BII

Đầu tư và Phát triển Công nghiệp Bảo Thư ·UPCOM ·2024Q2

▲ Slightly positive

Operating efficiency is improving Net margin 65.33%, +986.15pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -265

BVPS 8,971

ROE 0.3%

ROA 0.2%

Profit Margin 84.2%

Asset Turnover 0.00x

Equity Mult. 1.94x

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

What Is Changing

On a TTM 2024Q2 basis, BII posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2bn
	                                
−24.5%YoY

	                            
	                                NET MARGIN
	                            
	                                    65.33%
	                                
+986.1ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+105.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    283.6%
	                                
affects earnings quality

Metric	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Revenue	2.0	0.0	0.0	0.0	0.0	0.0	0.0	2.7	151.5	151.4	125.4	208.3
Growth	—	—	—	—	—	—	-100%	-98%	+0%	+21%	-40%	—
Net Income	-0.1	6.6	-2.4	-2.7	-3.5	-3.8	-14.4	-3.0	-9.4	-9.1	-4.8	3.0
Net Margin	-4.90%	—	—	—	—	—	—	-112.48%	-6.23%	-6.03%	-3.81%	1.46%

Drivers of BII's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 10.8bn

Other profit ↑ 8.5bn

Administrative expenses ↓ 2.9bn

Minority interests ↑ 3.0bn

TTM

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

Gross profit ↑ 2.0bn

Administrative expenses ↓ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2023Q2 -4.4% = -920.8% × 0.00 × 1.79

2024Q2 0.3% = 65.3% × 0.00 × 1.94

ROE rose from -4.4% to 0.3% — mainly driven by net margin.

Net margin: 65.3% +986.1pp Asset turnover: 0.00x -0.00x Leverage: 1.94x +0.15x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 65.33%, rising 986.1pp. The main driver is SG&A / Revenue fell 125.8pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 448.8pp and Other profit / Revenue rose 315.2pp).

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

Profitability trend

Net Margin 65.33% +986.1pp

Gross Margin 100.00% +96.3pp

SG&A / Revenue 219.98% −125.8pp

Non-core / Revenue 185.31% +764.0pp

TTM YoY · 2023Q2 -> 2024Q2

Watchpoints

Financial result is supporting margin

Financial result accounts for 283.6% of PBT and lifted net margin by 764.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 0.2% may fluctuate with business specifics.

Is capital being deployed efficiently?

ROIC expanded to 0.22%, rising 2.7pp. That translates to 0.22 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 670.9pp, with capital turnover broadly stable; with invested capital holding roughly steady.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC 0.22% +2.7pp

NOPAT Margin 65.33% +670.9pp

Capital Turnover 0.00x −0.00x

Average Invested Capital 614.5bn −45.7bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.91x equity, net debt at 0.19x equity.

Over the last 12 months, working capital absorbed 27.9bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −93.5bn

Inventories were broadly stable → neutral CFO: 0.0bn

Payables increased → higher CFO: +65.6bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Receivables collection is slowing

DSO increased by +8945.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 31700.2 days +8945.6 days

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 29.9bn due to capex of 0.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.19x and interest coverage only at 0.35x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.3% of debt, and total debt stands at 98.1bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Watchpoints

Interest coverage is thin

Interest coverage is 0.35x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.19x −0.00x

Interest Coverage 0.35x +2.65x

Cash / Debt 0.3% +0.1pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -17.49x −17.67x

TTM YoY · 2023Q2 -> 2024Q2

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.2bn in 2023, against investing cash flow of -0.2bn.

Post-investment cash flow was negative +0.0bn. Financing cash flow was positive 0.0bn.

CFO / net income was -17.49x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of −29.9bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 29.9bn −26.0bn

Cash Capex 0.0bn −0.3bn

FCF TTM −29.9bn −25.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 986.1 pp. 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 0.35x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 65.33% after expanding 986.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 283.6% of PBT and CFO / net income currently at -17.49x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.35x.

Statement Data

Item	2023	2022	2021
Revenue	0.0	175.8	493.0
Revenue Deductions	0.0	0.0	0.0
Net Revenue	0.0	175.8	493.0
Cost of Goods Sold	0.0	175.6	0.0
Gross Profit	0.0	0.2	5.6
Financial Income	0.0	1.3	94.1
Financial Expenses	5.8	22.7	-63.5
Interest Expense	4.0	9.4	-9.5
Share of Associates and Joint Ventures	0.0	0.0	-0.0
Selling Expenses	0.0	1.1	-1.1
General and Administrative Expenses	6.6	74.0	-8.5
Operating Profit	-12.3	-96.3	26.6
Other Income	0.0	0.0	0.0
Other Expenses	0.0	8.6	0.0
Other Profit	0.0	-8.6	10.5
Profit Before Tax	-12.3	-104.9	37.1
Current Income Tax Expense	0.0	0.0	-3.9
Deferred Income Tax Expense	0.0	13.4	0.0
Net Income	-12.3	-118.3	33.2
Non-controlling Interest	-0.2	-10.1	0.5
Profit Attributable to Parent	-12.2	-108.2	32.7
Earnings per Share	-211.00	-1,876.00	1,239.00
Diluted EPS	-211.00	-1,876.00	566.89

Item	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	412.5	411.5	415.4
I. Cash and cash equivalents	0.3	0.3	0.9
1. Cash	0.3	0.3	0.0
2. Cash equivalents	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0
III. Short-term receivables	397.8	396.9	368.5
1. Short-term trade accounts receivable	176.2	177.9	0.0
2. Short-term prepayments to suppliers	33.7	29.9	0.0
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	15.5	15.5	0.0
6. Other short-term receivables	234.6	235.8	0.0
7. Provision for short-term doubtful debts (*)	-62.3	-62.2	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	11.3	11.3	41.6
1. Inventories	12.0	12.0	0.0
2. Provision for decline in value of inventories	-0.6	-0.6	0.0
V. Other short-term assets	3.1	3.0	4.3
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	2.1	2.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.0	0.0
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)	562.9	564.5	578.3
I. Long-term receivables	20.2	20.2	0.0
1. Long-term trade receivables	0.0	0.0	0.0
2. Long-term prepayments to suppliers	20.2	20.5	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	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	-0.3	0.0
II. Fixed assets	368.2	369.9	389.1
1. Tangible fixed assets	1.8	2.9	4.0
- Cost	23.6	23.6	0.0
- Accumulated depreciation	-21.7	-20.7	0.0
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	366.4	367.1	385.2
- Cost	375.4	375.4	0.0
- Accumulated depreciation	-9.1	-8.4	0.0
III. Investment properties	0.0	0.0	36.5
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	156.4	156.3	132.5
1. Long-term production in progress	0.2	0.2	0.0
2. Construction in progress	156.2	156.1	0.0
V. Long-term financial investments	3.4	3.4	10.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
3. Investments in other entities	10.0	10.0	0.0
4. Provision for diminution in value of long-term investments	-6.6	-6.6	0.0
5. Held to maturity investments	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	14.7	14.7	0.0
1. Long-term prepayments	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	10.1
5. Goodwill	14.7	14.7	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	975.4	976.0	993.7
A. LIABILITIES (300=210+330)	464.6	453.0	350.6
I. Short -term liabilities	446.6	436.5	346.6
1. Short-term trade accounts payable	43.1	43.0	68.0
2. Short-term advances from customers	139.5	134.3	84.4
3. Taxes and other payables to state authorities	0.5	0.7	0.0
4. Payable to employees	3.3	2.0	0.0
5. Short-term acrrued expenses	86.5	82.5	0.0
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	75.6	75.9	0.0
10. Short-term borrowings and financial leases	98.1	98.1	98.1
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	18.1	16.5	3.9
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	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	18.1	16.5	0.0
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)	510.8	523.1	643.2
I. Owner's equity	510.8	523.1	0.0
1. Owner's capital	576.8	576.8	643.2
- Common stock with voting right	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00
- 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	-111.1	-98.9	9.8
- Accumulated retained earning at the end of the previous period	-98.9	9.3	-22.9
- Undistributed earnings in this period	-12.2	-108.2	32.7
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	45.0	45.2	56.5
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)	975.4	976.0	993.7

Item	2023	2022	2021
Profit Before Tax	-12.3	-104.9	37.1
Depreciation of Fixed Assets and Investment Property	1.8	11.4	2.6
Provision (Increase)/Reversal	-0.2	62.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-1.3	0.0
Interest Expense	4.0	9.4	0.0
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	-6.7	-23.2	-55.1
Increase/(Decrease) in Receivables	-0.8	-49.5	0.0
Increase/(Decrease) in Inventory	0.0	29.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.4	87.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-4.7	-1.2	0.0
Corporate Income Tax Paid	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.2	42.9	437.7
Payments for Fixed Assets and Other Long-term Assets	-0.2	-30.1	-396.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	3.5	0.0
Loans and Purchases of Debt Instruments	0.0	-15.5	-130.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	13.0	130.0
Investments in Other Entities	0.0	-0.0	-430.6
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	0.0
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	-0.2	-28.9	-404.3
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	0.0	13.3	334.6
Repayment of Borrowings	0.0	-28.0	-369.6
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.0	-14.6	-35.0
Net Cash Flow During the Period	-0.0	-0.7	-40.5
Cash and Cash Equivalents at Beginning of Period	0.3	1.0	2.6
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.3	0.3	0.9

Item	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Revenue	2.0	0.0	0.0	0.0	0.0	0.0	0.0	2.7	151.5	151.4	125.4	208.3
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2.0	0.0	0.0	0.0	0.0	0.0	0.0	2.7	151.5	151.4	125.4	208.3
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.6	150.2	150.8	0.0	0.0
Gross Profit	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	1.3	0.6	1.4	-1.2
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4	7.1	1.9
Financial Expenses	1.3	-7.9	1.4	1.4	1.4	1.5	3.0	1.1	6.1	5.9	-22.2	-3.3
Interest Expense	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	6.1	5.1	-3.1	-1.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	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	1.7	0.2	0.5	0.2	-0.4	-0.3
General and Administrative Expenses	0.9	1.3	1.0	1.3	2.1	2.3	1.5	1.4	4.1	3.9	-4.1	4.8
Operating Profit	-0.1	6.6	-2.4	-2.7	-3.5	-3.8	-6.2	-2.7	-9.4	-9.0	-18.1	1.9
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	20.8	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	8.2	21.1	0.0	0.1	0.0	0.0
Other Profit	0.0	0.0	0.0	0.0	0.0	0.0	-8.2	-0.3	0.0	-0.1	13.4	-0.1
Profit Before Tax	-0.1	6.6	-2.4	-2.7	-3.5	-3.8	-14.4	-3.0	-9.4	-9.1	-4.7	1.8
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	1.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.1	6.6	-2.4	-2.7	-3.5	-3.8	-14.4	-3.0	-9.4	-9.1	-4.8	3.0
Non-controlling Interest	-0.1	-0.0	-0.2	-0.1	-0.1	-0.0	-3.4	0.1	-2.0	-0.7	1.3	-0.5
Profit Attributable to Parent	-0.0	6.6	-2.3	-2.6	-3.5	-3.8	-11.0	-3.1	-7.4	-8.4	-6.1	3.6
Earnings per Share	-0.39	115.00	-211.00	-169.00	-60.00	-65.00	-1,143.00	-899.00	-274.00	-145.00	567.00	62.00
Diluted EPS	-0.39	115.00	-211.00	-169.00	-60.00	-65.00	-1,143.00	-899.00	-274.00	-145.00	-105.46	61.89

Item	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	503.6	443.1	412.5	413.2	410.0	409.8	471.4	483.2	479.2	461.3	415.4	1,089.7
I. Cash and cash equivalents	0.3	0.2	0.3	0.2	0.2	0.2	0.3	0.7	0.3	8.2	0.9	41.5
1. Cash	0.3	0.2	0.3	0.2	0.2	0.2	0.3	0.7	0.3	8.2	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	489.1	428.5	397.8	398.5	395.4	395.2	456.5	466.5	459.8	434.1	368.5	768.8
1. Short-term trade accounts receivable	175.9	176.2	176.2	176.3	176.5	176.6	178.0	179.9	158.6	165.6	0.0	0.0
2. Short-term prepayments to suppliers	33.8	33.8	33.7	34.3	30.4	30.4	50.4	58.8	58.9	65.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	15.5	15.5	15.5	15.5	15.5	15.5	15.5	15.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	326.1	265.2	234.6	234.7	235.2	235.2	234.7	234.4	248.9	210.2	0.0	0.0
7. Provision for short-term doubtful debts (*)	-62.3	-62.3	-62.3	-62.3	-62.3	-62.5	-22.1	-22.1	-6.7	-6.7	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	11.3	11.3	11.3	11.3	11.3	11.3	11.6	11.6	14.8	14.8	41.6	110.4
1. Inventories	12.0	12.0	12.0	12.0	12.0	12.0	12.2	12.2	14.8	14.8	0.0	0.0
2. Provision for decline in value of inventories	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.0	-0.0	0.0	0.0
V. Other short-term assets	2.9	3.1	3.1	3.1	3.1	3.0	3.0	4.4	4.3	4.2	4.3	5.3
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.9	2.1	2.1	2.1	2.1	2.0	2.0	3.4	3.5	3.4	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.8	0.8	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	532.1	532.5	562.9	563.4	563.8	564.2	545.2	549.8	565.1	551.1	578.3	178.8
I. Long-term receivables	20.2	20.2	20.2	20.2	20.2	20.2	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	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	20.2	20.2	20.2	20.2	20.2	20.2	0.0	0.6	0.6	0.6	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	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	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	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	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	-0.6	-0.6	-0.6	0.0	0.0
II. Fixed assets	346.7	367.7	368.2	368.6	369.1	369.5	368.4	370.6	370.8	349.1	389.1	14.1
1. Tangible fixed assets	1.3	1.6	1.8	2.1	2.4	2.6	1.4	3.2	3.4	3.7	4.0	4.4
- Cost	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.6	23.5	0.0	0.0
- Accumulated depreciation	-22.3	-22.0	-21.7	-21.5	-21.2	-20.9	-22.2	-20.4	-20.2	-19.8	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	345.4	366.2	366.4	366.5	366.7	366.9	367.1	367.4	367.4	345.4	385.2	9.7
- Cost	0.0	0.0	0.0	0.0	0.0	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	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	0.0	20.7	20.7	36.5	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	156.4	156.4	156.4	156.4	156.4	156.4	156.1	156.1	156.1	156.1	132.5	147.9
1. Long-term production in progress	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	156.2	156.2	156.2	156.2	156.2	156.2	156.1	156.1	156.1	156.1	0.0	0.0
V. Long-term financial investments	-26.6	-26.6	3.4	3.4	3.4	3.4	7.5	7.5	10.0	9.1	10.0	0.0
1. Investments in subsidiaries	-30.0	-30.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-6.6	-6.6	-6.6	-6.6	-6.6	-6.6	-2.5	-2.5	0.0	-0.9	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	35.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	10.1	16.7
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	35.3	14.7	14.7	14.7	14.7	14.7	13.2	15.6	7.5	16.1	0.0	0.0
TOTAL ASSETS (280=100+200)	1,035.7	975.6	975.4	976.6	973.8	974.1	1,016.6	1,033.0	1,044.3	1,012.4	993.7	1,268.4
A. LIABILITIES (300=210+330)	518.3	458.3	464.6	463.4	458.1	454.8	444.6	446.6	435.5	326.9	350.6	664.7
I. Short -term liabilities	508.5	448.5	446.6	445.7	440.7	437.9	436.3	438.3	432.4	323.8	346.6	560.8
1. Short-term trade accounts payable	43.1	43.1	43.1	43.6	43.6	43.2	42.5	43.2	77.4	46.3	68.0	208.5
2. Short-term advances from customers	199.7	140.2	139.5	139.6	135.5	134.8	134.4	134.4	102.0	84.4	84.4	0.3
3. Taxes and other payables to state authorities	0.5	0.6	0.5	0.5	0.5	0.4	0.7	2.5	0.7	0.5	0.0	0.0
4. Payable to employees	3.5	3.2	3.3	3.1	2.7	2.1	2.0	2.0	2.1	1.9	0.0	0.0
5. Short-term acrrued expenses	88.0	87.5	86.5	85.5	84.5	83.5	82.7	81.7	76.5	75.5	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	75.7	75.8	75.6	75.3	75.8	75.6	75.9	76.4	75.6	17.1	0.0	0.0
10. Short-term borrowings and financial leases	98.1	98.1	98.1	98.1	98.1	98.1	98.1	98.1	98.1	98.1	98.1	187.7
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	9.7	9.7	18.1	17.6	17.4	16.9	8.3	8.3	3.1	3.1	3.9	103.9
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	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	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	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	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	9.7	9.7	18.1	17.6	17.4	16.9	8.3	8.3	3.1	3.1	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	517.4	517.4	510.8	513.2	515.8	519.3	572.0	586.4	608.8	685.5	643.2	603.7
I. Owner's equity	517.4	517.4	510.8	513.2	515.8	519.3	572.0	586.4	608.8	685.5	0.0	0.0
1. Owner's capital	576.8	576.8	576.8	576.8	576.8	576.8	576.8	576.8	576.8	576.8	643.2	603.7
- Common stock with voting right	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00	576,800,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-104.3	-104.4	-111.1	-108.7	-106.2	-102.7	-56.7	-42.6	-19.8	0.9	9.8	15.9
- Accumulated retained earning at the end of the previous period	-111.1	-111.1	-98.9	-98.9	-98.9	-98.9	9.3	9.3	-5.6	9.3	-22.9	-22.9
- Undistributed earnings in this period	6.8	6.6	-12.2	-9.8	-7.2	-3.8	-66.0	-51.9	-14.3	-8.4	32.7	38.8
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	45.0	45.0	45.0	45.1	45.1	45.2	51.9	52.2	51.9	107.8	56.5	11.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,035.7	975.6	975.4	976.6	973.8	974.1	1,016.6	1,033.0	1,044.3	1,012.4	993.7	1,268.4

Item	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Profit Before Tax	0.1	6.6	-2.4	-2.6	-3.5	-3.8	-55.1	-3.0	-90.8	44.1	-4.7	1.8
Depreciation of Fixed Assets and Investment Property	-9.0	0.4	0.4	0.4	0.4	0.4	2.4	-0.6	8.3	1.2	0.3	1.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	-0.2	0.0	44.0	3.0	15.5	-0.2	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	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	-1.1	0.3	-0.1	-0.4	0.0	0.0
Interest Expense	1.0	1.0	1.0	1.0	1.0	1.0	-1.5	1.0	4.9	5.1	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	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	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	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-7.9	8.0	-1.0	-1.1	-2.3	-2.4	-11.3	0.6	-62.1	49.7	-1.6	-54.3
Increase/(Decrease) in Receivables	-60.4	-30.7	0.7	-3.2	0.0	1.6	30.1	-26.4	-41.1	-12.1	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.6	0.0	27.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	68.4	-7.4	0.3	4.3	-82.3	90.1	-2.4	2.0	105.4	-18.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	-0.0	0.0	-0.0	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	3.6	-3.6	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0	-4.7	-1.2	2.1	2.6	-4.8	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.1	-30.0	0.0	0.0	-84.5	84.7	18.7	-22.7	4.9	42.0	542.4	-106.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	0.0	-0.2	-20.0	20.6	-27.4	-3.1	-396.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	3.5	0.0	0.0	0.0	0.0	-8.4
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	-15.5	15.5	-28.5	13.0	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	13.0	-13.0	13.0	0.0	0.0	130.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	30.4	-30.5	-208.3	-63.6
Proceeds from Investments in Other Entities	0.0	30.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	-0.2	0.4	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	30.0	0.0	0.0	0.0	-0.2	-19.1	23.1	-12.7	-20.2	-493.3	58.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.0	0.0	0.0	0.0	28.0	-28.0	13.3	0.0	34.2	166.4
Repayment of Borrowings	0.0	0.0	0.0	0.0	0.0	0.0	-28.0	28.0	-13.3	-14.6	-123.9	-76.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-14.6	-89.6	89.6
Net Cash Flow During the Period	0.1	-0.0	0.0	0.0	-84.5	84.5	-0.4	0.4	-7.9	7.2	-40.5	41.0
Cash and Cash Equivalents at Beginning of Period	0.3	0.3	0.3	0.3	0.3	0.3	1.0	1.0	1.0	1.0	41.5	0.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.3	0.2	0.3	0.2	0.2	84.7	0.3	0.7	0.3	8.2	0.9	41.5

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BII

What Is Changing

Drivers of BII'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