CC4

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) 295

ROE (TTM) 2.5%

P/B —

BVPS (Latest) 13,417

ROA (TTM) 1.3%

What Is Changing

CC4 has not yet shown a broad-based top-line recovery. Revenue posted -33.7% YoY, but net margin reached 3.92% with an additional -0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -33.8% in 2024 from 201.2% in the prior period, at VND 36.8bn.
Revenue decreased 33.7% YoY to VND 937.6bn in 2024.

Metric	2024	2023	2022	2021	2020
Revenue	937.6	1,413.4	626.4	163.6	211.7
Growth	-34%	+126%	+283%	-23%	—
Net Income	36.8	55.6	18.4	19.5	2.8
Net Margin	3.92%	3.93%	2.94%	11.93%	1.33%

Metric	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	274.3	140.9	231.5	290.9	456.5	378.2	411.5	167.2	488.6	45.9	72.0	20.0
Growth	+95%	-39%	-20%	-36%	+21%	-8%	+146%	-66%	+965%	-36%	+261%	—
Net Income	6.7	5.1	16.7	8.3	25.7	13.0	14.6	2.2	16.9	-2.1	3.3	0.8
Net Margin	2.45%	3.61%	7.19%	2.87%	5.63%	3.43%	3.54%	1.31%	3.46%	-4.64%	4.62%	4.09%

Financial Statements

Profitability

Net margin reached 3.92% while Revenue posted -33.7% YoY.

Balance Sheet

Inventory stood at 161.3bn, liabilities at 966.6bn, and equity at 858.7bn.

Cash Flow

Operating cash flow was 105.0bn in 2024, while investing cash flow was -55.7bn.

Financing cash flow: -51.5bn.

Item	2024	2023	2022	2021	2020
Revenue	937.6	1,413.4	626.4	163.6	211.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	937.6	1,413.4	626.4	163.6	211.7
Cost of Goods Sold	854.9	1,311.3	571.2	0.0	0.0
Gross Profit	82.6	102.2	55.2	15.8	15.1
Financial Income	20.6	25.9	5.1	0.9	0.0
Financial Expenses	9.4	16.4	2.6	-2.2	-3.8
Interest Expense	9.0	10.0	2.4	-2.2	-3.8
Share of Associates and Joint Ventures	0.0	0.0	-1.6	-0.0	-0.0
Selling Expenses	0.2	0.0	0.0	-0.0	-0.0
General and Administrative Expenses	41.0	40.7	28.1	-15.9	-7.9
Operating Profit	52.6	71.0	28.0	-1.4	3.4
Other Income	0.4	0.8	1.3	0.0	0.0
Other Expenses	3.3	0.5	6.1	0.0	0.0
Other Profit	-2.9	0.3	-4.8	25.4	-0.1
Profit Before Tax	49.7	71.3	23.2	24.1	3.3
Current Income Tax Expense	12.8	15.1	5.7	-4.6	-0.5
Deferred Income Tax Expense	0.2	0.6	-0.9	0.0	0.0
Net Income	36.8	55.6	18.4	19.5	2.8
Non-controlling Interest	17.2	21.4	3.8	-0.0	-0.0
Profit Attributable to Parent	19.5	34.1	14.7	19.5	2.8
Earnings per Share	295.00	519.00	331.00	621.00	158.00
Diluted EPS	305.38	533.23	229.50	609.99	88.05

