HAT

Thương mại Bia Hà Nội ·HNX ·2026Q1

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT 27.86%

Price

31,500

Latest close

27 May 2026

P/E 7.59x

P/B 1.30x

EPS 4,151

BVPS 24,160

ROE 17.0%

ROA 6.7%

Profit Margin 0.9%

Asset Turnover 7.50x

Equity Mult. 2.52x

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

What Is Changing

On a TTM 2026Q1 basis, HAT posted a sharp profit decline versus the same period. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,446bn
	                                
+5.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
−32.1%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    451.9%

Metric	2025	2024	2023	2022	2021
Revenue	1,415.0	1,349.3	1,234.1	1,079.7	448.7
Growth	+5%	+9%	+14%	+141%	—
Net Income	13.0	18.8	24.8	18.4	0.9
Net Margin	0.92%	1.39%	2.01%	1.70%	0.20%

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	210.2	261.1	469.8	504.8	180.2	275.5	427.9	485.9	160.0	238.1	422.0	415.6
Growth	-19%	-44%	-7%	+180%	-35%	-36%	-12%	+204%	-33%	-44%	+2%	—
Net Income	0.4	2.6	6.9	3.0	0.4	1.0	5.4	12.3	0.4	7.6	4.7	11.4
Net Margin	0.18%	1.01%	1.47%	0.60%	0.21%	0.37%	1.26%	2.53%	0.27%	3.21%	1.11%	2.74%

Drivers of HAT's profit

TTM

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

Other profit ↑ 74.8bn

Selling expenses ↑ 57.3bn

Gross profit ↓ 18.6bn

Administrative expenses ↑ 4.5bn

Financial income ↓ 1.4bn

TTM

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

Other profit ↑ 7.4bn

Gross profit ↑ 0.8bn

Tax ↓ 0.0bn

Selling expenses ↑ 6.7bn

Administrative expenses ↑ 1.1bn

Financial income ↓ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 26.0% = 1.4% × 7.21 × 2.59

2026Q1 17.0% = 0.9% × 7.50 × 2.52

ROE fell from 26.0% to 17.0% — leverage weakened the most, though asset turnover still provided support.

Net margin: 0.9% -0.5pp Asset turnover: 7.50x +0.29x Leverage: 2.52x -0.07x

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 0.90%, falling 0.5pp. The main pressure comes from SG&A / Revenue rose 3.9pp and Gross margin fell 1.7pp (in addition, Other profit / Revenue rose 5.2pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 0.90% −0.5pp

Gross Margin 5.73% −1.7pp

SG&A / Revenue 10.17% +3.9pp

Non-core / Revenue 5.61% +5.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 479.7% of PBT and lifted net margin by 5.0pp — 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 -3.29% −4.7pp

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 1.95x equity, with a net cash position equivalent to 0.24x equity.

Over the last 12 months, working capital absorbed 20.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −23.4bn

Inventories increased → lower CFO: −3.6bn

Payables increased → higher CFO: +6.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 4.6 days versus the same period last year. The main moves came from DIO rose 0.5 days, DSO rose 4.0 days, and DPO fell 0.1 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +4.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +4.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 4.3 days +4.0 days

Inventory 0.5 days +0.5 days

Payables 0.3 days −0.1 days

Cash Conversion Cycle 4.4 days +4.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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 -0.24x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -1.24x −1.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -46.2bn in 2025, against investing cash flow of 58.5bn.

Post-investment cash flow was positive +12.2bn. Financing cash flow was negative +9.2bn.

CFO / net income was -1.24x.

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 16.1bn −12.2bn

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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 27.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.24x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.24x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 27.9% of PBT and CFO / net income currently at -1.24x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,415.8	1,349.7	1,234.4	1,079.7	448.7
Revenue Deductions	0.7	0.4	0.3	0.0	0.0
Net Revenue	1,415.0	1,349.3	1,234.1	1,079.7	448.7
Cost of Goods Sold	1,331.4	1,243.5	1,142.4	999.7	0.0
Gross Profit	83.6	105.8	91.7	80.0	22.7
Financial Income	5.8	6.7	9.7	4.9	4.3
Financial Expenses	—	0.0	0.0	0.0	-0.0
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	119.0	68.1	48.7	38.3	-18.4
General and Administrative Expenses	22.8	22.5	24.6	25.4	-12.9
Operating Profit	-52.4	21.9	28.1	21.2	-4.3
Other Income	68.7	1.6	3.3	2.8	0.0
Other Expenses	0.0	0.0	0.3	0.2	0.0
Other Profit	68.7	1.6	3.0	2.6	6.3
Profit Before Tax	16.3	23.5	31.1	23.8	2.0
Current Income Tax Expense	3.1	3.9	5.9	6.9	-1.1
Deferred Income Tax Expense	0.2	0.8	0.4	-1.6	0.0
Net Income	13.0	18.8	24.8	18.4	0.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	13.0	18.8	24.8	18.4	0.9
Earnings per Share	2,920.00	4,186.00	6,184.00	5,360.00	1,743.00
Diluted EPS	2,920.00	4,186.00	6,184.00	5,360.00	291.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	166.8	165.7	162.6	138.9	59.3
I. Cash and cash equivalents	11.3	8.3	8.8	3.7	9.7
1. Cash	11.3	8.3	8.8	3.7	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	85.3	140.0	135.0	110.0	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	85.3	140.0	135.0	110.0	0.0
III. Short-term receivables	60.6	4.5	16.7	18.9	8.0
1. Short-term trade accounts receivable	40.2	0.8	0.7	1.3	0.0
2. Short-term prepayments to suppliers	19.4	2.0	13.7	16.0	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	1.0	1.7	2.3	1.7	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	6.1	2.5	0.3	4.1	3.4
1. Inventories	6.1	2.5	0.3	4.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.5	10.4	1.7	2.2	0.2
1. Short-term prepayments	3.5	7.5	0.3	0.1	0.0
2. Value added tax to be reclaimed	—	2.9	1.4	1.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.4	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)	54.4	49.7	34.0	35.5	68.3
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	14.2	14.1	14.7	16.3	18.3
1. Tangible fixed assets	13.4	13.6	14.4	16.1	17.8
- Cost	52.9	52.3	50.2	49.9	0.0
- Accumulated depreciation	-39.5	-38.7	-35.8	-33.8	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	0.8	0.5	0.3	0.2	0.5
- Cost	2.3	1.8	1.5	1.2	0.0
- Accumulated depreciation	-1.6	-1.4	-1.2	-1.0	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	0.0
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	7.5	7.5	7.5	7.5	27.5
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	7.5	7.5	7.5	7.5	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	32.8	28.1	11.7	11.7	0.0
1. Long-term prepayments	32.4	27.6	10.4	10.0	0.0
2. Deferred income tax assets	0.4	0.6	1.3	1.7	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	22.4
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)	221.2	215.4	196.5	174.4	127.6
A. LIABILITIES (300=210+330)	146.2	138.3	127.5	108.0	76.2
I. Short -term liabilities	146.2	138.3	127.5	108.0	76.2
1. Short-term trade accounts payable	13.9	15.5	15.8	13.2	6.6
2. Short-term advances from customers	6.4	10.1	1.9	6.8	1.4
3. Taxes and other payables to state authorities	2.3	0.6	3.5	2.4	0.0
4. Payable to employees	6.8	7.0	5.6	3.3	0.0
5. Short-term acrrued expenses	2.9	3.1	4.5	3.5	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	109.4	99.9	88.3	77.1	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	4.5	2.2	7.9	1.6	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
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	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)	75.1	77.1	69.0	66.3	51.3
I. Owner's equity	75.1	77.1	69.0	66.3	0.0
1. Owner's capital	31.2	31.2	31.2	31.2	51.3
- Common stock with voting right	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00
- 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	18.3	18.3	18.3	18.3	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	25.6	27.6	19.5	16.8	1.8
- Accumulated retained earning at the end of the previous period	12.6	8.8	-5.4	0.1	0.9
- Undistributed earnings in this period	13.0	18.8	24.8	16.7	0.9
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)	221.2	215.4	196.5	174.4	127.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	16.3	23.5	31.1	23.8	2.0
Depreciation of Fixed Assets and Investment Property	2.9	3.0	3.3	3.4	3.8
Provision (Increase)/Reversal	-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
Gain/Loss from Investment Activities	-6.1	-6.7	-9.7	-4.9	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	13.1	19.8	24.7	22.3	5.8
Increase/(Decrease) in Receivables	-53.9	10.2	3.4	-13.3	0.0
Increase/(Decrease) in Inventory	-3.6	-2.2	3.8	-0.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.4	17.3	13.2	34.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.7	-24.4	-0.6	12.5	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	-3.1	-5.0	-6.1	-5.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.4	-7.0	-3.4	-6.4	0.0
Net Cash Flow from Operating Activities	-46.2	8.7	35.0	43.8	-6.1
Payments for Fixed Assets and Other Long-term Assets	-3.0	-2.4	-1.8	-1.4	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-200.3	-260.0	-243.0	-238.0	-83.0
Receipts from Loan Repayments and Sale of Debt Instruments	255.0	255.0	218.0	183.0	78.0
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	6.5	7.3	9.0	5.2	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	58.5	-0.1	-17.6	-51.2	-5.5
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	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-9.2	-9.2	-12.2	-1.6	-6.1
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	-9.2	-9.2	-12.2	-1.6	-6.1
Net Cash Flow During the Period	3.1	-0.6	5.1	-8.9	3.4
Cash and Cash Equivalents at Beginning of Period	8.3	8.8	3.7	12.7	27.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	11.3	8.3	8.8	3.7	9.7

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	210.2	261.4	470.0	504.9	180.2	275.6	428.1	486.0	160.0	238.1	422.1	415.7
Revenue Deductions	—	0.3	0.2	0.1	—	0.2	0.2	0.1	0.0	0.0	0.1	0.1
Net Revenue	210.2	261.1	469.8	504.8	180.2	275.5	427.9	485.9	160.0	238.1	422.0	415.6
Cost of Goods Sold	196.7	247.2	440.1	479.0	167.5	256.9	399.5	444.3	145.6	219.7	397.7	380.7
Gross Profit	13.5	13.9	29.7	25.8	12.8	18.6	28.5	41.7	14.4	18.5	24.3	34.9
Financial Income	0.5	2.3	0.8	1.1	0.9	3.6	1.4	0.2	1.4	4.9	1.2	2.5
Financial Expenses	—	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	17.1	18.3	39.2	48.2	10.4	14.9	19.2	21.0	11.3	4.4	17.4	15.4
General and Administrative Expenses	3.9	8.1	5.0	7.3	2.8	7.2	3.9	5.9	4.0	11.1	3.7	6.6
Operating Profit	-7.0	-10.2	-13.7	-28.6	0.5	0.2	6.8	14.9	0.5	7.8	4.4	15.3
Other Income	7.4	13.8	22.8	32.4	0.0	0.4	0.8	0.4	0.0	1.0	1.4	0.3
Other Expenses	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Other Profit	7.4	13.8	22.8	32.4	-0.0	0.4	0.8	0.4	0.0	0.8	1.4	0.3
Profit Before Tax	0.5	3.6	9.1	3.8	0.5	0.5	7.5	15.4	0.5	8.5	5.8	15.6
Current Income Tax Expense	0.1	0.7	2.1	0.4	0.1	-1.1	2.1	2.3	0.1	0.2	1.1	3.1
Deferred Income Tax Expense	—	0.2	—	0.3	—	0.6	0.0	0.8	0.0	0.6	0.0	1.1
Net Income	0.4	2.6	6.9	3.0	0.4	1.0	5.4	12.3	0.4	7.6	4.7	11.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	2.6	6.9	3.0	0.4	1.0	5.4	12.3	0.4	7.6	4.7	11.4
Earnings per Share	123.00	846.00	2,217.00	965.00	123.00	323.00	1,726.00	3,938.00	137.00	2,447.00	1,504.00	3,651.00
Diluted EPS	123.00	846.00	2,217.00	965.00	123.00	6,124.00	1,726.00	3,938.00	137.00	2,447.00	1,504.00	3,651.00

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)	143.8	165.3	202.1	188.4	145.7	165.2	209.7	190.2	155.0	161.9	198.2	181.8
I. Cash and cash equivalents	17.9	11.3	8.7	19.4	8.2	8.3	17.7	32.3	12.3	8.8	39.9	15.0
1. Cash	17.9	11.3	8.7	19.4	8.2	8.3	17.7	32.3	12.3	8.8	39.9	15.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	75.3	85.3	100.3	100.0	110.0	140.0	140.0	130.0	120.0	135.0	135.0	108.0
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	75.3	85.3	100.3	100.0	110.0	140.0	140.0	130.0	120.0	135.0	135.0	108.0
III. Short-term receivables	44.1	60.6	88.3	58.2	20.3	4.5	45.1	25.9	21.3	16.0	21.4	56.1
1. Short-term trade accounts receivable	32.6	40.2	29.7	1.6	1.2	0.8	0.8	0.7	0.9	0.7	0.9	1.4
2. Short-term prepayments to suppliers	5.3	19.4	23.5	18.4	14.4	2.0	39.0	19.9	18.5	13.7	16.4	50.4
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	—	1.0	35.2	38.3	4.6	1.7	5.3	5.3	1.9	1.6	4.2	4.3
7. Provision for short-term doubtful debts (*)	6.1	—	—	—	-0.0	-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	3.6	6.0	2.6	3.3	0.1	2.6	6.5	1.7	0.1	0.3	1.4	1.7
1. Inventories	3.6	6.0	2.6	3.3	0.1	2.6	6.5	1.7	0.1	0.3	1.4	1.7
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	2.9	2.1	2.1	7.4	7.1	9.8	0.3	0.3	1.3	1.7	0.5	0.9
1. Short-term prepayments	2.3	2.1	2.1	4.5	5.4	7.0	0.3	0.0	0.1	0.3	0.5	0.3
2. Value added tax to be reclaimed	—	—	—	2.8	1.7	2.8	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.6	—	0.0	0.1	—	0.0	0.0	0.3	1.2	1.4	0.0	0.5
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)	49.5	53.6	58.7	64.0	46.7	49.2	48.5	51.4	32.7	32.6	33.7	30.9
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	13.4	13.7	14.4	14.8	13.3	14.1	14.4	15.1	14.0	14.7	14.4	15.3
1. Tangible fixed assets	12.8	13.4	14.1	14.4	12.9	13.6	14.2	14.8	13.7	14.4	14.4	15.2
- Cost	52.9	—	—	—	—	52.3	52.1	52.0	50.2	50.2	50.5	50.5
- Accumulated depreciation	-40.1	—	—	—	—	-38.7	-37.9	-37.2	-36.4	-35.8	-36.1	-35.3
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	0.7	0.3	0.3	0.4	0.4	0.5	0.2	0.2	0.3	0.3	0.0	0.1
- Cost	2.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.6	—	—	—	—	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	—	—	—	—	—	0.0	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	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
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	28.5	32.4	36.8	41.8	25.9	27.6	26.6	28.9	11.2	10.4	11.8	8.1
1. Long-term prepayments	28.2	32.4	36.6	41.6	25.4	27.6	26.0	28.3	9.8	10.4	11.1	7.5
2. Deferred income tax assets	0.4	—	0.2	0.2	0.6	0.0	0.6	0.6	1.3	0.0	0.6	0.6
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)	193.3	218.9	260.8	252.4	192.4	214.3	258.2	241.7	187.6	194.5	231.9	212.7
A. LIABILITIES (300=210+330)	117.9	143.9	188.5	186.9	114.9	136.9	181.7	170.6	118.2	120.6	165.7	151.1
I. Short -term liabilities	117.9	143.9	188.5	186.9	114.9	136.9	181.7	170.6	118.2	120.6	165.7	151.1
1. Short-term trade accounts payable	0.2	13.4	0.2	13.4	2.3	15.2	1.1	1.5	0.9	15.8	0.3	2.8
2. Short-term advances from customers	9.0	6.4	9.6	9.0	4.3	10.1	6.5	5.7	3.2	1.9	4.3	5.7
3. Dividends and profits payable	3.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.6	2.4	3.7	0.4	0.4	0.1	7.8	9.6	4.1	2.0	6.9	10.9
4. Payable to employees	2.1	6.1	10.2	7.6	0.0	6.9	7.8	8.8	4.7	5.9	4.6	8.8
5. Short-term acrrued expenses	0.5	1.3	28.0	20.7	2.4	2.5	39.6	21.2	7.0	4.4	38.9	12.1
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	101.3	109.5	131.4	129.8	104.3	99.9	115.3	117.8	92.1	88.2	107.8	107.0
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	1.0	4.8	5.4	6.1	1.1	2.2	3.8	6.0	6.2	2.4	2.8	3.8
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
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	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)	75.5	75.0	72.3	65.5	77.5	77.4	76.4	71.0	69.4	73.9	66.2	61.5
I. Owner's equity	75.5	75.0	72.3	65.5	77.5	77.4	76.4	71.0	69.4	73.9	66.2	61.5
1. Owner's capital	31.2	31.2	31.2	31.2	31.2	31.2	31.2	31.2	31.2	31.2	31.2	31.2
- Common stock with voting right	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00	31,230,000,000.00
- 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	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	25.9	25.5	22.8	16.0	28.0	27.9	26.9	21.5	19.9	24.4	16.7	12.0
- Accumulated retained earning at the end of the previous period	25.6	12.6	12.6	12.6	27.6	8.8	8.8	8.8	19.5	0.2	0.0	0.0
- Undistributed earnings in this period	0.4	12.9	10.2	3.4	0.4	19.1	18.1	12.7	0.4	24.2	16.7	12.0
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)	193.3	218.9	260.8	252.4	192.4	214.3	258.2	241.7	187.6	194.5	231.9	212.7

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	0.5	3.1	9.1	3.7	0.5	0.5	7.5	15.4	0.5	9.3	5.8	15.4
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.7	0.7	0.8	0.8	0.8
Provision (Increase)/Reversal	—	0.0	0.0	-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
Gain/Loss from Investment Activities	-0.5	-2.3	-1.1	-1.8	-0.9	0.0	1.6	-1.6	0.0	-9.7	2.8	-2.8
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.7	1.5	8.7	2.5	0.4	1.3	9.9	14.5	1.2	0.4	9.5	13.4
Increase/(Decrease) in Receivables	15.6	28.0	-26.7	-40.4	-14.9	37.8	-16.7	-7.2	-3.2	3.9	36.7	-43.8
Increase/(Decrease) in Inventory	2.5	-3.5	0.6	-3.2	2.5	3.9	-4.8	-1.6	0.2	1.0	0.4	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.1	-30.6	0.7	57.3	-21.9	-32.2	12.4	42.0	-5.9	-31.8	17.5	30.3
Increase/(Decrease) in Prepaid Expenses	5.4	2.8	6.6	-14.5	4.3	-8.2	1.9	-18.4	0.8	0.9	-3.8	-0.4
Changes in Trading Securities	—	—	—	—	—	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
Corporate Income Tax Paid	-0.5	-2.1	-0.4	-0.1	-0.5	-1.0	-1.2	0.0	-2.8	-1.1	-3.1	-0.1
Other Operating Receipts	—	—	—	—	—	0.3	0.0	1.8	-1.8	0.0	0.0	0.0
Other Operating Payments	-3.5	-1.1	-0.6	-0.8	-0.9	-2.2	-2.3	-3.1	0.0	-0.4	-1.0	-0.6
Net Cash Flow from Operating Activities	-0.8	-5.1	-10.9	0.8	-31.0	-0.2	-0.7	28.0	-11.5	-27.0	56.2	-1.5
Payments for Fixed Assets and Other Long-term Assets	—	-0.5	-0.3	-2.2	—	-0.5	-0.1	-1.8	0.0	-1.1	0.0	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-30.0	-60.0	-20.3	-80.0	-40.0	-90.0	-40.0	-90.0	-40.0	-80.0	-55.0	-80.0
Receipts from Loan Repayments and Sale of Debt Instruments	40.0	75.0	20.0	90.0	70.0	89.8	30.0	80.0	55.0	80.0	28.0	80.0
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	0.5	2.1	0.8	2.7	1.0	0.5	-3.9	3.9	0.0	9.0	-4.3	4.3
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	10.5	16.9	0.2	10.5	31.0	-0.1	-14.0	-8.0	15.0	8.0	-31.3	3.6
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	—	—	—	—	—	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
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-3.1	-9.1	-0.0	-0.0	-0.0	-9.1	-0.0	-0.0	-0.1	-12.1	-0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-3.1	-9.1	-0.0	-0.0	-0.0	-9.1	-0.0	-0.0	-0.1	-12.1	-0.0	-0.0
Net Cash Flow During the Period	6.6	2.6	-10.7	11.2	-0.0	-9.4	-14.6	20.0	3.4	-31.1	24.9	2.1
Cash and Cash Equivalents at Beginning of Period	11.3	8.7	19.4	8.2	8.3	8.8	8.8	8.8	8.8	3.7	3.7	3.7
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	17.9	11.3	8.7	19.4	8.2	8.3	17.7	32.3	12.3	8.8	39.9	15.0

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HAT

What Is Changing

Drivers of HAT's profit

Financial Highlights

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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