KTT

Tập đoàn Đầu tư KTT ·UPCOM ·2023Q4

▼▼ Declining sharply

Margins remain under pressure Net margin −31.93%, −31.69pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -7,008

BVPS 1,882

ROE -102.5%

ROA -5.4%

Profit Margin -31.9%

Asset Turnover 0.17x

Equity Mult. 19.12x

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

What Is Changing

On a TTM 2023Q4 basis, KTT 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 65bn
	                                
−92.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 21bn
	                                
−869.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    102.1%
	                                
affects earnings quality

Metric	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Revenue	0.0	-0.6	6.9	58.6	233.4	231.5	141.4	294.8	210.3	106.3	105.8	31.4
Growth	-100%	-109%	-88%	-75%	+1%	+64%	-52%	+40%	+98%	+0%	+238%	—
Net Income	-0.1	-8.7	-6.4	-5.5	-6.3	0.8	0.8	2.5	1.9	3.0	-4.1	0.3
Net Margin	—	1413.69%	-92.66%	-9.36%	-2.68%	0.36%	0.53%	0.86%	0.89%	2.86%	-3.87%	1.03%

Drivers of KTT's profit

TTM

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

Gross profit ↓ 12.8bn

Finance costs ↑ 7.2bn

Financial income ↓ 2.2bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 4.9bn

Gross profit ↑ 2.0bn

Financial income ↓ 2.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2022Q4 -6.0% = -0.2% × 2.52 × 10.11

2023Q4 -102.5% = -31.9% × 0.17 × 19.12

ROE fell from -6.0% to -102.5% — asset turnover weakened the most, though leverage still provided support.

Net margin: -31.9% -31.7pp Asset turnover: 0.17x -2.35x Leverage: 19.12x +9.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -31.93%, losing 31.7pp. The main pressure is SG&A / Revenue rose 1.5pp, outweighing the improvement in Gross margin rose 1.0pp (with lingering pressure from Net financial result / Revenue fell 31.3pp and Other profit / Revenue fell 0.0pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -31.93% −31.7pp

Gross Margin 2.58% +1.0pp

SG&A / Revenue 1.92% +1.5pp

Non-core / Revenue -32.59% −31.3pp

TTM YoY · 2022Q4 -> 2023Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 31.3pp, financial result still accounts for 102.1% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -6.7% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -6.74%, losing 7.4pp. That translates to -6.74 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 32.1pp and capital turnover fell 3.75x, while invested capital expanded strongly by 80bn — pressure came from both operational efficiency and asset efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC -6.74% −7.4pp

NOPAT Margin -31.92% −32.1pp

Capital Turnover 0.21x −3.75x

Average Invested Capital 307.4bn +80.2bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 65.49x equity, net debt at 50.86x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: 0.0bn

Inventories were broadly stable → neutral CFO: 0.0bn

Payables were broadly stable → neutral CFO: 0.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 1380.5 days versus the same period last year. The main moves came from DIO rose 192.3 days, DSO rose 1417.1 days, and DPO rose 228.8 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1427.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1417.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 1485.5 days +1417.1 days

Inventory 200.4 days +192.3 days

Payables 258.9 days +228.8 days

Cash Conversion Cycle 1427.0 days +1380.5 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 50.86x and interest coverage only at -0.76x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5.9% of debt, and total debt stands at 300.7bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 50.86x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.76x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 50.86x +42.50x

Interest Coverage -0.76x −0.72x

Cash / Debt 5.9% +5.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -0.00x −107.18x

TTM YoY · 2022Q4 -> 2023Q4

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 0.0bn in 2023, against investing cash flow of 0.0bn.

Post-investment cash flow was positive 0.0bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.00x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of 0.0bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 0.0bn +229.0bn

Cash Capex 0.0bn 0.0bn

FCF TTM 0.0bn +229.0bn

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 31.7 pp. The next watchpoint is the earnings mix, when non-core contribution is 102.1%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 102.1% of PBT and CFO / net income currently at -0.00x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -31.93% after a 31.7pp decline versus the same period last year.

Statement Data

Item	2023	2021	2020
Revenue	65.5	453.8	94.7
Revenue Deductions	0.0	0.0	0.0
Net Revenue	65.5	453.8	94.7
Cost of Goods Sold	63.9	0.0	0.0
Gross Profit	1.5	7.4	2.0
Financial Income	2.5	4.3	0.7
Financial Expenses	17.3	-7.0	-0.6
Interest Expense	17.1	-4.6	-0.3
Share of Associates and Joint Ventures	0.0	-0.0	-0.0
Selling Expenses	0.1	-1.1	-0.1
General and Administrative Expenses	1.7	-2.2	-1.0
Operating Profit	-15.1	1.4	1.0
Other Income	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0
Other Profit	-0.0	-0.1	0.2
Profit Before Tax	-15.1	1.4	1.3
Current Income Tax Expense	0.1	-0.2	-0.2
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-15.2	1.1	1.1
Non-controlling Interest	0.0	-0.0	-0.0
Profit Attributable to Parent	-15.2	1.1	1.1
Earnings per Share	-5,136.00	388.00	313.00
Diluted EPS	-5,136.00	387.61	357.39

Item	2023	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	369.8	297.4	102.5
I. Cash and cash equivalents	17.7	11.2	2.1
1. Cash	17.7	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0
II. Short-term financial investments	93.7	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0
3. Held to maturity investments	93.7	0.0	0.0
III. Short-term receivables	228.6	192.9	95.8
1. Short-term trade accounts receivable	200.2	0.0	0.0
2. Short-term prepayments to suppliers	13.7	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0
6. Other short-term receivables	14.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	29.6	81.8	4.6
1. Inventories	29.7	0.0	0.0
2. Provision for decline in value of inventories	-0.1	0.0	0.0
V. Other short-term assets	0.2	7.1	0.1
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.0	16.0	6.2
I. Long-term receivables	0.0	0.0	0.0
1. Long-term trade receivables	0.0	10.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	0.0	1.0	0.0
1. Tangible fixed assets	0.0	1.0	0.0
- Cost	1.4	0.0	0.0
- Accumulated depreciation	-1.4	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0
V. Long-term financial investments	0.0	5.0	5.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	1.2
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	369.8	313.5	108.7
A. LIABILITIES (300=210+330)	364.3	277.4	73.9
I. Short -term liabilities	364.3	277.4	73.9
1. Short-term trade accounts payable	26.9	83.3	35.5
2. Short-term advances from customers	0.4	44.9	1.9
3. Taxes and other payables to state authorities	1.7	0.0	0.0
4. Payable to employees	0.0	0.0	0.0
5. Short-term acrrued expenses	34.2	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0
9. Other short-term payables	0.4	0.0	0.0
10. Short-term borrowings and financial leases	300.7	103.3	26.7
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5.6	36.0	34.8
I. Owner's equity	5.6	0.0	0.0
1. Owner's capital	29.6	36.0	34.8
- Common stock with voting right	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0
11. Undistributed earnings after tax	-24.0	6.5	5.2
- Accumulated retained earning at the end of the previous period	-0.1	5.2	4.2
- Undistributed earnings in this period	-23.9	1.2	1.1
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	369.8	313.5	108.7

Item	2023	2021	2020
Profit Before Tax	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.0	-2.8	-28.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	-32.0	-26.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	24.8	23.2
Investments in Other Entities	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	-7.1	-2.1
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	0.0	84.9	39.5
Repayment of Borrowings	0.0	-55.3	-12.8
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.0	29.5	26.7
Net Cash Flow During the Period	0.0	0.0	0.2
Cash and Cash Equivalents at Beginning of Period	0.0	2.1	6.1
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	0.0	2.1

Item	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Revenue	0.0	0.0	6.9	58.6	233.4	231.5	141.4	294.8	210.3	106.3	105.8	31.4
Revenue Deductions	0.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	-0.6	6.9	58.6	233.4	231.5	141.4	294.8	210.3	106.3	105.8	31.4
Cost of Goods Sold	0.0	-0.6	6.3	57.5	235.5	225.5	138.2	287.4	0.0	0.0	0.0	0.0
Gross Profit	0.0	-0.0	0.6	1.1	-2.0	5.9	3.1	7.4	4.2	4.4	-2.9	1.7
Financial Income	0.0	3.2	2.3	0.7	2.0	0.5	5.5	0.3	2.2	1.1	0.9	0.1
Financial Expenses	0.0	11.8	8.8	6.7	4.9	4.6	6.7	3.8	-3.2	-1.7	-1.3	-0.8
Interest Expense	0.0	11.8	8.8	6.0	3.6	3.8	4.1	3.0	-2.0	-1.3	-0.6	-0.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.1	0.1	0.2	0.4	0.4	0.2	-0.3	-0.3	-0.4	-0.1
General and Administrative Expenses	0.1	0.1	0.4	0.4	0.6	0.6	0.7	0.5	-0.7	-0.4	-0.6	-0.5
Operating Profit	-0.1	-8.7	-6.4	-5.5	-5.7	0.9	0.8	3.2	2.1	3.1	-4.2	0.5
Other Income	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.0	-0.0	-0.0	-0.1	0.1	0.1	0.0	-0.0	0.0	-0.0	-0.0
Profit Before Tax	-0.1	-8.7	-6.4	-5.5	-5.7	1.0	1.0	3.2	2.0	3.1	-4.2	0.4
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.5	0.2	0.2	0.6	-0.2	-0.0	0.1	-0.1
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.1	-8.7	-6.4	-5.5	-6.3	0.8	0.8	2.5	1.9	3.0	-4.1	0.3
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.1	-8.7	-6.4	-5.5	-6.3	0.8	0.8	2.5	1.9	3.0	-4.1	0.3
Earnings per Share	-36.00	-2,959.00	-2,157.00	-1,856.00	-2,117.00	279.00	255.00	860.00	635.00	1,030.00	-1,386.00	109.00
Diluted EPS	-36.00	-2,959.00	-2,157.00	-1,856.00	-2,117.00	279.00	255.00	860.00	635.30	1,029.76	-1,386.49	109.04

Item	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	369.8	355.0	295.6	394.7	387.2	458.4	494.0	450.5	297.4	205.1	206.7	130.8
I. Cash and cash equivalents	17.7	5.4	0.5	0.4	0.9	2.4	3.3	5.9	11.2	13.2	24.2	6.5
1. Cash	17.7	5.4	0.5	0.4	0.9	2.4	3.3	5.9	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	93.7	0.0	0.0	0.0	0.0	16.4	18.7	5.6	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	93.7	0.0	0.0	0.0	0.0	16.4	18.7	5.6	0.0	0.0	0.0	0.0
III. Short-term receivables	228.6	319.9	265.8	366.2	345.1	333.5	326.7	324.7	192.9	127.9	103.9	93.9
1. Short-term trade accounts receivable	200.2	212.7	240.0	326.1	327.7	320.9	288.2	228.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	13.7	13.7	13.7	7.7	7.8	0.3	20.1	89.8	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	88.7	0.0	31.4	5.2	0.0	12.0	2.8	0.0	0.0	0.0	0.0
6. Other short-term receivables	14.8	4.8	12.1	0.9	4.4	12.4	6.3	4.1	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	29.6	29.6	29.1	28.1	39.7	98.0	134.1	105.6	81.8	58.8	71.6	28.2
1. Inventories	29.7	29.7	29.1	28.1	39.7	98.0	134.1	105.6	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.2	0.1	0.1	1.4	8.1	11.2	8.7	7.1	5.2	6.9	2.3
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.0	1.4	8.0	11.2	8.6	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.0	15.0	74.4	15.8	15.8	15.9	18.7	16.0	16.0	16.1	6.1	6.2
I. Long-term receivables	0.0	10.0	0.0	10.0	10.0	10.0	12.8	10.0	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	0.0	10.0	10.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	2.8	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	10.0	0.0	10.0	10.0	10.0	10.0	10.0	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.0	0.0	0.7	0.8	0.8	0.9	0.9	1.0	1.0	1.1	1.1	0.0
1. Tangible fixed assets	0.0	0.0	0.7	0.8	0.8	0.9	0.9	1.0	1.0	1.1	1.1	0.0
- Cost	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	-1.4	-0.6	-0.6	-0.5	-0.5	-0.5	-0.4	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	5.0	73.7	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	5.0	73.7	5.0	5.0	5.0	5.0	5.0	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	1.2
5. Goodwill	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	369.8	370.0	370.0	410.5	403.0	474.2	512.7	466.4	313.5	221.2	212.8	137.0
A. LIABILITIES (300=210+330)	364.3	364.4	352.3	386.5	368.1	433.4	472.3	426.7	277.4	186.4	181.8	101.9
I. Short -term liabilities	364.3	364.4	352.3	386.5	368.1	433.4	472.3	426.7	277.4	186.4	181.8	101.9
1. Short-term trade accounts payable	26.9	26.9	28.5	65.7	62.8	57.6	88.3	79.9	83.3	68.7	66.2	37.7
2. Short-term advances from customers	0.4	0.4	0.4	1.4	1.7	11.9	13.1	13.9	44.9	0.3	0.2	1.4
3. Taxes and other payables to state authorities	1.7	1.7	1.6	1.6	1.6	1.7	1.2	0.9	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	34.2	34.2	20.7	11.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	0.4	0.4	2.8	9.8	19.6	114.3	127.3	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	300.7	300.7	300.7	303.1	292.4	342.6	255.3	204.7	103.3	69.4	56.3	46.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5.6	5.7	17.6	24.0	34.8	40.8	40.4	39.7	36.0	34.8	31.0	35.1
I. Owner's equity	5.6	5.7	17.6	24.0	34.8	40.8	40.4	39.7	0.0	0.0	0.0	0.0
1. Owner's capital	29.6	29.6	29.6	29.6	29.6	29.6	29.6	29.6	36.0	34.8	31.0	35.1
- Common stock with voting right	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00	29,550,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	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	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	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	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-24.0	-23.9	-11.9	-5.5	5.3	11.2	10.9	10.1	6.5	5.3	1.5	5.6
- Accumulated retained earning at the end of the previous period	-0.1	-0.1	-5.5	-0.1	7.6	7.6	7.6	7.6	5.2	5.2	5.2	5.2
- Undistributed earnings in this period	-23.9	-23.8	-6.4	-5.5	-2.3	3.7	3.3	2.5	1.2	0.0	-3.8	0.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	369.8	370.0	370.0	410.5	403.0	474.2	512.7	466.4	313.5	221.2	212.8	137.0

Item	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Profit Before Tax	0.0	15.0	-15.0	0.0	-6.0	-4.5	4.5	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	-0.8	0.8	0.0	0.2	-0.1	0.1	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	-0.1	0.1	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	-0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	2.4	-2.4	0.0	-8.1	6.4	-6.4	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	-17.1	17.1	0.0	20.0	-7.1	7.1	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	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	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	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	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	-0.6	0.6	0.0	5.8	-5.4	5.4	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	-87.2	87.2	0.0	-163.3	139.3	-139.3	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	-10.6	10.6	0.0	42.1	52.3	-52.3	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	45.2	-45.2	0.0	-93.5	-43.5	43.5	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	-0.0	0.0	-20.0	7.1	-7.1	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0
Other Operating Receipts	-4.0	4.0	-4.2	4.2	-98.3	98.4	-73.3	73.3	0.0	0.0	0.0	0.0
Other Operating Payments	10.7	-10.7	0.1	-0.1	145.8	-145.9	25.8	-25.8	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-78.0	24.9	38.6	14.5	1.5	-80.6	-29.4	-120.5	0.0	0.0	20.9	-23.7
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	95.2	-95.2	0.0	-103.3	27.6	-27.6	0.0	0.0	0.0	-32.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	-31.8	31.8	0.0	120.3	-16.3	16.3	0.0	0.0	0.0	16.0	8.8
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-1.2	0.0	1.2	0.0	13.2	-1.4	1.4	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	82.3	-20.0	-36.0	-26.2	24.4	15.8	-23.8	13.9	0.0	0.0	-15.9	8.8
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00
Proceeds from Borrowings	-23.4	0.0	12.7	10.7	161.9	223.1	134.4	203.7	0.0	0.0	43.2	41.7
Repayment of Borrowings	15.1	-0.0	-15.1	-0.0	-188.7	-159.1	-83.8	-102.4	0.0	0.0	-32.9	-22.4
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-8.3	-0.0	-2.4	10.7	-26.9	63.9	50.6	101.4	0.0	0.0	10.3	19.3
Net Cash Flow During the Period	-4.0	4.9	0.2	-1.0	-1.0	-0.9	-2.6	-5.3	0.0	0.0	15.3	4.3
Cash and Cash Equivalents at Beginning of Period	0.0	1.4	1.4	1.4	11.2	11.2	11.2	11.2	0.0	0.0	6.5	2.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	5.4	0.5	0.4	1.4	2.4	3.3	5.9	0.0	0.0	21.8	6.5

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KTT

What Is Changing

Drivers of KTT'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