CDG

Cầu Đuống ·UPCOM ·2021Q3

▲▲ Improving positively

Price

—

Latest close

P/E —

P/B —

EPS 1,620

BVPS 13,157

ROE 9.4%

ROA 7.4%

Profit Margin 19.7%

Asset Turnover 0.38x

Equity Mult. 1.27x

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

What Is Changing

On a Năm 2025 basis, CDG has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 28bn
	                                
+17.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
+689.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    33.3%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	27.8	23.7	25.5	30.8	18.8
Growth	+17%	-7%	-17%	+64%	—
Net Income	10.1	1.3	2.1	4.3	3.3
Net Margin	36.22%	5.38%	8.06%	13.94%	17.39%

Metric	Q3'21	Q2'21	Q1'21	Q3'20	Q2'20	Q1'20
Revenue	4.3	10.3	4.2	3.3	14.4	6.5
Growth	-59%	+146%	+26%	-77%	+122%	—
Net Income	0.4	2.1	0.8	1.1	2.0	0.7
Net Margin	9.53%	19.84%	19.35%	32.89%	14.24%	10.43%

Drivers of CDG's profit

TTM

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

Gross profit ↓ 3.5bn

Administrative expenses ↑ 1.5bn

Tax ↑ 0.4bn

Financial income ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

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

Profitability trend

Net Margin 19.72% +30.8pp

Gross Margin 45.43% —

SG&A / Revenue -31.00% —

Non-core / Revenue 9.73% —

TTM YoY · 2020Q2 -> 2021Q3

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (43.7% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 8.31%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 8.31% —

NOPAT Margin 17.66% —

Capital Turnover 0.47x —

Average Invested Capital 47.1bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.14x equity, net debt at 0.00x equity.

Over the last 12 months, working capital released 10.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +3.5bn

Inventories decreased → higher CFO: +7.4bn

Payables decreased → lower CFO: −0.0bn

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 Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.00x and interest coverage at 20.87x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 87.3% of debt, and total debt stands at 1.4bn.

Watchpoints

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 0.00x −0.02x

Interest Coverage 20.87x —

Cash / Debt 87.3% +44.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 4.50x —

TTM YoY · 2020Q2 -> 2021Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 17.2bn in 2025, against investing cash flow of -16.6bn.

Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +3.4bn.

CFO / net income was 4.50x.

After spending +12.0bn on fixed-asset investment, the business generated trailing free cash flow of +7.7bn.