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,250.1	1,045.4	843.1	454.4	537.8
I. Cash and cash equivalents	95.4	97.6	119.7	32.8	35.8
1. Cash	35.3	43.8	15.9	0.0	0.0
2. Cash equivalents	60.1	53.8	103.8	0.0	0.0
II. Short-term financial investments	24.8	38.8	55.0	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	24.8	38.8	55.0	0.0	0.0
III. Short-term receivables	967.1	687.8	483.0	231.9	281.5
1. Short-term trade accounts receivable	581.2	493.6	336.2	0.0	0.0
2. Short-term prepayments to suppliers	215.9	98.6	54.3	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	124.7	53.2	52.0	0.0	0.0
6. Other short-term receivables	49.7	45.7	42.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	-4.4	-3.3	-2.3	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	161.3	216.9	183.3	189.3	220.2
1. Inventories	161.3	216.9	183.3	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	4.2	2.0	0.4	0.3
1. Short-term prepayments	0.7	1.3	1.0	0.0	0.0
2. Value added tax to be reclaimed	0.8	0.0	1.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	2.9	0.0	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)	575.2	594.3	604.4	415.6	414.3
I. Long-term receivables	153.7	152.5	143.5	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	14.3	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	128.0	128.0	129.2	0.0	0.0
6. Other long-term receivables	25.7	24.5	14.3	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	113.3	116.6	124.6	119.2	128.4
1. Tangible fixed assets	100.2	102.7	110.1	104.0	112.4
- Cost	154.9	150.0	205.5	0.0	0.0
- Accumulated depreciation	-54.7	-47.2	-95.4	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	13.2	13.9	14.5	15.2	16.0
- Cost	23.2	23.2	23.2	0.0	0.0
- Accumulated depreciation	-10.1	-9.3	-8.6	0.0	0.0
III. Investment properties	142.6	150.2	150.4	157.7	164.9
- Cost	226.9	226.9	208.5	0.0	0.0
- Accumulated depreciation	-84.3	-76.7	-58.1	0.0	0.0
IV. Long-term assets in progress	104.3	97.7	96.0	94.6	90.3
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	104.3	97.7	96.0	0.0	0.0
V. Long-term financial investments	0.6	4.6	15.5	21.1	21.1
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	9.8	0.0	0.0
3. Investments in other entities	6.1	11.2	11.2	0.0	0.0
4. Provision for diminution in value of long-term investments	-5.5	-6.6	-5.5	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	60.6	72.7	74.2	0.0	0.0
1. Long-term prepayments	5.8	11.2	5.5	0.0	0.0
2. Deferred income tax assets	2.5	2.6	3.3	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	52.3	0.0	0.0	8.6	9.5
5. Goodwill	0.0	58.9	65.5	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,825.3	1,639.7	1,447.4	870.0	952.2
A. LIABILITIES (300=210+330)	966.6	761.9	615.9	482.7	584.3
I. Short -term liabilities	828.3	629.2	475.4	342.0	436.7
1. Short-term trade accounts payable	331.5	283.0	311.5	215.9	224.7
2. Short-term advances from customers	212.9	29.5	38.2	40.2	40.1
3. Taxes and other payables to state authorities	17.6	18.0	14.5	0.0	0.0
4. Payable to employees	6.9	6.7	5.6	0.0	0.0
5. Short-term acrrued expenses	9.4	33.2	4.5	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	7.9	7.7	6.7	6.7	6.7
9. Other short-term payables	54.7	42.9	42.5	0.0	0.0
10. Short-term borrowings and financial leases	184.8	205.6	50.1	1.4	23.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	2.5	1.8	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	138.3	132.7	140.6	140.8	147.6
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	120.5	127.2	133.9	140.6	147.3
7. Other long-term liabilities	1.3	1.5	1.5	0.0	0.0
8. Long-term borrowings and financial leases	2.6	4.0	5.1	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	13.9	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)	858.7	877.8	831.5	387.3	367.9
I. Owner's equity	858.7	877.8	831.5	0.0	0.0
1. Owner's capital	640.0	640.0	640.0	387.3	367.9
- Common stock with voting right	640.0	640.0	640.0	320.0	320.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	38.4	38.4	38.4	38.7	38.8
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	0.0	0.0	0.0	0.0	0.0
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	57.8	70.9	37.7	28.5	9.1
- Accumulated retained earning at the end of the previous period	38.9	37.7	23.7	9.0	5.4
- Undistributed earnings in this period	18.9	33.2	14.0	19.5	3.7
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	122.5	128.4	115.4	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)	1,825.3	1,639.7	1,447.4	870.0	952.2

Item	2024	2023	2022	2021	2020
Profit Before Tax	49.7	71.3	23.2	24.1	3.3
Depreciation of Fixed Assets and Investment Property	18.3	35.3	18.0	17.4	8.2
Provision (Increase)/Reversal	13.9	2.1	2.3	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	-12.3	-20.6	-5.8	0.0	0.0
Interest Expense	9.0	10.0	2.4	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	78.6	98.2	40.0	16.2	15.3
Increase/(Decrease) in Receivables	-226.3	-184.6	-152.4	0.0	0.0
Increase/(Decrease) in Inventory	55.6	-33.6	5.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	209.3	21.9	28.5	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	12.5	1.3	-0.7	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.0	-10.0	-2.4	0.0	0.0
Corporate Income Tax Paid	-15.1	-11.2	-3.9	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.7	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	105.0	-118.0	-85.2	2.5	-29.6
Payments for Fixed Assets and Other Long-term Assets	-14.6	-20.6	-16.8	-5.3	-38.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.7	26.6	0.0
Loans and Purchases of Debt Instruments	-82.1	-44.8	-103.0	-30.4	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	24.6	61.0	61.4	25.0	0.0
Investments in Other Entities	0.0	-58.5	-200.5	0.0	0.0
Proceeds from Investments in Other Entities	6.3	7.7	5.8	0.0	0.0
Dividends and Interest Income Received	10.2	12.0	4.4	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	-55.7	-43.2	-247.8	16.8	-38.3
Proceeds from Equity Issuance and Capital Contributions	0.0	0.6	369.0	-0.1	160.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	275.0	434.4	134.5	0.0	29.7
Repayment of Borrowings	-288.6	-280.0	-80.7	-22.2	-92.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-38.0	-15.9	-2.9	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	-51.5	139.1	420.0	-22.3	96.8
Net Cash Flow During the Period	-2.2	-22.1	86.9	-2.2	30.9
Cash and Cash Equivalents at Beginning of Period	97.6	119.7	32.8	35.8	0.0
FX Difference from Revaluation	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	95.4	97.6	119.7	32.8	35.8

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	274.3	140.9	231.5	290.9	456.5	378.2	411.5	167.2	488.6	45.9	72.0	20.0
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	274.3	140.9	231.5	290.9	456.5	378.2	411.5	167.2	488.6	45.9	72.0	20.0
Cost of Goods Sold	253.5	127.8	204.6	269.0	421.7	352.1	385.1	152.3	454.3	39.9	62.1	14.9
Gross Profit	20.8	13.1	26.9	21.8	34.8	26.1	26.4	14.8	34.3	6.0	9.9	5.1
Financial Income	5.4	4.9	7.0	3.3	13.2	4.7	4.0	3.9	3.9	0.7	0.4	0.2
Financial Expenses	1.8	2.0	1.9	3.6	4.4	3.6	2.2	6.2	2.3	1.0	1.0	0.0
Interest Expense	1.8	2.0	2.1	3.0	3.3	3.6	2.2	1.0	0.5	1.0	0.9	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	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	11.2	9.1	10.1	10.6	12.4	9.8	9.6	9.0	10.8	7.1	5.8	3.8
Operating Profit	13.2	6.8	21.6	11.0	31.2	17.5	18.7	3.6	25.0	-1.4	3.4	1.4
Other Income	0.1	0.0	0.2	0.1	0.6	0.2	0.0	0.0	0.0	0.3	0.7	0.3
Other Expenses	2.7	0.1	0.5	0.0	0.2	0.0	0.3	0.0	4.4	1.2	0.1	0.5
Other Profit	-2.6	-0.0	-0.3	0.0	0.4	0.2	-0.2	0.0	-4.3	-0.9	0.6	-0.2
Profit Before Tax	10.6	6.8	21.3	11.0	31.6	17.6	18.5	3.6	20.7	-2.3	4.0	1.3
Current Income Tax Expense	3.9	1.7	4.6	2.6	5.8	4.6	3.4	1.4	3.7	-0.3	1.8	0.4
Deferred Income Tax Expense	0.1	0.0	0.0	0.0	0.1	0.0	0.5	0.0	0.0	0.0	-1.1	0.0
Net Income	6.7	5.1	16.7	8.3	25.7	13.0	14.6	2.2	16.9	-2.1	3.3	0.8
Non-controlling Interest	3.2	0.0	7.4	4.5	13.3	5.8	8.0	2.3	4.4	-1.1	0.6	-0.3
Profit Attributable to Parent	3.5	5.1	9.3	3.9	12.4	7.2	6.6	-0.1	12.5	-1.0	2.7	1.1
Earnings per Share	45.00	45.00	144.00	61.00	529.00	253.00	140.00	-3.00	194.00	-41.00	83.00	34.00
Diluted EPS	55.32	79.56	144.77	60.54	192.98	112.63	103.25	-1.86	195.43	-16.31	85.58	34.44

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,250.3	945.3	980.5	918.2	1,044.1	848.8	883.8	782.5	972.3	942.3	626.9	464.1
I. Cash and cash equivalents	95.4	34.2	25.0	39.8	97.6	72.7	45.2	64.1	119.7	362.1	105.1	46.0
1. Cash	35.3	14.2	10.7	15.6	43.8	11.8	12.1	10.2	15.9	35.2	65.8	11.7
2. Cash equivalents	60.1	20.0	14.3	24.2	53.8	60.9	33.1	54.0	103.8	327.0	39.3	34.3
II. Short-term financial investments	24.8	24.8	24.8	34.8	38.8	38.8	23.8	57.0	55.0	2.8	5.0	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	24.8	24.8	24.8	34.8	38.8	38.8	23.8	57.0	55.0	2.8	5.0	0.0
III. Short-term receivables	967.2	708.3	730.5	631.1	686.5	537.2	623.3	472.8	612.2	374.0	291.3	214.1
1. Short-term trade accounts receivable	581.2	383.2	459.2	455.2	493.6	356.0	450.4	262.1	336.2	119.2	132.0	130.8
2. Short-term prepayments to suppliers	216.1	139.6	82.8	70.8	97.3	90.8	89.1	112.6	54.3	211.4	121.1	27.6
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	124.7	132.7	130.2	53.2	53.2	53.2	51.0	53.5	181.2	4.0	0.0	15.4
6. Other short-term receivables	49.7	56.1	61.7	55.2	45.7	39.5	35.1	46.9	42.8	43.3	42.1	44.2
7. Provision for short-term doubtful debts (*)	-4.4	-3.3	-3.3	-3.3	-3.3	-2.3	-2.3	-2.3	-2.3	-3.9	-3.9	-3.9
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	161.3	177.3	199.5	210.1	216.9	197.1	189.6	186.1	183.3	200.2	223.2	202.1
1. Inventories	161.3	177.3	199.5	210.1	216.9	197.1	189.6	186.1	183.3	200.2	223.2	202.1
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	1.5	0.7	0.6	2.4	4.2	2.9	1.9	2.4	2.0	3.3	2.2	1.8
1. Short-term prepayments	0.7	0.6	0.6	1.3	1.3	1.7	1.9	1.3	1.0	1.0	0.8	0.6
2. Value added tax to be reclaimed	0.8	0.0	0.0	1.0	0.0	1.3	0.1	1.1	1.0	2.3	1.5	1.2
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	2.9	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)	575.2	572.1	578.6	584.3	594.6	608.8	611.6	592.7	481.5	409.4	410.6	407.4
I. Long-term receivables	153.7	153.0	151.5	150.1	152.5	154.9	154.5	143.5	14.3	14.3	18.7	14.3
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	128.0	128.0	128.0	128.0	128.0	128.0	129.2	129.2	0.0	0.0	0.0	0.0
6. Other long-term receivables	25.7	25.0	23.5	22.1	24.5	26.9	25.3	14.3	14.3	14.3	18.7	14.3
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	113.3	108.1	110.7	113.3	117.0	121.7	117.7	122.5	183.1	114.9	114.9	116.7
1. Tangible fixed assets	100.2	94.7	97.2	99.6	103.2	107.7	103.4	108.1	110.2	100.2	100.0	101.6
- Cost	154.9	149.1	149.1	149.1	150.4	147.5	140.9	206.6	205.5	184.4	183.0	185.9
- Accumulated depreciation	-54.7	-54.4	-51.9	-49.5	-47.2	-39.8	-37.5	-98.4	-95.3	-84.2	-83.0	-84.2
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	13.2	13.3	13.5	13.7	13.9	14.1	14.2	14.3	72.9	14.7	14.9	15.1
- 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	142.6	144.5	146.4	148.3	150.2	164.0	166.0	148.6	150.4	152.3	154.1	155.9
- 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	104.3	103.1	99.3	98.6	97.7	86.5	90.3	100.7	96.0	98.4	96.3	94.8
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	104.3	103.1	99.3	98.6	97.7	86.5	90.3	100.7	96.0	98.4	96.3	94.8
V. Long-term financial investments	0.6	0.6	4.6	4.6	4.6	5.7	5.7	5.7	15.5	17.5	17.5	17.5
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	9.8	12.4	12.4	12.4
3. Investments in other entities	6.1	7.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	10.6	10.6	10.6
4. Provision for diminution in value of long-term investments	-5.5	-6.6	-6.6	-6.6	-6.6	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5	-5.5
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	60.6	62.8	65.9	12.1	13.7	15.5	15.2	7.9	8.7	12.1	9.2	8.2
1. Long-term prepayments	5.8	6.3	7.8	9.6	11.2	12.8	12.5	4.6	5.5	8.8	5.8	5.9
2. Deferred income tax assets	2.5	2.5	2.6	2.6	2.6	2.7	2.7	3.3	3.3	3.3	3.4	2.3
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	52.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	53.9	55.6	57.3	58.9	60.6	62.2	63.9	13.4	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,825.5	1,517.4	1,559.0	1,502.6	1,638.7	1,457.6	1,495.4	1,375.2	1,453.8	1,351.8	1,037.5	871.4
A. LIABILITIES (300=210+330)	966.8	651.8	666.5	624.5	760.4	591.3	649.6	541.6	615.9	591.9	618.7	456.8
I. Short -term liabilities	828.4	515.3	527.9	493.7	627.6	456.9	513.1	402.8	475.4	455.7	481.2	316.0
1. Short-term trade accounts payable	331.7	252.7	275.6	264.3	281.7	198.6	237.7	227.9	311.5	167.8	177.0	185.8
2. Short-term advances from customers	212.9	20.1	28.9	32.6	29.5	42.1	39.0	47.1	38.2	161.2	127.3	58.8
3. Taxes and other payables to state authorities	17.6	14.1	11.3	3.4	18.1	18.5	11.4	7.6	14.4	11.9	12.2	10.5
4. Payable to employees	6.9	3.3	3.3	3.3	6.6	4.1	4.1	3.9	5.8	3.8	3.8	3.3
5. Short-term acrrued expenses	9.4	25.2	31.4	9.5	33.2	7.7	15.8	5.3	4.5	6.0	32.9	4.9
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	7.9	8.0	7.8	8.0	7.7	7.0	6.8	7.1	6.7	6.9	6.9	5.1
9. Other short-term payables	54.7	76.9	46.7	43.9	43.3	41.1	43.3	41.1	42.4	46.3	45.3	44.4
10. Short-term borrowings and financial leases	184.8	113.3	121.2	127.0	205.6	136.0	153.2	61.0	50.1	49.9	74.0	1.4
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	2.6	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
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	138.3	136.5	138.6	130.7	132.7	134.5	136.5	138.9	140.5	136.3	137.4	140.8
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	120.5	122.2	123.9	125.6	127.2	128.9	130.6	132.3	133.9	135.6	137.3	140.6
7. Other long-term liabilities	1.3	1.3	1.3	1.5	1.5	1.5	1.5	1.5	1.4	0.1	0.1	0.1
8. Long-term borrowings and financial leases	2.6	2.6	3.2	3.7	4.0	4.1	4.5	5.1	5.1	0.5	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	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	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	13.9	10.4	10.2	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)	858.7	865.6	892.5	878.1	878.4	866.3	845.8	833.6	837.8	759.8	418.9	414.6
I. Owner's equity	858.7	865.6	892.5	878.1	878.4	866.3	845.8	833.6	837.8	759.8	418.9	414.6
1. Owner's capital	640.0	640.0	640.0	640.0	640.0	640.0	640.0	640.0	640.0	640.0	320.0	320.0
- Common stock with voting right	640.0	640.0	640.0	640.0	640.0	640.0	640.0	640.0	640.0	640.0	320.0	320.0
- 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	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.7	38.7
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	57.8	54.9	84.1	74.8	71.4	53.7	46.5	37.5	44.1	33.1	34.3	31.7
- Accumulated retained earning at the end of the previous period	38.9	38.9	70.9	70.9	37.7	37.7	37.7	37.7	22.1	30.6	30.6	30.6
- Undistributed earnings in this period	18.9	16.0	13.1	3.9	33.7	16.0	8.8	-0.2	22.0	2.5	3.7	1.1
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	0.0	0.0
13. Minority's interest	122.5	132.2	130.0	124.9	128.6	134.1	120.9	117.6	115.4	48.3	25.8	24.2
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)	1,825.5	1,517.4	1,559.0	1,502.6	1,638.7	1,457.6	1,495.4	1,375.2	1,453.8	1,351.8	1,037.5	871.4

