DVM

Dược liệu Việt Nam ·HNX ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 2.66%, −1.54pp YoY

Price

7,000

Latest close

03 Jun 2026

P/E 9.31x

P/B 0.42x

EPS 752

BVPS 16,495

ROE 4.3%

ROA 2.1%

Profit Margin 2.8%

Asset Turnover 0.75x

Equity Mult. 2.08x

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

What Is Changing

On a TTM 2026Q1 basis, DVM is losing revenue quickly, though margins have not been hit proportionally yet — profit is at an all-time high. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,180bn
	                                
−21.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 33bn
	                                
−38.8%YoY

Metric	2025	2024	2023	2022
Revenue	1,450.9	1,580.0	1,481.7	1,179.0
Growth	-8%	+7%	+26%	—
Net Income	40.0	47.9	43.2	54.4
Net Margin	2.75%	3.03%	2.91%	4.62%

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	49.0	423.0	330.1	378.0	319.8	406.9	456.7	322.5	393.8	528.7	341.7	364.9
Growth	-88%	+28%	-13%	+18%	-21%	-11%	+42%	-18%	-26%	+55%	-6%	—
Net Income	0.2	10.0	8.1	14.8	12.3	12.0	18.2	11.6	8.3	5.9	11.2	17.4
Net Margin	0.38%	2.37%	2.45%	3.92%	3.85%	2.94%	3.98%	3.61%	2.10%	1.11%	3.28%	4.76%

Drivers of DVM's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 11.6bn

Selling expenses ↓ 5.2bn

Tax ↓ 2.2bn

Gross profit ↓ 38.9bn

Financial income ↓ 3.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 8.3bn

Administrative expenses ↓ 7.9bn

Tax ↓ 1.6bn

Selling expenses ↓ 1.6bn

Gross profit ↓ 32.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.5% = 3.6% × 0.94 × 2.22

2026Q1 4.3% = 2.8% × 0.75 × 2.08

ROE fell from 7.5% to 4.3% — all three components weakened, with asset turnover being the main drag.

Net margin: 2.8% -0.8pp Asset turnover: 0.75x -0.19x Leverage: 2.08x -0.14x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.80%, falling 0.8pp. The main pressure comes from Gross margin fell 0.6pp and SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 2.80% −0.8pp

Gross Margin 9.13% −0.6pp

SG&A / Revenue 2.89% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 2.66%, losing 1.5pp. That translates to 2.66 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.9pp and capital turnover fell 0.19x, with invested capital easing slightly by 66bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Watchpoints

ROIC remains low

ROIC is currently 2.66% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.66% −1.5pp

NOPAT Margin 2.93% −0.9pp

Capital Turnover 0.91x −0.19x

Average Invested Capital 1,300.6bn −66.2bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.13x equity, net debt at 0.60x equity.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.3 days versus the same period last year. The main moves came from DIO fell 6.3 days, DSO rose 29.9 days, and DPO rose 28.9 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 133.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +29.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 128.3 days +29.9 days

Inventory 61.3 days −6.3 days

Payables 55.6 days +28.9 days

Cash Conversion Cycle 133.9 days −5.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.60x and interest coverage only at 1.20x.

At present, short-term debt accounts for 97.2% of total debt, cash equals 0.8% of debt, and total debt stands at 467.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.20x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 97.2% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.60x −0.22x

Interest Coverage 1.20x −0.25x

Cash / Debt 0.8% −6.4pp

Short-term Debt / Total Debt 97.2% +1.1pp

CFO / NI 31.01x +29.81x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,124.0bn in 2025, against investing cash flow of 80.2bn.

Post-investment cash flow was positive +1,204.1bn. Financing cash flow was negative +1,176.2bn.

CFO / net income was 31.01x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 1,026.5bn +961.6bn

Cash Capex — —

FCF TTM — —

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 earnings conversion is confirmed, with CFO/NI at 31.01x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 2.7%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 31.01x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,452.8	1,580.0	1,482.3	1,180.1
Revenue Deductions	1.9	0.0	0.6	1.1
Net Revenue	1,450.9	1,580.0	1,481.7	1,179.0
Cost of Goods Sold	1,311.0	1,439.4	1,323.5	1,013.8
Gross Profit	139.9	140.6	158.2	165.2
Financial Income	1.6	4.6	6.1	3.0
Financial Expenses	42.4	47.7	58.9	44.1
Interest Expense	42.4	47.7	58.6	42.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	6.9	11.3	25.7	31.9
General and Administrative Expenses	41.9	28.4	30.8	28.7
Operating Profit	50.1	57.8	49.0	63.4
Other Income	0.1	0.8	0.7	0.6
Other Expenses	3.3	3.2	0.2	0.2
Other Profit	-3.1	-2.4	0.5	0.3
Profit Before Tax	47.0	55.4	49.5	63.7
Current Income Tax Expense	7.1	7.5	6.3	9.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	40.0	47.9	43.2	54.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	40.0	47.9	43.2	54.4
Earnings per Share	921.00	1,119.00	1,211.00	1,648.00
Diluted EPS	921.00	1,119.00	1,211.00	1,648.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	852.5	940.9	823.1	832.0
I. Cash and cash equivalents	113.6	85.7	104.8	127.6
1. Cash	1.5	50.0	48.5	56.4
2. Cash equivalents	112.1	35.7	56.4	71.2
II. Short-term financial investments	40.7	118.9	94.8	29.7
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	40.7	118.9	94.8	29.7
III. Short-term receivables	586.8	497.6	390.4	381.3
1. Short-term trade accounts receivable	460.1	434.6	318.9	288.3
2. Short-term prepayments to suppliers	102.9	57.0	71.4	69.6
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	40.7	8.6	2.9	23.4
7. Provision for short-term doubtful debts (*)	-16.9	-2.7	-2.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	110.7	238.3	231.0	289.5
1. Inventories	110.7	238.3	231.0	289.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.8	0.4	2.1	3.9
1. Short-term prepayments	0.8	0.4	0.4	0.8
2. Value added tax to be reclaimed	—	0.0	0.0	2.6
3. Taxes and other receivables from state authorities	—	0.0	1.7	0.5
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)	796.7	693.7	709.8	527.3
I. Long-term receivables	222.9	93.6	85.6	3.5
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	222.9	93.6	85.6	3.5
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	344.8	369.9	337.0	318.1
1. Tangible fixed assets	123.0	137.8	153.1	159.4
- Cost	211.0	211.0	209.3	196.5
- Accumulated depreciation	-87.9	-73.2	-56.2	-37.1
2. Financial leased fixed assets	16.1	25.2	26.1	16.6
- Cost	42.3	42.3	35.2	20.5
- Accumulated depreciation	-26.2	-17.2	-9.1	-3.9
3. Intangible fixed assets	205.7	207.0	157.9	142.1
- Cost	210.3	210.3	159.8	142.8
- Accumulated depreciation	-4.6	-3.3	-2.0	-0.7
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	207.7	207.7	264.6	202.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	207.7	207.7	264.6	202.3
V. Long-term financial investments	20.0	20.0	20.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	20.0	20.0	20.0	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	1.2	2.5	2.6	3.5
1. Long-term prepayments	1.2	2.5	2.6	3.5
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)	1,649.2	1,634.6	1,532.9	1,359.3
A. LIABILITIES (300=210+330)	873.2	898.0	844.2	711.0
I. Short -term liabilities	858.2	869.8	799.1	654.1
1. Short-term trade accounts payable	222.5	92.6	94.2	55.1
2. Short-term advances from customers	0.4	0.1	0.5	2.7
3. Taxes and other payables to state authorities	16.7	5.7	10.9	8.9
4. Payable to employees	4.8	3.0	2.1	4.1
5. Short-term acrrued expenses	0.5	1.0	1.4	2.6
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	0.9	2.8	4.8	6.6
9. Other short-term payables	70.2	20.1	0.5	0.1
10. Short-term borrowings and financial leases	540.4	740.7	679.5	571.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	3.9	5.4	2.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	15.0	28.2	45.1	57.0
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	1.7	2.3	2.6	2.0
8. Long-term borrowings and financial leases	13.2	25.9	42.5	55.0
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)	776.0	736.5	688.7	648.2
I. Owner's equity	776.0	736.5	688.7	648.2
1. Owner's capital	470.6	427.8	356.5	356.5
- Common stock with voting right	470,577,870,000.00	427,799,160,000.00	356,500,000,000.00	356,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	159.2	159.2	159.2	159.2
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	47.1	44.7	12.6	7.2
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	99.2	104.9	160.4	125.4
- Accumulated retained earning at the end of the previous period	59.2	57.0	117.2	70.9
- Undistributed earnings in this period	40.0	47.9	43.2	54.4
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)	1,649.2	1,634.6	1,532.9	1,359.3

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
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
Interest Expense	—	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	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	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	-5.1	-0.8	-16.9	-2.7
Other Operating Receipts	160.8	27.9	4.6	3.6
Other Operating Payments	-285.3	-62.7	-90.2	-18.1
Net Cash Flow from Operating Activities	1,124.0	-70.0	64.2	66.3
Payments for Fixed Assets and Other Long-term Assets	-0.3	-14.0	-103.1	-259.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.5
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	-20.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	2.3	2.6	5.0	2.6
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	80.2	7.3	-182.9	-286.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	155,700,000,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	10.0	1,261.0	1,238.8	1,035.7
Repayment of Borrowings	-1,181.3	-1,203.8	-1,120.9	-916.5
Repayment of Finance Leases	-5.0	-13.5	-21.9	-17.1
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	-1,176.2	43.6	96.0	257.8
Net Cash Flow During the Period	27.9	-19.1	-22.8	37.7
Cash and Cash Equivalents at Beginning of Period	85.7	104.8	127.6	89.9
FX Difference from Revaluation	—	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	113.6	85.7	104.8	127.6

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	49.1	424.7	330.3	378.0	319.8	406.9	456.7	322.5	393.8	528.8	341.8	365.3
Revenue Deductions	0.0	1.7	0.1	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.4
Net Revenue	49.0	423.0	330.1	378.0	319.8	406.9	456.7	322.5	393.8	528.7	341.7	364.9
Cost of Goods Sold	46.2	389.6	299.4	337.1	284.9	368.0	415.2	291.2	364.6	499.5	296.5	317.9
Gross Profit	2.8	33.3	30.8	40.9	34.9	38.9	41.5	31.3	29.2	29.2	45.2	47.0
Financial Income	0.0	0.1	0.2	0.7	0.8	0.9	1.2	1.2	1.3	1.4	1.6	1.7
Financial Expenses	2.3	10.8	9.6	11.3	10.6	12.8	11.3	11.0	11.8	13.6	13.8	17.2
Interest Expense	2.3	10.8	9.6	11.3	10.6	12.8	11.3	11.0	11.8	13.6	13.8	17.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.9	1.3	1.3	1.8	2.5	2.6	2.3	3.1	3.3	4.0	13.2	4.1
General and Administrative Expenses	-0.8	9.0	9.3	11.2	7.1	8.5	7.3	5.7	5.9	6.3	7.4	7.4
Operating Profit	0.5	12.2	10.7	17.4	15.6	15.9	21.8	12.8	9.5	6.7	12.5	20.1
Other Income	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.5	0.1	0.0	-0.0	0.1
Other Expenses	0.2	0.0	1.0	0.6	1.6	2.6	0.2	0.2	0.0	0.0	0.0	0.1
Other Profit	-0.2	-0.0	-1.0	-0.6	-1.5	-2.5	-0.1	0.3	0.1	0.0	-0.1	-0.0
Profit Before Tax	0.3	12.2	9.7	16.8	14.0	13.4	21.7	13.1	9.6	6.7	12.4	20.1
Current Income Tax Expense	0.1	2.2	1.7	2.0	1.7	1.4	3.5	1.5	1.3	0.9	1.2	2.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	10.0	8.1	14.8	12.3	12.0	18.2	11.6	8.3	5.9	11.2	17.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	10.0	8.1	14.8	12.3	12.0	18.2	11.6	8.3	5.9	11.2	17.4
Earnings per Share	4.00	213.00	189.00	346.00	287.00	280.00	425.00	326.00	232.00	164.63	315.00	487.00
Diluted EPS	4.00	213.00	189.00	346.00	287.00	1,162.00	425.00	326.00	232.00	164.63	315.00	487.00

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)	789.2	851.7	926.0	955.1	899.3	943.6	1,005.5	880.4	920.1	824.9	964.7	913.2
I. Cash and cash equivalents	3.7	1.5	42.2	124.2	47.7	85.7	69.5	70.3	81.0	104.8	72.4	87.6
1. Cash	3.7	1.5	6.0	88.3	11.9	50.0	12.1	13.1	24.3	48.5	17.2	27.4
2. Cash equivalents	—	—	36.2	35.8	35.8	35.7	57.4	57.2	56.7	56.4	55.2	60.2
II. Short-term financial investments	5.1	152.8	52.7	98.6	123.6	118.9	96.5	136.2	121.8	94.8	92.5	57.5
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	5.1	152.8	52.7	98.6	123.6	118.9	96.5	136.2	121.8	94.8	92.5	57.5
III. Short-term receivables	683.8	586.8	585.3	490.0	462.9	498.3	523.1	446.9	477.0	393.2	390.1	384.6
1. Short-term trade accounts receivable	418.9	460.1	488.0	441.5	410.7	434.6	448.8	371.3	401.3	318.9	317.0	315.7
2. Short-term prepayments to suppliers	102.9	102.9	52.9	53.2	53.0	57.0	54.5	56.4	75.7	71.4	68.2	65.5
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	170.5	40.7	58.6	2.0	1.9	8.6	22.0	21.8	2.8	2.9	5.0	3.4
7. Provision for short-term doubtful debts (*)	-8.6	-16.9	-14.2	-6.6	-2.7	-2.0	-2.2	-2.6	-2.8	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	96.2	110.7	245.6	241.0	263.8	238.9	309.0	224.6	239.7	230.4	408.9	381.0
1. Inventories	96.2	110.7	245.6	241.0	263.8	238.9	309.0	224.6	239.7	230.4	408.9	381.0
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	0.6	0.0	0.2	1.3	1.4	1.8	7.4	2.4	0.7	1.7	0.8	2.5
1. Short-term prepayments	0.6	0.0	0.2	1.3	1.4	1.8	1.9	2.4	0.3	0.4	0.6	1.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	5.5	0.0	0.0	0.0	0.0	1.3
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.4	1.2	0.2	0.3
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)	792.0	797.4	674.5	679.5	686.1	693.3	691.8	697.1	703.5	710.5	533.4	538.2
I. Long-term receivables	222.9	222.9	93.6	93.6	93.6	93.6	84.7	85.6	85.6	85.6	4.2	4.2
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	222.9	222.9	93.6	93.6	93.6	93.6	84.7	85.6	85.6	85.6	4.2	4.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	340.3	344.8	351.1	357.6	363.9	369.9	367.9	324.1	330.5	337.1	338.8	328.5
1. Tangible fixed assets	119.6	123.0	126.6	130.5	134.3	137.8	140.3	144.7	148.9	153.2	152.6	157.1
- Cost	211.0	—	—	—	—	211.0	209.4	209.3	209.3	209.4	204.5	205.1
- Accumulated depreciation	-91.4	—	—	—	—	-73.2	-69.1	-64.6	-60.4	-56.2	-51.9	-48.0
2. Financial leased fixed assets	15.3	16.2	18.5	20.7	22.9	25.2	20.3	22.2	24.2	26.1	28.1	30.0
- Cost	42.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-27.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	205.4	205.7	206.0	206.3	206.7	207.0	207.3	157.2	157.5	157.9	158.2	141.4
- Cost	210.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.9	—	—	—	—	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	208.8	207.7	207.7	207.7	207.7	208.7	217.8	265.6	265.2	264.6	186.9	202.3
1. Long-term production in progress	1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	207.7	207.7	207.7	207.7	207.7	208.7	217.8	265.6	265.2	264.6	186.9	202.3
V. Long-term financial investments	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	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	—	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	0.0	0.0	0.0
3. Investments in other entities	20.0	—	—	—	—	0.0	0.0	0.0	0.0	20.0	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	—	1.9	2.2	0.6	0.8	1.1	1.5	1.9	2.3	3.2	3.4	3.1
1. Long-term prepayments	—	1.9	2.2	0.6	0.8	1.1	1.5	1.9	2.3	3.2	3.4	3.1
2. Deferred income tax assets	—	—	—	—	—	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)	1,581.3	1,649.2	1,600.5	1,634.6	1,585.3	1,636.9	1,697.3	1,577.6	1,623.7	1,535.4	1,498.1	1,451.4
A. LIABILITIES (300=210+330)	805.1	873.2	834.5	871.5	836.5	898.6	970.8	869.2	927.0	843.9	812.4	776.8
I. Short -term liabilities	790.4	857.8	817.9	851.8	808.4	870.3	937.0	835.7	882.1	798.8	762.2	708.8
1. Short-term trade accounts payable	243.2	222.5	146.3	106.5	83.8	92.6	175.5	107.7	115.7	94.0	101.2	81.9
2. Short-term advances from customers	0.5	0.4	0.5	0.2	0.2	0.4	0.1	0.1	34.8	0.5	1.1	0.1
3. Taxes and other payables to state authorities	16.7	16.7	7.6	12.0	8.2	5.9	4.2	3.0	2.0	10.9	7.5	4.7
4. Payable to employees	3.7	4.8	4.1	2.6	5.1	3.0	2.5	4.6	5.0	2.1	8.0	2.3
5. Short-term acrrued expenses	—	0.5	0.6	0.9	1.1	1.0	1.0	0.0	1.2	1.4	0.0	2.8
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	0.5	0.9	1.4	1.9	2.3	2.8	3.3	3.7	4.2	4.8	5.2	5.6
9. Other short-term payables	70.5	70.2	70.6	71.0	71.2	20.2	0.2	0.6	0.9	0.3	0.3	0.1
10. Short-term borrowings and financial leases	454.0	540.0	585.2	654.0	634.4	740.7	746.4	712.2	714.1	679.5	633.4	605.6
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	1.3	1.6	1.5	2.9	2.2	3.8	3.8	3.8	4.2	5.4	5.4	5.5
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	14.7	15.4	16.6	19.7	28.1	28.2	33.8	33.6	44.9	45.1	50.2	68.0
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	1.4	1.7	1.7	2.0	2.3	2.3	2.4	2.4	2.6	2.6	2.6	2.6
8. Long-term borrowings and financial leases	13.2	13.7	14.9	17.7	25.8	25.9	31.5	31.1	42.4	42.5	47.6	65.4
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	—	—	—	—	—	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
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)	776.2	776.0	766.0	763.1	748.8	738.3	726.4	708.3	696.7	691.5	685.7	674.6
I. Owner's equity	776.2	776.0	766.0	763.1	748.8	738.3	726.4	708.3	696.7	691.5	685.7	674.6
1. Owner's capital	470.6	470.6	427.8	427.8	427.8	427.8	427.8	356.5	356.5	356.5	356.5	356.5
- Common stock with voting right	470,577,870,000.00	470,577,870,000.00	427,799,160,000.00	427,799,160,000.00	427,799,160,000.00	427,799,160,000.00	427,799,160,000.00	356,500,000,000.00	356,500,000,000.00	356,500,000,000.00	356,500,000,000.00	356,500,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	159.2	159.2	159.2	159.2	159.2	159.2	159.2	159.2	159.2	159.2	159.2	159.2
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	47.1	47.1	47.4	47.4	44.7	44.7	44.7	44.7	12.6	12.6	12.6	12.6
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	99.4	99.2	131.6	128.8	117.2	106.6	94.8	147.9	168.4	163.2	157.3	146.3
- Accumulated retained earning at the end of the previous period	99.2	59.2	101.7	101.7	104.9	57.0	57.0	128.0	160.1	117.2	117.2	117.2
- Undistributed earnings in this period	0.2	40.0	29.9	27.1	12.3	49.6	37.8	19.9	8.3	46.0	40.1	29.1
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)	1,581.3	1,649.2	1,600.5	1,634.6	1,585.3	1,636.9	1,697.3	1,577.6	1,623.7	1,535.4	1,498.1	1,451.4

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	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
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-5.1	—	—	0.0	-0.5	-0.3	0.0	-8.0	0.0	-3.9
Other Operating Receipts	78.2	—	—	—	—	17.2	1.8	1.8	0.6	2.9	0.0	1.1
Other Operating Payments	-179.1	-232.5	-26.0	0.3	-27.1	-9.8	55.5	-85.2	-9.7	-84.2	-2.4	-3.2
Net Cash Flow from Operating Activities	-23.6	1,011.7	0.4	37.9	73.9	37.9	17.7	-64.8	-26.4	106.4	10.9	-34.4
Payments for Fixed Assets and Other Long-term Assets	—	-0.3	0.0	0.0	-0.0	-0.5	-0.8	0.6	-0.6	-78.3	-1.4	-4.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	-20.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	27.0	-27.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.6	-0.4	0.9	0.2	0.7	-0.3	1.4	0.9	3.3	0.0	1.4
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	0.0	13.2	45.5	56.9	-35.5	0.3	-43.9	70.4	-26.7	-97.3	-36.2	-10.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	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
Proceeds from Borrowings	5.1	-794.7	183.2	306.2	315.3	195.7	426.4	250.7	346.2	322.9	305.5	314.7
Repayment of Borrowings	-90.7	-193.2	-274.2	-287.5	-426.4	-214.4	-403.7	-257.8	-313.2	-281.4	-291.7	-289.1
Repayment of Finance Leases	-0.8	-1.2	-1.2	-1.2	-1.2	-3.3	2.6	-9.2	-3.7	-18.2	-3.8	3.4
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	-86.4	-989.2	-92.2	17.5	-112.3	-22.0	25.3	-16.2	29.3	23.3	10.0	29.0
Net Cash Flow During the Period	-109.9	35.7	-46.3	112.3	-73.8	16.2	-0.8	-10.7	-23.9	32.5	-15.2	-15.9
Cash and Cash Equivalents at Beginning of Period	113.6	42.2	124.2	11.9	85.7	104.8	104.8	104.8	104.8	127.6	127.6	127.6
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	3.7	113.6	42.2	124.2	11.9	85.7	69.5	70.3	81.0	104.8	72.4	87.6

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DVM

What Is Changing

Drivers of DVM's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ▼

Balance Sheet ●

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow