BCR

BCG Land ·UPCOM ·2024Q4

▲ Showing improvement

Price

1,200

Latest close

29 May 2026

P/E 1.30x

P/B 0.09x

EPS 923

BVPS 13,037

ROE 4.3%

ROA 2.0%

Profit Margin 38.6%

Asset Turnover 0.05x

Equity Mult. 2.09x

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

What Is Changing

On a Năm 2024 basis, BCR posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 669bn
	                                
−29.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 259bn
	                                
+87.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    85.8%
	                                
affects earnings quality

Metric	2024	2023	2022
Revenue	669.3	944.4	1,131.9
Growth	-29%	-17%	—
Net Income	258.9	137.8	316.1
Net Margin	38.68%	14.59%	27.93%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	74.4	287.3	97.7	210.0	361.1	229.9
Growth	-74%	+194%	-53%	-42%	+57%	—
Net Income	153.5	43.7	41.5	20.2	4.8	11.7
Net Margin	206.23%	15.22%	42.50%	9.61%	1.32%	5.09%

Drivers of BCR's profit

TTM

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

Associates income ↑ 259.6bn

Deferred tax ↓ 17.3bn

Gross profit ↓ 95.9bn

Tax ↑ 26.1bn

Finance costs ↑ 25.9bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 38.68% +24.1pp

Gross Margin 19.07% —

SG&A / Revenue 24.82% —

Non-core / Revenue 42.97% —

TTM YoY · 2023Q4 -> 2024Q4

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (93.7% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 2.6% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC currently stands at 2.55%. Track NOPAT margin and capital turnover to assess capital efficiency.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 2.55% —

NOPAT Margin 35.63% —

Capital Turnover 0.07x —

Average Invested Capital 9,351.2bn —

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.16x equity, net debt at 0.49x equity.

Development inventory ended the period at 2,817.7bn, about 21.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 80.7bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −2,352.7bn

Inventories decreased → higher CFO: +667.2bn

Payables increased → higher CFO: +1,604.8bn

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.49x and interest coverage only at 0.62x.

At present, short-term debt accounts for 13.0% of total debt, cash equals 0.5% of debt, and total debt stands at 3,071.4bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Interest coverage is thin

Interest coverage is 0.62x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 0.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.49x −0.10x

Interest Coverage 0.62x —

Cash / Debt 0.5% −0.8pp

Short-term Debt / Total Debt 13.0% −2.4pp

CFO / NI 0.30x —

TTM YoY · 2023Q4 -> 2024Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 77.9bn in 2024, against investing cash flow of 437.3bn.

Post-investment cash flow was positive +515.2bn. Financing cash flow was negative +548.0bn.

CFO / net income was 0.30x.

After spending +33.0bn on fixed-asset investment, the business generated trailing free cash flow of +44.9bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 77.9bn —

Cash Capex 33.0bn —

FCF TTM +44.9bn —

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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.62x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 85.8% of PBT and CFO / net income currently at 0.30x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.62x.

Statement Data

Item	2024	2023	2022
Revenue	669.4	944.4	1,131.9
Revenue Deductions	0.1	0.0	0.0
Net Revenue	669.3	944.4	1,131.9
Cost of Goods Sold	541.6	668.3	885.3
Gross Profit	127.7	276.1	246.7
Financial Income	717.9	691.9	1,205.1
Financial Expenses	454.5	549.3	721.4
Interest Expense	314.3	299.3	427.6
Share of Associates and Joint Ventures	57.7	-53.8	-36.3
Selling Expenses	78.8	108.6	108.1
General and Administrative Expenses	87.3	85.1	124.1
Operating Profit	282.6	171.2	462.0
Other Income	45.8	1.3	6.1
Other Expenses	21.6	12.2	6.5
Other Profit	24.2	-10.9	-0.4
Profit Before Tax	306.8	160.3	461.6
Current Income Tax Expense	74.0	40.9	102.1
Deferred Income Tax Expense	-26.1	-18.4	43.4
Net Income	258.9	137.8	316.1
Non-controlling Interest	-0.2	48.5	59.7
Profit Attributable to Parent	259.1	89.3	256.4
Earnings per Share	557.00	194.00	658.00
Diluted EPS	557.00	194.00	658.00

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,997.0	5,240.5	4,992.5
I. Cash and cash equivalents	14.6	47.3	19.8
1. Cash	14.6	46.3	17.3
2. Cash equivalents	0.0	1.0	2.5
II. Short-term financial investments	43.3	7.2	7.1
1. Available for sale securities	4.6	4.6	4.6
2. Provision for diminution in value of available for sale securities (*)	-0.5	0.0	0.0
3. Held to maturity investments	39.2	2.7	2.5
III. Short-term receivables	1,895.0	1,486.9	2,326.3
1. Short-term trade accounts receivable	145.9	125.8	253.1
2. Short-term prepayments to suppliers	653.8	398.3	276.8
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	120.0	397.5	0.0
6. Other short-term receivables	976.7	566.7	1,797.8
7. Provision for short-term doubtful debts (*)	-1.4	-1.4	-1.4
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	2,817.7	3,448.6	2,512.3
1. Inventories	2,860.0	3,527.2	2,600.4
2. Provision for decline in value of inventories	-42.3	-78.6	-88.1
V. Other short-term assets	226.4	250.4	127.1
1. Short-term prepayments	129.3	142.3	25.1
2. Value added tax to be reclaimed	85.3	102.6	99.6
3. Taxes and other receivables from state authorities	11.8	5.5	2.5
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	8,322.2	6,779.8	6,564.7
I. Long-term receivables	6,132.3	4,866.8	4,721.4
1. Long-term trade receivables	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	6,132.3	4,866.8	4,721.4
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	83.1	93.2	101.7
1. Tangible fixed assets	81.8	92.7	100.9
- Cost	129.1	130.0	126.0
- Accumulated depreciation	-47.4	-37.3	-25.1
2. Financial leased fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
3. Intangible fixed assets	1.3	0.5	0.8
- Cost	4.2	2.9	2.7
- Accumulated depreciation	-2.9	-2.5	-1.8
III. Investment properties	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	961.1	585.7	0.0
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	961.1	585.7	0.0
V. Long-term financial investments	1,066.9	1,142.8	1,599.6
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,066.9	1,004.0	1,575.1
3. Investments in other entities	0.0	128.2	14.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0
5. Held to maturity investments	0.0	10.5	10.5
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	78.7	91.3	142.0
1. Long-term prepayments	45.4	53.5	122.0
2. Deferred income tax assets	2.2	2.2	0.7
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0
5. Goodwill	31.2	35.6	19.4
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	13,319.2	12,020.2	11,557.2
A. LIABILITIES (300=210+330)	7,142.5	6,102.4	6,321.2
I. Short -term liabilities	2,830.1	2,518.1	3,158.3
1. Short-term trade accounts payable	51.0	64.2	619.7
2. Short-term advances from customers	1,658.0	1,324.9	918.8
3. Taxes and other payables to state authorities	133.5	121.8	112.8
4. Payable to employees	6.1	3.7	4.9
5. Short-term acrrued expenses	247.9	191.1	148.6
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0
9. Other short-term payables	332.9	237.3	1,117.8
10. Short-term borrowings and financial leases	400.8	575.0	235.6
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	4,312.4	3,584.3	3,163.0
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	1,433.4	305.9	441.8
8. Long-term borrowings and financial leases	2,670.6	3,043.9	2,631.1
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	208.4	234.5	90.0
12. Provision for long-term liabilities	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,176.7	5,917.9	5,236.0
I. Owner's equity	6,176.7	5,917.9	5,236.0
1. Owner's capital	4,738.0	4,600.0	4,600.0
- Common stock with voting right	4,737,999,130,000.00	4,600,000,000,000.00	4,600,000,000,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0
11. Undistributed earnings after tax	440.1	319.0	229.7
- Accumulated retained earning at the end of the previous period	181.0	229.7	25.6
- Undistributed earnings in this period	259.1	89.3	204.1
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	998.6	998.8	406.3
14. Financial reserves	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	13,319.2	12,020.2	11,557.2

Item	2024	2023	2022
Profit Before Tax	306.8	160.3	461.6
Depreciation of Fixed Assets and Investment Property	15.6	15.5	62.8
Provision (Increase)/Reversal	-35.9	-9.5	89.5
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	-78.1	-26.8	-555.0
Interest Expense	314.7	301.0	441.3
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	523.2	440.6	500.2
Increase/(Decrease) in Receivables	-2,352.7	1,486.4	-2,572.0
Increase/(Decrease) in Inventory	667.2	312.4	-251.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,604.8	-2,007.8	1,715.6
Increase/(Decrease) in Prepaid Expenses	21.1	141.5	-35.4
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-309.4	-361.8	-373.2
Corporate Income Tax Paid	-76.3	-50.6	-177.1
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0
Net Cash Flow from Operating Activities	77.9	-39.2	-1,193.1
Payments for Fixed Assets and Other Long-term Assets	-33.0	-170.1	-427.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.2
Loans and Purchases of Debt Instruments	-316.5	-0.2	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	568.0	95.5	0.0
Investments in Other Entities	-35.2	-313.2	-1,259.5
Proceeds from Investments in Other Entities	128.2	315.0	1,589.9
Dividends and Interest Income Received	125.4	12.0	9.6
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	437.3	-60.9	-90.2
Proceeds from Equity Issuance and Capital Contributions	0.00	403,000,000.00	2,600,000,000,000.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	651.2	1,268.6	293.9
Repayment of Borrowings	-1,199.2	-1,141.4	-1,124.6
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	0.0	0.0	-503.2
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-548.0	127.6	1,266.1
Net Cash Flow During the Period	-32.7	27.5	-17.2
Cash and Cash Equivalents at Beginning of Period	47.3	19.8	37.0
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.6	47.3	19.8

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	74.5	287.3	97.7	210.0	361.1	229.9
Revenue Deductions	0.1	0.0	0.0	0.0	0.0	0.0
Net Revenue	74.4	287.3	97.7	210.0	361.1	229.9
Cost of Goods Sold	69.8	229.9	72.9	169.0	260.5	174.4
Gross Profit	4.6	57.3	24.7	40.9	100.5	55.5
Financial Income	215.1	182.9	162.1	157.8	199.1	169.3
Financial Expenses	130.9	126.6	103.2	93.8	105.0	144.9
Interest Expense	90.5	77.5	73.5	72.7	71.1	71.3
Share of Associates and Joint Ventures	137.3	-26.8	-24.0	-28.8	-122.3	-10.1
Selling Expenses	18.2	14.2	19.0	27.3	24.2	37.0
General and Administrative Expenses	35.8	18.0	17.5	16.0	35.5	16.5
Operating Profit	172.1	54.6	23.2	32.8	12.6	16.4
Other Income	4.3	2.9	36.5	2.1	0.6	0.1
Other Expenses	7.6	5.6	2.1	6.3	2.1	0.4
Other Profit	-3.3	-2.7	34.4	-4.1	-1.4	-0.3
Profit Before Tax	168.8	51.9	57.5	28.6	11.2	16.1
Current Income Tax Expense	37.7	14.0	13.2	9.2	11.6	5.9
Deferred Income Tax Expense	-22.4	-5.8	2.9	-0.7	-5.2	-1.6
Net Income	153.5	43.7	41.5	20.2	4.8	11.7
Non-controlling Interest	-10.0	3.8	4.0	2.4	2.8	9.0
Profit Attributable to Parent	163.4	39.9	37.5	17.7	2.0	2.8
Earnings per Share	557.00	207.00	120.00	39.00	198.00	217.00
Diluted EPS	557.00	207.00	120.00	39.00	198.00	217.00

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,997.0	5,230.6	5,298.3	5,169.1	5,184.4	5,403.2
I. Cash and cash equivalents	14.6	25.8	22.6	12.8	47.4	120.6
1. Cash	14.6	25.8	22.6	12.8	46.4	119.1
2. Cash equivalents	0.0	0.0	0.0	0.0	1.0	1.5
II. Short-term financial investments	43.3	7.4	7.4	7.2	7.2	7.2
1. Available for sale securities	4.6	4.6	4.6	4.6	4.6	4.6
2. Provision for diminution in value of available for sale securities (*)	-0.5	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	39.2	2.9	2.9	2.7	2.7	2.7
III. Short-term receivables	1,895.0	1,790.2	1,658.2	1,586.1	1,486.8	1,660.2
1. Short-term trade accounts receivable	145.9	276.0	203.9	183.9	125.8	116.9
2. Short-term prepayments to suppliers	653.8	641.5	461.9	403.7	398.9	360.3
3. Short-term inter-company receivables	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
5. Short-term loan receivables	120.0	156.8	326.8	367.5	397.5	414.1
6. Other short-term receivables	976.7	717.3	667.0	632.4	565.9	770.3
7. Provision for short-term doubtful debts (*)	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2,817.7	3,179.1	3,361.1	3,315.7	3,448.2	3,430.1
1. Inventories	2,860.0	3,229.4	3,414.3	3,379.6	3,526.8	3,505.1
2. Provision for decline in value of inventories	-42.3	-50.3	-53.2	-63.9	-78.6	-75.0
V. Other short-term assets	226.4	228.0	249.0	247.2	194.9	185.1
1. Short-term prepayments	129.3	130.9	134.5	141.3	86.8	83.9
2. Value added tax to be reclaimed	85.3	85.3	102.7	94.1	102.6	98.7
3. Taxes and other receivables from state authorities	11.8	11.8	11.8	11.8	5.5	2.5
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	8,322.2	8,090.5	7,898.3	6,750.0	6,835.3	7,134.1
I. Long-term receivables	6,132.3	6,376.7	6,038.6	4,863.8	4,866.8	4,797.6
1. Long-term trade receivables	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
3. Capital at inter-company	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
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	6,132.3	6,376.7	6,038.6	4,863.8	4,866.8	4,797.6
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	83.1	85.0	87.5	90.3	93.2	96.0
1. Tangible fixed assets	81.8	84.8	87.2	89.9	92.7	95.4
- Cost	129.1	130.1	130.0	130.0	130.0	129.9
- Accumulated depreciation	-47.4	-45.3	-42.7	-40.0	-37.3	-34.5
2. Financial leased fixed assets	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
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.3	0.2	0.3	0.4	0.5	0.6
- Cost	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
III. Investment properties	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
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	961.1	603.7	594.1	593.7	585.7	569.5
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	961.1	603.7	594.1	593.7	585.7	569.5
V. Long-term financial investments	1,066.9	934.9	1,090.0	1,114.0	1,142.8	1,524.1
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	1,066.9	924.4	951.3	975.2	1,004.0	1,371.3
3. Investments in other entities	0.0	0.0	128.2	128.2	128.2	142.2
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	10.5	10.5	10.5	10.5	10.5
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	78.7	90.2	88.1	53.7	111.2	110.2
1. Long-term prepayments	45.4	55.7	52.5	51.5	109.0	110.2
2. Deferred income tax assets	2.2	2.2	2.2	2.2	2.2	0.0
3. Long-term equipment, supplies, spare parts	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
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	31.2	32.3	33.4	34.5	35.6	36.8
TOTAL ASSETS (280=100+200)	13,319.2	13,321.0	13,196.6	11,919.1	12,019.8	12,537.3
A. LIABILITIES (300=210+330)	7,142.5	7,297.8	7,217.0	5,981.0	6,099.4	6,621.7
I. Short -term liabilities	2,830.1	2,533.2	2,562.7	2,531.5	2,537.4	3,134.1
1. Short-term trade accounts payable	51.0	63.7	71.3	101.4	64.2	405.2
2. Short-term advances from customers	1,658.0	1,174.1	1,217.6	1,271.5	1,324.9	1,553.3
3. Taxes and other payables to state authorities	133.5	111.6	126.6	126.3	121.1	161.5
4. Payable to employees	6.1	5.2	4.8	3.6	3.7	4.3
5. Short-term acrrued expenses	247.9	269.9	200.2	196.5	190.6	201.1
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	332.9	165.7	169.1	181.3	276.5	487.4
10. Short-term borrowings and financial leases	400.8	742.9	773.1	650.8	556.4	321.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	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
II. Long-term liabilities	4,312.4	4,764.6	4,654.3	3,449.5	3,562.0	3,487.5
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	1,433.4	1,429.7	1,397.8	296.6	288.1	398.8
8. Long-term borrowings and financial leases	2,670.6	3,104.1	3,019.9	2,919.2	3,039.4	2,851.3
9. Convertible bonds	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
11. Deferred income tax liabilities	208.4	230.8	236.6	233.8	234.5	237.5
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,176.7	6,023.3	5,979.5	5,938.0	5,920.4	5,915.6
I. Owner's equity	6,176.7	6,023.3	5,979.5	5,938.0	5,920.4	5,915.6
1. Owner's capital	4,738.0	4,738.0	4,600.0	4,600.0	4,600.0	4,600.0
- Common stock with voting right	4,737,999,130,000.00	4,737,999,130,000.00	4,600,000,000,000.00	4,600,000,000,000.00	4,600,000,000,000.00	4,600,000,000,000.00
- Preferred stock	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
3. Convertible bond option	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
5. Treasury shares	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
7. Foreign exchange differences	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
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	440.1	276.7	374.3	336.8	320.7	329.7
- Accumulated retained earning at the end of the previous period	181.0	181.0	319.0	319.0	229.7	229.7
- Undistributed earnings in this period	259.1	95.7	55.3	17.7	91.0	100.0
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	998.6	1,008.6	1,005.2	1,001.3	999.7	985.9
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	13,319.2	13,321.0	13,196.6	11,919.1	12,019.8	12,537.3

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Profit Before Tax	168.8	51.9	57.5	28.6	8.6	151.7
Depreciation of Fixed Assets and Investment Property	4.0	3.7	3.9	4.0	4.0	11.5
Provision (Increase)/Reversal	-7.5	-2.9	-10.7	-14.8	3.6	-13.1
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-138.1	31.7	12.7	15.7	65.1	-91.8
Interest Expense	90.5	77.5	73.5	73.1	70.4	230.6
Gain/Loss on Disposal of Fixed Assets	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
Amortization of Goodwill	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
Operating Profit Before Changes in Working Capital	117.6	161.9	137.0	106.7	151.7	288.8
Increase/(Decrease) in Receivables	-256.5	-723.2	-1,269.0	-103.9	117.3	1,369.1
Increase/(Decrease) in Inventory	369.4	184.9	-34.7	147.7	-0.8	313.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	626.0	39.3	1,016.9	-77.4	-845.0	-1,162.8
Increase/(Decrease) in Prepaid Expenses	11.9	0.4	5.8	3.0	104.1	37.4
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-88.9	-78.8	-72.9	-68.7	-140.7	-221.0
Corporate Income Tax Paid	-22.7	-24.0	-15.3	-14.4	-43.0	-7.6
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	756.8	-439.5	-232.2	-7.2	-656.5	617.2
Payments for Fixed Assets and Other Long-term Assets	-14.9	-9.7	-0.4	-7.9	-143.5	-26.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-176.3	-120.0	-0.2	-20.0	0.0	-0.2
Receipts from Loan Repayments and Sale of Debt Instruments	187.3	290.0	40.7	50.0	16.6	78.8
Investments in Other Entities	-5.2	0.0	-30.0	0.0	-30.0	-283.2
Proceeds from Investments in Other Entities	0.0	128.2	0.0	0.0	287.0	28.0
Dividends and Interest Income Received	16.3	100.2	8.8	0.0	11.7	0.3
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	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
Net Cash Flow from Investing Activities	7.5	388.8	18.9	22.1	141.9	-202.7
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	403,000,000.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	181.2	199.0	271.0	0.0	903.8	364.8
Repayment of Borrowings	-956.8	-145.1	-48.0	-49.4	-462.5	-678.9
Repayment of Finance Leases	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
Other Financing Receipts	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
Net Cash Flow from Financing Activities	-775.5	54.0	223.0	-49.4	441.3	-313.7
Net Cash Flow During the Period	-11.2	3.2	9.8	-34.5	-73.3	100.8
Cash and Cash Equivalents at Beginning of Period	47.3	47.3	47.3	47.3	19.8	19.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.6	25.8	22.6	12.8	47.3	120.6

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