NGC

Chế biến Thủy sản xuất khẩu Ngô Quyền ·UPCOM ·2022Q4

▼▼ Declining sharply

Margins remain under pressure Net margin −5.83%, −10.48pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -2,131

BVPS -2,245

ROE 197.1%

ROA -3.5%

Profit Margin -5.8%

Asset Turnover 0.60x

Equity Mult. -56.73x

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

What Is Changing

On a TTM 2022Q4 basis, NGC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 84bn
	                                
−52.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 5bn
	                                
−159.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    78.1%
	                                
affects earnings quality

Metric	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	13.5	3.0	54.0	13.6	99.3	26.6	44.7	5.1	4.7	4.5	2.7	6.1
Growth	+352%	-94%	+297%	-86%	+274%	-41%	+773%	+8%	+4%	+71%	-56%	—
Net Income	-2.3	-1.2	-0.2	-1.1	3.1	4.0	0.9	0.2	-1.0	0.7	-7.2	-9.0
Net Margin	-17.36%	-40.48%	-0.44%	-8.19%	3.08%	15.20%	1.98%	4.06%	-20.23%	15.18%	-271.24%	-149.07%

Drivers of NGC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 13.6bn

Finance costs ↑ 9.1bn

Administrative expenses ↑ 1.5bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 7.4bn

Finance costs ↑ 6.8bn

Administrative expenses ↑ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q4 -220.2% = 4.7% × 1.78 × -26.52

2022Q4 197.1% = -5.8% × 0.60 × -56.73

ROE edged up from -220.2% to 197.1%, but the main driver was not core operations.

Net margin: -5.8% -10.5pp Asset turnover: 0.60x -1.19x Leverage: -56.73x -30.21x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -5.83%, losing 10.5pp. The main pressure comes from Gross margin fell 7.7pp and SG&A / Revenue rose 1.9pp (with lingering pressure from Net financial result / Revenue fell 7.6pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -5.83% −10.5pp

Gross Margin 0.15% −7.7pp

SG&A / Revenue 1.54% +1.9pp

Non-core / Revenue -4.43% −7.6pp

TTM YoY · 2021Q4 -> 2022Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 7.6pp, financial result still accounts for 80.1% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to -10.77%, losing 28.9pp. That translates to -10.77 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 10.5pp and capital turnover fell 2.20x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently -10.77% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -10.77% −28.9pp

NOPAT Margin -5.94% −10.5pp

Capital Turnover 1.81x −2.20x

Average Invested Capital 46.4bn +2.6bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at -21.10x equity, with a net cash position equivalent to 8.67x equity.

Over the last 12 months, working capital released 26.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +31.0bn

Inventories decreased → higher CFO: +0.7bn

Payables decreased → lower CFO: −4.8bn

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.

Watchpoints

Receivables collection is slowing

DSO increased by +182.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 182.1 days +182.1 days

Inventory 2.3 days —

Payables 274.4 days —

Cash Conversion Cycle -90.0 days —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 12.6bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -8.67x and interest coverage only at -1.31x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.1% of debt, and total debt stands at 44.8bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.31x, leaving limited room to absorb financing costs.

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 -8.67x −285.40x

Interest Coverage -1.31x −2.81x

Cash / Debt 0.1% −0.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -2.58x −1.30x

TTM YoY · 2021Q4 -> 2022Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 12.6bn in 2022, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +12.6bn. Financing cash flow was negative +12.7bn.

CFO / net income was -2.58x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +12.6bn.

Cash Conversion

CFO TTM 12.6bn +23.1bn

Cash Capex 0.0bn −0.6bn

FCF TTM +12.6bn +23.6bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 10.5 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 23.6bn versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 78.1% of PBT and CFO / net income currently at -2.58x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -5.83% after a 10.5pp decline versus the same period last year.

Statement Data

Item	2022	2021	2020
Revenue	84.1	175.7	18.0
Revenue Deductions	0.0	0.0	0.0
Net Revenue	84.1	175.7	18.0
Cost of Goods Sold	85.0	0.0	0.0
Gross Profit	-0.9	13.8	-15.4
Financial Income	0.0	0.0	0.0
Financial Expenses	4.0	-5.3	-0.3
Interest Expense	4.0	-4.7	-0.3
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	0.3	-0.1	-0.4
General and Administrative Expenses	1.0	-0.5	-0.8
Operating Profit	-6.2	7.9	-16.8
Other Income	0.1	0.0	0.0
Other Expenses	0.0	0.0	0.0
Other Profit	0.1	0.2	0.3
Profit Before Tax	-6.1	8.2	-16.5
Current Income Tax Expense	0.0	0.0	0.0
Deferred Income Tax Expense	0.3	0.0	0.0
Net Income	-6.4	8.2	-16.5
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	-6.4	8.2	-16.5
Earnings per Share	-2,788.00	3,559.17	-7,178.74
Diluted EPS	-2,787.85	3,559.17	-7,178.74

Item	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	85.9	112.1	10.7
I. Cash and cash equivalents	0.0	0.1	0.3
1. Cash	0.0	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	84.1	109.9	7.3
1. Short-term trade accounts receivable	83.9	0.0	0.0
2. Short-term prepayments to suppliers	0.1	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	1.0	1.7	2.2
1. Inventories	1.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	0.8	0.5	0.9
1. Short-term prepayments	0.1	0.0	0.0
2. Value added tax to be reclaimed	0.6	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	41.1	36.8	37.5
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	35.5	35.5	36.6
1. Tangible fixed assets	32.0	32.0	33.0
- Cost	66.7	0.0	0.0
- Accumulated depreciation	-34.8	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
3. Intangible fixed assets	3.5	3.5	3.6
- Cost	4.5	0.0	0.0
- Accumulated depreciation	-1.0	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	0.0	0.7	0.0
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	5.6	0.0	0.0
1. Long-term prepayments	5.6	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	0.7	0.9
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	127.0	149.0	48.2
A. LIABILITIES (300=210+330)	133.3	148.8	55.8
I. Short -term liabilities	133.3	148.8	55.8
1. Short-term trade accounts payable	49.2	77.1	8.7
2. Short-term advances from customers	3.5	2.9	2.9
3. Taxes and other payables to state authorities	0.7	0.0	0.0
4. Payable to employees	0.6	0.0	0.0
5. Short-term acrrued expenses	3.6	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	31.0	0.0	0.0
10. Short-term borrowings and financial leases	44.8	53.1	42.3
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)	-6.3	0.2	-7.6
I. Owner's equity	-6.3	0.0	0.0
1. Owner's capital	23.0	0.2	-7.6
- Common stock with voting right	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00
- 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	-29.3	-22.8	-30.6
- Accumulated retained earning at the end of the previous period	-22.9	-31.0	-14.1
- Undistributed earnings in this period	-6.4	8.2	-16.5
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)	127.0	149.0	48.2

Item	2022	2021	2020
Profit Before Tax	-6.4	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0
Provision (Increase)/Reversal	-1.6	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
Interest Expense	4.0	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	-4.0	0.0	0.0
Increase/(Decrease) in Receivables	31.0	0.0	0.0
Increase/(Decrease) in Inventory	0.7	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.8	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-4.7	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-5.6	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	12.6	-10.4	7.6
Payments for Fixed Assets and Other Long-term Assets	0.0	-0.6	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	2.5
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	0.0	-0.6	2.5
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	26.8	92.4	2.8
Repayment of Borrowings	-39.4	-81.7	-13.1
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	-12.7	10.7	-10.4
Net Cash Flow During the Period	-0.0	-0.1	-0.2
Cash and Cash Equivalents at Beginning of Period	0.1	0.3	0.5
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	0.1	0.3

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	13.5	3.0	54.0	13.6	99.3	26.6	44.7	5.1	4.7	4.5	2.7	6.1
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	13.5	3.0	54.0	13.6	99.3	26.6	44.7	5.1	4.7	4.5	2.7	6.1
Cost of Goods Sold	12.7	3.7	53.6	14.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.7	-0.7	0.5	-0.4	8.1	4.4	1.1	0.1	-1.1	0.6	-7.0	-7.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	2.0	0.5	0.7	0.7	-4.8	-0.3	-0.1	0.0	-0.0	0.0	-0.0	-0.3
Interest Expense	2.0	0.5	0.7	0.7	-4.8	0.3	-0.1	0.0	0.0	0.0	-0.0	-0.3
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	0.2	0.0	0.0	0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	-0.3
General and Administrative Expenses	0.9	0.1	0.0	0.0	-0.2	-0.1	-0.1	-0.0	-0.1	-0.0	-0.2	-0.5
Operating Profit	-2.3	-1.2	-0.3	-1.1	3.0	4.0	0.8	0.1	-1.1	0.5	-7.2	-9.0
Other Income	0.0	0.0	0.1	0.0	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	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.0
Profit Before Tax	-2.3	-1.2	-0.2	-1.1	3.1	4.0	0.9	0.2	-1.0	0.7	-7.2	-9.0
Current Income Tax Expense	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Net Income	-2.3	-1.2	-0.2	-1.1	3.1	4.0	0.9	0.2	-1.0	0.7	-7.2	-9.0
Non-controlling 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
Profit Attributable to Parent	-2.3	-1.2	-0.2	-1.1	3.1	4.0	0.9	0.2	-1.0	0.7	-7.2	-9.0
Earnings per Share	-1,018.04	-525.04	-102.38	-485.23	1,329.05	1,755.54	384.11	90.47	-415.57	299.56	-3,135.18	-3,927.55
Diluted EPS	-1,018.04	-525.04	-102.38	-485.23	1,329.05	1,755.54	384.11	90.47	-415.57	299.56	-3,135.18	-3,927.55

Item	Q4'22	Q3'22	Q2'22	Q1'22	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)	90.9	112.5	117.3	108.1	112.1	47.3	22.3	10.3	10.7	13.0	12.5	20.7
I. Cash and cash equivalents	0.0	0.1	0.1	0.0	0.1	0.1	0.4	0.3	0.3	0.5	0.2	0.1
1. Cash	0.0	0.1	0.1	0.0	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	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	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	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	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. Short-term receivables	89.4	111.0	115.2	105.3	109.9	45.0	19.7	7.6	7.3	7.3	7.6	7.3
1. Short-term trade accounts receivable	83.9	109.4	110.5	100.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.1	1.6	0.5	0.5	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	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.5	0.2	4.3	4.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	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	0.0	0.0	0.0	0.0
IV. Inventories	1.0	1.0	1.4	1.9	1.7	2.0	2.1	1.5	2.2	4.4	4.5	12.2
1. Inventories	1.0	1.0	1.4	1.9	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	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.3	0.6	0.8	0.5	0.2	0.0	0.9	0.9	0.8	0.2	1.1
1. Short-term prepayments	0.3	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.0	0.4	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	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	0.4	0.4	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)	42.2	42.1	36.8	35.9	36.8	37.7	37.9	37.5	37.5	38.2	39.0	39.8
I. Long-term 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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	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. 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	35.6	35.5	35.5	34.6	35.5	36.3	36.6	36.6	36.6	37.2	38.1	38.9
1. Tangible fixed assets	32.1	32.0	32.0	31.1	32.0	32.8	33.0	33.0	33.0	33.6	34.5	34.7
- Cost	66.9	66.7	66.7	66.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-34.8	-34.8	-34.8	-35.6	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	0.0	0.0	0.0	0.5
- 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	3.5	3.5	3.5	3.5	3.5	3.5	3.6	3.6	3.6	3.6	3.6	3.7
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.7	0.7	0.7	0.7	0.7	0.6	0.4	0.0	0.0	0.0	0.0	0.0
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	0.7	0.7	0.7	0.7	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	1.5	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	-1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5.9	6.0	0.6	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	5.9	6.0	0.3	0.2	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	0.3	0.3	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	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	0.7	0.8	0.9	1.0	0.9	1.0	0.9	0.9
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	133.1	154.6	154.1	144.0	149.0	85.0	60.2	47.8	48.2	51.2	51.4	60.5
A. LIABILITIES (300=210+330)	138.3	157.4	155.3	145.0	148.8	87.8	67.1	55.6	55.8	57.9	58.8	60.7
I. Short -term liabilities	138.3	157.4	155.3	145.0	148.8	87.8	67.1	55.6	55.8	57.9	58.8	60.7
1. Short-term trade accounts payable	49.2	66.1	66.1	82.2	77.1	29.7	8.9	8.6	8.7	8.8	8.8	8.8
2. Short-term advances from customers	3.5	4.7	3.1	3.1	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
3. Taxes and other payables to state authorities	0.2	0.2	0.1	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.6	1.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	3.6	0.9	0.7	0.7	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	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	36.4	39.8	40.2	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	44.8	44.8	44.8	57.5	53.1	53.2	53.2	41.9	42.3	44.2	45.5	47.3
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	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. 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	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. 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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	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. Long-term borrowings and financial 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
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)	0.00	0.00	0.00	0.00	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	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	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)	-5.2	-2.8	-1.3	-1.0	0.2	-2.9	-6.9	-7.8	-7.6	-6.7	-7.4	-0.1
I. Owner's equity	-5.2	-2.8	-1.3	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	23.0	23.0	23.0	23.0	0.2	-2.9	-6.9	-7.8	-7.6	-6.7	-7.4	-0.1
- Common stock with voting right	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00	22,998,540,000.00
- Preferred stock	0.00	0.00	0.00	0.00	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	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	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	0.00	0.00	0.00	0.00	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	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	-28.2	-25.8	-24.3	-24.0	-22.8	-25.9	-29.9	-30.8	-30.6	-29.7	-30.4	-23.1
- Accumulated retained earning at the end of the previous period	-22.9	-22.9	-22.9	-22.9	-31.0	-31.0	-31.0	-31.0	-14.1	-14.1	-14.1	-14.1
- Undistributed earnings in this period	-5.3	-2.9	-1.4	-1.1	8.2	5.2	1.1	0.2	-16.5	-15.6	-16.2	-9.0
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	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. 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)	133.1	154.6	154.1	144.0	149.0	85.0	60.2	47.8	48.2	51.2	51.4	60.5

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	-6.4	1.7	-1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-1.6	1.6	-1.6	0.0	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	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	0.0	0.0	0.0	0.0
Interest Expense	4.0	-1.4	1.4	0.0	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	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	-4.0	1.9	-1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	31.0	-6.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.7	-0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.8	-15.9	15.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-4.7	5.8	-5.8	0.0	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	0.0	0.0	0.0	0.0
Interest Paid	-5.6	1.9	-1.9	0.0	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	0.0	0.0	0.0	0.0
Other Operating Receipts	-28.1	28.1	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	14.4	-14.4	14.1	-14.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	11.8	-11.8	12.7	-0.0	0.2	-0.2	-10.8	0.4	1.7	1.6	1.9	2.4
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	-0.1	-0.1	-0.3	0.0	0.0	0.0	0.0	0.0
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	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	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	2.5	-2.5	0.0	2.5
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	-0.1	-0.1	-0.3	0.0	0.0	0.0	-0.0	2.5
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	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	0.00	0.00	0.00	0.00
Proceeds from Borrowings	-11.8	11.8	26.8	0.0	39.6	0.0	52.8	0.0	0.0	0.0	0.0	2.8
Repayment of Borrowings	0.0	0.0	-39.4	0.0	-39.8	0.0	-41.5	-0.4	-1.9	-1.2	-1.9	-8.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	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	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	-11.8	11.8	-12.7	0.0	-0.2	0.0	11.3	-0.4	-1.9	-1.2	-1.9	-5.4
Net Cash Flow During the Period	0.0	-0.0	0.1	-0.0	-0.1	-0.3	0.2	-0.1	-0.2	0.3	0.0	-0.4
Cash and Cash Equivalents at Beginning of Period	0.1	0.1	0.1	0.1	0.1	0.4	0.3	0.3	0.5	0.2	0.1	0.5
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	0.0	0.1	0.1	0.0	0.1	0.1	0.4	0.3	0.3	0.5	0.2	0.1

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NGC

What Is Changing

Drivers of NGC's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼▼

Is capital being used efficiently?

Is capital being deployed efficiently? ▼▼

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

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