FHH

Listed Company

Price

—

Latest close

P/E —

EPS (TTM) 166

ROE (TTM) 1.6%

P/B —

BVPS (Latest) 9,970

ROA (TTM) 0.8%

What Is Changing

FHH has not yet shown a broad-based top-line recovery. Revenue posted -21.7% YoY, but net margin reached 4.31% with an additional -6.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Revenue decreased 21.7% YoY to VND 1,602.3bn in 2021.
Quarterly Net Income decreased 79.5% YoY to VND 33.7bn in 2021Q4.
Net margin declined from 11.13% in the prior period to 4.31% in 2021.

Metric	2021	2020
Revenue	1,602.3	2,045.6
Growth	-22%	—
Net Income	69.1	227.6
Net Margin	4.31%	11.13%

Metric	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	222.8	711.5	313.8	354.2	462.5	415.4	468.5	699.2
Growth	-69%	+127%	-11%	-23%	+11%	-11%	-33%	—
Net Income	33.7	1.1	26.4	8.0	163.9	59.8	2.3	1.6
Net Margin	15.10%	0.16%	8.41%	2.25%	35.44%	14.40%	0.48%	0.22%

Financial Statements

Profitability

Net margin reached 4.31% while Revenue posted -21.7% YoY.

Balance Sheet

Inventory stood at 37.6bn, liabilities at 4,956.6bn, and equity at 4,147.7bn.

Cash Flow

Operating cash flow was -404.7bn in 2021, while investing cash flow was -328.4bn.

Financing cash flow: 380.2bn.

Item	2021	2020
Revenue	1,602.3	2,045.6
Revenue Deductions	0.0	0.0
Net Revenue	1,602.3	2,045.6
Cost of Goods Sold	0.0	0.0
Gross Profit	114.5	250.0
Financial Income	201.5	249.0
Financial Expenses	-68.6	-37.6
Interest Expense	-68.6	-37.6
Share of Associates and Joint Ventures	0.7	0.3
Selling Expenses	-45.6	-57.0
General and Administrative Expenses	-85.0	-91.8
Operating Profit	117.5	313.0
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	-0.1	6.4
Profit Before Tax	117.4	319.4
Current Income Tax Expense	-48.2	-91.8
Deferred Income Tax Expense	0.0	0.0
Net Income	69.1	227.6
Non-controlling Interest	0.0	0.0
Profit Attributable to Parent	69.1	227.6
Earnings per Share	166.17	547.06
Diluted EPS	166.17	547.06

Item	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,767.2	3,692.4
I. Cash and cash equivalents	41.3	394.3
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	4,158.0	2,440.8
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	37.6	37.8
1. Inventories	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0
V. Other short-term assets	290.0	267.7
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)	4,337.1	3,944.9
I. Long-term receivables	0.0	0.0
1. Long-term trade receivables	0.2	0.2
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	121.4	132.0
1. Tangible fixed assets	118.3	128.7
- 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	3.1	3.4
- 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	5.2	6.9
1. Long-term production in progress	0.0	0.0
2. Construction in progress	0.0	0.0
V. Long-term financial investments	1,354.2	1,166.2
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	2,856.0	2,639.6
5. Goodwill	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0
TOTAL ASSETS (280=100+200)	9,104.3	7,637.3
A. LIABILITIES (300=210+330)	4,956.6	3,251.8
I. Short -term liabilities	4,487.8	3,201.1
1. Short-term trade accounts payable	151.4	128.7
2. Short-term advances from customers	8.2	16.6
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	6.9	21.2
9. Other short-term payables	0.0	0.0
10. Short-term borrowings and financial leases	312.3	330.2
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	468.8	50.7
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	28.3	32.2
7. Other long-term liabilities	0.0	0.0
8. Long-term borrowings and financial leases	398.0	0.0
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)	4,147.7	4,385.6
I. Owner's equity	0.0	0.0
1. Owner's capital	4,147.7	4,385.6
- Common stock with voting right	4,160.0	4,160.0
- Preferred stock	0.0	0.0
2. Share premium	-131.9	-131.9
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	101.8	357.4
- Accumulated retained earning at the end of the previous period	40.1	129.9
- Undistributed earnings in this period	61.7	227.6
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)	9,104.3	7,637.3

Item	2021	2020
Profit Before Tax	108.2	319.4
Depreciation of Fixed Assets and Investment Property	12.8	14.5
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	89.7	154.0
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	-404.7	161.2
Payments for Fixed Assets and Other Long-term Assets	-4.2	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	-835.8
Loans and Purchases of Debt Instruments	-1,152.7	1,047.0
Receipts from Loan Repayments and Sale of Debt Instruments	945.5	0.0
Investments in Other Entities	-190.0	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	-328.4	283.6
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0
Share Repurchases	0.0	0.0
Proceeds from Borrowings	598.7	501.3
Repayment of Borrowings	-218.5	-582.3
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	380.2	-81.0
Net Cash Flow During the Period	37.4	386.8
Cash and Cash Equivalents at Beginning of Period	394.3	30.4
FX Difference from Revaluation	0.0	0.0
Cash and Cash Equivalents at End of Period	41.3	394.3

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	222.8	711.5	313.8	354.2	462.5	415.4	468.5	699.2
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	222.8	711.5	313.8	354.2	462.5	415.4	468.5	699.2
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	36.9	26.2	36.2	15.3	180.9	15.1	15.5	38.6
Financial Income	74.3	37.6	58.5	31.0	100.9	96.0	46.5	5.6
Financial Expenses	-23.8	-22.3	-17.0	-5.5	-15.4	-3.1	-14.0	-5.1
Interest Expense	-23.8	-22.3	-17.0	-5.5	-15.4	-3.1	-14.0	-5.1
Share of Associates and Joint Ventures	0.4	0.2	-0.1	0.2	-1.0	1.1	0.3	0.0
Selling Expenses	-13.6	-9.9	-11.8	-10.3	-18.4	-10.0	-16.6	-12.1
General and Administrative Expenses	-23.1	-19.5	-22.5	-19.9	-31.0	-22.3	-15.5	-23.0
Operating Profit	51.1	12.3	43.3	10.7	216.0	76.8	16.1	4.0
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	0.6	-0.3	-2.4	2.0	3.7	0.1	2.4	0.3
Profit Before Tax	51.8	12.0	40.9	12.7	219.7	76.8	18.5	4.3
Current Income Tax Expense	-18.1	-10.9	-14.5	-4.7	-55.8	-17.0	-16.2	-2.8
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	33.7	1.1	26.4	8.0	163.9	59.8	2.3	1.6
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	33.7	1.1	26.4	8.0	163.9	59.8	2.3	1.6
Earnings per Share	80.89	2.65	63.43	19.19	394.04	143.81	5.44	3.77
Diluted EPS	80.89	2.65	63.43	19.19	394.04	143.81	5.44	3.77

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)	4,767.2	4,831.3	4,624.0	4,033.1	3,692.4	3,368.1	2,616.2	2,336.5
I. Cash and cash equivalents	41.3	3.9	38.3	91.6	394.3	7.4	6.7	13.0
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	4,158.0	4,078.7	3,723.1	3,133.4	2,440.8	3,006.7	2,278.4	2,032.5
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	37.6	41.6	43.2	38.4	37.8	40.5	43.2	52.4
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	290.0	306.9	307.2	257.7	267.7	313.5	287.9	238.5
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)	4,337.1	4,070.1	3,900.0	3,921.4	3,944.9	3,977.0	3,998.2	4,020.6
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	121.4	121.2	124.3	127.4	132.0	142.0	145.7	149.2
1. Tangible fixed assets	118.3	118.0	121.1	124.1	128.7	138.5	142.2	145.8
- 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	3.1	3.2	3.2	3.3	3.4	3.5	3.5	3.4
- 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	5.2	9.0	8.6	8.1	6.9	9.9	9.8	9.8
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	1,354.2	1,353.8	1,163.6	1,163.7	1,166.2	1,167.2	1,166.2	1,166.2
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	2,856.0	2,585.9	2,603.4	2,622.0	2,639.6	2,657.7	2,676.4	2,695.2
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)	9,104.3	8,901.4	8,524.0	7,954.5	7,637.3	7,345.1	6,614.5	6,357.1
A. LIABILITIES (300=210+330)	4,956.6	4,787.4	4,396.5	3,562.2	3,251.8	3,123.4	2,452.6	2,195.8
I. Short -term liabilities	4,487.8	4,314.8	3,933.1	3,502.5	3,201.1	2,973.6	2,324.8	1,975.3
1. Short-term trade accounts payable	151.4	399.0	134.4	155.3	128.7	345.3	196.6	145.3
2. Short-term advances from customers	8.2	15.0	15.1	12.4	16.6	21.2	20.4	18.1
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	6.9	7.1	6.1	12.3	21.2	17.0	11.3	10.5
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	312.3	313.9	312.9	342.0	330.2	303.9	304.6	331.9
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	468.8	472.6	463.4	59.7	50.7	149.8	127.9	220.5
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	28.3	38.7	36.8	38.8	32.2	46.7	25.8	27.4
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	398.0	399.0	400.0	0.0	0.0	0.0	0.0	80.0
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)	4,147.7	4,114.0	4,127.5	4,392.3	4,385.6	4,221.6	4,161.8	4,161.4
I. Owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	4,147.7	4,114.0	4,127.5	4,392.3	4,385.6	4,221.6	4,161.8	4,161.4
- Common stock with voting right	4,160.0	4,160.0	4,160.0	4,160.0	4,160.0	4,160.0	4,160.0	4,160.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-131.9	-131.9	-131.9	-131.9	-131.9	-131.9	-131.9	-131.9
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	101.8	68.1	74.5	364.2	357.4	193.5	133.7	133.2
- Accumulated retained earning at the end of the previous period	40.1	40.1	40.1	356.2	129.9	129.9	129.9	131.7
- Undistributed earnings in this period	61.7	28.0	34.4	8.0	227.6	63.7	3.8	1.6
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)	9,104.3	8,901.4	8,524.0	7,954.5	7,637.3	7,345.1	6,614.5	6,357.1

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	51.8	2.9	40.9	12.7	219.7	76.8	18.5	4.3
Depreciation of Fixed Assets and Investment Property	3.3	3.2	3.2	3.2	3.5	3.8	3.8	3.5
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	100.6	-59.0	57.7	-9.5	164.8	-28.5	10.5	7.3
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	281.2	-254.9	-109.6	-321.5	-868.6	611.9	157.6	260.3
Payments for Fixed Assets and Other Long-term Assets	-3.5	-0.7	0.0	0.0	0.0	-0.2	-0.1	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	-835.8	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-114.4	-831.7	-84.9	-121.8	2,078.0	-664.6	-81.8	-284.6
Receipts from Loan Repayments and Sale of Debt Instruments	-123.2	831.7	121.8	115.3	-68.5	68.5	-6.5	6.5
Investments in Other Entities	0.0	-190.0	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	-241.2	-179.6	85.5	6.9	1,229.2	-610.5	-56.6	-278.4
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	78.3	409.6	60.2	50.6	271.8	45.9	72.8	110.8
Repayment of Borrowings	-81.0	-9.5	-89.3	-38.8	-245.6	-46.6	-180.1	-110.0
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	400.0	-29.1	11.9	26.2	-0.7	-107.3	0.7
Net Cash Flow During the Period	37.4	-34.4	-53.2	-302.7	386.8	0.7	-6.3	-17.4
Cash and Cash Equivalents at Beginning of Period	3.9	38.3	91.6	394.3	7.4	6.7	13.0	30.4
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	41.3	3.9	38.3	91.6	394.3	7.4	6.7	13.0

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