BCH

Listed Company

Price

—

Latest close

P/E —

EPS (TTM) 2,444

ROE (TTM) 12.5%

P/B —

BVPS (Latest) 20,454

ROA (TTM) 7.6%

What Is Changing

BCH no longer looks like a business simply rebounding from a weak base. Revenue posted +34.8% YoY, while net margin reached 11.62% with an additional -0.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 25.0% to VND 44.0bn in 2021.
Net margin declined from 12.53% in the prior period to 11.62% in 2021.
Revenue increased 34.8% YoY to VND 378.6bn in 2021.

Metric	2021	2020
Revenue	378.6	281.0
Growth	+35%	—
Net Income	44.0	35.2
Net Margin	11.62%	12.53%

Metric	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	161.3	78.2	64.0	75.2	101.5	63.7	58.9	56.8
Growth	+106%	+22%	-15%	-26%	+59%	+8%	+4%	—
Net Income	21.5	12.1	3.1	7.3	3.8	7.6	10.8	13.0
Net Margin	13.30%	15.46%	4.89%	9.75%	3.74%	11.94%	18.34%	22.84%

Financial Statements

Profitability

Net margin reached 11.62% while Revenue posted +34.8% YoY.

Balance Sheet

Inventory stood at 134.0bn, liabilities at 261.4bn, and equity at 368.2bn.

Cash Flow

Operating cash flow was 123.4bn in 2021, while investing cash flow was -133.2bn.

Financing cash flow: 8.3bn.

Item	2021	2020
Revenue	379.4	281.0
Revenue Deductions	0.0	0.0
Net Revenue	378.6	281.0
Cost of Goods Sold	0.0	0.0
Gross Profit	63.5	46.6
Financial Income	0.0	0.0
Financial Expenses	-10.3	-8.5
Interest Expense	-4.8	-8.5
Share of Associates and Joint Ventures	-0.0	-0.0
Selling Expenses	-3.5	-0.3
General and Administrative Expenses	-3.1	-2.9
Operating Profit	46.6	34.9
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	-0.3	0.3
Profit Before Tax	46.3	35.2
Current Income Tax Expense	-2.3	-0.0
Deferred Income Tax Expense	0.0	0.0
Net Income	44.0	35.2
Non-controlling Interest	-0.0	-0.0
Profit Attributable to Parent	44.0	35.2
Earnings per Share	1,599.00	1,955.00
Diluted EPS	2,444.05	1,955.23

Item	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	295.0	275.9
I. Cash and cash equivalents	4.9	6.5
1. Cash	0.0	0.0
2. Cash equivalents	0.0	0.0
II. Short-term financial investments	0.0	0.0
1. Available for sale securities	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0
3. Held to maturity investments	0.0	0.0
III. Short-term receivables	123.4	100.0
1. Short-term trade accounts receivable	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0
5. Short-term loan receivables	0.0	0.0
6. Other short-term receivables	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0
8. Assets awaiting resolution	0.0	0.0
IV. Inventories	134.0	168.9
1. Inventories	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0
V. Other short-term assets	32.7	0.6
1. Short-term prepayments	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0
4. Government bonds	0.0	0.0
5. Other short-term assets	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	334.6	251.4
I. Long-term receivables	0.0	0.0
1. Long-term trade receivables	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0
3. Capital at inter-company	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0
5. Long-term loan receivables	0.0	0.0
6. Other long-term receivables	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0
II. Fixed assets	237.4	250.8
1. Tangible fixed assets	237.4	250.8
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
2. Financial leased fixed assets	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
3. Intangible fixed assets	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
III. Investment properties	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
IV. Long-term assets in progress	97.0	0.1
1. Long-term production in progress	0.0	0.0
2. Construction in progress	0.0	0.0
V. Long-term financial investments	0.2	0.2
1. Investments in subsidiaries	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0
3. Investments in other entities	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0
5. Held to maturity investments	0.0	0.0
6. Other long-term investments	0.0	0.0
VI. Other long-term assets	0.0	0.0
1. Long-term prepayments	0.0	0.0
2. Deferred income tax assets	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0
4. Other long-term assets	0.0	0.3
5. Goodwill	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0
TOTAL ASSETS (280=100+200)	629.5	527.3
A. LIABILITIES (300=210+330)	261.4	191.1
I. Short -term liabilities	244.1	148.6
1. Short-term trade accounts payable	109.0	49.0
2. Short-term advances from customers	1.3	4.6
3. Taxes and other payables to state authorities	0.0	0.0
4. Payable to employees	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0
6. Short-term inter-company payables	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0
8. Short-term unearned revenue	0.0	0.0
9. Other short-term payables	0.0	0.0
10. Short-term borrowings and financial leases	126.0	92.5
11. Provision for short-term liabilities	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0
13. Price stabilization fund	0.0	0.0
14. Government bonds	0.0	0.0
II. Long-term liabilities	17.2	42.5
1. Long-term trade payables	0.0	0.0
2. Long-term advances from customers	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0
5. Long-term inter-company payables	0.0	0.0
6. Long-term unearned revenue	0.0	0.0
7. Other long-term liabilities	0.0	0.0
8. Long-term borrowings and financial leases	17.2	42.5
9. Convertible bonds	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0
13. Fund for technology development	0.0	0.0
14. Provision for severance allowances	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	368.2	336.2
I. Owner's equity	0.0	0.0
1. Owner's capital	368.2	336.2
- Common stock with voting right	180.0	180.0
- Preferred stock	0.0	0.0
2. Share premium	0.0	0.0
3. Convertible bond option	0.0	0.0
4. Other capital of owners	0.0	0.0
5. Treasury shares	0.0	0.0
6. Assets revaluation differences	0.0	0.0
7. Foreign exchange differences	0.0	0.0
8. Investment and development fund	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0
10. Other funds from owner's equity	0.0	0.0
11. Undistributed earnings after tax	183.6	151.6
- Accumulated retained earning at the end of the previous period	163.1	116.4
- Undistributed earnings in this period	20.5	35.2
12. Reserves for investment in construction	0.0	0.0
13. Minority's interest	0.0	0.0
14. Financial reserves	0.0	0.0
II. Other resources and funds	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	629.5	527.3

Item	2021	2020
Profit Before Tax	46.3	35.2
Depreciation of Fixed Assets and Investment Property	18.9	13.8
Provision (Increase)/Reversal	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0
Interest Expense	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0
Interest Income and Dividends	0.0	0.0
Amortization of Goodwill	0.0	0.0
Other Adjustments	0.0	0.0
Operating Profit Before Changes in Working Capital	76.6	58.0
Increase/(Decrease) in Receivables	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0
Changes in Trading Securities	0.0	0.0
Interest Paid	0.0	0.0
Corporate Income Tax Paid	0.0	0.0
Other Operating Receipts	0.0	0.0
Other Operating Payments	0.0	0.0
Net Cash Flow from Operating Activities	123.4	51.2
Payments for Fixed Assets and Other Long-term Assets	-133.2	-87.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.3
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0
Investments in Other Entities	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0
Dividends and Interest Income Received	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0
Other Investing Receipts	0.0	0.0
Other Investing Payments	0.0	0.0
Net Cash Flow from Investing Activities	-133.2	-87.2
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0
Share Repurchases	0.0	0.0
Proceeds from Borrowings	293.7	192.7
Repayment of Borrowings	-285.4	-152.6
Repayment of Finance Leases	0.0	0.0
Dividends Paid	-0.0	0.0
Other Financing Receipts	0.0	0.0
Other Financing Payments	0.0	0.0
Net Cash Flow from Financing Activities	8.3	40.0
Net Cash Flow During the Period	2.8	5.5
Cash and Cash Equivalents at Beginning of Period	6.5	2.4
FX Difference from Revaluation	0.0	0.0
Cash and Cash Equivalents at End of Period	4.9	6.5

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	161.3	78.2	64.8	75.2	101.5	63.7	58.9	56.8
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	161.3	78.2	64.0	75.2	101.5	63.7	58.9	56.8
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	27.7	15.8	8.1	11.9	6.5	10.1	13.9	16.0
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	-2.8	-2.1	-2.8	-2.6	-2.4	-1.8	-2.0	-2.3
Interest Expense	-2.8	-2.1	0.0	0.0	-2.4	-1.8	-2.0	-2.3
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	-1.4	-0.3	-1.1	-0.6	-0.1	-0.1	-0.2	0.0
General and Administrative Expenses	-0.9	-0.7	-0.9	-0.7	-0.7	-0.6	-0.9	-0.8
Operating Profit	22.6	12.7	3.3	8.0	3.4	7.6	10.9	13.0
Other Income	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
Other Profit	0.0	-0.0	-0.0	-0.3	0.4	0.0	-0.1	0.0
Profit Before Tax	22.6	12.7	3.3	7.7	3.8	7.6	10.8	13.0
Current Income Tax Expense	-1.1	-0.6	-0.2	-0.4	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
Net Income	21.5	12.1	3.1	7.3	3.8	7.6	10.8	13.0
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	21.5	12.1	3.1	7.3	3.8	7.6	10.8	13.0
Earnings per Share	1,192.00	671.03	173.86	407.00	211.00	423.00	600.00	721.00
Diluted EPS	1,191.86	671.03	173.86	407.31	211.06	422.69	600.45	721.03

Item	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)	295.0	279.7	274.3	265.4	275.9	264.8	288.4	235.5
I. Cash and cash equivalents	4.9	2.1	3.7	1.4	6.5	1.0	0.5	0.4
1. Cash	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
II. Short-term financial investments	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
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
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	123.4	52.0	59.8	54.7	100.0	35.1	105.0	68.7
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	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
IV. Inventories	134.0	221.8	210.2	208.9	168.9	224.7	182.8	166.2
1. Inventories	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
V. Other short-term assets	32.7	3.7	0.6	0.3	0.6	4.1	0.2	0.2
1. Short-term prepayments	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
3. Taxes and other receivables from state authorities	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
5. Other short-term assets	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)	334.6	270.4	249.6	246.8	251.4	214.0	194.9	198.1
I. Long-term receivables	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
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	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
II. Fixed assets	237.4	242.1	246.9	246.2	250.8	213.6	194.3	197.5
1. Tangible fixed assets	237.4	242.1	246.9	246.2	250.8	213.6	194.3	197.5
- Cost	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
2. Financial leased fixed assets	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
- Accumulated depreciation	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
- Cost	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
III. Investment properties	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
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	97.0	27.8	2.3	0.1	0.1	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.2	0.2	0.2	0.2	0.2	0.4	0.4	0.4
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	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
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.3	0.3	0.3	0.3	0.0	0.1	0.1
5. Goodwill	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
TOTAL ASSETS (280=100+200)	629.5	550.0	524.0	512.1	527.3	478.8	483.2	433.6
A. LIABILITIES (300=210+330)	261.4	191.9	177.9	169.2	191.1	146.4	158.5	119.6
I. Short -term liabilities	244.1	164.1	165.6	139.2	148.6	101.9	126.4	106.6
1. Short-term trade accounts payable	109.0	41.2	30.2	31.5	49.0	10.5	48.8	26.7
2. Short-term advances from customers	1.3	0.7	0.8	4.3	4.6	10.4	0.9	0.5
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	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
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	126.0	118.0	130.7	99.7	92.5	70.1	73.1	76.6
11. Provision for short-term liabilities	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
13. Price stabilization fund	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
II. Long-term liabilities	17.2	27.8	12.4	30.0	42.5	44.6	32.1	13.0
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	17.2	27.8	12.4	30.0	42.5	44.6	32.1	13.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	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
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	368.2	358.1	346.1	342.9	336.2	332.4	324.8	314.0
I. Owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	368.2	358.1	346.1	342.9	336.2	332.4	324.8	314.0
- Common stock with voting right	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	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
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	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
8. Investment and development fund	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
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	183.6	173.5	161.5	158.3	151.6	147.8	140.2	129.4
- Accumulated retained earning at the end of the previous period	163.1	161.5	151.0	151.0	116.4	116.4	116.4	116.4
- Undistributed earnings in this period	20.5	12.1	10.5	7.3	35.2	31.4	23.8	13.0
12. Reserves for investment in construction	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
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	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)	629.5	550.0	524.0	512.1	527.3	478.8	483.2	433.6

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	22.6	12.7	3.3	7.7	3.8	7.6	10.8	13.0
Depreciation of Fixed Assets and Investment Property	4.8	4.8	4.7	4.6	4.1	3.3	3.2	3.2
Provision (Increase)/Reversal	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
Gain/Loss from Investment Activities	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
Gain/Loss on Disposal of Fixed Assets	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
Amortization of Goodwill	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
Operating Profit Before Changes in Working Capital	30.1	20.5	11.0	15.0	10.3	13.2	16.0	18.5
Increase/(Decrease) in Receivables	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
Increase/(Decrease) in Payables (Excl. Interest and CIT)	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
Changes in Trading Securities	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
Corporate Income Tax Paid	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
Other Operating Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	57.7	76.5	-11.0	0.2	26.3	13.5	8.0	3.3
Payments for Fixed Assets and Other Long-term Assets	-52.2	-80.9	-0.0	-0.0	-41.3	-22.5	-23.6	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
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.3	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
Investments in Other Entities	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
Dividends and Interest Income Received	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
Acquisition of Non-controlling Interests	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
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-52.2	-80.9	-0.0	-0.0	-41.1	-22.5	-23.6	0.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	60.1	89.4	52.9	91.2	35.8	66.4	29.9	60.4
Repayment of Borrowings	-62.8	-86.7	-39.6	-96.4	-15.6	-56.9	-14.4	-65.7
Repayment of Finance Leases	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
Other Financing Receipts	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
Net Cash Flow from Financing Activities	-2.6	2.8	13.4	-5.2	20.2	9.5	15.6	-5.3
Net Cash Flow During the Period	2.8	-1.6	2.3	-5.0	5.5	0.5	0.0	-1.9
Cash and Cash Equivalents at Beginning of Period	2.1	3.7	1.4	6.5	1.0	0.5	0.4	2.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.9	2.1	3.7	1.4	6.5	1.0	0.5	0.4

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