PVA

Tổng Công ty Xây lắp Dầu khí Nghệ An ·UPCOM ·2024Q4

Price

—

Latest close

P/E —

P/B —

EPS -11

BVPS -1,586

ROE 0.7%

ROA -0.1%

Profit Margin —

Asset Turnover —

Equity Mult. —

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

Metric	Q4'24	Q1'24	Q4'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Growth	—	—	—	—	—	—	—	—
Net Income	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	-0.2
Net Margin	—	—	—	—	—	—	—	—

Drivers of PVA's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Administrative expenses ↓ 0.0bn

Finance costs ↑ 0.0bn

TTM

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

Finance costs ↑ 0.0bn

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 — —

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2022Q4 -> 2024Q4

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 2.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC currently stands at 2.30%. Track NOPAT margin and capital turnover to assess capital efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 2.30% —

NOPAT Margin — —

Capital Turnover — —

Average Invested Capital 11.0bn —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at -14.02x equity, with a net cash position equivalent to 0.50x equity.

Inventory ended the period at 57.1bn, roughly 12.7% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: 0.0bn

Inventories were broadly stable → neutral CFO: 0.0bn

Payables were broadly stable → neutral CFO: 0.0bn

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.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 0.0bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.50x and interest coverage only at -6.30x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.6% of debt, and total debt stands at 17.8bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is -6.30x, 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 -0.50x +0.38x

Interest Coverage -6.30x —

Cash / Debt 3.6% +1.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.17x −0.60x

TTM YoY · 2022Q4 -> 2024Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.0bn in 2024, against investing cash flow of -0.0bn.

Post-investment cash flow was negative +0.0bn. Financing cash flow was positive +0.0bn.

CFO / net income was 0.17x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 0.0bn +0.1bn

Cash Capex 0.0bn 0.0bn

FCF TTM −0.0bn +0.1bn

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is the earnings mix, when non-core contribution is 16.8%. The main risk still sits in leverage and liquidity, with interest coverage at -6.30x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.8% of PBT and CFO / net income currently at 0.17x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -6.30x.

Statement Data

Item	2024	2023	2022
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	0.0	0.0	0.0
Interest Expense	0.0	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	0.0	0.0	0.2
Operating Profit	-0.0	-0.0	-0.2
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	-0.0	-0.0	-0.2
Current Income Tax Expense	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-0.0	-0.0	-0.2
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	-0.0	-0.0	-0.2
Earnings per Share	-2.09	-0.11	-10.54
Diluted EPS	-2.09	-0.11	-10.54

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	434.0	434.2	444.6
I. Cash and cash equivalents	0.6	0.6	0.6
1. Cash	0.6	0.6	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	376.1	376.4	386.7
1. Short-term trade accounts receivable	133.3	133.3	143.5
2. Short-term prepayments to suppliers	38.4	38.4	38.4
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	10.6	10.6	10.6
5. Short-term loan receivables	27.0	27.0	27.1
6. Other short-term receivables	200.0	200.1	200.3
7. Provision for short-term doubtful debts (*)	-33.1	-33.1	-33.1
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	57.1	57.1	57.1
1. Inventories	57.1	57.1	57.1
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	0.1	0.1	0.1
1. Short-term prepayments	0.1	0.1	0.1
2. Value added tax to be reclaimed	0.1	0.1	0.1
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)	17.0	17.0	17.0
I. Long-term receivables	2.1	2.1	2.1
1. Long-term trade receivables	2.1	2.1	2.1
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	11.1	11.1	11.1
1. Tangible fixed assets	11.1	11.1	11.1
- Cost	29.3	29.3	29.3
- Accumulated depreciation	-18.2	-18.2	-18.2
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	1.5	1.5	1.5
- Accumulated depreciation	-1.5	-1.5	-1.5
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	1.1	1.1	1.1
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	1.1	1.1	1.1
V. Long-term financial investments	2.0	2.0	2.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.0	2.0	2.0
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	0.7	0.7	0.7
1. Long-term prepayments	0.7	0.7	0.7
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)	451.0	451.2	461.5
A. LIABILITIES (300=210+330)	485.7	485.8	496.2
I. Short -term liabilities	423.3	423.4	436.5
1. Short-term trade accounts payable	121.3	121.3	121.3
2. Short-term advances from customers	86.4	86.4	86.4
3. Taxes and other payables to state authorities	10.1	10.1	10.1
4. Payable to employees	6.2	6.3	6.4
5. Short-term acrrued expenses	31.0	31.0	31.0
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	10.8	10.8	10.8
8. Short-term unearned revenue	0.0	0.0	0.0
9. Other short-term payables	119.5	119.6	119.7
10. Short-term borrowings and financial leases	17.8	17.8	30.8
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	20.1	20.1	20.1
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	62.4	62.4	59.6
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	62.4	62.4	59.6
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)	-34.7	-34.6	-34.6
I. Owner's equity	-34.7	-34.6	-34.6
1. Owner's capital	218.5	218.5	218.5
- Common stock with voting right	218,460,000,000.00	218,460,000,000.00	218,460,000,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	5.0	5.0	5.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.4	0.4	0.4
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	23.5	23.5	23.5
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	-281.9	-281.9	-281.9
- Accumulated retained earning at the end of the previous period	-281.9	-281.9	-281.9
- Undistributed earnings in this period	-0.0	-0.0	-0.0
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)	451.0	451.2	461.5

Item	2024	2023	2022
Profit Before Tax	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	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
Interest Expense	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	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	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	0.1	0.2	0.1
Other Operating Payments	0.0	-0.2	-0.0
Net Cash Flow from Operating Activities	0.0	-0.1	-0.2
Payments for Fixed Assets and Other Long-term Assets	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
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	0.0	0.2
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	0.2	0.0	0.0
Repayment of Borrowings	-0.2	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	0.0	0.0	0.0
Net Cash Flow During the Period	0.0	-0.0	0.0
Cash and Cash Equivalents at Beginning of Period	0.6	0.6	0.6
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.6	0.6	0.6

Item	Q4'24	Q1'24	Q4'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.2
Operating Profit	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	-0.2
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	-0.2
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	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	-0.2
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	-0.2
Earnings per Share	-1.83	-0.26	-0.11	-8.69	-0.02	-0.22	-1.61	-8.69
Diluted EPS	-1.83	-0.26	-0.11	-8.69	-0.02	-0.22	-1.61	-8.69

Item	Q4'24	Q1'24	Q4'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	434.0	434.0	434.2	444.5	444.6	356.3	356.4	361.1
I. Cash and cash equivalents	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
1. Cash	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	376.1	376.2	376.4	386.6	386.7	298.5	298.5	303.2
1. Short-term trade accounts receivable	133.3	133.3	133.3	143.5	143.5	55.3	55.3	59.7
2. Short-term prepayments to suppliers	38.4	38.4	38.4	38.4	38.4	38.4	38.4	38.8
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	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6
5. Short-term loan receivables	27.0	26.9	27.0	27.1	27.1	27.1	27.1	27.1
6. Other short-term receivables	200.0	200.0	200.1	200.2	200.3	200.3	200.3	200.2
7. Provision for short-term doubtful debts (*)	-33.1	-33.1	-33.1	-33.1	-33.1	-33.1	-33.1	-33.1
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1
1. Inventories	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	17.0	17.0	17.0	17.0	17.0	117.6	117.6	117.6
I. Long-term receivables	2.1	2.1	2.1	2.1	2.1	102.7	102.7	102.7
1. Long-term trade receivables	2.1	2.1	2.1	2.1	2.1	102.7	102.7	102.7
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	11.1	11.1	11.1	11.1	11.1	11.1	11.1	11.1
1. Tangible fixed assets	11.1	11.1	11.1	11.1	11.1	11.1	11.1	11.1
- Cost	29.3	29.3	29.3	29.3	29.3	29.3	29.3	29.3
- Accumulated depreciation	-18.2	-18.2	-18.2	-18.2	-18.2	-18.2	-18.2	-18.2
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	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
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
V. Long-term financial investments	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
1. Long-term prepayments	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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)	451.0	451.0	451.2	461.5	461.5	473.9	473.9	478.6
A. LIABILITIES (300=210+330)	485.7	485.7	485.8	496.1	496.2	508.5	508.5	513.2
I. Short -term liabilities	423.3	423.2	423.4	436.5	436.5	438.0	438.0	438.6
1. Short-term trade accounts payable	121.3	121.3	121.3	121.3	121.3	121.3	121.3	121.3
2. Short-term advances from customers	86.4	86.4	86.4	86.4	86.4	86.4	86.4	86.4
3. Taxes and other payables to state authorities	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
4. Payable to employees	6.2	6.2	6.3	6.3	6.4	6.4	6.4	6.3
5. Short-term acrrued expenses	31.0	31.0	31.0	31.0	31.0	31.0	31.0	31.0
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	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8
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	119.5	119.5	119.6	119.7	119.7	119.7	119.7	119.9
10. Short-term borrowings and financial leases	17.8	17.8	17.8	30.8	30.8	32.2	32.2	32.7
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	20.1	20.1	20.1	20.1	20.1	20.1	20.1	20.1
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	62.4	62.4	62.4	59.6	59.6	70.6	70.6	74.5
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	62.4	62.4	62.4	59.6	59.6	70.6	70.6	74.5
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)	-34.7	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6
I. Owner's equity	-34.7	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6	-34.6
1. Owner's capital	218.5	218.5	218.5	218.5	218.5	218.5	218.5	218.5
- Common stock with voting right	218,460,000,000.00	218,460,000,000.00	218,460,000,000.00	218,460,000,000.00	218,460,000,000.00	218,460,000,000.00	218,460,000,000.00	218,460,000,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5
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	-281.9	-281.9	-281.9	-281.9	-281.9	-281.9	-281.9	-281.9
- Accumulated retained earning at the end of the previous period	-281.9	-281.9	-281.9	-281.9	-281.9	-281.9	-281.9	-281.7
- Undistributed earnings in this period	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2
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)	451.0	451.0	451.2	461.5	461.5	473.9	473.9	478.6

Item	Q4'24	Q1'24	Q4'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22
Profit Before Tax	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
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.1	0.1	0.1	0.0	0.1	-0.0	0.0
Other Operating Payments	0.1	-0.1	-0.1	-0.1	-0.0	-0.0	0.0	-0.0
Net Cash Flow from Operating Activities	0.1	-0.1	-0.1	0.0	-0.0	-0.2	0.2	-0.2
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	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
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	-0.1	0.1	0.0	0.0	0.0	0.2	-0.2	0.2
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	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.2	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.0	0.1	-0.0	0.0	-0.0	0.1	-0.0	0.0
Cash and Cash Equivalents at Beginning of Period	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6

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PVA

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Balance Sheet ●

Working Capital Efficiency ●

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Investment Takeaway

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Balance Sheet

Working Capital Efficiency

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Cash Flow