TKC

Xây dựng và Kinh doanh Địa ốc Tân Kỷ ·UPCOM ·2022Q4

▼▼ Declining sharply

Margins remain under pressure Net margin −563.58%, −564.12pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -40,672

BVPS -29,956

ROE 424.1%

ROA -46.1%

Profit Margin -563.6%

Asset Turnover 0.08x

Equity Mult. -9.21x

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

What Is Changing

On a TTM 2022Q4 basis, TKC 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. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 113bn
	                                
−81.3%YoY

	                            
	                                NET MARGIN
	                            
	                                    −563.58%
	                                
−564.1ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 638bn
	                                
−19827.5%YoY

Metric	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	-1.3	44.1	50.3	20.1	200.4	32.2	142.7	231.3	375.3	118.6	92.9	43.6
Growth	-103%	-12%	+150%	-90%	+522%	-77%	-38%	-38%	+216%	+28%	+113%	—
Net Income	-638.9	0.1	0.5	0.3	3.1	-2.2	1.2	1.2	15.4	0.8	-3.7	-9.1
Net Margin	50188.73%	0.30%	1.07%	1.68%	1.54%	-6.86%	0.82%	0.52%	4.11%	0.69%	-3.98%	-20.86%

Drivers of TKC's profit

TTM

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

Gross profit ↓ 424.2bn

Administrative expenses ↑ 295.6bn

Finance costs ↑ 103.0bn

TTM

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

Gross profit ↓ 389.9bn

Administrative expenses ↑ 272.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2021Q4 1.9% = 0.5% × 0.47 × 7.76

2022Q4 424.1% = -563.6% × 0.08 × -9.21

ROE edged up from 1.9% to 424.1%, but the main driver was not core operations.

Net margin: -563.6% -564.1pp Asset turnover: 0.08x -0.39x Leverage: -9.21x -16.96x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -563.58%, losing 564.1pp. The main pressure comes from Gross margin fell 323.9pp and SG&A / Revenue rose 248.3pp (in addition, Other profit / Revenue rose 41.6pp added support while Net financial result / Revenue fell 55.5pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin -563.58% −564.1pp

Gross Margin -312.26% −323.9pp

SG&A / Revenue 245.40% +248.3pp

TTM YoY · 2021Q4 -> 2022Q4

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of -135.0% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -134.98%, losing 135.4pp. That translates to -134.98 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 605.2pp and capital turnover fell 0.59x, while invested capital contracted by 241bn — pressure came from both operational efficiency and asset 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 -134.98% −135.4pp

NOPAT Margin -604.77% −605.2pp

Capital Turnover 0.22x −0.59x

Average Invested Capital 507.1bn −240.9bn

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 -3.66x equity, with a net cash position equivalent to 1.40x equity.

Over the last 12 months, working capital absorbed 98.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −480.4bn

Inventories increased → lower CFO: −190.6bn

Payables increased → higher CFO: +572.3bn

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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1014.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1333.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 1333.3 days +1333.3 days

Inventory 9.5 days —

Payables 328.1 days —

Cash Conversion Cycle 1014.7 days —

Is financial risk significant?

Leverage is safe but FCF is negative at 2.8bn due to capex of 0.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -1.40x and interest coverage only at -12.78x.

At present, short-term debt accounts for 80.6% of total debt, cash equals 0.0% of debt, and total debt stands at 658.9bn.

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 -12.78x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 80.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -1.40x −5.29x

Interest Coverage -12.78x −12.85x

Cash / Debt 0.0% −0.0pp

Short-term Debt / Total Debt 80.6% −0.3pp

CFO / NI 0.00x +43.53x

TTM YoY · 2021Q4 -> 2022Q4

Cash Flow

Operating cash flow reached -2.8bn in 2022, against investing cash flow of 0.2bn.

Post-investment cash flow was negative +2.6bn. Financing cash flow was positive +2.6bn.

CFO / net income was 0.00x.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of −2.8bn.

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

Cash Conversion

CFO TTM 2.8bn +137.9bn

Cash Capex 0.0bn −10.4bn

FCF TTM −2.8bn +148.3bn

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 margins remain under pressure remaining the main constraint, with net margin down 564.1 pp. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 0.0%.

Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.

Key risk: profitability remains under pressure, with trailing-12M net margin at -563.58% after a 564.1pp decline versus the same period last year.

Statement Data

Item	2022	2021	2020
Revenue	113.2	606.6	630.4
Revenue Deductions	0.0	0.0	0.0
Net Revenue	113.2	606.6	630.4
Cost of Goods Sold	466.6	0.0	0.0
Gross Profit	-353.5	70.8	47.3
Financial Income	0.0	0.1	0.0
Financial Expenses	53.6	-49.4	-17.4
Interest Expense	53.6	-49.3	-17.0
Share of Associates and Joint Ventures	0.0	-0.0	-0.0
Selling Expenses	0.0	-0.0	-0.0
General and Administrative Expenses	277.8	-17.8	-19.2
Operating Profit	-684.8	3.6	10.7
Other Income	47.7	0.0	0.0
Other Expenses	0.6	0.0	0.0
Other Profit	47.1	0.5	-1.9
Profit Before Tax	-637.7	4.1	8.8
Current Income Tax Expense	0.3	-0.9	-5.4
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-637.9	3.2	3.5
Non-controlling Interest	0.0	-0.0	-0.0
Profit Attributable to Parent	-637.9	3.2	3.5
Earnings per Share	-40,697.63	276.00	247.00
Diluted EPS	-40,697.63	284.10	303.82

Item	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,191.4	1,449.4	1,010.0
I. Cash and cash equivalents	0.1	0.1	24.7
1. Cash	0.1	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0
III. Short-term receivables	1,158.0	1,066.0	601.2
1. Short-term trade accounts receivable	826.9	0.0	0.0
2. Short-term prepayments to suppliers	581.3	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	3.8	0.0	0.0
6. Other short-term receivables	25.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-279.2	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	24.2	374.7	377.5
1. Inventories	24.2	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	9.1	8.6	6.7
1. Short-term prepayments	0.1	0.0	0.0
2. Value added tax to be reclaimed	9.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	58.4	70.0	65.2
I. Long-term receivables	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	24.4	34.7	45.3
1. Tangible fixed assets	24.4	34.7	45.3
- Cost	90.4	0.0	0.0
- Accumulated depreciation	-66.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
III. Investment properties	25.4	26.7	17.2
- Cost	33.0	0.0	0.0
- Accumulated depreciation	-7.7	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0
V. Long-term financial investments	0.7	0.7	0.7
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
3. Investments in other entities	0.9	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.2	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	7.9	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0
2. Deferred income tax assets	7.9	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	7.9	1.9
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,249.7	1,519.4	1,075.2
A. LIABILITIES (300=210+330)	1,719.3	1,350.7	909.5
I. Short -term liabilities	1,591.7	1,225.7	737.2
1. Short-term trade accounts payable	432.1	406.8	244.4
2. Short-term advances from customers	566.3	229.6	94.3
3. Taxes and other payables to state authorities	17.9	0.0	0.0
4. Payable to employees	7.1	0.0	0.0
5. Short-term acrrued expenses	15.7	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0
9. Other short-term payables	14.9	0.0	0.0
10. Short-term borrowings and financial leases	531.3	531.3	357.8
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	6.3	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	127.6	125.0	172.3
1. Long-term trade payables	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0
8. Long-term borrowings and financial leases	127.6	125.0	172.3
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)	-469.5	168.7	165.7
I. Owner's equity	-469.5	0.0	0.0
1. Owner's capital	156.7	168.7	165.7
- Common stock with voting right	156,747,120,000.00	113,822,320,000.00	113,822,320,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	0.0	10.5	10.5
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	-9,132,474,250.00	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	7.1	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	7.1	0.0	0.0
11. Undistributed earnings after tax	-631.4	39.7	37.0
- Accumulated retained earning at the end of the previous period	6.6	36.4	33.5
- Undistributed earnings in this period	-637.9	3.2	3.5
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,249.7	1,519.4	1,075.2

Item	2022	2021	2020
Profit Before Tax	-448.3	4.1	8.8
Depreciation of Fixed Assets and Investment Property	11.1	11.3	11.4
Provision (Increase)/Reversal	453.9	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	53.6	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	70.3	68.1	38.1
Increase/(Decrease) in Receivables	-480.4	0.0	0.0
Increase/(Decrease) in Inventory	-190.6	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	572.3	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-3.9	0.0	0.0
Corporate Income Tax Paid	-3.1	0.0	0.0
Other Operating Receipts	32.9	0.0	0.0
Other Operating Payments	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	-2.8	-140.8	-313.4
Payments for Fixed Assets and Other Long-term Assets	0.0	-10.4	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.3	1.5
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	0.2	-10.1	1.0
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	5.5	272.0	549.2
Repayment of Borrowings	-2.9	-145.7	-222.0
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	2.6	126.2	327.3
Net Cash Flow During the Period	-0.0	-5.0	20.8
Cash and Cash Equivalents at Beginning of Period	0.1	24.7	9.8
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	0.1	24.7

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	-1.3	44.1	50.3	20.1	200.4	32.2	142.7	231.3	375.3	118.6	92.9	43.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	-1.3	44.1	50.3	20.1	200.4	32.2	142.7	231.3	375.3	118.6	92.9	43.6
Cost of Goods Sold	357.5	41.5	53.1	14.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	-358.8	2.6	-2.8	5.5	31.1	3.3	20.4	15.9	28.7	8.2	9.4	0.9
Financial Income	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	14.0	12.9	25.9	0.8	-21.2	-3.2	-14.0	-11.0	-6.1	-3.7	-3.8	-3.8
Interest Expense	14.0	12.9	25.9	0.6	-21.1	-3.2	-14.0	-11.0	-6.1	-3.7	-3.8	-3.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	266.0	3.8	3.6	4.4	-6.9	-2.4	-5.0	-3.4	-5.5	-3.6	-4.8	-5.4
Operating Profit	-638.7	-14.2	-32.3	0.4	3.1	-2.2	1.4	1.4	17.2	0.9	0.8	-8.2
Other Income	0.2	14.4	33.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.2	14.3	33.0	-0.0	0.3	0.0	0.1	0.1	-0.8	0.1	-0.3	-0.9
Profit Before Tax	-638.9	0.2	0.7	0.4	3.4	-2.2	1.5	1.5	16.4	1.0	0.5	-9.1
Current Income Tax Expense	0.0	0.0	0.1	0.1	-0.3	0.0	-0.3	-0.3	-0.9	-0.2	-4.2	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-638.9	0.1	0.5	0.3	3.1	-2.2	1.2	1.2	15.4	0.8	-3.7	-9.1
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-638.9	0.1	0.5	0.3	3.1	-2.2	1.2	1.2	15.4	0.8	-3.7	-9.1
Earnings per Share	-40,761.92	12.00	48.00	30.00	273.00	-206.00	103.00	106.00	1,367.00	72.00	-386.00	-806.00
Diluted EPS	-40,761.92	11.52	47.29	29.72	270.88	-194.15	102.45	104.92	1,356.47	71.40	-324.52	-799.53

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,191.4	1,808.0	1,793.0	1,625.2	1,449.4	1,255.7	1,271.0	1,216.0	1,010.0	693.3	597.1	608.8
I. Cash and cash equivalents	0.1	0.2	0.6	7.7	0.1	5.0	0.7	7.2	24.7	3.8	3.0	0.6
1. Cash	0.1	0.2	0.6	7.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,158.0	1,439.1	1,411.1	1,224.8	1,066.0	820.2	841.2	837.7	601.2	293.6	227.5	197.5
1. Short-term trade accounts receivable	826.9	845.0	824.9	795.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	581.3	581.4	581.4	428.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	3.8	3.8	3.8	3.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	25.0	24.9	17.0	13.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-279.2	-16.0	-16.0	-17.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	24.2	361.2	372.6	383.9	374.7	423.3	421.7	367.8	377.5	392.4	365.1	404.8
1. Inventories	24.2	361.2	372.6	383.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	9.1	7.5	8.7	8.8	8.6	7.3	7.4	3.3	6.7	3.5	1.6	5.9
1. Short-term prepayments	0.1	0.2	0.1	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	9.0	7.3	8.6	8.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	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)	58.4	61.5	64.3	67.6	70.0	56.7	59.5	62.4	65.2	65.8	70.0	72.9
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	24.4	27.2	29.7	32.6	34.7	37.5	40.1	42.7	45.3	47.6	50.2	52.8
1. Tangible fixed assets	24.4	27.2	29.7	32.6	34.7	37.5	40.1	42.7	45.3	47.6	50.2	52.8
- Cost	90.4	91.4	91.4	91.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-66.0	-64.2	-61.8	-58.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	25.4	25.7	26.0	26.5	26.7	16.6	16.8	17.0	17.2	17.5	17.7	17.9
- Cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4	1.4
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	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	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.9	0.9	0.9	0.9	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	-0.2	-0.2	-0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.9	7.9	7.9	7.9	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	0.0	0.0	0.0	0.0
2. Deferred income tax assets	7.9	7.9	7.9	7.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0	7.9	1.9	1.9	1.9	1.9	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,249.7	1,869.5	1,857.3	1,692.9	1,519.4	1,312.4	1,330.5	1,278.4	1,075.2	759.0	667.1	681.7
A. LIABILITIES (300=210+330)	1,719.3	1,700.1	1,687.7	1,523.8	1,350.7	1,146.8	1,162.7	1,111.5	909.5	608.8	517.7	528.5
I. Short -term liabilities	1,591.7	1,573.9	1,561.5	1,397.0	1,225.7	950.5	968.5	923.7	737.2	488.8	417.1	427.0
1. Short-term trade accounts payable	432.1	415.6	409.9	387.3	406.8	290.2	301.2	257.8	244.4	215.5	179.2	175.4
2. Short-term advances from customers	566.3	565.9	560.2	420.1	229.6	149.8	156.9	186.3	94.3	81.3	82.3	89.8
3. Taxes and other payables to state authorities	17.9	17.8	18.7	21.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	7.1	6.3	5.2	4.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	15.7	15.7	15.2	12.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	14.9	14.9	15.0	13.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	531.3	531.3	531.3	531.3	531.3	464.4	465.0	425.6	357.8	154.2	106.2	107.4
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.3	6.3	6.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	127.6	126.2	126.2	126.8	125.0	196.3	194.2	187.8	172.3	120.0	100.6	101.5
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	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	127.6	126.2	126.2	126.8	125.0	196.3	194.2	187.8	172.3	120.0	100.6	101.5
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-469.5	169.4	169.6	169.1	168.7	165.6	167.8	166.9	165.7	150.2	149.4	153.2
I. Owner's equity	-469.5	169.4	169.6	169.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	156.7	113.8	113.8	113.8	168.7	165.6	167.8	166.9	165.7	150.2	149.4	153.2
- Common stock with voting right	156,747,120,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00	113,822,320,000.00
- Preferred stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5	10.5
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-9,132,474,250.00	-9,132,474,250.00	-9,132,474,250.00	-9,132,474,250.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	7.1	7.1	6.9	6.9	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	0.0	0.0
10. Other funds from owner's equity	7.1	7.1	6.9	6.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-631.4	40.0	40.5	40.0	39.7	36.6	38.8	38.2	37.0	21.5	20.7	24.6
- Accumulated retained earning at the end of the previous period	6.6	39.0	39.7	39.7	36.4	36.4	36.4	37.0	33.5	33.5	33.5	33.7
- Undistributed earnings in this period	-637.9	1.0	0.9	0.3	3.2	0.2	2.4	1.2	3.5	-12.0	-12.8	-9.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,249.7	1,869.5	1,857.3	1,692.9	1,519.4	1,312.4	1,330.5	1,278.4	1,075.2	759.0	667.1	681.7

Item	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	-449.3	-0.1	0.7	0.4	3.4	-2.2	1.5	1.5	16.4	1.0	0.5	-9.1
Depreciation of Fixed Assets and Investment Property	2.6	2.8	3.3	2.4	2.8	2.8	2.8	2.8	2.8	2.8	2.9	2.9
Provision (Increase)/Reversal	454.9	0.0	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	14.0	12.9	26.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	22.2	15.7	29.0	3.4	31.3	3.8	18.4	14.7	25.8	7.5	7.1	-2.3
Increase/(Decrease) in Receivables	-130.9	10.4	-200.9	-159.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-204.2	11.4	11.2	-9.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	311.3	-43.9	133.6	171.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	-1.3	-2.0	-0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	-0.7	-2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	-0.1	8.0	25.0	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	0.0	0.0
Net Cash Flow from Operating Activities	-1.7	-0.4	-6.6	5.9	9.5	2.8	-52.3	-100.7	-234.5	-66.7	4.4	-16.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0	-10.4	0.0	0.0	0.0	-0.6	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.1	0.1	1.3
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.2	0.0	0.0	0.0	-10.1	0.0	0.0	0.0	-0.6	0.1	0.1	1.3
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.4	0.0	0.0	4.0	68.0	2.5	58.2	143.3	362.6	112.7	5.9	67.9
Repayment of Borrowings	0.0	0.0	-0.6	-2.3	-72.4	-0.9	-12.5	-60.0	-106.7	-45.3	-8.0	-61.9
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	1.4	0.0	-0.6	1.8	-4.4	1.6	45.8	83.3	255.9	67.4	-2.1	6.1
Net Cash Flow During the Period	-0.1	-0.4	-7.1	7.7	-5.0	4.4	-6.6	-17.4	20.8	0.8	2.4	-9.2
Cash and Cash Equivalents at Beginning of Period	0.1	0.1	0.1	0.1	5.0	0.7	7.2	24.7	3.8	3.0	0.6	9.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	0.2	0.6	7.7	0.1	5.0	0.7	7.2	24.7	3.8	3.0	0.6

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TKC

What Is Changing

Drivers of TKC'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