HCT

Thương mại Dịch vụ Vận tải Xi măng Hải Phòng ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.93%, −1.61pp YoY

Price

10,600

Latest close

30 Mar 2026

P/E 35.10x

P/B 0.54x

EPS 302

BVPS 19,501

ROE 1.6%

ROA 1.5%

Profit Margin 1.9%

Asset Turnover 0.76x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, HCT is going through a period of clear decline across multiple metrics at once — margins have been expanding consistently over multiple periods. 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 32bn
	                                
−3.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−47.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    89.4%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	30.4	31.1	56.6	70.6	72.8
Growth	-2%	-45%	-20%	-3%	—
Net Income	0.3	0.2	-1.8	0.6	0.7
Net Margin	1.02%	0.69%	-3.10%	0.90%	0.94%

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	8.4	8.1	7.2	7.9	7.2	8.9	7.7	8.8	5.7	12.4	13.2	16.6
Growth	+4%	+12%	-8%	+9%	-19%	+15%	-12%	+54%	-54%	-6%	-20%	—
Net Income	0.4	-0.2	0.3	0.2	0.1	0.6	0.1	0.3	-0.8	-1.4	-0.5	0.1
Net Margin	4.22%	-2.53%	3.98%	2.20%	1.58%	6.80%	1.24%	3.88%	-14.15%	-11.32%	-3.94%	0.67%

Drivers of HCT's profit

TTM

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

Gross profit ↑ 1.1bn

Selling expenses ↓ 0.6bn

Financial income ↑ 0.2bn

Administrative expenses ↑ 0.6bn

Tax ↑ 0.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 0.5bn

Selling expenses ↓ 0.1bn

Administrative expenses ↑ 0.2bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.0% = 3.5% × 0.81 × 1.05

2026Q1 1.6% = 1.9% × 0.76 × 1.07

ROE fell from 3.0% to 1.6% — asset turnover weakened the most, though leverage still provided support.

Net margin: 1.9% -1.6pp Asset turnover: 0.76x -0.05x Leverage: 1.07x +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 1.93%, losing 1.6pp. The main pressure is SG&A / Revenue rose 0.3pp, outweighing the improvement in Gross margin rose 3.8pp (with additional support from Net financial result / Revenue rose 0.7pp).

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

Profitability trend

Net Margin 1.93% −1.6pp

Gross Margin 14.73% +3.8pp

SG&A / Revenue 14.12% +0.3pp

Non-core / Revenue 3.19% +0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 89.4% of PBT and lifted net margin by 0.7pp — 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 2.01% +2.3pp

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 0.10x equity, with a net cash position equivalent to 0.10x equity.

Over the last 12 months, working capital absorbed 2.1bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −2.1bn

Inventories increased → lower CFO: −0.0bn

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 15.7 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO rose 21.2 days, and DPO rose 4.8 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 123.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +21.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 137.8 days +21.2 days

Inventory 1.3 days −0.7 days

Payables 15.8 days +4.8 days

Cash Conversion Cycle 123.2 days +15.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 2.7bn.

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 -0.10x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -6.84x −10.26x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2.7bn in 2025, against investing cash flow of -1.6bn.

Post-investment cash flow was positive +1.2bn. Financing cash flow was negative +1.0bn.

CFO / net income was -6.84x.

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 4.2bn −8.1bn

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 margins remain under pressure remaining the main constraint, with net margin down 1.6 pp. The next watchpoint is the earnings mix, when non-core contribution is 89.4%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.10x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.10x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 89.4% of PBT and CFO / net income currently at -6.84x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.93% after a 1.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	30.6	31.6	57.5	71.9	73.3
Revenue Deductions	0.2	0.5	0.9	1.3	0.0
Net Revenue	30.4	31.1	56.6	70.6	72.8
Cost of Goods Sold	25.9	28.5	54.3	64.6	0.0
Gross Profit	4.5	2.6	2.3	6.1	5.3
Financial Income	1.0	0.8	0.9	0.4	0.4
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.3	1.0	1.6	2.3	-2.5
General and Administrative Expenses	4.4	3.5	3.4	3.5	-3.5
Operating Profit	0.9	-1.0	-1.7	0.7	-0.3
Other Income	0.1	1.8	0.0	0.2	0.0
Other Expenses	0.1	0.3	0.0	0.0	0.0
Other Profit	-0.0	1.5	-0.0	0.2	1.2
Profit Before Tax	0.9	0.5	-1.8	0.8	0.8
Current Income Tax Expense	0.6	0.3	0.0	0.2	-0.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.3	0.2	-1.8	0.6	0.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.3	0.2	-1.8	0.6	0.7
Earnings per Share	154.00	107.00	-869.00	315.00	340.00
Diluted EPS	154.18	106.89	-869.32	314.56	339.30

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	35.5	31.9	30.8	29.5	28.7
I. Cash and cash equivalents	4.0	2.8	1.1	5.8	8.8
1. Cash	1.0	2.8	1.1	1.8	0.0
2. Cash equivalents	3.0	0.0	0.0	4.0	0.0
II. Short-term financial investments	20.7	19.3	15.3	3.5	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	20.7	19.3	15.3	3.5	0.0
III. Short-term receivables	10.3	9.6	13.7	19.0	16.3
1. Short-term trade accounts receivable	9.4	9.0	11.8	15.1	0.0
2. Short-term prepayments to suppliers	1.4	0.3	0.9	0.8	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	0.9	0.8	1.4	3.4	0.0
7. Provision for short-term doubtful debts (*)	-1.4	-0.6	-0.4	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.1	0.5	0.9	1.1
1. Inventories	0.1	0.1	0.5	0.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.1	0.2	0.3	0.6
1. Short-term prepayments	0.0	0.1	0.2	0.3	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	0.4	0.0	0.1	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	7.4	10.0	12.5	15.0	15.3
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	7.0	8.8	10.6	12.1	14.7
1. Tangible fixed assets	6.9	8.7	10.5	12.0	14.5
- Cost	34.1	34.1	40.4	39.6	0.0
- Accumulated depreciation	-27.2	-25.4	-29.9	-27.6	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	0.1	0.1	0.1	0.1	0.1
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	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	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.4	1.2	1.9	2.9	0.0
1. Long-term prepayments	0.4	1.2	1.9	2.9	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	0.6
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)	42.9	41.9	43.3	44.5	44.0
A. LIABILITIES (300=210+330)	3.9	3.2	4.9	3.7	3.1
I. Short -term liabilities	3.9	3.2	4.9	3.7	3.1
1. Short-term trade accounts payable	1.0	0.8	1.7	1.5	0.9
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.3	0.4	0.1	0.2	0.0
4. Payable to employees	2.3	1.9	1.6	1.3	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.2	0.5	0.6	0.0
10. Short-term borrowings and financial leases	—	0.0	1.0	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	0.0	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	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)	39.0	38.7	38.4	40.8	40.9
I. Owner's equity	39.0	38.7	38.4	40.8	0.0
1. Owner's capital	20.2	20.2	20.2	20.2	40.9
- Common stock with voting right	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	11.5	11.5	11.5	11.5	11.5
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	8.5	8.5	8.5	8.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-1.2	-1.5	-1.8	0.6	0.7
- Accumulated retained earning at the end of the previous period	-1.5	-1.8	0.0	0.0	0.0
- Undistributed earnings in this period	0.3	0.2	-1.8	0.6	0.7
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)	42.9	41.9	43.3	44.5	44.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.9	0.5	-1.8	0.8	0.8
Depreciation of Fixed Assets and Investment Property	1.8	1.8	2.3	2.6	2.7
Provision (Increase)/Reversal	0.9	0.1	-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	-1.0	-2.3	-0.9	-0.4	0.0
Interest Expense	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
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	2.5	0.1	-0.3	3.0	2.1
Increase/(Decrease) in Receivables	-0.8	3.8	5.7	-2.1	0.0
Increase/(Decrease) in Inventory	0.0	0.4	0.4	-0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	-0.9	0.3	-2.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	0.8	1.1	0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.0	-0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-0.1	-0.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.3	-0.5	0.0
Net Cash Flow from Operating Activities	2.7	4.2	6.8	-1.4	1.5
Payments for Fixed Assets and Other Long-term Assets	-1.1	0.0	-0.8	0.0	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.5	0.0	0.0	1.8
Loans and Purchases of Debt Instruments	-20.7	-18.3	-19.3	-1.5	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	19.3	14.3	7.5	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.8	1.1	0.4	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.6	-1.5	-12.2	-1.3	-2.2
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	0.4	0.1	1.0	0.0	0.0
Repayment of Borrowings	-0.4	-1.1	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.3	-0.3	-0.4
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	—	-1.0	0.7	-0.3	-0.4
Net Cash Flow During the Period	1.2	1.7	-4.7	-3.0	-5.0
Cash and Cash Equivalents at Beginning of Period	2.8	1.1	5.8	8.8	9.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.0	2.8	1.1	5.8	8.8

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	8.4	8.1	7.2	7.9	7.3	9.1	7.9	8.9	5.7	13.0	13.3	16.7
Revenue Deductions	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.1	0.0	0.6	0.1	0.2
Net Revenue	8.4	8.1	7.2	7.9	7.2	8.9	7.7	8.8	5.7	12.4	13.2	16.6
Cost of Goods Sold	7.0	6.8	6.1	7.0	6.3	8.3	6.8	7.6	5.8	12.9	13.1	15.5
Gross Profit	1.4	1.2	1.1	0.9	0.9	0.6	0.9	1.2	-0.1	-0.5	0.1	1.0
Financial Income	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.2
Financial Expenses	0.0	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.1	0.1	0.3	0.2	0.3	0.2	0.4	0.3	0.5
General and Administrative Expenses	1.1	1.4	0.9	0.8	0.9	1.2	0.8	0.7	0.7	0.8	0.7	0.6
Operating Profit	0.5	0.1	0.5	0.2	0.1	-0.7	0.1	0.4	-0.8	-1.4	-0.6	0.2
Other Income	—	—	0.0	0.0	0.0	1.8	0.0	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.0	—	0.1	—	0.0	0.3	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	-0.0	—	-0.1	0.0	0.0	1.6	-0.0	-0.0	0.0	0.0	-0.0	-0.0
Profit Before Tax	0.5	0.1	0.4	0.2	0.2	0.9	0.1	0.3	-0.8	-1.4	-0.6	0.1
Current Income Tax Expense	0.1	0.3	0.1	0.1	0.0	0.2	0.0	0.0	0.0	0.0	-0.1	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	-0.2	0.3	0.2	0.1	0.6	0.1	0.3	-0.8	-1.4	-0.5	0.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	-0.2	0.3	0.2	0.1	0.6	0.1	0.3	-0.8	-1.4	-0.5	0.1
Earnings per Share	175.00	-102.00	143.00	86.00	56.00	300.33	47.64	168.71	-400.63	-698.53	-258.36	55.00
Diluted EPS	175.10	-101.53	142.88	86.08	56.49	300.33	47.64	168.71	-400.63	-698.53	-258.36	55.07

