C92

Xây dựng và Đầu tư 492 ·UPCOM ·2022Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −0.44x

Price

4,100

Latest close

01 Jun 2026

P/E 18.62x

P/B 0.35x

EPS 220

BVPS 11,622

ROE 1.6%

ROA 0.3%

Profit Margin 0.5%

Asset Turnover 0.52x

Equity Mult. 5.50x

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

What Is Changing

On a TTM 2022Q1 basis, C92 is going through a period of clear decline across multiple metrics at once — profit is at an all-time high. 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 176bn
	                                
−5.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−45.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    480.1%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	418.0	373.3	309.6	205.5	180.9
Growth	+12%	+21%	+51%	+14%	—
Net Income	1.8	0.8	0.2	0.0	1.0
Net Margin	0.42%	0.22%	0.06%	0.02%	0.57%

Metric	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	14.2	70.9	30.4	60.3	19.3	58.9	44.5	62.7	28.0
Growth	-80%	+133%	-50%	+212%	-67%	+32%	-29%	+124%	—
Net Income	0.1	0.3	0.1	0.4	0.2	0.8	0.2	0.5	0.0
Net Margin	0.96%	0.41%	0.41%	0.67%	1.11%	1.35%	0.53%	0.79%	0.15%

Drivers of C92's profit

TTM

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

Other profit ↑ 2.1bn

Financial income ↑ 0.2bn

Gross profit ↓ 6.0bn

Finance costs ↑ 5.3bn

Administrative expenses ↑ 2.4bn

TTM

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

Gross profit ↑ 0.5bn

Financial income ↑ 0.0bn

Finance costs ↑ 2.5bn

Administrative expenses ↑ 1.9bn

Other profit ↓ 0.2bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q1 2.9% = 0.9% × 0.54 × 5.72

2022Q1 1.6% = 0.5% × 0.52 × 5.50

ROE fell from 2.9% to 1.6% — all three components weakened, with leverage being the main drag.

Net margin: 0.5% -0.4pp Asset turnover: 0.52x -0.02x Leverage: 5.50x -0.22x

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 narrowed to 0.54%, falling 0.4pp. The main pressure comes from Gross margin fell 3.0pp and SG&A / Revenue rose 1.2pp (in addition, Other profit / Revenue rose 1.2pp added support while Net financial result / Revenue fell 2.7pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 0.54% −0.4pp

Gross Margin 5.73% −3.0pp

SG&A / Revenue -1.94% +1.2pp

Non-core / Revenue 4.21% −1.5pp

TTM YoY · 2021Q1 -> 2022Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.5pp, financial result still accounts for 769.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -1.2% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -1.25%, losing 1.8pp. That translates to -1.25 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.6pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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 -1.25% −1.8pp

NOPAT Margin -1.03% −1.6pp

Capital Turnover 1.22x +0.16x

Average Invested Capital 144.5bn −31.7bn

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 6.83x equity, net debt at 1.04x equity.

Inventory ended the period at 102.2bn, roughly 20.3% 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

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

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

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 677.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +101.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 101.7 days +101.7 days

Inventory 2448.7 days —

Payables 1872.6 days —

Cash Conversion Cycle 677.8 days —

Is financial risk significant?

Leverage is safe but FCF is negative at 33.9bn due to capex of 4.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.04x and interest coverage only at -0.44x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 19.1% of debt, and total debt stands at 79.6bn.

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

Net leverage is elevated

Net debt / equity stands at 1.04x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.44x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.04x −0.64x

Interest Coverage -0.44x −0.54x

Cash / Debt 19.1% +18.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -30.91x −52.56x

TTM YoY · 2021Q1 -> 2022Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -57.0bn in 2025, against investing cash flow of -2.8bn.

Post-investment cash flow was negative +59.8bn. Financing cash flow was negative +12.1bn.

CFO / net income was -30.91x.

After spending +4.4bn on fixed-asset investment, the business generated trailing free cash flow of −33.9bn.

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

Cash Conversion

CFO TTM 29.5bn −67.1bn

Cash Capex 4.4bn +2.7bn

FCF TTM −33.9bn −69.9bn

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 leverage and liquidity remaining the main constraint, with interest coverage at -0.44x. The next watchpoint is the earnings mix, when non-core contribution is 480.1%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 480.1% of PBT and CFO / net income currently at -30.91x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.44x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	418.0	373.3	309.6	205.5	180.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	418.0	373.3	309.6	205.5	180.9
Cost of Goods Sold	396.0	350.6	280.6	187.7	0.0
Gross Profit	22.0	22.7	29.1	17.7	9.6
Financial Income	0.7	1.7	0.9	0.6	0.4
Financial Expenses	9.3	9.6	9.0	7.5	-6.6
Interest Expense	8.6	8.6	7.0	6.4	-6.6
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	12.7	14.8	23.7	10.7	-5.3
Operating Profit	0.7	-0.0	-2.8	0.1	-1.9
Other Income	1.7	2.3	3.9	0.4	0.0
Other Expenses	0.1	0.8	0.6	0.2	0.0
Other Profit	1.6	1.5	3.3	0.3	3.0
Profit Before Tax	2.2	1.5	0.5	0.4	1.0
Current Income Tax Expense	0.3	1.4	0.4	0.1	-0.0
Deferred Income Tax Expense	0.2	-0.8	0.0	0.2	0.0
Net Income	1.8	0.8	0.2	0.0	1.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.8	0.8	0.2	0.0	1.0
Earnings per Share	332.00	152.00	34.00	7.00	116.00
Diluted EPS	332.00	152.00	33.58	7.40	194.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	466.6	524.5	426.9	249.0	305.7
I. Cash and cash equivalents	112.3	184.3	91.8	6.1	44.6
1. Cash	112.3	179.3	91.8	6.1	0.0
2. Cash equivalents	—	5.0	0.0	0.0	0.0
II. Short-term financial investments	12.9	12.9	33.9	13.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	12.9	12.9	33.9	13.0	0.0
III. Short-term receivables	237.5	213.3	144.6	111.2	118.0
1. Short-term trade accounts receivable	107.0	90.8	96.0	97.5	0.0
2. Short-term prepayments to suppliers	44.9	31.4	28.0	10.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	110.9	115.6	41.5	9.3	0.0
7. Provision for short-term doubtful debts (*)	-25.3	-24.5	-21.0	-5.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	102.2	112.8	154.0	118.4	133.3
1. Inventories	102.2	112.8	154.0	118.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.6	1.1	2.6	0.3	0.2
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.6	1.1	2.6	0.3	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)	37.5	40.5	38.0	23.9	17.5
I. Long-term receivables	0.4	0.4	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.4	0.4	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	25.2	25.3	25.7	12.0	15.3
1. Tangible fixed assets	20.3	19.5	18.3	12.0	15.3
- Cost	117.4	114.7	129.0	120.6	0.0
- Accumulated depreciation	-97.1	-95.1	-110.7	-108.6	0.0
2. Financial leased fixed assets	4.9	5.8	7.4	0.0	0.0
- Cost	6.9	6.9	7.7	0.0	0.0
- Accumulated depreciation	-1.9	-1.1	-0.3	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	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	11.9	14.8	12.2	11.9	0.0
1. Long-term prepayments	11.4	14.0	12.2	11.9	0.0
2. Deferred income tax assets	0.6	0.8	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	2.2
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)	504.1	564.9	464.8	272.9	323.2
A. LIABILITIES (300=210+330)	439.7	502.3	403.0	211.3	261.6
I. Short -term liabilities	434.3	492.9	392.6	209.0	259.4
1. Short-term trade accounts payable	64.9	66.1	51.3	64.1	63.5
2. Short-term advances from customers	260.5	304.8	221.8	42.6	83.0
3. Taxes and other payables to state authorities	0.3	0.3	0.3	0.3	0.0
4. Payable to employees	6.7	6.2	6.1	0.8	0.0
5. Short-term acrrued expenses	7.8	11.8	12.3	13.5	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	4.2	5.3	10.4	20.1	0.0
10. Short-term borrowings and financial leases	89.1	97.2	89.4	66.4	84.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	1.0	1.1	1.1	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	5.4	9.4	10.4	2.2	2.2
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	4.6	8.6	9.6	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.8	0.8	0.8	2.2	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)	64.4	62.6	61.8	61.7	61.6
I. Owner's equity	64.4	62.6	61.8	61.7	0.0
1. Owner's capital	53.1	53.1	53.1	53.1	61.6
- Common stock with voting right	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00
- 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	1.7	1.7	1.7	1.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	9.6	7.9	7.0	6.9	6.8
- Accumulated retained earning at the end of the previous period	7.9	7.0	6.9	6.8	5.8
- Undistributed earnings in this period	1.8	0.8	0.2	0.0	1.0
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)	504.1	564.9	464.8	272.9	323.2

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	-0.3	-1.3	-0.2	-0.0	0.0
Other Operating Receipts	34.5	29.7	14.7	3.1	0.0
Other Operating Payments	-34.6	-109.0	-58.9	-2.3	0.0
Net Cash Flow from Operating Activities	-57.0	65.7	90.8	-17.5	42.6
Payments for Fixed Assets and Other Long-term Assets	-4.8	-4.3	-9.5	0.0	2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	2.0	0.1	0.0	-3.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	3.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	1.3	0.9	0.5	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	-2.8	20.0	-29.3	-2.8	2.8
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	140.7	133.1	98.6	114.0	104.6
Repayment of Borrowings	-151.4	-124.2	-72.6	-132.3	-115.9
Repayment of Finance Leases	-1.4	-2.1	-1.8	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	-12.1	6.8	24.3	-18.3	-11.3
Net Cash Flow During the Period	-72.0	92.5	85.7	-38.6	44.5
Cash and Cash Equivalents at Beginning of Period	184.3	91.8	6.1	44.6	10.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	112.3	184.3	91.8	6.1	44.6

Item	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	14.2	70.9	30.4	60.3	19.3	58.9	44.5	62.7	28.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	14.2	70.9	30.4	60.3	19.3	58.9	44.5	62.7	28.0
Cost of Goods Sold	11.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	2.4	3.0	1.8	2.8	1.9	4.1	4.7	5.3	2.8
Financial Income	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
Financial Expenses	1.3	-2.6	-0.7	-2.1	-1.1	-2.8	-2.7	-3.0	-1.5
Interest Expense	1.3	-2.6	-0.7	-2.1	-1.1	-2.8	-2.7	-3.0	-1.5
Share of Associates and Joint Ventures	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	0.0	0.0	0.0
General and Administrative Expenses	1.0	-1.4	-1.2	-1.8	-0.9	-1.2	-1.9	-2.0	-1.1
Operating Profit	0.2	-1.0	-0.0	-1.0	0.1	0.3	0.3	0.4	0.2
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	1.3	0.2	1.4	0.2	0.5	-0.0	0.1	-0.2
Profit Before Tax	0.1	0.3	0.1	0.4	0.2	0.8	0.2	0.5	0.0
Current Income Tax Expense	0.0	-0.0	-0.0	-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	0.0	0.0
Net Income	0.1	0.3	0.1	0.4	0.2	0.8	0.2	0.5	0.0
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.3	0.1	0.4	0.2	0.8	0.2	0.5	0.0
Earnings per Share	25.56	54.98	23.62	116.00	40.25	149.78	44.08	93.04	7.82
Diluted EPS	25.56	54.98	23.62	75.62	40.25	149.78	44.08	93.04	7.82

Item	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	304.9	305.7	276.5	285.5	326.1	332.3	326.7	311.4	313.5
I. Cash and cash equivalents	15.2	44.6	0.2	0.1	0.2	10.6	12.5	2.6	0.5
1. Cash	15.2	0.0	0.0	0.0	0.0	0.0	0.0	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
II. Short-term financial investments	12.1	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
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
3. Held to maturity investments	12.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	117.1	118.0	106.4	105.5	115.0	124.8	120.9	121.6	120.4
1. Short-term trade accounts receivable	97.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	5.0	0.0	0.0	0.0	0.0	0.0	0.0	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
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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	15.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	157.6	133.3	158.2	167.3	195.8	182.2	184.4	178.6	186.9
1. Inventories	157.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	2.8	0.2	2.2	3.0	6.2	4.7	5.4	5.1	5.8
1. Short-term prepayments	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	2.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
5. Other short-term assets	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)	23.5	17.5	18.1	19.3	20.0	20.9	22.3	23.9	26.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	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	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
5. Long-term loan receivables	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
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	14.7	15.3	16.1	17.0	18.2	18.8	19.8	20.8	22.0
1. Tangible fixed assets	14.7	15.3	16.1	17.0	18.2	18.8	19.8	20.8	22.0
- Cost	120.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-105.9	0.0	0.0	0.0	0.0	0.0	0.0	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
- Cost	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
3. Intangible fixed assets	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
- Accumulated depreciation	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	0.0
- Cost	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
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	8.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.2	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
4. Other long-term assets	0.0	2.2	1.9	2.3	1.8	2.0	2.5	3.2	3.9
5. Goodwill	0.0	0.0	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	0.0	0.0
TOTAL ASSETS (280=100+200)	328.4	323.2	294.6	304.8	346.1	353.1	349.0	335.3	339.5
A. LIABILITIES (300=210+330)	266.7	261.6	233.3	243.6	285.3	292.6	289.2	275.8	280.4
I. Short -term liabilities	264.4	259.4	229.8	240.2	281.9	289.6	285.7	272.3	277.0
1. Short-term trade accounts payable	66.7	63.5	53.1	52.6	53.8	54.5	50.0	45.3	52.0
2. Short-term advances from customers	95.5	83.0	53.5	65.5	97.2	108.7	96.6	81.3	77.5
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	4.2	0.0	0.0	0.0	0.0	0.0	0.0	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
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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	16.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	79.6	84.7	88.6	90.1	102.3	96.0	114.9	126.1	130.9
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.1	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
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	2.2	2.2	3.4	3.4	3.5	3.0	3.5	3.5	3.5
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	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
9. Convertible bonds	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
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	2.2	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
14. Provision for severance allowances	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)	61.7	61.6	61.3	61.2	60.8	60.6	59.8	59.5	59.1
I. Owner's equity	61.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	53.1	61.6	61.3	61.2	60.8	60.6	59.8	59.5	59.1
- Common stock with voting right	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00	53,129,200,000.00
- Preferred stock	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
3. Convertible bond option	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
5. Treasury shares	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
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	1.7	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
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
11. Undistributed earnings after tax	7.0	6.8	6.5	6.4	6.0	5.8	5.0	4.8	4.3
- Accumulated retained earning at the end of the previous period	6.8	5.8	5.8	5.8	5.8	4.2	4.2	4.2	4.2
- Undistributed earnings in this period	0.1	1.0	0.7	0.6	0.2	1.6	0.8	0.5	0.0
12. Reserves for investment in construction	0.0	0.0	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	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	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)	328.4	323.2	294.6	304.8	346.1	353.1	349.0	335.3	339.5

Item	Q4'25	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	—	0.0	0.0	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	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	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	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	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	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
Interest Income and Dividends	—	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
Other Adjustments	—	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	—	0.0	0.0	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	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	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	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
Changes in Trading Securities	—	0.0	0.0	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	0.0	0.0
Corporate Income Tax Paid	-0.3	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
Other Operating Payments	-34.6	-1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-57.0	-21.9	48.2	1.2	11.0	-17.8	23.4	21.0	10.3	-23.9
Payments for Fixed Assets and Other Long-term Assets	-4.8	0.0	2.0	-1.7	1.7	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.0	-4.9	1.9	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	6.3	0.0	-0.7	-2.3	3.5	0.0	-3.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	-3.3	0.0	0.0	3.3	-9.9	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.1	0.0	0.0	0.0	0.0	0.0	0.0	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
Acquisition of Non-controlling Interests	—	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
Other Investing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2.8	-2.4	0.2	0.4	1.1	1.1	-6.3	0.1	-3.5	0.0
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
Share Repurchases	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	140.7	28.1	32.9	23.5	23.9	24.3	26.2	34.0	45.0	21.8
Repayment of Borrowings	-151.4	-33.2	-36.8	-24.9	-36.1	-18.1	-45.1	-45.2	-49.8	-15.4
Repayment of Finance Leases	-1.4	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
Other Financing Receipts	—	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
Net Cash Flow from Financing Activities	-12.1	-5.1	-3.9	-1.5	-12.2	6.3	-18.9	-11.2	-4.8	6.4
Net Cash Flow During the Period	-72.0	-29.4	44.5	0.1	-0.1	-10.4	-1.9	9.9	2.1	-17.5
Cash and Cash Equivalents at Beginning of Period	184.3	44.6	0.2	0.1	0.2	10.6	12.5	2.6	0.5	18.0
FX Difference from Revaluation	—	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	112.3	15.2	44.6	0.2	0.1	0.2	10.6	12.5	2.6	0.5

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C92

What Is Changing

Drivers of C92's profit

Financial Highlights

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What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ▼

Balance Sheet ▼▼

Working Capital Efficiency ●

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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