DSD

DHC Suối Đôi ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.51%, +4.18pp YoY

Price

13,700

Latest close

07 May 2026

P/E 30.31x

P/B 1.36x

EPS 452

BVPS 10,047

ROE 3.2%

ROA 2.4%

Profit Margin 9.5%

Asset Turnover 0.25x

Equity Mult. 1.31x

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

What Is Changing

On a TTM 2026Q1 basis, DSD has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 192bn
	                                
+13.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+103.2%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	25.3	11.6	79.2	76.4	19.5	12.5	68.4	68.6	19.6	10.8	77.6	66.5
Growth	+118%	-85%	+4%	+292%	+55%	-82%	-0%	+250%	+82%	-86%	+17%	—
Net Income	-16.1	-28.6	30.7	32.4	-15.9	-21.1	22.3	23.7	-13.6	-26.3	32.4	22.4
Net Margin	-63.82%	-246.58%	38.74%	42.43%	-81.69%	-168.20%	32.65%	34.53%	-69.16%	-244.54%	41.75%	33.74%

Drivers of DSD's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 6.1bn

Gross profit ↑ 2.0bn

Deferred tax ↓ 1.9bn

Administrative expenses ↓ 1.0bn

Selling expenses ↑ 1.6bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Administrative expenses ↓ 1.2bn

Deferred tax ↓ 0.7bn

Financial income ↑ 0.1bn

Finance costs ↑ 1.1bn

Selling expenses ↑ 0.6bn

Gross profit ↓ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.0% = 5.3% × 0.25 × 1.50

2026Q1 3.2% = 9.5% × 0.25 × 1.31

ROE rose from 2.0% to 3.2% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 9.5% +4.2pp Asset turnover: 0.25x +0.01x Leverage: 1.31x -0.19x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.51%, rising 4.2pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 2.8pp (in addition, Net financial result / Revenue rose 4.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 9.51% +4.2pp

Gross Margin 28.73% −2.8pp

SG&A / Revenue 14.80% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 20.9 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC edged up to 2.49%, rising 1.2pp. That translates to 2.49 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.2pp, with capital turnover broadly stable; while invested capital rose by 75bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Watchpoints

ROIC remains low

ROIC is currently 2.49% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.49% +1.2pp

NOPAT Margin 9.43% +4.2pp

Capital Turnover 0.26x +0.01x

Average Invested Capital 729.0bn +74.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.29x equity, net debt at 0.30x equity.

Over the last 12 months, working capital absorbed 5.3bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −2.1bn

Inventories increased → lower CFO: −3.1bn

Payables decreased → lower CFO: −0.1bn

Working Capital Efficiency

Cash conversion cycle lengthened by 20.9 days versus the same period last year. The main moves came from DIO rose 3.5 days, DSO fell 0.4 days, and DPO fell 17.8 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +20.9 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +3.5 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 0.3 days −0.4 days

Inventory 12.8 days +3.5 days

Payables 43.9 days −17.8 days

Cash Conversion Cycle -30.8 days +20.9 days

Is financial risk significant?

Leverage is safe but FCF is negative at 27.9bn due to capex of 47.5bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.30x and interest coverage at 2.07x.

At present, short-term debt accounts for 21.7% of total debt, cash equals 0.2% of debt, and total debt stands at 175.6bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 0.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.30x +0.07x

Interest Coverage 2.07x +1.36x

Cash / Debt 0.2% −1.7pp

Short-term Debt / Total Debt 21.7% −4.6pp

CFO / NI 1.07x +1.77x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 22.7bn in 2025, against investing cash flow of -64.9bn.

Post-investment cash flow was negative +42.2bn. Financing cash flow was positive +28.8bn.

CFO / net income was 1.07x.

After spending +47.5bn on fixed-asset investment, the business generated trailing free cash flow of −27.9bn.

Cash Conversion

CFO TTM 19.5bn +25.8bn

Cash Capex 47.5bn −21.4bn

FCF TTM −27.9bn +47.3bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.2 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.5%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.51% after expanding 4.2pp versus the same period last year.

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

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	186.6	168.0	172.2	164.1
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	186.6	168.0	172.2	164.1
Cost of Goods Sold	130.9	112.1	105.3	97.3
Gross Profit	55.7	55.8	66.9	66.8
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	7.7	17.9	27.2	27.8
Interest Expense	7.7	17.7	27.2	27.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	15.1	14.3	16.3	9.0
General and Administrative Expenses	14.1	11.9	11.5	9.6
Operating Profit	19.0	11.8	11.8	20.4
Other Income	1.7	1.1	1.4	1.9
Other Expenses	1.5	1.0	1.9	1.3
Other Profit	0.2	0.1	-0.5	0.6
Profit Before Tax	19.2	11.9	11.4	21.0
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	0.6	1.4	1.2	0.6
Net Income	18.5	10.4	10.1	20.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	18.5	10.4	10.1	20.4
Earnings per Share	318.00	262.00	290.00	656.00
Diluted EPS	318.00	262.00	290.00	656.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	31.6	43.5	19.5	21.7
I. Cash and cash equivalents	7.0	20.4	1.2	1.5
1. Cash	7.0	20.4	1.2	1.5
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	16.2	16.8	15.0	17.5
1. Short-term trade accounts receivable	0.2	0.1	0.2	0.2
2. Short-term prepayments to suppliers	8.7	9.9	8.5	13.9
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	—	0.0	0.0	0.0
6. Other short-term receivables	7.4	6.7	6.4	3.5
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	5.4	3.3	2.7	2.5
1. Inventories	5.4	3.3	2.7	2.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	3.0	3.0	0.5	0.2
1. Short-term prepayments	0.8	0.9	0.2	0.1
2. Value added tax to be reclaimed	2.0	2.0	0.2	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1
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)	747.3	687.5	615.6	573.8
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	525.1	518.1	442.2	446.8
1. Tangible fixed assets	500.9	517.8	441.9	446.4
- Cost	725.2	711.7	608.8	586.7
- Accumulated depreciation	-224.3	-193.9	-167.0	-140.3
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	24.2	0.3	0.3	0.4
- Cost	24.9	0.9	0.9	0.9
- Accumulated depreciation	-0.7	-0.7	-0.6	-0.5
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	131.0	102.7	122.3	79.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	131.0	102.7	122.3	79.2
V. Long-term financial investments	—	0.0	0.0	0.0
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	—	0.0	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	91.3	66.7	51.1	47.8
1. Long-term prepayments	91.0	66.5	51.1	47.8
2. Deferred income tax assets	0.3	0.2	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)	779.0	731.0	635.0	595.5
A. LIABILITIES (300=210+330)	176.1	146.6	270.9	351.2
I. Short -term liabilities	58.7	44.7	74.1	124.0
1. Short-term trade accounts payable	12.0	12.5	17.0	18.0
2. Short-term advances from customers	0.9	1.1	0.5	0.6
3. Taxes and other payables to state authorities	0.1	0.1	0.5	5.2
4. Payable to employees	4.1	3.7	4.0	2.6
5. Short-term acrrued expenses	0.8	1.1	6.6	5.6
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	1.3	1.1	0.0	0.0
9. Other short-term payables	1.3	1.1	1.0	0.6
10. Short-term borrowings and financial leases	38.2	24.1	44.6	91.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	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	117.3	101.8	196.8	227.2
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	113.2	98.4	195.0	226.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	4.1	3.5	1.8	0.6
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)	602.9	584.4	364.2	244.3
I. Owner's equity	602.9	584.4	364.2	244.3
1. Owner's capital	584.0	471.0	366.0	311.0
- Common stock with voting right	583,997,560,000.00	471,000,000,000.00	366,000,000,000.00	311,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	46.5	159.6	54.8	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	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	—	0.0	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	-27.6	-46.2	-56.6	-66.7
- Accumulated retained earning at the end of the previous period	-46.2	-56.6	-66.7	-87.1
- Undistributed earnings in this period	18.5	10.4	10.1	20.4
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)	779.0	731.0	635.0	595.5

Item	2025	2024	2023	2022
Profit Before Tax	19.2	11.9	11.4	21.0
Depreciation of Fixed Assets and Investment Property	30.6	27.0	26.8	26.3
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	7.7	17.7	27.2	27.8
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	57.4	56.5	65.3	75.1
Increase/(Decrease) in Receivables	0.7	3.1	-4.2	-10.8
Increase/(Decrease) in Inventory	-2.1	-0.6	-0.1	-1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.2	17.0	-2.5	3.2
Increase/(Decrease) in Prepaid Expenses	-24.5	-3.4	2.8	-30.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-7.6	-23.2	-26.2	-48.2
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	22.7	49.4	35.1	-12.6
Payments for Fixed Assets and Other Long-term Assets	-64.9	-122.9	-66.6	-2.9
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	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	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	-64.9	-122.9	-66.6	-2.9
Proceeds from Equity Issuance and Capital Contributions	-77,000,000.00	209,813,400,000.00	109,780,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	97.1	316.9	171.6	101.2
Repayment of Borrowings	-68.2	-434.0	-250.1	-85.9
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	28.8	92.7	31.3	15.2
Net Cash Flow During the Period	-13.4	19.2	-0.2	-0.3
Cash and Cash Equivalents at Beginning of Period	20.4	1.2	1.5	1.7
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.0	20.4	1.2	1.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	25.3	11.6	79.2	76.4	19.5	12.5	68.4	68.6	19.6	10.8	77.6	66.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	25.3	11.6	79.2	76.4	19.5	12.5	68.4	68.6	19.6	10.8	77.6	66.5
Cost of Goods Sold	32.7	29.2	39.0	36.3	26.5	24.9	32.7	31.6	22.9	23.7	31.7	27.8
Gross Profit	-7.4	-17.6	40.2	40.1	-7.0	-12.3	35.6	37.0	-3.3	-13.0	45.8	38.7
Financial Income	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	3.0	2.0	1.7	2.0	1.9	1.8	5.3	5.8	5.0	4.9	5.3	7.7
Interest Expense	3.0	2.0	1.7	2.0	1.9	1.6	5.3	5.8	5.0	4.9	5.3	7.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.6	4.8	4.4	3.9	2.0	3.1	4.7	4.2	1.9	4.6	5.0	5.5
General and Administrative Expenses	3.3	5.2	3.0	1.3	4.5	3.6	2.9	2.9	2.5	3.7	2.6	2.8
Operating Profit	-16.2	-29.6	31.2	32.8	-15.4	-20.9	22.8	24.1	-12.7	-26.1	32.9	22.8
Other Income	0.2	1.0	0.4	0.2	0.2	0.3	0.4	0.3	0.2	1.1	0.1	0.1
Other Expenses	0.2	0.4	0.8	0.2	0.1	0.1	0.4	0.2	0.7	1.0	0.2	0.1
Other Profit	-0.1	0.6	-0.4	-0.0	0.1	0.2	-0.0	0.1	-0.5	0.2	-0.1	-0.1
Profit Before Tax	-16.3	-29.0	30.8	32.8	-15.4	-20.7	22.8	24.1	-13.2	-26.0	32.7	22.7
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	-0.1	-0.4	0.1	0.4	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.3
Net Income	-16.1	-28.6	30.7	32.4	-15.9	-21.1	22.3	23.7	-13.6	-26.3	32.4	22.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-16.1	-28.6	30.7	32.4	-15.9	-21.1	22.3	23.7	-13.6	-26.3	32.4	22.4
Earnings per Share	-276.00	-569.00	609.00	688.00	-338.00	-575.00	608.00	647.00	-370.00	-755.00	928.00	643.00
Diluted EPS	-276.00	-569.00	609.00	688.00	-338.00	310.00	608.00	647.00	-370.00	-755.00	928.00	643.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	47.4	31.6	28.5	36.9	39.2	43.5	43.7	20.4	16.1	19.5	21.2	52.5
I. Cash and cash equivalents	0.4	7.0	10.8	18.1	2.5	20.4	1.4	2.5	1.1	1.2	1.0	7.6
1. Cash	0.4	7.0	10.8	18.1	2.5	20.4	1.4	2.5	1.1	1.2	1.0	7.6
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	19.9	—	—	—	—	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
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
3. Held to maturity investments	19.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	17.6	16.2	11.5	12.5	31.1	16.8	37.0	12.3	10.5	15.0	16.2	39.4
1. Short-term trade accounts receivable	0.2	0.2	0.2	0.6	0.1	0.1	0.1	2.5	0.5	1.0	0.1	0.3
2. Short-term prepayments to suppliers	8.7	8.7	2.0	6.1	24.7	9.9	29.5	2.9	3.1	8.5	11.1	34.3
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	8.8	7.4	9.3	5.8	6.2	6.7	7.3	6.9	7.0	5.5	5.1	4.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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
IV. Inventories	6.3	5.4	5.3	4.6	3.3	3.3	3.4	3.3	2.6	2.7	3.7	3.2
1. Inventories	6.3	5.4	5.3	4.6	3.3	3.3	3.4	3.3	2.6	2.7	3.7	3.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.1	3.0	0.9	1.7	2.4	3.0	1.9	2.2	1.9	0.5	0.3	2.3
1. Short-term prepayments	1.3	0.8	0.9	1.7	1.0	0.9	1.9	2.2	0.3	0.2	0.3	2.3
2. Value added tax to be reclaimed	1.7	2.0	—	—	1.3	2.0	0.0	0.0	1.5	0.2	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	745.7	747.3	737.0	707.6	685.2	687.3	664.4	663.1	638.1	615.6	617.1	581.9
I. Long-term receivables	—	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	—	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
II. Fixed assets	517.1	525.1	500.4	507.8	510.6	518.1	429.0	430.1	435.5	442.2	448.4	455.1
1. Tangible fixed assets	493.1	500.9	500.2	507.6	510.3	517.8	428.7	429.8	435.2	441.9	448.1	454.7
- Cost	725.2	—	—	—	—	711.7	615.7	610.1	608.8	608.8	608.3	608.3
- Accumulated depreciation	-232.1	—	—	—	—	-193.9	-187.0	-180.3	-173.6	-167.0	-160.2	-153.5
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	24.0	24.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4
- Cost	24.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	145.4	131.0	175.7	137.1	111.8	102.7	178.8	173.0	154.3	122.3	114.3	70.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	145.4	131.0	175.7	137.1	111.8	102.7	178.8	173.0	154.3	122.3	114.3	70.4
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	83.2	91.3	60.9	62.7	62.9	66.5	56.6	59.9	48.3	51.1	54.3	56.4
1. Long-term prepayments	83.0	91.0	60.9	62.7	62.6	66.5	56.6	59.9	48.3	51.1	54.3	56.4
2. Deferred income tax assets	0.3	0.3	—	—	0.2	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	793.2	779.0	765.5	744.5	724.4	730.8	708.1	683.5	654.2	635.0	638.3	634.4
A. LIABILITIES (300=210+330)	206.4	176.1	133.9	143.6	155.9	145.4	101.7	309.2	303.6	270.9	247.8	276.3
I. Short -term liabilities	65.0	58.7	43.0	51.0	56.3	43.6	30.4	95.4	77.0	74.1	74.3	59.7
1. Short-term trade accounts payable	18.6	12.0	21.2	19.5	14.4	12.5	18.7	37.0	24.7	17.0	20.6	19.9
2. Short-term advances from customers	0.9	0.9	0.9	1.7	1.0	1.1	1.3	1.3	0.6	0.5	0.6	1.7
3. Taxes and other payables to state authorities	0.3	0.1	1.2	1.6	0.3	0.1	4.6	0.5	0.3	0.5	5.0	3.1
4. Payable to employees	3.2	4.1	3.0	4.3	3.1	3.7	2.9	4.1	2.9	4.0	3.0	3.5
5. Short-term acrrued expenses	1.1	0.8	1.0	1.0	1.0	1.1	1.8	9.3	8.9	6.6	4.3	5.1
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	1.3	1.3	—	—	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.4	1.3	1.4	2.0	1.1	1.1	1.2	1.0	0.9	1.0	1.6	1.0
10. Short-term borrowings and financial leases	38.2	38.2	14.4	20.9	34.3	24.1	0.0	42.2	38.7	44.6	39.2	25.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	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
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	141.4	117.3	90.8	92.6	99.6	101.8	71.2	213.7	226.6	196.8	173.5	216.5
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	137.5	113.2	86.6	88.5	95.7	98.4	68.2	211.1	224.5	195.0	172.0	215.4
9. Convertible bonds	—	—	—	—	—	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
11. Deferred income tax liabilities	4.0	4.1	4.3	4.2	4.0	3.5	3.0	2.6	2.2	1.8	1.5	1.1
12. Provision for long-term liabilities	—	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	586.8	602.9	631.6	600.9	568.5	585.4	606.5	374.3	350.6	364.2	390.5	358.1
I. Owner's equity	586.8	602.9	631.6	600.9	568.5	585.4	606.5	374.3	350.6	364.2	390.5	358.1
1. Owner's capital	584.0	584.0	584.0	471.0	471.0	471.0	471.0	366.0	366.0	366.0	366.0	366.0
- Common stock with voting right	583,997,560,000.00	583,997,560,000.00	583,997,560,000.00	471,000,000,000.00	471,000,000,000.00	471,000,000,000.00	471,000,000,000.00	366,000,000,000.00	366,000,000,000.00	366,000,000,000.00	366,000,000,000.00	366,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	46.5	46.5	46.6	159.6	159.6	159.6	159.6	54.8	54.8	54.8	54.8	54.8
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	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
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-43.7	-27.6	1.0	-29.7	-62.1	-45.2	-24.1	-46.5	-70.2	-56.6	-30.3	-62.6
- Accumulated retained earning at the end of the previous period	-27.6	1.0	-29.7	-62.1	-46.2	-24.1	-46.5	-70.2	-56.6	-30.3	-62.6	-85.1
- Undistributed earnings in this period	-16.1	-28.6	30.7	32.4	-15.9	-21.1	22.3	23.7	-13.6	-26.3	32.4	22.4
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	793.2	779.0	765.5	744.5	724.4	730.8	708.1	683.5	654.2	635.0	638.3	634.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-16.3	-29.0	30.8	32.8	-15.4	-20.7	22.8	24.1	-13.2	-21.4	28.1	22.7
Depreciation of Fixed Assets and Investment Property	8.0	7.8	7.7	7.5	7.5	6.9	6.7	6.7	6.7	6.7	6.7	6.7
Provision (Increase)/Reversal	—	—	—	—	—	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
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	3.0	2.0	1.7	2.0	1.9	1.6	5.3	5.8	5.0	4.9	5.3	7.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	-5.4	-19.2	40.2	42.4	-5.9	-12.1	34.8	36.7	-1.6	-9.7	40.2	37.0
Increase/(Decrease) in Receivables	-1.5	-3.6	2.7	0.3	1.3	18.2	-24.3	-0.7	-3.1	18.6	-1.0	-3.0
Increase/(Decrease) in Inventory	-1.0	-0.1	-0.7	-1.3	0.1	0.1	-0.1	-0.7	0.1	1.6	-1.1	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.3	-8.7	-1.4	7.7	1.2	-10.2	1.7	-2.4	8.0	-5.2	0.5	15.5
Increase/(Decrease) in Prepaid Expenses	3.2	-24.3	2.4	-6.4	3.8	-10.4	0.2	-14.8	8.9	-8.6	3.8	7.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.4	-1.9	-1.8	-2.0	-2.0	-2.3	-12.8	-5.4	-2.6	-2.5	-6.2	-11.3
Corporate Income Tax Paid	—	—	—	—	—	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
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-4.7	-57.8	41.4	40.7	-1.6	-16.8	-0.6	12.7	9.6	-5.9	36.2	45.0
Payments for Fixed Assets and Other Long-term Assets	-6.4	3.7	-40.4	-4.4	-23.8	-18.4	-25.2	-1.5	-33.4	-22.2	-13.2	-36.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-19.9	—	—	—	—	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
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	0.1	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
Acquisition of Non-controlling Interests	—	—	—	—	—	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
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-26.2	3.7	-40.4	-4.4	-23.8	-18.4	-25.2	-1.5	-33.4	-22.2	-13.2	-36.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	209,813,400,000.00	0.00	0.00	0.00	0.00	109,780,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	38.3	58.1	2.9	10.0	26.1	125.1	122.8	29.2	39.8	43.0	46.7	15.4
Repayment of Borrowings	-14.1	-7.8	-11.2	-30.6	-18.6	-70.9	-308.0	-39.0	-16.2	-14.7	-76.4	-129.3
Repayment of Finance Leases	—	—	—	—	—	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
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	24.3	50.3	-8.3	-20.6	7.5	54.3	24.6	-9.8	23.6	28.3	-29.6	-4.1
Net Cash Flow During the Period	-6.6	-3.8	-7.3	15.6	-18.0	19.0	-1.2	1.4	-0.1	0.3	-6.6	4.1
Cash and Cash Equivalents at Beginning of Period	7.0	10.8	18.1	2.5	20.4	1.2	1.2	1.2	1.2	1.5	1.5	1.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	7.0	10.8	18.1	2.5	20.4	1.4	2.5	1.1	1.2	1.0	7.6

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DSD

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▼

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow