DAE

Sách Giáo dục tại Thành phố Đà Nẵng ·HNX ·2026Q1

▼▼ Declining sharply

Working capital is tied up too long in the operating cycle Working capital 175 days

Price

14,500

Latest close

02 Jun 2026

P/E 11.67x

P/B 0.69x

EPS 1,242

BVPS 20,962

ROE 5.9%

ROA 4.5%

Profit Margin 4.4%

Asset Turnover 1.01x

Equity Mult. 1.33x

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

What Is Changing

On a TTM 2026Q1 basis, DAE is losing revenue quickly, though margins have not been hit proportionally yet — profit is at an all-time high. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 54bn
	                                
−29.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
−36.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    47.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	57.9	66.8	56.7	63.6	58.1
Growth	-13%	+18%	-11%	+9%	—
Net Income	2.7	3.2	3.2	2.9	5.0
Net Margin	4.66%	4.74%	5.62%	4.51%	8.53%

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	9.0	1.7	19.5	23.9	12.8	7.1	29.1	27.4	3.2	4.5	23.6	23.3
Growth	+429%	-91%	-19%	+87%	+80%	-76%	+6%	+758%	-28%	-81%	+2%	—
Net Income	0.4	-0.1	0.5	1.6	0.7	-0.3	1.3	2.0	0.1	-0.3	1.3	2.0
Net Margin	4.42%	-5.95%	2.77%	6.50%	5.46%	-4.68%	4.61%	7.47%	3.48%	-6.53%	5.48%	8.52%

Drivers of DAE's profit

TTM

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

Administrative expenses ↓ 2.6bn

Selling expenses ↓ 1.4bn

Financial income ↑ 0.6bn

Tax ↓ 0.4bn

Gross profit ↓ 6.3bn

Finance costs ↑ 0.4bn

TTM

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

Administrative expenses ↓ 0.7bn

Selling expenses ↓ 0.3bn

Tax ↓ 0.1bn

Gross profit ↓ 0.8bn

Financial income ↓ 0.5bn

Finance costs ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.1% = 4.9% × 1.41 × 1.32

2026Q1 5.9% = 4.4% × 1.01 × 1.33

ROE fell from 9.1% to 5.9% — asset turnover weakened the most, though leverage still provided support.

Net margin: 4.4% -0.5pp Asset turnover: 1.01x -0.40x Leverage: 1.33x +0.01x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 4.42%, falling 0.5pp. The main pressure comes from SG&A / Revenue rose 1.8pp and Gross margin fell 0.3pp (with additional support from Net financial result / Revenue rose 1.1pp).

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

Profitability trend

Net Margin 4.42% −0.5pp

Gross Margin 27.16% −0.3pp

SG&A / Revenue 24.55% +1.8pp

Non-core / Revenue 2.65% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 47.2% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.

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 4.15% −0.8pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 12.3bn, roughly 25.8% 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

Cash conversion cycle lengthened by 40.8 days versus the same period last year. The main moves came from DIO rose 32.4 days, DSO rose 30.9 days, and DPO rose 22.6 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 175.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +30.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 77.3 days +30.9 days

Inventory 191.3 days +32.4 days

Payables 93.7 days +22.6 days

Cash Conversion Cycle 175.0 days +40.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 11.4bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.02x and interest coverage at 13.42x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage 13.42x +5.40x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.68x +2.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.4bn in 2025, against investing cash flow of -5.9bn.

Post-investment cash flow was positive +5.5bn. Financing cash flow was negative +2.3bn.

CFO / net income was 2.68x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 6.4bn +3.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 175 days. The next watchpoint is the earnings mix, when non-core contribution is 47.2%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.02x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.68x. Even so, net financial result still accounts for 47.2% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 175.0 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	59.8	68.1	58.3	66.4	60.4
Revenue Deductions	1.8	1.3	1.6	2.8	0.0
Net Revenue	57.9	66.8	56.7	63.6	58.1
Cost of Goods Sold	42.5	48.5	41.0	44.6	0.0
Gross Profit	15.5	18.2	15.7	19.0	15.9
Financial Income	1.7	0.2	0.3	1.5	7.5
Financial Expenses	-0.6	-0.3	-2.0	4.0	-4.6
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	6.1	6.2	5.8	5.4	-5.5
General and Administrative Expenses	8.2	8.3	8.2	7.8	-7.5
Operating Profit	3.4	4.1	4.0	3.3	5.7
Other Income	0.0	0.0	0.0	0.4	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.0	0.0	0.4	-0.0
Profit Before Tax	3.4	4.1	4.0	3.6	5.7
Current Income Tax Expense	0.7	0.9	0.8	0.7	-0.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	2.7	3.2	3.2	2.9	5.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	2.7	3.2	3.2	2.9	5.0
Earnings per Share	1,401.00	1,315.00	1,325.00	1,531.00	1,445.00
Diluted EPS	1,401.00	1,315.00	1,325.00	1,531.00	3,306.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	44.0	46.2	36.1	34.9	34.3
I. Cash and cash equivalents	8.1	4.9	4.6	5.5	7.3
1. Cash	3.1	4.9	4.6	5.5	0.0
2. Cash equivalents	5.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	17.9	14.4	6.1	4.0	0.0
1. Available for sale securities	1.7	5.7	5.7	5.7	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-1.2	-1.6	-3.7	0.0
3. Held to maturity investments	16.4	10.0	2.0	2.0	0.0
III. Short-term receivables	4.6	7.1	6.7	7.4	6.9
1. Short-term trade accounts receivable	4.2	7.0	6.9	7.8	0.0
2. Short-term prepayments to suppliers	0.1	0.0	0.1	0.0	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	0.7	0.5	0.5	0.2	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.8	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	12.3	18.6	17.6	16.7	14.0
1. Inventories	14.2	19.3	18.0	17.4	0.0
2. Provision for decline in value of inventories	-1.9	-0.6	-0.5	-0.7	0.0
V. Other short-term assets	0.9	1.0	1.2	1.3	1.2
1. Short-term prepayments	0.8	0.9	1.1	1.0	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	0.1	0.1	0.2	0.3	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)	3.9	4.6	13.1	12.3	12.6
I. Long-term receivables	—	0.3	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	—	0.3	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3.3	3.7	12.3	8.5	11.9
1. Tangible fixed assets	1.8	2.2	3.9	1.7	3.6
- Cost	6.2	6.2	7.6	2.7	0.0
- Accumulated depreciation	-4.4	-4.0	-3.7	-1.0	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	1.5	1.5	8.3	6.8	8.3
- Cost	1.5	1.5	8.3	6.8	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	3.0	0.0
- Cost	—	0.0	0.0	3.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.6	0.6	0.6	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	0.6	0.6	0.6	0.6	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	0.2	0.2	0.0
1. Long-term prepayments	—	0.0	0.2	0.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	47.8	50.8	49.2	47.2	46.8
A. LIABILITIES (300=210+330)	5.5	8.9	7.5	8.1	8.2
I. Short -term liabilities	5.5	8.9	7.5	8.0	8.2
1. Short-term trade accounts payable	2.8	6.4	2.5	5.5	2.9
2. Short-term advances from customers	0.6	0.2	0.1	0.2	0.1
3. Taxes and other payables to state authorities	0.0	0.2	0.0	0.1	0.0
4. Payable to employees	1.3	1.2	1.2	1.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	0.9	0.6	3.2	0.6	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.4	0.5	0.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	42.3	41.9	41.7	39.1	38.6
I. Owner's equity	42.3	41.9	41.7	39.1	0.0
1. Owner's capital	19.3	19.3	19.3	15.0	38.6
- Common stock with voting right	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	14,986,800,000.00	14,986,800,000.00
- 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	2.9	2.9	2.9	2.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.3	3.3	3.1	3.0	0.0
11. Undistributed earnings after tax	16.9	16.5	16.4	18.3	18.0
- Accumulated retained earning at the end of the previous period	14.2	14.1	14.0	16.2	14.2
- Undistributed earnings in this period	2.7	2.4	2.4	2.2	3.7
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)	47.8	50.8	49.2	47.2	46.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	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	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.7	-0.9	-0.7	-1.0	0.0
Other Operating Receipts	1.1	1.8	1.3	3.2	0.0
Other Operating Payments	-2.0	-3.0	-2.9	-3.0	0.0
Net Cash Flow from Operating Activities	11.4	2.6	0.1	1.4	-5.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-1.2	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	8.0	0.0	0.4	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	4.0
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	0.0
Dividends and Interest Income Received	0.5	0.1	0.2	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	-5.9	0.1	-1.0	-1.5	4.3
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	—	0.0	0.0	0.0	22.4
Repayment of Borrowings	—	0.0	0.0	0.0	-26.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.3	-2.3	0.0	-1.8	-2.2
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	-2.3	-2.3	0.0	-1.8	-6.4
Net Cash Flow During the Period	3.2	0.4	-0.9	-1.9	1.5
Cash and Cash Equivalents at Beginning of Period	4.9	4.6	5.5	7.3	15.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.1	4.9	4.6	5.5	7.3

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	9.0	2.5	19.9	24.4	13.0	7.7	29.3	27.9	3.2	5.0	24.2	23.7
Revenue Deductions	0.1	0.8	0.4	0.5	0.2	0.6	0.2	0.5	0.0	0.6	0.6	0.4
Net Revenue	9.0	1.7	19.5	23.9	12.8	7.1	29.1	27.4	3.2	4.5	23.6	23.3
Cost of Goods Sold	5.9	1.8	14.7	17.0	8.9	5.6	21.0	19.9	2.1	3.6	16.9	16.3
Gross Profit	3.1	-0.1	4.7	6.9	3.9	1.5	8.1	7.5	1.1	0.9	6.7	6.9
Financial Income	0.0	0.4	0.2	0.6	0.5	0.0	0.0	0.1	0.1	0.2	0.0	0.1
Financial Expenses	0.0	0.2	0.0	-0.4	-0.4	0.7	0.7	-1.6	0.0	-1.3	0.0	-0.6
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.0	0.3	1.8	2.7	1.3	0.4	2.5	3.1	0.3	0.8	2.1	2.7
General and Administrative Expenses	1.9	0.5	2.5	2.6	2.6	0.9	3.3	3.4	0.8	1.9	2.9	2.6
Operating Profit	0.3	-0.7	0.7	2.6	0.9	-0.4	1.7	2.7	0.1	-0.4	1.6	2.5
Other Income	0.2	0.0	—	0.0	—	8.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	-0.6	—	0.6	—	8.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.2	0.6	—	-0.6	—	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Profit Before Tax	0.5	-0.1	0.7	2.0	0.9	-0.4	1.7	2.6	0.1	-0.4	1.6	2.5
Current Income Tax Expense	0.1	-0.0	0.1	0.4	0.2	-0.1	0.3	0.6	0.0	-0.1	0.3	0.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	-0.1	0.5	1.6	0.7	-0.3	1.3	2.0	0.1	-0.3	1.3	2.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	-0.1	0.5	1.6	0.7	-0.3	1.3	2.0	0.1	-0.3	1.3	2.0
Earnings per Share	206.34	-52.54	279.90	808.31	362.99	-172.70	696.61	1,062.29	57.59	-151.18	671.61	1,323.19
Diluted EPS	206.34	-52.54	279.90	808.31	362.99	-172.70	696.61	1,062.29	57.59	-151.18	671.61	1,323.19

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)	44.9	43.9	54.4	53.5	53.6	46.5	51.1	46.2	37.9	36.1	48.1	43.0
I. Cash and cash equivalents	0.9	3.1	9.2	7.7	5.3	4.9	6.4	2.2	0.9	4.6	10.1	5.9
1. Cash	0.9	3.1	9.2	7.7	5.3	4.9	6.4	2.2	0.9	4.6	6.1	5.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	4.0	0.0
II. Short-term financial investments	17.9	22.9	13.1	10.1	10.0	14.4	6.8	5.3	5.6	6.1	2.7	2.7
1. Available for sale securities	1.7	1.7	0.7	—	2.7	5.7	5.4	5.4	5.2	5.7	5.7	5.7
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	—	—	-0.7	-1.2	-0.6	-0.0	-1.6	-1.6	-3.0	-3.0
3. Held to maturity investments	16.3	21.4	12.3	10.1	8.0	10.0	2.0	0.0	2.0	2.0	0.0	0.0
III. Short-term receivables	10.7	4.6	17.3	15.3	12.7	7.4	21.0	17.8	6.3	6.7	18.6	14.8
1. Short-term trade accounts receivable	10.3	4.2	17.1	15.1	12.6	7.0	21.2	18.1	6.8	6.9	18.9	15.1
2. Short-term prepayments to suppliers	0.1	0.1	0.1	0.1	0.1	0.3	0.0	0.1	0.0	0.1	0.1	0.0
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	0.6	0.7	0.5	0.5	0.4	0.5	0.6	0.5	0.2	0.5	0.4	0.3
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.9	-0.9	-0.8	-0.8	-0.9	-0.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	14.3	12.3	14.1	19.4	24.5	18.6	16.0	19.8	22.6	17.6	15.4	18.2
1. Inventories	16.2	14.2	14.7	20.0	25.1	19.3	16.5	20.3	23.1	18.0	16.0	18.9
2. Provision for decline in value of inventories	-1.9	-1.9	-0.6	-0.6	-0.6	-0.6	-0.5	-0.5	-0.5	-0.5	-0.7	-0.7
V. Other short-term assets	1.1	0.9	0.8	1.2	1.1	1.0	1.0	1.1	2.5	1.2	1.4	1.4
1. Short-term prepayments	1.1	0.8	0.8	1.2	0.9	0.9	1.0	1.0	2.1	1.1	1.1	1.1
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	0.0	0.1	0.1	0.0	0.1	0.4	0.2	0.3	0.3
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)	4.0	3.9	4.8	4.8	4.5	4.3	12.3	12.9	12.3	13.1	13.3	12.0
I. Long-term receivables	—	0.0	0.0	0.0	0.3	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	0.3	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	3.2	3.3	3.3	3.5	3.6	3.7	11.7	3.9	4.1	12.3	12.3	11.3
1. Tangible fixed assets	1.7	1.8	1.8	2.0	2.1	2.2	3.3	2.4	2.6	3.9	3.9	3.0
- Cost	6.2	—	—	—	—	6.2	7.6	6.2	6.2	7.6	7.6	6.4
- Accumulated depreciation	-4.5	—	—	—	—	-4.0	-4.3	-3.7	-3.6	-3.7	-3.7	-3.4
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	1.5	1.5	1.5	1.5	1.5	1.5	8.3	1.5	1.5	8.3	8.3	8.3
- Cost	1.5	—	—	—	—	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
III. Investment properties	—	—	—	—	—	0.0	0.0	8.0	8.0	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	—	—	—	—	—	0.0	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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.6	0.0	0.0	0.0	0.0
3. Investments in other entities	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.0	0.6	0.6	0.6	0.6
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	0.2	—	0.9	0.8	0.0	0.0	0.0	0.4	-0.4	0.2	0.4	0.1
1. Long-term prepayments	0.2	—	0.9	0.8	0.0	0.0	0.0	0.4	-0.4	0.2	0.4	0.1
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)	48.8	47.8	59.3	58.4	58.1	50.8	63.4	59.2	50.2	49.2	61.4	55.0
A. LIABILITIES (300=210+330)	8.5	5.5	16.9	16.5	17.8	8.9	21.3	18.1	8.4	7.5	19.5	13.8
I. Short -term liabilities	8.5	5.5	16.9	16.5	17.8	8.9	21.3	18.1	8.4	7.5	19.5	13.8
1. Short-term trade accounts payable	6.6	2.8	7.1	9.4	13.6	6.4	12.1	11.6	8.0	2.5	8.0	7.9
2. Short-term advances from customers	0.1	0.6	0.2	0.2	0.3	0.2	0.1	0.0	0.1	0.1	0.8	0.8
3. Taxes and other payables to state authorities	0.1	0.0	0.1	0.4	0.1	0.2	0.3	0.5	0.0	0.0	0.6	0.3
4. Payable to employees	0.2	1.3	2.8	2.9	0.5	1.2	3.7	2.7	0.0	1.2	2.4	1.9
5. Short-term acrrued expenses	—	—	1.9	0.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.5	0.9	4.7	3.0	3.3	0.6	4.5	2.9	0.1	3.2	7.0	2.9
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-0.1	0.0	0.0	0.0	0.0	0.4	0.6	0.4	0.2	0.5	0.6	0.1
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	40.4	42.3	42.4	41.8	40.3	41.9	42.2	41.1	41.8	41.7	41.9	41.2
I. Owner's equity	40.4	42.3	42.4	41.8	40.3	41.9	42.2	41.1	41.8	41.7	41.9	41.2
1. Owner's capital	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	15.0
- Common stock with voting right	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	19,256,580,000.00	14,986,800,000.00
- 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	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
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	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.2	3.1	3.1	3.1	3.0
11. Undistributed earnings after tax	15.0	16.9	17.0	16.4	14.9	16.5	16.8	15.7	16.6	16.4	16.7	20.4
- Accumulated retained earning at the end of the previous period	14.6	14.2	14.2	14.2	14.2	14.1	14.1	14.1	16.4	14.0	14.0	18.3
- Undistributed earnings in this period	0.4	2.7	2.8	2.3	0.7	2.4	2.6	1.6	0.1	2.4	2.6	2.1
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)	48.8	47.8	59.3	58.4	58.1	50.8	63.4	59.2	50.2	49.2	61.4	55.0

Item	Q1'26	Q4'25	Q3'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	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	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	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	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-0.1	-0.5	—	-0.3	-0.5	-0.1	0.0	-0.7	0.0	0.0	0.0
Other Operating Receipts	0.7	—	—	—	0.9	0.3	0.3	0.3	0.4	0.5	0.2	0.3
Other Operating Payments	-0.6	-0.4	-3.0	1.4	-2.0	0.5	-1.1	-0.4	-0.0	-0.2	-1.9	-0.7
Net Cash Flow from Operating Activities	-5.0	3.8	4.7	2.8	-1.4	6.1	1.6	-3.8	-2.4	4.2	2.9	-4.6
Payments for Fixed Assets and Other Long-term Assets	—	—	—	-0.1	0.0	0.0	0.0	0.0	-1.1	-0.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	8.0	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	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	0.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	-0.8	1.3	0.0	-0.0	0.0	0.1	0.0	0.1	0.0	0.1	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	5.1	-4.9	-3.0	2.0	-0.0	-2.0	2.1	0.0	-3.0	-0.1	2.1	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2.3	0.0	2.2	-4.5	0.0	0.0	-2.3	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.3	0.0	2.2	-4.5	0.0	0.0	-2.3	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-2.2	-1.1	4.0	0.3	-1.5	4.2	1.4	-3.7	-5.5	4.1	5.1	-4.6
Cash and Cash Equivalents at Beginning of Period	3.1	9.2	4.9	4.9	4.6	4.6	4.6	4.6	5.5	5.5	5.5	5.5
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.9	8.1	9.2	5.3	4.9	6.4	2.2	0.9	4.6	10.1	5.9	0.9

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DAE

What Is Changing

Drivers of DAE's profit

Financial Highlights

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What is driving the margin? ●

Is capital being used efficiently?

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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