VE4

Xây dựng Điện VNECO4 ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −1.23%, −3.77pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -224

BVPS 9,976

ROE -3.5%

ROA -1.3%

Profit Margin -1.2%

Asset Turnover 1.02x

Equity Mult. 2.81x

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

What Is Changing

On a TTM 2026Q1 basis, VE4 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 58bn
	                                
−16.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 1bn
	                                
−140.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    217.4%

Metric	2025	2024	2023	2022	2021
Revenue	59.6	73.0	91.9	82.3	75.6
Growth	-18%	-21%	+12%	+9%	—
Net Income	0.1	0.5	-3.9	-1.9	0.9
Net Margin	0.18%	0.64%	-4.27%	-2.31%	1.15%

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	5.0	14.0	24.6	14.2	6.8	26.5	10.5	25.8	10.2	52.6	17.5	15.0
Growth	-64%	-43%	+73%	+108%	-74%	+152%	-59%	+154%	-81%	+201%	+17%	—
Net Income	-0.7	1.0	-1.0	0.1	0.1	-0.1	0.1	1.7	-1.2	-2.4	0.0	-0.8
Net Margin	-14.54%	6.94%	-4.12%	0.42%	0.82%	-0.53%	1.02%	6.76%	-11.86%	-4.63%	0.16%	-5.21%

Drivers of VE4's profit

TTM

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

Other profit ↑ 1.3bn

Finance costs ↓ 0.6bn

Administrative expenses ↓ 0.3bn

Gross profit ↓ 4.9bn

TTM

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

Administrative expenses ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.4% = 2.5% × 1.07 × 7.13

2026Q1 -3.5% = -1.2% × 1.02 × 2.81

ROE fell from 19.4% to -3.5% — all three components weakened, with leverage being the main drag.

Net margin: -1.2% -3.8pp Asset turnover: 1.02x -0.05x Leverage: 2.81x -4.32x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -1.23%, losing 3.8pp. The main pressure comes from Gross margin fell 6.1pp and SG&A / Revenue rose 0.7pp (with additional support from Other profit / Revenue rose 2.3pp and Net financial result / Revenue rose 0.5pp).

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

Profitability trend

Net Margin -1.23% −3.8pp

Gross Margin 5.14% −6.1pp

SG&A / Revenue 6.92% +0.7pp

Non-core / Revenue 0.55% +2.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 390.4% of PBT and lifted net margin by 2.8pp — separate the operating contribution from this source.

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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 — —

NOPAT Margin — —

Capital Turnover 1.77x −0.34x

Average Invested Capital 32.7bn −0.3bn

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 5.08x equity, net debt at 0.08x equity.

Inventory ended the period at 6.8bn, roughly 11.2% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 24.2 days versus the same period last year. The main moves came from DIO fell 25.7 days, DSO rose 34.7 days, and DPO fell 15.2 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 179.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +34.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 188.9 days +34.7 days

Inventory 56.6 days −25.7 days

Payables 65.9 days −15.2 days

Cash Conversion Cycle 179.5 days +24.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.08x and interest coverage only at -1.71x.

At present, short-term debt accounts for 72.7% of total debt, cash equals 70.7% of debt, and total debt stands at 8.4bn.

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

Interest coverage is thin

Interest coverage is -1.71x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 72.7% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.08x −2.20x

Interest Coverage -1.71x −2.59x

Cash / Debt 70.7% +52.4pp

Short-term Debt / Total Debt 72.7% −17.1pp

CFO / NI 0.94x +7.88x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -2.2bn in 2025, against investing cash flow of -0.1bn.

Post-investment cash flow was negative +2.3bn. Financing cash flow was positive +3.9bn.

CFO / net income was 0.94x.

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

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

Cash Conversion

CFO TTM 0.7bn +11.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.8 pp. The next watchpoint is the earnings mix, when non-core contribution is 173.0%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 173.0% of PBT and CFO / net income currently at 0.94x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -1.23% after a 3.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	59.6	73.0	91.9	82.3	75.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	59.6	73.0	91.9	82.3	75.6
Cost of Goods Sold	56.4	65.7	87.4	80.8	0.0
Gross Profit	3.2	7.3	4.5	1.5	4.3
Financial Income	0.1	0.1	0.8	2.7	0.3
Financial Expenses	1.0	2.1	2.8	2.6	0.4
Interest Expense	1.3	1.6	2.4	1.7	-0.8
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	3.5	5.2	6.5	4.1	-4.3
Operating Profit	-1.2	0.1	-3.9	-2.5	0.7
Other Income	1.5	0.6	0.6	1.0	0.0
Other Expenses	0.0	0.1	0.4	0.4	0.0
Other Profit	1.5	0.5	0.1	0.6	0.4
Profit Before Tax	0.3	0.6	-3.8	-1.9	1.1
Current Income Tax Expense	0.2	0.2	0.1	0.0	-0.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.1	0.5	-3.9	-1.9	0.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.1	0.5	-3.9	-1.9	0.9
Earnings per Share	103.00	455.00	-3,813.00	-1,852.00	846.00
Diluted EPS	35.00	227.00	-3,813.00	-1,852.00	845.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	51.8	52.1	70.2	53.6	43.0
I. Cash and cash equivalents	9.4	7.8	8.3	14.1	3.8
1. Cash	4.4	2.9	1.9	5.4	0.0
2. Cash equivalents	5.0	4.9	6.3	8.7	0.0
II. Short-term financial investments	0.8	0.5	4.6	1.3	0.0
1. Available for sale securities	2.2	2.2	2.2	2.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.4	-1.7	-1.3	-0.9	0.0
3. Held to maturity investments	—	0.0	3.6	0.0	0.0
III. Short-term receivables	34.6	36.3	44.9	33.6	28.0
1. Short-term trade accounts receivable	33.1	32.4	37.3	29.2	0.0
2. Short-term prepayments to suppliers	1.4	1.9	5.0	1.5	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	1.8	3.5	3.8	3.0	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.5	-1.2	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	6.8	7.5	12.2	4.5	9.2
1. Inventories	6.8	7.5	12.2	4.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.1	0.3	0.1	0.0
1. Short-term prepayments	0.2	0.1	0.1	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	—	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)	9.0	9.6	10.2	9.8	9.6
I. Long-term receivables	0.8	0.2	0.2	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	0.8	0.2	0.2	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	7.7	8.7	9.7	8.9	6.9
1. Tangible fixed assets	7.7	8.7	9.7	8.9	6.9
- Cost	18.5	18.3	19.0	17.5	0.0
- Accumulated depreciation	-10.8	-9.6	-9.3	-8.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	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
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	0.3	2.4
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	0.3	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	0.7	0.3	0.5	0.0
1. Long-term prepayments	0.5	0.7	0.3	0.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.3
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)	60.9	61.8	80.4	63.3	52.6
A. LIABILITIES (300=210+330)	50.9	51.9	70.9	50.0	37.1
I. Short -term liabilities	47.9	47.7	69.4	48.3	35.6
1. Short-term trade accounts payable	13.8	12.8	22.6	18.0	5.2
2. Short-term advances from customers	0.0	3.5	3.2	2.9	7.9
3. Taxes and other payables to state authorities	0.7	0.7	0.0	1.0	0.0
4. Payable to employees	3.0	6.4	4.1	4.1	0.0
5. Short-term acrrued expenses	0.7	0.3	4.4	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	3.0	1.6	3.4	3.4	0.0
10. Short-term borrowings and financial leases	26.2	21.9	30.8	17.0	9.8
11. Provision for short-term liabilities	—	0.0	0.0	0.3	0.0
12.. Bonus and welfare fund	0.4	0.5	0.8	1.2	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	3.0	4.2	1.5	1.7	1.5
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	2.4	2.8	0.0	0.7	0.5
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	0.6	1.3	1.5	1.0	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)	10.0	9.9	9.4	13.4	15.5
I. Owner's equity	10.0	9.9	9.4	13.4	0.0
1. Owner's capital	10.3	10.3	10.3	10.3	15.5
- Common stock with voting right	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00
- 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	3.9	3.9	3.9	3.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.3	0.3	0.3	0.3	0.0
11. Undistributed earnings after tax	-4.5	-4.6	-5.1	-1.2	1.0
- Accumulated retained earning at the end of the previous period	-4.6	-5.1	-1.2	0.7	0.2
- Undistributed earnings in this period	0.1	0.5	-3.9	-1.9	0.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	60.9	61.8	80.4	63.3	52.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	-0.1	-0.1	-0.1	0.0
Other Operating Receipts	10.0	6.7	1.1	1.5	0.0
Other Operating Payments	-12.1	-8.6	-1.7	-5.1	0.0
Net Cash Flow from Operating Activities	-2.2	2.0	-14.8	1.1	-13.1
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.1	-1.7	-3.0	-1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	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	2.8
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.3	2.0	0.0
Dividends and Interest Income Received	0.1	0.2	0.8	2.7	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	-0.1	3.6	-4.1	1.8	1.6
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	42.9	56.3	78.5	56.7	36.8
Repayment of Borrowings	-39.0	-62.3	-65.4	-49.3	-30.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	3.9	-6.1	13.1	7.4	6.5
Net Cash Flow During the Period	1.6	-0.5	-5.8	10.3	3.0
Cash and Cash Equivalents at Beginning of Period	7.8	8.3	14.1	3.8	8.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.4	7.8	8.3	14.1	3.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	5.0	14.0	24.6	14.2	6.8	26.5	10.5	25.8	10.2	52.6	17.5	15.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.0	14.0	24.6	14.2	6.8	26.5	10.5	25.8	10.2	52.6	17.5	15.0
Cost of Goods Sold	4.3	12.5	24.7	13.3	6.1	24.9	8.8	21.9	9.8	51.4	15.7	14.4
Gross Profit	0.7	1.4	-0.1	0.9	0.7	1.6	1.7	3.9	0.4	1.2	1.8	0.6
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.6	0.1
Financial Expenses	0.5	0.7	0.0	0.1	0.5	0.4	0.4	0.6	0.7	1.4	0.8	0.2
Interest Expense	0.3	0.4	0.4	0.4	0.4	0.3	0.3	0.4	0.6	0.8	0.7	0.6
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	1.0	1.0	0.9	1.0	0.2	1.3	1.2	1.7	1.1	2.2	1.5	1.5
Operating Profit	-0.8	-0.2	-1.0	-0.2	0.0	-0.1	0.1	1.7	-1.4	-2.4	0.0	-1.0
Other Income	0.1	1.2	0.0	0.3	0.0	0.2	0.0	0.1	0.2	0.2	0.0	0.3
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.3	0.0	0.1
Other Profit	0.1	1.2	0.0	0.3	0.0	0.1	0.0	0.1	0.2	-0.1	0.0	0.2
Profit Before Tax	-0.7	1.0	-1.0	0.1	0.1	0.0	0.1	1.7	-1.2	-2.4	0.0	-0.8
Current Income Tax Expense	—	—	—	—	—	0.2	0.0	-0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.7	1.0	-1.0	0.1	0.1	-0.1	0.1	1.7	-1.2	-2.4	0.0	-0.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.7	1.0	-1.0	0.1	0.1	-0.1	0.1	1.7	-1.2	-2.4	0.0	-0.8
Earnings per Share	-240.00	944.00	-986.00	58.00	54.00	-136.00	104.00	1,697.00	-1,175.00	-2,368.00	27.00	-758.00
Diluted EPS	-240.37	944.37	-986.49	57.61	54.22	-136.03	104.34	1,697.36	-1,175.14	-2,368.48	27.39	-757.59

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)	46.6	51.6	50.1	56.3	48.8	52.4	51.4	55.1	61.8	68.7	74.7	61.9
I. Cash and cash equivalents	6.0	9.4	10.8	13.1	5.1	7.8	6.0	8.5	5.2	11.9	8.0	10.7
1. Cash	1.3	4.4	5.8	5.4	0.1	2.9	1.1	3.6	0.4	1.9	1.3	4.5
2. Cash equivalents	4.7	5.0	5.0	7.8	5.0	4.9	4.9	4.9	4.9	9.9	6.6	6.3
II. Short-term financial investments	0.6	0.8	1.1	0.7	0.4	0.5	0.6	1.1	3.1	1.0	1.6	1.7
1. Available for sale securities	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
2. Provision for diminution in value of available for sale securities (*)	-1.6	-1.4	-1.1	-1.5	-1.8	-1.7	-1.6	-1.5	-1.3	-1.3	-0.6	-0.5
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.4	2.2	0.0	0.0	0.0
III. Short-term receivables	33.2	34.6	31.8	31.9	32.1	36.2	31.6	32.1	35.0	43.3	45.2	34.7
1. Short-term trade accounts receivable	31.7	33.1	30.2	30.1	28.1	32.4	27.0	26.7	30.7	37.3	32.4	28.1
2. Short-term prepayments to suppliers	1.4	1.4	1.4	1.5	2.7	1.9	3.0	2.5	2.2	5.0	11.2	3.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.7	1.8	1.8	1.9	2.8	3.5	3.2	4.5	3.3	1.9	2.1	3.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.6	-1.6	-1.5	-1.6	-1.5	-1.5	-1.2	-0.9	-0.6	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	6.4	6.6	6.1	10.3	10.6	7.8	13.0	13.3	17.3	12.2	18.6	13.3
1. Inventories	6.4	6.6	6.1	10.3	10.6	7.8	13.0	13.3	17.3	12.2	18.6	13.3
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	0.2	0.4	0.2	0.6	0.1	0.2	0.1	1.1	0.3	1.4	1.4
1. Short-term prepayments	0.4	0.2	0.4	0.2	0.5	0.1	0.2	0.1	0.2	0.1	0.7	0.8
2. Value added tax to be reclaimed	—	—	—	0.0	0.1	0.0	0.0	0.0	0.8	0.1	0.6	0.5
3. Taxes and other receivables from state authorities	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	8.1	9.0	8.9	9.1	9.3	9.6	9.8	9.7	9.9	10.2	10.2	10.7
I. Long-term receivables	0.2	0.8	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.8	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	7.4	7.7	8.0	8.3	8.4	8.7	9.0	9.2	9.4	9.7	9.7	9.1
1. Tangible fixed assets	7.4	7.7	8.0	8.3	8.4	8.7	9.0	9.2	9.4	9.7	9.7	9.1
- Cost	18.5	—	—	—	—	18.4	19.2	19.1	19.1	19.0	18.7	18.0
- Accumulated depreciation	-11.1	—	—	—	—	-9.6	-10.2	-9.9	-9.6	-9.3	-9.1	-8.8
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	—	—	—	—	—	0.0	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
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	0.7
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	0.7
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
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	0.3
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	0.6	0.6	0.6	0.6	0.6	0.3	0.2	0.3	0.3	0.4
1. Long-term prepayments	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.3	0.2	0.3	0.3	0.4
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)	54.8	60.7	59.0	65.4	58.1	62.0	61.2	64.8	71.7	78.9	84.9	72.7
A. LIABILITIES (300=210+330)	24.6	50.7	50.0	55.4	48.1	52.1	51.2	54.9	63.4	69.1	72.6	60.6
I. Short -term liabilities	21.8	47.7	46.7	51.6	43.9	47.8	46.9	52.3	62.1	67.6	70.4	58.7
1. Short-term trade accounts payable	9.4	13.8	13.8	14.5	10.4	12.8	16.3	17.9	17.1	22.6	16.9	15.6
2. Short-term advances from customers	0.0	0.0	0.7	8.0	2.9	3.5	2.4	3.6	6.8	1.5	5.3	3.6
3. Taxes and other payables to state authorities	0.5	0.5	1.0	0.6	0.3	0.7	0.3	0.2	0.3	0.0	0.2	0.2
4. Payable to employees	1.8	3.0	2.9	3.0	3.0	6.4	5.6	4.2	2.1	4.1	3.0	2.6
5. Short-term acrrued expenses	0.5	0.7	0.6	0.4	0.3	0.3	0.6	2.5	1.5	4.3	4.0	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	3.2	3.1	2.2	1.9	1.7	1.7	2.0	2.7	3.5	3.4	3.1	2.7
10. Short-term borrowings and financial leases	6.1	26.2	25.1	22.7	24.9	21.9	19.2	20.6	30.3	30.8	36.9	30.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
12.. Bonus and welfare fund	0.1	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.6	0.8	0.8	0.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	2.8	3.0	3.3	3.8	4.2	4.3	4.3	2.6	1.4	1.5	2.2	1.9
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	2.3	2.4	2.4	2.8	2.8	2.8	2.8	1.1	0.0	0.0	1.1	1.1
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	0.5	0.6	0.9	1.0	1.3	1.5	1.5	1.5	1.4	1.5	1.2	0.8
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)	30.2	10.0	9.0	10.0	10.0	9.9	10.1	10.0	8.2	9.8	12.3	12.1
I. Owner's equity	30.2	10.0	9.0	10.0	10.0	9.9	10.1	10.0	8.2	9.8	12.3	12.1
1. Owner's capital	30.3	10.3	10.3	10.3	10.3	10.3	10.3	10.3	10.3	10.3	10.3	10.3
- Common stock with voting right	30,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00	10,280,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.9	—	—	—	—	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	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
11. Undistributed earnings after tax	-5.3	-4.6	-5.5	-4.5	-4.6	-4.6	-4.5	-4.6	-6.3	-4.7	-2.3	-2.5
- Accumulated retained earning at the end of the previous period	-4.5	-4.6	-4.6	-4.6	-4.6	-5.1	-5.1	-5.1	-5.1	-1.2	-1.2	-1.2
- Undistributed earnings in this period	-0.7	0.1	-0.9	0.1	0.1	0.5	0.6	0.5	-1.2	-3.5	-1.1	-1.3
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)	54.8	60.7	59.0	65.4	58.1	62.0	61.2	64.8	71.7	78.9	84.9	72.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	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
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.2	-0.1	0.0	-0.0	-0.1	-0.1	0.0	0.1	-0.1	0.0	0.0	0.0
Other Operating Receipts	0.5	—	—	—	—	-0.2	-0.2	1.7	0.7	-3.9	0.3	5.4
Other Operating Payments	-1.7	-8.4	0.9	-1.8	-2.9	0.3	-3.0	-1.1	-2.2	7.6	-0.3	-6.6
Net Cash Flow from Operating Activities	-4.3	-2.5	-4.0	10.0	-5.8	-0.4	-3.6	-2.4	8.5	-10.0	13.3	-21.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	—	—	—	-0.0	-0.1	-0.0	0.0	-0.8	0.0	-0.9
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
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	—	—	—	—	—	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	0.3	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.5	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	0.0	-0.2	0.0	0.0	0.0	0.0	0.3	0.4	2.9	-4.3	0.9	-0.8
Proceeds from Equity Issuance and Capital Contributions	21,000,000,000.00	—	—	—	—	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
Proceeds from Borrowings	—	1.3	17.7	14.0	9.9	20.4	10.5	24.9	0.6	44.4	1.8	32.1
Repayment of Borrowings	-20.2	-0.0	-16.1	-16.0	-6.9	-18.2	-9.5	-19.7	-15.0	-29.8	-17.3	-8.4
Repayment of Finance Leases	—	—	—	—	—	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
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	0.8	1.3	1.6	-2.0	3.0	2.2	0.9	5.2	-14.4	14.6	-15.5	23.8
Net Cash Flow During the Period	-3.5	-1.4	-2.4	8.1	-2.7	1.8	-2.5	3.2	-3.0	0.3	-1.3	1.7
Cash and Cash Equivalents at Beginning of Period	9.4	10.8	13.1	5.1	7.8	8.3	8.3	8.3	8.3	14.1	14.1	14.1
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	6.0	9.4	10.8	13.1	5.1	7.8	6.0	8.5	5.2	8.3	8.0	9.2

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VE4

What Is Changing

Drivers of VE4'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