MDC

Than Mông Dương - Vinacomin ·HNX ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 2.08x

Price

9,200

Latest close

02 Jun 2026

P/E 6.53x

P/B 0.61x

EPS 1,409

BVPS 15,036

ROE 9.0%

ROA 2.9%

Profit Margin 1.2%

Asset Turnover 2.33x

Equity Mult. 3.14x

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

What Is Changing

On a TTM 2026Q1 basis, MDC is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,443bn
	                                
−10.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 30bn
	                                
−37.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,653.0	2,612.4	2,697.4	2,801.5	2,323.8
Growth	+2%	-3%	-4%	+21%	—
Net Income	31.9	53.3	53.0	89.6	37.1
Net Margin	1.20%	2.04%	1.96%	3.20%	1.60%

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	523.6	605.8	582.6	731.3	733.7	814.2	527.5	646.8	623.7	657.5	570.5	743.1
Growth	-14%	+4%	-20%	-0%	-10%	+54%	-18%	+4%	-5%	+15%	-23%	—
Net Income	5.1	12.9	4.9	7.3	7.3	18.9	8.9	12.8	12.8	14.1	9.5	15.0
Net Margin	0.98%	2.12%	0.84%	1.00%	1.00%	2.33%	1.69%	1.99%	2.06%	2.15%	1.67%	2.03%

Drivers of MDC's profit

TTM

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

Administrative expenses ↓ 32.6bn

Gross profit ↓ 54.0bn

Selling expenses ↑ 5.3bn

TTM

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

Administrative expenses ↓ 15.7bn

Gross profit ↓ 16.5bn

Finance costs ↑ 1.3bn

Selling expenses ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.6% = 1.8% × 2.58 × 3.20

2026Q1 9.0% = 1.2% × 2.33 × 3.14

ROE fell from 14.6% to 9.0% — all three components weakened, with asset turnover being the main drag.

Net margin: 1.2% -0.5pp Asset turnover: 2.33x -0.25x Leverage: 3.14x -0.06x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 1.24%, falling 0.5pp. The main pressure is Gross margin fell 1.0pp, outweighing the improvement in SG&A / Revenue fell 0.3pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 1.24% −0.5pp

Gross Margin 9.24% −1.0pp

SG&A / Revenue 7.10% −0.3pp

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 — —

Capital Turnover 3.60x −0.54x

Average Invested Capital 679.6bn +21.1bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 2.61x equity, net debt at 1.23x equity.

Over the last 12 months, working capital released 105.6bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +84.1bn

Inventories decreased → higher CFO: +6.0bn

Payables increased → higher CFO: +15.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.2 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO fell 0.6 days, and DPO rose 2.3 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Inventory turnover is slowing

DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 35.1 days −0.6 days

Inventory 10.3 days +0.6 days

Payables 30.2 days +2.3 days

Cash Conversion Cycle 15.2 days −2.2 days

Is financial risk significant?

Leverage is safe but FCF is negative at 90.1bn due to capex of 167.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.23x and interest coverage only at 2.08x.

At present, short-term debt accounts for 52.9% of total debt, cash equals 0.3% of debt, and total debt stands at 398.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.23x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 0.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.23x +0.38x

Interest Coverage 2.08x −1.59x

Cash / Debt 0.3% −1.1pp

Short-term Debt / Total Debt 52.9% −3.9pp

CFO / NI 2.55x −1.64x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 138.7bn in 2025, against investing cash flow of -175.0bn.

Post-investment cash flow was negative +36.3bn. Financing cash flow was positive +35.3bn.

CFO / net income was 2.55x.

After spending +167.1bn on fixed-asset investment, the business generated trailing free cash flow of −90.1bn.

Cash Conversion

CFO TTM 77.0bn −124.2bn

Cash Capex 167.1bn +40.3bn

FCF TTM −90.1bn −164.6bn

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 leverage and liquidity remaining the main constraint, with interest coverage at 2.08x. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.23x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,653.0	2,612.4	2,697.4	2,801.5	2,323.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,653.0	2,612.4	2,697.4	2,801.5	2,323.8
Cost of Goods Sold	2,411.3	2,339.2	2,434.3	2,496.2	0.0
Gross Profit	241.7	273.1	263.1	305.3	212.2
Financial Income	0.6	0.9	0.9	0.8	0.8
Financial Expenses	15.8	18.1	28.9	34.2	-37.5
Interest Expense	15.8	18.1	28.9	34.2	-37.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.1	13.4	18.4	20.7	-15.4
General and Administrative Expenses	169.0	173.3	150.1	138.2	-118.5
Operating Profit	39.4	69.2	66.6	113.0	41.6
Other Income	1.3	2.2	1.4	2.6	0.0
Other Expenses	0.3	0.7	0.5	0.3	0.0
Other Profit	1.0	1.5	0.9	2.3	1.5
Profit Before Tax	40.4	70.7	67.4	115.3	43.1
Current Income Tax Expense	0.1	17.4	14.5	88.7	-6.0
Deferred Income Tax Expense	8.4	0.0	0.0	-63.0	0.0
Net Income	31.9	53.3	53.0	89.6	37.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	31.9	53.3	53.0	89.6	37.1
Earnings per Share	1,490.00	2,490.00	2,473.00	4,185.00	1,733.00
Diluted EPS	1,489.96	2,489.77	2,472.53	4,185.01	1,732.45

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	393.0	489.7	429.4	758.3	313.9
I. Cash and cash equivalents	1.8	2.8	3.2	4.6	4.4
1. Cash	1.8	2.8	3.2	4.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	277.2	410.5	331.7	626.5	148.3
1. Short-term trade accounts receivable	247.0	401.0	302.4	585.7	0.0
2. Short-term prepayments to suppliers	29.6	4.2	11.7	7.1	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	14.2	19.5	18.2	33.7	0.0
7. Provision for short-term doubtful debts (*)	-13.7	-14.2	-0.6	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	62.5	53.1	58.3	63.3	31.5
1. Inventories	62.5	53.1	58.3	63.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	51.6	23.3	36.3	64.0	129.7
1. Short-term prepayments	38.2	17.8	31.4	57.8	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	13.4	5.6	4.9	6.2	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)	752.5	696.5	669.2	687.0	882.1
I. Long-term receivables	20.4	20.9	23.9	9.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	9.7
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	20.4	20.9	23.9	9.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	537.7	481.9	488.7	512.1	551.2
1. Tangible fixed assets	537.2	481.6	488.4	512.1	551.2
- Cost	2,381.2	2,247.0	2,193.5	2,147.5	0.0
- Accumulated depreciation	-1,844.0	-1,765.4	-1,705.2	-1,635.4	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	0.4	0.2	0.4	0.0	0.0
- Cost	1.8	1.3	1.3	0.9	0.0
- Accumulated depreciation	-1.3	-1.1	-1.0	-0.9	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	28.6	33.0	1.0	9.5	1.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	28.6	33.0	1.0	9.5	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	—	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
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	165.8	160.7	155.6	156.3	0.0
1. Long-term prepayments	111.2	97.7	92.6	93.3	0.0
2. Deferred income tax assets	54.6	63.0	63.0	63.0	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	319.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,145.5	1,186.2	1,098.6	1,445.3	1,196.0
A. LIABILITIES (300=210+330)	828.5	847.9	760.6	1,130.6	928.2
I. Short -term liabilities	612.4	707.9	628.5	867.2	613.9
1. Short-term trade accounts payable	178.3	175.1	141.3	262.0	280.8
2. Short-term advances from customers	—	0.0	0.7	0.0	0.0
3. Taxes and other payables to state authorities	21.1	49.0	32.0	164.5	0.0
4. Payable to employees	134.2	187.2	160.3	132.0	0.0
5. Short-term acrrued expenses	2.3	2.2	8.8	6.6	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	5.2	6.0	3.8	4.7	0.0
10. Short-term borrowings and financial leases	251.4	269.8	276.4	290.3	188.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	19.8	18.7	5.1	7.0	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	216.2	139.9	132.1	263.4	314.4
1. Long-term trade payables	14.5	6.4	12.8	10.8	20.8
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	0.2	0.0
8. Long-term borrowings and financial leases	201.1	132.6	117.7	250.0	290.2
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	0.6	0.9	1.6	2.4	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)	316.9	338.3	338.0	314.7	267.8
I. Owner's equity	316.9	338.3	338.0	314.7	0.0
1. Owner's capital	214.2	214.2	214.2	214.2	267.8
- Common stock with voting right	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	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	7.8	7.8	7.8	7.8	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	94.9	116.3	116.0	92.7	49.7
- Accumulated retained earning at the end of the previous period	63.0	63.0	63.0	3.1	12.9
- Undistributed earnings in this period	31.9	53.3	53.0	89.6	36.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,145.5	1,186.2	1,098.6	1,445.3	1,196.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	40.4	70.7	67.4	115.3	42.7
Depreciation of Fixed Assets and Investment Property	101.1	96.3	85.7	96.6	132.8
Provision (Increase)/Reversal	-0.8	12.9	-0.1	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.6	-2.3	-1.7	-1.6	0.0
Interest Expense	15.8	18.1	28.9	34.2	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	154.8	195.6	180.1	244.2	215.5
Increase/(Decrease) in Receivables	139.0	-83.7	272.6	-482.7	0.0
Increase/(Decrease) in Inventory	-9.4	5.2	5.0	-29.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-45.1	60.2	-138.3	70.7	0.0
Increase/(Decrease) in Prepaid Expenses	-33.8	8.4	27.2	294.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-15.8	-18.1	-28.9	-34.2	0.0
Corporate Income Tax Paid	-13.8	-12.0	-93.8	-5.3	0.0
Other Operating Receipts	—	4.3	0.8	0.0	0.0
Other Operating Payments	-37.2	-28.5	-17.4	-20.7	0.0
Net Cash Flow from Operating Activities	138.7	131.5	207.3	37.0	279.2
Payments for Fixed Assets and Other Long-term Assets	-176.6	-127.5	-49.3	-85.3	-112.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	1.5	0.9	0.8	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	0.9	0.9	0.0	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	-175.0	-125.1	-47.6	-84.4	-111.8
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	436.5	556.3	657.9	641.5	816.9
Repayment of Borrowings	-386.3	-548.1	-804.1	-579.9	-978.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.9	-14.9	-14.9	-13.9	-4.4
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	35.3	-6.7	-161.1	47.7	-166.1
Net Cash Flow During the Period	-1.0	-0.4	-1.4	0.2	2.2
Cash and Cash Equivalents at Beginning of Period	2.8	3.2	4.6	4.3	3.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.8	2.8	3.2	4.6	4.4

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	523.6	605.8	582.6	731.3	733.7	814.2	527.5	646.8	623.7	657.5	570.5	743.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	523.6	605.8	582.6	731.3	733.7	814.2	527.5	646.8	623.7	657.5	570.5	743.1
Cost of Goods Sold	473.4	536.4	539.0	668.8	667.0	708.5	477.4	589.5	563.3	590.4	512.0	679.5
Gross Profit	50.2	69.4	43.6	62.5	66.7	105.7	50.0	57.3	60.4	67.1	58.5	63.6
Financial Income	0.0	0.3	0.0	0.3	0.0	0.4	0.0	0.4	0.0	0.4	0.0	0.4
Financial Expenses	5.9	4.2	3.4	3.7	4.6	4.6	4.0	3.9	5.6	5.9	6.3	5.6
Interest Expense	5.9	4.2	3.4	3.7	4.6	4.6	4.0	3.9	5.6	5.9	6.3	5.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	4.7	4.9	4.7	4.4	4.0	3.9	3.0	2.6	4.0	4.5	4.8	4.5
General and Administrative Expenses	33.2	46.3	29.5	45.5	48.9	70.9	32.0	35.3	35.2	38.7	35.8	34.4
Operating Profit	6.4	14.2	6.0	9.2	9.1	26.7	11.0	16.0	15.7	18.3	11.6	19.5
Other Income	0.0	2.1	0.2	0.2	0.1	1.1	0.2	0.1	0.7	0.5	-0.6	0.8
Other Expenses	0.0	0.2	0.1	0.1	0.1	0.4	0.0	0.1	0.1	0.1	-0.8	1.2
Other Profit	-0.0	2.0	0.1	0.2	0.1	0.6	0.2	0.1	0.6	0.4	0.2	-0.4
Profit Before Tax	6.4	16.2	6.1	9.3	9.2	27.4	11.2	16.1	16.3	18.7	11.8	19.1
Current Income Tax Expense	—	3.3	1.3	2.0	1.9	8.4	2.3	3.2	3.5	4.6	2.2	4.1
Deferred Income Tax Expense	1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.1	12.9	4.9	7.3	7.3	18.9	8.9	12.8	12.8	14.1	9.5	15.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.1	12.9	4.9	7.3	7.3	18.9	8.9	12.8	12.8	14.1	9.5	15.0
Earnings per Share	239.00	601.00	227.00	342.00	341.00	884.00	416.00	600.00	599.00	659.00	446.00	703.00
Diluted EPS	239.03	600.79	227.34	342.27	341.36	883.87	416.10	599.57	598.69	659.38	445.71	702.62

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)	317.6	388.0	312.7	496.1	379.3	489.4	354.2	408.5	368.2	375.6	355.5	315.3
I. Cash and cash equivalents	1.1	1.8	2.7	6.3	4.3	2.8	76.9	4.9	4.9	3.2	5.9	4.0
1. Cash	1.1	1.8	2.7	6.3	4.3	2.8	76.9	4.9	4.9	3.2	5.9	4.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	215.8	277.7	223.1	378.5	293.4	410.3	157.5	313.4	269.2	278.6	236.8	220.4
1. Short-term trade accounts receivable	183.2	247.6	184.6	369.7	286.4	400.8	122.7	290.8	245.2	235.2	194.5	184.3
2. Short-term prepayments to suppliers	32.0	29.6	34.2	5.4	1.6	4.2	13.8	1.8	6.4	11.7	10.0	4.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.3	14.2	18.2	17.6	19.6	19.5	21.5	21.5	18.2	32.2	32.9	32.2
7. Provision for short-term doubtful debts (*)	-13.7	-13.7	-13.9	-14.2	-14.2	-14.2	-0.5	-0.6	-0.6	-0.6	-0.6	-0.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	59.8	62.5	68.8	96.2	65.8	53.0	79.0	56.9	64.3	57.6	63.3	54.1
1. Inventories	59.8	62.5	68.8	96.2	65.8	53.0	79.0	56.9	64.3	57.6	63.3	54.1
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	40.8	46.0	18.1	15.1	15.9	23.3	40.8	33.4	29.9	36.2	49.5	36.8
1. Short-term prepayments	27.1	38.2	18.1	15.1	12.5	17.8	40.5	30.0	28.1	31.4	49.5	36.8
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	13.7	7.8	0.0	0.0	3.4	5.6	0.3	3.4	1.8	4.8	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)	716.8	760.7	655.4	645.2	682.7	696.5	661.3	670.8	677.8	655.2	645.0	664.5
I. Long-term receivables	20.8	20.4	14.7	14.7	21.5	20.9	20.9	20.9	24.5	9.9	9.8	9.8
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	20.8	20.4	14.7	14.7	21.5	20.9	20.9	20.9	24.5	9.9	9.8	9.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	512.2	537.5	457.8	481.2	503.2	481.9	500.5	494.9	468.4	488.7	488.0	495.1
1. Tangible fixed assets	511.8	537.1	457.3	481.0	503.0	481.6	500.2	494.6	468.1	488.4	488.0	495.1
- Cost	2,381.2	—	—	—	—	2,247.0	2,242.1	2,231.6	2,180.3	2,193.5	2,188.2	2,174.2
- Accumulated depreciation	-1,869.4	—	—	—	—	-1,765.4	-1,741.9	-1,737.1	-1,712.2	-1,705.2	-1,700.2	-1,679.1
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	0.4	0.4	0.5	0.1	0.2	0.2	0.3	0.3	0.3	0.4	0.0	0.0
- Cost	1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	—	—	—	—	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	29.6	28.6	28.2	2.9	4.1	33.0	1.8	11.6	35.0	1.0	4.1	13.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	29.6	28.6	28.2	2.9	4.1	33.0	1.8	11.6	35.0	1.0	4.1	13.5
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	—	—	—	—	—	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
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	154.3	174.2	154.6	146.4	153.9	160.7	138.1	143.4	149.9	155.6	143.1	146.1
1. Long-term prepayments	100.9	111.2	91.6	83.4	90.9	97.7	75.1	80.4	86.9	92.6	80.1	83.1
2. Deferred income tax assets	53.4	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,034.4	1,148.7	968.0	1,141.3	1,062.0	1,185.9	1,015.4	1,079.3	1,046.0	1,030.8	1,000.4	979.8
A. LIABILITIES (300=210+330)	712.3	831.3	663.5	841.6	716.4	847.4	695.8	768.6	733.7	693.0	676.8	665.7
I. Short -term liabilities	509.4	615.1	501.6	705.2	482.8	707.4	561.2	642.6	593.5	560.9	549.0	516.1
1. Short-term trade accounts payable	180.9	178.3	242.6	264.6	163.8	175.1	237.5	237.2	190.7	141.3	103.9	113.3
2. Short-term advances from customers	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.7	0.0	0.0
3. Dividends and profits payable	1.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	26.0	24.0	15.2	34.0	40.5	48.5	20.8	32.3	30.1	20.4	32.3	39.4
4. Payable to employees	74.2	134.1	104.1	126.6	95.0	187.2	90.3	79.4	51.7	111.4	77.6	70.0
5. Short-term acrrued expenses	2.1	2.3	3.0	2.1	2.3	2.2	0.0	0.0	0.0	2.1	0.0	9.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.2	5.2	4.8	19.5	4.0	6.0	5.5	4.6	5.6	3.5	6.1	21.2
10. Short-term borrowings and financial leases	211.0	251.4	67.1	108.5	169.6	269.8	183.6	216.3	243.4	276.4	268.5	178.4
11. Provision for short-term liabilities	—	—	36.3	114.3	—	0.0	0.0	40.3	35.2	0.0	51.7	70.7
12.. Bonus and welfare fund	8.9	19.8	28.6	35.7	7.0	18.7	23.5	32.6	36.9	5.1	8.8	13.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	203.0	216.2	161.9	136.4	233.6	139.9	134.6	126.0	140.2	132.1	127.8	149.6
1. Long-term trade payables	14.7	14.5	12.4	10.3	8.1	6.4	14.2	13.4	12.0	12.8	11.2	12.8
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	0.2
8. Long-term borrowings and financial leases	187.6	201.1	148.6	125.1	128.7	132.6	118.8	110.9	126.5	117.7	114.2	134.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.6	0.6	0.9	0.9	96.8	0.9	1.6	1.6	1.6	1.6	2.4	2.4
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)	322.0	317.4	304.5	299.7	345.6	338.5	319.6	310.7	312.3	337.8	323.6	314.1
I. Owner's equity	322.0	317.4	304.5	299.7	345.6	338.5	319.6	310.7	312.3	337.8	323.6	314.1
1. Owner's capital	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2	214.2
- Common stock with voting right	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00	214,183,460,000.00
- Preferred stock	—	—	—	—	—	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
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8	7.8
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	100.0	95.4	82.5	77.6	123.6	116.5	97.6	88.7	90.3	115.7	101.6	92.1
- Accumulated retained earning at the end of the previous period	94.9	63.0	63.0	63.0	116.3	63.0	63.0	63.0	77.5	63.0	63.0	63.0
- Undistributed earnings in this period	5.1	32.4	19.5	14.6	7.3	53.5	34.6	25.7	12.8	52.7	38.6	29.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,034.4	1,148.7	968.0	1,141.3	1,062.0	1,185.9	1,015.4	1,079.3	1,046.0	1,030.8	1,000.4	979.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	6.4	15.7	6.1	9.3	9.2	27.4	11.2	16.1	16.3	19.0	11.8	19.1
Depreciation of Fixed Assets and Investment Property	25.5	25.7	25.0	25.5	24.8	43.9	4.8	24.9	22.6	20.9	21.1	21.8
Provision (Increase)/Reversal	—	-36.8	-78.3	18.4	95.9	13.7	-40.4	5.1	35.2	-52.4	-28.3	51.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-1.3	-0.0	-0.3	-0.0	-1.3	0.6	-1.0	-0.0	-1.3	-0.0	-0.4
Interest Expense	5.9	4.1	3.4	3.7	4.6	4.6	4.0	3.9	5.6	5.9	6.3	5.6
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	37.8	7.4	-43.8	56.7	134.5	88.3	-19.7	48.9	79.7	-7.9	10.8	97.6
Increase/(Decrease) in Receivables	63.8	-60.4	159.4	-78.7	118.7	-272.0	167.9	-52.5	66.8	-122.0	-16.2	3.5
Increase/(Decrease) in Inventory	2.7	6.3	27.4	-30.4	-12.7	26.0	-22.1	7.4	-6.0	5.0	-9.1	5.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-47.3	-31.7	-48.2	142.7	-107.9	40.8	20.9	78.1	-90.8	134.1	-16.9	-82.3
Increase/(Decrease) in Prepaid Expenses	21.4	-39.7	-11.1	4.9	12.2	0.1	-5.2	4.5	9.0	5.7	-9.8	14.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.9	-4.1	-3.4	-3.7	-4.6	-4.6	-4.0	-3.9	-5.6	-5.9	-6.3	-5.6
Corporate Income Tax Paid	-3.3	-1.3	-2.0	-2.0	-8.5	-2.5	-2.0	-3.5	-4.0	-4.0	-3.3	-2.0
Other Operating Receipts	0.3	—	—	—	—	3.6	2.5	0.1	0.1	0.8	0.0	0.0
Other Operating Payments	-11.2	-9.3	-5.9	-9.9	-12.1	-4.2	-7.7	-3.9	-6.8	-2.2	-7.3	-4.1
Net Cash Flow from Operating Activities	58.2	-142.2	81.1	79.9	119.9	-124.6	130.6	75.3	42.4	3.5	-58.1	27.1
Payments for Fixed Assets and Other Long-term Assets	-5.0	-87.1	-61.6	-13.5	-14.4	-50.8	-42.9	-18.7	-16.5	-4.5	-9.7	-20.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.0	—	—	—	0.9	-0.6	0.6	0.0	0.9	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.3	0.0	0.3	0.0	0.4	0.0	0.4	0.0	0.8	-0.4	0.4
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	-4.9	-85.8	-61.6	-13.2	-14.4	-49.5	-43.5	-17.7	-16.5	-2.8	-10.1	-19.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	-326,361,701,211.00	326,361,701,211.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	71.9	255.8	44.9	54.9	81.0	556.3	-220.5	98.0	122.5	149.4	115.5	216.2
Repayment of Borrowings	-125.8	-18.9	-62.8	-119.6	-185.0	-130.0	-130.7	-140.8	-146.6	-138.0	-45.5	-225.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-9.8	-5.1	-0.0	-0.0	-0.0	9.7	-14.9	-0.0	-14.9	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-53.9	227.1	-23.1	-64.7	-104.0	99.9	-15.1	-57.7	-24.2	-3.5	70.1	-8.8
Net Cash Flow During the Period	-0.6	-0.9	-3.6	2.0	1.5	-74.2	72.1	-0.0	1.7	-2.8	1.9	-1.3
Cash and Cash Equivalents at Beginning of Period	1.8	2.7	6.3	4.3	2.8	3.2	3.2	3.2	3.2	4.6	4.6	4.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.1	1.8	2.7	6.3	4.3	2.8	76.9	4.9	4.9	3.2	5.9	4.0

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MDC

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow