GKM

GKM Holdings ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −21.75%, −34.55pp YoY

Price

1,300

Latest close

29 May 2026

P/E -21.39x

P/B 0.14x

EPS -61

BVPS 9,522

ROE -0.6%

ROA -0.4%

Profit Margin -21.8%

Asset Turnover 0.02x

Equity Mult. 1.39x

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

What Is Changing

On a TTM 2026Q1 basis, GKM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9bn
	                                
−81.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 2bn
	                                
−131.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    344.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	9.6	145.5	387.7	311.8	236.2
Growth	-93%	-62%	+24%	+32%	—
Net Income	0.0	3.8	39.3	18.3	36.1
Net Margin	0.07%	2.64%	10.13%	5.86%	15.31%

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	1.6	2.4	2.4	2.4	2.4	1.9	10.3	33.5	99.7	23.0	63.5	159.7
Growth	-35%	-1%	0%	0%	+25%	-81%	-69%	-66%	+333%	-64%	-60%	—
Net Income	-1.9	1.5	-0.6	-0.9	-0.5	0.0	-1.5	8.1	0.3	14.6	44.8	2.2
Net Margin	-122.00%	61.95%	-23.82%	-37.50%	-20.26%	2.19%	-14.84%	24.29%	0.30%	63.26%	70.58%	1.36%

Drivers of GKM's profit

TTM

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

Gross profit ↑ 1.1bn

Financial income ↓ 14.9bn

Finance costs ↑ 1.6bn

TTM

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

Financial income ↓ 0.8bn

Gross profit ↓ 0.7bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.8% = 12.8% × 0.10 × 1.36

2026Q1 -0.6% = -21.8% × 0.02 × 1.39

ROE fell from 1.8% to -0.6% — net margin weakened the most, though leverage still provided support.

Net margin: -21.8% -34.6pp Asset turnover: 0.02x -0.08x Leverage: 1.39x +0.02x

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 fell to -21.75%, losing 34.6pp. The main pressure is SG&A / Revenue rose 26.6pp, outweighing the improvement in Gross margin rose 48.5pp (with lingering pressure from Net financial result / Revenue fell 95.5pp).

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

Profitability trend

Net Margin -21.75% −34.6pp

Gross Margin 56.42% +48.5pp

SG&A / Revenue 33.59% +26.6pp

Non-core / Revenue -74.82% −95.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 95.5pp, financial result still accounts for 344.9% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.02x −0.10x

Average Invested Capital 373.5bn −9.2bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.34x equity, net debt at 0.20x equity.

Inventory ended the period at 55.0bn, roughly 12.1% 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 993.8 days versus the same period last year. The main moves came from DIO rose 3787.8 days, DSO rose 601.4 days, and DPO rose 3395.4 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 1040.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +601.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 900.6 days +601.4 days

Inventory 3907.7 days +3787.8 days

Payables 3768.0 days +3395.4 days

Cash Conversion Cycle 1040.4 days +993.8 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.20x and interest coverage only at -0.59x.

At present, short-term debt accounts for 27.4% of total debt, cash equals 1.9% of debt, and total debt stands at 61.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.59x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 1.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.20x +0.06x

Interest Coverage -0.59x −2.31x

Cash / Debt 1.9% −22.9pp

Short-term Debt / Total Debt 27.4% −72.6pp

CFO / NI 3.58x −11.88x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -9.1bn in 2025, against investing cash flow of 5.1bn.

Post-investment cash flow was negative +4.1bn. Financing cash flow was positive +4.4bn.

CFO / net income was 3.58x.

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 6.8bn −102.0bn

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 34.6 pp.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.58x. Even so, net financial result still accounts for 344.9% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at -21.75% after a 34.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	9.6	145.5	387.7	313.0	236.5
Revenue Deductions	—	0.0	0.0	1.2	0.0
Net Revenue	9.6	145.5	387.7	311.8	236.2
Cost of Goods Sold	4.0	142.5	323.7	237.1	0.0
Gross Profit	5.6	2.9	64.0	74.7	60.7
Financial Income	2.7	16.4	47.2	11.7	10.6
Financial Expenses	7.6	7.4	28.4	25.9	-8.5
Interest Expense	—	6.3	26.0	23.8	-8.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.4	0.4	14.3	26.0	-13.6
General and Administrative Expenses	2.6	3.6	17.9	9.8	-7.1
Operating Profit	-2.3	7.9	50.5	24.8	42.0
Other Income	2.7	0.0	0.6	0.0	0.0
Other Expenses	0.4	2.7	1.5	1.6	0.0
Other Profit	2.3	-2.7	-0.9	-1.6	2.1
Profit Before Tax	0.0	5.2	49.7	23.2	44.1
Current Income Tax Expense	0.0	1.3	10.5	4.9	-7.9
Deferred Income Tax Expense	—	0.0	-0.1	0.0	0.0
Net Income	0.0	3.8	39.3	18.3	36.1
Non-controlling Interest	—	0.0	0.1	0.2	0.0
Profit Attributable to Parent	0.0	3.8	39.1	18.1	36.1
Earnings per Share	0.21	122.00	1,493.00	758.00	1,879.00
Diluted EPS	0.21	122.00	1,493.00	689.00	1,516.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	132.2	157.3	260.0	381.2	303.9
I. Cash and cash equivalents	0.4	0.0	11.2	52.6	65.1
1. Cash	0.4	0.0	11.2	52.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	49.0	0.0	0.0	0.0	0.0
1. Available for sale securities	49.0	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
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	19.5	134.2	241.0	259.0	192.2
1. Short-term trade accounts receivable	7.1	35.7	14.9	195.2	0.0
2. Short-term prepayments to suppliers	3.3	42.5	69.5	41.4	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	6.1	33.5	5.0	0.0	0.0
6. Other short-term receivables	2.9	22.5	151.5	22.3	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	55.0	14.6	0.0	51.9	29.4
1. Inventories	55.0	14.6	0.0	51.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.3	8.3	7.8	17.8	17.1
1. Short-term prepayments	0.0	0.0	0.0	2.1	0.0
2. Value added tax to be reclaimed	0.9	0.8	0.0	7.7	0.0
3. Taxes and other receivables from state authorities	7.5	7.6	7.8	8.0	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)	323.7	305.4	172.9	253.0	247.6
I. Long-term receivables	—	0.0	45.0	90.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	45.0	90.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.8	0.5	0.9	127.1	98.3
1. Tangible fixed assets	0.3	0.5	0.9	118.4	88.6
- Cost	12.7	12.7	12.7	174.7	0.0
- Accumulated depreciation	-12.5	-12.2	-11.8	-56.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	8.3	9.3
- Cost	—	0.0	0.0	9.5	0.0
- Accumulated depreciation	—	0.0	0.0	-1.2	0.0
3. Intangible fixed assets	0.5	0.0	0.0	0.4	0.5
- Cost	0.6	0.0	0.0	0.5	0.0
- Accumulated depreciation	-0.0	0.0	0.0	-0.1	0.0
III. Investment properties	34.3	37.7	29.2	0.0	0.0
- Cost	53.8	53.8	42.9	0.0	0.0
- Accumulated depreciation	-19.5	-16.1	-13.6	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	1.6	22.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	1.6	0.0
V. Long-term financial investments	279.0	256.8	87.5	3.0	101.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	60.0	60.0	60.0	0.0	0.0
3. Investments in other entities	219.0	196.8	27.5	3.0	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	9.5	10.4	10.2	31.1	0.0
1. Long-term prepayments	9.5	10.4	10.1	31.1	0.0
2. Deferred income tax assets	—	0.0	0.1	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	26.0
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)	455.9	462.6	432.9	634.2	551.4
A. LIABILITIES (300=210+330)	115.7	122.5	96.4	303.4	252.4
I. Short -term liabilities	115.7	122.5	96.4	209.7	119.5
1. Short-term trade accounts payable	30.8	45.7	30.2	45.8	38.2
2. Short-term advances from customers	0.7	3.4	2.9	4.8	0.5
3. Taxes and other payables to state authorities	6.4	6.9	7.9	16.2	0.0
4. Payable to employees	0.2	0.0	0.0	3.3	0.0
5. Short-term acrrued expenses	10.2	3.4	0.5	2.0	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	3.9	4.0	2.8	2.0	0.0
10. Short-term borrowings and financial leases	63.4	59.0	52.1	135.5	61.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	93.7	132.9
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	93.7	32.9
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)	340.2	340.2	336.5	330.9	299.0
I. Owner's equity	340.2	340.2	336.5	330.9	0.0
1. Owner's capital	314.3	314.3	314.3	238.1	299.0
- Common stock with voting right	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	238,139,000,000.00	238,139,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	8.4	8.4	8.4	8.6	8.7
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	—	0.0	0.0	0.0	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	17.4	17.4	13.7	61.3	44.2
- Accumulated retained earning at the end of the previous period	17.4	13.6	0.0	43.3	8.2
- Undistributed earnings in this period	0.0	3.8	13.7	18.1	36.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	22.8	7.9
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)	455.9	462.6	432.9	634.2	551.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	5.2	49.7	23.2	0.0
Depreciation of Fixed Assets and Investment Property	—	2.8	-29.8	14.0	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	—	-16.4	-130.4	-10.9	0.0
Interest Expense	—	6.3	26.0	23.8	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	—	-2.1	-84.5	50.0	0.0
Increase/(Decrease) in Receivables	—	59.9	163.9	-88.6	0.0
Increase/(Decrease) in Inventory	—	-14.6	51.9	-22.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	2.9	-77.8	1.8	0.0
Increase/(Decrease) in Prepaid Expenses	—	-0.3	20.8	-5.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-3.3	-27.5	-24.4	0.0
Corporate Income Tax Paid	-0.6	-1.1	-10.2	-0.8	0.0
Other Operating Receipts	57.6	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-9.1	41.3	36.6	-90.2	6.6
Payments for Fixed Assets and Other Long-term Assets	—	-10.9	0.0	-13.2	-48.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	6.7	0.0
Loans and Purchases of Debt Instruments	—	-35.9	-92.9	-76.0	-14.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	52.5	37.7	-14.0	5.0
Investments in Other Entities	-22.2	-188.1	-60.0	-3.0	-116.0
Proceeds from Investments in Other Entities	—	108.5	66.6	127.0	0.0
Dividends and Interest Income Received	—	15.6	1.5	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	5.1	-58.3	-47.0	27.7	-158.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	14,700,000,000.00	82,268,540,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	28.2	59.3	273.6	302.9	245.5
Repayment of Borrowings	-23.8	-53.5	-303.8	-265.9	-111.5
Repayment of Finance Leases	—	0.0	-0.8	-1.7	0.0
Dividends Paid	—	0.0	0.0	0.0	-14.9
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	4.4	5.8	-30.9	50.0	201.3
Net Cash Flow During the Period	0.4	-11.2	-41.3	-12.5	55.4
Cash and Cash Equivalents at Beginning of Period	0.0	11.2	52.6	65.1	15.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	0.0	11.2	52.6	65.1

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	1.6	2.4	2.4	2.4	2.4	1.9	10.3	33.5	99.7	23.0	63.5	159.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1.6	2.4	2.4	2.4	2.4	1.9	10.3	33.5	99.7	23.0	63.5	159.7
Cost of Goods Sold	0.9	1.0	1.0	0.9	1.1	0.9	9.0	33.3	97.2	22.1	44.0	138.4
Gross Profit	0.6	1.4	1.4	1.5	1.3	1.0	1.2	0.2	2.5	0.9	19.5	21.3
Financial Income	0.0	0.2	0.8	0.1	0.8	0.2	0.2	14.8	1.2	23.1	41.2	3.1
Financial Expenses	1.9	2.0	2.2	1.6	1.6	0.3	1.9	2.2	1.6	1.5	5.6	8.8
Interest Expense	—	—	—	—	1.6	0.3	1.6	1.9	1.6	1.5	5.6	8.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1	3.0	3.5
General and Administrative Expenses	0.5	0.7	0.6	0.8	0.6	0.8	0.6	1.1	1.4	0.9	5.0	6.8
Operating Profit	-1.9	-1.2	-0.6	-0.9	-0.1	0.1	-1.2	11.7	0.7	21.5	47.0	5.4
Other Income	—	2.7	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Other Expenses	—	0.0	0.0	0.0	0.4	0.0	0.3	1.7	0.3	0.8	0.4	0.7
Other Profit	—	2.7	-0.0	-0.0	-0.4	-0.0	-0.3	-1.7	-0.3	-0.8	-0.3	-0.7
Profit Before Tax	-1.9	1.5	-0.6	-0.9	-0.5	0.0	-1.5	10.0	0.4	20.7	46.7	4.7
Current Income Tax Expense	—	0.0	—	—	—	0.0	0.0	1.8	0.1	6.1	1.9	2.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.9	1.5	-0.6	-0.9	-0.5	0.0	-1.5	8.1	0.3	14.6	44.8	2.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.5	-0.1
Profit Attributable to Parent	-1.9	1.5	-0.6	-0.9	-0.5	0.0	-1.5	8.1	0.3	14.6	44.3	2.3
Earnings per Share	-60.57	46.98	-18.32	-28.85	-15.59	1.35	-48.53	258.58	9.48	463.81	1,632.00	86.00
Diluted EPS	-60.57	46.98	-18.32	-28.85	-15.59	1.35	-48.53	258.58	9.48	463.81	1,411.00	86.00

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)	313.4	132.2	158.7	202.5	165.3	158.5	153.1	181.2	280.1	261.8	510.1	409.0
I. Cash and cash equivalents	1.2	0.4	0.4	3.5	15.6	0.1	11.7	12.1	16.6	11.2	82.1	25.0
1. Cash	1.2	0.4	0.4	3.5	15.6	0.1	11.7	12.1	16.6	11.2	82.0	25.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
II. Short-term financial investments	266.5	49.0	49.0	49.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	49.0	49.0	49.0	49.0	—	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	6.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for short-term investments held to maturity (*)	-7.7	—	—	—	—	—	—	—	—	—	—	—
5. Other short-term investments	219.0	—	—	—	—	—	—	—	—	—	—	—
III. Short-term receivables	-2.8	19.5	46.0	86.8	114.5	134.6	132.6	153.2	253.3	242.8	371.3	331.8
1. Short-term trade accounts receivable	7.1	7.1	7.0	30.8	36.2	35.7	48.4	39.2	42.6	14.9	136.0	181.1
2. Short-term prepayments to suppliers	3.7	3.3	20.7	21.3	31.2	40.7	56.7	59.8	44.0	69.5	49.1	37.2
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	—	6.1	15.5	33.5	33.5	35.7	4.8	4.8	5.0	5.0	0.0	9.8
6. Other short-term receivables	3.1	2.9	2.9	1.2	13.6	22.5	22.7	49.4	161.7	153.3	186.2	103.7
7. Provision for short-term doubtful debts (*)	-16.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	40.3	55.0	55.0	55.0	27.0	14.6	0.0	8.2	2.1	0.0	45.0	38.8
1. Inventories	55.0	55.0	55.0	55.0	27.0	14.6	0.0	8.2	2.1	0.0	45.0	38.8
2. Provision for decline in value of inventories	-14.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	8.2	8.3	8.3	8.3	8.3	9.2	8.7	7.7	8.1	7.8	11.6	13.4
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.8	0.9	0.1	0.4	0.0	1.5	3.5
2. Value added tax to be reclaimed	0.9	0.9	0.9	0.8	0.8	0.8	0.2	0.0	0.0	0.0	2.2	2.0
3. Taxes and other receivables from state authorities	7.3	7.5	7.5	7.5	7.5	7.6	7.6	7.7	7.7	7.8	7.8	7.9
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)	103.6	323.7	302.5	303.2	304.2	304.5	299.0	296.5	172.0	172.8	235.7	241.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	45.0	45.0	90.2	90.2
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	45.0	45.0	90.0	90.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.8	0.9	0.4	0.4	0.5	0.6	0.7	0.8	0.9	87.5	121.0
1. Tangible fixed assets	0.2	0.3	0.3	0.4	0.4	0.5	0.6	0.7	0.8	0.9	79.6	112.8
- Cost	12.7	—	—	—	—	12.7	12.7	12.7	12.7	12.7	133.0	175.9
- Accumulated depreciation	-12.5	—	—	—	—	-12.2	-12.1	-12.0	-11.9	-11.8	-53.4	-63.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	7.6	7.8
- 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	—	0.5	0.5	—	—	0.0	0.0	0.0	0.0	0.0	0.3	0.4
- 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	33.5	34.3	35.2	36.0	36.9	31.3	32.0	28.1	28.7	29.2	29.8	0.0
- Cost	53.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-20.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.2	0.0	0.0	0.0	0.2
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	0.2	0.0	0.0	0.0	0.2
V. Long-term financial investments	60.0	279.0	256.8	256.8	256.8	256.8	256.8	256.8	87.5	87.5	1.0	2.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	61.0	0.0	0.0
3. Investments in other entities	—	219.0	196.8	196.8	196.8	196.8	196.8	196.8	27.5	26.5	1.0	2.2
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	10.0	9.5	9.7	10.0	10.2	15.9	9.7	10.8	10.0	10.1	27.1	27.6
1. Long-term prepayments	10.0	9.5	9.7	10.0	10.2	15.9	9.7	10.8	10.0	10.1	27.1	27.6
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)	417.0	455.9	461.3	505.7	469.6	463.0	452.1	477.8	452.1	434.5	745.8	650.2
A. LIABILITIES (300=210+330)	117.7	115.7	122.6	166.9	129.9	121.6	110.7	135.2	115.5	97.0	315.9	317.2
I. Short -term liabilities	72.8	115.7	122.6	166.9	129.9	76.8	110.7	135.2	115.5	52.9	233.8	232.1
1. Short-term trade accounts payable	30.8	30.8	38.6	83.9	48.2	59.7	39.3	40.4	42.2	30.2	54.9	54.3
2. Short-term advances from customers	3.1	0.7	1.5	2.9	3.2	3.5	4.4	2.9	3.0	2.9	47.2	13.7
3. Taxes and other payables to state authorities	5.7	6.4	7.0	7.0	7.0	7.3	7.3	7.5	7.2	8.5	18.9	16.5
4. Payable to employees	0.1	0.2	0.1	—	—	0.4	0.3	0.2	0.2	0.0	1.9	1.6
5. Short-term acrrued expenses	12.1	10.2	8.2	6.1	4.7	2.0	1.9	0.5	1.7	0.5	2.4	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	—	—	—	—	—	0.0	0.8	0.5	0.0	0.0	0.0	0.0
9. Other short-term payables	3.9	3.9	4.1	4.0	4.0	4.0	4.0	3.9	2.8	2.8	2.3	2.8
10. Short-term borrowings and financial leases	17.0	63.4	63.0	63.0	62.9	0.0	52.8	79.3	58.4	8.0	106.2	141.1
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	0.0	0.0	0.0	0.0
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	44.9	—	—	—	—	44.8	0.0	0.0	0.0	44.1	82.2	85.1
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	—	—	—	—	—	44.8	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	44.9	—	—	—	—	0.0	0.0	0.0	0.0	44.1	82.2	85.1
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)	299.3	340.2	338.7	338.8	339.7	341.4	341.4	342.6	336.6	337.5	429.9	333.0
I. Owner's equity	299.3	340.2	338.7	338.8	339.7	341.4	341.4	342.6	336.6	337.5	429.9	333.0
1. Owner's capital	314.3	314.3	314.3	314.3	314.3	314.3	314.3	314.3	314.3	314.3	314.3	262.0
- Common stock with voting right	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	314,342,370,000.00	261,952,400,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.5	8.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-23.4	17.4	15.9	16.0	16.9	18.7	18.6	19.9	13.9	14.8	11.9	39.8
- Accumulated retained earning at the end of the previous period	-21.5	17.4	16.5	16.9	17.4	0.0	0.0	0.0	13.6	14.8	-7.5	38.3
- Undistributed earnings in this period	-1.9	0.0	-0.6	-0.9	-0.5	0.0	0.0	0.0	0.3	0.0	19.4	1.5
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	95.2	22.7
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)	417.0	455.9	461.3	505.7	469.6	463.0	452.1	477.8	452.1	434.5	745.8	650.2

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	-0.9	—	0.0	-8.2	8.2	0.0	49.7	-4.8	4.8	0.0
Depreciation of Fixed Assets and Investment Property	—	—	1.8	—	0.0	-1.3	1.3	0.0	-29.8	-7.4	7.4	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	—	—	-1.7	—	0.0	16.1	-16.1	0.0	-130.4	0.0	-0.0	0.0
Interest Expense	—	—	3.4	—	0.0	-3.2	3.2	0.0	26.0	-15.0	15.0	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	—	—	2.7	—	0.0	3.4	-3.4	0.0	-84.5	-27.2	27.2	0.0
Increase/(Decrease) in Receivables	—	—	24.9	—	0.0	4.1	-4.1	0.0	163.9	69.1	-69.1	0.0
Increase/(Decrease) in Inventory	—	—	-40.3	—	0.0	8.2	-8.2	0.0	51.9	-12.9	12.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	39.8	—	0.0	-10.9	10.9	0.0	-77.8	-17.2	17.2	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	-0.4	—	0.0	0.8	-0.8	0.0	20.8	-1.3	1.3	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	-0.5	—	0.0	3.2	-3.2	0.0	-27.5	14.7	-14.7	0.0
Corporate Income Tax Paid	-0.8	-0.6	—	—	0.0	-1.1	0.7	-0.7	-6.6	-0.9	-2.7	0.0
Other Operating Receipts	0.0	—	—	—	19.3	216.9	-30.3	30.3	-69.9	69.9	-8.7	8.7
Other Operating Payments	-0.1	-0.4	—	-0.0	-2.7	-115.8	44.4	-44.4	125.4	-125.4	1.3	-1.3
Net Cash Flow from Operating Activities	2.3	13.7	-34.5	11.6	27.2	76.8	-3.3	-5.5	-49.0	113.4	-76.6	48.7
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.2	-0.1	-0.0	1.2	-0.9	-0.2	-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	2.5	-2.5	0.0	-92.9	9.8	-9.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	-50.2	50.2	0.0	37.7	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	102.6	-188.1	0.0	-60.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	22.3	—	0.0	-108.5	108.5	0.0	64.6	1.2	0.8	0.0
Dividends and Interest Income Received	—	—	—	—	0.0	-8.0	10.2	5.0	15.9	-14.4	0.0	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	—	-17.2	22.3	—	-30.8	-50.3	-21.8	5.0	-40.3	2.6	-9.2	-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	0.4	6.2	18.1	3.9	0.0	0.0	39.0	6.2	107.3	35.5	66.3	64.5
Repayment of Borrowings	-2.0	-5.8	-18.0	—	-8.0	-26.8	-18.4	-0.3	-89.1	-81.3	-68.4	-64.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.2	-0.8	0.2	-0.3
Dividends Paid	—	—	—	—	0.0	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	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	-1.6	0.4	0.1	3.9	-8.0	-26.8	20.6	5.9	18.4	-46.7	-2.0	-0.7
Net Cash Flow During the Period	0.8	-3.1	-12.1	15.5	-11.6	-0.3	-4.5	5.4	-70.9	69.3	-87.7	48.0
Cash and Cash Equivalents at Beginning of Period	0.4	0.0	15.6	0.0	11.2	11.2	11.2	11.2	52.6	52.6	52.6	52.6
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	1.2	0.4	3.5	15.6	0.1	11.7	12.1	16.6	11.2	82.1	12.8	100.6

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GKM

What Is Changing

Drivers of GKM'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