BBS

VICEM Bao bì Bút Sơn ·HNX ·2026Q1

● Maintaining

Price

12,000

Latest close

21 May 2026

P/E 9.23x

P/B 0.65x

EPS 1,300

BVPS 18,348

ROE 7.1%

ROA 2.6%

Profit Margin 1.7%

Asset Turnover 1.59x

Equity Mult. 2.70x

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

What Is Changing

On a TTM 2026Q1 basis, BBS posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 469bn
	                                
+25.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
−0.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	450.5	355.5	355.6	448.4	523.4
Growth	+27%	-0%	-21%	-14%	—
Net Income	7.2	6.2	5.7	7.8	9.8
Net Margin	1.61%	1.74%	1.59%	1.74%	1.87%

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	122.0	108.7	121.6	117.1	103.1	107.8	71.1	93.0	84.4	89.2	77.8	88.1
Growth	+12%	-11%	+4%	+14%	-4%	+52%	-24%	+10%	-5%	+15%	-12%	—
Net Income	1.2	2.3	1.9	2.5	1.2	1.5	-0.4	5.5	1.7	1.7	1.9	1.1
Net Margin	0.94%	2.09%	1.54%	2.14%	1.21%	1.39%	-0.56%	5.92%	2.07%	1.90%	2.42%	1.21%

Drivers of BBS's profit

TTM

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

Administrative expenses ↓ 2.8bn

Tax ↓ 0.9bn

Other profit ↑ 0.4bn

Gross profit ↓ 2.9bn

Selling expenses ↑ 1.2bn

Finance costs ↑ 0.1bn

TTM

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

Finance costs ↓ 0.3bn

Gross profit ↑ 0.2bn

Tax ↓ 0.0bn

Selling expenses ↑ 0.4bn

Administrative expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.2% = 2.1% × 1.19 × 2.89

2026Q1 7.1% = 1.7% × 1.59 × 2.70

ROE is broadly flat at 7.1% — the components are offsetting one another.

Net margin: 1.7% -0.4pp Asset turnover: 1.59x +0.40x Leverage: 2.70x -0.19x

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 1.66%, falling 0.4pp. The main pressure is Gross margin fell 2.5pp, outweighing the improvement in SG&A / Revenue fell 1.3pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 1.66% −0.4pp

Gross Margin 6.93% −2.5pp

SG&A / Revenue 3.48% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 3.36%, broadly flat versus the same period. That translates to 3.36 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.5pp, but capital turnover rose 0.52x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 3.36% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.36% +0.1pp

NOPAT Margin 1.62% −0.5pp

Capital Turnover 2.07x +0.52x

Average Invested Capital 226.4bn −15.4bn

Balance Sheet

Capital structure is balanced — liabilities at 1.44x equity, net debt at 0.95x equity.

Inventory ended the period at 50.8bn, roughly 19.1% of total assets.

Over the last 12 months, working capital released 19.2bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +41.8bn

Inventories increased → lower CFO: −10.1bn

Payables decreased → lower CFO: −12.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 47.1 days versus the same period last year. The main moves came from DIO fell 11.9 days, DSO fell 46.1 days, and DPO fell 10.9 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 149.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 151.6 days −46.1 days

Inventory 39.0 days −11.9 days

Payables 40.8 days −10.9 days

Cash Conversion Cycle 149.8 days −47.1 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.95x and interest coverage only at 1.44x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2.3% of debt, and total debt stands at 106.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.44x, leaving limited room to absorb financing costs.

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 0.95x −0.24x

Interest Coverage 1.44x −0.24x

Cash / Debt 2.3% −5.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 4.98x +3.35x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 14.3bn in 2025, against investing cash flow of -7.7bn.

Post-investment cash flow was positive +6.6bn. Financing cash flow was negative +5.4bn.

CFO / net income was 4.98x.

After spending +7.7bn on fixed-asset investment, the business generated trailing free cash flow of +31.1bn.

Cash Conversion

CFO TTM 38.8bn +26.0bn

Cash Capex 7.7bn —

FCF TTM +31.1bn —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 4.98x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.98x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	450.5	355.5	355.6	448.4	523.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	450.5	355.5	355.6	448.4	523.4
Cost of Goods Sold	418.0	319.1	320.7	406.9	0.0
Gross Profit	32.5	36.4	34.9	41.5	42.8
Financial Income	0.0	0.0	0.0	0.8	0.2
Financial Expenses	6.9	6.9	10.8	11.2	-12.5
Interest Expense	6.9	6.9	10.8	10.9	-12.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	6.2	5.9	7.1	7.9	-7.1
General and Administrative Expenses	10.5	14.8	10.3	13.5	-11.2
Operating Profit	8.8	8.9	6.7	9.7	12.1
Other Income	0.3	0.2	0.5	0.3	0.0
Other Expenses	0.0	0.4	0.1	0.2	0.0
Other Profit	0.3	-0.2	0.4	0.1	0.2
Profit Before Tax	9.1	8.7	7.1	9.9	12.3
Current Income Tax Expense	1.9	2.5	1.4	2.1	-2.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.2	6.2	5.7	7.8	9.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.2	6.2	5.7	7.8	9.8
Earnings per Share	1,208.00	1,032.00	943.00	1,302.00	1,631.00
Diluted EPS	1,208.26	1,031.60	942.99	1,302.10	1,631.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	203.1	222.1	216.4	231.7	280.5
I. Cash and cash equivalents	3.7	2.5	0.6	3.9	4.5
1. Cash	3.7	2.5	0.6	3.9	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	148.1	174.7	163.6	168.3	221.8
1. Short-term trade accounts receivable	164.5	192.7	176.6	174.8	0.0
2. Short-term prepayments to suppliers	1.1	0.4	0.4	0.1	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	—	0.0	0.0	6.0	0.0
7. Provision for short-term doubtful debts (*)	-17.4	-18.4	-13.5	-12.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	50.8	44.4	50.5	58.8	53.6
1. Inventories	50.8	44.4	50.5	58.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	0.4	1.6	0.8	0.5
1. Short-term prepayments	0.4	0.4	0.6	0.3	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.9	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.2	0.5	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)	63.0	69.2	83.0	111.8	113.5
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	63.0	69.2	83.0	111.7	113.4
1. Tangible fixed assets	63.0	69.2	83.0	111.7	113.3
- Cost	339.7	332.0	331.4	338.8	0.0
- Accumulated depreciation	-276.7	-262.8	-248.5	-227.1	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	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.7	-0.7	-0.7	-0.7	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	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	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	0.1
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)	266.1	291.3	299.4	343.5	394.0
A. LIABILITIES (300=210+330)	157.1	183.5	192.2	234.5	283.9
I. Short -term liabilities	157.1	183.5	192.2	231.6	281.0
1. Short-term trade accounts payable	32.7	53.9	40.1	37.4	87.6
2. Short-term advances from customers	0.2	0.1	0.1	0.3	0.0
3. Taxes and other payables to state authorities	2.0	2.5	0.4	0.2	0.0
4. Payable to employees	12.5	17.5	21.0	24.1	0.0
5. Short-term acrrued expenses	0.9	0.7	0.2	0.4	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	1.0	1.3	0.9	0.7	0.0
10. Short-term borrowings and financial leases	107.9	107.3	127.5	164.6	161.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.2	1.9	4.0	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	2.9	2.9
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	2.9	2.9
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)	108.9	107.8	107.2	109.0	110.1
I. Owner's equity	108.9	107.8	107.2	109.0	0.0
1. Owner's capital	60.0	60.0	60.0	60.0	110.1
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.8	6.8	6.8	6.8	6.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	28.7	28.7	28.7	28.7	28.7
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	4.5	4.4	4.3	4.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.7	1.7	1.7	1.7	0.0
11. Undistributed earnings after tax	7.2	6.2	5.7	7.8	9.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	7.2	6.2	5.7	7.8	9.8
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)	266.1	291.3	299.4	343.5	394.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	9.1	8.7	7.1	9.9	6.3
Depreciation of Fixed Assets and Investment Property	13.9	14.3	28.8	27.5	23.2
Provision (Increase)/Reversal	-0.9	4.9	0.8	0.6	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	-0.0	-0.3	-0.3	0.0
Interest Expense	6.9	6.9	10.8	10.9	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	29.0	34.8	47.2	48.6	38.8
Increase/(Decrease) in Receivables	27.5	-14.9	3.2	53.0	0.0
Increase/(Decrease) in Inventory	-6.4	6.1	8.3	-5.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.9	11.8	-0.0	-54.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.1	-0.2	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.9	-6.9	-10.9	-10.8	0.0
Corporate Income Tax Paid	-1.6	-1.2	-0.7	-3.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-1.8	-2.4	-0.2	0.0
Net Cash Flow from Operating Activities	14.3	28.0	44.5	27.8	12.8
Payments for Fixed Assets and Other Long-term Assets	-7.7	-0.6	-0.9	-24.8	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.0	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	0.0	0.0	0.0	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-7.7	-0.6	-0.5	-24.6	-0.6
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	412.6	303.4	292.8	461.3	335.1
Repayment of Borrowings	-412.0	-323.5	-332.8	-458.0	-345.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.0	-5.4	-7.2	-7.2	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	-5.4	-25.6	-47.2	-3.9	-10.1
Net Cash Flow During the Period	1.2	1.9	-3.2	-0.6	0.0
Cash and Cash Equivalents at Beginning of Period	2.5	0.6	3.9	4.5	1.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.7	2.5	0.6	3.9	0.0

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	122.0	108.7	121.6	117.1	103.1	107.8	71.1	93.0	84.4	89.2	77.8	88.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	122.0	108.7	121.6	117.1	103.1	107.8	71.1	93.0	84.4	89.2	77.8	88.1
Cost of Goods Sold	114.6	101.5	113.1	107.7	95.9	98.5	65.7	79.4	76.0	80.7	69.5	77.9
Gross Profit	7.4	7.2	8.5	9.4	7.2	9.3	5.4	13.6	8.4	8.5	8.3	10.2
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.4	1.8	1.8	1.7	1.7	1.5	1.6	1.7	2.0	2.3	2.3	2.9
Interest Expense	1.4	1.8	1.8	1.7	1.7	1.5	1.6	1.7	2.0	2.3	2.3	2.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.0	1.7	1.5	1.4	1.6	1.3	1.0	1.6	2.0	1.6	1.3	1.9
General and Administrative Expenses	2.6	1.0	2.9	3.2	2.4	4.6	2.1	3.4	2.3	1.9	2.3	4.1
Operating Profit	1.4	2.8	2.3	3.1	1.5	1.8	0.7	6.8	2.2	2.7	2.4	1.3
Other Income	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.1
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.6	0.0	0.0
Other Profit	0.0	0.1	0.1	0.0	0.0	0.0	-0.3	0.0	0.0	-0.6	0.0	0.0
Profit Before Tax	1.5	2.9	2.3	3.1	1.6	1.9	0.4	6.8	2.2	2.1	2.4	1.3
Current Income Tax Expense	0.3	0.6	0.5	0.6	0.3	0.4	0.8	1.3	0.4	0.4	0.5	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.2	2.3	1.9	2.5	1.2	1.5	-0.4	5.5	1.7	1.7	1.9	1.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.2	2.3	1.9	2.5	1.2	1.5	-0.4	5.5	1.7	1.7	1.9	1.1
Earnings per Share	192.00	379.00	312.00	417.00	208.00	250.00	-66.00	917.00	290.00	282.00	313.00	178.00
Diluted EPS	192.00	379.00	312.00	417.00	208.00	1,031.00	-66.00	917.00	290.00	282.00	313.00	178.00

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)	213.6	202.9	242.3	249.2	253.2	222.1	237.6	247.4	232.0	216.0	206.9	221.3
I. Cash and cash equivalents	2.4	3.7	2.3	4.0	11.3	2.5	0.5	1.4	3.3	0.6	2.1	3.1
1. Cash	2.4	3.7	2.3	4.0	11.3	2.5	0.5	1.4	3.3	0.6	2.1	3.1
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	159.0	148.1	195.4	197.4	199.9	174.7	180.1	191.2	175.0	163.3	156.8	166.4
1. Short-term trade accounts receivable	172.1	164.5	210.4	214.0	217.9	192.7	196.6	205.3	188.3	176.6	170.6	179.9
2. Short-term prepayments to suppliers	4.2	1.1	4.3	1.7	0.3	0.4	0.3	0.2	0.2	0.4	0.1	0.2
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	0.1	—	—	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-17.4	—	—	—	—	0.0	0.0	0.0	-13.5	-13.8	-13.9	0.0
8. Assets awaiting resolution	—	-17.4	-19.3	-18.3	-18.4	-18.4	-16.8	-14.3	0.0	0.0	0.0	-13.8
IV. Inventories	51.7	50.8	44.3	47.4	41.6	44.4	56.6	54.5	53.1	50.5	47.2	50.7
1. Inventories	51.7	50.8	44.3	47.4	41.6	44.4	56.6	54.5	53.1	50.5	47.2	50.7
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	0.5	0.3	0.4	0.4	0.4	0.4	0.4	0.3	0.6	1.6	0.8	1.1
1. Short-term prepayments	0.5	0.3	0.4	0.4	0.4	0.4	0.4	0.3	0.4	0.6	0.8	1.1
2. Value added tax to be reclaimed	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.9	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.2	0.2	0.0	0.1
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)	59.7	63.0	58.8	62.3	65.7	69.2	72.2	75.8	79.4	83.0	90.0	97.2
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	59.6	63.0	58.8	62.3	65.7	69.2	72.2	75.8	79.4	83.0	90.0	97.1
1. Tangible fixed assets	59.6	63.0	58.8	62.3	65.7	69.2	72.2	75.8	79.4	83.0	90.0	97.1
- Cost	339.8	—	—	—	—	332.0	331.4	331.4	331.4	331.4	331.4	331.4
- Accumulated depreciation	-280.1	—	—	—	—	-262.8	-259.2	-255.7	-252.1	-248.5	-241.5	-234.3
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	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	—	—	—	—	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	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	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
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)	273.3	265.9	301.1	311.5	318.9	291.3	309.8	323.2	311.4	299.0	296.8	318.5
A. LIABILITIES (300=210+330)	163.2	157.1	194.6	206.0	209.9	183.5	203.5	214.5	202.4	192.1	191.6	215.3
I. Short -term liabilities	163.2	157.1	194.6	206.0	209.9	183.5	203.5	214.5	202.4	192.1	190.5	214.2
1. Short-term trade accounts payable	44.0	32.7	48.3	58.0	53.7	53.9	43.6	56.6	42.5	40.1	27.1	44.3
2. Short-term advances from customers	0.6	0.2	0.2	0.2	0.2	0.1	0.1	0.3	0.4	0.1	0.0	0.1
3. Taxes and other payables to state authorities	1.1	2.0	4.2	2.4	1.4	2.5	2.7	1.9	0.5	0.3	6.1	4.9
4. Payable to employees	8.9	12.5	10.5	9.5	10.6	17.5	16.1	16.9	15.9	21.0	20.6	20.1
5. Short-term acrrued expenses	0.7	0.9	2.4	1.5	1.9	0.7	2.2	2.6	1.7	0.2	2.7	2.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	1.0	2.1	7.6	1.3	1.3	1.5	6.8	1.1	0.9	1.5	8.5
10. Short-term borrowings and financial leases	106.7	107.9	126.9	126.7	140.6	107.3	137.2	128.3	139.5	127.5	130.6	130.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.1	0.1	0.2	0.3	1.1	0.9	1.9	2.0	3.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.1	1.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.1	1.1
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)	110.1	108.8	106.5	105.4	109.1	107.8	106.3	108.7	108.9	106.9	105.2	103.1
I. Owner's equity	110.1	108.8	106.5	105.4	109.1	107.8	106.3	108.7	108.9	106.9	105.2	103.1
1. Owner's capital	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	28.7	28.7	28.7	28.7	28.7	28.7	28.7	28.7	28.7	28.7	28.7	28.7
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	4.5	4.5	4.5	4.5	4.4	4.4	4.4	4.4	4.3	4.3	4.3	4.3
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	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
11. Undistributed earnings after tax	8.4	7.1	4.8	3.8	7.4	6.2	4.7	7.0	7.4	5.4	3.7	1.6
- Accumulated retained earning at the end of the previous period	—	—	—	—	—	0.0	0.0	0.0	0.0	5.4	3.7	1.6
- Undistributed earnings in this period	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	273.3	265.9	301.1	311.5	318.9	291.3	309.8	323.2	311.4	299.0	296.8	318.5

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	1.5	3.0	2.3	2.2	1.6	1.9	0.4	4.2	2.2	2.5	2.4	1.6
Depreciation of Fixed Assets and Investment Property	3.5	3.5	3.5	3.5	3.5	3.6	3.6	3.6	3.6	7.0	7.2	7.2
Provision (Increase)/Reversal	—	-1.8	0.0	0.9	—	1.6	0.0	3.3	0.0	2.1	-2.5	1.6
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	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.6
Interest Expense	1.4	1.8	1.8	1.7	1.7	1.5	1.6	1.7	2.0	2.3	2.3	2.9
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	6.3	6.4	7.6	8.3	6.7	8.5	5.6	12.9	7.8	13.9	9.4	12.7
Increase/(Decrease) in Receivables	-10.9	49.2	-0.4	3.9	-25.2	4.0	8.4	-16.8	-10.5	-7.0	9.0	20.1
Increase/(Decrease) in Inventory	-0.9	-6.5	3.1	-5.7	2.8	12.2	-2.1	-1.5	-2.6	-3.3	3.6	-0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.0	-22.7	-2.4	3.5	-5.3	12.1	-16.0	16.7	-0.9	-5.5	-4.7	-13.7
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.1	0.0	0.0	0.0	-0.0	-0.1	0.1	0.2	0.2	0.3	-0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.5	-2.3	-1.3	-1.7	-1.6	-1.5	-1.6	-1.8	-1.9	-2.2	-2.5	-3.0
Corporate Income Tax Paid	-1.9	0.0	0.0	0.0	-1.6	0.0	-0.7	-0.2	-0.3	-0.7	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.0	-0.0	-0.0	-0.3	-0.0	-0.8	-0.0	-1.0	-1.0	-0.2	-2.4
Net Cash Flow from Operating Activities	-0.0	24.0	6.6	8.3	-24.5	35.3	-7.2	9.3	-9.4	-5.6	14.9	12.6
Payments for Fixed Assets and Other Long-term Assets	-0.1	-3.6	-2.5	-1.6	—	-0.6	0.0	0.0	0.0	7.8	-7.8	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	-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	0.0	0.0	0.0	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
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	-3.6	-2.5	-1.6	0.0	-0.6	0.0	0.0	0.0	7.8	-7.8	-0.0
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	79.6	102.2	116.7	104.6	89.2	75.4	79.1	63.8	85.0	70.2	75.5	80.8
Repayment of Borrowings	-80.8	-121.2	-116.5	-118.5	-55.9	-108.1	-67.4	-75.0	-73.0	-73.8	-76.4	-96.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-6.0	—	—	0.0	-5.4	0.0	0.0	0.0	-7.2	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	-1.2	-19.0	-5.8	-13.9	33.3	-32.7	6.3	-11.2	12.0	-3.6	-8.1	-15.4
Net Cash Flow During the Period	-1.3	1.5	-1.8	-7.2	8.7	2.0	-0.9	-1.9	2.7	-1.5	-1.0	-2.8
Cash and Cash Equivalents at Beginning of Period	3.7	2.3	4.0	11.3	2.5	0.6	0.6	0.6	0.6	3.9	3.9	3.9
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	2.4	3.7	2.3	4.0	11.3	2.5	0.5	1.4	3.3	0.6	2.1	3.1

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BBS

What Is Changing

Drivers of BBS's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲▲

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Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow