NED

Đầu tư và Phát triển Điện Tây Bắc ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 41.09%, +14.28pp YoY

Price

6,600

Latest close

03 Jun 2026

P/E 6.67x

P/B 0.53x

EPS 989

BVPS 12,568

ROE 8.0%

ROA 5.6%

Profit Margin 41.1%

Asset Turnover 0.14x

Equity Mult. 1.44x

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

What Is Changing

On a TTM 2026Q1 basis, NED is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 98bn
	                                
+24.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 40bn
	                                
+90.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	94.9	87.0	72.7	95.6	65.0
Growth	+9%	+20%	-24%	+47%	—
Net Income	38.5	27.9	3.4	25.4	37.8
Net Margin	40.54%	32.14%	4.74%	26.57%	58.12%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	17.9	29.1	30.5	20.0	15.3	30.1	18.9	14.0	19.7	16.8	14.0	22.1
Growth	-38%	-5%	+52%	+31%	-49%	+59%	+34%	-29%	+17%	+20%	-37%	—
Net Income	6.3	11.3	15.0	7.4	4.1	11.0	3.5	2.4	2.3	1.1	-3.5	3.4
Net Margin	35.18%	38.93%	49.31%	37.00%	26.82%	36.54%	18.32%	17.38%	11.56%	6.49%	-24.62%	15.26%

Drivers of NED's profit

TTM

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

Gross profit ↑ 13.0bn

Finance costs ↓ 6.8bn

Administrative expenses ↑ 1.9bn

TTM

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

Gross profit ↑ 2.1bn

Finance costs ↓ 0.8bn

Financial income ↓ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.4% = 26.8% × 0.11 × 1.51

2026Q1 8.0% = 41.1% × 0.14 × 1.44

ROE rose from 4.4% to 8.0% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 41.1% +14.3pp Asset turnover: 0.14x +0.03x Leverage: 1.44x -0.07x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 41.09%, rising 14.3pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with additional support from Net financial result / Revenue rose 10.4pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 41.09% +14.3pp

Gross Margin 60.60% +1.7pp

SG&A / Revenue 7.70% +0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.16x +0.04x

Average Invested Capital 610.9bn −39.7bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.44x equity, net debt at 0.22x equity.

Over the last 12 months, working capital released 10.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +9.9bn

Inventories increased → lower CFO: −0.2bn

Payables increased → higher CFO: +0.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 26.7 days versus the same period last year. The main moves came from DIO fell 2.2 days, DSO fell 12.4 days, and DPO fell 41.3 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +26.7 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 16.4 days −12.4 days

Inventory 17.0 days −2.2 days

Payables 45.9 days −41.3 days

Cash Conversion Cycle -12.4 days +26.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.22x and interest coverage at 3.83x.

At present, short-term debt accounts for 25.2% of total debt, cash equals 16.8% of debt, and total debt stands at 136.8bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 16.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.22x +0.00x

Interest Coverage 3.83x +2.39x

Cash / Debt 16.8% −14.6pp

Short-term Debt / Total Debt 25.2% +15.5pp

CFO / NI 1.59x −0.23x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 43.9bn in 2025, against investing cash flow of 59.7bn.

Post-investment cash flow was positive +103.5bn. Financing cash flow was negative +57.8bn.

CFO / net income was 1.59x.

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

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 63.6bn +25.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 14.3 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 41.09% after expanding 14.3pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	94.9	87.0	72.7	95.6	65.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	94.9	87.0	72.7	95.6	65.0
Cost of Goods Sold	38.0	34.9	33.5	32.5	0.0
Gross Profit	56.9	52.1	39.2	63.1	25.3
Financial Income	4.7	3.7	0.0	0.6	65.3
Financial Expenses	12.3	19.1	27.6	28.5	-30.0
Interest Expense	12.2	18.8	27.6	28.5	-30.0
Share of Associates and Joint Ventures	—	0.0	-0.0	-0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	7.6	6.7	5.8	5.6	-6.0
Operating Profit	41.8	29.9	5.7	29.5	54.6
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.7	0.5	0.9	0.0
Other Profit	-0.0	-0.6	-0.5	-0.9	-1.2
Profit Before Tax	41.7	29.3	5.2	28.6	53.4
Current Income Tax Expense	3.9	1.5	1.5	3.2	-15.6
Deferred Income Tax Expense	-0.7	-0.2	0.3	-0.0	0.0
Net Income	38.5	27.9	3.4	25.4	37.8
Non-controlling Interest	0.0	0.0	-0.0	0.0	-0.0
Profit Attributable to Parent	38.5	27.9	3.4	25.4	37.8
Earnings per Share	950.00	690.00	85.00	627.00	1,117.02
Diluted EPS	949.86	689.98	85.13	626.93	932.43

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.6	38.5	20.3	25.9	13.6
I. Cash and cash equivalents	69.1	23.4	0.3	0.2	0.3
1. Cash	6.1	18.9	0.3	0.2	0.0
2. Cash equivalents	63.0	4.5	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	17.4	12.7	18.0	23.2	11.6
1. Short-term trade accounts receivable	11.3	9.5	8.0	9.8	0.0
2. Short-term prepayments to suppliers	0.1	0.4	0.1	0.2	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	6.0	2.8	9.9	13.2	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	1.8	1.7	1.7	2.2	1.5
1. Inventories	1.8	1.7	1.7	2.2	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	0.7	0.3	0.3	0.3
1. Short-term prepayments	0.3	0.7	0.3	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	0.1	0.0	0.0	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)	634.7	689.1	709.7	735.1	774.5
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	536.9	548.7	566.5	583.8	601.4
1. Tangible fixed assets	536.9	548.7	566.5	583.8	601.4
- Cost	774.9	769.2	770.3	770.3	0.0
- Accumulated depreciation	-237.9	-220.5	-203.8	-186.5	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	—	0.0	0.0	0.0	0.0
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	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	90.8	130.7	130.0	135.5	159.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	130.7	99.0	80.5	0.0
3. Investments in other entities	90.8	0.0	31.1	55.0	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	6.9	9.7	13.2	15.7	0.0
1. Long-term prepayments	6.9	9.7	13.2	15.7	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	13.5
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)	723.3	727.6	730.0	761.0	788.1
A. LIABILITIES (300=210+330)	219.5	241.2	271.4	305.8	364.7
I. Short -term liabilities	107.2	87.9	80.5	63.0	77.3
1. Short-term trade accounts payable	4.9	7.7	10.7	10.3	9.7
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.8	3.7	5.4	3.4	0.0
4. Payable to employees	2.1	1.5	1.9	1.4	0.0
5. Short-term acrrued expenses	0.3	0.3	0.5	0.6	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	67.6	47.9	5.9	5.9	0.0
10. Short-term borrowings and financial leases	26.9	24.9	54.3	39.3	17.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	1.8	1.9	2.0	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	112.3	153.2	190.9	242.9	287.3
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	111.9	152.1	189.6	241.9	286.4
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	0.4	1.1	1.3	0.9	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)	503.8	486.4	458.6	455.2	423.4
I. Owner's equity	503.8	486.4	458.6	455.2	0.0
1. Owner's capital	405.0	405.0	405.0	405.0	423.4
- Common stock with voting right	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.5	2.5	2.5	2.5	2.5
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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	96.2	78.8	50.9	47.4	15.7
- Accumulated retained earning at the end of the previous period	57.7	50.9	47.4	22.1	17.1
- Undistributed earnings in this period	38.5	27.9	3.4	25.4	-1.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.2	0.2	0.1
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)	723.3	727.6	730.0	761.0	788.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	41.7	29.3	5.2	28.6	53.4
Depreciation of Fixed Assets and Investment Property	17.5	17.3	17.4	17.5	17.7
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.3	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.7	-3.7	-0.0	-0.6	0.0
Interest Expense	12.2	18.8	27.6	28.5	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	66.8	62.0	50.3	74.1	35.8
Increase/(Decrease) in Receivables	-5.4	6.1	5.2	-11.6	0.0
Increase/(Decrease) in Inventory	-0.1	0.0	0.5	-0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.1	37.1	1.8	3.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.2	3.1	2.5	-2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-12.3	-19.0	-27.6	-50.9	0.0
Corporate Income Tax Paid	-4.3	-1.5	-0.4	-10.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.0	-0.0	-0.2	-0.7	0.0
Net Cash Flow from Operating Activities	43.9	87.8	32.1	0.7	38.2
Payments for Fixed Assets and Other Long-term Assets	-5.7	-0.0	0.0	0.0	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	-14.1	-134.8	-18.5	0.0	-228.9
Proceeds from Investments in Other Entities	74.0	136.9	24.0	24.6	0.0
Dividends and Interest Income Received	5.5	0.0	0.0	0.0	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	59.7	2.6	5.5	24.6	14.0
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	4.4	0.0	0.0	0.0	1.9
Repayment of Borrowings	-42.7	-66.9	-37.3	-24.3	-17.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-19.5	-0.5	-0.2	-1.0	-36.8
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	-57.8	-67.3	-37.5	-25.3	-52.2
Net Cash Flow During the Period	45.7	23.0	0.1	-0.0	-2.4
Cash and Cash Equivalents at Beginning of Period	23.4	0.3	0.2	0.3	0.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	69.1	23.4	0.3	0.2	0.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	17.9	29.1	30.5	20.0	15.3	30.1	18.9	14.0	19.7	16.8	14.0	22.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	17.9	29.1	30.5	20.0	15.3	30.1	18.9	14.0	19.7	16.8	14.0	22.1
Cost of Goods Sold	8.1	11.0	10.6	8.7	7.6	9.5	7.9	7.2	7.9	7.3	8.7	9.6
Gross Profit	9.9	18.0	19.9	11.4	7.7	20.6	10.9	6.9	11.9	9.5	5.3	12.5
Financial Income	0.6	1.0	0.8	1.5	1.4	0.0	0.0	2.8	0.0	0.0	0.0	0.0
Financial Expenses	2.6	2.7	2.8	3.3	3.5	4.6	5.0	5.3	6.1	6.7	7.4	7.5
Interest Expense	2.6	2.7	2.8	—	3.5	4.6	5.0	5.3	6.0	6.7	7.4	7.5
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	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.5	2.1	1.7	2.2	1.5	1.8	1.2	1.1	1.8	1.5	1.3	1.3
Operating Profit	6.3	14.2	16.1	7.4	4.1	14.2	4.8	3.2	4.0	1.4	-3.4	3.8
Other Income	—	0.0	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	2.0
Other Expenses	0.0	0.0	—	0.0	0.0	0.9	0.3	0.0	0.3	0.1	0.1	2.0
Other Profit	-0.0	-0.0	—	-0.0	-0.0	-0.4	-0.3	0.0	-0.3	-0.1	-0.1	0.0
Profit Before Tax	6.3	14.2	16.1	7.4	4.1	13.9	4.5	3.2	3.6	1.3	-3.5	3.8
Current Income Tax Expense	—	2.9	1.1	—	—	2.9	1.0	0.6	1.3	0.1	0.0	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.1	0.2	0.0	0.1	0.0	0.0
Net Income	6.3	11.3	15.0	7.4	4.1	11.0	3.5	2.4	2.3	1.1	-3.5	3.4
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	6.3	11.3	15.0	7.4	4.1	11.0	3.5	2.4	2.3	1.1	-3.5	3.4
Earnings per Share	156.00	279.00	371.00	183.00	101.00	271.63	85.38	60.27	56.37	26.93	-85.21	83.00
Diluted EPS	155.78	279.40	371.33	182.86	101.46	271.63	85.38	60.27	56.37	26.93	-85.21	83.26

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	86.4	88.6	83.0	68.1	73.6	39.8	16.5	53.6	20.3	26.5	28.8	33.4
I. Cash and cash equivalents	23.0	69.1	49.0	40.7	49.6	2.2	1.4	0.8	0.3	0.2	0.9	1.0
1. Cash	3.0	6.1	26.0	18.7	3.4	2.2	1.4	0.8	0.3	0.2	0.9	1.0
2. Cash equivalents	20.0	63.0	23.0	22.0	46.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	50.0	—	—	—	—	0.0	0.0	0.0	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
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	50.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	11.1	17.4	30.0	25.0	21.8	35.0	12.7	50.9	18.0	24.1	25.6	30.1
1. Short-term trade accounts receivable	4.4	11.3	13.5	11.1	4.4	15.0	11.2	4.4	8.0	7.4	7.7	5.3
2. Short-term prepayments to suppliers	0.3	0.1	0.6	0.4	1.8	0.2	0.3	0.2	0.1	0.4	0.1	0.4
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	6.4	6.0	15.9	13.5	15.6	19.8	1.2	46.3	9.9	16.2	17.7	24.4
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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	1.9	1.8	1.9	1.7	1.7	1.7	1.8	1.7	1.7	1.8	1.7	1.9
1. Inventories	1.9	1.8	1.9	1.7	1.7	1.7	1.8	1.7	1.7	1.8	1.7	1.9
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	0.4	0.4	2.1	0.7	0.5	0.9	0.5	0.2	0.3	0.5	0.6	0.3
1. Short-term prepayments	0.2	0.3	0.4	0.7	0.5	0.9	0.5	0.2	0.3	0.5	0.6	0.3
2. Value added tax to be reclaimed	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	1.7	—	—	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
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)	645.3	634.7	625.4	630.7	631.5	694.2	699.9	663.5	709.7	713.4	718.6	724.2
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	532.5	536.9	540.9	544.2	545.9	553.0	557.8	562.1	566.5	570.8	575.2	579.5
1. Tangible fixed assets	532.5	536.9	540.9	544.2	545.9	553.0	557.8	562.1	566.5	570.8	575.2	579.5
- Cost	774.9	—	—	—	—	769.1	770.3	770.3	770.3	770.3	770.3	770.3
- Accumulated depreciation	-242.4	—	—	—	—	-216.2	-212.5	-208.2	-203.8	-199.5	-195.2	-190.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	—	—	—	1.1	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	—	—	—	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	105.7	90.8	76.7	76.7	76.7	130.7	130.7	89.0	130.0	130.0	130.0	130.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	76.7	76.7	130.7	76.7	0.0	99.0	99.0	99.0	99.0
3. Investments in other entities	105.7	90.8	76.7	—	—	0.0	54.0	89.0	31.1	31.1	31.1	31.1
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	7.0	6.9	7.8	8.7	8.9	10.6	11.4	12.3	13.2	12.5	13.4	14.6
1. Long-term prepayments	7.0	6.9	7.8	8.7	8.9	10.6	11.4	12.3	13.2	12.5	13.4	14.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	731.7	723.3	708.4	698.8	705.1	734.0	716.4	717.1	730.0	739.9	747.4	757.5
A. LIABILITIES (300=210+330)	222.7	220.1	216.5	221.9	214.6	258.3	251.9	256.1	271.4	283.5	292.2	299.0
I. Short -term liabilities	119.9	107.2	93.1	85.1	70.8	112.7	64.5	65.0	80.5	60.8	66.2	56.1
1. Short-term trade accounts payable	5.0	4.9	4.9	5.0	4.7	10.4	10.9	10.3	10.7	11.1	12.1	11.2
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	3.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.7	3.8	4.5	2.1	1.1	9.7	6.8	5.7	5.4	6.4	3.2	4.4
4. Payable to employees	1.1	2.0	0.9	1.0	0.7	2.9	1.2	0.7	1.9	0.7	0.7	0.6
5. Short-term acrrued expenses	0.2	0.3	0.2	0.8	0.2	0.2	0.7	0.6	0.5	0.3	0.4	0.5
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	72.9	67.6	54.8	52.9	47.0	35.6	5.8	5.7	5.9	5.7	5.7	5.8
10. Short-term borrowings and financial leases	34.4	26.9	26.2	21.6	15.3	52.1	37.4	40.2	54.3	34.8	42.2	31.5
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	2.2	1.6	1.7	1.7	1.7	1.8	1.9	1.9	1.9	1.9	1.9	2.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	102.8	113.0	123.4	136.8	143.8	145.6	187.4	191.1	190.9	222.7	225.9	242.9
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	102.4	111.9	122.3	135.8	142.7	144.5	185.9	189.6	189.6	221.5	224.8	241.9
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	0.4	1.1	1.1	1.1	1.1	1.1	1.5	1.4	1.3	1.2	1.1	1.0
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)	509.0	503.2	491.9	476.9	490.5	475.8	464.5	461.0	458.6	456.3	455.2	458.5
I. Owner's equity	509.0	503.2	491.9	476.9	490.5	475.8	464.5	461.0	458.6	456.3	455.2	458.5
1. Owner's capital	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0	405.0
- Common stock with voting right	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00	405,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	101.4	95.6	84.2	69.2	82.9	68.1	56.8	53.3	50.9	48.6	47.5	50.8
- Accumulated retained earning at the end of the previous period	95.1	57.7	57.7	57.7	78.8	50.9	50.9	50.9	47.4	47.4	47.4	47.4
- Undistributed earnings in this period	6.3	37.8	26.5	11.5	4.1	17.3	5.9	2.4	3.5	1.2	0.1	3.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2
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)	731.7	723.3	708.4	698.8	705.1	734.0	716.4	717.1	730.0	739.9	747.4	757.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	6.3	14.1	16.1	7.4	4.1	13.9	4.5	3.2	3.6	1.3	-3.5	3.8
Depreciation of Fixed Assets and Investment Property	4.4	4.4	4.4	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
Provision (Increase)/Reversal	—	—	—	—	—	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	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.6	-1.0	-0.8	-1.5	-1.4	-0.0	-0.0	-2.8	0.0	-0.0	-0.0	-0.0
Interest Expense	2.6	2.7	2.8	3.2	3.5	4.6	5.0	5.3	6.0	6.7	7.4	7.5
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	12.8	20.3	22.5	13.5	10.5	22.7	13.8	10.1	14.0	12.3	8.3	15.6
Increase/(Decrease) in Receivables	6.3	11.2	-8.7	1.1	-9.0	-22.3	-4.8	10.1	6.1	1.5	4.6	-6.9
Increase/(Decrease) in Inventory	-0.1	0.1	-0.2	-0.0	0.0	0.1	-0.1	0.0	0.0	-0.0	0.2	0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.1	-6.0	3.2	6.4	-5.8	31.3	2.2	-1.9	-1.2	2.0	0.4	0.6
Increase/(Decrease) in Prepaid Expenses	-0.0	1.0	1.1	0.0	1.0	0.4	0.6	0.9	-0.5	1.0	0.9	1.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.6	-5.2	-0.9	-5.2	-0.9	-5.1	-4.6	-5.4	-5.9	-6.7	-7.5	-7.5
Corporate Income Tax Paid	-1.3	0.0	0.0	-0.1	-4.2	-0.3	-1.2	0.0	-0.0	0.0	-0.4	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-1.0	0.0	-0.8	-0.2	-0.0	43.0	-43.0	-0.0	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	11.3	20.4	17.0	14.9	-8.5	26.9	48.9	-29.2	12.5	10.0	6.5	3.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	-0.0	-3.7	-1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-50.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-14.9	—	—	—	—	0.0	-76.7	-58.0	0.0	0.0	0.0	-18.5
Proceeds from Investments in Other Entities	9.0	20.1	0.0	0.0	54.0	-0.0	35.1	101.8	0.0	0.0	0.0	24.0
Dividends and Interest Income Received	0.6	4.0	0.1	-0.1	1.4	0.0	0.0	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
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	-55.4	9.6	0.1	-3.8	53.8	0.5	-41.6	43.8	0.0	0.0	0.0	5.5
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	1.0	1.1	2.1	1.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-2.9	-10.9	-10.9	-1.9	-19.0	-26.7	-6.6	-14.1	-12.3	-10.7	-6.5	-7.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.1	-0.0	-19.3	-0.1	0.0	-0.0	-0.1	-0.1	-0.0	-0.1	-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	-2.0	-9.9	-8.8	-20.0	-19.1	-26.7	-6.6	-14.1	-12.4	-10.7	-6.5	-7.9
Net Cash Flow During the Period	-46.1	20.0	8.3	-8.9	26.3	0.7	0.7	0.5	0.1	-0.7	-0.1	0.8
Cash and Cash Equivalents at Beginning of Period	69.1	49.0	40.7	49.6	23.4	0.3	0.3	0.3	0.2	0.2	0.2	0.2
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	23.0	69.1	49.0	40.7	49.6	2.2	1.4	0.8	0.3	0.2	0.9	1.0

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NED

What Is Changing

Drivers of NED'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