VE3

Xây dựng Điện VNECO 3 ·HNX ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.22x

Price

6,800

Latest close

08 May 2026

P/E 37.78x

P/B —

EPS 180

BVPS —

ROE 0.8%

ROA 0.1%

Profit Margin 0.1%

Asset Turnover 0.92x

Equity Mult. 7.14x

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

What Is Changing

On a TTM 2026Q1 basis, VE3 is maintaining revenue, but margins are compressing slightly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 189bn
	                                
+21.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 0bn
	                                
−31.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -130.27x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	169.5	170.9	89.3	117.1	126.8
Growth	-1%	+91%	-24%	-8%	—
Net Income	0.1	0.3	0.2	0.0	1.3
Net Margin	0.06%	0.15%	0.26%	0.02%	1.01%

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	29.4	58.6	54.4	46.1	10.4	66.6	50.3	28.3	25.7	44.1	14.7	25.9
Growth	-50%	+8%	+18%	+342%	-84%	+32%	+78%	+10%	-42%	+199%	-43%	—
Net Income	-2.3	4.5	-2.1	0.1	0.0	0.2	0.1	0.0	0.0	0.6	0.0	-0.3
Net Margin	-7.65%	7.76%	-3.91%	0.15%	0.30%	0.26%	0.18%	0.17%	0.12%	1.36%	0.34%	-1.25%

Drivers of VE3's profit

TTM

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

Gross profit ↑ 3.1bn

Administrative expenses ↓ 0.7bn

Financial income ↑ 0.2bn

Finance costs ↑ 3.6bn

TTM

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

Gross profit ↑ 0.8bn

Administrative expenses ↑ 1.4bn

Finance costs ↑ 1.4bn

Other profit ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.8% = 0.2% × 1.00 × 8.08

2026Q1 0.8% = 0.1% × 0.92 × 7.14

ROE fell from 1.8% to 0.8% — leverage weakened the most.

Net margin: 0.1% -0.1pp Asset turnover: 0.92x -0.08x Leverage: 7.14x -0.94x

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 stands at 0.13%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.13% −0.1pp

Gross Margin 7.77% +0.4pp

SG&A / Revenue 3.37% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 3.43x +1.12x

Average Invested Capital 54.9bn −12.3bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 4.62x equity, with a net cash position equivalent to 0.25x equity.

Inventory ended the period at 58.7bn, roughly 26.0% of total assets.

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 25.5 days versus the same period last year. The main moves came from DIO rose 19.5 days, DSO fell 17.3 days, and DPO rose 27.7 days.

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

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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 96.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +19.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 105.4 days −17.3 days

Inventory 144.1 days +19.5 days

Payables 153.0 days +27.7 days

Cash Conversion Cycle 96.6 days −25.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.25x and interest coverage only at 0.22x.

At present, short-term debt accounts for 6.9% of total debt, cash equals 987.0% of debt, and total debt stands at 1.1bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 0.22x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.25x −3.48x

Interest Coverage 0.22x −0.11x

Cash / Debt 987.0% +978.5pp

Short-term Debt / Total Debt 6.9% −91.4pp

CFO / NI -130.27x −70.67x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -21.8bn in 2025, against investing cash flow of 0.2bn.

Post-investment cash flow was negative +21.6bn. Financing cash flow was positive +33.5bn.

CFO / net income was -130.27x.

Track how much investment can be funded internally from operating cash flow.

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

Cash Conversion

CFO TTM 31.1bn −10.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 18.5%. The main risk still sits in leverage and liquidity, with interest coverage at 0.22x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.5% of PBT and CFO / net income currently at -130.27x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.22x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	169.5	170.9	89.3	117.1	126.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	169.5	170.9	89.3	117.1	126.8
Cost of Goods Sold	156.4	159.4	81.1	110.1	0.0
Gross Profit	13.1	11.5	8.2	7.0	6.9
Financial Income	0.4	0.3	0.1	0.1	0.3
Financial Expenses	5.7	3.5	3.0	2.0	-1.3
Interest Expense	5.7	3.5	2.9	1.9	-1.3
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	6.8	7.2	4.6	4.6	-4.5
Operating Profit	0.9	1.1	0.7	0.5	1.4
Other Income	0.2	0.2	0.1	0.1	0.0
Other Expenses	0.1	0.3	0.1	0.2	0.0
Other Profit	0.0	-0.1	0.0	-0.1	0.1
Profit Before Tax	1.0	0.9	0.7	0.4	1.5
Current Income Tax Expense	0.9	0.7	0.5	0.4	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.1	0.3	0.2	0.0	1.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.1	0.3	0.2	0.0	1.3
Earnings per Share	70.00	193.00	173.00	22.00	967.00
Diluted EPS	27.98	96.00	90.00	22.00	967.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	181.6	183.4	115.6	86.8	86.5
I. Cash and cash equivalents	35.8	23.9	20.2	18.5	8.6
1. Cash	28.0	18.4	19.1	17.9	0.0
2. Cash equivalents	7.8	5.5	1.1	0.6	0.0
II. Short-term financial investments	1.2	1.2	1.2	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	1.2	1.2	1.2	0.0	0.0
III. Short-term receivables	82.3	105.9	65.3	43.7	43.4
1. Short-term trade accounts receivable	64.5	63.0	47.3	31.5	0.0
2. Short-term prepayments to suppliers	7.5	24.9	5.0	5.5	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	12.3	19.3	14.6	8.4	0.0
7. Provision for short-term doubtful debts (*)	-2.0	-1.3	-1.6	-1.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	58.7	51.3	28.6	24.1	34.2
1. Inventories	59.5	51.4	28.7	24.2	0.0
2. Provision for decline in value of inventories	-0.8	-0.1	-0.1	-0.1	0.0
V. Other short-term assets	3.7	1.1	0.3	0.5	0.4
1. Short-term prepayments	0.0	0.2	0.0	0.1	0.0
2. Value added tax to be reclaimed	3.5	0.7	0.3	0.4	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	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)	44.1	9.8	9.0	10.4	11.1
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	5.2	6.0	5.1	5.9	6.6
1. Tangible fixed assets	5.2	6.0	5.1	5.9	6.6
- Cost	17.9	17.9	16.4	16.2	0.0
- Accumulated depreciation	-12.6	-11.9	-11.2	-10.4	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	—	0.0	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
III. Investment properties	3.5	3.5	3.5	3.5	3.5
- Cost	3.5	3.5	3.5	3.5	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	0.6	0.6
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	0.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	35.4	0.3	0.4	0.5	0.0
1. Long-term prepayments	35.4	0.3	0.4	0.5	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	0.5
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)	225.7	193.2	124.6	97.2	97.6
A. LIABILITIES (300=210+330)	185.6	173.9	105.6	78.4	78.6
I. Short -term liabilities	184.5	172.3	105.2	77.3	77.1
1. Short-term trade accounts payable	89.2	59.2	53.3	37.9	36.1
2. Short-term advances from customers	8.6	37.2	9.3	4.5	4.6
3. Taxes and other payables to state authorities	0.9	0.6	0.5	0.3	0.0
4. Payable to employees	2.1	2.8	0.4	1.9	0.0
5. Short-term acrrued expenses	9.4	10.3	3.4	5.1	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	1.6	2.3	1.7	0.9	0.0
10. Short-term borrowings and financial leases	72.6	59.8	36.4	26.4	20.0
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	0.0
12.. Bonus and welfare fund	0.1	0.1	0.2	0.3	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	1.1	1.6	0.4	1.1	1.5
1. Long-term trade payables	—	0.4	0.4	0.9	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	1.1	1.2	0.0	0.2	1.5
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)	40.1	19.3	19.0	18.8	19.0
I. Owner's equity	40.1	19.3	19.0	18.8	0.0
1. Owner's capital	34.0	13.2	13.2	13.2	19.0
- Common stock with voting right	34,000,000,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
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	2.5	2.5	2.5	2.5	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	3.6	3.5	3.3	3.0	3.2
- Accumulated retained earning at the end of the previous period	3.5	3.3	3.0	3.0	1.3
- Undistributed earnings in this period	0.1	0.3	0.2	0.0	2.0
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)	225.7	193.2	124.6	97.2	97.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.0	0.9	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.0	0.0	0.0
Provision (Increase)/Reversal	1.4	-0.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.1	0.0	0.0	0.0
Interest Expense	5.7	3.5	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	8.5	4.7	0.0	0.0	0.0
Increase/(Decrease) in Receivables	20.2	-41.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-8.1	-22.7	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.6	43.7	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-34.9	-0.1	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-5.3	-3.6	0.0	0.0	0.0
Corporate Income Tax Paid	-0.6	-0.5	-0.3	-0.2	0.0
Other Operating Receipts	—	0.0	1.1	3.2	0.0
Other Operating Payments	-0.1	-0.1	-12.2	-10.1	0.0
Net Cash Flow from Operating Activities	-21.8	-19.4	-7.4	4.8	4.1
Payments for Fixed Assets and Other Long-term Assets	—	-1.5	-0.1	-0.1	-3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-1.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	7.0
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	0.2	0.1	0.1	0.1	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	0.2	-1.4	-0.7	-0.1	2.4
Proceeds from Equity Issuance and Capital Contributions	20,802,900,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	109.4	92.3	53.7	37.4	51.6
Repayment of Borrowings	-96.7	-67.7	-43.9	-32.2	-44.3
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	33.5	24.6	9.8	5.2	7.3
Net Cash Flow During the Period	11.9	3.7	1.7	9.9	4.9
Cash and Cash Equivalents at Beginning of Period	23.9	20.2	18.5	8.6	3.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	35.8	23.9	20.2	18.5	8.6

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
Revenue	29.4	58.6	54.4	46.1	10.4	66.6	50.3	28.3	25.7	44.1	14.7	25.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	29.4	58.6	54.4	46.1	10.4	66.6	50.3	28.3	25.7	44.1	14.7	25.9
Cost of Goods Sold	28.3	50.7	51.9	43.0	10.1	60.5	47.8	25.6	25.3	41.0	12.8	22.9
Gross Profit	1.1	7.9	2.5	3.2	0.3	6.1	2.5	2.7	0.4	3.1	1.9	3.0
Financial Income	0.1	0.1	0.0	0.2	0.1	0.1	0.0	0.0	0.2	0.0	0.0	0.0
Financial Expenses	1.6	1.6	2.5	1.5	0.2	1.0	0.9	1.4	0.2	0.8	0.8	1.3
Interest Expense	1.6	1.6	2.5	1.5	0.2	1.0	0.9	1.4	0.2	0.8	0.8	1.3
Share of Associates and Joint Ventures	—	—	—	—	—	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	0.0	0.0
General and Administrative Expenses	1.5	1.1	2.2	1.5	0.1	4.6	1.3	1.0	0.4	1.6	1.0	2.0
Operating Profit	-2.0	5.3	-2.1	0.3	0.1	0.5	0.3	0.3	0.0	0.7	0.2	-0.2
Other Income	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0
Other Expenses	0.3	0.0	0.0	0.1	0.0	0.3	0.1	0.1	0.0	0.0	0.0	0.0
Other Profit	-0.3	0.1	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	0.1	-0.0	-0.0
Profit Before Tax	-2.3	5.4	-2.1	0.3	0.0	0.4	0.2	0.3	0.0	0.8	0.2	-0.2
Current Income Tax Expense	—	0.8	—	0.2	0.0	0.2	0.2	0.2	0.0	0.2	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.3	4.5	-2.1	0.1	0.0	0.2	0.1	0.0	0.0	0.6	0.0	-0.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.3	4.5	-2.1	0.1	0.0	0.2	0.1	0.0	0.0	0.6	0.0	-0.3
Earnings per Share	-1,706.00	3,445.00	-1,613.00	54.00	23.00	133.00	70.00	37.00	23.00	453.00	38.00	-246.00
Diluted EPS	-1,706.00	3,445.00	-1,613.00	54.00	23.00	263.00	70.00	37.00	23.00	453.00	38.00	-246.00

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)	187.4	181.6	169.8	165.5	167.5	183.7	142.2	102.7	124.0	116.8	85.5	78.3
I. Cash and cash equivalents	10.7	35.8	14.4	8.7	5.8	23.9	13.8	1.2	6.2	20.2	3.2	1.0
1. Cash	3.0	28.0	7.7	2.3	0.3	18.4	12.8	0.2	5.2	19.1	2.2	0.4
2. Cash equivalents	7.8	7.8	6.8	6.5	5.5	5.5	1.1	1.1	1.1	1.1	1.1	0.6
II. Short-term financial investments	1.2	1.2	1.2	1.2	1.2	1.2	2.2	1.2	1.2	1.2	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	1.2	1.2	1.2	1.2	1.2	1.2	2.2	1.2	1.2	1.2	0.0	0.0
III. Short-term receivables	95.0	82.3	102.3	95.2	96.3	102.5	82.2	60.2	77.6	66.5	51.0	46.6
1. Short-term trade accounts receivable	56.8	64.5	66.2	54.4	52.2	63.0	50.6	35.9	52.5	48.4	36.0	37.6
2. Short-term prepayments to suppliers	7.8	7.5	19.4	22.0	26.0	25.1	15.2	10.2	11.0	5.0	3.3	3.7
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	—	12.3	18.0	20.1	19.5	15.7	17.7	15.3	15.4	14.6	13.4	7.1
7. Provision for short-term doubtful debts (*)	32.4	-2.0	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.6	-1.7	-1.7
8. Assets awaiting resolution	-2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	74.9	58.7	51.7	58.9	61.9	51.4	42.8	39.1	36.4	28.6	30.5	29.8
1. Inventories	75.4	59.5	51.7	59.0	61.9	51.5	42.9	39.2	36.4	28.7	30.6	29.9
2. Provision for decline in value of inventories	-0.4	-0.8	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
V. Other short-term assets	5.5	3.7	0.2	1.6	2.4	4.7	1.1	1.0	2.6	0.3	0.7	0.9
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.1	0.2	0.1	0.0	1.6	0.1	0.0	0.1
2. Value added tax to be reclaimed	5.3	3.5	0.0	1.3	2.0	0.7	1.0	1.0	1.1	0.3	0.7	0.8
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	0.2	0.2	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	—	—	—	—	—	3.6	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	43.9	44.1	9.2	9.4	9.6	9.8	8.4	8.6	8.8	9.0	9.3	9.9
I. Long-term receivables	—	—	—	—	—	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
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	—	—	—	—	—	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
II. Fixed assets	5.1	5.2	5.4	5.6	5.8	6.0	4.6	4.8	4.9	5.1	5.4	5.4
1. Tangible fixed assets	5.1	5.2	5.4	5.6	5.8	6.0	4.6	4.8	4.9	5.1	5.4	5.4
- Cost	17.9	—	—	—	—	17.9	16.4	16.4	16.4	16.4	16.4	16.2
- Accumulated depreciation	-12.8	—	—	—	—	-11.9	-11.7	-11.6	-11.4	-11.2	-11.0	-10.8
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	—	—	—	—	—	0.0	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
III. Investment properties	3.5	38.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5
- Cost	3.5	—	—	—	—	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	0.5
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	0.5
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	35.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.5
1. Long-term prepayments	35.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.5
2. Deferred income tax assets	—	—	—	—	—	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
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)	231.2	225.7	178.9	174.9	177.1	193.5	150.6	111.3	132.7	125.8	94.8	88.2
A. LIABILITIES (300=210+330)	193.3	185.5	161.7	155.5	157.8	174.1	131.4	92.2	113.7	106.7	76.4	69.8
I. Short -term liabilities	192.3	184.5	160.6	154.0	156.2	172.5	131.0	91.8	113.3	106.1	75.6	68.7
1. Short-term trade accounts payable	99.8	89.2	57.6	50.3	45.5	59.4	44.6	34.2	52.6	54.0	37.6	32.5
2. Short-term advances from customers	2.8	8.6	17.4	28.5	38.2	37.2	32.8	11.0	17.4	9.4	0.7	4.4
3. Dividends and profits payable	0.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	—	0.9	0.4	1.0	0.6	0.6	0.4	0.4	0.5	0.5	0.4	0.5
4. Payable to employees	3.4	2.1	2.1	1.4	1.9	2.8	0.6	0.5	0.0	0.4	0.4	0.4
5. Short-term acrrued expenses	3.7	9.4	3.9	3.9	1.0	10.3	2.5	0.3	0.4	3.4	2.1	2.2
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	1.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	80.2	1.6	8.2	2.3	1.9	2.3	2.4	2.4	2.1	1.7	1.7	1.3
10. Short-term borrowings and financial leases	0.1	72.6	70.9	66.4	66.9	59.8	47.6	42.9	40.1	36.4	32.5	27.1
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
12.. Bonus and welfare fund	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2
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	1.0	1.1	1.1	1.5	1.6	1.6	0.4	0.4	0.4	0.6	0.8	1.1
1. Long-term trade payables	—	—	—	0.4	0.4	0.4	0.4	0.4	0.4	0.6	0.6	0.9
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	1.0	1.1	1.1	1.1	1.2	1.2	0.0	0.0	0.0	0.0	0.1	0.3
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	—	—	—	—	—	0.0	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)	37.9	40.2	17.2	19.4	19.3	19.4	19.2	19.1	19.1	19.0	18.4	18.4
I. Owner's equity	37.9	40.2	17.2	19.4	19.3	19.4	19.2	19.1	19.1	19.0	18.4	18.4
1. Owner's capital	34.0	34.0	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2
- Common stock with voting right	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
- Preferred stock	34,000,000,000.00	34,000,000,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00	13,197,100,000.00
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
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	1.3	3.6	1.5	3.6	3.6	3.6	3.4	3.4	3.3	3.3	2.7	2.6
- Accumulated retained earning at the end of the previous period	3.6	3.5	3.5	3.5	3.5	3.3	3.3	3.3	3.3	3.0	3.0	3.0
- Undistributed earnings in this period	-2.3	0.1	-2.0	0.1	0.0	0.3	0.2	0.1	0.0	0.3	-0.3	-0.4
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)	231.2	225.7	178.9	174.9	177.1	193.5	150.6	111.3	132.7	125.8	94.8	88.2

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
Profit Before Tax	—	5.0	—	-4.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.4	—	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	-1.2	—	2.6	—	0.0	0.0	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
Gain/Loss from Investment Activities	—	-0.2	—	-0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	3.0	—	2.7	—	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	—	7.0	—	1.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	10.0	—	10.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	-2.3	—	-5.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	23.5	—	-25.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	-35.0	—	0.1	—	0.0	0.0	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
Interest Paid	—	-2.6	—	-2.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-0.6	—	—	0.0	0.0	-0.5	0.0	0.0	-0.3	0.0
Other Operating Receipts	8.8	—	—	—	—	1.0	1.9	2.0	1.2	-3.0	1.2	2.3
Other Operating Payments	-32.1	9.1	-9.2	2.6	-2.6	-8.2	-7.5	-0.9	-5.2	-0.5	-8.5	-0.7
Net Cash Flow from Operating Activities	-32.6	3.6	-3.7	1.5	-23.3	-7.3	17.4	-7.6	-17.8	14.5	-3.5	-1.0
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	-1.5	0.0	0.0	0.0	-0.1	0.0	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	—	—	—	—	—	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	0.1	0.1	0.0	0.0	0.0	0.1	0.0	-0.2	0.2	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
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	0.1	0.1	0.0	0.0	0.0	-1.4	0.0	-0.2	0.2	-1.3	0.5	0.1
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	22.6	33.7	30.9	19.0	25.7	32.4	9.6	22.3	17.4	16.2	15.5	11.9
Repayment of Borrowings	-15.1	-30.1	-28.3	-17.7	-20.5	-19.1	-14.4	-19.5	-13.7	-12.5	-10.3	-11.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	7.5	24.3	2.6	1.4	5.2	13.3	-4.8	2.8	3.6	3.8	5.2	0.7
Net Cash Flow During the Period	-25.0	28.1	-1.1	2.9	-18.1	4.6	12.6	-5.0	-13.9	16.9	2.3	-0.2
Cash and Cash Equivalents at Beginning of Period	35.8	7.7	8.7	5.8	23.9	20.2	20.2	20.2	20.2	18.5	18.5	18.5
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	10.7	35.8	7.7	8.7	5.8	18.4	13.8	1.2	6.2	20.2	3.2	1.0

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VE3

What Is Changing

Drivers of VE3'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 ▲

Is financial risk significant?

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