FLC

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) -2,649

ROE (TTM) -21.2%

P/B —

BVPS (Latest) 11,190

ROA (TTM) -5.4%

What Is Changing

FLC has not yet shown a broad-based top-line recovery. Revenue posted -49.4% YoY, but net margin reached 1.25% 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 49.4% YoY to VND 6,771.9bn in 2021.
Quarterly Net Income decreased 14124.9% YoY to VND -785.4bn in 2022Q3.

Metric	2021	2020
Revenue	6,771.9	13,380.4
Growth	-49%	—
Net Income	84.6	183.2
Net Margin	1.25%	1.37%

Metric	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	429.3	576.1	1,085.1	1,167.2	1,444.2	1,673.9	2,486.6	3,466.6	3,423.8	1,722.4	4,767.5
Growth	-25%	-47%	-7%	-19%	-14%	-33%	-28%	+1%	+99%	-64%	—
Net Income	-785.4	-640.2	-465.4	14.5	5.6	21.9	42.6	2,396.5	576.9	-898.6	-1,891.5
Net Margin	-182.92%	-111.13%	-42.89%	1.24%	0.39%	1.31%	1.71%	69.13%	16.85%	-52.17%	-39.68%

Financial Statements

Profitability

Net margin reached 1.25% while Revenue posted -49.4% YoY.

Balance Sheet

Inventory stood at 2,159.1bn, liabilities at 24,064.8bn, and equity at 9,722.6bn.

Cash Flow

Operating cash flow was 1,189.9bn in 2021, while investing cash flow was -4,153.9bn.

Financing cash flow: 1,875.7bn.

Item	2021	2020
Revenue	6,882.3	13,393.7
Revenue Deductions	0.0	0.0
Net Revenue	6,771.9	13,380.4
Cost of Goods Sold	0.0	0.0
Gross Profit	412.8	-3,246.3
Financial Income	1,463.2	5,457.2
Financial Expenses	-443.7	-931.4
Interest Expense	-374.9	-553.7
Share of Associates and Joint Ventures	-501.9	2.0
Selling Expenses	-213.6	-358.4
General and Administrative Expenses	-619.3	-589.0
Operating Profit	97.4	334.0
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	66.3	-41.2
Profit Before Tax	163.7	292.8
Current Income Tax Expense	-79.1	-109.6
Deferred Income Tax Expense	0.0	0.0
Net Income	84.6	183.2
Non-controlling Interest	-0.9	156.0
Profit Attributable to Parent	85.5	27.2
Earnings per Share	120.37	38.38
Diluted EPS	120.37	38.38

Item	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	17,636.9	20,500.5
I. Cash and cash equivalents	176.2	1,214.4
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	13,585.4	15,377.0
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	2,159.1	2,746.3
1. Inventories	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0
V. Other short-term assets	1,440.7	1,075.4
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)	16,150.6	17,964.6
I. Long-term receivables	0.0	0.0
1. Long-term trade receivables	31.4	6,246.1
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	3,351.9	2,827.2
1. Tangible fixed assets	3,289.9	2,724.8
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
2. Financial leased fixed assets	59.0	73.2
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
3. Intangible fixed assets	3.0	29.2
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
III. Investment properties	75.4	1,001.5
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
IV. Long-term assets in progress	7,245.9	5,287.0
1. Long-term production in progress	0.0	0.0
2. Construction in progress	0.0	0.0
V. Long-term financial investments	4,940.1	1,477.8
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	505.9	1,125.0
5. Goodwill	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0
TOTAL ASSETS (280=100+200)	33,787.4	38,465.1
A. LIABILITIES (300=210+330)	24,064.8	25,171.6
I. Short -term liabilities	15,951.9	18,622.9
1. Short-term trade accounts payable	1,989.3	4,195.7
2. Short-term advances from customers	5,028.8	4,916.7
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	513.7	251.2
9. Other short-term payables	0.0	0.0
10. Short-term borrowings and financial leases	2,034.9	4,226.4
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	8,112.9	6,548.7
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	4,169.6	2,293.3
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)	9,722.6	13,293.5
I. Owner's equity	0.0	0.0
1. Owner's capital	9,722.6	13,293.5
- Common stock with voting right	7,100.0	7,100.0
- Preferred stock	0.0	0.0
2. Share premium	0.0	0.0
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	1,706.2	1,814.3
- Accumulated retained earning at the end of the previous period	1,621.7	1,787.1
- Undistributed earnings in this period	84.5	27.2
12. Reserves for investment in construction	0.0	0.0
13. Minority's interest	565.0	4,043.8
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)	33,787.4	38,465.1

Item	2021	2020
Profit Before Tax	162.7	292.8
Depreciation of Fixed Assets and Investment Property	275.8	176.4
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	-756.2	-4,051.0
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	1,189.9	3,269.0
Payments for Fixed Assets and Other Long-term Assets	-2,094.3	-1,543.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.3
Loans and Purchases of Debt Instruments	-5,378.7	-4,420.4
Receipts from Loan Repayments and Sale of Debt Instruments	2,588.2	3,591.9
Investments in Other Entities	-993.4	-1,635.8
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	-4,153.9	-3,140.7
Proceeds from Equity Issuance and Capital Contributions	0.0	163.6
Share Repurchases	0.0	0.0
Proceeds from Borrowings	4,888.0	6,890.8
Repayment of Borrowings	-2,986.4	-6,582.1
Repayment of Finance Leases	-25.9	-19.1
Dividends Paid	0.0	0.0
Other Financing Receipts	0.0	0.0
Other Financing Payments	0.0	0.0
Net Cash Flow from Financing Activities	1,875.7	453.2
Net Cash Flow During the Period	-18.7	962.9
Cash and Cash Equivalents at Beginning of Period	1,215.0	633.0
FX Difference from Revaluation	-0.0	0.0
Cash and Cash Equivalents at End of Period	126.7	1,214.4

Item	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	430.9	623.6	1,085.2	1,188.4	1,455.3	1,678.4	2,560.3	3,466.8	3,436.8	1,722.6	4,767.5
Revenue Deductions	1.6	47.5	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	429.3	576.1	1,085.1	1,167.2	1,444.2	1,673.9	2,486.6	3,466.6	3,423.8	1,722.4	4,767.5
Cost of Goods Sold	525.6	472.1	1,099.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	-96.3	104.1	-14.3	309.9	144.1	-148.9	107.7	-670.0	-326.9	-801.9	-1,447.5
Financial Income	17.8	65.6	157.8	443.8	271.3	603.6	144.5	3,686.4	1,317.2	241.9	211.8
Financial Expenses	105.7	148.6	161.6	-124.7	-66.8	-195.4	-56.8	-265.7	-151.0	-146.8	-367.9
Interest Expense	85.1	83.9	86.0	-156.1	-64.9	-107.2	-46.7	-172.3	-127.8	-384.4	130.8
Share of Associates and Joint Ventures	-317.8	-317.3	-265.0	-319.8	-194.1	-5.7	17.6	0.8	0.4	0.6	0.1
Selling Expenses	6.6	46.1	22.9	-147.7	-22.6	-33.0	-10.4	-81.5	-98.5	-63.9	-114.5
General and Administrative Expenses	267.0	295.1	155.7	-176.1	-108.2	-178.5	-156.5	-155.4	-136.1	-131.0	-166.6
Operating Profit	-775.5	-637.5	-461.7	-14.6	23.7	42.1	46.2	2,514.6	605.1	-901.1	-1,884.6
Other Income	2.3	6.7	7.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	14.1	5.1	11.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-11.8	1.6	-3.3	66.8	-9.4	6.2	2.7	-13.5	-27.2	1.5	-2.1
Profit Before Tax	-787.3	-635.9	-465.0	52.2	14.3	48.3	48.9	2,501.2	577.9	-899.6	-1,886.7
Current Income Tax Expense	-1.9	4.3	0.5	-37.7	-8.7	-26.4	-6.3	-104.7	-1.0	1.0	-4.9
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
Net Income	-785.4	-640.2	-465.4	14.5	5.6	21.9	42.6	2,396.5	576.9	-898.6	-1,891.5
Non-controlling Interest	-3.4	3.5	0.3	3.6	0.3	-4.7	0.0	1,074.4	289.6	-488.1	-720.0
Profit Attributable to Parent	-781.9	-643.7	-465.8	10.9	5.3	26.7	42.5	1,322.0	287.3	-410.6	-1,171.6
Earnings per Share	-1,101.30	-907.00	-656.01	15.41	7.49	37.57	59.91	1,862.04	404.67	-578.24	-1,650.09
Diluted EPS	-1,101.30	-906.65	-656.00	15.41	7.49	37.57	59.91	1,862.04	404.67	-578.24	-1,650.09

Item	Q3'22	Q2'22	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)	19,390.4	19,399.9	19,063.9	17,636.9	17,336.1	15,616.0	15,097.3	20,500.5	23,792.3	21,651.0	19,345.2
I. Cash and cash equivalents	249.3	299.0	291.4	176.2	145.4	132.4	280.9	1,214.4	251.5	447.5	48.5
1. Cash	247.9	234.5	200.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	1.4	64.5	90.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	46.0	117.9	198.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	174.2	174.2	264.7	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 (*)	-148.5	-134.5	-143.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	20.2	78.2	77.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	15,720.0	15,406.9	14,897.7	13,585.4	13,154.3	11,394.3	10,348.1	15,377.0	16,622.8	13,613.7	16,504.0
1. Short-term trade accounts receivable	2,538.8	2,534.5	2,568.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	4,147.1	4,100.3	3,628.7	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	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
5. Short-term loan receivables	7,396.0	7,107.1	6,983.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,916.5	1,797.2	1,794.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-278.3	-132.2	-76.9	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
IV. Inventories	1,922.4	2,136.9	2,163.6	2,159.1	2,381.4	2,481.1	3,113.2	2,746.3	3,359.6	3,488.3	1,624.1
1. Inventories	1,922.4	2,136.9	2,163.6	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	0.0	0.0
V. Other short-term assets	1,452.7	1,439.2	1,512.4	1,440.7	1,444.1	1,402.6	1,173.5	1,075.4	928.3	924.7	1,098.0
1. Short-term prepayments	1,419.6	1,419.7	1,481.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	24.0	13.2	23.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	9.2	6.2	8.1	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
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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	16,825.8	16,900.1	16,432.6	16,150.6	15,769.5	15,225.3	14,363.3	17,964.6	13,439.5	12,365.7	14,203.8
I. Long-term receivables	39.0	39.0	195.2	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	31.8	31.4	80.7	47.4	31.7	6,246.1	2,439.8	2,000.1	1,629.4
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
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
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
5. Long-term loan receivables	0.0	0.0	124.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	39.0	39.0	39.3	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
II. Fixed assets	3,311.2	3,322.8	3,337.7	3,351.9	3,365.7	3,381.4	3,291.1	2,827.2	2,862.7	2,865.1	2,879.1
1. Tangible fixed assets	3,308.8	3,320.1	3,279.0	3,289.9	3,299.7	3,311.7	3,217.7	2,724.8	2,754.9	2,757.4	2,765.4
- Cost	4,488.7	4,484.5	4,380.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1,180.0	-1,164.4	-1,101.7	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	55.7	59.0	62.8	66.2	69.5	73.2	76.6	80.0	83.0
- Cost	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
3. Intangible fixed assets	2.4	2.7	2.9	3.0	3.2	3.4	3.8	29.2	31.2	27.8	30.7
- Cost	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
III. Investment properties	48.9	67.2	56.1	75.4	352.6	350.8	442.4	1,001.5	1,309.0	1,329.8	1,350.0
- Cost	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
IV. Long-term assets in progress	8,712.2	8,479.1	7,568.9	7,245.9	6,306.8	5,723.1	4,585.4	5,287.0	4,215.0	3,630.0	5,398.6
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
2. Construction in progress	8,712.2	8,479.1	7,568.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	4,177.5	4,491.7	4,795.1	4,940.1	5,202.7	5,214.5	5,281.6	1,477.8	1,486.7	1,385.5	1,795.1
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
2. Investments in associates, joint-ventures	2,789.5	3,103.6	3,407.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	1,393.0	1,393.0	1,393.0	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	-4.9	-4.9	-4.9	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
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
VI. Other long-term assets	494.2	452.4	423.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	470.1	428.2	399.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	24.1	24.1	24.1	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
4. Other long-term assets	0.0	0.0	0.0	505.9	461.0	508.1	731.1	1,125.0	1,126.3	1,155.1	1,151.5
5. Goodwill	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)	42.7	47.9	55.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	36,216.2	36,300.0	35,496.5	33,787.4	33,105.7	30,841.2	29,460.7	38,465.1	37,231.8	34,016.6	33,549.0
A. LIABILITIES (300=210+330)	28,271.5	27,569.9	26,142.7	24,064.8	23,291.3	21,024.7	19,754.9	25,171.6	26,334.1	23,695.8	23,781.0
I. Short -term liabilities	20,179.9	19,146.7	17,790.5	15,951.9	15,652.5	14,475.8	13,600.4	18,622.9	19,918.6	18,808.4	18,753.2
1. Short-term trade accounts payable	1,780.7	1,972.8	1,833.0	1,989.3	2,665.5	2,497.3	2,355.4	4,195.7	5,246.4	4,351.7	5,398.7
2. Short-term advances from customers	7,149.2	6,980.2	6,235.8	5,028.8	5,321.8	5,067.6	5,034.2	4,916.7	4,695.5	4,633.7	4,817.8
3. Taxes and other payables to state authorities	694.7	708.1	427.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	47.5	51.6	36.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	1,541.6	1,338.4	1,327.5	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	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
8. Short-term unearned revenue	87.3	109.0	84.7	513.7	225.0	65.1	57.6	251.2	294.1	443.0	334.6
9. Other short-term payables	5,643.7	5,268.5	4,598.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	3,193.6	2,676.2	3,204.2	2,034.9	2,315.7	2,091.7	2,035.5	4,226.4	4,009.3	3,566.8	3,478.5
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
12.. Bonus and welfare fund	41.6	41.8	42.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
II. Long-term liabilities	8,091.6	8,423.3	8,352.2	8,112.9	7,638.8	6,548.9	6,154.6	6,548.7	6,415.5	4,887.4	5,027.8
1. Long-term trade payables	242.5	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	1.7	0.0	0.0	0.0	0.0	3.4	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
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
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
6. Long-term unearned revenue	0.0	0.0	14.9	0.0	0.0	0.0	0.0	0.0	64.2	64.6	55.8
7. Other long-term liabilities	6,025.1	5,973.0	4,230.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1,822.3	2,450.3	4,106.2	4,169.6	3,709.7	3,749.9	3,165.6	2,293.3	2,152.7	2,532.0	3,241.7
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
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
11. Deferred income tax liabilities	0.0	0.0	0.8	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
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
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
B. OWNER'S EQUITY (400=410+430)	7,944.7	8,730.1	9,353.8	9,722.6	9,814.4	9,816.6	9,705.7	13,293.5	10,897.7	10,320.8	9,768.0
I. Owner's equity	7,944.7	8,730.1	9,353.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	7,100.0	7,100.0	7,100.0	9,722.6	9,814.4	9,816.6	9,705.7	13,293.5	10,897.7	10,320.8	9,768.0
- Common stock with voting right	7,100.0	7,100.0	7,100.0	7,100.0	7,100.0	7,100.0	7,100.0	7,100.0	7,100.0	7,100.0	7,100.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
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
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
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
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
8. Investment and development fund	351.2	351.2	351.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	195.3	977.2	1,604.4	1,706.2	2,114.7	2,109.4	2,177.0	1,814.3	492.3	204.9	615.5
- Accumulated retained earning at the end of the previous period	2,086.7	2,086.7	2,070.2	1,621.7	2,041.2	2,041.2	2,134.5	1,787.1	1,787.1	1,787.1	1,786.8
- Undistributed earnings in this period	-1,891.4	-1,109.5	-465.8	84.5	73.5	68.2	42.5	27.2	-1,294.8	-1,582.1	-1,171.3
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
13. Minority's interest	298.1	301.5	298.0	565.0	248.3	255.9	93.4	4,043.8	2,970.1	2,680.5	1,717.1
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
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
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
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
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
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	36,216.2	36,300.0	35,496.5	33,787.4	33,105.7	30,841.2	29,460.7	38,465.1	37,231.8	34,016.6	33,549.0

Item	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	-787.3	-635.9	-465.0	52.2	14.3	47.3	48.9	2,501.2	577.9	-899.6	-1,886.7
Depreciation of Fixed Assets and Investment Property	31.6	33.5	34.0	142.4	33.9	62.3	37.2	49.6	41.9	39.9	45.0
Provision (Increase)/Reversal	477.9	678.5	66.8	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	0.0	0.0
Gain/Loss from Investment Activities	-17.5	-65.6	-157.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	85.1	83.9	86.0	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	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
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
Other Adjustments	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	-210.2	94.4	-436.0	-441.3	84.5	-343.2	-56.1	-839.0	-547.1	-971.8	-1,693.1
Increase/(Decrease) in Receivables	-103.9	-545.8	-358.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	214.5	26.7	-4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	739.8	3,465.0	1,071.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-36.5	46.0	-52.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	40.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.0	-49.4	-77.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.4	-12.1	-3.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.7	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	589.2	3,064.9	139.3	1,671.1	-575.0	1,474.7	-1,380.9	1,211.5	758.2	1,850.9	-551.6
Payments for Fixed Assets and Other Long-term Assets	-235.1	-940.3	-324.2	-997.1	443.8	-824.2	-716.9	-434.1	-424.3	-240.1	-444.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.1	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-231.5	7.6	-1,494.7	-2,069.6	-621.2	-2,094.4	-593.6	-2,028.7	-289.4	-1,130.1	-972.1
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	-8.5	540.2	233.5	478.6	628.4	1,247.8	1,088.5	-318.0	1,782.2	1,039.2
Investments in Other Entities	0.0	-2.9	-6.1	-230.9	-170.3	-40.8	-551.5	-0.1	-59.8	-1,466.6	-109.4
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
Dividends and Interest Income Received	-62.3	69.6	154.9	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	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
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
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
Net Cash Flow from Investing Activities	-528.4	-873.4	-1,129.8	-1,868.9	380.1	-2,244.0	-421.1	-1,003.9	-1,026.6	-818.9	-291.2
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	148.9	0.0	0.0	14.7
Share Repurchases	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	658.6	392.7	2,358.6	1,078.4	506.9	1,233.4	2,069.3	2,176.9	2,084.6	785.4	1,843.9
Repayment of Borrowings	-769.2	-2,565.9	-1,248.4	-892.8	-292.5	-605.9	-1,195.1	-1,564.0	-2,007.7	-1,414.1	-1,596.3
Repayment of Finance Leases	0.0	-10.6	-4.4	-6.5	-6.5	-6.6	-6.4	-6.4	-4.4	-4.1	-4.1
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
Net Cash Flow from Financing Activities	-110.6	-2,183.8	1,105.8	179.1	207.9	620.9	867.8	755.4	72.5	-632.9	258.2
Net Cash Flow During the Period	-49.7	7.6	115.3	-18.7	13.0	-148.5	-934.2	962.9	-196.0	399.1	-584.6
Cash and Cash Equivalents at Beginning of Period	176.2	176.2	176.2	145.4	132.4	280.9	1,215.0	251.5	447.5	48.5	633.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	249.3	299.0	291.4	126.7	145.4	132.4	280.9	1,214.4	251.5	447.5	48.5

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