PSW

Phân bón và Hóa chất Dầu khí Tây Nam Bộ ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 3.54x

Price

7,900

Latest close

02 Jun 2026

P/E 7.57x

P/B 0.63x

EPS 1,044

BVPS 12,511

ROE 10.8%

ROA 3.5%

Profit Margin 0.7%

Asset Turnover 5.03x

Equity Mult. 3.06x

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

What Is Changing

On a TTM 2026Q1 basis, PSW is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,208bn
	                                
+5.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 23bn
	                                
+89.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,285.6	2,708.5	3,257.5	3,499.2	2,665.2
Growth	+21%	-17%	-7%	+31%	—
Net Income	19.9	9.5	2.1	11.2	56.8
Net Margin	0.61%	0.35%	0.06%	0.32%	2.13%

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	875.6	693.8	634.5	1,004.1	953.2	839.5	565.6	670.8	632.6	1,074.7	715.1	649.7
Growth	+26%	+9%	-37%	+5%	+14%	+48%	-16%	+6%	-41%	+50%	+10%	—
Net Income	7.0	1.6	2.6	11.4	4.4	4.4	3.9	-0.8	1.9	-3.1	4.7	1.8
Net Margin	0.80%	0.23%	0.40%	1.14%	0.46%	0.52%	0.69%	-0.11%	0.31%	-0.29%	0.66%	0.27%

Drivers of PSW's profit

TTM

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

Gross profit ↑ 21.7bn

Financial income ↑ 3.0bn

Selling expenses ↑ 7.1bn

Administrative expenses ↑ 7.0bn

Tax ↑ 2.6bn

Finance costs ↑ 1.3bn

TTM

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

Gross profit ↑ 4.0bn

Financial income ↑ 1.1bn

Administrative expenses ↑ 1.5bn

Tax ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.8% = 0.4% × 8.88 × 1.67

2026Q1 10.8% = 0.7% × 5.03 × 3.06

ROE rose from 5.8% to 10.8% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 0.7% +0.3pp Asset turnover: 5.03x -3.85x Leverage: 3.06x +1.39x

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 edged up to 0.70%, rising 0.3pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with additional support from Net financial result / Revenue rose 0.1pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 0.70% +0.3pp

Gross Margin 2.74% +0.6pp

SG&A / Revenue 2.06% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 3.2 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 8.62%, rising 3.3pp. That translates to 8.62 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.83x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 8.62% +3.3pp

NOPAT Margin 0.61% +0.2pp

Capital Turnover 14.25x +0.83x

Average Invested Capital 225.2bn −0.6bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.57x equity, net debt at 0.20x equity.

Inventory ended the period at 104.0bn, roughly 32.0% of total assets.

Over the last 12 months, working capital released 64.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −103.9bn

Inventories increased → lower CFO: −390.7bn

Payables increased → higher CFO: +558.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.2 days versus the same period last year. The main moves came from DIO rose 22.0 days, DSO fell 5.1 days, and DPO rose 13.7 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.2 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +22.0 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 10.3 days −5.1 days

Inventory 32.9 days +22.0 days

Payables 18.3 days +13.7 days

Cash Conversion Cycle 24.9 days +3.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.20x and interest coverage at 11.78x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 23.0% of debt, and total debt stands at 54.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 23.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.20x +0.24x

Interest Coverage 11.78x −8.87x

Cash / Debt 23.0% −108.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 3.54x −2.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3.4bn in 2025, against investing cash flow of -71.0bn.

Post-investment cash flow was negative +74.4bn. Financing cash flow was negative +13.4bn.

CFO / net income was 3.54x.

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 79.9bn +12.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.54x. The next item to monitor is cash generation still needs confirmation.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.54x.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,317.3	2,718.5	3,274.9	3,516.7	2,681.5
Revenue Deductions	31.7	10.0	17.4	17.5	0.0
Net Revenue	3,285.6	2,708.5	3,257.5	3,499.2	2,665.2
Cost of Goods Sold	3,201.8	2,649.2	3,215.6	3,442.3	0.0
Gross Profit	83.8	59.3	41.8	56.9	112.5
Financial Income	3.8	1.3	0.8	1.2	3.7
Financial Expenses	1.9	0.6	1.5	1.2	-0.0
Interest Expense	1.9	0.6	1.3	1.1	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	39.6	30.5	26.2	30.3	-31.7
General and Administrative Expenses	24.9	17.3	15.3	17.1	-20.0
Operating Profit	21.1	12.1	-0.4	9.5	64.5
Other Income	4.0	0.0	3.3	4.7	0.0
Other Expenses	0.0	0.1	0.2	0.0	0.0
Other Profit	4.0	-0.1	3.1	4.7	6.8
Profit Before Tax	25.1	12.1	2.7	14.2	71.3
Current Income Tax Expense	5.2	2.6	0.6	3.0	-14.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	19.9	9.5	2.1	11.2	56.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	19.9	9.5	2.1	11.2	56.8
Earnings per Share	621.00	445.00	97.00	527.00	2,670.00
Diluted EPS	1,172.21	556.13	121.28	658.68	3,339.89

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	305.7	233.5	265.8	264.8	335.3
I. Cash and cash equivalents	7.6	95.4	63.9	84.9	130.7
1. Cash	7.6	15.4	13.9	3.9	0.0
2. Cash equivalents	—	80.0	50.0	81.0	0.0
II. Short-term financial investments	71.0	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	71.0	0.0	0.0	0.0	0.0
III. Short-term receivables	123.0	115.0	124.1	28.9	109.0
1. Short-term trade accounts receivable	121.2	114.6	111.4	22.8	0.0
2. Short-term prepayments to suppliers	0.6	0.3	12.7	5.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.1	0.2	0.0	0.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	104.0	22.9	75.5	148.6	75.5
1. Inventories	104.0	23.5	81.4	154.7	0.0
2. Provision for decline in value of inventories	—	-0.6	-6.0	-6.0	0.0
V. Other short-term assets	0.1	0.1	2.3	2.4	0.1
1. Short-term prepayments	0.1	0.1	0.7	0.2	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	—	0.0	1.6	2.2	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)	19.8	17.7	19.0	20.9	21.6
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	19.3	17.4	18.5	20.1	20.5
1. Tangible fixed assets	4.3	2.3	3.3	4.8	5.3
- Cost	39.9	38.4	38.0	38.0	0.0
- Accumulated depreciation	-35.6	-36.1	-34.6	-33.1	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	15.0	15.1	15.1	15.3	15.2
- Cost	15.8	15.8	15.8	15.9	0.0
- Accumulated depreciation	-0.8	-0.8	-0.7	-0.6	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	—	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	0.5	0.3	0.5	0.8	0.0
1. Long-term prepayments	0.5	0.3	0.5	0.8	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	1.1
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)	325.5	251.2	284.8	285.7	356.9
A. LIABILITIES (300=210+330)	118.4	50.2	82.8	70.1	122.3
I. Short -term liabilities	118.4	50.2	82.8	70.1	122.3
1. Short-term trade accounts payable	74.2	4.8	56.6	54.8	75.8
2. Short-term advances from customers	11.8	14.7	18.1	2.8	22.4
3. Taxes and other payables to state authorities	3.6	1.5	0.2	0.7	0.0
4. Payable to employees	10.7	6.4	4.1	5.6	0.0
5. Short-term acrrued expenses	1.5	0.8	0.9	0.4	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	0.1	2.8	0.1	0.8	0.0
10. Short-term borrowings and financial leases	11.0	15.9	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.5	3.1	2.9	5.0	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)	207.1	201.0	202.0	215.6	234.6
I. Owner's equity	207.1	201.0	202.0	215.6	0.0
1. Owner's capital	170.0	170.0	170.0	170.0	234.6
- Common stock with voting right	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	18.9	18.9	18.9	18.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.9	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	12.3	12.1	13.0	26.7	45.7
- Accumulated retained earning at the end of the previous period	1.7	4.5	11.4	17.7	32.8
- Undistributed earnings in this period	10.5	7.6	1.6	9.0	12.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	325.5	251.2	284.8	285.7	356.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.1	12.1	2.7	14.2	71.3
Depreciation of Fixed Assets and Investment Property	1.7	1.5	1.6	1.4	1.7
Provision (Increase)/Reversal	-0.6	-5.3	-0.1	6.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-4.4	-1.3	-0.8	-1.2	0.0
Interest Expense	1.9	0.6	1.3	1.1	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	23.6	7.6	4.7	21.6	68.5
Increase/(Decrease) in Receivables	-7.1	9.3	-95.3	77.8	0.0
Increase/(Decrease) in Inventory	-80.5	57.9	73.2	-79.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	71.2	-50.2	15.2	-39.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	0.7	-0.3	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-0.6	-1.3	-1.1	0.0
Corporate Income Tax Paid	-5.6	0.0	-0.1	-9.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.0	-1.7	-2.5	-7.5	0.0
Net Cash Flow from Operating Activities	-3.4	23.1	-6.3	-36.8	29.3
Payments for Fixed Assets and Other Long-term Assets	-3.6	0.0	0.0	-1.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-71.0	0.0	0.0	0.0	-40.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	20.0	20.0
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	2.8	1.1	0.8	1.3	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	-71.0	1.1	0.8	20.3	-16.6
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	11.0	15.9	0.0	0.0	0.0
Repayment of Borrowings	-15.9	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.5	-8.5	-15.5	-29.3	-6.7
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	-13.4	7.4	-15.5	-29.3	-6.7
Net Cash Flow During the Period	-87.8	31.5	-21.0	-45.7	-11.3
Cash and Cash Equivalents at Beginning of Period	95.4	63.9	84.9	130.7	124.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.6	95.4	63.9	84.9	130.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	878.6	703.3	635.0	1,019.2	959.9	842.3	567.5	673.0	635.7	1,081.9	719.0	655.9
Revenue Deductions	2.9	9.5	0.5	15.0	6.7	2.8	1.9	2.2	3.1	7.3	3.9	6.2
Net Revenue	875.6	693.8	634.5	1,004.1	953.2	839.5	565.6	670.8	632.6	1,074.7	715.1	649.7
Cost of Goods Sold	851.8	678.0	618.9	971.6	933.3	822.6	548.6	658.6	619.4	1,068.5	697.4	639.2
Gross Profit	23.9	15.7	15.6	32.5	19.9	17.0	17.0	12.2	13.1	6.2	17.7	10.6
Financial Income	1.7	0.9	1.2	1.0	0.6	0.7	0.5	0.0	0.1	0.0	0.1	0.2
Financial Expenses	0.4	0.8	0.7	0.2	0.2	0.1	0.0	0.4	0.1	0.6	0.3	0.3
Interest Expense	0.4	0.8	0.7	0.2	0.2	0.1	0.0	0.4	0.1	0.6	0.1	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.7	11.8	8.1	11.1	8.6	7.9	7.1	9.1	6.5	7.2	8.2	5.1
General and Administrative Expenses	7.7	5.8	4.9	8.0	6.2	4.0	5.4	3.7	4.1	3.0	5.4	3.6
Operating Profit	8.8	-1.8	3.2	14.3	5.5	5.7	5.0	-1.0	2.5	-4.6	3.8	1.8
Other Income	—	4.0	—	—	0.0	0.0	0.0	0.0	0.0	0.9	2.1	0.1
Other Expenses	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	4.0	—	—	0.0	0.0	-0.0	0.0	-0.0	0.9	2.1	0.1
Profit Before Tax	8.8	2.1	3.2	14.3	5.5	5.7	4.9	-1.0	2.4	-3.8	5.9	1.9
Current Income Tax Expense	1.8	0.6	0.6	2.9	1.1	1.3	1.0	-0.2	0.5	-0.7	1.2	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.0	1.6	2.6	11.4	4.4	4.4	3.9	-0.8	1.9	-3.1	4.7	1.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.0	1.6	2.6	11.4	4.4	4.4	3.9	-0.8	1.9	-3.1	4.7	1.8
Earnings per Share	331.00	56.00	120.00	537.00	207.00	206.00	184.00	-45.02	91.00	-181.32	223.00	82.00
Diluted EPS	331.00	56.00	120.00	537.00	207.00	445.00	184.00	-45.02	91.00	-181.32	223.00	82.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	917.6	305.7	533.9	461.9	321.5	233.5	293.8	206.3	325.2	265.8	326.9	362.8
I. Cash and cash equivalents	12.4	7.6	59.8	175.8	34.9	95.4	67.1	16.7	4.8	63.9	12.2	36.5
1. Cash	11.5	7.6	31.8	10.8	3.9	15.4	4.1	1.7	4.8	13.9	4.2	3.5
2. Cash equivalents	1.0	—	28.0	165.0	31.0	80.0	63.0	15.0	0.0	50.0	8.0	33.0
II. Short-term financial investments	123.7	71.0	48.0	—	—	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	123.7	71.0	48.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	288.8	123.0	123.8	117.5	201.3	115.0	89.6	99.5	231.2	124.1	92.8	58.2
1. Short-term trade accounts receivable	85.2	121.2	100.0	66.1	96.0	114.6	82.6	92.6	159.0	111.4	57.9	57.7
2. Short-term prepayments to suppliers	193.9	0.6	21.2	51.0	97.0	0.3	6.7	6.8	70.5	12.7	31.1	0.3
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	9.7	1.1	2.5	0.4	8.3	0.2	0.3	0.2	1.7	0.0	3.8	0.2
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	476.5	104.0	294.8	168.5	85.2	22.9	136.8	88.6	87.5	75.5	220.8	265.8
1. Inventories	476.5	104.0	294.9	168.5	85.8	23.5	141.6	92.4	91.3	81.4	223.3	272.8
2. Provision for decline in value of inventories	—	—	-0.0	-0.0	-0.6	-0.6	-4.8	-3.8	-3.9	-6.0	-2.5	-7.0
V. Other short-term assets	16.1	0.1	7.5	0.1	0.2	0.1	0.4	1.5	1.7	2.3	1.0	2.3
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.2	0.6	0.7	0.1	0.1
2. Value added tax to be reclaimed	16.0	—	7.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.3	1.3	1.1	1.6	0.9	2.1
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)	19.4	19.8	18.1	18.4	17.4	17.7	17.7	18.2	18.5	19.0	19.3	19.8
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	18.9	19.3	17.6	18.0	17.0	17.4	17.3	17.7	18.1	18.5	18.9	19.3
1. Tangible fixed assets	3.9	4.3	2.6	3.0	2.0	2.3	2.3	2.6	3.0	3.3	3.7	4.1
- Cost	39.9	—	—	—	—	38.4	38.0	38.0	38.0	38.0	38.0	38.0
- Accumulated depreciation	-36.0	—	—	—	—	-36.1	-35.7	-35.3	-35.0	-34.6	-34.3	-33.9
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	15.0	15.0	15.0	15.0	15.1	15.1	15.1	15.1	15.1	15.1	15.2	15.2
- Cost	15.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	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	0.5	0.5	0.5	0.4	0.4	0.3	0.4	0.4	0.4	0.5	0.4	0.5
1. Long-term prepayments	0.5	0.5	0.5	0.4	0.4	0.3	0.4	0.4	0.4	0.5	0.4	0.5
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)	937.0	325.5	552.0	480.3	338.9	251.2	311.6	224.5	343.7	284.8	346.2	382.6
A. LIABILITIES (300=210+330)	724.3	118.4	344.8	266.6	134.3	50.2	114.1	21.6	140.2	82.8	141.7	166.6
I. Short -term liabilities	724.3	118.4	344.8	266.6	134.3	50.2	114.1	21.6	140.2	82.8	141.7	166.6
1. Short-term trade accounts payable	289.6	74.2	214.0	140.1	24.0	4.8	1.5	2.6	50.6	56.6	21.4	99.4
2. Short-term advances from customers	359.7	11.8	13.8	35.1	65.4	14.7	64.6	9.1	21.5	18.1	69.0	19.6
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.9	3.6	0.8	3.1	1.5	1.5	0.2	0.0	0.0	0.2	0.5	0.0
4. Payable to employees	7.4	10.7	10.0	12.6	5.9	6.4	5.1	2.5	2.2	4.1	3.8	0.6
5. Short-term acrrued expenses	2.4	1.5	1.6	1.7	0.9	0.8	3.8	2.1	1.8	0.9	1.4	2.6
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	2.9	0.1	22.4	21.8	6.7	2.8	2.0	2.9	4.4	0.1	7.8	6.2
10. Short-term borrowings and financial leases	54.0	11.0	77.0	47.2	26.5	15.9	34.0	0.0	56.8	0.0	34.0	35.0
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	6.3	5.5	5.3	5.0	3.4	3.1	2.9	2.3	2.7	2.9	3.8	3.2
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)	212.7	207.1	207.2	213.7	204.5	201.0	197.5	202.9	203.5	202.0	204.4	215.9
I. Owner's equity	212.7	207.1	207.2	213.7	204.5	201.0	197.5	202.9	203.5	202.0	204.4	215.9
1. Owner's capital	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0
- Common stock with voting right	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00	170,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9
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	5.9	5.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	17.9	12.3	18.3	24.7	15.6	12.1	8.6	14.0	14.6	13.0	15.5	27.0
- Accumulated retained earning at the end of the previous period	12.3	—	16.2	15.6	12.1	8.6	5.5	14.6	13.0	15.5	11.7	25.3
- Undistributed earnings in this period	5.6	—	2.0	9.1	3.5	3.5	3.1	-0.6	1.6	-2.5	3.8	1.7
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)	937.0	325.5	552.0	480.3	338.9	251.2	311.6	224.5	343.7	284.8	346.2	382.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	8.8	2.1	3.2	14.3	5.5	5.7	4.9	-1.0	2.4	-3.8	5.9	1.9
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Provision (Increase)/Reversal	—	-0.0	-0.0	-0.6	-0.0	-4.1	0.9	-0.0	-2.1	3.4	-4.5	4.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-1.6	-1.2	-1.0	-0.6	-0.7	-0.4	-0.0	-0.1	-0.0	-0.1	-0.2
Interest Expense	0.4	0.8	0.7	0.2	0.2	0.1	0.0	0.4	0.1	0.6	0.1	0.3
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	7.8	1.8	3.1	13.3	5.4	1.3	5.9	-0.3	0.7	0.7	1.8	6.8
Increase/(Decrease) in Receivables	-183.1	9.0	-13.7	83.9	-86.3	-25.4	10.0	131.7	-107.1	-31.3	-34.5	22.3
Increase/(Decrease) in Inventory	-372.5	190.8	-126.3	-82.7	-62.3	117.6	-49.1	-1.1	-9.9	141.9	49.4	-91.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	560.8	-160.4	50.3	108.1	73.3	-47.0	57.9	-61.3	0.7	-23.9	-24.7	85.9
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.2	0.4	0.2	-0.7	0.1	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.9	-0.6	-0.2	-0.2	-0.1	-0.0	-0.4	-0.1	-0.6	-0.1	-0.3
Corporate Income Tax Paid	-0.6	-0.6	-2.9	-1.1	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-1.5	-0.3	-0.6	-0.6	-0.6	-0.2	-0.3	-0.5	-0.3	-0.3	-0.2
Net Cash Flow from Operating Activities	11.5	38.2	-90.5	120.7	-71.8	45.8	24.6	68.7	-116.0	85.8	-8.3	23.4
Payments for Fixed Assets and Other Long-term Assets	—	-2.1	-0.1	-1.4	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-125.8	-23.0	-48.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	73.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.9	0.1	1.2	0.9	0.7	0.6	0.3	0.0	0.1	0.0	0.2	0.1
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	-50.8	-24.3	-46.9	-0.5	0.7	0.6	0.3	0.0	0.1	0.0	0.2	0.1
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	54.0	-66.0	29.8	20.8	26.5	-18.1	34.0	-56.8	56.8	-34.0	-1.0	5.0
Repayment of Borrowings	-11.0	0.0	0.0	0.0	-15.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-8.4	—	—	-0.0	-8.5	0.0	0.0	-0.1	-15.1	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	43.0	-66.1	21.4	20.8	10.6	-18.1	25.5	-56.8	56.8	-34.1	-16.1	5.0
Net Cash Flow During the Period	3.7	-52.2	-116.0	140.9	-60.5	28.3	50.4	11.9	-59.1	51.7	-24.2	28.4
Cash and Cash Equivalents at Beginning of Period	8.7	59.8	175.8	34.9	95.4	63.9	63.9	63.9	63.9	84.9	84.9	84.9
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	12.4	7.6	59.8	175.8	34.9	95.4	67.1	16.7	4.8	63.9	12.2	36.5

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PSW

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Balance Sheet ●

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Balance Sheet

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Leverage & Liquidity

Cash Flow