Negative Operating Cash FlowNegative operating cash flow is a material structural concern for a developer: it implies current project execution or collections lag, increasing reliance on external funding. Sustained negative OCF can constrain launches, slow completions, and raise financing costs over several quarters.
High Liabilities / Low Equity RatioA 22.4% equity ratio means a large share of assets funded by liabilities, reducing the balance-sheet cushion in downturns. For cyclical real estate, this elevates refinancing and covenant risks and limits flexibility to absorb project delays or weaker buyer demand over the medium term.
Pressure On Operating MarginsDownward pressure on EBIT/EBITDA margins signals rising operating cost or execution inefficiencies. If persistent, margin erosion reduces cash available for reinvestment and debt service, making the business more sensitive to cost inflation and slowing sustainable earnings growth.