HAI

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) -155

ROE (TTM) -1.6%

P/B —

BVPS (Latest) 9,947

ROA (TTM) -1.2%

What Is Changing

HAI no longer looks like a business simply rebounding from a weak base. Revenue posted +28.5% YoY, while net margin reached 1.81% with an additional -42.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 3.8bn in 2024.
Revenue growth accelerated to 28.5% in 2024, up 51.8pp versus the prior year.
Net margin declined from 44.39% in the prior period to 1.81% in 2024.

Metric	2024	2023	2022	2021	2020
Revenue	207.8	161.7	210.8	336.2	581.7
Growth	+29%	-23%	-37%	-42%	—
Net Income	3.8	71.8	24.4	8.3	8.1
Net Margin	1.81%	44.39%	11.56%	2.48%	1.39%

Metric	Q3'24	Q2'24	Q4'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
Revenue	46.2	58.5	48.2	37.4	46.7	40.5	86.2	136.9	109.0	90.3	199.2	158.2
Growth	-21%	+21%	+29%	-20%	+15%	-53%	-37%	+26%	+21%	-55%	+26%	—
Net Income	1.2	-0.1	-10.0	-18.8	-5.6	17.7	31.1	2.6	4.1	1.7	7.6	-1.2
Net Margin	2.61%	-0.19%	-20.77%	-50.25%	-11.97%	43.65%	36.07%	1.89%	3.76%	1.83%	3.79%	-0.74%

Financial Statements

Profitability

Net margin reached 1.81% while Revenue posted +28.5% YoY.

Balance Sheet

Inventory stood at 305.1bn, liabilities at 510.7bn, and equity at 1,819.1bn.

Cash Flow

Operating cash flow was 16.8bn in 2024, while investing cash flow was 6.3bn.

Financing cash flow: -22.4bn.

Item	2024	2023	2022	2021	2020
Revenue	213.4	165.3	223.7	346.8	605.5
Revenue Deductions	5.6	3.6	12.9	0.0	0.0
Net Revenue	207.8	161.7	210.8	336.2	581.7
Cost of Goods Sold	139.0	128.5	161.2	0.0	0.0
Gross Profit	68.8	33.2	49.6	25.5	9.0
Financial Income	1.1	0.3	51.8	38.7	95.0
Financial Expenses	13.7	4.5	35.9	-19.2	-26.4
Interest Expense	8.1	1.3	30.9	-16.2	-24.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	-0.0	-0.0
Selling Expenses	26.2	28.7	24.9	-21.0	-47.8
General and Administrative Expenses	25.6	26.1	22.7	-13.4	-20.9
Operating Profit	4.4	-25.7	17.9	10.6	8.8
Other Income	1.1	99.5	9.2	0.0	0.0
Other Expenses	1.7	2.0	2.6	0.0	0.0
Other Profit	-0.6	97.5	6.6	-0.0	0.8
Profit Before Tax	3.8	71.8	24.5	10.5	9.6
Current Income Tax Expense	0.0	0.0	0.2	-2.2	-1.5
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	3.8	71.8	24.4	8.3	8.1
Non-controlling Interest	0.0	1.1	0.0	0.0	0.1
Profit Attributable to Parent	3.8	70.7	24.4	8.3	8.1
Earnings per Share	21.00	387.00	133.00	45.00	44.00
Diluted EPS	20.60	386.79	133.33	0.00	44.11

Item	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,081.0	2,075.8	2,190.3	2,582.9
I. Cash and cash equivalents	4.7	4.0	5.8	3.2
1. Cash	4.7	4.0	5.8	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	261.4	261.4	261.4	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	261.4	261.4	261.4	0.0
III. Short-term receivables	1,491.3	1,494.0	1,582.4	1,928.0
1. Short-term trade accounts receivable	560.7	559.6	606.7	0.0
2. Short-term prepayments to suppliers	214.0	220.1	223.9	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	845.2	845.2	845.2	0.0
6. Other short-term receivables	400.9	398.4	401.7	0.0
7. Provision for short-term doubtful debts (*)	-529.6	-529.3	-495.2	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	305.1	297.3	321.7	356.4
1. Inventories	307.2	299.4	323.8	0.0
2. Provision for decline in value of inventories	-2.1	-2.1	-2.1	0.0
V. Other short-term assets	18.5	19.0	19.0	18.8
1. Short-term prepayments	0.3	0.3	0.5	0.0
2. Value added tax to be reclaimed	16.1	16.7	16.8	0.0
3. Taxes and other receivables from state authorities	2.0	2.1	1.7	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	248.8	265.3	310.7	353.4
I. Long-term receivables	0.4	6.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	2.4
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.4	6.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	61.4	72.1	123.0	160.2
1. Tangible fixed assets	60.5	71.1	81.7	111.1
- Cost	182.3	182.2	184.1	0.0
- Accumulated depreciation	-121.8	-111.0	-102.4	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.9	0.9	41.2	49.2
- Cost	6.2	6.2	59.6	0.0
- Accumulated depreciation	-5.3	-5.3	-18.3	0.0
III. Investment properties	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.2	3.1	3.2	3.2
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	3.1	3.2	0.0
V. Long-term financial investments	175.0	175.0	175.0	175.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	175.0	175.0	175.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.8	9.1	9.5	0.0
1. Long-term prepayments	8.8	9.1	9.5	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	12.5
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,329.8	2,341.1	2,501.0	2,936.3
A. LIABILITIES (300=210+330)	510.7	525.7	718.9	797.7
I. Short -term liabilities	453.5	456.5	698.9	764.1
1. Short-term trade accounts payable	330.5	348.3	351.6	413.9
2. Short-term advances from customers	58.9	44.6	72.4	42.9
3. Taxes and other payables to state authorities	12.3	12.8	12.7	0.0
4. Payable to employees	4.3	2.6	5.6	0.0
5. Short-term acrrued expenses	10.7	14.2	29.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.0	0.0	0.0
9. Other short-term payables	3.8	3.7	3.4	0.0
10. Short-term borrowings and financial leases	27.7	24.0	217.5	233.3
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.0	6.4	6.7	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	57.3	69.2	20.0	33.6
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	57.2	69.1	20.0	33.6
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,819.1	1,815.3	1,782.2	2,138.6
I. Owner's equity	1,819.1	1,815.3	1,782.2	0.0
1. Owner's capital	1,826.8	1,826.8	1,826.8	2,138.6
- Common stock with voting right	1,826.8	1,826.8	1,826.8	1,826.8
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	36.7	36.7	36.7	36.7
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0
8. Investment and development fund	43.8	43.8	43.8	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-148.2	-152.0	-185.1	115.6
- Accumulated retained earning at the end of the previous period	-152.0	-222.6	-209.5	104.6
- Undistributed earnings in this period	3.8	70.7	24.4	10.9
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	60.0	60.0	60.0	115.7
14. Financial reserves	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,329.8	2,341.1	2,501.0	2,936.3

Item	2024	2023	2022	2021	2020
Profit Before Tax	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	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
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0	0.0
Interest Expense	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
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	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
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.2	-0.2	-0.2	0.0	0.0
Other Operating Receipts	7.0	5.0	5.4	0.0	0.0
Other Operating Payments	-23.5	-32.4	-25.3	0.0	0.0
Net Cash Flow from Operating Activities	16.8	20.9	-18.5	34.1	7.1
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.4	0.0	-1.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	1.1
Loans and Purchases of Debt Instruments	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
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	6.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	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
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	6.3	5.1	21.4	-0.9	1.1
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	73.5	20.5	19.4	158.4	130.8
Repayment of Borrowings	-96.0	-48.3	-20.4	-189.4	-135.8
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-22.4	-27.8	-1.0	-31.1	-5.0
Net Cash Flow During the Period	0.7	-1.8	1.9	0.0	0.0
Cash and Cash Equivalents at Beginning of Period	4.0	5.8	3.9	3.2	7.2
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.7	4.0	5.8	0.0	0.0

Item	Q3'24	Q2'24	Q4'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
Revenue	47.9	59.9	50.9	37.8	50.5	43.5	91.9	139.8	115.1	92.0	200.2	160.2
Revenue Deductions	1.7	1.4	2.7	0.4	3.8	3.0	5.7	0.0	0.0	0.0	0.0	0.0
Net Revenue	46.2	58.5	48.2	37.4	46.7	40.5	86.2	136.9	109.0	90.3	199.2	158.2
Cost of Goods Sold	30.8	40.6	36.4	27.9	35.6	26.1	71.5	0.0	0.0	0.0	0.0	0.0
Gross Profit	15.4	17.9	11.7	9.5	11.1	14.3	14.7	9.2	10.7	5.7	2.7	1.2
Financial Income	1.0	0.0	0.1	0.3	0.0	25.6	25.8	9.4	14.0	15.4	26.3	20.4
Financial Expenses	2.2	3.9	6.0	17.6	4.9	8.6	4.9	-7.5	-6.4	-5.3	-7.6	-7.8
Interest Expense	1.8	2.2	5.1	17.0	3.3	7.1	3.6	-7.2	-4.0	-5.0	-7.5	-7.7
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	6.2	7.2	9.5	5.5	5.3	6.0	8.0	-4.6	-8.0	-8.4	-10.1	-9.8
General and Administrative Expenses	7.1	6.6	6.3	5.2	6.0	5.9	5.6	-3.7	-5.0	-4.8	-5.0	-5.3
Operating Profit	0.9	0.2	-10.0	-18.5	-5.1	19.5	22.0	2.8	5.2	2.6	6.4	-1.3
Other Income	0.5	0.1	-39.2	0.0	0.0	-1.6	10.8	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.4	-39.2	0.3	0.5	0.1	1.6	0.0	0.0	0.0	0.0	0.0
Other Profit	0.3	-0.3	0.0	-0.3	-0.5	-1.7	9.1	0.4	-0.0	-0.4	2.1	-0.1
Profit Before Tax	1.2	-0.1	-10.0	-18.8	-5.6	17.7	31.2	3.2	5.2	2.1	8.5	-1.4
Current Income Tax Expense	0.0	0.0	0.0	-0.0	0.0	0.1	0.1	-0.6	-1.1	-0.5	-0.9	0.3
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	1.2	-0.1	-10.0	-18.8	-5.6	17.7	31.1	2.6	4.1	1.7	7.6	-1.2
Non-controlling Interest	0.0	0.0	1.1	-0.5	0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.2	-0.1	-11.1	-18.3	-5.6	17.1	31.1	2.6	4.1	1.6	7.5	-1.2
Earnings per Share	7.00	-1.00	-61.00	-100.00	-31.00	94.00	170.00	14.00	22.00	9.00	41.00	-6.00
Diluted EPS	6.61	-0.61	-60.80	-100.14	-30.59	93.87	170.19	14.02	22.43	9.03	41.28	-6.46

Item	Q3'24	Q2'24	Q4'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,070.3	2,068.2	2,075.8	2,190.3	2,197.7	2,196.4	2,116.8	2,699.2	2,605.4	2,510.7	2,582.9	2,810.7
I. Cash and cash equivalents	5.9	5.5	4.0	5.8	6.8	5.5	5.3	5.3	11.2	1.8	3.2	5.4
1. Cash	5.9	5.5	4.0	5.8	6.8	5.5	5.3	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	261.4	261.4	261.4	261.4	261.4	261.4	261.4	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	261.4	261.4	261.4	261.4	261.4	261.4	261.4	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,490.2	1,488.9	1,494.0	1,582.4	1,575.9	1,569.7	1,496.5	2,054.0	1,955.2	1,866.8	1,928.0	2,222.5
1. Short-term trade accounts receivable	558.7	555.9	559.6	606.7	597.8	591.6	590.3	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	215.0	216.5	220.1	223.9	223.3	223.5	210.8	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	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	845.2	845.2	845.2	845.2	845.2	845.2	845.2	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	400.7	400.7	398.4	401.7	401.5	401.2	376.9	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-529.3	-529.3	-529.3	-495.2	-491.9	-491.9	-526.9	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	294.2	293.7	297.3	321.7	334.0	340.0	333.5	344.5	343.2	345.4	356.4	358.9
1. Inventories	296.3	295.8	299.4	323.8	336.1	342.1	335.6	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	18.5	18.7	19.0	19.0	19.5	19.8	20.0	19.0	19.3	20.2	18.8	22.3
1. Short-term prepayments	0.4	0.4	0.3	0.5	0.5	0.6	0.6	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	16.1	16.3	16.7	16.8	17.3	17.5	17.7	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.0	2.0	2.1	1.7	1.7	1.7	1.7	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)	251.3	253.8	265.3	310.7	314.3	317.6	321.1	342.3	345.6	348.5	353.4	359.0
I. Long-term receivables	0.4	0.4	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.4	0.0	0.0	2.4	2.4
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	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	0.4	0.4	6.0	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	64.0	66.5	72.1	123.0	126.2	129.6	132.9	151.0	156.7	159.3	160.2	167.0
1. Tangible fixed assets	63.1	65.6	71.1	81.7	84.7	87.8	90.8	104.7	108.2	110.4	111.1	117.5
- Cost	182.1	182.5	182.2	184.1	184.1	184.1	184.1	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-119.1	-116.9	-111.0	-102.4	-99.4	-96.4	-93.4	0.0	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.9	0.9	0.9	41.2	41.5	41.8	42.1	46.3	48.5	48.8	49.2	49.5
- 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	3.1	3.1	3.1	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
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	3.1	3.1	3.1	3.2	3.2	3.2	3.2	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0	175.0
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	175.0	175.0	175.0	175.0	175.0	175.0	175.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	8.8	8.8	9.1	9.5	9.8	9.7	10.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	8.8	8.8	9.1	9.5	9.8	9.7	10.0	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	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	10.6	10.6	11.0	12.5	11.3
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)	2,321.6	2,322.1	2,341.1	2,501.0	2,512.0	2,514.0	2,437.9	3,041.5	2,951.0	2,859.2	2,936.3	3,169.6
A. LIABILITIES (300=210+330)	504.3	506.0	525.7	718.9	707.7	704.1	682.3	901.1	813.2	725.4	797.7	1,038.4
I. Short -term liabilities	443.8	442.7	456.5	698.9	687.8	684.2	662.3	877.1	789.2	691.8	764.1	1,013.5
1. Short-term trade accounts payable	327.6	335.1	348.3	351.6	360.3	354.1	331.2	439.6	433.4	334.0	413.9	594.1
2. Short-term advances from customers	52.9	47.5	44.6	72.4	68.7	68.2	72.1	149.6	49.8	63.1	42.9	97.8
3. Taxes and other payables to state authorities	12.4	12.6	12.8	12.7	12.5	12.7	12.5	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	2.3	2.8	2.6	5.6	4.9	3.9	4.2	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	10.7	10.9	14.2	29.0	13.4	12.3	7.4	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	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	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.1	4.4	3.7	3.4	3.5	3.4	3.4	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	27.4	23.1	24.0	217.5	217.8	222.9	224.7	211.7	232.6	229.5	233.3	248.7
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	6.3	6.4	6.4	6.7	6.7	6.7	6.8	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	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	60.5	63.3	69.2	20.0	20.0	20.0	20.0	24.1	24.1	33.6	33.6	24.9
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	60.5	63.3	69.1	20.0	20.0	20.0	20.0	24.1	24.1	33.6	33.6	24.8
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)	1,817.2	1,816.0	1,815.3	1,782.2	1,804.3	1,809.9	1,755.6	2,140.3	2,137.8	2,133.8	2,138.6	2,131.3
I. Owner's equity	1,817.2	1,816.0	1,815.3	1,782.2	1,804.3	1,809.9	1,755.6	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	2,140.3	2,137.8	2,133.8	2,138.6	2,131.3
- Common stock with voting right	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8	1,826.8
- 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	36.7	36.7	36.7	36.7	36.7	36.7	36.7	36.7	36.7	36.7	36.7	36.7
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	43.8	43.8	43.8	43.8	43.8	43.8	43.8	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	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	-150.1	-151.3	-152.0	-185.1	-163.0	-157.5	-211.2	117.3	113.5	110.8	115.6	108.2
- Accumulated retained earning at the end of the previous period	-152.0	-152.0	-222.6	-209.5	-205.7	-205.7	-240.7	107.5	107.7	107.5	104.6	104.6
- Undistributed earnings in this period	1.9	0.7	70.7	24.4	42.7	48.2	29.5	9.8	5.7	3.4	10.9	3.6
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	60.0	60.0	60.0	60.0	60.0	60.0	59.5	115.7	117.0	115.7	115.7	115.7
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)	2,321.6	2,322.1	2,341.1	2,501.0	2,512.0	2,514.0	2,437.9	3,041.5	2,951.0	2,859.2	2,936.3	3,169.6

Item	Q3'24	Q2'24	Q4'23	Q4'22	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21
Profit Before Tax	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.0	-0.2	-0.2	0.0	-0.1	-0.1	-0.0	0.0	0.0	0.0
Other Operating Receipts	-5.2	6.3	5.0	0.2	0.4	2.6	2.2	0.0	0.0	0.0
Other Operating Payments	-5.0	-14.2	-32.4	-4.0	7.6	-6.4	-22.5	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-6.6	1.3	20.9	-0.7	6.4	2.0	-26.2	14.9	13.1	6.1
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	-0.4	0.0	0.0	0.0	0.0	0.0	-1.0	0.0
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	6.3	5.1	0.0	0.0	0.0	21.4	0.0	-0.9	0.0
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	17.6	30.0	20.5	4.9	1.1	0.0	13.4	68.5	45.7	44.2
Repayment of Borrowings	-10.3	-36.1	-48.3	-5.2	-6.2	-1.9	-7.1	-89.3	-48.4	-51.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	7.3	-6.2	-27.8	-0.3	-5.1	-1.9	6.3	-20.9	-2.7	-7.5
Net Cash Flow During the Period	0.7	1.5	-1.8	-1.0	1.3	0.1	1.4	-6.0	9.4	-1.4
Cash and Cash Equivalents at Beginning of Period	3.7	4.0	5.8	3.9	3.9	3.9	3.9	11.2	1.8	3.2
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	5.9	5.5	4.0	5.8	6.8	5.5	5.3	5.3	11.2	1.8

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