PPI

Đầu tư và Phát triển Dự án Hạ tầng Thái Bình Dương ·UPCOM ·2023Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.01x

Price

—

Latest close

P/E —

P/B —

EPS -64

BVPS -2,986

ROE 2.2%

ROA -2.0%

Profit Margin -65,971.5%

Asset Turnover 0.00x

Equity Mult. -1.41x

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

What Is Changing

On a TTM 2023Q1 basis, PPI is under pressure on both revenue and margins simultaneously — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 0bn
	                                
−100.0%YoY

	                            
	                                NET MARGIN
	                            
	                                    −21.55%
	                                
−2096.5ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 3bn
	                                
+87.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.31x
	                                
negative cash flow vs profit

Metric	2022	2021	2020
Revenue	0.0	113.1	-6.0
Growth	-100%	-1999%	—
Net Income	-3.4	-24.4	-123.6
Net Margin	—	-21.55%	2075.00%

Metric	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20
Revenue	0.0	0.0	0.0	0.0	0.0	0.0	113.1	0.0	0.0	0.0	-6.8	0.8
Growth	—	—	—	—	-100%	-100%	+592144%	+335%	-77%	-100%	-922%	—
Net Income	-0.5	-0.7	-1.2	-0.7	-0.8	-22.5	-0.3	-0.8	-0.7	-40.1	-19.0	-63.6
Net Margin	—	—	—	—	—	-58979.67%	-0.26%	-4388.15%	-16733.88%	-209851.73%	279.27%	-7685.48%

Drivers of PPI's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 22.1bn

Administrative expenses ↑ 3.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 0.2bn

Administrative expenses ↓ 0.1bn

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 -21.55% −2096.5pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2022Q1 -> 2023Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 2.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 2.11%, losing 44.6pp. That translates to 2.11 in after-tax operating profit for every 100 units of operating capital. ROIC is under pressure as NOPAT margin was not available and capital turnover was not available have not provided enough support.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC 2.11% −44.6pp

NOPAT Margin — —

Capital Turnover — —

Average Invested Capital 113.4bn −61.6bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at -1.99x equity, with a net cash position equivalent to 0.19x equity.

Development inventory ended the period at 15.3bn, about 10.8% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 6.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +22.7bn

Inventories increased → lower CFO: −22.9bn

Payables increased → higher CFO: +6.9bn

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 5.9bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.0% of debt, and total debt stands at 27.6bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 1.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity -0.19x +0.03x

Interest Coverage — —

Cash / Debt 1.0% −0.0pp

Short-term Debt / Total Debt 100.0% +12.1pp

CFO / NI -1.31x +1.63x

TTM YoY · 2022Q1 -> 2023Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.9bn in 2022, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +5.9bn. Financing cash flow was negative +5.9bn.

CFO / net income was -1.31x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +4.0bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 4.0bn −67.8bn

Cash Capex 0.0bn 0.0bn

FCF TTM +4.0bn −67.8bn

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 brighter spot is balance-sheet flexibility, with net cash/equity at about -0.19x. The next item to monitor is the earnings mix, when non-core contribution is 22.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.01x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.19x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 22.1% of PBT and CFO / net income currently at -1.31x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.01x.

Statement Data

Item	2022	2021	2020
Revenue	0.0	113.1	33.1
Revenue Deductions	0.0	0.0	0.0
Net Revenue	0.0	113.1	-6.0
Cost of Goods Sold	0.0	0.0	0.0
Gross Profit	0.0	-22.1	-111.3
Financial Income	0.0	0.0	0.0
Financial Expenses	0.0	-0.2	-6.6
Interest Expense	0.0	-0.2	-2.1
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0
General and Administrative Expenses	2.5	-2.1	-6.4
Operating Profit	-2.5	-24.4	-124.3
Other Income	0.0	0.0	0.0
Other Expenses	1.0	0.0	0.0
Other Profit	-0.9	0.0	0.7
Profit Before Tax	-3.4	-24.4	-123.6
Current Income Tax Expense	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-3.4	-24.4	-123.6
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	-3.4	-24.4	-123.6
Earnings per Share	-69.90	-504.89	-2,559.55
Diluted EPS	-69.90	-504.89	-2,559.55

