LCS

Licogi 166 ·UPCOM ·2021Q3

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity −0.02x

Price

—

Latest close

P/E —

P/B —

EPS -63

BVPS 9,536

ROE -0.7%

ROA -0.1%

Profit Margin -1.1%

Asset Turnover 0.12x

Equity Mult. 4.94x

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

What Is Changing

On a Năm 2021 basis, LCS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 21bn
	                                
−72.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 12bn
	                                
−17735.6%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    63.1%

Metric	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	6.4	1.4	13.3	22.1	27.8	11.0	14.5
Growth	+342%	-89%	-40%	-21%	+154%	-24%	—
Net Income	-5.3	-7.0	0.1	11.8	-5.1	-6.7	0.1
Net Margin	-83.22%	-488.21%	0.42%	53.60%	-18.33%	-61.21%	0.41%

Drivers of LCS's profit

TTM

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

Gross profit ↓ 1.9bn

Finance costs ↑ 1.3bn

Administrative expenses ↑ 1.0bn

Other profit ↓ 0.6bn

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 -1.11% −58.4pp

Gross Margin 27.46% —

SG&A / Revenue -8.02% —

Non-core / Revenue 19.15% —

TTM YoY · 2020Q3 -> 2021Q3

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (63.1% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -0.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC currently stands at -0.11%. Track NOPAT margin and capital turnover to assess capital efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC -0.11% —

NOPAT Margin -0.41% —

Capital Turnover 0.27x —

Average Invested Capital 161.7bn —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage runs above the construction contractors average — project acceptance cycles warrant monitoring — liabilities at 3.97x equity, net debt at 1.24x equity.

Inventory ended the period at 205.1bn, roughly 48.8% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: 0.0bn

Inventories were broadly stable → neutral CFO: 0.0bn

Payables were broadly stable → neutral 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.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 1.7bn due to capex of 0.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.24x and interest coverage only at -0.02x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.0% of debt, and total debt stands at 90.0bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.24x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -0.02x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.24x +0.03x

Interest Coverage -0.02x —

Cash / Debt 0.0% −7.4pp

Short-term Debt / Total Debt 100.0% +0.9pp

CFO / NI 3.46x —

TTM YoY · 2020Q3 -> 2021Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3.4bn in 2021, against investing cash flow of 0.0bn.

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

CFO / net income was 3.46x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of −1.7bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 1.7bn —

Cash Capex 0.0bn —

FCF TTM −1.7bn —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is -1789.5%. The main risk still sits in leverage and liquidity, with interest coverage at -0.02x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.46x. Even so, net financial result still accounts for -1789.5% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.02x.

Statement Data

Item	2021	2020
Revenue	21.1	75.3
Revenue Deductions	0.0	0.0
Net Revenue	21.1	75.3
Cost of Goods Sold	0.0	0.0
Gross Profit	-2.0	14.0
Financial Income	0.0	0.0
Financial Expenses	-7.4	-8.6
Interest Expense	-7.4	-8.6
Share of Associates and Joint Ventures	0.0	0.0
Selling Expenses	0.0	0.0
General and Administrative Expenses	-2.6	-6.0
Operating Profit	-12.0	-0.5
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	-0.3	0.6
Profit Before Tax	-12.3	0.1
Current Income Tax Expense	0.0	0.0
Deferred Income Tax Expense	0.0	0.0
Net Income	-12.3	0.1
Non-controlling Interest	0.0	0.0
Profit Attributable to Parent	-12.3	0.1
Earnings per Share	0.00	9.18
Diluted EPS	0.00	9.18

Item	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	374.2
I. Cash and cash equivalents	0.0
1. Cash	0.0
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	0.0
III. Short-term receivables	168.0
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.0
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	0.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	205.1
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	1.1
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	46.0
I. Long-term receivables	0.0
1. Long-term trade receivables	1.1
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	41.6
1. Tangible fixed assets	41.6
- Cost	0.0
- Accumulated depreciation	0.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	0.0
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	0.0
5. Held to maturity investments	0.0
6. Other long-term investments	0.0
VI. Other long-term assets	0.0
1. Long-term prepayments	0.0
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	3.4
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	420.2
A. LIABILITIES (300=210+330)	335.6
I. Short -term liabilities	334.8
1. Short-term trade accounts payable	107.9
2. Short-term advances from customers	105.5
3. Taxes and other payables to state authorities	0.0
4. Payable to employees	0.0
5. Short-term acrrued expenses	0.0
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.0
10. Short-term borrowings and financial leases	92.6
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	0.8
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	0.0
8. Long-term borrowings and financial leases	0.8
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.00
11. Deferred income tax liabilities	0.0
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	84.6
I. Owner's equity	0.0
1. Owner's capital	84.6
- Common stock with voting right	76,000,000,000.00
- Preferred stock	0.00
2. Share premium	0.0
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.00
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	2.6
- Accumulated retained earning at the end of the previous period	2.5
- Undistributed earnings in this period	0.1
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	0.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	420.2

Item	2021	2020
Profit Before Tax	-12.3	0.1
Depreciation of Fixed Assets and Investment Property	8.8	11.8
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	3.8	20.4
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	3.4	2.9
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.4
Investments in Other Entities	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0
Dividends and Interest Income Received	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0
Other Investing Receipts	0.0	0.0
Other Investing Payments	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.4
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00
Share Repurchases	0.00	0.00
Proceeds from Borrowings	0.0	37.0
Repayment of Borrowings	-3.4	-43.7
Repayment of Finance Leases	0.0	0.0
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	-3.4	-6.7
Net Cash Flow During the Period	0.0	-7.0
Cash and Cash Equivalents at Beginning of Period	0.0	3.5
FX Difference from Revaluation	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	0.0

Item	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	6.4	1.4	13.3	22.1	27.8	11.0	14.5
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	6.4	1.4	13.3	22.1	27.8	11.0	14.5
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	-2.7	-1.9	2.6	13.8	-0.8	-2.2	3.2
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	-2.1	-4.0	-1.4	-1.2	-3.3	-2.4	-1.7
Interest Expense	-2.1	-4.0	-1.4	-1.2	-3.3	-2.4	-1.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	-0.5	-0.8	-1.2	-0.8	-1.5	-2.1	-1.5
Operating Profit	-5.3	-6.7	0.1	11.8	-5.7	-6.7	0.1
Other Income	0.0	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	0.0
Other Profit	0.0	-0.3	0.0	0.0	0.6	0.0	0.0
Profit Before Tax	-5.3	-7.0	0.1	11.8	-5.1	-6.7	0.1
Current Income Tax Expense	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
Net Income	-5.3	-7.0	0.1	11.8	-5.1	-6.7	0.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.3	-7.0	0.1	11.8	-5.1	-6.7	0.1
Earnings per Share	-698.87	-926.81	7.32	1,555.38	-670.80	-883.16	7.76
Diluted EPS	-698.87	-926.81	7.32	1,555.38	-670.80	-883.16	7.76

Item	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	278.9	278.5	374.2	374.2	352.4	278.3	279.2
I. Cash and cash equivalents	0.0	0.0	1.3	0.0	7.1	0.3	1.0
1. Cash	0.0	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	0.0
II. Short-term financial investments	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
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
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	61.6	56.2	153.1	168.0	144.1	63.4	61.9
1. Short-term trade accounts receivable	0.0	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	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	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	0.0
7. Provision for short-term doubtful debts (*)	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
IV. Inventories	216.0	220.9	216.7	205.1	200.2	211.9	211.1
1. Inventories	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
V. Other short-term assets	1.3	1.4	3.0	1.1	1.2	2.3	4.8
1. Short-term prepayments	0.0	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	0.0
3. Taxes and other receivables from state authorities	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
5. Other short-term assets	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)	36.5	39.7	42.9	46.0	49.2	52.4	55.7
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	1.1	1.1	1.1	1.1	1.1	1.1	1.1
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	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
II. Fixed assets	32.9	35.8	38.7	41.6	44.5	47.5	50.4
1. Tangible fixed assets	32.9	35.8	38.7	41.6	44.5	47.5	50.4
- Cost	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
2. Financial leased fixed assets	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
- Accumulated depreciation	0.0	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	0.0
- Cost	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
III. Investment properties	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
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	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	0.0
V. Long-term financial investments	0.0	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	0.0
2. Investments in associates, joint-ventures	0.0	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	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
5. Held to maturity investments	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
VI. Other long-term assets	0.0	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	0.0
2. Deferred income tax assets	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
4. Other long-term assets	2.6	2.9	3.1	3.4	3.6	3.9	4.2
5. Goodwill	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
TOTAL ASSETS (280=100+200)	315.5	318.2	417.1	420.2	401.7	330.7	334.9
A. LIABILITIES (300=210+330)	243.0	240.4	332.2	335.6	328.9	252.8	250.3
I. Short -term liabilities	243.0	240.4	331.4	334.8	328.1	252.0	249.5
1. Short-term trade accounts payable	100.6	98.0	99.5	107.9	95.1	100.7	104.3
2. Short-term advances from customers	21.7	22.0	109.3	105.5	116.1	32.8	23.4
3. Taxes and other payables to state authorities	0.0	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	0.0
5. Short-term acrrued expenses	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
7. Construction contract progress payments due to suppliers	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
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	90.0	90.0	89.2	92.6	94.5	98.3	98.8
11. Provision for short-term liabilities	0.0	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	0.0
13. Price stabilization fund	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
II. Long-term liabilities	0.0	0.0	0.8	0.8	0.8	0.8	0.8
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.8	0.8	0.8	0.8	0.8
9. Convertible bonds	0.0	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	0.00
11. Deferred income tax liabilities	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
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	72.5	77.8	84.8	84.6	72.8	77.9	84.6
I. Owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	72.5	77.8	84.8	84.6	72.8	77.9	84.6
- Common stock with voting right	76,000,000,000.00	76,000,000,000.00	76,000,000,000.00	76,000,000,000.00	76,000,000,000.00	76,000,000,000.00	76,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	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
4. Other capital of owners	0.0	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	0.00
6. Assets revaluation differences	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
8. Investment and development fund	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
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-9.5	-4.2	2.8	2.6	-9.2	-4.1	2.6
- Accumulated retained earning at the end of the previous period	2.8	2.8	2.8	2.5	2.5	2.5	2.5
- Undistributed earnings in this period	-12.3	-7.0	0.1	0.1	-11.8	-6.7	0.1
12. Reserves for investment in construction	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
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	315.5	318.2	417.1	420.2	401.7	330.7	334.9

Item	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	-5.3	-7.0	0.1	11.8	-5.1	-6.7	0.1
Depreciation of Fixed Assets and Investment Property	2.9	2.9	2.9	2.9	2.9	3.0	3.0
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	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
Gain/Loss on Disposal of Fixed Assets	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
Amortization of Goodwill	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
Operating Profit Before Changes in Working Capital	-0.3	-0.2	4.3	15.9	1.2	-1.4	4.7
Increase/(Decrease) in Receivables	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
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	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
Interest Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	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
Other Operating Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.0	-1.2	4.6	-5.1	10.2	-0.2	-2.0
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	0.0	0.0	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
Loans and Purchases of Debt Instruments	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	0.4	0.0	0.0
Investments in Other Entities	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
Dividends and Interest Income Received	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
Acquisition of Non-controlling Interests	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
Other Investing Payments	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	0.4	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	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	0.00
Proceeds from Borrowings	0.0	0.0	0.0	0.0	0.0	5.7	31.3
Repayment of Borrowings	-0.0	-0.1	-3.4	-1.9	-3.8	-6.2	-31.8
Repayment of Finance Leases	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
Other Financing Receipts	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
Net Cash Flow from Financing Activities	-0.0	-0.1	-3.4	-1.9	-3.8	-0.5	-0.5
Net Cash Flow During the Period	0.0	-1.3	1.3	-7.0	6.8	-0.7	-2.4
Cash and Cash Equivalents at Beginning of Period	0.0	1.3	0.0	7.1	0.3	1.0	3.5
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	0.0	0.0	1.3	0.0	7.1	0.3	1.0

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LCS

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Balance Sheet ●

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Cash Flow