Working Capital Efficiency
The data from Quater 3 in 2020 to Quater 2 in 2021 includes 3 quarters.

Liabilities on Revenue
Year 2020 Quarter 3: Liabilities on Revenue 39.55 (%).Trend:Decrease 31.61% than previous quarter
Year 2021 Quarter 1: Liabilities on Revenue 154.84 (%).Trend:Increase 291.5% than previous quarter
Year 2021 Quarter 2: Liabilities on Revenue 67.89 (%).Trend:Decrease 56.15% than previous quarter

Overall: increasing (71.66%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2020 Quarter 3: Current assets on Revenue 112.87 (%).Trend:Decrease 31.77% than previous quarter
Year 2021 Quarter 1: Current assets on Revenue 400.0 (%).Trend:Increase 254.39% than previous quarter
Year 2021 Quarter 2: Current assets on Revenue 184.1 (%).Trend:Decrease 53.98% than previous quarter

Overall: increasing (63.11%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 3 in 2020 to Quater 2 in 2021 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2020 Quarter 3: Ratio of Retained Earnings to Revenue -32.1 (%).Trend:Decrease 26.41% than previous quarter
Year 2021 Quarter 1: Ratio of Retained Earnings to Revenue -159.41 (%).Trend:Increase 396.6% than previous quarter
Year 2021 Quarter 2: Ratio of Retained Earnings to Revenue -75.66 (%).Trend:Decrease 52.54% than previous quarter

Overall: decreasing (135.7%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2020 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 15.39 (%).Trend:Increase 0.0% than previous quarter
Year 2021 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 19.54 (%).Trend:Increase 26.97% than previous quarter
Year 2021 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 17.37 (%).Trend:Decrease 11.11% than previous quarter

Overall: increasing (12.87%). Fluctuation: **Neutral** (moderate variation).


Invest Efficiency
The data from Quater 3 in 2020 to Quater 2 in 2021 includes 3 quarters.

Retained Earning on Assets
Year 2020 Quarter 3: Retained Earning on Assets -15.04 (%).Trend:Increase 6.59% than previous quarter
Year 2021 Quarter 1: Retained Earning on Assets -20.59 (%).Trend:Increase 36.9% than previous quarter
Year 2021 Quarter 2: Retained Earning on Assets -21.01 (%).Trend:Increase 2.04% than previous quarter

Overall: decreasing (39.69%). Fluctuation: **Significant** (high variation).

Earning Per Share
Year 2020 Quarter 3: Earning Per Share -5.72 (USD).Trend:Increase 2.69% than previous quarter
Year 2021 Quarter 1: Earning Per Share -0.3 (USD).Trend:Decrease 94.76% than previous quarter
Year 2021 Quarter 2: Earning Per Share -0.37 (USD).Trend:Increase 23.33% than previous quarter

Overall: increasing (-93.53%). Fluctuation: **Significant** (high variation).



Financial analysis from Q3 2020 to Q2 2021 reveals a volatile financial picture. Working capital efficiency metrics exhibited substantial fluctuations, with liabilities on revenue increasing sharply in Q1 2021 and current assets on revenue showing a similar pattern. Cost efficiency, measured by the ratio of retained earnings to revenue, decreased significantly, indicating potential revenue pressures. The selling, general, and administrative (SG&A) expense ratio experienced minor changes, while investment efficiency, as represented by retained earnings on assets, consistently declined. Earnings per share also displayed significant fluctuation, initially increasing then decreasing.