VIE

Công nghệ Viễn thông VITECO ·UPCOM ·2022Q2

▲▲ Improving positively

Operating efficiency is improving Net margin 9.85%, +11.57pp YoY

Price

6,200

Latest close

02 Jun 2026

P/E 6.40x

P/B 0.86x

EPS 969

BVPS 7,184

ROE 14.5%

ROA 9.7%

Profit Margin 9.9%

Asset Turnover 0.98x

Equity Mult. 1.49x

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

What Is Changing

On a TTM 2022Q2 basis, VIE posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 20bn
	                                
−15.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
+583.2%YoY

Metric	2024	2023	2022	2021	2020
Revenue	26.3	17.2	19.6	22.2	26.7
Growth	+53%	-12%	-11%	-17%	—
Net Income	0.0	0.3	0.1	1.9	0.1
Net Margin	0.18%	1.81%	0.42%	8.52%	0.43%

Metric	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	3.1	3.2	7.6	6.3	5.8	2.5	9.3	6.6	8.3	2.6
Growth	-2%	-58%	+21%	+9%	+133%	-73%	+41%	-21%	+219%	—
Net Income	-0.2	-0.5	2.2	0.5	-0.2	-0.6	0.4	-0.0	-0.3	-0.0
Net Margin	-7.02%	-15.48%	28.40%	8.66%	-3.50%	-25.21%	4.62%	-0.26%	-3.06%	-1.65%

Drivers of VIE's profit

TTM

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

Gross profit ↑ 2.2bn

Tax ↓ 0.3bn

Administrative expenses ↑ 4.8bn

TTM

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

Gross profit ↑ 0.2bn

Administrative expenses ↑ 1.8bn

Other profit ↓ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q2 -3.2% = -1.7% × 0.92 × 2.00

2022Q2 14.5% = 9.9% × 0.98 × 1.49

ROE rose from -3.2% to 14.5% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 9.9% +11.6pp Asset turnover: 0.98x +0.07x Leverage: 1.49x -0.51x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.85%, rising 11.6pp. Core operating signals are improving as Gross margin rose 13.4pp are enough to offset pressure from SG&A / Revenue rose 21.2pp (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.5pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 9.85% +11.6pp

Gross Margin 26.11% +13.4pp

SG&A / Revenue 6.64% +21.2pp

TTM YoY · 2021Q2 -> 2022Q2

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 14.85%, rising 18.3pp. That translates to 14.85 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 11.9pp, with capital turnover fell 0.49x; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 14.85% +18.3pp

NOPAT Margin 10.13% +11.9pp

Capital Turnover 1.47x −0.49x

Average Invested Capital 13.8bn +1.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 1.37x equity, with a net cash position equivalent to 0.08x equity.

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.

Watchpoints

Receivables collection is slowing

DSO increased by +52.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 52.2 days +52.2 days

Inventory 248.8 days —

Payables 297.2 days —

Cash Conversion Cycle 3.8 days —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 13.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.08x and interest coverage at 734.07x.

At present, total debt stands at 0.0bn.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.08x −0.17x

Interest Coverage 734.07x +855.42x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.08x +2.99x

TTM YoY · 2021Q2 -> 2022Q2

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 13.2bn in 2024, against investing cash flow of -43.8bn.

Post-investment cash flow was negative +30.6bn. Financing cash flow was positive +31.5bn.

CFO / net income was 1.08x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +2.2bn.

Cash Conversion

CFO TTM 2.2bn +1.4bn

Cash Capex 0.0bn 0.0bn

FCF TTM +2.2bn +1.4bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital structure should be read with cycle risk in mind remains the area to verify in upcoming periods.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.85% after expanding 11.6pp versus the same period last year.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	26.3	17.2	19.6	22.2	26.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	26.3	17.2	19.6	22.2	26.7
Cost of Goods Sold	21.8	12.0	13.9	0.0	0.0
Gross Profit	4.5	5.2	5.7	4.6	3.8
Financial Income	0.0	0.8	0.0	0.0	0.0
Financial Expenses	0.0	0.0	0.0	-0.0	-0.1
Interest Expense	0.0	0.0	0.0	0.0	-0.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.0	0.1	-0.0	-0.0
General and Administrative Expenses	3.8	4.1	4.8	-2.4	-3.6
Operating Profit	0.5	1.8	0.8	2.2	0.1
Other Income	0.0	0.1	0.0	0.0	0.0
Other Expenses	0.4	1.4	0.7	0.0	0.0
Other Profit	-0.4	-1.3	-0.7	-0.0	0.0
Profit Before Tax	0.1	0.5	0.1	2.2	0.1
Current Income Tax Expense	0.1	0.2	0.0	-0.3	-0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	0.0	0.3	0.1	1.9	0.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.0	0.3	0.1	1.9	0.1
Earnings per Share	21.00	140.00	38.00	916.35	55.37
Diluted EPS	9.15	61.40	16.41	916.35	55.37

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	41.4	44.5	49.8	21.0	25.1
I. Cash and cash equivalents	2.0	1.1	32.5	2.8	2.8
1. Cash	2.0	1.1	32.5	0.0	0.0
2. Cash equivalents	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
1. Available for sale securities	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
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	29.2	37.5	11.8	12.1	17.5
1. Short-term trade accounts receivable	12.4	8.5	7.1	0.0	0.0
2. Short-term prepayments to suppliers	8.9	14.3	1.6	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	9.7	16.5	4.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.8	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	6.1	5.9	5.5	6.0	4.6
1. Inventories	6.1	6.0	5.6	0.0	0.0
2. Provision for decline in value of inventories	-0.0	-0.1	-0.1	0.0	0.0
V. Other short-term assets	4.2	0.0	0.1	0.0	0.2
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.1	0.0	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	67.6	7.4	2.7	2.7	3.1
I. Long-term receivables	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
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	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
II. Fixed assets	1.1	1.3	2.0	2.2	2.4
1. Tangible fixed assets	0.6	0.7	1.4	1.5	1.7
- Cost	3.1	3.1	8.3	0.0	0.0
- Accumulated depreciation	-2.5	-2.4	-6.9	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.5	0.6	0.6	0.7
- Cost	1.1	1.1	1.2	0.0	0.0
- Accumulated depreciation	-0.6	-0.6	-0.7	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	66.4	5.8	0.7	0.4	0.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	66.4	5.8	0.7	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	0.2	0.4	0.0	0.0	0.0
1. Long-term prepayments	0.2	0.4	0.0	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.1	0.3
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	109.1	52.0	52.5	23.7	28.2
A. LIABILITIES (300=210+330)	63.1	6.0	6.9	8.1	14.5
I. Short -term liabilities	31.6	6.0	6.8	8.0	14.3
1. Short-term trade accounts payable	26.0	4.6	3.8	4.1	10.6
2. Short-term advances from customers	4.4	0.0	0.0	0.7	0.6
3. Taxes and other payables to state authorities	0.0	0.2	0.5	0.0	0.0
4. Payable to employees	0.5	0.5	1.7	0.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.2
9. Other short-term payables	0.7	0.7	0.8	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.6	0.0
11. Provision for short-term liabilities	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
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	31.5	0.0	0.1	0.1	0.1
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.1	0.0	0.0
8. Long-term borrowings and financial leases	31.5	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	46.0	45.9	45.6	15.5	13.7
I. Owner's equity	46.0	45.9	45.6	0.0	0.0
1. Owner's capital	50.6	50.6	50.6	15.5	13.7
- Common stock with voting right	50,612,440,000.00	50,612,440,000.00	50,612,440,000.00	20,612,440,000.00	20,612,440,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	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
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	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
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	-4.7	-4.7	-5.1	-5.1	-7.0
- Accumulated retained earning at the end of the previous period	-4.7	-5.1	-5.1	-7.0	-7.1
- Undistributed earnings in this period	0.0	0.3	0.1	1.9	0.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	109.1	52.0	52.5	23.7	28.2

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	-0.1	-0.1	-0.3	0.0	0.0
Other Operating Receipts	6.4	0.0	6.2	0.0	0.0
Other Operating Payments	-1.8	-15.5	-9.0	0.0	0.0
Net Cash Flow from Operating Activities	13.2	-14.9	0.3	1.1	-0.2
Payments for Fixed Assets and Other Long-term Assets	-43.8	-17.4	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.8	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	-43.8	-16.5	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	30,000,000,000.00	0.00	5,000,000,000.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	32.5	0.1	0.0	0.0	0.0
Repayment of Borrowings	-1.0	-0.1	-0.6	-1.1	-2.8
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	31.5	0.0	29.4	-1.1	2.2
Net Cash Flow During the Period	0.9	-31.4	29.7	2.0	2.2
Cash and Cash Equivalents at Beginning of Period	1.1	32.5	2.8	2.8	0.7
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.0	1.1	32.5	2.8	2.8

Item	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	3.1	3.2	7.6	6.3	5.8	2.5	9.3	6.6	8.3	2.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	3.1	3.2	7.6	6.3	5.8	2.5	9.3	6.6	8.3	2.6
Cost of Goods Sold	2.4	2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.7	0.7	2.5	1.3	0.6	0.2	1.5	0.9	0.7	0.7
Financial Income	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	-0.1	-0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	-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
Selling Expenses	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	1.2	-0.0	-0.8	-0.8	-0.8	-1.0	-0.9	-0.9	-0.8
Operating Profit	-0.2	-0.5	2.5	0.5	-0.2	-0.6	0.4	-0.0	-0.3	-0.1
Other Income	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
Other Profit	0.0	-0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	-0.2	-0.5	2.5	0.5	-0.2	-0.6	0.4	-0.0	-0.3	-0.0
Current Income Tax Expense	0.0	0.0	-0.3	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
Net Income	-0.2	-0.5	2.2	0.5	-0.2	-0.6	0.4	-0.0	-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
Profit Attributable to Parent	-0.2	-0.5	2.2	0.5	-0.2	-0.6	0.4	-0.0	-0.3	-0.0
Earnings per Share	-106.71	-240.64	1,051.54	264.76	-97.88	-302.07	207.63	-8.20	-123.23	-20.82
Diluted EPS	-106.71	-240.64	1,051.54	264.76	-97.88	-302.07	207.63	-8.20	-123.23	-20.82

Item	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)	18.4	17.9	21.0	17.8	17.3	18.7	25.1	22.6	28.8	18.4
I. Cash and cash equivalents	1.2	0.7	2.8	0.8	0.3	1.6	2.8	0.6	5.5	0.5
1. Cash	1.2	0.7	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
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
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
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
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
III. Short-term receivables	10.5	11.4	12.1	11.9	11.4	12.1	17.5	16.0	14.9	12.7
1. Short-term trade accounts receivable	5.8	4.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	1.4	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
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
6. Other short-term receivables	5.1	6.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.6	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
IV. Inventories	6.6	5.7	6.0	5.0	5.5	4.8	4.6	5.8	8.1	5.0
1. Inventories	6.7	5.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.2	0.0	0.2	0.2	0.2	0.2	0.2	0.3	0.2
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	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	0.0	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
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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2.6	2.6	2.7	2.7	2.9	3.0	3.1	3.2	3.3	3.4
I. Long-term receivables	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
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
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
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
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
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
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
II. Fixed assets	2.1	2.1	2.2	2.2	2.3	2.3	2.4	2.4	2.5	2.6
1. Tangible fixed assets	1.5	1.5	1.5	1.6	1.6	1.6	1.7	1.7	1.8	1.8
- Cost	8.3	8.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.9	-6.8	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
- Cost	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
3. Intangible fixed assets	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.7
- Cost	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
III. Investment properties	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
- Accumulated depreciation	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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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
2. Construction in progress	0.4	0.4	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
1. Investments in subsidiaries	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
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	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
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
VI. Other long-term assets	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	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
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
4. Other long-term assets	0.0	0.0	0.1	0.1	0.2	0.3	0.3	0.4	0.5	0.5
5. Goodwill	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
TOTAL ASSETS (280=100+200)	21.0	20.5	23.7	20.6	20.2	21.6	28.2	25.8	32.1	21.8
A. LIABILITIES (300=210+330)	6.2	5.5	8.1	7.2	7.4	8.6	14.5	12.5	18.8	8.3
I. Short -term liabilities	6.1	5.4	8.0	7.1	7.3	8.5	14.3	12.4	18.7	8.1
1. Short-term trade accounts payable	4.1	3.6	4.1	3.7	3.9	5.5	10.6	9.4	12.4	3.6
2. Short-term advances from customers	0.3	0.2	0.7	0.0	0.9	1.5	0.6	0.3	1.5	0.0
3. Taxes and other payables to state authorities	0.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.0	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
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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.1	0.0
9. Other short-term payables	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.6	0.6	1.5	0.0	0.0	0.0	2.8	2.8
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
12.. Bonus and welfare fund	0.0	0.0	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
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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
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
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
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
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
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
7. Other long-term liabilities	0.1	0.1	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	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
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
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
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
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
B. OWNER'S EQUITY (400=410+430)	14.8	15.0	15.5	13.4	12.8	13.0	13.7	13.3	13.3	13.5
I. Owner's equity	14.8	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	20.6	20.6	15.5	13.4	12.8	13.0	13.7	13.3	13.3	13.5
- Common stock with voting right	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00	20,612,440,000.00
- Preferred stock	0.00	0.00	0.00	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	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
5. Treasury shares	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
7. Foreign exchange differences	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
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
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
11. Undistributed earnings after tax	-5.9	-5.6	-5.1	-7.3	-7.8	-7.6	-7.0	-7.4	-7.4	-7.1
- Accumulated retained earning at the end of the previous period	-5.1	-5.1	-7.0	-7.0	-7.0	-7.0	-7.1	-7.1	-7.1	-7.1
- Undistributed earnings in this period	-0.7	-0.5	1.9	-0.3	-0.8	-0.6	0.1	-0.3	-0.3	-0.1
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
13. Minority's interest	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
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
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
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
C. MINORITY'S INTEREST	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)	21.0	20.5	23.7	20.6	20.2	21.6	28.2	25.8	32.1	21.8

Item	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
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	-0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	2.8	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.5	-1.5	2.0	1.1	-0.8	-1.2	2.2	0.6	2.2	-5.2
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
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	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	5,000,000,000.00
Share Repurchases	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	-2.8	2.8	0.0
Repayment of Borrowings	0.0	-0.6	0.0	-0.7	-0.4	0.0	0.0	-2.8	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
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	0.0	-0.6	0.0	-0.7	-0.4	0.0	0.0	-5.5	2.8	5.0
Net Cash Flow During the Period	0.5	-2.1	2.0	0.4	-1.2	-1.2	2.2	-4.9	5.0	-0.2
Cash and Cash Equivalents at Beginning of Period	2.8	2.8	0.8	0.3	1.6	2.8	0.6	5.5	0.5	0.7
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	1.2	0.7	2.8	0.8	0.3	1.6	2.8	0.6	5.5	0.5

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VIE

What Is Changing

Drivers of VIE's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲▲

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow