HPM

Xây dựng Thương mại và Khoáng Sản Hoàng Phúc ·UPCOM ·2022Q4

▲▲ Improving positively

Operating efficiency is improving Net margin 23.87%, +13.16pp YoY

Price

6,300

Latest close

27 Feb 2026

P/E 1.11x

P/B 0.53x

EPS 5,692

BVPS 11,837

ROE 62.8%

ROA 47.6%

Profit Margin 23.9%

Asset Turnover 1.99x

Equity Mult. 1.32x

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

What Is Changing

On a TTM 2022Q4 basis, HPM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit momentum has been slowing across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 91bn
	                                
+2027.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
+4640.3%YoY

Metric	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Revenue	0.0	46.1	44.5	0.0	1.4	1.4	1.4	0.1
Growth	-100%	+3%	—	-100%	0%	0%	+1050%	—
Net Income	-4.6	16.8	10.4	-0.9	0.6	0.5	0.2	-0.8
Net Margin	—	36.38%	23.25%	—	43.89%	35.73%	11.51%	-667.76%

Drivers of HPM's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 28.8bn

Administrative expenses ↑ 9.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↑ 4.2bn

Gross profit ↓ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 23.87%, rising 13.2pp. Despite pressure from Gross margin fell 50.4pp and SG&A / Revenue rose 33.1pp, the offset came from Other profit / Revenue rose 48.8pp (pressure remains from Net financial result / Revenue fell 0.0pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 23.87% +13.2pp

Gross Margin 35.78% −50.4pp

SG&A / Revenue 9.14% +33.1pp

TTM YoY · 2021Q4 -> 2022Q4

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 63.25%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 63.25% —

NOPAT Margin 26.64% −35.6pp

Capital Turnover 2.37x —

Average Invested Capital 38.2bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.61x equity, net debt at 0.07x equity.

Over the last 12 months, working capital absorbed 20.1bn 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: −28.9bn

Inventories decreased → higher CFO: +0.0bn

Payables increased → higher CFO: +8.8bn

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 71.8 days —

Inventory 0.0 days —

Payables 5.9 days —

Cash Conversion Cycle 65.9 days —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 0.4% of debt, and total debt stands at 3.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Cash buffer is thin relative to debt

Cash / debt stands at 0.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.07x −0.12x

Interest Coverage — —

Cash / Debt 0.4% +0.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.03x −0.85x

TTM YoY · 2021Q4 -> 2022Q4

Cash Flow

Operating cash flow reached -3.9bn in 2023, against investing cash flow of -0.1bn.

Post-investment cash flow was negative +4.0bn. Financing cash flow was positive +4.1bn.

CFO / net income was 0.03x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +0.6bn.

Cash Conversion

CFO TTM 0.6bn +0.2bn

Cash Capex 0.0bn −0.5bn

FCF TTM +0.6bn +0.6bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 13.2 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.0%. The main risk still sits in leverage and liquidity, with interest coverage at 0.00x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 23.87% after expanding 13.2pp versus the same period last year.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.00x.

Statement Data

Item	2023	2022	2021
Revenue	6.0	90.6	4.3
Revenue Deductions	0.0	0.0	0.0
Net Revenue	6.0	90.6	4.3
Cost of Goods Sold	2.2	58.4	0.0
Gross Profit	3.7	32.2	3.7
Financial Income	0.0	0.0	0.0
Financial Expenses	0.3	0.0	0.0
Interest Expense	0.3	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0
General and Administrative Expenses	0.9	9.4	-1.0
Operating Profit	2.6	22.8	2.7
Other Income	0.3	7.0	0.0
Other Expenses	1.7	10.8	0.0
Other Profit	-1.4	-3.8	-2.2
Profit Before Tax	1.2	18.9	0.5
Current Income Tax Expense	0.6	4.6	0.0
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	0.6	14.4	0.5
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	0.6	14.4	0.5
Earnings per Share	170.00	3,783.00	120.07
Diluted EPS	170.13	3,783.23	120.07

Item	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	48.1	38.1	8.7
I. Cash and cash equivalents	0.1	0.0	0.0
1. Cash	0.1	0.0	0.0
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	46.9	37.3	5.9
1. Short-term trade accounts receivable	41.2	35.7	0.0
2. Short-term prepayments to suppliers	3.4	0.1	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	1.6	1.6	0.0
6. Other short-term receivables	1.5	0.7	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	0.2	0.0	0.0
1. Inventories	0.2	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	0.9	0.8	2.8
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.9	0.7	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)	14.4	16.1	26.0
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	14.4	16.1	19.3
1. Tangible fixed assets	11.2	12.8	15.8
- Cost	25.2	25.1	0.0
- Accumulated depreciation	-14.0	-12.3	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	3.2	3.3	3.5
- Cost	4.2	4.2	0.0
- Accumulated depreciation	-1.1	-0.9	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	0.0	0.0	6.7
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0
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	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0
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)	62.5	54.2	34.7
A. LIABILITIES (300=210+330)	23.7	16.1	10.8
I. Short -term liabilities	23.7	16.1	10.8
1. Short-term trade accounts payable	1.8	1.4	0.5
2. Short-term advances from customers	2.1	0.8	0.8
3. Taxes and other payables to state authorities	6.1	5.6	0.0
4. Payable to employees	2.0	2.0	0.0
5. Short-term acrrued expenses	0.4	0.1	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	4.3	3.2	0.0
10. Short-term borrowings and financial leases	7.1	3.0	4.5
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)	38.7	38.1	23.9
I. Owner's equity	38.7	38.1	0.0
1. Owner's capital	38.0	38.0	23.9
- Common stock with voting right	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00
- 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	0.7	0.1	-14.1
- Accumulated retained earning at the end of the previous period	0.1	-14.3	-13.1
- Undistributed earnings in this period	0.6	14.4	-1.0
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)	62.5	54.2	34.7

Item	2023	2022	2021
Profit Before Tax	1.2	18.9	0.5
Depreciation of Fixed Assets and Investment Property	1.8	2.3	2.6
Provision (Increase)/Reversal	0.0	-0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.1	0.0
Interest Expense	0.3	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	3.3	20.7	3.1
Increase/(Decrease) in Receivables	-9.7	-28.9	0.0
Increase/(Decrease) in Inventory	-0.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.7	8.8	0.0
Increase/(Decrease) in Prepaid Expenses	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	0.0	0.0
Net Cash Flow from Operating Activities	-3.9	0.6	0.4
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	1.0	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
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	1.0	-0.5
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	4.8	2.2	0.0
Repayment of Borrowings	-0.7	-3.8	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	4.1	-1.6	0.0
Net Cash Flow During the Period	0.1	0.0	0.0
Cash and Cash Equivalents at Beginning of Period	0.0	0.0	0.1
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	0.0	0.0

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Revenue	0.0	46.1	44.5	0.0	1.4	1.4	1.4	0.1
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	46.1	44.5	0.0	1.4	1.4	1.4	0.1
Cost of Goods Sold	0.0	26.1	32.1	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.0	20.0	12.4	0.0	1.3	1.2	1.2	0.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	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
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	4.0	2.6	1.3	0.4	-0.2	-0.3	-0.3	-0.2
Operating Profit	-4.0	17.4	11.1	-0.4	1.0	1.0	0.9	-0.2
Other Income	1.0	0.0	6.9	0.0	0.0	0.0	0.0	0.0
Other Expenses	1.6	0.6	7.7	0.6	0.0	0.0	0.0	0.0
Other Profit	-0.6	-0.6	-0.8	-0.6	-0.4	-0.5	-0.7	-0.6
Profit Before Tax	-4.6	16.8	10.4	-0.9	0.6	0.5	0.2	-0.8
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-4.6	16.8	10.4	-0.9	0.6	0.5	0.2	-0.8
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-4.6	16.8	10.4	-0.9	0.6	0.5	0.2	-0.8
Earnings per Share	-1,198.31	4,412.98	2,724.82	-247.74	159.38	129.76	41.80	-210.87
Diluted EPS	-1,198.31	4,412.98	2,724.82	-247.74	159.38	129.76	41.80	-210.87

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	40.1	41.9	78.9	8.9	8.7	7.7	6.3	5.1
I. Cash and cash equivalents	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1
1. Cash	0.0	0.0	0.1	0.1	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	36.4	38.3	50.4	5.7	5.9	4.6	3.0	2.0
1. Short-term trade accounts receivable	35.7	35.7	45.3	4.9	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.1	0.1	3.3	0.5	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	1.7	1.8	1.8	1.6	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.7	0.0	0.0	-1.3	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	0.0	0.0	26.1	0.0	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	26.1	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	3.7	3.7	2.3	3.1	2.8	3.1	3.3	3.1
1. Short-term prepayments	1.8	1.7	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.9	1.9	2.3	3.1	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)	16.1	17.5	18.1	25.7	26.0	26.6	27.2	27.4
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	16.1	17.5	18.1	18.7	19.3	19.9	20.5	21.2
1. Tangible fixed assets	12.8	14.2	14.7	15.3	15.8	16.4	17.0	17.6
- Cost	25.1	29.7	29.7	29.7	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.3	-15.5	-14.9	-14.4	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	3.3	3.4	3.4	3.4	3.5	3.5	3.5	3.6
- 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	0.0	0.0	0.0	7.0	6.7	6.7	6.7	6.2
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	7.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	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
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)	56.2	59.5	97.0	34.6	34.7	34.3	33.5	32.6
A. LIABILITIES (300=210+330)	11.2	9.9	63.9	11.9	10.8	11.0	10.7	9.9
I. Short -term liabilities	11.2	9.9	63.9	11.9	10.8	11.0	10.7	9.9
1. Short-term trade accounts payable	1.4	0.7	56.9	0.6	0.5	0.5	0.5	0.0
2. Short-term advances from customers	0.8	0.8	3.8	0.8	0.8	0.8	0.8	1.3
3. Taxes and other payables to state authorities	0.7	0.5	0.4	0.7	0.0	0.0	0.0	0.0
4. Payable to employees	2.0	1.0	0.7	0.9	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.0	0.0	0.2	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.2	3.2	1.1	4.1	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	3.0	3.7	0.9	4.5	4.5	4.5	4.5	4.5
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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)	45.0	49.5	33.1	22.8	23.9	23.3	22.8	22.6
I. Owner's equity	45.0	49.5	33.1	22.8	0.0	0.0	0.0	0.0
1. Owner's capital	38.0	38.0	38.0	38.0	23.9	23.3	22.8	22.6
- Common stock with voting right	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00	38,000,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	7.0	11.5	-4.9	-15.2	-14.1	-14.7	-15.2	-15.4
- Accumulated retained earning at the end of the previous period	0.0	-14.6	-14.6	-14.6	-13.1	-13.1	-13.1	-13.1
- Undistributed earnings in this period	7.0	26.1	9.7	-0.7	-1.0	-1.6	-2.1	-2.2
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)	56.2	59.5	97.0	34.6	34.7	34.3	33.5	32.6

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21
Profit Before Tax	-6.9	16.8	10.0	-0.9	0.6	0.5	0.2	-0.8
Depreciation of Fixed Assets and Investment Property	0.5	0.6	0.6	0.6	0.6	0.6	0.7	0.7
Provision (Increase)/Reversal	0.8	0.0	-1.3	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	-0.1	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	-6.9	6.9	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-12.5	24.3	9.3	-0.4	1.2	1.1	0.9	-0.1
Increase/(Decrease) in Receivables	1.3	5.7	-35.7	-0.2	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	26.1	-26.1	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.3	-56.1	54.8	0.8	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	1.7	-1.7	-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	-0.2	-1.7	2.3	0.2	0.0	0.5	-0.0	-0.0
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.1	-0.1	0.0	-0.5	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1.0	-0.0	0.1	-0.1	0.0	-0.5	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.1	-0.2	2.3	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.9	1.8	-4.7	0.0	0.0	0.0	0.0	0.0
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	-0.8	1.6	-2.4	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	0.0	-0.1	-0.0	0.1	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at Beginning of Period	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1

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HPM

What Is Changing

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Financial Highlights

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What is driving the margin? ▲

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▲

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow