7pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 5.31% −39.1pp

Gross Margin 9.30% −35.2pp

SG&A / Revenue 9.97% −6.7pp

Non-core / Revenue 7.34% −20.7pp

TTM YoY · 2024Q4 -> 2025Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 20.7pp, financial result still accounts for 131.1% of PBT — earnings durability should be monitored in coming periods.

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 3.18%, losing 2.1pp. That translates to 3.18 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.48x, NOPAT margin narrowed 39.4pp still pulled ROIC lower, with invested capital holding roughly steady.

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

Watchpoints

ROIC remains low

ROIC is currently 3.18% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.18% −2.1pp

NOPAT Margin 5.33% −39.4pp

Capital Turnover 0.60x +0.48x

Average Invested Capital 147.8bn +6.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.15x equity, with a net cash position equivalent to 0.01x equity.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 529.2 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO fell 539.6 days, and DPO fell 9.7 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +0.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 23.2 days −539.6 days

Inventory 0.7 days +0.7 days

Payables 19.3 days −9.7 days

Cash Conversion Cycle 4.6 days −529.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 1.4bn.

Leverage & Liquidity

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

At present, short-term debt accounts for 100.0% of total debt, cash equals 185.4% of debt, and total debt stands at 1.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.01x +0.01x

Interest Coverage — —

Cash / Debt 185.4% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 0.30x +1.93x

TTM YoY · 2024Q4 -> 2025Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.4bn in 2025, against investing cash flow of -2.3bn.

Post-investment cash flow was negative +0.9bn. Financing cash flow was positive +1.8bn.

CFO / net income was 0.30x.

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 1.4bn +13.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 39.1 pp. The next watchpoint is the earnings mix, when non-core contribution is 131.1%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.01x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 131.1% of PBT and CFO / net income currently at 0.30x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 5.31% after a 39.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	88.2	16.7	37.5	822.3	109.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	88.2	16.7	37.5	822.3	109.5
Cost of Goods Sold	80.0	9.3	36.9	813.5	0.0
Gross Profit	8.2	7.4	0.5	8.8	0.3
Financial Income	7.7	4.6	0.5	0.7	0.0
Financial Expenses	1.2	0.0	0.0	0.8	-0.0
Interest Expense	—	0.0	0.0	0.7	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	8.8	2.8	1.3	2.7	-0.2
Operating Profit	5.9	9.3	-0.2	6.0	0.1
Other Income	0.0	0.0	0.9	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.2	0.0
Other Profit	-0.0	-0.1	0.9	-0.2	-0.0
Profit Before Tax	5.9	9.2	0.7	5.8	0.1
Current Income Tax Expense	1.2	1.9	0.1	0.1	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	4.7	7.4	0.6	5.6	0.1
Non-controlling Interest	—	0.0	0.0	-0.5	-0.0
Profit Attributable to Parent	4.7	7.4	0.6	6.2	0.1
Earnings per Share	342.58	540.00	41.00	452.00	2.00
Diluted EPS	342.58	540.00	41.00	452.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	173.3	150.2	70.7	116.7	52.7
I. Cash and cash equivalents	3.4	2.6	1.5	10.9	0.8
1. Cash	3.4	2.6	1.5	10.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	13.8	0.0	14.1	0.0	0.0
1. Available for sale securities	13.8	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	14.1	0.0	0.0
III. Short-term receivables	152.6	147.4	55.0	97.4	51.9
1. Short-term trade accounts receivable	4.6	6.6	45.0	71.3	0.0
2. Short-term prepayments to suppliers	22.1	0.8	10.0	26.1	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	125.8	140.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.3	0.0	0.0	5.1	0.0
1. Inventories	0.3	0.0	0.0	5.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	0.3	0.1	3.4	0.0
1. Short-term prepayments	0.9	0.1	0.0	0.1	0.0
2. Value added tax to be reclaimed	0.0	0.2	0.1	3.3	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	2.3	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1.2	1.1	70.0	62.3	9.0
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.6	0.9	0.0	62.3	0.0
1. Tangible fixed assets	0.8	0.9	0.0	38.3	0.0
- Cost	1.0	1.0	0.0	43.0	0.0
- Accumulated depreciation	-0.2	-0.0	0.0	-4.8	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	0.8	0.0	0.0	24.0	0.0
- Cost	1.0	0.0	0.0	24.0	0.0
- Accumulated depreciation	-0.2	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	-0.5	0.0	70.0	0.0	9.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	60.0	0.0	0.0
3. Investments in other entities	—	0.0	10.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.5	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.1	0.0	0.0	0.0
1. Long-term prepayments	0.2	0.1	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	174.6	151.3	140.7	179.0	61.7
A. LIABILITIES (300=210+330)	22.3	3.7	0.5	19.2	4.2
I. Short -term liabilities	22.3	3.7	0.5	19.2	4.2
1. Short-term trade accounts payable	7.0	1.4	0.0	4.8	3.4
2. Short-term advances from customers	1.0	0.0	0.0	0.3	0.0
3. Taxes and other payables to state authorities	1.5	1.9	0.1	0.2	0.0
4. Payable to employees	0.4	0.4	0.1	0.3	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	10.4	0.0	0.1	6.4	0.0
10. Short-term borrowings and financial leases	1.9	0.0	0.0	7.2	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	152.3	147.6	140.2	159.9	57.5
I. Owner's equity	152.3	147.6	140.2	159.9	0.0
1. Owner's capital	136.5	136.5	136.5	136.5	57.5
- Common stock with voting right	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	56,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	15.9	11.3	3.9	18.1	1.1
- Accumulated retained earning at the end of the previous period	14.7	3.9	3.3	11.9	1.1
- Undistributed earnings in this period	1.2	7.4	0.6	6.2	0.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	5.5	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)	174.6	151.3	140.7	179.0	61.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	9.2	0.7	5.8	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.1	2.5	0.0
Provision (Increase)/Reversal	—	0.0	0.0	-6.2	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	-0.8	-0.7	0.0
Interest Expense	—	0.0	0.0	0.7	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	0.5	0.0
Operating Profit Before Changes in Working Capital	—	9.2	0.0	2.6	0.0
Increase/(Decrease) in Receivables	—	-92.5	42.5	0.3	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	5.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	1.5	-9.3	-10.9	0.0
Increase/(Decrease) in Prepaid Expenses	—	-0.2	0.0	-0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.7	0.0
Corporate Income Tax Paid	-1.9	-0.1	0.0	-0.1	0.0
Other Operating Receipts	803.7	0.0	0.0	0.0	0.0
Other Operating Payments	-771.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.4	-82.1	33.3	-3.0	0.5
Payments for Fixed Assets and Other Long-term Assets	—	-1.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	35.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-13.6	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	14.1	0.0	0.0	0.0
Investments in Other Entities	-2.3	0.0	-80.0	0.0	0.0
Proceeds from Investments in Other Entities	—	70.0	19.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2.3	83.2	-39.6	0.7	0.0
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	8.2	0.0	0.0	22.1	0.0
Repayment of Borrowings	-6.5	0.0	0.0	-15.3	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	1.8	0.0	0.0	6.8	0.0
Net Cash Flow During the Period	0.9	1.1	-6.3	4.5	0.0
Cash and Cash Equivalents at Beginning of Period	2.6	1.5	7.8	6.4	0.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.4	2.6	1.5	10.9	0.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	27.4	20.0	20.2	20.6	15.1	1.2	0.3	0.2	0.0	130.1	133.0	165.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	27.4	20.0	20.2	20.6	15.1	1.2	0.3	0.2	0.0	130.1	133.0	165.6
Cost of Goods Sold	24.4	18.7	18.8	18.0	8.1	0.8	0.2	0.2	0.0	129.7	132.2	163.9
Gross Profit	3.0	1.3	1.4	2.5	7.0	0.4	0.1	0.0	0.0	0.4	0.8	1.7
Financial Income	2.3	1.9	1.8	1.7	1.7	2.1	0.9	0.0	0.3	0.3	0.0	0.0
Financial Expenses	1.0	0.2	0.0	—	0.0	-0.1	0.0	0.0	0.0	0.3	0.2	0.2
Interest Expense	—	—	—	—	0.0	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	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.3	0.1
General and Administrative Expenses	2.8	2.8	1.9	1.3	1.0	1.0	0.5	0.2	0.7	0.4	0.2	0.5
Operating Profit	1.6	0.1	1.3	2.9	7.6	1.5	0.5	-0.2	-0.5	-0.2	0.0	0.9
Other Income	0.0	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.9	0.0
Other Expenses	—	-0.0	0.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.0	—	-0.1	-0.0	-0.0	0.0	0.1	-0.0	0.9	0.0
Profit Before Tax	1.6	0.1	1.3	2.9	7.6	1.5	0.5	-0.2	-0.4	-0.2	0.9	0.9
Current Income Tax Expense	0.3	0.0	0.3	0.6	1.5	0.3	0.0	0.0	-0.1	0.0	0.2	0.1
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.2	0.1	1.0	2.3	6.1	1.2	0.4	-0.2	-0.3	-0.2	0.7	0.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.1
Profit Attributable to Parent	1.2	0.1	1.0	2.3	6.1	1.2	0.4	-0.2	-0.3	-0.2	0.7	0.7
Earnings per Share	91.39	5.91	73.50	172.03	443.47	87.01	30.68	-16.98	-24.49	-15.13	52.60	54.28
Diluted EPS	91.39	5.91	73.50	172.03	443.47	87.01	30.68	-16.98	-24.49	-15.13	52.60	54.28

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	173.3	187.9	155.4	154.8	150.2	119.1	90.7	10.4	60.7	71.6	70.0	106.0
I. Cash and cash equivalents	3.4	12.9	7.9	6.7	2.6	1.8	0.2	0.2	1.5	10.0	5.8	8.3
1. Cash	3.4	12.9	7.9	6.7	2.6	1.8	0.2	0.2	1.5	10.0	5.8	8.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	13.8	10.4	0.0	—	0.0	0.0	0.0	0.0	14.1	13.6	18.6	0.0
1. Available for sale securities	13.8	10.4	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
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	14.1	13.6	18.6	0.0
III. Short-term receivables	152.6	162.5	145.9	147.9	147.4	117.2	90.3	10.0	45.0	39.4	39.7	93.8
1. Short-term trade accounts receivable	4.6	2.7	—	6.9	6.6	0.9	0.0	0.0	45.0	1.7	11.5	29.2
2. Short-term prepayments to suppliers	22.1	0.3	0.3	0.3	0.8	0.8	10.3	10.0	0.0	37.4	28.2	64.6
3. Short-term inter-company receivables	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	125.8	159.4	145.6	140.6	140.0	115.5	80.0	0.0	0.0	0.3	0.1	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.3	0.7	0.3	—	0.0	0.0	0.0	0.0	0.0	5.1	2.4	0.6
1. Inventories	0.3	0.7	0.3	—	0.0	0.0	0.0	0.0	0.0	5.1	2.4	0.6
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	1.4	1.3	0.3	0.3	0.2	0.1	0.1	0.1	3.5	3.4	3.4
1. Short-term prepayments	0.9	1.2	1.2	0.1	0.1	0.1	0.0	0.0	0.0	0.2	0.1	0.1
2. Value added tax to be reclaimed	0.0	0.1	0.1	0.2	0.2	0.1	0.1	0.1	0.1	3.3	3.3	3.3
3. Taxes and other receivables from state authorities	—	—	—	—	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
5. Other short-term assets	2.3	—	—	—	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)	1.2	1.9	1.7	1.6	1.1	23.1	50.1	130.0	80.0	105.6	101.2	61.6
I. Long-term receivables	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	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
II. Fixed assets	1.6	1.7	1.6	1.5	0.9	0.0	0.0	0.0	0.0	25.6	26.2	61.6
1. Tangible fixed assets	0.8	0.8	0.9	0.9	0.9	0.0	0.0	0.0	0.0	25.6	26.2	37.6
- Cost	—	—	—	—	1.0	0.0	0.0	0.0	0.0	32.0	32.0	43.0
- Accumulated depreciation	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	-6.4	-5.8	-5.4
2. Financial leased fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.8	0.9	0.7	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	24.0
- Cost	—	—	—	—	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
III. Investment properties	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	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
1. Long-term production in progress	—	—	—	—	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
V. Long-term financial investments	-0.5	—	—	—	0.0	23.0	50.0	130.0	80.0	80.0	75.0	0.0
1. Investments in subsidiaries	—	—	—	—	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	120.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	23.0	50.0	10.0	80.0	80.0	75.0	0.0
4. Provision for diminution in value of long-term investments	-0.5	—	—	—	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
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
4. Other long-term assets	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	174.6	189.7	157.0	156.5	151.3	142.2	140.7	140.4	140.7	177.2	171.1	167.6
A. LIABILITIES (300=210+330)	22.3	38.7	6.1	6.5	3.7	0.7	0.3	0.4	0.5	16.0	9.8	7.0
I. Short -term liabilities	22.3	38.7	6.1	6.5	3.7	0.7	0.3	0.4	0.5	16.0	9.8	7.0
1. Short-term trade accounts payable	7.0	6.9	4.7	5.6	1.4	0.1	0.1	0.1	0.0	0.4	0.0	0.1
2. Short-term advances from customers	1.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.0	0.0	0.9
3. Taxes and other payables to state authorities	1.5	1.0	0.9	0.6	1.9	0.3	0.0	0.1	0.1	0.3	0.4	0.2
4. Payable to employees	0.4	0.7	0.5	0.3	0.4	0.2	0.1	0.1	0.1	0.1	0.0	0.2
5. Short-term acrrued expenses	0.1	0.2	0.0	—	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	10.4	30.0	0.0	—	0.0	0.1	0.1	0.1	0.1	0.4	0.4	0.4
10. Short-term borrowings and financial leases	1.9	—	—	—	0.0	0.0	0.0	0.0	0.0	8.9	8.9	5.2
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	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
4. Inter-company payables on business capital	—	—	—	—	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
6. Long-term unearned revenue	—	—	—	—	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
8. Long-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
10. Preferred stock (Debts)	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	152.3	151.0	150.9	149.9	147.6	141.5	140.4	140.0	140.2	161.2	161.4	160.7
I. Owner's equity	152.3	151.0	150.9	149.9	147.6	141.5	140.4	140.0	140.2	161.2	161.4	160.7
1. Owner's capital	136.5	136.5	136.5	136.5	136.5	136.5	136.5	136.5	136.5	136.5	136.5	136.5
- Common stock with voting right	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00	136,500,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Convertible bond option	—	—	—	—	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
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	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	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	15.9	14.7	14.6	13.6	11.3	5.2	4.1	3.7	3.7	19.3	19.5	18.8
- Accumulated retained earning at the end of the previous period	14.7	11.3	13.6	11.3	5.2	4.0	3.7	3.9	4.1	18.1	18.1	18.1
- Undistributed earnings in this period	1.2	3.4	1.0	2.3	6.1	1.2	0.4	-0.2	-0.3	1.3	1.5	0.7
12. Reserves for investment in construction	—	—	—	—	0.0	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	5.5	5.5	5.5
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.2	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	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)	174.6	189.7	157.0	156.5	151.3	142.2	140.7	140.4	140.7	177.2	171.1	167.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	4.2	—	0.0	-0.2	0.2	0.0	0.7	-1.7	1.7	0.0
Depreciation of Fixed Assets and Investment Property	—	—	0.1	—	0.0	0.0	0.0	0.0	0.1	-1.3	1.3	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	-0.1	0.1	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	0.0
Gain/Loss from Investment Activities	—	—	-0.0	—	0.0	0.0	-0.0	0.0	-0.8	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.5	0.5	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	—	4.3	—	0.0	-0.2	0.2	0.0	0.0	-3.6	3.6	0.0
Increase/(Decrease) in Receivables	—	—	1.5	—	0.0	35.3	-35.3	0.0	42.5	-57.7	57.7	0.0
Increase/(Decrease) in Inventory	—	—	-0.3	—	0.0	0.0	0.0	0.0	0.0	-2.7	2.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	3.4	—	0.0	0.1	-0.1	0.0	-9.3	11.4	-11.4	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	-1.0	—	0.0	0.1	-0.1	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	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.5	-0.5	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	-1.9	0.0	0.0	-0.1	0.0	0.1	-0.1	0.0	0.0
Other Operating Receipts	—	—	—	—	62.2	27.1	-15.5	15.5	-86.7	86.7	-3.0	3.0
Other Operating Payments	-497.5	-273.2	—	-0.3	-85.3	-130.7	15.6	-15.6	18.5	-18.5	7.1	-7.1
Net Cash Flow from Operating Activities	-9.0	4.3	3.0	3.0	1.7	21.6	-100.0	64.6	-57.4	38.7	52.7	-0.7
Payments for Fixed Assets and Other Long-term Assets	—	—	-0.1	-0.7	-1.0	0.0	0.0	0.0	0.0	0.2	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	35.0	-35.0	35.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	-13.6	13.6	-13.6	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	-14.1	14.1	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	80.0	-80.0	0.0	-5.0	-75.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	-20.0	20.0	0.0	19.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	-1.7	1.7	0.0	-0.0	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
Acquisition of Non-controlling Interests	—	—	—	—	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
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.5	—	-1.9	1.1	-1.0	-20.0	100.0	-65.9	54.0	-39.8	-53.8	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	8.2	—	—	—	0.0	0.0	0.0	0.0	-14.2	3.1	9.9	1.2
Repayment of Borrowings	-6.5	—	—	—	0.0	0.0	0.0	0.0	2.9	6.5	-8.2	-1.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	9.4	-9.4	2.0	-2.0
Dividends Paid	—	—	—	—	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
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	1.8	—	—	—	0.0	0.0	0.0	0.0	-2.0	0.3	3.7	-2.0
Net Cash Flow During the Period	-9.5	5.1	1.2	4.1	0.7	1.6	0.0	-1.3	-5.4	-0.8	2.5	-2.7
Cash and Cash Equivalents at Beginning of Period	12.9	7.9	6.7	2.6	1.5	1.5	1.5	1.5	7.8	10.9	10.9	10.9
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	3.4	12.9	7.9	6.7	2.6	1.8	0.2	0.2	1.5	10.0	10.8	8.3

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HVA

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow