ROS

Listed Company

Price

—

Latest close

P/E —

EPS (TTM) 167

ROE (TTM) 1.6%

P/B —

BVPS (Latest) 10,754

ROA (TTM) 0.8%

What Is Changing

ROS no longer looks like a business simply rebounding from a weak base. Revenue posted +38.7% YoY, while net margin reached 3.81% with an additional +3.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 4595.9% to VND 95.2bn in 2021.
Net margin improved from 0.11% in the prior period to 3.81% in 2021.
Revenue increased 38.7% YoY to VND 2,496.1bn in 2021.

Metric	2021	2020
Revenue	2,496.1	1,799.3
Growth	+39%	—
Net Income	95.2	2.0
Net Margin	3.81%	0.11%

Metric	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	688.1	780.2	605.2	422.5	244.9	661.7	83.7	808.9
Growth	-12%	+29%	+43%	+73%	-63%	+691%	-90%	—
Net Income	62.1	0.2	14.8	18.1	151.0	1.4	-150.8	0.4
Net Margin	9.03%	0.02%	2.44%	4.29%	61.67%	0.20%	-180.21%	0.05%

Financial Statements

Profitability

Net margin reached 3.81% while Revenue posted +38.7% YoY.

Balance Sheet

Inventory stood at 3,699.1bn, liabilities at 5,897.8bn, and equity at 6,103.8bn.

Cash Flow

Operating cash flow was 416.4bn in 2021, while investing cash flow was -859.6bn.

Financing cash flow: 443.7bn.

Item	2021	2020
Revenue	2,496.1	1,799.3
Revenue Deductions	0.0	0.0
Net Revenue	2,496.1	1,799.3
Cost of Goods Sold	0.0	0.0
Gross Profit	170.8	37.2
Financial Income	70.1	202.5
Financial Expenses	-78.9	-149.8
Interest Expense	-81.7	-151.6
Share of Associates and Joint Ventures	-0.0	-0.0
Selling Expenses	-23.4	-0.5
General and Administrative Expenses	-71.1	-48.9
Operating Profit	67.5	40.5
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	69.6	-13.2
Profit Before Tax	137.1	27.3
Current Income Tax Expense	-41.9	-25.3
Deferred Income Tax Expense	0.0	0.0
Net Income	95.2	2.0
Non-controlling Interest	-0.0	-0.0
Profit Attributable to Parent	95.2	2.0
Earnings per Share	167.00	3.00
Diluted EPS	167.73	3.57

Item	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,008.2	6,718.0
I. Cash and cash equivalents	35.3	34.8
1. Cash	0.0	0.0
2. Cash equivalents	0.0	0.0
II. Short-term financial investments	0.0	0.0
1. Available for sale securities	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0
3. Held to maturity investments	0.0	0.0
III. Short-term receivables	4,200.9	3,859.4
1. Short-term trade accounts receivable	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0
5. Short-term loan receivables	0.0	0.0
6. Other short-term receivables	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0
8. Assets awaiting resolution	0.0	0.0
IV. Inventories	3,699.1	2,725.9
1. Inventories	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0
V. Other short-term assets	72.9	98.0
1. Short-term prepayments	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0
4. Government bonds	0.0	0.0
5. Other short-term assets	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,993.4	3,765.3
I. Long-term receivables	0.0	0.0
1. Long-term trade receivables	411.2	1,272.1
2. Long-term prepayments to suppliers	0.0	0.0
3. Capital at inter-company	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0
5. Long-term loan receivables	0.0	0.0
6. Other long-term receivables	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0
II. Fixed assets	74.9	108.2
1. Tangible fixed assets	67.8	93.1
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
2. Financial leased fixed assets	7.2	15.1
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
3. Intangible fixed assets	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
III. Investment properties	767.8	802.3
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
IV. Long-term assets in progress	266.6	1,208.3
1. Long-term production in progress	0.0	0.0
2. Construction in progress	0.0	0.0
V. Long-term financial investments	2,428.5	330.0
1. Investments in subsidiaries	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0
3. Investments in other entities	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0
5. Held to maturity investments	0.0	0.0
6. Other long-term investments	0.0	0.0
VI. Other long-term assets	0.0	0.0
1. Long-term prepayments	0.0	0.0
2. Deferred income tax assets	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0
4. Other long-term assets	44.3	44.4
5. Goodwill	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0
TOTAL ASSETS (280=100+200)	12,001.6	10,483.3
A. LIABILITIES (300=210+330)	5,897.8	4,474.4
I. Short -term liabilities	5,702.4	4,155.7
1. Short-term trade accounts payable	563.7	541.8
2. Short-term advances from customers	2,572.3	1,966.1
3. Taxes and other payables to state authorities	0.0	0.0
4. Payable to employees	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0
6. Short-term inter-company payables	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0
8. Short-term unearned revenue	5.9	5.9
9. Other short-term payables	0.0	0.0
10. Short-term borrowings and financial leases	1,102.7	655.8
11. Provision for short-term liabilities	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0
13. Price stabilization fund	0.0	0.0
14. Government bonds	0.0	0.0
II. Long-term liabilities	195.3	318.7
1. Long-term trade payables	0.0	0.0
2. Long-term advances from customers	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0
5. Long-term inter-company payables	0.0	0.0
6. Long-term unearned revenue	0.0	0.0
7. Other long-term liabilities	0.0	0.0
8. Long-term borrowings and financial leases	2.1	5.4
9. Convertible bonds	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0
13. Fund for technology development	0.0	0.0
14. Provision for severance allowances	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,103.8	6,008.9
I. Owner's equity	0.0	0.0
1. Owner's capital	6,103.8	6,008.9
- Common stock with voting right	5,676.0	5,676.0
- Preferred stock	0.0	0.0
2. Share premium	-0.1	-0.1
3. Convertible bond option	0.0	0.0
4. Other capital of owners	0.0	0.0
5. Treasury shares	0.0	0.0
6. Assets revaluation differences	0.0	0.0
7. Foreign exchange differences	0.0	0.0
8. Investment and development fund	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0
10. Other funds from owner's equity	0.0	0.0
11. Undistributed earnings after tax	427.9	332.9
- Accumulated retained earning at the end of the previous period	332.7	330.9
- Undistributed earnings in this period	95.2	2.0
12. Reserves for investment in construction	0.0	0.0
13. Minority's interest	0.0	0.0
14. Financial reserves	0.0	0.0
II. Other resources and funds	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	12,001.6	10,483.3

Item	2021	2020
Profit Before Tax	137.1	27.3
Depreciation of Fixed Assets and Investment Property	48.4	51.4
Provision (Increase)/Reversal	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0
Interest Expense	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0
Interest Income and Dividends	0.0	0.0
Amortization of Goodwill	0.0	0.0
Other Adjustments	0.0	0.0
Operating Profit Before Changes in Working Capital	149.3	22.3
Increase/(Decrease) in Receivables	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0
Changes in Trading Securities	0.0	0.0
Interest Paid	0.0	0.0
Corporate Income Tax Paid	0.0	0.0
Other Operating Receipts	0.0	0.0
Other Operating Payments	0.0	0.0
Net Cash Flow from Operating Activities	416.4	92.9
Payments for Fixed Assets and Other Long-term Assets	-227.1	-163.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	16.5	15.6
Loans and Purchases of Debt Instruments	-1,978.1	-4.7
Receipts from Loan Repayments and Sale of Debt Instruments	1,581.9	779.9
Investments in Other Entities	-1,186.9	0.0
Proceeds from Investments in Other Entities	0.0	0.0
Dividends and Interest Income Received	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0
Other Investing Receipts	0.0	0.0
Other Investing Payments	0.0	0.0
Net Cash Flow from Investing Activities	-859.6	901.6
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0
Share Repurchases	0.0	0.0
Proceeds from Borrowings	812.5	996.4
Repayment of Borrowings	-362.8	-1,989.4
Repayment of Finance Leases	-6.1	-5.5
Dividends Paid	0.0	0.0
Other Financing Receipts	0.0	0.0
Other Financing Payments	0.0	0.0
Net Cash Flow from Financing Activities	443.7	-998.5
Net Cash Flow During the Period	22.1	-7.6
Cash and Cash Equivalents at Beginning of Period	34.8	38.9
FX Difference from Revaluation	0.0	0.0
Cash and Cash Equivalents at End of Period	35.3	34.8

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	688.1	780.2	605.2	422.5	244.9	661.7	83.7	808.9
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	688.1	780.2	605.2	422.5	244.9	661.7	83.7	808.9
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	105.3	20.4	37.5	7.6	13.2	27.6	-20.7	17.1
Financial Income	21.0	0.0	25.7	23.4	183.3	0.6	0.3	18.5
Financial Expenses	-40.7	-11.9	-20.1	-6.2	-3.4	-24.2	-100.7	-21.6
Interest Expense	-39.3	-10.8	-22.9	-8.7	-35.3	-24.2	-70.6	-21.5
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	-23.4	0.0	0.0	0.0	0.0	0.0	0.0	-0.5
General and Administrative Expenses	-44.1	-6.1	-13.8	-7.1	-9.5	-1.4	-29.3	-8.8
Operating Profit	18.2	2.4	29.3	17.6	183.5	2.7	-150.4	4.7
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	69.0	-1.5	-4.5	6.6	-10.9	-1.3	-1.1	0.1
Profit Before Tax	87.2	0.9	24.8	24.1	172.6	1.4	-151.5	4.8
Current Income Tax Expense	-25.1	-0.7	-10.1	-6.0	-21.6	-0.0	0.7	-4.4
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	62.1	0.2	14.8	18.1	151.0	1.4	-150.8	0.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	62.1	0.2	14.8	18.1	151.0	1.4	-150.8	0.4
Earnings per Share	109.00	0.33	26.00	32.00	266.00	2.00	-266.00	1.00
Diluted EPS	109.43	0.33	26.00	31.97	266.12	2.38	-265.65	0.72

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,008.2	7,376.3	6,728.2	6,826.0	6,718.0	7,641.5	7,371.7	7,226.7
I. Cash and cash equivalents	35.3	13.2	19.5	16.7	34.8	42.4	196.8	28.8
1. Cash	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	4,200.9	3,713.5	3,728.7	3,950.7	3,859.4	4,910.0	4,481.4	4,502.4
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,699.1	3,557.1	2,897.7	2,769.1	2,725.9	2,592.7	2,601.9	2,602.5
1. Inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	72.9	92.6	82.3	89.5	98.0	96.4	91.5	93.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3,993.4	4,330.9	4,820.6	4,413.1	3,765.3	3,843.7	4,103.0	3,515.4
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	411.2	763.6	763.4	666.4	1,272.1	1,365.6	1,653.2	1,014.7
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	74.9	82.5	90.0	97.5	108.2	114.8	124.0	146.7
1. Tangible fixed assets	67.8	73.3	78.9	84.4	93.1	97.8	105.0	125.6
- 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
2. Financial leased fixed assets	7.2	9.1	11.1	13.1	15.1	17.0	19.0	21.1
- 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	767.8	788.7	793.3	797.8	802.3	722.9	726.9	730.9
- 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	266.6	230.2	806.6	824.1	1,208.3	1,218.8	1,176.9	1,171.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	2,428.5	2,421.1	2,322.3	1,982.5	330.0	379.1	379.1	409.2
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	44.3	44.8	45.0	44.8	44.4	42.5	42.8	42.4
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)	12,001.6	11,707.3	11,548.8	11,239.1	10,483.3	11,485.2	11,474.6	10,742.1
A. LIABILITIES (300=210+330)	5,897.8	5,665.6	5,507.3	5,212.3	4,474.4	5,592.3	5,583.1	4,699.8
I. Short -term liabilities	5,702.4	5,471.2	5,311.8	4,953.6	4,155.7	4,627.5	4,278.8	4,510.9
1. Short-term trade accounts payable	563.7	580.9	465.3	528.8	541.8	893.8	635.3	911.0
2. Short-term advances from customers	2,572.3	2,653.9	2,673.8	2,322.8	1,966.1	1,777.2	1,325.5	1,262.4
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	5.9	2.5	7.0	11.4	5.9	2.5	7.0	11.4
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	1,102.7	889.5	779.6	668.1	655.8	1,125.5	1,441.8	1,518.4
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	195.3	194.4	195.6	258.8	318.7	964.8	1,304.2	188.9
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	2.1	2.1	3.6	4.6	5.4	27.4	28.7	188.4
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	6,103.8	6,041.7	6,041.5	6,026.8	6,008.9	5,892.9	5,891.5	6,042.3
I. Owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	6,103.8	6,041.7	6,041.5	6,026.8	6,008.9	5,892.9	5,891.5	6,042.3
- Common stock with voting right	5,676.0	5,676.0	5,676.0	5,676.0	5,676.0	5,676.0	5,676.0	5,676.0
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	427.9	365.8	365.6	350.9	332.9	217.0	215.6	366.4
- Accumulated retained earning at the end of the previous period	332.7	332.7	332.7	332.7	330.9	366.0	366.0	366.0
- Undistributed earnings in this period	95.2	33.1	32.9	18.1	2.0	-149.0	-150.4	0.4
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)	12,001.6	11,707.3	11,548.8	11,239.1	10,483.3	11,485.2	11,474.6	10,742.1

Item	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	87.2	0.9	24.8	24.1	172.6	1.4	-151.5	4.8
Depreciation of Fixed Assets and Investment Property	12.1	12.1	12.0	12.2	11.5	13.1	14.1	12.7
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	81.7	24.9	24.4	18.4	3.6	38.1	-40.0	20.6
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-184.3	20.3	-378.6	958.9	884.6	235.7	-908.6	-118.9
Payments for Fixed Assets and Other Long-term Assets	-38.6	-39.6	-56.6	-92.3	-12.7	-120.5	55.9	-86.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	-4.2	4.2	8.4	8.1	12.4	0.2	3.1	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	-1,978.1	-4.7	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	1,581.9	-470.9	12.3	1,238.5	0.0
Investments in Other Entities	0.0	-99.9	-337.0	-750.0	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	-6.8	-135.1	271.0	-988.6	-400.5	-72.4	1,312.8	61.7
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	344.7	194.7	253.0	20.1	368.2	266.3	0.1	361.8
Repayment of Borrowings	-129.5	-84.7	-141.6	-7.0	-858.7	-582.0	-235.0	-313.7
Repayment of Finance Leases	-2.0	-1.5	-1.0	-1.5	-1.2	-2.0	-1.3	-1.0
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	213.2	108.5	110.4	11.6	-491.8	-317.7	-236.2	47.1
Net Cash Flow During the Period	22.1	-6.3	2.8	-18.0	-7.6	-154.4	168.0	-10.1
Cash and Cash Equivalents at Beginning of Period	13.2	19.5	16.7	34.8	42.4	196.8	28.8	38.9
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	35.3	13.2	19.5	16.7	34.8	42.4	196.8	28.8

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