Cash Conversion

CFO TTM 19.7bn —

Cash Capex 12.0bn —

FCF TTM +7.7bn —

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 33.3%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.50x. Even so, net financial result still accounts for 33.3% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	27.8	23.7	25.5	30.8	18.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	27.8	23.7	25.5	30.8	18.8
Cost of Goods Sold	19.1	14.8	16.8	21.8	0.0
Gross Profit	8.7	8.9	8.6	9.0	9.0
Financial Income	0.5	0.1	0.5	1.3	1.4
Financial Expenses	0.1	0.1	0.2	0.1	-0.2
Interest Expense	0.0	0.1	0.2	0.1	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.1	0.5	0.4	0.6	-0.3
General and Administrative Expenses	3.0	8.0	6.0	7.4	-6.5
Operating Profit	5.1	0.3	2.5	2.2	3.4
Other Income	7.7	1.9	0.1	3.2	0.0
Other Expenses	0.2	0.6	0.0	0.0	0.0
Other Profit	7.5	1.3	0.1	3.2	0.5
Profit Before Tax	12.6	1.6	2.6	5.4	3.9
Current Income Tax Expense	2.5	0.3	0.5	1.1	-0.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	10.1	1.3	2.1	4.3	3.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	10.1	1.3	2.1	4.3	3.3
Earnings per Share	2,904.00	368.00	592.00	1,239.00	710.90
Diluted EPS	2,903.92	367.71	592.27	1,238.68	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	20.7	19.2	19.3	29.4
I. Cash and cash equivalents	0.4	3.2	0.7	3.5
1. Cash	0.4	3.2	0.7	1.5
2. Cash equivalents	—	0.0	0.0	2.0
II. Short-term financial investments	15.0	0.0	3.0	8.0
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	15.0	0.0	3.0	8.0
III. Short-term receivables	2.1	5.5	2.5	7.1
1. Short-term trade accounts receivable	1.6	3.9	2.2	3.2
2. Short-term prepayments to suppliers	0.6	1.8	0.1	3.5
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	—	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.1	0.3	0.4
7. Provision for short-term doubtful debts (*)	-0.3	-0.4	-0.1	-0.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	3.1	10.5	13.0	10.8
1. Inventories	3.2	10.6	13.2	10.9
2. Provision for decline in value of inventories	-0.1	-0.1	-0.1	-0.2
V. Other short-term assets	0.1	0.0	0.1	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	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)	37.7	33.5	35.8	28.9
I. Long-term receivables	3.1	3.1	3.1	3.1
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	3.1	3.1	3.1	3.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	30.5	27.8	32.1	20.2
1. Tangible fixed assets	30.5	27.8	32.1	20.2
- Cost	69.5	71.8	89.5	75.2
- Accumulated depreciation	-39.0	-43.9	-57.4	-55.0
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	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	3.5	0.2	0.0	5.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	3.5	0.2	0.0	5.2
V. Long-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	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	0.6	2.3	0.6	0.5
1. Long-term prepayments	0.6	2.3	0.6	0.5
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	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	58.3	52.7	55.1	58.3
A. LIABILITIES (300=210+330)	7.2	8.1	9.1	11.1
I. Short -term liabilities	4.7	6.5	7.7	9.8
1. Short-term trade accounts payable	0.0	0.1	0.8	0.8
2. Short-term advances from customers	0.1	0.1	0.2	0.1
3. Taxes and other payables to state authorities	1.3	1.4	0.5	0.5
4. Payable to employees	0.4	0.3	0.8	0.9
5. Short-term acrrued expenses	0.4	0.4	0.2	0.1
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	0.2	0.1	0.0	0.0
9. Other short-term payables	1.8	2.1	2.2	4.4
10. Short-term borrowings and financial leases	0.6	1.9	2.9	2.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.1	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	2.4	1.6	1.3	1.4
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	2.4	1.6	1.3	1.4
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	—	0.0	0.0	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)	51.2	44.6	46.0	47.2
I. Owner's equity	51.0	44.4	45.8	47.0
1. Owner's capital	34.6	34.6	34.6	34.6
- Common stock with voting right	34,649,950,000.00	34,649,950,000.00	34,649,950,000.00	34,649,950,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-840,000.00	-840,000.00	-840,000.00	-840,000.00
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	6.7	6.7	6.7	6.7
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	8.8	2.2	3.7	4.8
- Accumulated retained earning at the end of the previous period	-1.2	0.9	1.6	0.5
- Undistributed earnings in this period	10.1	1.3	2.1	4.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	0.2	0.2	0.2	0.2
1. Subsidized not-for-profit funds	0.2	0.2	0.2	0.2
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)	58.3	52.7	55.1	58.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	12.6	1.6	2.6	5.4	3.4
Depreciation of Fixed Assets and Investment Property	2.4	3.0	2.7	2.4	1.7
Provision (Increase)/Reversal	-0.0	0.2	-0.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-6.8	-1.9	-0.5	-3.9	0.0
Interest Expense	0.0	0.1	0.2	0.1	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	-1.3	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	6.9	3.2	5.0	4.0	3.9
Increase/(Decrease) in Receivables	3.5	-2.6	4.4	-4.7	0.0
Increase/(Decrease) in Inventory	7.4	2.6	-2.3	3.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.0	0.0	-2.2	3.3	0.0
Increase/(Decrease) in Prepaid Expenses	1.7	-1.7	-0.1	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.2	-0.2	-0.1	0.0
Corporate Income Tax Paid	-2.0	-0.2	-0.5	-1.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.3	-0.4	-0.3	0.0
Net Cash Flow from Operating Activities	17.2	0.8	3.8	4.4	2.5
Payments for Fixed Assets and Other Long-term Assets	-11.1	-0.3	-9.5	-8.4	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	9.2	3.1	0.1	0.6	0.6
Loans and Purchases of Debt Instruments	-18.0	0.0	-3.0	-26.1	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	3.0	8.0	33.1	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	0.3	0.2	0.6	1.1	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	-16.6	6.0	-3.8	0.3	2.2
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	1.9	7.5	8.5	7.6	3.8
Repayment of Borrowings	-3.3	-8.5	-8.5	-7.6	-8.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.1	-3.3	-2.8	-3.5	-1.9
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	-3.4	-4.3	-2.8	-3.5	-6.4
Net Cash Flow During the Period	-2.9	2.5	-2.8	1.2	0.0
Cash and Cash Equivalents at Beginning of Period	3.2	0.7	3.5	2.3	1.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	3.2	0.7	3.5	0.0

Item	Q3'21	Q2'21	Q1'21	Q3'20	Q2'20	Q1'20
Revenue	4.3	10.3	4.2	3.3	14.4	6.5
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	4.3	10.3	4.2	3.3	14.4	6.5
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	1.9	4.7	2.4	1.1	5.4	2.4
Financial Income	0.2	0.8	0.4	0.1	0.5	0.2
Financial Expenses	-0.0	-0.1	-0.1	-0.0	-0.0	-0.0
Interest Expense	-0.0	-0.1	-0.1	-0.0	-0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	-0.0	-0.2	-0.1	-0.0	-0.3	-0.2
General and Administrative Expenses	-1.5	-3.4	-1.6	-0.0	-3.0	-1.6
Operating Profit	0.5	1.8	1.1	1.0	2.6	0.8
Other Income	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
Other Profit	0.0	0.5	-0.0	0.0	-0.0	0.0
Profit Before Tax	0.5	2.4	1.0	1.0	2.6	0.8
Current Income Tax Expense	-0.1	-0.3	-0.2	0.1	-0.5	-0.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	2.1	0.8	1.1	2.0	0.7
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	2.1	0.8	1.1	2.0	0.7
Earnings per Share	476.00	592.48	234.90	316.37	590.58	195.14
Diluted EPS	117.66	592.48	234.86	316.37	590.58	195.14

Item	Q3'21	Q2'21	Q1'21	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	38.5	35.2	34.9	39.9	38.0	36.8
I. Cash and cash equivalents	1.2	1.0	0.3	0.9	0.8	1.2
1. Cash	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
II. Short-term financial investments	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
2. Provision for diminution in value of available for sale securities (*)	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
III. Short-term receivables	7.5	4.8	5.3	11.2	8.3	8.1
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	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
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	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
IV. Inventories	14.7	15.0	13.9	11.7	14.1	13.5
1. Inventories	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
V. Other short-term assets	0.2	0.4	1.4	0.1	0.5	2.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	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
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	22.1	23.0	23.9	18.8	19.5	20.1
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	2.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	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
II. Fixed assets	16.3	16.7	17.7	15.2	15.9	16.6
1. Tangible fixed assets	16.3	16.7	17.7	15.2	15.9	16.6
- Cost	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	2.7	2.7	2.7	2.7	2.7	2.7
- Cost	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.3	0.1	0.1	0.1	0.1
1. Long-term production in progress	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
V. Long-term financial investments	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
2. Investments in associates, joint-ventures	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
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	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
VI. Other long-term assets	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
2. Deferred income tax assets	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
4. Other long-term assets	0.7	3.4	3.4	0.9	0.9	0.8
5. Goodwill	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
TOTAL ASSETS (280=100+200)	60.6	58.2	58.7	58.7	57.6	56.9
A. LIABILITIES (300=210+330)	15.0	13.1	11.0	12.6	10.2	10.9
I. Short -term liabilities	14.2	12.2	10.3	12.6	10.2	10.9
1. Short-term trade accounts payable	0.6	0.8	0.8	0.5	1.6	0.4
2. Short-term advances from customers	0.0	0.1	0.0	0.1	0.1	0.1
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	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
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	0.2	0.4	0.7	0.5	0.4
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	1.4	2.3	3.3	2.9	2.0	1.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.8	0.7	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	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
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	45.6	45.2	47.8	46.2	47.3	46.0
I. Owner's equity	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	45.4	45.0	47.6	46.0	47.1	45.8
- Common stock with voting right	34,649,950,000.00	34,649,950,000.00	34,649,950,000.00	34,649,950,000.00	34,649,950,000.00	34,649,950,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.8	0.8	0.8	0.8	0.8	0.8
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	3.2	2.8	5.4	3.8	4.3	2.9
- Accumulated retained earning at the end of the previous period	0.8	0.8	4.6	0.0	2.2	2.2
- Undistributed earnings in this period	2.5	2.1	0.8	3.8	2.0	0.7
12. Reserves for investment in construction	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
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.2	0.2	0.2	0.2	0.2	0.2
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	60.6	58.2	58.7	58.7	57.6	56.9

Item	Q4'25	Q3'21	Q2'21	Q1'21	Q3'20	Q2'20	Q1'20
Profit Before Tax	12.6	0.0	2.4	1.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	2.4	0.0	1.2	0.5	0.0	0.0	0.0
Provision (Increase)/Reversal	-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
Gain/Loss from Investment Activities	-6.8	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
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	6.9	0.0	2.8	1.2	0.0	0.0	0.0
Increase/(Decrease) in Receivables	3.5	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	7.4	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
Increase/(Decrease) in Prepaid Expenses	1.7	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
Interest Paid	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.0	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
Other Operating Payments	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	17.2	0.0	2.4	0.0	4.0	2.7	-0.9
Payments for Fixed Assets and Other Long-term Assets	-11.1	0.0	-0.6	-0.3	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	9.2	0.0	0.6	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-18.0	0.0	-1.0	-1.0	-3.5	-7.5	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	3.0	0.0	0.0	0.0	1.8	5.2	1.0
Investments in Other Entities	—	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
Dividends and Interest Income Received	0.3	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
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-16.6	0.0	1.4	0.8	-1.7	-2.5	0.2
Proceeds from Equity Issuance and Capital Contributions	—	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
Proceeds from Borrowings	1.9	0.0	3.3	0.4	0.2	0.6	0.1
Repayment of Borrowings	-1.3	0.0	-5.9	-2.5	-0.9	-0.6	-0.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2.1	0.0	-1.9	0.0	-1.6	-0.6	-0.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-3.4	0.0	-4.4	-2.0	-2.2	-0.6	-0.5
Net Cash Flow During the Period	-2.9	0.0	-0.5	-1.2	0.1	-0.3	-1.2
Cash and Cash Equivalents at Beginning of Period	3.2	0.0	1.5	1.5	0.8	1.2	2.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	0.0	1.0	0.3	0.9	0.8	1.2

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CDG

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Balance Sheet ●

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