POW released Q4 2020 results with reported NPAT-MI tripling to VND892bn (USD38mn) mainly thanks to VND1tn (USD43mn) worth of delayed payment (recorded as revenue) from EVN for FX losses that originally occurred in 2016 and 2017. This massive one-off item outweighed a 63% slump in POW’s power generation earnings and an additional VND124bn (USD5mn) of bad debt provisions related to the Ca Mau plants. Per our estimate, if deducting all one-off items, POW’s adjusted NPAT-MI would only reach VND5bn