SAP

In Sách giáo khoa Thành phố Hồ Chí Minh ·UPCOM ·2023Q4

▼▼ Declining sharply

Capital efficiency remains weak ROE −21.29%

Price

—

Latest close

P/E —

P/B —

EPS -671

BVPS 5,396

ROE -9.7%

ROA -6.3%

Profit Margin -13.8%

Asset Turnover 0.46x

Equity Mult. 1.53x

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

What Is Changing

On a Năm 2024 basis, SAP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. 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 8bn
	                                
−13.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 3bn
	                                
−1559.9%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    118.0%

Metric	2024	2023	2022	2021	2020
Revenue	7.7	8.9	7.7	2.7	6.3
Growth	-14%	+15%	+189%	-58%	—
Net Income	-2.7	0.2	-0.3	-0.2	-0.6
Net Margin	-34.88%	2.06%	-3.96%	-8.67%	-8.89%

Metric	Q4'23	Q4'22	Q4'21	Q1'21	Q4'20	Q2'20
Revenue	1.6	0.8	1.7	1.0	2.2	1.8
Growth	+95%	-51%	+77%	-57%	+24%	—
Net Income	0.2	-0.6	-0.1	-0.2	-0.2	-0.1
Net Margin	10.68%	-77.74%	-3.27%	-18.22%	-8.15%	-7.85%

Drivers of SAP's profit

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 0.5bn

Administrative expenses ↑ 0.9bn

Gross profit ↓ 0.3bn

Selling expenses ↑ 0.1bn

Finance costs ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2022Q4 -14.5% = -18.5% × 0.53 × 1.47

2023Q4 -9.7% = -13.8% × 0.46 × 1.53

ROE rose from -14.5% to -9.7% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: -13.8% +4.7pp Asset turnover: 0.46x -0.07x Leverage: 1.53x +0.06x

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 -13.76% −36.9pp

Gross Margin 10.96% —

SG&A / Revenue -5.01% —

Non-core / Revenue 16.35% —

TTM YoY · 2020Q4 -> 2023Q4

Watchpoints

Other income is supporting margin

Margin support from other income remains high (118.0% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at -21.29%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently -21.29% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -21.29% —

NOPAT Margin -30.00% —

Capital Turnover 0.71x —

Average Invested Capital 7.2bn —

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 1.74x equity, with a net cash position equivalent to 0.09x equity.

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.09x and interest coverage only at -105.29x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 281.6% of debt, and total debt stands at 0.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is -105.29x, 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 -0.09x −0.16x

Interest Coverage -105.29x —

Cash / Debt 281.6% +234.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -1.61x —

TTM YoY · 2020Q4 -> 2023Q4

Cash Flow

Operating cash flow reached -0.2bn in 2024, against investing cash flow of 0.6bn.

Post-investment cash flow was positive +0.4bn. Financing cash flow was negative +0.3bn.

CFO / net income was -1.61x.

After spending +0.7bn on fixed-asset investment, the business generated trailing free cash flow of +0.5bn.

Cash Conversion

CFO TTM 1.1bn —

Cash Capex 0.7bn —

FCF TTM +0.5bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at -21.3%. The next watchpoint is the earnings mix, when non-core contribution is -0.8%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -0.8% of PBT and CFO / net income currently at -1.61x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2024	2023	2022	2021	2020
Revenue	7.7	8.9	7.7	2.7	6.3
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	7.7	8.9	7.7	2.7	6.3
Cost of Goods Sold	6.9	6.9	6.1	0.0	0.0
Gross Profit	0.8	2.0	1.7	0.8	1.1
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.0	0.1	0.1	-0.0	-0.0
Interest Expense	0.0	0.1	0.1	-0.0	-0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.2	0.2	-0.1	-0.1
General and Administrative Expenses	4.0	2.1	1.8	-1.1	-1.5
Operating Profit	-3.4	-0.3	-0.4	-0.4	-0.6
Other Income	0.8	0.5	0.1	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.0	0.0
Other Profit	0.7	0.5	0.1	0.2	0.0
Profit Before Tax	-2.7	0.2	-0.3	-0.2	-0.6
Current Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	-2.7	0.2	-0.3	-0.2	-0.6
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.7	0.2	-0.3	-0.2	-0.6
Earnings per Share	-2,077.00	142.00	-238.00	-179.96	-435.89
Diluted EPS	-2,077.00	142.00	-238.00	-180.31	-435.89

Item	2024	2023	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1.3	2.1	1.9	1.7	2.0
I. Cash and cash equivalents	1.0	0.9	1.4	0.6	0.5
1. Cash	1.0	0.4	0.4	0.0	0.0
2. Cash equivalents	0.0	0.5	1.0	0.0	0.0
II. Short-term financial investments	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
2. Provision for diminution in value of available for sale securities (*)	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
III. Short-term receivables	0.1	0.5	0.0	0.5	1.0
1. Short-term trade accounts receivable	0.1	0.6	0.1	0.0	0.0
2. Short-term prepayments to suppliers	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
4. Construction contract progress receipts due from customers	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
6. Other short-term receivables	0.1	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.2	0.5	0.5	0.6	0.4
1. Inventories	0.2	0.5	0.5	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.2	0.0	0.0	0.1
1. Short-term prepayments	0.0	0.2	0.0	0.0	0.0
2. Value added tax to be reclaimed	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
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10.3	9.2	8.4	8.7	9.1
I. Long-term receivables	2.0	0.8	0.2	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.2	0.2
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	2.0	0.8	0.2	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.5	0.7	0.1	0.1	0.1
1. Tangible fixed assets	0.5	0.7	0.1	0.1	0.1
- Cost	6.3	13.7	17.0	0.0	0.0
- Accumulated depreciation	-5.8	-13.0	-16.9	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.3	1.2	1.2	1.2	1.2
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	1.2	1.2	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	6.6	6.5	6.9	0.0	0.0
1. Long-term prepayments	6.6	6.5	6.9	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	7.2	7.5
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	11.6	11.3	10.3	10.4	11.0
A. LIABILITIES (300=210+330)	7.4	4.4	3.5	3.3	3.4
I. Short -term liabilities	3.2	2.8	1.9	2.0	2.1
1. Short-term trade accounts payable	0.7	0.4	0.3	0.4	0.4
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.3	1.2	0.1	0.0	0.0
4. Payable to employees	0.3	0.3	0.3	0.0	0.0
5. Short-term acrrued expenses	0.4	0.4	0.3	0.0	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.5	0.1	0.1	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.3	1.0	1.0	1.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	-0.1	-0.1	-0.1	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	4.2	1.6	1.7	1.3	1.3
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	4.2	1.6	1.7	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	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
12. Provision for long-term liabilities	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
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	4.2	6.9	6.7	7.0	7.6
I. Owner's equity	4.2	6.9	6.7	0.0	0.0
1. Owner's capital	12.9	12.9	12.9	7.0	7.6
- Common stock with voting right	12,869,840,000.00	12,869,840,000.00	12,869,840,000.00	12,869,840,000.00	12,869,840,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	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
5. Treasury shares	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.0	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	-8.8	-6.1	-6.3	-6.0	-5.4
- Accumulated retained earning at the end of the previous period	-6.1	-6.3	-6.0	-5.4	-4.7
- Undistributed earnings in this period	-2.7	0.2	-0.3	-0.6	-0.7
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11.6	11.3	10.3	10.4	11.0

Item	2024	2023	2022	2021	2020
Profit Before Tax	-2.7	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.1	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	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
Gain/Loss from Investment Activities	-0.6	0.0	0.0	0.0	0.0
Interest Expense	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
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-3.2	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-0.7	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.3	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.3	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	0.3	1.3	0.0	0.0
Other Operating Payments	0.0	-2.3	-2.5	0.0	0.0
Net Cash Flow from Operating Activities	-0.2	0.5	0.8	-0.2	-1.4
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.7	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.3	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	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
Investments in Other Entities	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
Dividends and Interest Income Received	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
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.6	-0.3	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.0	1.4	3.6	0.3	2.5
Repayment of Borrowings	-0.3	-2.1	-3.6	-0.3	-2.4
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.3	-0.7	0.0	0.0	0.1
Net Cash Flow During the Period	0.1	-0.5	0.9	0.0	-1.3
Cash and Cash Equivalents at Beginning of Period	0.9	1.4	0.6	0.5	0.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.0	0.9	1.4	0.0	0.5

Item	Q4'23	Q4'22	Q4'21	Q1'21	Q4'20	Q2'20
Revenue	1.6	0.8	1.7	1.0	2.2	1.8
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1.6	0.8	1.7	1.0	2.2	1.8
Cost of Goods Sold	1.5	1.1	0.0	0.0	0.0	0.0
Gross Profit	0.1	-0.3	0.4	0.4	0.4	0.3
Financial Income	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
Interest Expense	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
Selling Expenses	0.0	0.0	-0.1	-0.0	-0.1	-0.0
General and Administrative Expenses	0.4	0.4	-0.6	-0.5	-0.5	-0.4
Operating Profit	-0.4	-0.8	-0.2	-0.2	-0.2	-0.2
Other Income	0.5	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.5	0.1	0.2	-0.0	0.0	0.0
Profit Before Tax	0.2	-0.6	-0.1	-0.2	-0.2	-0.1
Current Income Tax Expense	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
Net Income	0.2	-0.6	-0.1	-0.2	-0.2	-0.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	-0.6	-0.1	-0.2	-0.2	-0.1
Earnings per Share	14.00	-505.00	-43.00	-136.96	-141.89	-110.43
Diluted EPS	14.00	-505.00	-43.35	-136.96	-141.89	-110.43

Item	Q4'23	Q4'22	Q4'21	Q1'21	Q4'20	Q2'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2.1	1.9	1.7	2.2	2.0	2.2
I. Cash and cash equivalents	0.9	1.4	0.6	0.3	0.5	0.3
1. Cash	0.4	0.4	0.0	0.0	0.0	0.0
2. Cash equivalents	0.5	1.0	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
1. Available for sale securities	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
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	0.5	0.0	0.5	0.5	1.0	1.5
1. Short-term trade accounts receivable	0.6	0.1	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
3. Short-term inter-company receivables	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
5. Short-term loan receivables	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
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.5	0.5	0.6	1.3	0.4	0.4
1. Inventories	0.5	0.5	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
V. Other short-term assets	0.2	0.0	0.0	0.1	0.1	0.0
1. Short-term prepayments	0.2	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
3. Taxes and other receivables from state authorities	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
5. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	9.2	8.4	8.7	8.8	9.1	9.1
I. Long-term receivables	0.8	0.2	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.2	0.2	0.2	0.2
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	0.8	0.2	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
II. Fixed assets	0.7	0.1	0.1	0.1	0.1	0.2
1. Tangible fixed assets	0.7	0.1	0.1	0.1	0.1	0.2
- Cost	13.7	17.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-13.0	-16.9	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
- Cost	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
3. Intangible fixed assets	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
- Accumulated depreciation	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
- Cost	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
IV. Long-term assets in progress	1.2	1.2	1.2	1.2	1.2	1.2
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.2	1.2	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
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	6.5	6.9	0.0	0.0	0.0	0.0
1. Long-term prepayments	6.5	6.9	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
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	7.2	7.2	7.5	7.5
5. Goodwill	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
TOTAL ASSETS (280=100+200)	11.3	10.3	10.4	11.0	11.0	11.3
A. LIABILITIES (300=210+330)	4.4	3.6	3.3	3.5	3.4	3.4
I. Short -term liabilities	2.7	1.9	2.0	2.2	2.1	2.0
1. Short-term trade accounts payable	0.4	0.3	0.4	0.4	0.4	0.5
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.2	0.1	0.0	0.0	0.0	0.0
4. Payable to employees	0.3	0.3	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.4	0.3	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
7. Construction contract progress payments due to suppliers	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
9. Other short-term payables	0.1	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.3	1.0	1.0	1.0	1.0	0.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	-0.1	-0.1	0.0	0.0	0.0	0.0
13. Price stabilization fund	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
II. Long-term liabilities	1.6	1.7	1.3	1.3	1.3	1.3
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	1.6	1.7	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
9. Convertible bonds	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
11. Deferred income tax liabilities	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
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	6.9	6.7	7.0	7.5	7.6	7.9
I. Owner's equity	6.9	6.7	0.0	0.0	0.0	0.0
1. Owner's capital	12.9	12.9	7.0	7.5	7.6	7.9
- Common stock with voting right	12,869,840,000.00	12,869,840,000.00	12,869,840,000.00	12,869,840,000.00	12,869,840,000.00	12,869,840,000.00
- Preferred stock	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
3. Convertible bond option	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
5. Treasury shares	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
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	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
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-6.1	-6.3	-6.0	-5.6	-5.4	-5.1
- Accumulated retained earning at the end of the previous period	-6.3	-6.0	-5.4	-5.4	-4.7	-4.7
- Undistributed earnings in this period	0.2	-0.3	-0.6	-0.2	-0.7	-0.4
12. Reserves for investment in construction	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
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	11.3	10.3	10.4	11.0	11.0	11.3

Item	Q4'23	Q4'22	Q4'21	Q1'21	Q4'20	Q2'20
Profit Before Tax	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
Provision (Increase)/Reversal	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
Gain/Loss from Investment Activities	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
Gain/Loss on Disposal of Fixed Assets	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
Amortization of Goodwill	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
Operating Profit Before Changes in Working Capital	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
Increase/(Decrease) in Inventory	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
Increase/(Decrease) in Prepaid Expenses	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
Interest Paid	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
Other Operating Receipts	0.3	1.3	0.0	0.0	0.0	0.0
Other Operating Payments	-2.3	-2.5	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.5	0.8	0.0	-0.2	-1.4	0.0
Payments for Fixed Assets and Other Long-term Assets	-0.7	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	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
Receipts from Loan Repayments and Sale of Debt Instruments	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
Proceeds from Investments in Other Entities	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
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	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
Net Cash Flow from Investing Activities	-0.3	0.0	0.0	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	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
Proceeds from Borrowings	1.4	3.6	0.0	0.3	2.5	0.0
Repayment of Borrowings	-2.1	-3.6	0.0	-0.3	-2.4	0.0
Repayment of Finance Leases	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
Other Financing Receipts	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
Net Cash Flow from Financing Activities	-0.7	0.0	0.0	0.0	0.1	0.0
Net Cash Flow During the Period	-0.5	0.9	0.0	-0.2	-1.3	0.0
Cash and Cash Equivalents at Beginning of Period	1.4	0.6	0.0	0.5	1.8	0.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.9	1.4	0.0	0.3	0.5	0.0

Explore Other Stocks In The Same Sector

VEF, TLG, ILB, MQN, TTT, SDV, UDL, MLC, USD, EGL, BRS, HEP, IN4, SZE, BTU, MTH, UPC, MTV, MPY, DNE, IBD, NUE, UMC, BMD, HHN, MDA, UCT, QNU, MQB, MND, THU, NAU, MBN, VLP, MTL, MTB, UTT, IHK, DUS, HTP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

SAP

What Is Changing

Drivers of SAP'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