CTC

Listed Company · HNX

Price

—

Latest close

P/E —

EPS (TTM) -272

ROE (TTM) -3.7%

P/B —

BVPS (Latest) 6,836

ROA (TTM) -1.6%

What Is Changing

CTC has not yet shown a broad-based top-line recovery. Revenue posted -74.5% YoY, but net margin reached -23.25% with an additional -32.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 2403bps to -23.25% in 2022.
Net Income fell to a multi-period low at VND -9.1bn in 2022.
Revenue decreased 74.5% YoY to VND 39.3bn in 2022.

Metric	2022	2021	2020
Revenue	39.3	154.1	130.3
Growth	-74%	+18%	—
Net Income	-9.1	13.8	1.0
Net Margin	-23.25%	8.98%	0.79%

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	0.0	0.4	1.2	3.8	4.1	5.3	6.7	6.2	21.0	34.8	9.6	96.3
Growth	-100%	-70%	-68%	-7%	-24%	-21%	+8%	-70%	-40%	+260%	-90%	—
Net Income	0.2	-0.4	-3.8	-0.3	-2.8	-4.8	-0.4	-17.8	0.3	-0.1	0.5	13.1
Net Margin	—	-104.94%	-316.44%	-8.25%	-67.92%	-90.86%	-5.42%	-286.00%	1.50%	-0.18%	5.42%	13.60%

Financial Statements

Profitability

Net margin reached -23.25% while Revenue posted -74.5% YoY.

Balance Sheet

Inventory stood at 46.9bn, liabilities at 183.7bn, and equity at 124.1bn.

Cash Flow

Operating cash flow was 5.4bn in 2022, while investing cash flow was -12.2bn.

Financing cash flow: 6.8bn.

Item	2022	2021	2020
Revenue	39.3	154.1	130.3
Revenue Deductions	0.0	0.0	0.0
Net Revenue	39.3	154.1	130.3
Cost of Goods Sold	33.3	0.0	0.0
Gross Profit	6.1	17.0	20.0
Financial Income	0.0	0.0	0.0
Financial Expenses	11.5	-10.5	-13.7
Interest Expense	11.5	-10.5	-13.7
Share of Associates and Joint Ventures	0.0	-0.0	0.0
Selling Expenses	1.6	-1.3	-3.7
General and Administrative Expenses	0.8	8.7	-0.2
Operating Profit	-7.9	13.9	2.4
Other Income	0.0	0.0	0.0
Other Expenses	1.2	0.0	0.0
Other Profit	-1.2	-0.0	-1.4
Profit Before Tax	-9.1	13.8	1.0
Current Income Tax Expense	0.0	-0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-9.1	13.8	1.0
Non-controlling Interest	0.0	-0.0	0.0
Profit Attributable to Parent	-9.1	13.8	1.0
Earnings per Share	-578.00	846.00	64.78
Diluted EPS	-578.00	875.55	64.78

Item	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	116.7	127.4	72.8
I. Cash and cash equivalents	0.2	0.1	0.7
1. Cash	0.2	0.0	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	69.5	98.6	62.7
1. Short-term trade accounts receivable	30.1	0.0	0.0
2. Short-term prepayments to suppliers	28.2	0.0	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	0.0	0.0	0.0
6. Other short-term receivables	21.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-9.8	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	46.9	28.5	9.2
1. Inventories	46.9	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	0.1	0.1	0.1
1. Short-term prepayments	0.1	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	0.0	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)	191.1	186.0	202.3
I. Long-term receivables	0.4	0.0	0.0
1. Long-term trade receivables	0.0	0.4	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	0.1	0.0	0.0
6. Other long-term receivables	0.4	0.0	0.0
7. Provision for long-term doubtful debts	-0.1	0.0	0.0
II. Fixed assets	168.2	163.3	133.5
1. Tangible fixed assets	167.1	162.2	132.3
- Cost	259.1	0.0	0.0
- Accumulated depreciation	-92.0	0.0	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	1.1	1.1	1.2
- Cost	1.9	0.0	0.0
- Accumulated depreciation	-0.8	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	5.4	5.4	41.6
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	5.4	0.0	0.0
V. Long-term financial investments	16.8	16.8	26.7
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	17.5	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	-0.7	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	0.3	0.0	0.0
1. Long-term prepayments	0.3	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	0.1	0.5
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	307.8	313.4	275.0
A. LIABILITIES (300=210+330)	183.7	180.1	155.3
I. Short -term liabilities	167.4	161.0	121.4
1. Short-term trade accounts payable	16.6	16.3	18.2
2. Short-term advances from customers	8.0	13.1	2.9
3. Taxes and other payables to state authorities	5.7	0.0	0.0
4. Payable to employees	2.1	0.0	0.0
5. Short-term acrrued expenses	22.4	0.0	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	4.0	0.0	0.0
10. Short-term borrowings and financial leases	108.6	98.9	80.7
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	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	16.2	19.1	33.9
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	4.6
7. Other long-term liabilities	0.0	0.0	0.0
8. Long-term borrowings and financial leases	16.2	19.1	29.3
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0
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)	124.1	133.3	119.7
I. Owner's equity	124.1	0.0	0.0
1. Owner's capital	158.0	133.3	119.7
- Common stock with voting right	158.0	158.0	158.0
- Preferred stock	0.0	0.0	0.0
2. Share premium	3.1	3.1	3.1
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0
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	1.2	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	-38.1	-29.0	-42.5
- Accumulated retained earning at the end of the previous period	-29.0	-42.8	-46.6
- Undistributed earnings in this period	-9.1	13.8	4.0
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	0.0	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)	307.8	313.4	275.0

Item	2022	2021	2020
Profit Before Tax	-9.1	0.0	0.0
Depreciation of Fixed Assets and Investment Property	7.3	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0
Interest Expense	11.5	0.0	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	9.7	0.0	0.0
Increase/(Decrease) in Receivables	29.1	0.0	0.0
Increase/(Decrease) in Inventory	-18.4	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-7.5	0.0	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	5.4	1.5	-0.5
Payments for Fixed Assets and Other Long-term Assets	-12.2	-0.7	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	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	-12.2	-0.7	0.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0
Proceeds from Borrowings	29.3	42.5	19.5
Repayment of Borrowings	-22.5	-43.9	-20.1
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	6.8	-1.4	-0.5
Net Cash Flow During the Period	0.0	-1.0	0.0
Cash and Cash Equivalents at Beginning of Period	0.1	0.7	1.3
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.2	0.1	0.0

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	0.0	0.4	1.2	3.8	4.1	5.3	6.7	6.2	21.0	34.8	9.6	96.3
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	0.0	0.4	1.2	3.8	4.1	5.3	6.7	6.2	21.0	34.8	9.6	96.3
Cost of Goods Sold	0.0	1.8	2.0	2.8	3.5	4.5	4.7	4.4	17.6	0.0	0.0	0.0
Gross Profit	0.0	-1.5	-0.8	1.0	0.6	0.8	2.0	1.9	3.5	3.3	1.2	10.5
Financial Income	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.0	1.9	2.5	0.9	2.6	5.0	1.1	4.5	2.5	-2.6	-2.6	-4.5
Interest Expense	0.0	1.9	2.5	0.9	2.6	5.0	1.1	4.5	2.5	-2.6	-2.6	-4.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.2	0.2	0.2	0.2	0.4	0.7	0.2	0.2	-0.2	-0.3	-0.4
General and Administrative Expenses	0.8	0.4	0.2	0.2	0.5	0.3	0.6	15.0	0.4	-0.5	2.2	7.5
Operating Profit	0.2	-4.0	-3.8	-0.3	-2.8	-4.8	-0.4	-17.8	0.3	0.0	0.5	13.1
Other Income	0.0	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	3.6	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.1	0.1	0.0
Profit Before Tax	0.2	-0.4	-3.8	-0.3	-2.8	-4.8	-0.4	-17.8	0.3	-0.1	0.5	13.1
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	0.0
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	0.2	-0.4	-3.8	-0.3	-2.8	-4.8	-0.4	-17.8	0.3	-0.1	0.5	13.1
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	0.2	-0.4	-3.8	-0.3	-2.8	-4.8	-0.4	-17.8	0.3	-0.1	0.5	13.1
Earnings per Share	12.09	-23.73	-240.70	-19.63	-174.52	-306.46	-23.04	-1,129.41	19.99	-3.92	33.08	846.00
Diluted EPS	12.09	-23.73	-240.70	-19.63	-174.52	-306.46	-23.04	-1,129.41	19.99	-3.92	33.08	828.92

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)	139.1	138.1	120.7	120.8	117.8	115.3	113.0	99.7	131.1	127.4	122.0	103.6
I. Cash and cash equivalents	0.0	0.0	0.1	0.1	0.2	0.2	0.1	0.2	0.7	0.1	1.1	1.2
1. Cash	0.0	0.0	0.1	0.1	0.2	0.2	0.1	0.2	0.7	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	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	65.2	64.2	66.3	66.5	70.6	70.8	70.8	65.2	95.0	98.6	91.8	80.0
1. Short-term trade accounts receivable	32.9	32.9	32.9	33.4	30.6	30.9	37.6	47.5	48.3	0.0	0.0	0.0
2. Short-term prepayments to suppliers	33.3	33.3	33.3	33.3	28.3	28.3	34.4	29.6	49.7	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	8.7	7.9	9.9	9.6	21.5	21.4	23.1	12.3	6.9	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-9.8	-9.8	-9.8	-9.8	-9.8	-9.8	-24.2	-24.2	-9.8	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	54.0	54.0	54.0	54.1	46.9	44.2	42.0	34.2	35.3	28.5	29.0	22.4
1. Inventories	54.0	54.0	54.0	54.1	46.9	44.2	42.0	34.2	35.3	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	0.0	0.0	0.0
V. Other short-term assets	19.9	19.9	0.2	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.0
1. Short-term prepayments	19.9	19.9	0.0	0.0	0.0	0.1	0.1	0.1	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	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.2	0.1	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	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)	85.4	86.4	185.1	187.1	189.1	191.2	180.8	182.8	184.1	186.0	186.6	188.6
I. Long-term receivables	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	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	0.4	0.5	0.5
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0
6. Other long-term receivables	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0
II. Fixed assets	62.7	63.7	162.3	164.3	166.2	168.2	157.8	159.6	161.5	163.3	165.1	167.1
1. Tangible fixed assets	62.4	63.3	161.2	163.2	165.1	167.1	156.7	158.5	160.3	162.2	164.0	165.9
- Cost	120.3	120.3	259.1	259.1	259.1	259.1	246.9	246.9	246.9	0.0	0.0	0.0
- Accumulated depreciation	-57.9	-57.0	-97.9	-95.9	-94.0	-92.0	-90.2	-88.4	-86.6	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	0.3	0.3	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.2	1.2
- 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	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	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	4.1	4.1
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	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	5.4	0.0	0.0	0.0
V. Long-term financial investments	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8	16.8
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	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5	17.5	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	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	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	0.1	0.1	0.2	0.2	0.3	0.4	0.4	0.5	0.1	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	0.2	0.2	0.3	0.4	0.4	0.5	0.1	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	0.1	0.1	0.2
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)	224.5	224.5	305.7	307.9	306.9	306.4	293.9	282.5	315.2	313.4	308.6	292.2
A. LIABILITIES (300=210+330)	116.5	116.4	185.9	184.3	185.5	182.1	180.0	169.8	181.7	180.1	175.3	159.4
I. Short -term liabilities	115.0	113.5	169.7	168.0	169.2	163.0	160.9	150.7	162.6	161.0	152.2	137.2
1. Short-term trade accounts payable	14.8	14.8	14.8	16.7	16.8	16.3	14.9	15.1	15.0	16.3	27.7	14.8
2. Short-term advances from customers	14.4	14.3	11.8	10.1	9.4	5.6	4.7	3.7	12.5	13.1	3.5	3.3
3. Taxes and other payables to state authorities	10.6	10.6	5.0	5.0	5.6	5.7	5.6	5.2	5.5	0.0	0.0	0.0
4. Payable to employees	1.4	1.4	1.7	2.1	2.1	3.1	3.8	2.9	2.0	0.0	0.0	0.0
5. Short-term acrrued expenses	22.0	22.0	27.7	25.2	25.0	19.7	17.8	19.0	16.1	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	1.5	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.1	4.1	4.1	4.1	4.1	5.3	5.2	5.3	12.5	0.0	0.0	0.0
10. Short-term borrowings and financial leases	47.5	46.0	104.4	104.7	106.2	105.7	108.8	99.4	98.9	98.9	99.6	100.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	1.4	2.9	16.2	16.2	16.2	19.1	19.1	19.1	19.1	19.1	23.1	22.2
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	1.4	2.9	16.2	16.2	16.2	19.1	19.1	19.1	19.1	19.1	23.1	22.2
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	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)	108.0	108.1	119.8	123.6	121.4	124.4	113.9	112.7	133.6	133.3	133.3	132.8
I. Owner's equity	108.0	108.1	119.8	123.6	121.4	124.4	113.9	112.7	133.6	0.0	0.0	0.0
1. Owner's capital	158.0	158.0	158.0	158.0	158.0	158.0	158.0	158.0	158.0	133.3	133.3	132.8
- Common stock with voting right	158.0	158.0	158.0	158.0	158.0	158.0	158.0	158.0	158.0	158.0	158.0	158.0
- 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	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	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	-54.2	-54.1	-42.5	-38.7	-40.9	-37.9	-48.4	-49.5	-28.7	-29.0	-28.9	-29.4
- Accumulated retained earning at the end of the previous period	-54.4	-38.1	-38.1	-38.1	-38.1	-29.0	-29.0	-29.0	-29.0	-42.8	-42.8	-42.8
- Undistributed earnings in this period	0.2	-16.0	-4.3	-0.5	-2.8	-8.9	-19.4	-20.5	0.3	13.8	13.9	13.4
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)	224.5	224.5	305.7	307.9	306.9	306.4	293.9	282.5	315.2	313.4	308.6	292.2

Item	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q2'21
Profit Before Tax	-14.8	10.3	-10.3	0.0	-9.1	19.0	-19.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	7.6	-3.9	3.9	0.0	7.3	-3.7	3.7	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	-14.4	14.4	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	0.0
Gain/Loss from Investment Activities	-3.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	9.7	-5.3	5.3	0.0	11.5	-5.5	5.5	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
Interest Income and Dividends	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
Other Adjustments	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	-1.1	1.1	-1.1	0.0	9.7	-4.6	4.6	0.0	0.0	0.0
Increase/(Decrease) in Receivables	5.5	-6.3	6.3	0.0	29.1	-18.9	18.9	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-7.1	7.2	-7.2	0.0	-18.4	5.7	-5.7	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.7	-6.9	6.9	0.0	-7.3	15.1	-15.1	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.2	0.2	0.0	-0.2	0.4	-0.4	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
Interest Paid	0.0	0.5	-0.5	0.0	-7.5	2.6	-2.6	0.0	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
Other Operating Receipts	-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
Net Cash Flow from Operating Activities	3.9	-3.2	4.6	0.0	16.0	-10.2	-1.0	0.6	-0.9	1.9
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	-11.9	-0.3	0.0	0.0	0.0	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
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
Investments in Other Entities	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
Dividends and Interest Income Received	-0.0	0.0	-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	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
Other Investing Receipts	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
Net Cash Flow from Investing Activities	-0.0	0.0	-0.0	0.0	-11.9	-0.3	-0.0	0.0	0.0	-0.7
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
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	1.8	0.0	0.0	0.0	23.6	5.7	0.0	0.5	42.1
Repayment of Borrowings	-3.9	1.4	-4.7	0.0	-4.0	-13.2	-5.3	0.0	-0.6	-49.3
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.0
Dividends Paid	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
Other Financing Payments	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	-3.9	3.2	-4.7	0.0	-4.0	10.4	0.5	0.0	-0.1	-0.3
Net Cash Flow During the Period	-0.1	0.0	-0.1	0.0	0.0	-0.1	-0.5	0.6	-1.0	0.9
Cash and Cash Equivalents at Beginning of Period	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	1.1	0.3
FX Difference from Revaluation	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	0.0	0.1	0.1	0.2	0.2	0.1	0.2	0.7	0.1	1.2

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