Item	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	49.1	48.0	44.8
I. Cash and cash equivalents	0.2	0.2	0.2
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	6.4	5.4	2.9
1. Short-term trade accounts receivable	51.9	0.0	0.0
2. Short-term prepayments to suppliers	19.2	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	0.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-64.9	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	15.3	15.3	15.4
1. Inventories	15.3	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	27.1	27.1	26.3
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	10.8	0.0	0.0
3. Taxes and other receivables from state authorities	16.3	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)	92.6	118.6	190.3
I. Long-term receivables	31.8	0.0	0.0
1. Long-term trade receivables	74.7	57.3	34.6
2. Long-term prepayments to suppliers	202.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	9.2	0.0	0.0
7. Provision for long-term doubtful debts	-254.1	0.0	0.0
II. Fixed assets	3.5	4.1	4.9
1. Tangible fixed assets	1.9	2.4	3.2
- Cost	11.4	0.0	0.0
- Accumulated depreciation	-9.5	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	1.7	1.7	1.7
- Cost	1.7	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	57.2	57.2	150.8
1. Long-term production in progress	57.2	0.0	0.0
2. Construction in progress	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.0	0.0	0.0
3. Investments in other entities	0.8	0.0	0.0
4. Provision for diminution in value of long-term investments	-6.8	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	0.0	0.0	0.0
1. Long-term prepayments	0.0	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	0.0	0.0
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	141.7	166.6	235.1
A. LIABILITIES (300=210+330)	285.4	306.9	331.3
I. Short -term liabilities	106.8	130.2	198.4
1. Short-term trade accounts payable	46.7	46.7	46.6
2. Short-term advances from customers	2.3	2.3	2.3
3. Taxes and other payables to state authorities	10.2	0.0	0.0
4. Payable to employees	3.0	0.0	0.0
5. Short-term acrrued expenses	0.1	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	7.1	7.1	7.1
9. Other short-term payables	9.0	0.0	0.0
10. Short-term borrowings and financial leases	27.6	28.1	98.5
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	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	178.7	176.7	133.0
1. Long-term trade payables	1.1	1.1	1.1
2. Long-term advances from customers	51.2	47.6	47.5
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	126.4	0.0	0.0
8. Long-term borrowings and financial leases	0.0	5.3	5.3
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-143.7	-140.4	-96.2
I. Owner's equity	-143.7	0.0	0.0
1. Owner's capital	482.9	-140.4	-96.2
- Common stock with voting right	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	7.1	7.1	7.1
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0
8. Investment and development fund	0.0	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	-633.7	-630.3	-586.2
- Accumulated retained earning at the end of the previous period	-630.3	-606.0	-425.7
- Undistributed earnings in this period	-3.4	-24.4	-160.5
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)	141.7	166.6	235.1

Item	2022	2021	2020
Profit Before Tax	-3.4	-24.4	-160.5
Depreciation of Fixed Assets and Investment Property	0.5	0.8	1.3
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	0.0	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	-2.9	-23.7	-142.9
Increase/(Decrease) in Receivables	24.4	0.0	0.0
Increase/(Decrease) in Inventory	-22.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.2	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	0.0	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	5.9	70.4	26.2
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	1.2
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	0.0	0.0	1.2
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	15.8	0.1	4.1
Repayment of Borrowings	-21.7	-70.5	-32.0
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	-5.9	-70.4	-27.8
Net Cash Flow During the Period	0.0	-0.0	-0.3
Cash and Cash Equivalents at Beginning of Period	0.2	0.2	0.7
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.2	0.2	0.2

Item	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20
Revenue	0.0	0.0	0.0	0.0	0.0	0.0	113.1	0.0	0.0	0.0	32.2	0.8
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	0.0	0.0	0.0	0.0	0.0	113.1	0.0	0.0	0.0	-6.8	0.8
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.0	0.0	0.0	0.0	0.0	-21.9	-0.3	0.0	0.0	-38.5	-51.9	-20.9
Financial Income	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-1.0	-5.7	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-1.0	-1.2	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.5	0.7	0.6	0.6	0.5	-0.7	-0.0	-0.9	-0.5	-0.7	38.5	-43.3
Operating Profit	-0.5	-0.7	-0.6	-0.6	-0.5	-22.5	-0.3	-0.8	-0.8	-40.1	-19.0	-64.2
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.6	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.6	-0.1	-0.2	0.0	0.0	0.0	0.0	0.1	0.0	0.6
Profit Before Tax	-0.5	-0.7	-1.2	-0.7	-0.8	-22.5	-0.3	-0.8	-0.7	-40.1	-19.0	-63.6
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	-0.5	-0.7	-1.2	-0.7	-0.8	-22.5	-0.3	-0.8	-0.7	-40.1	-19.0	-63.6
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	-0.5	-0.7	-1.2	-0.7	-0.8	-22.5	-0.3	-0.8	-0.7	-40.1	-19.0	-63.6
Earnings per Share	-9.77	-14.62	-24.84	-14.43	-16.01	-466.33	-5.98	-17.35	-15.22	-829.61	-393.46	-1,317.46
Diluted EPS	-9.77	-14.62	-24.84	-14.43	-16.01	-466.33	-5.98	-17.35	-15.22	-829.61	-393.46	-1,317.46

Item	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	49.0	49.1	49.2	49.3	48.3	48.0	48.0	47.3	44.6	44.8	44.3	46.3
I. Cash and cash equivalents	0.3	0.2	0.3	0.5	0.3	0.2	0.3	0.3	0.2	0.2	0.6	0.4
1. Cash	0.3	0.2	0.3	0.5	0.3	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	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	6.3	6.4	6.4	6.4	5.5	5.4	5.4	5.4	2.7	2.9	2.7	8.3
1. Short-term trade accounts receivable	51.9	51.9	51.9	51.9	51.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	19.2	19.2	19.2	19.2	18.3	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	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	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-64.9	-64.9	-64.9	-64.9	-64.9	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	0.0
IV. Inventories	15.3	15.3	15.3	15.3	15.3	15.3	15.3	15.4	15.4	15.4	15.4	15.4
1. Inventories	15.3	15.3	15.3	15.3	15.3	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	0.0
V. Other short-term assets	27.2	27.1	27.2	27.2	27.2	27.1	27.1	26.3	26.3	26.3	25.6	22.1
1. Short-term prepayments	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. Value added tax to be reclaimed	10.8	10.8	10.9	10.9	10.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	16.3	16.3	16.3	16.3	16.3	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)	92.5	92.6	93.5	93.9	116.3	118.6	178.1	167.1	189.5	190.3	228.5	279.2
I. Long-term receivables	31.7	31.8	32.7	32.9	55.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	74.6	74.7	75.6	75.8	98.1	57.3	94.7	31.3	34.9	34.6	34.5	30.6
2. Long-term prepayments to suppliers	202.0	202.0	202.0	202.0	202.0	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	9.2	9.2	9.2	9.2	9.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-254.1	-254.1	-254.1	-254.1	-254.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.5	3.5	3.6	3.7	3.9	4.1	4.2	4.4	4.7	4.9	5.2	5.5
1. Tangible fixed assets	1.8	1.9	1.9	2.1	2.2	2.4	2.6	2.8	3.0	3.2	3.5	3.8
- Cost	11.4	11.4	11.4	11.4	11.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.6	-9.5	-9.5	-9.3	-9.2	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	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	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
- 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	57.3	57.2	57.2	57.2	57.2	57.2	79.1	131.3	149.9	150.8	188.8	238.6
1. Long-term production in progress	57.3	57.2	57.2	57.2	57.2	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	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	0.0	0.0	0.0	0.0	4.5
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	6.0	6.0	6.0	6.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.8	0.8	0.8	0.8	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-6.8	-6.8	-6.8	-6.8	-6.8	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	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. Long-term prepayments	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. 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	0.0	0.0	0.0
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)	141.5	141.7	142.7	143.2	164.6	166.6	226.1	214.4	234.1	235.1	272.8	325.4
A. LIABILITIES (300=210+330)	285.7	285.4	285.8	285.0	305.7	306.9	344.0	332.0	331.1	331.3	328.9	325.7
I. Short -term liabilities	107.0	106.8	105.7	105.9	128.6	130.2	167.3	197.4	196.8	198.4	197.8	182.2
1. Short-term trade accounts payable	46.7	46.7	46.7	46.7	46.7	46.7	46.7	46.7	45.9	46.6	46.7	46.6
2. Short-term advances from customers	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
3. Taxes and other payables to state authorities	10.2	10.2	10.3	10.3	10.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	3.3	3.0	2.8	2.8	2.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	0.1	23.0	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	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	7.1	7.1	6.2	6.2	6.2	7.1	7.1	7.1	7.1	7.1	7.1	7.1
9. Other short-term payables	9.0	9.0	9.1	9.1	9.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	27.6	27.6	27.7	27.8	27.8	28.1	65.5	95.5	98.1	98.5	99.5	99.2
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	0.6	0.6	0.6	0.6	0.6	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	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	178.7	178.7	180.0	179.2	177.1	176.7	176.7	134.6	134.2	133.0	131.1	143.5
1. Long-term trade payables	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
2. Long-term advances from customers	51.3	51.2	52.5	51.7	49.3	47.6	47.5	47.5	47.9	47.5	45.6	36.0
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	126.4	126.4	126.4	126.4	122.9	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	0.0	0.0	3.8	5.3	5.3	5.3	5.3	5.3	5.4	5.4
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)	0.00	0.00	0.00	0.00	0.00	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	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)	-144.2	-143.7	-143.0	-141.8	-141.1	-140.4	-117.8	-117.6	-96.9	-96.2	-56.1	-0.3
I. Owner's equity	-144.2	-143.7	-143.0	-141.8	-141.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	482.9	482.9	482.9	482.9	482.9	-140.4	-117.8	-117.6	-96.9	-96.2	-56.1	-0.3
- Common stock with voting right	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00	482,906,290,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
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	0.00	0.00	0.00	0.00	0.00	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	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	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. 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	-634.2	-633.7	-633.0	-631.8	-631.1	-630.3	-607.8	-607.5	-586.9	-586.2	-546.1	-490.2
- Accumulated retained earning at the end of the previous period	-633.7	-630.3	-630.3	-630.3	-630.3	-606.0	-607.5	-606.7	-586.2	-425.7	-425.7	-425.7
- Undistributed earnings in this period	-0.5	-3.4	-2.7	-1.5	-0.8	-24.4	-0.3	-0.8	-0.7	-160.5	-120.4	-64.5
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)	141.5	141.7	142.7	143.2	164.6	166.6	226.1	214.4	234.1	235.1	272.8	325.4

Item	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20
Profit Before Tax	-0.5	-0.7	-1.2	-0.7	-0.8	-22.5	-0.3	-0.8	-0.7	-40.1	-55.9	-63.6
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3
Provision (Increase)/Reversal	0.0	0.0	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	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	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	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	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	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	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	0.0
Operating Profit Before Changes in Working Capital	-0.4	-0.7	-1.0	-0.5	-0.6	-22.4	-0.3	-0.6	-0.3	-38.7	-80.3	-23.3
Increase/(Decrease) in Receivables	0.2	0.9	0.1	21.4	1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-0.0	-0.0	-0.0	-22.9	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.3	-0.2	0.8	6.0	0.6	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	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	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	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	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	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	0.0	0.0
Net Cash Flow from Operating Activities	0.0	0.0	-0.1	4.0	1.9	37.4	30.0	2.6	0.5	0.8	-0.2	22.9
Payments for Fixed Assets and Other Long-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
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	0.0	1.2
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	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	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	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	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	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	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	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	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	0.0
Net Cash Flow from Investing Activities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.2
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.4	15.2	0.2	0.0	0.0	0.0	0.0	0.1	0.0	1.0	1.0
Repayment of Borrowings	-0.0	-0.5	-15.2	-4.1	-1.8	-37.4	-30.0	-2.5	-0.6	-1.1	-0.7	-25.1
Repayment of Finance Leases	0.0	0.0	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	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	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	0.0
Net Cash Flow from Financing Activities	-0.0	-0.1	-0.1	-3.9	-1.8	-37.4	-30.0	-2.5	-0.5	-1.1	0.4	-24.1
Net Cash Flow During the Period	0.0	-0.0	-0.2	0.2	0.1	-0.0	-0.0	0.0	0.0	-0.3	0.1	-0.0
Cash and Cash Equivalents at Beginning of Period	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.2	0.2	0.6	0.4	0.4
FX Difference from Revaluation	0.0	0.0	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	0.3	0.2	0.3	0.5	0.3	0.2	0.3	0.3	0.2	0.2	0.6	0.4

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