DCS

Tập đoàn EDX ·UPCOM ·2025Q4

▼▼ Declining sharply

Part of pre-tax profit currently comes from other profit Net financial result/PBT 21.26%

Price

800,000

Latest close

29 May 2026

P/E -83.89x

P/B 3,336.64x

EPS -9,536

BVPS 240

ROE -177.8%

ROA -157.3%

Profit Margin 1.4%

Asset Turnover 0.07x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2025Q4 basis, DCS 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 35bn
	                                
−7.2%YoY

	                            
	                                NET MARGIN
	                            
	                                    −1656.10%
	                                
−1657.8ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 575bn
	                                
−88947.3%YoY

Metric	Q4'25	Q3'25	Q2'25	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20
Revenue	8.0	8.9	—	9.5	8.4	27.2	3.8	3.4	3.1	6.0	9.5	12.5
Growth	-10%	—	—	+13%	-69%	+624%	+10%	+11%	-49%	-37%	-24%	—
Net Income	0.8	4.0	-580.0	0.1	0.2	0.3	0.1	0.1	0.1	0.4	0.2	0.2
Net Margin	9.54%	44.97%	—	1.20%	1.90%	1.24%	2.25%	1.99%	4.34%	6.32%	2.00%	1.20%

Drivers of DCS's profit

TTM

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

Administrative expenses ↑ 463.2bn

Other profit ↓ 122.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -3768.24% −1657.8pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2022Q1 -> 2025Q4

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at -11.44x equity, with a net cash position equivalent to 0.05x equity.

Inventory ended the period at 103.1bn, roughly 400.9% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 12.3bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 105.4% of debt, and total debt stands at 12.4bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.05x −0.08x

Interest Coverage — —

Cash / Debt 105.4% +90.6pp

Short-term Debt / Total Debt 100.0% 0.0pp

TTM YoY · 2022Q1 -> 2025Q4

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.05x. The next item to monitor is the earnings mix, when non-core contribution is 21.3%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.05x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.3% of PBT and CFO / net income currently at None.

Statement Data

Item	2025	2024	2021	2020
Revenue	16.9	0.0	37.4	29.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	16.9	0.0	37.4	29.6
Cost of Goods Sold	11.1	0.0	0.0	0.0
Gross Profit	5.8	0.0	6.3	-0.7
Financial Income	0.0	0.0	2.6	7.9
Financial Expenses	1.0	0.0	-2.3	-1.6
Interest Expense	1.0	0.0	-2.3	-1.6
Share of Associates and Joint Ventures	—	0.0	-0.0	-0.0
Selling Expenses	—	0.0	-0.0	-0.0
General and Administrative Expenses	1.1	0.1	-5.9	-4.9
Operating Profit	3.7	-0.1	0.6	0.8
Other Income	31.4	0.0	0.0	0.0
Other Expenses	672.4	0.0	0.0	0.0
Other Profit	-641.0	0.0	-0.0	-0.0
Profit Before Tax	-637.3	-0.1	0.6	0.8
Current Income Tax Expense	—	0.0	-0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-637.3	-0.1	0.6	0.8
Non-controlling Interest	—	0.0	-0.0	-0.0
Profit Attributable to Parent	-637.3	-0.1	0.6	0.8
Earnings per Share	-10,568.00	-2.00	5.00	12.00
Diluted EPS	-10,567.71	-1.63	10.32	12.85

Item	2025	2024	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	25.7	616.0	616.6	603.4
I. Cash and cash equivalents	13.1	13.0	9.0	2.3
1. Cash	13.1	13.0	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	9.1	496.2	516.8	546.5
1. Short-term trade accounts receivable	2.0	21.6	0.0	0.0
2. Short-term prepayments to suppliers	0.1	21.9	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	—	392.1	0.0	0.0
6. Other short-term receivables	7.0	64.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	-4.2	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	—	103.1	88.3	53.7
1. Inventories	—	114.1	0.0	0.0
2. Provision for decline in value of inventories	—	-11.1	0.0	0.0
V. Other short-term assets	3.6	3.8	2.4	0.9
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.6	3.8	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)	—	61.7	62.1	62.4
I. Long-term receivables	—	0.5	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	—	0.5	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	—	0.2	0.6	0.9
1. Tangible fixed assets	—	0.2	0.6	0.9
- Cost	—	36.2	0.0	0.0
- Accumulated depreciation	—	-36.0	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	—	27.8	27.8	27.8
- Cost	—	27.8	0.0	0.0
- Accumulated depreciation	—	0.0	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	—	33.2	33.8	33.8
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	33.2	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	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	—	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	25.7	677.8	678.7	665.8
A. LIABILITIES (300=210+330)	28.2	45.7	46.3	33.7
I. Short -term liabilities	28.2	45.7	46.3	33.7
1. Short-term trade accounts payable	6.4	26.0	8.5	7.5
2. Short-term advances from customers	—	2.1	6.2	2.8
3. Taxes and other payables to state authorities	—	0.0	0.0	0.0
4. Payable to employees	—	0.7	0.0	0.0
5. Short-term acrrued expenses	1.2	0.1	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	7.3	7.6	0.0	0.0
10. Short-term borrowings and financial leases	13.2	9.1	22.1	14.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	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	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
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)	-2.5	632.0	632.4	632.1
I. Owner's equity	-2.5	632.0	0.0	0.0
1. Owner's capital	603.1	603.1	632.4	632.1
- Common stock with voting right	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	8.3	8.3	8.3	8.3
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-14,550,000.00	-14,550,000.00	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	4.3	4.3	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-618.2	16.3	16.7	16.4
- Accumulated retained earning at the end of the previous period	19.2	16.4	16.4	16.1
- Undistributed earnings in this period	-637.3	-0.1	0.3	0.2
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)	25.7	677.8	678.7	665.8

Item	2025	2024	2021	2020
Profit Before Tax	-637.3	-0.1	0.3	0.2
Depreciation of Fixed Assets and Investment Property	—	0.1	0.3	0.4
Provision (Increase)/Reversal	—	0.0	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	0.0
Interest Expense	1.0	0.0	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	-636.4	0.0	4.7	-7.0
Increase/(Decrease) in Receivables	485.2	0.0	0.0	0.0
Increase/(Decrease) in Inventory	119.6	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	43.9	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	12.3	0.0	8.4	-9.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
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	12.0
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	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	0.0	0.0	0.0	12.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	0.8	0.0	38.4	39.3
Repayment of Borrowings	—	0.0	-40.8	-42.2
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	0.8	0.0	-2.4	-2.9
Net Cash Flow During the Period	13.1	0.0	7.7	1.0
Cash and Cash Equivalents at Beginning of Period	0.0	13.0	3.1	2.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.1	13.0	9.0	2.3

Item	Q4'25	Q3'25	Q2'25	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20	Q2'20
Revenue	8.0	8.9	—	9.5	8.4	27.2	3.8	3.4	3.1	6.0	9.5	12.5
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	8.0	8.9	—	9.5	8.4	27.2	3.8	3.4	3.1	6.0	9.5	12.5
Cost of Goods Sold	6.6	4.6	—	8.1	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	1.4	4.3	—	1.4	2.1	2.7	1.1	1.4	1.1	2.3	1.4	-4.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	1.3	1.3	0.0	0.0	0.0	7.9
Financial Expenses	0.2	—	—	0.4	0.5	-0.6	-0.8	-0.6	-0.4	-0.4	-0.3	-0.5
Interest Expense	—	—	—	0.4	0.5	-0.6	-0.8	-0.6	-0.4	-0.4	-0.3	-0.5
Share of Associates and Joint Ventures	—	—	—	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
General and Administrative Expenses	0.4	0.2	457.8	0.8	1.4	-1.7	-1.6	-2.0	-0.6	-1.5	-0.9	-2.3
Operating Profit	0.8	4.1	-457.8	0.1	0.2	0.3	0.1	0.1	0.1	0.4	0.2	0.2
Other Income	—	—	29.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	151.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.1	-122.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Profit Before Tax	0.8	4.0	-580.0	0.1	0.2	0.3	0.1	0.1	0.1	0.4	0.2	0.2
Current Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.8	4.0	-580.0	0.1	0.2	0.3	0.1	0.1	0.1	0.4	0.2	0.2
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.8	4.0	-580.0	0.1	0.2	0.3	0.1	0.1	0.1	0.4	0.2	0.2
Earnings per Share	12.65	66.45	-9,617.25	2.00	3.00	5.00	-3.00	1.00	2.00	6.00	3.00	3.00
Diluted EPS	12.65	66.45	-9,617.25	1.88	2.63	5.58	1.40	1.12	2.21	6.27	3.15	0.00

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	25.7	52.5	19.3	616.5	615.6	612.4	616.6	637.7	632.3	628.2	603.4	605.1
I. Cash and cash equivalents	13.1	3.2	0.1	13.0	3.9	4.8	9.0	1.3	2.1	6.7	2.3	1.3
1. Cash	13.1	3.2	0.1	13.0	3.9	4.8	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
II. Short-term financial investments	—	—	—	392.1	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
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
3. Held to maturity investments	—	—	—	392.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	9.1	2.8	0.2	104.1	503.5	508.4	516.8	526.2	533.6	531.0	546.5	540.1
1. Short-term trade accounts receivable	9.0	2.7	—	21.6	11.9	9.3	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.1	0.1	—	21.9	17.4	16.9	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
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	413.3	421.4	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	—	0.2	64.8	65.1	65.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	-4.2	-4.2	-4.2	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
IV. Inventories	—	42.8	15.6	103.1	104.9	96.5	88.3	105.7	93.2	87.7	53.7	63.3
1. Inventories	—	42.8	15.6	114.1	115.9	107.5	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	-11.1	-11.1	-11.1	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.6	3.6	3.4	4.3	3.3	2.8	2.4	4.4	3.4	2.6	0.9	0.4
1. Short-term prepayments	—	—	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	3.6	3.6	3.4	2.6	3.3	2.8	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	1.2	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
5. Other short-term assets	—	—	—	0.5	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)	27.8	27.8	61.0	61.6	62.0	62.1	62.1	62.2	62.3	62.3	62.4	62.5
I. Long-term receivables	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	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
II. Fixed assets	—	—	—	0.6	0.5	0.5	0.6	0.7	0.7	0.8	0.9	1.0
1. Tangible fixed assets	—	—	—	0.6	0.5	0.5	0.6	0.7	0.7	0.8	0.9	1.0
- Cost	—	—	—	—	36.2	36.2	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	-35.7	-35.7	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
- Cost	—	—	—	—	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
3. Intangible fixed assets	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8
- Cost	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	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
V. Long-term financial investments	—	—	33.2	33.2	33.8	33.8	33.8	33.8	33.8	33.8	33.8	33.8
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	33.2	33.2	33.2	33.2	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	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
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	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
2. Deferred income tax assets	—	—	—	—	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
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	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
TOTAL ASSETS (280=100+200)	53.5	80.3	80.3	678.1	677.6	674.5	678.7	699.9	694.5	690.5	665.8	667.5
A. LIABILITIES (300=210+330)	39.0	22.2	6.8	45.7	45.2	42.0	46.3	67.6	62.2	58.2	33.7	35.3
I. Short -term liabilities	39.0	22.2	6.8	45.7	45.2	42.0	46.3	67.6	62.2	58.2	33.7	35.3
1. Short-term trade accounts payable	6.4	1.4	—	26.0	5.5	5.5	8.5	13.5	7.6	17.8	7.5	8.3
2. Short-term advances from customers	—	—	2.6	2.1	4.6	4.4	6.2	23.2	23.2	9.1	2.8	2.4
3. Taxes and other payables to state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	—	0.0	—	0.7	0.7	0.7	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	—	—	0.1	0.1	0.1	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
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	10.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	9.2	0.2	0.3	7.6	7.6	7.6	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	12.4	20.6	3.8	9.1	26.5	23.6	22.1	21.6	22.6	23.0	14.8	15.6
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	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
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	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
11. Deferred income tax liabilities	—	—	—	—	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
13. Fund for technology development	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	14.5	58.0	73.5	632.4	632.5	632.5	632.4	632.3	632.3	632.2	632.1	632.2
I. Owner's equity	14.5	58.0	73.5	632.4	632.5	632.5	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	603.1	603.1	603.1	603.1	603.1	603.1	632.4	632.3	632.3	632.2	632.1	632.2
- Common stock with voting right	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00	603,109,880,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3
3. Convertible bond option	—	—	—	—	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
5. Treasury shares	-14,550,000.00	-14,550,000.00	-14,550,000.00	-14,550,000.00	-14,550,000.00	-14,550,000.00	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
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	4.3	4.3	4.3	4.3	4.3	4.3	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
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-601.3	-557.7	-542.2	16.7	16.7	16.8	16.7	16.5	16.6	16.5	16.4	16.5
- Accumulated retained earning at the end of the previous period	18.3	18.3	20.7	16.1	16.6	16.6	16.4	16.4	16.4	16.4	16.1	16.1
- Undistributed earnings in this period	-619.6	-576.1	-562.9	0.5	0.1	0.2	0.3	0.2	0.2	0.1	0.2	0.4
12. Reserves for investment in construction	—	—	—	—	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
14. Financial reserves	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	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)	53.5	80.3	80.3	678.1	677.6	674.5	678.7	699.9	694.5	690.5	665.8	667.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20	Q3'20
Profit Before Tax	-74.4	—	-562.9	—	-0.1	0.2	0.1	-0.0	0.1	0.1	-0.1	0.1
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	—	—	-10.6	—	0.0	4.6	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
Gain/Loss from Investment Activities	-0.0	—	-0.0	—	-0.4	-0.5	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	1.0	—	—	—	0.4	0.5	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
Interest Income and Dividends	—	—	—	—	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
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-62.9	—	-573.5	—	-0.0	4.8	-4.5	6.3	-4.0	6.8	-14.7	14.4
Increase/(Decrease) in Receivables	-25.1	—	510.4	—	-4.4	-7.1	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	14.6	—	105.0	—	2.9	7.4	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	87.1	—	-43.2	—	-0.2	5.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	-0.0	—	0.5	2.8	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
Interest Paid	—	—	—	—	-0.4	-0.5	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
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	9.9	3.8	-1.4	—	-1.7	12.5	16.9	-18.9	-3.5	13.8	-9.6	3.8
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
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
Loans and Purchases of Debt Instruments	—	—	—	—	-2.1	-17.7	0.0	19.1	2.3	-21.4	0.0	0.4
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	-0.0	0.0	0.0	0.0	-3.1	3.1	12.0	0.0
Investments in Other Entities	—	—	—	—	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
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
Increase/(Decrease) in Term Deposits	—	—	—	—	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
Other Investing Receipts	—	—	—	—	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
Net Cash Flow from Investing Activities	0.0	—	0.0	—	-2.1	-17.7	0.0	19.1	-0.8	-18.3	12.0	-2.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	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
Proceeds from Borrowings	0.0	0.8	—	—	12.5	16.1	3.3	4.6	19.7	10.8	12.4	6.5
Repayment of Borrowings	—	—	—	—	-9.6	-14.6	-12.4	-5.7	-20.1	-2.6	-13.7	-10.4
Repayment of Finance Leases	—	—	—	—	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
Other Financing Receipts	—	—	—	—	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
Net Cash Flow from Financing Activities	0.0	0.8	—	—	2.9	1.4	-9.2	-1.0	-0.3	8.1	-1.3	-3.9
Net Cash Flow During the Period	9.9	4.5	-1.4	—	-0.9	-3.8	7.7	-0.7	-4.7	3.6	1.0	-2.3
Cash and Cash Equivalents at Beginning of Period	3.2	0.1	13.0	13.0	8.5	8.5	1.3	2.1	6.7	3.1	1.3	3.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.1	3.2	0.1	13.0	3.9	4.8	9.0	1.3	2.1	6.7	2.3	1.3

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DCS

What Is Changing

Drivers of DCS's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity