CAV

Listed Company

Price

—

Latest close

P/E —

EPS (TTM) 7,436

ROE (TTM) 25.0%

P/B —

BVPS (Latest) 26,431

ROA (TTM) 9.5%

What Is Changing

CAV has not yet shown a broad-based top-line recovery. Revenue posted -11.5% YoY, but net margin reached 3.20% with an additional -0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Revenue decreased 11.5% YoY to VND 10,479.1bn in 2021.
Quarterly Net Income increased 12.6% YoY to VND 79.1bn in 2024Q1.

Metric	2021	2020
Revenue	10,479.1	11,838.5
Growth	-11%	—
Net Income	335.8	393.5
Net Margin	3.20%	3.32%

Metric	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	2,463.1	3,186.6	2,388.0	2,503.6	2,005.7	2,785.7	2,623.4	3,182.2	2,742.6	3,119.1	1,804.7	3,067.4
Growth	-23%	+33%	-5%	+25%	-28%	+6%	-18%	+16%	-12%	+73%	-41%	—
Net Income	79.1	108.3	121.0	120.0	70.2	120.0	34.6	134.8	94.8	132.4	37.7	109.6
Net Margin	3.21%	3.40%	5.07%	4.79%	3.50%	4.31%	1.32%	4.24%	3.46%	4.24%	2.09%	3.57%

Financial Statements

Profitability

Net margin reached 3.20% while Revenue posted -11.5% YoY.

Balance Sheet

Inventory stood at 4,006.0bn, liabilities at 4,849.5bn, and equity at 1,799.0bn.

Cash Flow

Operating cash flow was -603.6bn in 2021, while investing cash flow was -80.0bn.

Financing cash flow: 654.5bn.

Item	2021	2020
Revenue	10,602.4	11,950.1
Revenue Deductions	0.0	0.0
Net Revenue	10,479.1	11,838.5
Cost of Goods Sold	0.0	0.0
Gross Profit	971.9	1,034.7
Financial Income	33.0	57.4
Financial Expenses	-226.7	-216.2
Interest Expense	-104.2	-108.6
Share of Associates and Joint Ventures	0.0	0.0
Selling Expenses	-226.3	-252.3
General and Administrative Expenses	-144.0	-136.9
Operating Profit	407.9	486.7
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	14.7	14.3
Profit Before Tax	422.6	501.0
Current Income Tax Expense	-86.8	-107.5
Deferred Income Tax Expense	0.0	0.0
Net Income	335.8	393.5
Non-controlling Interest	0.0	0.0
Profit Attributable to Parent	335.8	393.5
Earnings per Share	5,829.59	6,831.53
Diluted EPS	5,829.59	6,831.53

Item	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,156.6	4,185.1
I. Cash and cash equivalents	65.6	94.7
1. Cash	0.0	0.0
2. Cash equivalents	0.0	0.0
II. Short-term financial investments	0.0	0.0
1. Available for sale securities	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0
3. Held to maturity investments	0.0	0.0
III. Short-term receivables	888.1	2,363.3
1. Short-term trade accounts receivable	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0
5. Short-term loan receivables	0.0	0.0
6. Other short-term receivables	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0
8. Assets awaiting resolution	0.0	0.0
IV. Inventories	4,006.0	1,653.3
1. Inventories	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0
V. Other short-term assets	196.8	73.9
1. Short-term prepayments	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0
4. Government bonds	0.0	0.0
5. Other short-term assets	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,492.0	1,543.3
I. Long-term receivables	0.0	0.0
1. Long-term trade receivables	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0
3. Capital at inter-company	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0
5. Long-term loan receivables	0.0	0.0
6. Other long-term receivables	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0
II. Fixed assets	935.4	1,013.9
1. Tangible fixed assets	875.0	944.3
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
2. Financial leased fixed assets	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
3. Intangible fixed assets	60.4	69.6
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
III. Investment properties	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
IV. Long-term assets in progress	262.5	226.3
1. Long-term production in progress	0.0	0.0
2. Construction in progress	0.0	0.0
V. Long-term financial investments	4.3	4.3
1. Investments in subsidiaries	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0
3. Investments in other entities	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0
5. Held to maturity investments	0.0	0.0
6. Other long-term investments	0.0	0.0
VI. Other long-term assets	0.0	0.0
1. Long-term prepayments	0.0	0.0
2. Deferred income tax assets	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0
4. Other long-term assets	289.8	298.8
5. Goodwill	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0
TOTAL ASSETS (280=100+200)	6,648.6	5,728.4
A. LIABILITIES (300=210+330)	4,849.5	3,969.8
I. Short -term liabilities	4,451.8	3,497.4
1. Short-term trade accounts payable	1,459.7	1,700.0
2. Short-term advances from customers	265.2	239.6
3. Taxes and other payables to state authorities	0.0	0.0
4. Payable to employees	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0
6. Short-term inter-company payables	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0
8. Short-term unearned revenue	0.0	3.2
9. Other short-term payables	0.0	0.0
10. Short-term borrowings and financial leases	2,356.4	1,336.0
11. Provision for short-term liabilities	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0
13. Price stabilization fund	0.0	0.0
14. Government bonds	0.0	0.0
II. Long-term liabilities	397.8	472.5
1. Long-term trade payables	0.0	0.0
2. Long-term advances from customers	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0
5. Long-term inter-company payables	0.0	0.0
6. Long-term unearned revenue	0.0	0.0
7. Other long-term liabilities	0.0	0.0
8. Long-term borrowings and financial leases	321.0	399.4
9. Convertible bonds	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0
13. Fund for technology development	0.0	0.0
14. Provision for severance allowances	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,799.0	1,758.6
I. Owner's equity	0.0	0.0
1. Owner's capital	1,799.0	1,758.6
- Common stock with voting right	576.0	576.0
- Preferred stock	0.0	0.0
2. Share premium	330.9	330.9
3. Convertible bond option	0.0	0.0
4. Other capital of owners	0.0	0.0
5. Treasury shares	0.0	0.0
6. Assets revaluation differences	0.0	0.0
7. Foreign exchange differences	0.0	0.0
8. Investment and development fund	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0
10. Other funds from owner's equity	0.0	0.0
11. Undistributed earnings after tax	790.2	749.8
- Accumulated retained earning at the end of the previous period	511.9	413.8
- Undistributed earnings in this period	278.3	336.0
12. Reserves for investment in construction	0.0	0.0
13. Minority's interest	0.0	0.0
14. Financial reserves	0.0	0.0
II. Other resources and funds	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,648.6	5,728.4

Item	2021	2020
Profit Before Tax	422.6	501.0
Depreciation of Fixed Assets and Investment Property	157.3	154.1
Provision (Increase)/Reversal	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0
Interest Expense	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0
Interest Income and Dividends	0.0	0.0
Amortization of Goodwill	0.0	0.0
Other Adjustments	0.0	0.0
Operating Profit Before Changes in Working Capital	706.1	727.8
Increase/(Decrease) in Receivables	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0
Changes in Trading Securities	0.0	0.0
Interest Paid	0.0	0.0
Corporate Income Tax Paid	0.0	0.0
Other Operating Receipts	0.0	0.0
Other Operating Payments	0.0	0.0
Net Cash Flow from Operating Activities	-603.6	228.9
Payments for Fixed Assets and Other Long-term Assets	-115.3	-225.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.3	0.0
Loans and Purchases of Debt Instruments	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0
Investments in Other Entities	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0
Dividends and Interest Income Received	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0
Other Investing Receipts	0.0	0.0
Other Investing Payments	0.0	0.0
Net Cash Flow from Investing Activities	-80.0	-196.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0
Share Repurchases	0.0	0.0
Proceeds from Borrowings	5,387.4	10,159.1
Repayment of Borrowings	-4,445.3	-10,028.3
Repayment of Finance Leases	0.0	0.0
Dividends Paid	-287.6	-201.3
Other Financing Receipts	0.0	0.0
Other Financing Payments	0.0	0.0
Net Cash Flow from Financing Activities	654.5	-70.5
Net Cash Flow During the Period	18.0	-36.6
Cash and Cash Equivalents at Beginning of Period	94.7	132.3
FX Difference from Revaluation	-0.0	0.0
Cash and Cash Equivalents at End of Period	65.6	94.7

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	2,485.8	3,240.4	2,416.1	2,533.9	2,027.9	2,819.8	2,658.6	3,221.4	2,774.2	3,158.5	1,822.4	3,105.8
Revenue Deductions	22.6	53.9	28.1	30.3	22.2	34.1	35.2	39.1	31.7	0.0	0.0	0.0
Net Revenue	2,463.1	3,186.6	2,388.0	2,503.6	2,005.7	2,785.7	2,623.4	3,182.2	2,742.6	3,119.1	1,804.7	3,067.4
Cost of Goods Sold	2,239.8	2,887.1	2,093.6	2,210.8	1,788.6	2,461.2	2,391.4	2,833.0	2,484.7	0.0	0.0	0.0
Gross Profit	223.4	299.5	294.4	292.9	217.1	324.5	232.0	349.2	257.9	332.1	150.8	310.9
Financial Income	1.4	4.0	1.4	2.6	0.2	4.5	0.7	2.3	4.0	0.1	10.3	9.7
Financial Expenses	50.6	61.2	58.2	65.4	64.4	113.1	105.5	75.5	60.6	-69.7	-47.7	-64.2
Interest Expense	15.6	18.9	23.4	30.3	38.7	34.9	31.4	25.7	25.4	-28.7	-28.6	-27.4
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	52.7	54.5	54.7	54.6	49.9	51.4	53.2	76.5	56.2	-63.6	-43.8	-68.8
General and Administrative Expenses	26.1	46.3	35.5	32.3	22.3	39.9	23.5	33.5	30.8	-39.2	-23.5	-54.2
Operating Profit	95.4	141.5	147.4	143.1	80.6	124.6	50.5	166.0	114.2	159.7	46.1	133.4
Other Income	3.7	-3.0	7.0	7.6	7.9	15.7	4.2	2.7	4.7	0.0	0.0	0.0
Other Expenses	0.0	1.5	1.8	0.0	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	3.7	-4.5	5.2	7.6	7.9	15.3	4.2	2.7	4.7	6.2	3.2	3.7
Profit Before Tax	99.0	137.0	152.6	150.7	88.5	140.0	54.7	168.7	119.0	165.9	49.3	137.1
Current Income Tax Expense	21.5	22.2	35.3	34.2	23.2	1.0	31.5	32.6	26.1	-33.6	-11.6	-27.5
Deferred Income Tax Expense	-1.5	6.5	-3.6	-3.4	-4.9	18.9	-11.4	1.3	-2.0	0.0	0.0	0.0
Net Income	79.1	108.3	121.0	120.0	70.2	120.0	34.6	134.8	94.8	132.4	37.7	109.6
Non-controlling 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
Profit Attributable to Parent	79.1	108.3	121.0	120.0	70.2	120.0	34.6	134.8	94.8	132.4	37.7	109.6
Earnings per Share	1,372.70	1,880.13	2,100.10	2,083.11	1,219.00	2,083.59	600.11	2,341.11	1,646.12	2,298.19	655.29	1,902.22
Diluted EPS	1,372.70	1,880.13	2,100.10	2,083.11	1,219.00	2,083.59	600.11	2,341.11	1,646.12	2,298.19	655.29	1,902.22

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3,225.5	2,515.9	2,755.4	2,599.0	3,175.7	3,307.1	3,799.0	4,725.4	4,587.6	5,156.6	5,632.7	4,727.5
I. Cash and cash equivalents	307.9	111.6	88.2	88.7	142.8	67.5	70.2	69.2	117.0	65.6	47.6	57.5
1. Cash	0.2	111.6	88.2	88.7	142.8	67.5	70.2	69.2	117.0	0.0	0.0	0.0
2. Cash equivalents	307.7	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	816.2	452.4	713.2	702.1	809.0	778.7	812.6	956.7	994.4	888.1	989.4	1,285.2
1. Short-term trade accounts receivable	807.2	441.4	684.6	670.2	771.7	757.5	780.2	919.3	959.1	0.0	0.0	0.0
2. Short-term prepayments to suppliers	8.5	8.4	25.7	29.1	34.0	18.2	29.5	23.6	21.4	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	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	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 short-term receivables	1.6	3.7	3.0	2.9	3.3	3.0	2.9	13.8	13.9	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	0.0	0.0	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	0.0	0.0	0.0
IV. Inventories	2,082.1	1,929.5	1,939.2	1,797.7	2,204.5	2,430.8	2,860.1	3,573.6	3,335.8	4,006.0	4,334.8	3,215.5
1. Inventories	2,098.3	1,957.4	1,951.4	1,817.6	2,227.1	2,447.4	2,869.0	3,589.7	3,345.7	0.0	0.0	0.0
2. Provision for decline in value of inventories	-16.3	-27.9	-12.3	-20.0	-22.5	-16.5	-8.9	-16.1	-9.9	0.0	0.0	0.0
V. Other short-term assets	19.3	22.4	14.8	10.5	19.4	30.1	56.2	125.9	140.5	196.8	260.9	169.2
1. Short-term prepayments	16.4	8.7	9.6	10.5	12.5	6.6	28.7	5.5	9.3	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	7.9	5.2	0.0	6.9	19.3	26.1	119.0	131.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.9	5.9	0.0	0.0	0.0	4.2	1.5	1.3	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	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)	1,223.8	1,366.3	1,394.1	1,401.0	1,424.8	1,402.8	1,443.7	1,451.1	1,483.0	1,492.0	1,502.3	1,502.1
I. Long-term receivables	7.2	7.2	7.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	7.2	7.2	7.2	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	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	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	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	694.6	715.3	747.0	776.7	811.9	846.7	859.3	885.0	902.3	935.4	951.6	989.8
1. Tangible fixed assets	680.1	698.8	728.5	756.3	789.6	822.4	833.1	856.7	844.1	875.0	888.9	924.8
- Cost	1,853.0	1,840.7	1,838.4	1,831.2	1,830.9	1,828.9	1,860.2	1,851.0	1,801.1	0.0	0.0	0.0
- Accumulated depreciation	-1,172.9	-1,141.8	-1,109.8	-1,074.9	-1,041.4	-1,006.5	-1,027.1	-994.2	-957.0	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	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	14.5	16.4	18.4	20.4	22.3	24.3	26.3	28.2	58.1	60.4	62.7	65.1
- 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	115.7	117.4	119.1	120.8	122.4	124.1	34.5	27.7	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
IV. Long-term assets in progress	253.6	250.7	235.1	217.2	200.7	146.4	243.9	251.2	287.9	262.5	252.5	206.1
1. Long-term production in progress	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. Construction in progress	253.6	250.7	235.1	217.2	200.7	146.4	243.9	251.2	287.9	0.0	0.0	0.0
V. Long-term financial investments	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
1. Investments in subsidiaries	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. 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	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	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	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	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	148.5	271.5	281.5	282.1	285.5	281.4	301.7	282.9	288.6	0.0	0.0	0.0
1. Long-term prepayments	135.7	261.2	264.7	268.9	275.7	276.5	277.8	270.5	274.9	0.0	0.0	0.0
2. Deferred income tax assets	12.8	10.3	16.8	13.2	9.8	4.9	23.8	12.4	13.7	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	289.8	294.0	301.9
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)	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 ASSETS (280=100+200)	4,449.2	3,882.2	4,149.5	4,000.0	4,600.5	4,709.9	5,242.7	6,176.5	6,070.6	6,648.6	7,135.0	6,229.5
A. LIABILITIES (300=210+330)	2,926.8	2,439.8	2,470.5	2,097.0	2,698.6	2,878.3	3,416.1	4,384.4	4,176.8	4,849.5	5,410.8	4,543.1
I. Short -term liabilities	2,721.4	2,203.6	2,201.7	1,807.2	2,436.0	2,586.2	3,079.0	4,026.8	3,774.0	4,451.8	4,975.4	4,086.6
1. Short-term trade accounts payable	273.2	185.5	141.7	199.5	259.4	408.1	300.7	1,059.0	854.9	1,459.7	1,452.0	762.1
2. Short-term advances from customers	236.4	178.6	176.6	184.5	201.0	187.9	283.7	227.3	350.9	265.2	193.9	296.5
3. Taxes and other payables to state authorities	41.4	28.9	170.1	135.4	32.0	47.0	65.4	33.2	27.4	0.0	0.0	0.0
4. Payable to employees	23.7	60.4	44.6	30.7	16.3	38.1	33.4	36.4	23.5	0.0	0.0	0.0
5. Short-term acrrued expenses	22.1	13.5	45.0	34.0	27.9	16.9	41.3	27.1	22.0	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	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	1.3	0.2	0.0	0.0	0.0	0.0
9. Other short-term payables	81.7	148.8	95.9	111.9	108.9	172.8	233.1	122.0	206.8	0.0	0.0	0.0
10. Short-term borrowings and financial leases	1,942.5	1,503.1	1,429.4	1,017.5	1,688.3	1,625.0	2,023.4	2,430.0	2,209.3	2,356.4	2,952.7	2,708.4
11. Provision for short-term liabilities	87.7	70.5	80.7	75.9	87.7	72.2	73.8	68.7	62.6	0.0	0.0	0.0
12.. Bonus and welfare fund	12.7	14.3	17.7	17.8	14.5	18.2	22.8	22.9	16.7	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	205.4	236.2	268.8	289.8	262.6	292.1	337.1	357.6	402.8	397.8	435.5	456.6
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	4.9	3.7	4.2	4.2	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	155.7	172.1	203.9	220.5	194.9	221.1	260.1	277.2	317.2	321.0	356.5	370.5
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)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax 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. Provision for long-term liabilities	44.8	60.4	60.8	65.1	63.5	71.0	77.0	80.5	85.6	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)	1,522.5	1,442.4	1,679.0	1,903.0	1,901.8	1,831.6	1,826.6	1,792.0	1,893.9	1,799.0	1,724.2	1,686.4
I. Owner's equity	1,522.5	1,442.4	1,679.0	1,903.0	1,901.8	1,831.6	1,826.6	1,792.0	1,893.9	0.0	0.0	0.0
1. Owner's capital	576.0	576.0	576.0	576.0	576.0	576.0	576.0	576.0	576.0	1,799.0	1,724.2	1,686.4
- Common stock with voting right	576.0	576.0	576.0	576.0	576.0	576.0	576.0	576.0	576.0	576.0	576.0	576.0
- Preferred stock	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. Share premium	330.9	330.9	330.9	330.9	330.9	330.9	330.9	330.9	330.9	330.9	330.9	330.9
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	-6.2	-6.2	-6.2	-6.2	-6.2	-6.2	-6.2	-6.2	-6.2	0.0	0.0	0.0
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	108.1	108.1	108.1	108.1	108.1	108.1	108.1	108.1	108.1	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	513.6	433.6	670.2	894.2	893.0	822.8	817.8	783.2	885.1	790.2	715.4	677.6
- Accumulated retained earning at the end of the previous period	434.6	360.0	359.1	704.0	822.8	553.6	553.6	553.6	790.2	511.9	511.9	511.9
- Undistributed earnings in this period	79.1	73.6	311.2	190.2	70.2	269.3	264.2	229.7	94.8	278.3	203.4	165.7
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	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. 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)	4,449.2	3,882.2	4,149.5	4,000.0	4,600.5	4,709.9	5,242.7	6,176.5	6,070.6	6,648.6	7,135.0	6,229.5

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Profit Before Tax	99.0	137.0	152.6	150.7	88.5	140.0	54.7	168.7	119.0	165.9	49.3	137.1
Depreciation of Fixed Assets and Investment Property	37.5	38.0	38.6	38.7	38.5	42.1	40.1	39.7	38.9	39.6	40.2	39.6
Provision (Increase)/Reversal	-10.0	6.2	-7.3	-12.8	14.1	0.0	-5.5	7.1	8.4	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.4	-0.1	-0.9	0.7	0.6	-5.0	1.6	3.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.3	-0.0	-0.4	-0.0	-11.9	-0.2	-0.4	-0.2	0.0	0.0	0.0
Interest Expense	15.6	18.9	23.4	30.3	38.7	34.9	31.4	25.7	25.4	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	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	141.9	200.3	207.3	205.6	180.4	205.7	115.3	242.5	194.5	250.1	101.1	225.7
Increase/(Decrease) in Receivables	-353.4	138.5	82.3	119.5	-17.9	53.6	236.9	48.7	-50.4	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-140.9	-6.0	-133.8	371.6	220.3	421.6	720.7	-244.0	669.9	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	67.1	246.6	-295.4	113.1	-254.7	-63.2	-575.6	-180.6	-347.8	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	117.9	4.2	5.3	8.1	-4.4	23.5	-30.4	8.1	3.6	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	0.0	0.0	0.0
Interest Paid	-16.1	-18.8	-26.3	-32.2	-35.9	-34.0	-31.9	-25.4	-26.6	0.0	0.0	0.0
Corporate Income Tax Paid	-23.2	-74.0	-19.7	-0.0	-23.6	-47.1	0.0	-26.1	-20.6	0.0	0.0	0.0
Other Operating Receipts	0.1	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	-0.7	-3.4	-0.1	-0.6	-3.6	-4.0	-0.1	1.1	-7.3	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-207.4	487.5	-180.4	785.0	60.6	556.2	434.9	-175.8	415.4	727.8	-148.9	-46.9
Payments for Fixed Assets and Other Long-term Assets	-19.4	-24.5	-9.2	-79.6	-22.1	-31.4	-10.7	-10.7	-25.6	-25.5	-36.4	-33.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.2	0.0	0.1	0.0	24.8	0.3	0.2	0.0	0.6	0.0	3.7
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.2	0.3	0.0	0.0	0.3	0.0	0.2	0.2	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	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	-19.0	-24.2	-8.9	-79.5	-22.1	-6.3	-10.4	-10.3	-25.4	-20.4	-34.1	-24.6
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,207.5	654.5	1,192.5	642.4	937.2	946.3	1,367.0	1,430.5	1,554.0	1,131.0	1,376.6	246.4
Repayment of Borrowings	-784.6	-750.3	-659.4	-1,287.6	-900.1	-1,383.7	-1,790.7	-1,062.4	-1,892.3	-1,762.8	-1,146.3	-229.1
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	-0.1	-344.1	-344.2	-114.9	-0.2	-114.8	-0.1	-229.7	-0.3	-57.7	-57.2	-0.1
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	422.8	-439.9	188.9	-760.0	36.9	-552.2	-423.8	138.4	-338.6	-689.4	173.1	17.3
Net Cash Flow During the Period	196.3	23.4	-0.4	-54.5	75.5	-2.3	0.7	-47.7	51.4	18.0	-9.9	-54.2
Cash and Cash Equivalents at Beginning of Period	111.6	67.5	67.5	67.5	67.5	65.6	65.6	65.6	65.6	47.6	57.5	111.5
FX Difference from Revaluation	-0.0	-0.0	-0.1	0.5	-0.2	-0.4	0.2	-0.1	-0.0	0.0	-0.0	0.3
Cash and Cash Equivalents at End of Period	307.9	111.6	88.2	88.7	142.8	67.5	70.2	69.2	117.0	65.6	47.6	57.5

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