SJC

Sông Đà 1.01 ·UPCOM ·2022Q4

▼▼ Declining sharply

Margins remain under pressure Net margin −77.97%, −83.01pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -733

BVPS 13,028

ROE -5.5%

ROA -0.3%

Profit Margin -78.0%

Asset Turnover 0.00x

Equity Mult. 16.86x

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

What Is Changing

On a TTM 2022Q4 basis, SJC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 7bn
	                                
−85.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 5bn
	                                
−331.5%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    84.4%
	                                
affects earnings quality

Metric	2022	2021	2020
Revenue	6.8	45.5	7.0
Growth	-85%	+551%	—
Net Income	-5.3	2.3	-0.5
Net Margin	-77.97%	5.03%	-7.19%

Metric	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	1.7	1.8	1.9	1.3	1.5	40.5	1.8	1.6	1.7	1.8	1.8	1.8
Growth	-8%	-5%	+49%	-15%	-96%	+2142%	+10%	-3%	-4%	+0%	-1%	—
Net Income	-5.2	-0.1	0.2	-0.3	-0.2	2.5	0.0	0.0	-0.1	-0.1	-0.3	0.0
Net Margin	-302.13%	-5.38%	10.92%	-19.75%	-15.12%	6.12%	2.36%	0.01%	-8.35%	-5.24%	-17.40%	2.13%

Drivers of SJC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Finance costs ↑ 4.5bn

Administrative expenses ↑ 3.5bn

Gross profit ↓ 3.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Finance costs ↑ 4.5bn

Administrative expenses ↑ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q4 2.3% = 5.0% × 0.03 × 16.43

2022Q4 -5.5% = -78.0% × 0.00 × 16.86

ROE fell from 2.3% to -5.5% — net margin weakened the most, though leverage still provided support.

Net margin: -78.0% -83.0pp Asset turnover: 0.00x -0.02x Leverage: 16.86x +0.42x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -77.97%, losing 83.0pp. The main pressure is SG&A / Revenue rose 33.2pp, outweighing the improvement in Gross margin rose 8.2pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 65.8pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -77.97% −83.0pp

Gross Margin 17.87% +8.2pp

SG&A / Revenue 30.03% +33.2pp

Non-core / Revenue -65.82% −65.8pp

TTM YoY · 2021Q4 -> 2022Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 65.8pp, financial result still accounts for 84.4% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of -0.9% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC narrowed to -0.86%, falling 1.2pp. That translates to -0.86 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 83.0pp and capital turnover fell 0.06x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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 -0.86% −1.2pp

NOPAT Margin -77.98% −83.0pp

Capital Turnover 0.01x −0.06x

Average Invested Capital 615.2bn −9.3bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Leverage is well above the real estate sector norm — liquidity risk becomes material if handover slips — liabilities at 16.45x equity, net debt at 5.44x equity.

Development inventory ended the period at 1,410.2bn, about 85.8% of total assets — reflecting projects in progress awaiting handover.

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

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 5.44x and interest coverage only at -1.18x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.0% of debt, and total debt stands at 527.9bn.

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

Watchpoints

Net leverage is elevated

Net debt / equity stands at 5.44x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -1.18x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 5.44x +0.15x

Interest Coverage -1.18x —

Cash / Debt 3.0% +2.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -2.41x −3.70x

TTM YoY · 2021Q4 -> 2022Q4

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 12.8bn in 2022, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +12.8bn. Financing cash flow was positive 0.0bn.

CFO / net income was -2.41x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +12.8bn.

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 12.8bn +9.8bn

Cash Capex 0.0bn 0.0bn

FCF TTM +12.8bn +9.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 83.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 84.4%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 84.4% of PBT and CFO / net income currently at -2.41x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -77.97% after a 83.0pp decline versus the same period last year.

Statement Data

Item	2022	2021	2020
Revenue	6.8	45.7	7.2
Revenue Deductions	0.0	0.0	0.0
Net Revenue	6.8	45.5	7.0
Cost of Goods Sold	5.6	0.0	0.0
Gross Profit	1.2	4.4	1.3
Financial Income	0.0	0.0	0.0
Financial Expenses	4.5	0.0	0.0
Interest Expense	4.5	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0
General and Administrative Expenses	2.0	-1.5	-1.8
Operating Profit	-5.3	2.9	-0.5
Other Income	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.0
Profit Before Tax	-5.3	2.9	-0.5
Current Income Tax Expense	0.4	-0.6	0.0
Deferred Income Tax Expense	-0.4	0.0	0.0
Net Income	-5.3	2.3	-0.5
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	-5.3	2.3	-0.5
Earnings per Share	-733.27	316.73	-69.47
Diluted EPS	-733.27	316.73	-69.47

Item	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,586.4	1,560.9	1,550.7
I. Cash and cash equivalents	15.8	3.0	1.6
1. Cash	15.8	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	122.7	137.8	136.7
1. Short-term trade accounts receivable	11.3	0.0	0.0
2. Short-term prepayments to suppliers	81.0	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	1.6	0.0	0.0
6. Other short-term receivables	32.6	0.0	0.0
7. Provision for short-term doubtful debts (*)	-3.8	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	1,410.2	1,382.4	1,378.0
1. Inventories	1,410.2	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	37.7	37.7	34.5
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	37.6	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	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)	56.6	56.7	57.8
I. Long-term receivables	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	6.3	6.5	6.7
1. Tangible fixed assets	6.3	6.5	6.7
- Cost	9.9	0.0	0.0
- Accumulated depreciation	-3.6	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	0.0	0.0	0.0
- Cost	0.1	0.0	0.0
- Accumulated depreciation	-0.1	0.0	0.0
III. Investment properties	18.2	18.8	19.3
- Cost	22.8	0.0	0.0
- Accumulated depreciation	-4.5	0.0	0.0
IV. Long-term assets in progress	0.7	0.7	0.7
1. Long-term production in progress	0.2	0.0	0.0
2. Construction in progress	0.5	0.0	0.0
V. Long-term financial investments	1.5	1.5	1.5
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
3. Investments in other entities	1.5	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	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	29.7	0.0	0.0
1. Long-term prepayments	24.4	0.0	0.0
2. Deferred income tax assets	5.3	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	29.2	29.6
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,642.9	1,617.6	1,608.5
A. LIABILITIES (300=210+330)	1,548.8	1,518.3	1,511.5
I. Short -term liabilities	849.4	850.4	805.9
1. Short-term trade accounts payable	169.6	143.3	104.2
2. Short-term advances from customers	24.8	25.4	23.2
3. Taxes and other payables to state authorities	0.0	0.0	0.0
4. Payable to employees	3.1	0.0	0.0
5. Short-term acrrued expenses	54.7	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.5	0.4	0.5
9. Other short-term payables	67.1	0.0	0.0
10. Short-term borrowings and financial leases	527.9	527.9	529.4
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	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	699.4	667.9	705.6
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	698.5	667.2	704.8
7. Other long-term liabilities	0.8	0.0	0.0
8. Long-term borrowings and financial leases	0.1	0.1	0.1
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)	94.1	99.3	97.0
I. Owner's equity	94.1	0.0	0.0
1. Owner's capital	72.3	99.3	97.0
- Common stock with voting right	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	7.5	7.5	7.5
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	-2,504,436,106.00	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	23.7	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	-6.7	-1.6	-3.9
- Accumulated retained earning at the end of the previous period	-1.4	-3.9	-3.4
- Undistributed earnings in this period	-5.3	2.3	-0.5
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)	1,642.9	1,617.6	1,608.5

Item	2022	2021	2020
Profit Before Tax	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0
Interest Expense	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	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	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	47.9	0.0	0.0
Other Operating Payments	-34.1	0.0	0.0
Net Cash Flow from Operating Activities	12.8	3.0	0.3
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	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	0.0	0.0	0.0
Repayment of Borrowings	0.0	-1.5	0.0
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	0.0	-1.5	0.0
Net Cash Flow During the Period	12.8	0.5	-0.7
Cash and Cash Equivalents at Beginning of Period	3.0	1.6	1.3
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.8	3.0	1.6

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	1.7	1.8	1.9	1.3	1.7	40.6	1.8	1.6	1.7	1.8	1.9	1.8
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	1.7	1.8	1.9	1.3	1.5	40.5	1.8	1.6	1.7	1.8	1.8	1.8
Cost of Goods Sold	1.4	1.6	1.4	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.3	0.2	0.6	0.0	0.2	3.5	0.4	0.3	0.4	0.3	0.2	0.5
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	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	1.0	0.3	0.4	0.3	-0.4	-0.4	-0.3	-0.3	-0.5	-0.3	-0.5	-0.4
Operating Profit	-5.2	-0.1	0.2	-0.3	-0.2	3.1	0.1	0.0	-0.1	-0.1	-0.3	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	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 Before Tax	-5.2	-0.1	0.2	-0.3	-0.2	3.1	0.1	0.0	-0.1	-0.1	-0.3	0.0
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	-0.6	-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	-5.2	-0.1	0.2	-0.3	-0.2	2.5	0.0	0.0	-0.1	-0.1	-0.3	0.0
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	-5.2	-0.1	0.2	-0.3	-0.2	2.5	0.0	0.0	-0.1	-0.1	-0.3	0.0
Earnings per Share	-713.33	-13.74	29.36	-35.56	-32.07	342.88	5.90	0.02	-19.52	-12.77	-42.39	5.21
Diluted EPS	-713.33	-13.74	29.36	-35.56	-32.07	342.88	5.90	0.02	-19.52	-12.77	-42.39	5.21

Item	Q4'22	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)	1,586.4	1,560.4	1,562.5	1,561.5	1,560.9	1,558.5	1,556.1	1,555.0	1,550.7	1,545.8	1,531.3	1,493.6
I. Cash and cash equivalents	15.8	3.0	3.1	2.9	3.0	2.5	2.6	1.5	1.6	2.3	0.9	0.3
1. Cash	15.8	3.0	3.1	2.9	0.0	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	122.7	137.4	137.9	138.0	137.8	136.9	135.9	136.2	136.7	146.0	145.7	134.3
1. Short-term trade accounts receivable	11.3	11.7	11.7	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	81.0	80.3	80.7	80.5	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	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	1.6	1.6	1.6	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	32.6	47.6	47.7	47.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-3.8	-3.8	-3.8	-3.8	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	0.0
IV. Inventories	1,410.2	1,384.8	1,383.4	1,383.1	1,382.4	1,381.3	1,382.9	1,382.4	1,378.0	1,364.0	1,352.2	1,328.8
1. Inventories	1,410.2	1,384.8	1,383.4	1,383.1	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	0.0
V. Other short-term assets	37.7	35.2	38.1	37.6	37.7	37.7	34.8	34.8	34.5	33.5	32.5	30.2
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	37.6	35.1	38.0	37.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	56.6	56.7	56.5	56.7	56.7	56.9	57.4	57.6	57.8	58.0	58.1	58.5
I. Long-term 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
1. Long-term trade 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
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	0.0	0.0	0.0	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	6.3	6.4	6.4	6.5	6.5	6.5	6.6	6.6	6.7	6.7	6.7	6.8
1. Tangible fixed assets	6.3	6.4	6.4	6.5	6.5	6.5	6.6	6.6	6.7	6.7	6.7	6.8
- Cost	9.9	9.9	9.9	9.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.6	-3.6	-3.5	-3.5	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	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	0.0	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
III. Investment properties	18.2	18.4	18.5	18.6	18.8	18.9	19.0	19.2	19.3	19.4	19.6	19.7
- 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
IV. Long-term assets in progress	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.9
1. Long-term production in progress	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	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	1.5	1.5	1.5	1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	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	29.7	29.7	29.3	29.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	24.4	24.4	24.4	24.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	5.3	5.3	4.9	4.9	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	29.2	29.2	29.6	29.6	29.6	29.6	29.6	29.6
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)	1,642.9	1,617.1	1,619.0	1,618.2	1,617.6	1,615.4	1,613.6	1,612.6	1,608.5	1,603.8	1,589.4	1,552.2
A. LIABILITIES (300=210+330)	1,548.8	1,517.8	1,519.6	1,519.0	1,518.3	1,515.9	1,516.5	1,515.6	1,511.5	1,506.7	1,492.2	1,454.6
I. Short -term liabilities	849.4	818.5	851.2	851.1	850.4	848.0	811.0	810.0	805.9	801.1	786.6	749.0
1. Short-term trade accounts payable	169.6	143.3	142.8	142.9	143.3	143.1	106.4	106.3	104.2	103.9	102.9	106.6
2. Short-term advances from customers	24.8	24.8	25.4	25.6	25.4	25.4	25.0	23.7	23.2	21.3	16.0	0.0
3. Taxes and other payables to state authorities	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. Payable to employees	3.1	3.3	3.3	3.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	54.7	54.8	54.9	55.0	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	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	0.5	0.5	0.3	0.5	0.4	0.4	0.3	0.4	0.5	0.4	0.4	0.4
9. Other short-term payables	67.1	61.8	94.4	93.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	527.9	527.9	527.9	527.9	527.9	527.9	528.3	529.4	529.4	529.4	529.4	529.4
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	1.8	2.2	2.2	2.2	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	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	699.4	699.3	668.4	667.9	667.9	667.9	705.6	705.6	705.6	705.6	705.6	705.6
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	698.5	698.5	667.7	667.2	667.2	667.2	704.8	704.8	704.8	704.8	704.8	704.8
7. Other long-term liabilities	0.8	0.7	0.7	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	94.1	99.3	99.4	99.2	99.3	99.5	97.1	97.0	97.0	97.2	97.2	97.6
I. Owner's equity	94.1	99.3	99.4	99.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	72.3	72.3	72.3	72.3	99.3	99.5	97.1	97.0	97.0	97.2	97.2	97.6
- Common stock with voting right	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00	72,260,820,000.00
- 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	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
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	-2,504,436,106.00	-2,504,436,106.00	-2,504,436,106.00	-2,504,436,106.00	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	23.7	23.7	23.7	23.7	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	-6.7	-1.6	-1.5	-1.7	-1.6	-1.3	-3.8	-3.9	-3.9	-3.7	-3.6	-3.3
- Accumulated retained earning at the end of the previous period	-1.4	-1.4	-1.4	-1.4	-3.9	-3.9	-3.9	-3.9	-3.4	-3.4	-3.4	-3.4
- Undistributed earnings in this period	-5.3	-0.1	-0.0	-0.3	2.3	2.5	0.0	0.0	-0.5	-0.4	-0.3	0.0
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)	1,642.9	1,617.1	1,619.0	1,618.2	1,617.6	1,615.4	1,613.6	1,612.6	1,608.5	1,603.8	1,589.4	1,552.2

Item	Q4'22	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	0.0	0.0	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	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	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	0.0	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 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
Increase/(Decrease) in Inventory	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 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	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	47.6	0.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-32.7	-0.6	-0.4	-0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	12.8	-0.1	0.2	-0.1	0.5	0.4	2.1	-0.0	-0.7	1.4	0.6	-0.9
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	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	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	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0	0.0	-0.4	-1.1	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	-0.4	-1.1	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	12.8	-0.1	0.2	-0.1	0.5	-0.1	1.1	-0.0	-0.7	1.4	0.6	-0.9
Cash and Cash Equivalents at Beginning of Period	3.0	3.0	3.0	3.0	2.5	2.6	1.5	1.6	2.3	0.9	0.3	1.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.8	3.0	3.1	2.9	3.0	2.5	2.6	1.5	1.6	2.3	0.9	0.3

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