CAB

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) 13

ROE (TTM) 0.2%

P/B —

BVPS (Latest) 12,540

ROA (TTM) 0.1%

What Is Changing

CAB no longer looks like a business simply rebounding from a weak base. Revenue posted +6.9% YoY, while net margin reached 2.55% with an additional -0.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 30bps to 2.55% in 2022.
Net Income fell to a multi-period low at VND 61.3bn in 2022.
Revenue growth accelerated to 6.9% in 2022, up 6.6pp versus the prior year.

Metric	2022	2021	2020
Revenue	2,401.3	2,246.5	2,241.0
Growth	+7%	+0%	—
Net Income	61.3	67.9	64.0
Net Margin	2.55%	3.02%	2.86%

Metric	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	429.1	643.4	515.9	526.2	486.3	740.8	632.5	560.2	498.1	627.0	464.8	594.1
Growth	-33%	+25%	-2%	+8%	-34%	+17%	+13%	+12%	-21%	+35%	-22%	—
Net Income	0.9	28.2	-25.2	-5.3	0.2	31.5	2.4	12.0	16.1	39.6	-11.3	18.2
Net Margin	0.20%	4.39%	-4.89%	-1.01%	0.03%	4.25%	0.39%	2.14%	3.23%	6.32%	-2.43%	3.07%

Financial Statements

Profitability

Net margin reached 2.55% while Revenue posted +6.9% YoY.

Balance Sheet

Inventory stood at 126.5bn, liabilities at 1,271.6bn, and equity at 637.2bn.

Cash Flow

Operating cash flow was 203.1bn in 2022, while investing cash flow was -209.4bn.

Financing cash flow: -15.9bn.

Item	2022	2021	2020
Revenue	2,401.6	2,246.5	2,241.0
Revenue Deductions	0.3	0.0	0.0
Net Revenue	2,401.3	2,246.5	2,241.0
Cost of Goods Sold	1,804.2	0.0	0.0
Gross Profit	597.1	521.4	612.0
Financial Income	4.4	2.9	3.0
Financial Expenses	14.6	-15.0	-33.7
Interest Expense	13.4	-14.3	-33.0
Share of Associates and Joint Ventures	-11.9	-11.0	-23.2
Selling Expenses	198.6	-176.0	-220.8
General and Administrative Expenses	293.4	-233.5	-266.1
Operating Profit	83.0	88.8	71.3
Other Income	0.0	0.0	0.0
Other Expenses	0.3	0.0	0.0
Other Profit	-0.3	-0.0	17.6
Profit Before Tax	82.7	88.7	88.8
Current Income Tax Expense	18.5	-20.8	-24.8
Deferred Income Tax Expense	2.9	0.0	0.0
Net Income	61.3	67.9	64.0
Non-controlling Interest	4.0	4.5	1.7
Profit Attributable to Parent	57.2	63.4	62.3
Earnings per Share	1,229.00	1,386.00	1,362.00
Diluted EPS	1,251.46	1,385.57	1,362.65

Item	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	984.3	872.2	879.4
I. Cash and cash equivalents	72.6	94.8	95.2
1. Cash	46.8	0.0	0.0
2. Cash equivalents	25.9	0.0	0.0
II. Short-term financial investments	57.4	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	57.4	0.0	0.0
III. Short-term receivables	680.4	535.7	516.6
1. Short-term trade accounts receivable	531.2	0.0	0.0
2. Short-term prepayments to suppliers	17.2	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	188.2	0.0	0.0
7. Provision for short-term doubtful debts (*)	-56.1	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	126.5	114.9	150.3
1. Inventories	126.5	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	47.3	78.2	99.4
1. Short-term prepayments	43.5	0.0	0.0
2. Value added tax to be reclaimed	3.8	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	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)	924.5	901.0	1,013.5
I. Long-term receivables	91.1	0.0	0.0
1. Long-term trade receivables	18.0	79.8	69.4
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	73.1	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	555.8	489.6	554.7
1. Tangible fixed assets	502.6	466.1	539.8
- Cost	3,068.3	0.0	0.0
- Accumulated depreciation	-2,565.7	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	53.1	23.5	15.0
- Cost	161.8	0.0	0.0
- Accumulated depreciation	-108.7	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	35.5	47.7	41.3
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	35.5	0.0	0.0
V. Long-term financial investments	27.8	38.9	44.6
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	27.8	0.0	0.0
3. Investments in other entities	0.0	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	214.3	0.0	0.0
1. Long-term prepayments	206.7	0.0	0.0
2. Deferred income tax assets	1.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	245.0	303.5
5. Goodwill	6.6	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,908.9	1,773.2	1,892.9
A. LIABILITIES (300=210+330)	1,271.6	1,167.4	1,310.6
I. Short -term liabilities	1,175.7	1,078.9	1,125.6
1. Short-term trade accounts payable	526.1	434.2	539.8
2. Short-term advances from customers	226.8	206.0	201.2
3. Taxes and other payables to state authorities	14.1	0.0	0.0
4. Payable to employees	41.1	0.0	0.0
5. Short-term acrrued expenses	51.4	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	0.0	0.0	0.0
9. Other short-term payables	116.1	0.0	0.0
10. Short-term borrowings and financial leases	141.5	143.8	131.1
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	58.5	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	95.9	88.6	185.0
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	5.9	12.6	24.1
3. Long-term acrrued expenses	0.4	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	20.4	0.0	0.0
8. Long-term borrowings and financial leases	40.9	26.5	111.4
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0
11. Deferred income tax liabilities	26.2	0.0	0.0
12. Provision for long-term liabilities	2.1	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)	637.2	605.7	582.3
I. Owner's equity	637.2	0.0	0.0
1. Owner's capital	457.5	605.7	582.3
- Common stock with voting right	457.5	457.5	457.5
- Preferred stock	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	32.1	32.1	32.1
5. Treasury shares	0.0	0.0	0.0
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	58.8	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	24.7	42.3	9.1
- Accumulated retained earning at the end of the previous period	-32.5	-21.0	-0.5
- Undistributed earnings in this period	57.2	63.4	9.6
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	64.1	64.8	71.0
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)	1,908.9	1,773.2	1,892.9

Item	2022	2021	2020
Profit Before Tax	82.7	88.7	88.8
Depreciation of Fixed Assets and Investment Property	167.5	181.6	235.4
Provision (Increase)/Reversal	-13.8	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0
Gain/Loss from Investment Activities	6.6	0.0	0.0
Interest Expense	13.4	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	256.3	293.9	361.2
Increase/(Decrease) in Receivables	-153.3	0.0	0.0
Increase/(Decrease) in Inventory	-11.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	116.7	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	48.9	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-13.5	0.0	0.0
Corporate Income Tax Paid	-15.5	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	-24.6	0.0	0.0
Net Cash Flow from Operating Activities	203.1	219.7	351.5
Payments for Fixed Assets and Other Long-term Assets	-209.4	-114.3	-79.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.5	4.5	5.3
Loans and Purchases of Debt Instruments	-73.2	-53.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	64.3	23.0	3.0
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	4.3	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	-209.4	-137.4	-67.9
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0
Proceeds from Borrowings	241.0	132.1	81.9
Repayment of Borrowings	-228.9	-204.4	-355.8
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	-28.0	-10.3	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	-15.9	-82.6	-273.8
Net Cash Flow During the Period	-22.2	10.3	-4.9
Cash and Cash Equivalents at Beginning of Period	94.8	95.2	85.3
FX Difference from Revaluation	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	72.6	94.8	95.2

