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 59.07 (%).Trend:Increase 4.73% than previous quarter
Year 2021 Quarter 1: Liabilities on Revenue 216.89 (%).Trend:Increase 267.17% than previous quarter
Year 2021 Quarter 2: Liabilities on Revenue 92.37 (%).Trend:Decrease 57.41% than previous quarter

Overall: increasing (56.37%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2020 Quarter 3: Current assets on Revenue 160.66 (%).Trend:Increase 3.05% than previous quarter
Year 2021 Quarter 1: Current assets on Revenue 532.42 (%).Trend:Increase 231.4% than previous quarter
Year 2021 Quarter 2: Current assets on Revenue 224.7 (%).Trend:Decrease 57.8% than previous quarter

Overall: increasing (39.86%). 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 218.76 (%).Trend:Decrease 27.55% than previous quarter
Year 2021 Quarter 1: Ratio of Retained Earnings to Revenue 704.34 (%).Trend:Increase 221.97% than previous quarter
Year 2021 Quarter 2: Ratio of Retained Earnings to Revenue 279.38 (%).Trend:Decrease 60.33% than previous quarter

Overall: increasing (27.71%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2020 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 13.22 (%).Trend:Increase 11.0% than previous quarter
Year 2021 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 21.69 (%).Trend:Increase 64.07% than previous quarter
Year 2021 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 16.44 (%).Trend:Decrease 24.2% than previous quarter

Overall: increasing (24.36%). 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 38.94 (%).Trend:Decrease 10.97% than previous quarter
Year 2021 Quarter 1: Retained Earning on Assets 35.18 (%).Trend:Decrease 9.66% than previous quarter
Year 2021 Quarter 2: Retained Earning on Assets 34.32 (%).Trend:Decrease 2.44% than previous quarter

Overall: decreasing (-11.86%). Fluctuation: **Little** (low variation).

Earning Per Share
Year 2020 Quarter 3: Earning Per Share -4.93 (USD).Trend:Increase 47.16% than previous quarter
Year 2021 Quarter 1: Earning Per Share -2.99 (USD).Trend:Decrease 39.35% than previous quarter
Year 2021 Quarter 2: Earning Per Share -3.07 (USD).Trend:Increase 2.68% than previous quarter

Overall: increasing (-37.73%). Fluctuation: **Significant** (high variation).



Analysis of Q3 2020 to Q2 2021 reveals significant fluctuations in working capital efficiency metrics (liabilities and current assets on revenue), showing overall increases despite quarter-to-quarter volatility. Cost efficiency metrics (retained earnings and SG&A expense ratios) also increased, with the latter showing moderate variation. Investment efficiency, however, displayed a decrease in retained earnings on assets and an increase in earnings per share, both with considerable fluctuation.