GLC

Vàng Lào Cai ·UPCOM ·2022Q3

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 0.01x

Price

—

Latest close

P/E —

P/B —

EPS —

BVPS 704

ROE 29.7%

ROA -18.8%

Profit Margin -64.4%

Asset Turnover 0.29x

Equity Mult. -1.58x

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

What Is Changing

On a Năm 2025 basis, GLC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 6bn
	                                
−70.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 4bn
	                                
−70.6%YoY

Metric	Q3'22	Q2'22	Q1'22
Revenue	0.0	0.0	0.0
Growth	—	—	—
Net Income	-3.7	-3.7	-3.7
Net Margin	—	—	—

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -64.38% −53.4pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at -2.32x equity, net debt at 2.08x equity.

Inventory ended the period at 3.8bn, roughly 21.0% of total assets.

Over the last 12 months, working capital absorbed 0.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −0.7bn

Inventories decreased → higher CFO: +0.0bn

Payables increased → higher CFO: +0.1bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.8% of debt, and total debt stands at 15.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.08x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 2.08x —

Interest Coverage — —

Cash / Debt 0.8% —

Short-term Debt / Total Debt 100.0% —

TTM YoY · Prior -> 2022Q3

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1.1bn in 2025, against investing cash flow of -0.1bn.

Post-investment cash flow was negative +1.2bn. Financing cash flow was negative +0.1bn.

After spending +0.1bn on fixed-asset investment, the business generated trailing free cash flow of −1.2bn.

Cash Conversion

CFO TTM 1.1bn —

Cash Capex 0.1bn —

FCF TTM −1.2bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 0.01x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.01x.

Statement Data

Item	2025	2024	2023	2022
Revenue	5.6	19.1	0.0	0.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	5.6	19.1	0.0	0.0
Cost of Goods Sold	5.5	19.1	9.9	4.8
Gross Profit	0.1	-0.0	-9.9	-4.8
Financial Income	0.0	0.0	0.0	0.9
Financial Expenses	2.1	2.1	1.7	2.4
Interest Expense	2.1	2.1	1.7	2.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	1.6	1.8	2.3	2.7
Operating Profit	-3.6	-3.9	-13.9	-9.0
Other Income	—	1.8	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0
Other Profit	-0.0	1.8	0.0	-0.0
Profit Before Tax	-3.6	-2.1	-13.9	-9.0
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-3.6	-2.1	-13.9	-9.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-3.6	-2.1	-13.9	-9.0
Earnings per Share	-341.00	-200.00	-1,324.00	-861.00
Diluted EPS	-341.00	-200.00	-1,324.00	-861.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	12.6	13.3	2.2	7.3
I. Cash and cash equivalents	3.3	4.7	1.1	6.1
1. Cash	3.3	4.7	1.1	6.1
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0
III. Short-term receivables	5.5	4.8	0.0	0.1
1. Short-term trade accounts receivable	4.7	4.8	0.1	0.1
2. Short-term prepayments to suppliers	0.9	0.1	0.1	0.1
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	—	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	3.8	3.9	0.9	0.9
1. Inventories	3.8	3.9	0.9	0.9
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.2	0.2
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.2	0.2
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)	5.6	6.4	14.0	24.3
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	5.6	6.2	13.7	23.8
1. Tangible fixed assets	5.6	6.2	13.7	23.8
- Cost	140.9	140.8	143.6	143.6
- Accumulated depreciation	-135.4	-134.5	-130.0	-119.8
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	—	0.0	0.0	0.0
- Cost	16.8	16.8	16.8	16.8
- Accumulated depreciation	-16.8	-16.8	-16.8	-16.8
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	—	0.0	0.0	0.1
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.1
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	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	0.1	0.2	0.3	0.4
1. Long-term prepayments	0.1	0.2	0.3	0.4
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	18.3	19.7	16.2	31.6
A. LIABILITIES (300=210+330)	32.1	30.0	24.3	25.9
I. Short -term liabilities	32.1	30.0	24.3	25.9
1. Short-term trade accounts payable	3.2	3.2	1.2	1.2
2. Short-term advances from customers	0.2	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	0.3	0.1	0.1
4. Payable to employees	0.1	0.0	0.0	0.0
5. Short-term acrrued expenses	12.1	10.0	7.9	6.1
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	2.1	2.1	2.1	2.1
10. Short-term borrowings and financial leases	14.4	14.5	13.0	16.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	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	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	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	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	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)	-13.8	-10.3	-8.2	5.7
I. Owner's equity	-13.8	-10.3	-8.2	5.7
1. Owner's capital	105.0	105.0	105.0	105.0
- Common stock with voting right	105,000,000,000.00	105,000,000,000.00	105,000,000,000.00	105,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	—	0.0	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	-118.8	-115.3	-113.2	-99.3
- Accumulated retained earning at the end of the previous period	-115.3	-113.2	-99.3	-90.2
- Undistributed earnings in this period	-3.6	-2.1	-13.9	-9.0
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
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)	18.3	19.7	16.2	31.6

Item	2025	2024	2023	2022
Profit Before Tax	-3.6	-2.1	-13.9	-9.0
Depreciation of Fixed Assets and Investment Property	0.8	7.4	10.2	10.4
Provision (Increase)/Reversal	—	0.0	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-1.8	-0.0	-0.0
Interest Expense	2.1	2.1	1.7	2.4
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	-0.6	5.7	-1.9	3.7
Increase/(Decrease) in Receivables	-0.7	-4.6	-0.0	5.1
Increase/(Decrease) in Inventory	0.0	-2.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	2.1	0.2	-4.7
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1.1	0.3	-1.6	4.1
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.8	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
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	0.0	0.0	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	-0.1	1.8	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	1.5	2.7	1.9
Repayment of Borrowings	-0.1	0.0	-6.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	-0.1	1.5	-3.4	1.9
Net Cash Flow During the Period	-1.3	3.6	-5.0	6.0
Cash and Cash Equivalents at Beginning of Period	4.7	1.1	6.1	0.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.3	4.7	1.1	6.1

Item	Q3'22	Q2'22	Q1'22
Revenue	0.0	0.0	0.0
Revenue Deductions	0.0	0.0	0.0
Net Revenue	0.0	0.0	0.0
Cost of Goods Sold	0.0	0.0	0.0
Gross Profit	0.0	0.0	0.0
Financial Income	0.0	0.0	0.0
Financial Expenses	0.6	0.6	0.6
Interest Expense	0.6	0.6	0.6
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	0.0	3.1	0.0
General and Administrative Expenses	3.1	0.0	3.1
Operating Profit	-3.7	-3.7	-3.7
Other Income	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0
Other Profit	-0.0	-0.0	0.0
Profit Before Tax	-3.7	-3.7	-3.7
Current Income Tax Expense	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-3.7	-3.7	-3.7
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	-3.7	-3.7	-3.7
Earnings per Share	-354.56	-354.56	-349.16
Diluted EPS	-354.56	-354.56	-349.16

Item	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1.4	1.4	1.9
I. Cash and cash equivalents	0.1	0.1	0.6
1. Cash	0.1	0.1	0.6
2. Cash equivalents	0.0	0.0	0.0
II. Short-term financial investments	0.0	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	0.0	0.0	0.0
III. Short-term receivables	0.1	0.1	0.1
1. Short-term trade accounts receivable	0.1	0.1	0.1
2. Short-term prepayments to suppliers	0.1	0.1	0.1
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	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	0.9	0.9	0.9
1. Inventories	0.9	0.9	0.9
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	0.2	0.2	0.2
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.2	0.2	0.2
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)	34.6	34.6	37.2
I. Long-term receivables	5.1	5.1	5.1
1. Long-term trade receivables	0.0	0.0	0.0
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	5.1	5.1	5.1
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	29.0	29.0	31.6
1. Tangible fixed assets	29.0	29.0	31.6
- Cost	143.6	143.6	143.6
- Accumulated depreciation	-114.7	-114.7	-112.1
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	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	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	0.1	0.1	0.1
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	0.1
V. Long-term financial investments	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	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	0.4	0.4	0.4
1. Long-term prepayments	0.4	0.4	0.4
2. Deferred income tax assets	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	35.9	35.9	39.0
A. LIABILITIES (300=210+330)	28.6	28.6	27.9
I. Short -term liabilities	28.6	28.6	27.9
1. Short-term trade accounts payable	1.2	1.2	1.2
2. Short-term advances from customers	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	0.1	0.1
4. Payable to employees	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	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	6.6	6.6	6.0
10. Short-term borrowings and financial leases	15.5	15.5	15.5
11. Provision for short-term liabilities	5.1	5.1	5.1
12.. Bonus and welfare fund	0.0	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	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	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	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	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)	7.4	7.4	11.1
I. Owner's equity	7.4	7.4	11.1
1. Owner's capital	105.0	105.0	105.0
- Common stock with voting right	105,000,000,000.00	105,000,000,000.00	105,000,000,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
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	0.0	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	-97.6	-97.6	-93.9
- Accumulated retained earning at the end of the previous period	-90.2	-90.2	-90.2
- Undistributed earnings in this period	-7.4	-7.4	-3.7
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0
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)	35.9	35.9	39.0

Item	Q4'25	Q3'22	Q2'22	Q1'22
Profit Before Tax	-3.6	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.8	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	0.0	0.0	0.0
Interest Expense	2.1	0.0	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	-0.6	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-0.7	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.1	-0.1
Net Cash Flow from Operating Activities	-1.1	0.0	0.5	-0.5
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
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	0.0	0.0	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	-0.1	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	-1.0	1.0
Repayment of Borrowings	-0.1	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	-0.1	0.0	-1.0	1.0
Net Cash Flow During the Period	-1.3	0.0	-0.5	0.5
Cash and Cash Equivalents at Beginning of Period	4.7	0.0	0.0	0.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.3	0.0	0.0	0.6

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GLC

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