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Revenue	429.1	643.4	515.9	526.2	486.3	740.8	632.9	560.2	498.1	627.0	464.8	594.1
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Net Revenue	429.1	643.4	515.9	526.2	486.3	740.8	632.5	560.2	498.1	627.0	464.8	594.1
Cost of Goods Sold	349.2	527.2	417.7	425.4	390.0	552.9	507.1	404.3	377.3	0.0	0.0	0.0
Gross Profit	79.9	116.2	98.2	100.8	96.4	187.9	125.4	155.9	120.8	175.6	59.2	164.1
Financial Income	0.9	24.0	1.7	1.6	1.5	1.3	1.0	0.9	0.9	1.0	0.6	0.6
Financial Expenses	3.2	3.1	3.9	5.0	5.0	3.6	3.8	3.7	3.5	-3.2	-3.2	-3.9
Interest Expense	2.9	3.0	3.6	4.9	4.9	3.2	3.3	3.6	3.3	-2.9	-3.1	-3.8
Share of Associates and Joint Ventures	-0.2	-0.1	-0.5	-0.0	-0.0	-2.6	-4.3	0.8	-3.0	2.5	-4.6	-4.3
Selling Expenses	21.8	73.5	43.0	41.7	24.7	64.1	51.2	50.7	24.5	-65.5	-26.4	-62.4
General and Administrative Expenses	53.2	37.9	77.3	66.0	64.6	79.4	61.0	87.7	69.0	-64.7	-35.7	-69.6
Operating Profit	2.5	25.7	-24.8	-10.4	3.5	39.5	6.2	15.5	21.8	45.7	-10.1	24.5
Other Income	0.0	0.1	0.0	7.4	0.1	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.1	0.1	0.1	0.2	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	-0.2	0.0	-0.1	7.3	-0.0	-0.1	-0.0	-0.0	0.0	-0.6	-0.0	0.6
Profit Before Tax	2.4	25.8	-24.9	-3.1	3.5	39.4	6.2	15.5	21.8	45.1	-10.1	25.1
Current Income Tax Expense	1.0	0.5	0.3	2.1	3.0	7.4	2.6	3.5	4.9	-5.5	-1.2	-6.8
Deferred Income Tax Expense	0.5	-3.0	0.0	0.2	0.4	0.5	1.2	-0.0	0.8	0.0	0.0	0.0
Net Income	0.9	28.2	-25.2	-5.3	0.2	31.5	2.4	12.0	16.1	39.6	-11.3	18.2
Non-controlling Interest	0.7	2.2	-1.3	-4.3	-4.2	3.9	-1.4	0.8	0.7	10.1	-6.5	-0.3
Profit Attributable to Parent	0.2	26.0	-24.0	-1.0	4.3	27.6	3.9	11.1	15.3	29.5	-4.8	18.6
Earnings per Share	4.00	555.00	-524.00	-22.00	95.00	604.00	84.00	244.00	335.00	646.00	-105.00	406.00
Diluted EPS	3.72	569.09	-524.12	-21.41	94.52	603.62	84.50	244.00	335.00	645.72	-104.95	405.81

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,043.4	1,012.8	1,110.2	1,129.3	1,093.5	988.3	1,027.5	932.5	967.8	872.2	925.9	949.7
I. Cash and cash equivalents	34.4	68.5	32.2	39.3	40.7	72.6	53.6	45.7	76.9	94.8	84.5	120.2
1. Cash	28.1	63.7	32.2	27.4	28.3	46.8	40.2	35.3	41.4	0.0	0.0	0.0
2. Cash equivalents	6.3	4.8	0.0	11.9	12.4	25.9	13.4	10.4	35.5	0.0	0.0	0.0
II. Short-term financial investments	63.5	62.5	61.8	73.5	70.5	57.4	70.9	66.5	48.5	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	63.5	62.5	61.8	73.5	70.5	57.4	70.9	66.5	48.5	0.0	0.0	0.0
III. Short-term receivables	745.4	679.5	774.6	749.8	725.7	678.7	665.5	585.0	612.0	535.7	605.1	580.0
1. Short-term trade accounts receivable	569.1	452.3	571.3	567.0	571.6	533.1	507.8	485.4	509.9	0.0	0.0	0.0
2. Short-term prepayments to suppliers	12.7	11.5	16.3	22.9	22.4	16.0	22.0	15.1	23.7	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	5.2	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	227.6	269.8	291.5	230.4	190.4	188.5	192.4	160.4	152.1	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-64.0	-54.1	-104.5	-70.5	-58.7	-58.9	-62.2	-76.1	-74.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.2	0.0	0.0	0.0
IV. Inventories	127.4	130.1	171.7	163.2	136.1	126.5	117.0	113.6	121.4	114.9	122.5	133.8
1. Inventories	127.4	130.1	171.7	163.2	136.1	126.5	117.0	113.6	121.4	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	72.7	72.2	69.9	103.5	120.5	52.9	120.4	121.7	109.0	78.2	73.3	97.1
1. Short-term prepayments	68.0	66.5	65.2	99.5	117.9	49.1	117.9	119.7	107.2	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.5	5.5	4.6	3.8	2.6	3.8	2.5	2.0	1.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.1	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)	820.0	887.6	817.1	865.3	896.0	925.1	940.6	912.7	912.2	901.0	905.6	938.2
I. Long-term receivables	80.6	82.9	84.1	83.9	88.7	91.3	94.7	98.1	97.6	0.0	0.0	0.0
1. Long-term trade receivables	11.2	13.5	13.5	13.5	15.8	18.0	18.0	18.0	20.2	79.8	75.1	70.1
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	69.4	69.4	70.6	70.4	72.9	73.3	76.7	80.1	77.4	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	475.7	506.4	495.1	517.4	528.2	555.8	550.1	507.1	499.6	489.6	495.1	502.7
1. Tangible fixed assets	440.4	468.3	453.5	471.5	478.8	502.6	511.6	469.7	469.0	466.1	471.8	489.1
- Cost	3,167.5	3,166.4	3,120.9	3,105.1	3,078.5	3,068.3	3,041.8	2,963.8	2,927.8	0.0	0.0	0.0
- Accumulated depreciation	-2,727.1	-2,698.1	-2,667.5	-2,633.5	-2,599.7	-2,565.7	-2,530.2	-2,494.0	-2,458.8	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	35.3	38.1	41.7	45.9	49.5	53.1	38.5	37.4	30.6	23.5	23.3	13.6
- 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	25.8	25.1	29.9	30.8	32.1	35.5	44.2	46.3	50.4	47.7	48.8	51.6
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	0.0	0.0
2. Construction in progress	25.8	25.1	29.9	30.8	32.1	35.5	44.2	46.3	50.4	0.0	0.0	0.0
V. Long-term financial investments	28.6	28.8	29.2	27.8	27.8	29.3	31.9	36.2	35.7	38.9	31.1	35.6
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	28.6	28.8	29.2	27.8	27.8	29.3	31.9	36.2	35.7	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	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	209.2	244.3	178.9	204.4	215.3	206.6	210.2	212.7	213.8	0.0	0.0	0.0
1. Long-term prepayments	208.8	243.9	178.1	203.6	214.4	205.5	208.8	211.1	212.1	0.0	0.0	0.0
2. Deferred income tax assets	0.4	0.5	0.7	0.8	0.9	1.0	1.4	1.5	1.7	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	245.0	255.5	278.3
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	0.9	3.8	6.6	9.4	12.3	15.1	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,863.4	1,900.4	1,927.3	1,994.6	1,989.4	1,913.4	1,968.0	1,845.2	1,880.0	1,773.2	1,831.4	1,887.9
A. LIABILITIES (300=210+330)	1,289.8	1,327.6	1,366.9	1,362.6	1,352.1	1,252.1	1,336.6	1,216.0	1,259.0	1,167.4	1,215.2	1,260.4
I. Short -term liabilities	1,207.0	1,245.8	1,284.2	1,273.8	1,255.4	1,156.6	1,234.9	1,116.1	1,158.3	1,078.9	1,102.8	1,126.7
1. Short-term trade accounts payable	594.5	609.0	606.3	617.7	502.4	537.5	522.3	436.0	418.3	434.2	459.3	451.7
2. Short-term advances from customers	211.8	185.2	206.4	234.1	257.4	226.9	246.5	238.5	247.9	206.0	275.2	263.4
3. Taxes and other payables to state authorities	10.8	10.9	27.2	18.9	15.9	14.4	23.1	13.4	15.6	0.0	0.0	0.0
4. Payable to employees	4.1	24.3	11.3	15.1	15.5	29.1	23.6	33.8	33.4	0.0	0.0	0.0
5. Short-term acrrued expenses	84.6	54.0	79.7	65.4	69.4	58.4	118.6	67.4	85.1	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	0.0	0.0	9.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	134.8	149.0	171.9	144.5	135.3	113.7	122.4	116.4	122.6	0.0	0.0	0.0
10. Short-term borrowings and financial leases	114.3	153.4	128.9	130.0	207.5	141.5	142.5	163.5	183.4	143.8	96.1	107.4
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	52.1	60.0	43.0	48.1	51.9	35.0	35.9	47.1	51.9	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	82.7	81.8	82.7	88.8	96.8	95.5	101.7	100.0	100.8	88.6	112.4	133.7
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	2.8	3.2	2.5	1.9	3.1	5.9	7.6	9.6	10.8	12.6	14.4	17.1
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.4	0.9	1.5	2.1	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	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4	0.0	0.0	0.0
8. Long-term borrowings and financial leases	33.8	32.8	31.2	37.9	44.7	40.9	43.6	40.4	39.3	26.5	46.9	66.0
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)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	23.7	23.3	26.5	26.5	26.5	25.8	25.6	24.6	24.8	0.0	0.0	0.0
12. Provision for long-term liabilities	2.0	2.0	2.1	2.1	2.1	2.2	3.4	3.4	3.4	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)	573.6	572.8	560.4	631.9	637.3	661.3	631.4	629.1	621.0	605.7	616.2	627.5
I. Owner's equity	573.6	572.8	560.4	631.9	637.3	661.3	631.4	629.1	621.0	0.0	0.0	0.0
1. Owner's capital	457.5	457.5	457.5	457.5	457.5	457.5	457.5	457.5	457.5	605.7	616.2	627.5
- Common stock with voting right	457.5	457.5	457.5	457.5	457.5	457.5	457.5	457.5	457.5	457.5	457.5	457.5
- Preferred stock	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. Share premium	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. 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	32.1	32.1	32.1	32.1	32.1	32.1	32.1	32.1	32.1	32.1	32.1	32.1
5. Treasury shares	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. 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	71.2	71.2	50.6	58.8	58.8	9.1	9.1	9.1	9.0	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	-42.3	-42.4	-28.7	28.0	29.0	98.4	71.7	67.9	57.2	42.3	62.4	67.1
- Accumulated retained earning at the end of the previous period	-42.4	-53.7	-14.0	24.6	24.7	40.5	41.3	41.4	41.8	-21.0	28.5	28.4
- Undistributed earnings in this period	0.2	11.3	-14.7	3.3	4.3	57.9	30.3	26.5	15.3	63.4	33.8	38.6
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	55.1	54.4	48.9	55.6	59.9	64.1	61.1	62.6	65.2	64.8	55.3	61.9
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)	1,863.4	1,900.4	1,927.3	1,994.6	1,989.4	1,913.4	1,968.0	1,845.2	1,880.0	1,773.2	1,831.4	1,887.9

Item	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21
Profit Before Tax	2.4	25.8	-24.9	8.7	3.5	39.3	6.2	15.4	21.8	45.1	-10.1	25.1
Depreciation of Fixed Assets and Investment Property	31.8	39.7	40.2	41.8	42.2	42.6	42.3	42.1	40.4	43.4	45.1	45.3
Provision (Increase)/Reversal	11.0	-51.5	34.3	11.5	2.6	-7.4	-13.9	2.1	5.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.0	0.1	0.1	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-21.5	-3.6	-1.6	-1.4	2.8	3.3	-1.7	2.1	0.0	0.0	0.0
Interest Expense	2.9	3.0	3.6	4.9	4.9	3.2	3.3	3.6	3.3	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	47.5	-4.6	49.6	65.5	51.6	80.6	41.2	61.6	72.9	81.5	41.0	81.3
Increase/(Decrease) in Receivables	-69.2	139.8	-60.7	-32.8	-46.5	-14.4	-58.6	24.3	-104.7	0.0	0.0	0.0
Increase/(Decrease) in Inventory	2.7	40.9	3.3	-38.9	-9.5	-9.5	-3.4	7.7	-6.8	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.0	-46.9	-3.6	95.1	22.7	-85.4	146.5	5.4	50.2	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	25.9	-59.4	59.8	29.2	-82.2	76.5	4.1	-11.5	-20.3	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	-2.9	-3.0	-3.5	-5.0	-4.8	-3.2	-3.5	-3.6	-3.2	0.0	0.0	0.0
Corporate Income Tax Paid	-0.8	-0.3	-3.8	-0.8	-8.5	-5.3	-0.4	-4.1	-5.7	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	-7.9	-2.4	-5.6	-3.8	-6.6	-2.4	-11.2	-5.0	-6.1	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.3	64.3	35.3	108.5	-83.7	37.0	114.9	74.9	-23.6	20.3	53.5	82.2
Payments for Fixed Assets and Other Long-term Assets	-3.2	-41.9	-15.9	-26.8	-8.6	-36.8	-80.5	-42.2	-49.9	-35.3	-32.4	-29.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.0	2.4	2.3	2.2	0.0	0.0	2.2	0.0	0.0	2.2
Loans and Purchases of Debt Instruments	-14.5	18.4	-23.1	13.9	-33.5	-11.7	-9.6	-52.0	0.0	-8.0	-45.0	-0.5
Receipts from Loan Repayments and Sale of Debt Instruments	13.5	-19.2	34.8	-16.9	20.4	30.4	0.0	34.0	0.0	5.0	18.0	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	12.4	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	0.9	1.6	1.3	1.6	1.4	1.6	1.0	0.9	0.8	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	-3.2	-28.6	-2.9	-25.7	-18.0	-14.2	-89.0	-59.4	-46.8	-37.3	-58.8	-26.7
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Proceeds from Borrowings	12.6	93.0	58.9	4.2	111.9	23.5	88.4	53.9	75.2	57.8	0.0	8.0
Repayment of Borrowings	-50.7	-66.9	-66.8	-88.3	-42.1	-27.3	-106.2	-72.7	-22.7	-30.6	-30.4	-72.0
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	-25.6	-31.7	-0.0	0.0	-0.0	-0.1	-27.9	0.0	0.0	0.0	-10.3
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	-38.1	0.5	-39.5	-84.1	69.7	-3.7	-17.9	-46.7	52.5	27.3	-30.4	-74.3
Net Cash Flow During the Period	-34.0	36.2	-7.1	-1.4	-32.0	19.0	7.9	-31.2	-17.9	10.3	-35.7	-18.9
Cash and Cash Equivalents at Beginning of Period	68.4	72.6	72.6	72.6	72.6	94.8	94.8	94.8	94.8	84.5	120.2	139.1
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	34.4	68.4	32.2	39.3	40.7	72.6	53.6	45.7	76.9	94.8	84.5	120.2

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CAB

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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