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)	30.0	35.2	34.4	32.6	32.0	31.9	29.3	28.6	27.4	30.8	29.2	29.7
I. Cash and cash equivalents	3.9	3.0	1.0	0.9	2.4	2.8	1.1	0.8	0.8	1.1	2.1	2.0
1. Cash	0.9	1.0	1.0	0.9	2.4	2.8	1.1	0.8	0.8	1.1	2.1	2.0
2. Cash equivalents	3.0	2.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	13.9	21.7	23.2	20.4	17.6	19.3	14.8	14.0	13.5	15.3	15.3	9.3
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	13.9	21.7	23.2	20.4	17.6	19.3	14.8	14.0	13.5	15.3	15.3	9.3
III. Short-term receivables	11.9	10.5	10.1	11.2	11.7	9.5	13.1	13.5	12.7	13.7	11.1	17.8
1. Short-term trade accounts receivable	12.5	9.4	9.8	10.5	11.3	9.0	10.6	13.1	9.5	11.8	10.8	14.1
2. Short-term prepayments to suppliers	0.2	1.4	0.3	0.5	0.2	0.3	2.5	0.2	2.9	0.9	0.0	1.0
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	0.7	0.9	0.6	0.7	0.7	0.7	0.4	0.5	0.7	1.4	0.7	3.1
7. Provision for short-term doubtful debts (*)	-1.4	-1.2	-0.6	-0.6	-0.6	-0.5	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.2	0.2	0.5	0.5	0.4
1. Inventories	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.2	0.2	0.5	0.5	0.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2
1. Short-term prepayments	0.1	0.0	0.0	0.1	0.1	0.1	0.2	0.1	0.1	0.2	0.1	0.2
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	—	—	—	—	0.0	0.1	0.1	0.1	0.1	0.1	0.0
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)	12.1	7.4	7.9	8.4	9.2	10.0	10.4	11.0	11.8	12.5	12.5	13.1
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	11.6	7.0	7.5	7.9	8.4	8.8	9.3	9.7	10.2	10.6	10.3	10.9
1. Tangible fixed assets	11.5	6.9	7.4	7.8	8.2	8.7	9.1	9.6	10.0	10.5	10.1	10.7
- Cost	39.3	—	—	—	—	34.1	40.4	40.4	40.4	40.4	39.6	39.6
- Accumulated depreciation	-27.7	—	—	—	—	-25.4	-31.3	-30.8	-30.4	-29.9	-29.5	-28.9
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.3	0.4	0.4	0.5	0.8	1.2	1.2	1.3	1.6	1.9	2.2	2.2
1. Long-term prepayments	0.3	0.4	0.4	0.5	0.8	1.2	1.2	1.3	1.6	1.9	2.2	2.2
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)	42.1	42.7	42.3	41.0	41.2	41.9	39.8	39.6	39.1	43.3	41.7	42.8
A. LIABILITIES (300=210+330)	2.8	3.6	3.1	2.1	2.4	3.2	1.7	1.7	1.5	4.9	1.9	2.4
I. Short -term liabilities	2.8	3.6	3.1	2.1	2.4	3.2	1.7	1.7	1.5	4.9	1.9	2.4
1. Short-term trade accounts payable	1.2	1.0	0.9	0.8	1.1	0.8	0.7	0.8	0.7	1.7	1.0	0.8
2. Short-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	0.2	0.3	0.1	0.4	0.4	0.4	0.3	0.3	0.1	0.3	0.2
4. Payable to employees	0.9	2.1	1.4	1.0	0.7	1.9	0.4	0.3	0.4	1.6	0.1	0.3
5. Short-term acrrued expenses	0.1	—	—	—	—	-0.0	0.0	0.1	0.0	0.0	0.0	0.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.4	0.4	0.2	0.2	0.2	0.2	0.2	0.1	0.5	0.4	0.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	1.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	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)	39.3	39.0	39.2	38.9	38.8	38.7	38.1	38.0	37.6	38.4	39.8	40.4
I. Owner's equity	39.3	39.0	39.2	38.9	38.8	38.7	38.1	38.0	37.6	38.4	39.8	40.4
1. Owner's capital	20.2	20.2	20.2	20.2	20.2	20.2	20.2	20.2	20.2	20.2	20.2	20.2
- Common stock with voting right	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00	20,163,850,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5
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	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-0.9	-1.2	-1.0	-1.2	-1.4	-1.5	-2.1	-2.2	-2.6	-1.8	-0.3	0.2
- Accumulated retained earning at the end of the previous period	-1.2	-1.5	-1.5	-1.5	-1.5	-1.3	-1.8	-1.8	-1.8	0.0	0.0	0.0
- Undistributed earnings in this period	0.4	0.4	0.6	0.3	0.1	-0.2	-0.4	-0.5	-0.8	-1.8	-0.3	0.2
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)	42.1	42.7	42.3	41.0	41.2	41.9	39.8	39.6	39.1	43.3	41.7	42.8

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	0.5	0.5	0.2	0.2	0.9	0.1	0.3	-0.8	-1.4	-0.6	0.2	0.1
Depreciation of Fixed Assets and Investment Property	0.5	0.9	0.4	0.4	0.5	0.5	0.4	0.4	0.4	0.6	0.6	0.6
Provision (Increase)/Reversal	—	0.9	-0.0	—	0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	0.1
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	-5.2	-0.6	-0.4	-0.0	-0.0	0.2	-0.2	-0.2	-0.3	-0.3	-0.0	-0.3
Interest Expense	0.0	0.0	0.0	—	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	-4.2	1.7	0.2	0.6	1.4	0.8	0.6	-0.6	-1.2	-0.2	0.7	0.5
Increase/(Decrease) in Receivables	-1.3	0.8	0.6	-2.1	2.1	0.5	-1.3	1.2	-3.2	5.4	2.1	1.5
Increase/(Decrease) in Inventory	-0.0	0.1	-0.0	-0.0	0.1	0.1	0.0	0.3	0.1	-0.2	1.1	-0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	1.0	-0.1	-0.9	1.2	-1.0	0.2	-2.4	2.7	-0.7	-0.2	-1.4
Increase/(Decrease) in Prepaid Expenses	-0.0	0.1	0.4	0.4	0.0	0.1	0.3	0.3	0.3	0.1	0.4	0.4
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	0.0	-0.0	0.0
Corporate Income Tax Paid	—	—	-0.3	—	0.0	0.0	0.0	0.0	0.0	-0.0	-0.1	-0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.3	0.2	-0.1	-0.0
Net Cash Flow from Operating Activities	-6.9	4.0	0.8	-2.1	4.8	0.5	-0.2	-1.2	-1.8	4.5	3.9	0.3
Payments for Fixed Assets and Other Long-term Assets	—	-1.1	—	—	0.0	0.0	0.0	0.0	-0.8	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	6.8	-9.2	-13.2	1.7	-4.5	8.0	-9.3	1.8	-7.5	3.0	-10.8	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.8	10.5	—	0.0	-8.8	8.8	0.0	7.5	-6.5	6.5	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
Dividends and Interest Income Received	—	0.5	0.4	—	-0.3	-0.4	0.7	0.1	0.9	-0.8	0.4	-0.1
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	6.8	-0.9	-2.3	1.7	-3.2	-1.2	0.2	1.9	0.1	-4.3	-3.9	-4.1
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	0.4	—	0.0	0.0	0.0	0.0	1.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	-0.4	—	0.0	1.0	0.0	-1.0	0.0	0.0	1.0	-1.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	—	—	-0.0	0.1	0.0	0.0	0.0	-0.3	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	0.0	—	—	-0.0	0.1	1.0	0.0	-1.0	0.7	0.0	-0.0	0.0
Net Cash Flow During the Period	-0.1	3.1	-1.5	-0.4	1.7	0.2	0.0	-0.3	-1.0	0.1	-0.0	-3.8
Cash and Cash Equivalents at Beginning of Period	4.0	2.8	2.4	2.8	1.1	1.1	1.1	1.1	5.8	5.8	5.8	5.8
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	3.9	4.0	0.9	2.4	2.8	1.1	0.8	0.8	1.1	2.1	2.0	2.0

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HCT

What Is Changing

Drivers of HCT'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