SSN

Xuất nhập khẩu Thủy sản Sài Gòn ·UPCOM ·2022Q2

▼▼ Declining sharply

Capital efficiency remains weak ROE 0.11%, +0.05pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -4

BVPS 11,411

ROE -0.0%

ROA -0.0%

Profit Margin -1.0%

Asset Turnover 0.02x

Equity Mult. 2.38x

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

What Is Changing

On a TTM 2022Q2 basis, SSN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 17bn
	                                
−3.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 0bn
	                                
−940.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    10818.2%
	                                
affects earnings quality

Metric	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	7.2	2.8	3.9	3.4	4.9	4.0	4.6	4.4	27.1	4.3
Growth	+159%	-30%	+16%	-31%	+23%	-14%	+3%	-84%	+525%	—
Net Income	0.1	0.0	-0.4	0.2	0.0	0.2	-0.4	0.2	-0.0	0.3
Net Margin	1.17%	0.76%	-11.41%	4.96%	1.00%	4.69%	-8.24%	3.69%	-0.10%	5.99%

Drivers of SSN's profit

TTM

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

Financial income ↑ 2.9bn

Other profit ↑ 1.7bn

Finance costs ↓ 0.1bn

Administrative expenses ↑ 11.2bn

Gross profit ↓ 3.3bn

Tax ↑ 0.3bn

TTM

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

Gross profit ↑ 1.3bn

Other profit ↑ 0.3bn

Administrative expenses ↑ 5.4bn

Financial income ↓ 0.2bn

Tax ↑ 0.1bn

Finance costs ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q2 0.0% = 0.1% × 0.02 × 2.41

2022Q2 -0.0% = -1.0% × 0.02 × 2.38

ROE is broadly flat at -0.0% — the components are offsetting one another.

Net margin: -1.0% -1.1pp Asset turnover: 0.02x -0.00x Leverage: 2.38x -0.03x

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 narrowed to -1.02%, falling 1.1pp. The main pressure comes from SG&A / Revenue rose 63.1pp and Gross margin fell 17.6pp (with additional support from Net financial result / Revenue rose 18.0pp and Other profit / Revenue rose 9.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -1.02% −1.1pp

Gross Margin 31.03% −17.6pp

SG&A / Revenue 5.03% +63.1pp

Non-core / Revenue 25.83% +26.9pp

TTM YoY · 2021Q2 -> 2022Q2

Watchpoints

Financial result is supporting margin

Financial result accounts for 13587.2% of PBT and lifted net margin by 26.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 0.11%, broadly flat versus the same period. That translates to 0.11 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.4pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 0.11% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.11% +0.1pp

NOPAT Margin 2.81% +1.4pp

Capital Turnover 0.04x −0.00x

Average Invested Capital 451.9bn −1.5bn

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 1.40x equity, with a net cash position equivalent to 0.00x equity.

Over the last 12 months, working capital absorbed 1.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +17.5bn

Inventories decreased → higher CFO: +2.9bn

Payables decreased → lower CFO: −21.5bn

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

Cash conversion cycle remains stretched

CCC stands at 2502.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 3083.9 days −1725.7 days

Inventory 0.0 days —

Payables 581.9 days —

Cash Conversion Cycle 2502.0 days —

Is financial risk significant?

Leverage is safe but FCF is negative at 10.3bn due to capex of 0.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.00x and interest coverage only at 1.66x.

At present, short-term debt accounts for 0.0% of total debt, cash equals 3028.3% of debt, and total debt stands at 0.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.66x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.00x −0.00x

Interest Coverage 1.66x −1.54x

Cash / Debt 3028.3% +2997.2pp

Short-term Debt / Total Debt 0.0% −93.9pp

CFO / NI 58.50x −387.08x

TTM YoY · 2021Q2 -> 2022Q2

Cash Flow

Operating cash flow reached -6.4bn in 2021, against investing cash flow of 7.5bn.

Post-investment cash flow was positive +1.1bn. Financing cash flow was negative +1.2bn.

CFO / net income was 58.50x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of −10.3bn.

Cash Conversion

CFO TTM 10.3bn −19.5bn

Cash Capex 0.0bn 0.0bn

FCF TTM −10.3bn −19.5bn

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 0.1%. The next watchpoint is the earnings mix, when non-core contribution is 10818.2%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 58.50x. Even so, net financial result still accounts for 10818.2% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2021	2020
Revenue	16.1	40.4
Revenue Deductions	0.0	0.0
Net Revenue	16.1	40.4
Cost of Goods Sold	0.0	0.0
Gross Profit	5.2	9.3
Financial Income	4.9	8.5
Financial Expenses	1.1	-0.1
Interest Expense	-0.1	-0.2
Share of Associates and Joint Ventures	0.0	0.0
Selling Expenses	0.0	0.0
General and Administrative Expenses	-9.6	-10.2
Operating Profit	1.5	7.4
Other Income	0.0	0.0
Other Expenses	0.0	0.0
Other Profit	-1.3	-7.1
Profit Before Tax	0.2	0.3
Current Income Tax Expense	-0.3	-0.3
Deferred Income Tax Expense	0.0	0.0
Net Income	-0.0	0.0
Non-controlling Interest	0.0	0.0
Profit Attributable to Parent	-0.0	0.0
Earnings per Share	-1.17	0.45
Diluted EPS	-1.17	0.45

Item	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	795.1	1,042.9
I. Cash and cash equivalents	0.4	0.6
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	790.3	1,042.1
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	2.9	0.0
1. Inventories	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0
V. Other short-term assets	1.4	0.1
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)	289.1	54.6
I. Long-term receivables	0.0	0.0
1. Long-term trade receivables	235.0	0.0
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	4.7	6.2
1. Tangible fixed assets	4.7	6.2
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
2. Financial leased fixed assets	0.0	0.0
- 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	0.0	0.0
- Cost	0.0	0.0
- Accumulated depreciation	0.0	0.0
IV. Long-term assets in progress	28.3	28.2
1. Long-term production in progress	0.0	0.0
2. Construction in progress	0.0	0.0
V. Long-term financial investments	2.1	1.2
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	18.9	19.1
5. Goodwill	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0
TOTAL ASSETS (280=100+200)	1,084.1	1,097.5
A. LIABILITIES (300=210+330)	632.3	645.8
I. Short -term liabilities	630.9	644.3
1. Short-term trade accounts payable	8.4	27.3
2. Short-term advances from customers	23.9	26.7
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	0.0	0.0
9. Other short-term payables	0.0	0.0
10. Short-term borrowings and financial leases	0.0	2.1
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	1.4	1.5
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	0.1	0.1
9. Convertible bonds	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00
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)	451.8	451.7
I. Owner's equity	0.0	0.0
1. Owner's capital	451.8	451.7
- Common stock with voting right	396,000,000,000.00	396,000,000,000.00
- Preferred stock	0.00	0.00
2. Share premium	0.0	0.0
3. Convertible bond option	0.0	0.0
4. Other capital of owners	0.0	0.0
5. Treasury shares	0.00	0.00
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	54.8	54.8
- Accumulated retained earning at the end of the previous period	54.8	54.7
- Undistributed earnings in this period	0.1	0.0
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)	1,084.1	1,097.5

Item	2021	2020
Profit Before Tax	0.2	0.3
Depreciation of Fixed Assets and Investment Property	1.4	1.4
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	4.9	6.0
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	-6.4	1.0
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0
Investments in Other Entities	7.5	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	7.5	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00
Share Repurchases	0.00	0.00
Proceeds from Borrowings	0.0	0.0
Repayment of Borrowings	-1.2	-1.2
Repayment of Finance Leases	0.0	0.0
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	-1.2	-1.2
Net Cash Flow During the Period	-0.3	-0.1
Cash and Cash Equivalents at Beginning of Period	0.6	0.9
FX Difference from Revaluation	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	0.6

Item	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	7.2	2.8	3.9	3.4	4.9	4.0	4.6	4.4	27.1	4.3
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	7.2	2.8	3.9	3.4	4.9	4.0	4.6	4.4	27.1	4.3
Cost of Goods Sold	3.4	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	3.7	0.7	-0.4	1.3	2.4	1.9	2.2	2.2	2.6	2.2
Financial Income	0.4	3.0	2.9	0.7	0.6	0.8	0.3	2.4	4.3	1.4
Financial Expenses	0.7	0.0	0.3	-0.0	0.6	0.3	0.3	-0.1	-0.3	-0.1
Interest Expense	0.0	0.0	0.0	-0.0	-0.0	-0.0	0.1	-0.1	-0.1	-0.1
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
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.8	2.8	-3.1	-1.7	-2.6	-2.3	-3.0	-2.5	-2.5	-2.3
Operating Profit	0.6	0.9	-0.2	0.3	0.9	0.6	-0.1	2.1	4.2	1.2
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.5	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.5	-0.8	-0.2	-0.0	-0.8	-0.3	-0.2	-1.8	-4.1	-0.9
Profit Before Tax	0.2	0.1	-0.4	0.3	0.1	0.3	-0.4	0.3	0.0	0.4
Current Income Tax Expense	0.1	0.1	0.0	-0.1	-0.1	-0.1	0.0	-0.1	-0.0	-0.1
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	0.0	-0.4	0.2	0.0	0.2	-0.4	0.2	-0.0	0.3
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.0	-0.4	0.2	0.0	0.2	-0.4	0.2	-0.0	0.3
Earnings per Share	2.12	0.53	-11.32	4.24	1.24	4.68	-9.52	4.13	-0.72	6.56
Diluted EPS	2.12	0.53	-11.32	4.24	1.24	4.68	-9.52	4.13	-0.72	6.56

Item	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)	1,013.4	1,032.5	795.1	795.3	792.4	791.1	1,042.9	1,043.2	803.3	1,095.7
I. Cash and cash equivalents	1.1	3.5	0.4	0.7	0.5	0.8	0.6	0.7	0.8	0.5
1. Cash	1.1	3.5	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
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
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
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
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
III. Short-term receivables	1,011.7	1,024.9	790.3	788.9	786.1	784.2	1,042.1	1,042.4	802.5	1,095.2
1. Short-term trade accounts receivable	13.5	13.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	3.8	3.8	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
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
5. Short-term loan receivables	235.0	235.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	782.7	796.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-25.6	-25.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	2.3	2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.0	2.9	2.9	4.5	4.5	4.5	0.0	0.0	0.0	0.0
1. Inventories	0.0	2.9	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
V. Other short-term assets	0.6	1.1	1.4	1.2	1.3	1.6	0.1	0.0	0.0	0.0
1. Short-term prepayments	0.0	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	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.6	0.7	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
5. Other short-term assets	0.0	0.0	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)	52.6	53.7	289.1	296.6	297.0	296.8	54.6	54.6	290.0	55.6
I. Long-term receivables	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	42.9	42.9	235.0	235.0	235.0	235.0	0.0	0.0	235.0	0.0
2. Long-term prepayments to suppliers	39.2	39.2	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
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
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
6. Other long-term receivables	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-82.6	-82.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.0	4.4	4.7	5.1	5.4	5.8	6.2	6.5	6.9	7.2
1. Tangible fixed assets	4.0	4.4	4.7	5.1	5.4	5.8	6.2	6.5	6.9	7.2
- Cost	14.4	14.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.4	-10.0	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
- Cost	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
3. Intangible fixed assets	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
- Accumulated depreciation	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
- Cost	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
IV. Long-term assets in progress	28.3	28.3	28.3	28.3	28.3	28.3	28.2	28.2	28.2	28.2
1. Long-term production in progress	28.3	28.3	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	0.0	0.0
V. Long-term financial investments	1.4	2.1	2.1	9.3	9.3	8.7	1.2	0.8	0.8	1.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
3. Investments in other entities	4.8	4.8	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	-3.4	-2.8	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
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
VI. Other long-term assets	18.9	18.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	18.9	18.9	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	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
4. Other long-term assets	0.0	0.0	18.9	19.0	19.0	19.0	19.1	19.1	19.1	19.2
5. Goodwill	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
TOTAL ASSETS (280=100+200)	1,066.0	1,086.1	1,084.1	1,091.9	1,089.4	1,087.9	1,097.5	1,097.7	1,093.3	1,151.3
A. LIABILITIES (300=210+330)	614.1	634.3	632.3	639.8	637.4	636.0	645.8	645.7	641.4	699.5
I. Short -term liabilities	612.4	632.9	630.9	638.3	637.4	635.9	644.3	644.2	638.7	697.9
1. Short-term trade accounts payable	8.1	8.4	8.4	9.4	9.4	30.6	27.3	27.3	28.3	4.3
2. Short-term advances from customers	18.6	22.1	23.9	23.9	23.9	26.3	26.7	27.4	33.3	65.1
3. Taxes and other payables to state authorities	1.9	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.9	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	7.3	7.7	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
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
8. Short-term unearned revenue	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	575.6	592.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0	1.5	1.8	2.1	2.4	0.2	3.1
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
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
13. Price stabilization fund	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
II. Long-term liabilities	1.7	1.4	1.4	1.5	0.1	0.1	1.5	1.5	2.7	1.5
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
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
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
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
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
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
7. Other long-term liabilities	1.7	1.4	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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	2.7	0.2
9. Convertible bonds	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
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
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
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
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
B. OWNER'S EQUITY (400=410+430)	451.9	451.8	451.8	452.1	451.9	451.9	451.7	452.0	451.9	451.8
I. Owner's equity	451.9	451.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	396.0	396.0	451.8	452.1	451.9	451.9	451.7	452.0	451.9	451.8
- Common stock with voting right	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00	396,000,000,000.00
- Preferred stock	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
3. Convertible bond option	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
5. Treasury shares	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
7. Foreign exchange differences	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	0.9	0.9	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
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
11. Undistributed earnings after tax	54.9	54.9	54.8	55.2	55.0	55.0	54.8	55.1	54.9	54.9
- Accumulated retained earning at the end of the previous period	54.8	54.8	54.8	54.8	54.8	54.8	54.7	54.7	54.7	54.7
- Undistributed earnings in this period	0.1	0.0	0.1	0.4	0.2	0.2	0.0	0.4	0.2	0.3
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
13. Minority's interest	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
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
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
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
C. MINORITY'S INTEREST	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)	1,066.0	1,086.1	1,084.1	1,091.9	1,089.4	1,087.9	1,097.5	1,097.7	1,093.3	1,151.3

Item	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	0.2	0.1	-0.4	0.3	0.1	0.3	-0.4	0.2	0.0	0.4
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Provision (Increase)/Reversal	0.6	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
Gain/Loss from Investment Activities	-6.6	3.2	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	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
Interest Income and Dividends	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
Other Adjustments	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	-5.4	3.7	-0.1	0.5	0.6	3.9	25.2	-15.6	17.5	-21.0
Increase/(Decrease) in Receivables	20.8	-3.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	2.9	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)	-24.1	2.7	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	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
Interest Paid	-0.0	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
Other Operating Receipts	0.0	0.0	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	0.0	0.0
Net Cash Flow from Operating Activities	-5.8	3.1	-7.8	0.3	-0.3	1.4	0.2	8.0	-7.1	-0.1
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	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
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
Receipts from Loan Repayments and Sale of Debt Instruments	0.2	0.0	0.0	0.0	0.0	0.0	0.0	-2.1	2.1	0.0
Investments in Other Entities	0.0	0.0	7.5	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
Dividends and Interest Income Received	0.2	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
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
Other Investing Receipts	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
Net Cash Flow from Investing Activities	0.4	0.0	7.5	0.0	0.0	0.0	0.0	-7.8	7.8	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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
Proceeds from Borrowings	7.4	0.0	0.0	0.0	0.0	0.0	1.0	-1.0	0.3	-0.3
Repayment of Borrowings	-4.5	0.0	0.0	0.0	0.0	-1.2	-1.2	0.7	-0.7	0.0
Repayment of Finance Leases	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
Other Financing Receipts	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
Net Cash Flow from Financing Activities	2.9	0.0	0.0	0.0	0.0	-1.2	-0.3	-0.3	-0.4	-0.3
Net Cash Flow During the Period	-2.5	3.1	-0.3	0.3	-0.3	0.2	-0.1	-0.1	0.3	-0.3
Cash and Cash Equivalents at Beginning of Period	0.5	0.4	0.7	0.5	0.8	0.6	0.7	0.8	0.5	0.9
FX Difference from Revaluation	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	1.1	3.5	0.4	0.7	0.5	0.8	0.6	0.7	0.8	0.5

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SSN

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