Trailing net profit reached 0.2bn, fell 0.0bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from higher finance costs. Detailed impact is shown below:

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

None

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 0.0bn against investing cash flow of -0.0bn (annual cash-flow figures for 2024).

Post-investment cash flow was negative +0.0bn. Financing cash flow was positive +0.0bn.

CFO / net income was 0,17 lần.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of −0.0bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

How much income is non-core?

Non-core income makes up 22.7% of pre-tax profit — worth monitoring.

Within that, net financial result at +16.8%, other profit at +5.9% of PBT.

ROIC narrowed to 1.45%, falling 0.5pp. That translates to 1.45 in after-tax operating profit for every 100 units of operating capital. ROIC is under pressure as NOPAT margin was not available and capital turnover was not available have not provided enough support.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

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

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Leverage warrants monitoring, with net debt / equity at −0.50x and interest coverage only at −6.30x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.6% of debt, and total debt stands at 17.8bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

ROIC for construction contractors swings with project progress and handover cycles. Capital structure is notably light for construction contractors — liabilities at -14.02x equity, with a net cash position equivalent to 0.50x equity.

Owner advances stand at 86.4bn (as of 2024Q4) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 86.4bn · YoY 0.0bn

Advances / receivables: 64.78% — funded vs stuck

Owners' equity is NEGATIVE at 2024Q4 while 133.3bn of receivables remain on site — accumulated losses have consumed the capital base; equity ratios are no longer meaningful. This is the highest-risk state for a contractor.

Inventory ended the period at 57.1bn, roughly 12.7% of total assets.

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