Item	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	10.6	6.8	21.3	11.0	31.7	17.6	18.5	3.6	20.2	-2.3	4.1	1.3
Depreciation of Fixed Assets and Investment Property	4.7	4.5	4.5	4.5	20.5	4.6	5.2	5.1	4.8	4.0	4.8	4.4
Provision (Increase)/Reversal	3.4	0.2	10.2	0.0	2.1	0.0	0.0	0.0	2.3	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	2.5	-4.9	-7.8	-2.1	-13.1	-4.7	-4.0	1.4	5.1	-1.0	-9.8	-0.2
Interest Expense	1.8	2.0	2.1	3.0	3.3	3.6	2.2	1.0	0.5	1.0	0.9	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	23.0	8.7	30.4	16.5	44.4	21.0	21.8	11.0	33.0	1.6	-0.0	5.5
Increase/(Decrease) in Receivables	-277.3	31.2	-19.1	38.8	-132.7	95.8	-162.0	14.3	3.0	-79.1	-92.3	16.0
Increase/(Decrease) in Inventory	16.1	22.2	11.1	6.2	-19.8	-7.5	-3.5	-2.8	16.8	23.1	-21.1	-13.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	261.1	-40.8	31.0	-41.8	141.0	-94.4	55.6	-80.3	-38.2	-4.5	82.9	-11.7
Increase/(Decrease) in Prepaid Expenses	7.2	-2.0	5.8	1.6	9.3	-4.0	-4.6	0.6	2.5	-3.2	-0.1	0.1
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	-1.8	-2.0	-2.1	-3.0	-3.3	-3.6	-2.2	-1.0	-0.5	-1.0	-0.9	0.0
Corporate Income Tax Paid	0.1	0.0	0.0	-15.1	-4.6	0.0	0.0	-6.6	-0.5	0.0	-0.4	-3.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	-0.7	0.0	0.0	0.1	-0.1	0.2	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	28.3	17.2	57.1	2.3	34.2	7.3	-94.7	-64.9	16.4	-63.2	-32.1	-6.3
Payments for Fixed Assets and Other Long-term Assets	-10.0	-3.0	-0.8	-0.9	-12.2	-2.6	-1.7	-4.0	-9.6	-4.2	-2.7	-0.2
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	-9.0	0.3	9.5	0.0
Loans and Purchases of Debt Instruments	-2.6	-2.5	-77.0	0.0	-28.0	-1.8	1.5	-16.5	-71.2	-1.0	-5.8	-25.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.6	0.0	10.0	4.0	28.0	-14.2	34.2	13.0	22.0	4.0	15.4	20.0
Investments in Other Entities	0.0	0.0	0.0	0.0	-58.5	51.2	-51.2	0.0	-200.5	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	4.0	0.0	2.3	3.7	0.0	-0.5	4.5	5.8	0.0	0.0	0.0
Dividends and Interest Income Received	1.4	1.9	2.2	4.6	7.9	0.0	3.4	0.7	3.1	0.7	0.4	0.2
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	-0.5	0.4	-65.6	10.0	-59.2	32.7	-14.3	-2.3	-259.4	-0.2	16.8	-5.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	-6.9	7.5	0.0	0.0	0.0	343.5	1.0	24.5
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	105.0	39.7	62.7	67.7	122.4	102.0	158.5	51.5	54.6	7.3	72.6	0.0
Repayment of Borrowings	-33.5	-48.1	-69.0	-137.8	-52.8	-119.6	-66.9	-40.6	-51.1	-29.5	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	-38.0	0.0	0.0	0.0	-12.8	-2.3	-1.5	0.7	-2.9	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	33.4	-8.4	-6.3	-70.2	49.9	-12.4	90.1	11.6	0.6	321.2	73.6	24.5
Net Cash Flow During the Period	61.2	9.2	-14.8	-57.8	24.9	27.5	-18.9	-55.6	-242.4	257.8	58.3	13.2
Cash and Cash Equivalents at Beginning of Period	97.6	97.6	97.6	97.6	119.7	119.7	119.7	119.7	32.8	32.8	32.8	32.8
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	95.4	34.2	25.0	39.8	97.6	72.7	45.2	64.1	119.7	362.1	104.3	46.0

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CC4

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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