PDC

Du lịch Dầu khí Phương Đông ·UPCOM ·2026Q1

▼ Slightly negative

Capital structure should be read with cycle risk in mind Debt/equity −0.01x

Price

5,400

Latest close

01 Jun 2026

P/E 15.89x

P/B 0.56x

EPS 340

BVPS 9,699

ROE 3.5%

ROA 2.1%

Profit Margin 11.6%

Asset Turnover 0.18x

Equity Mult. 1.69x

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

What Is Changing

On a TTM 2026Q1 basis, PDC is in an offsetting state — revenue softened slightly but margins improved. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 44bn
	                                
−1.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
+4.3%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.27x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	44.4	47.3	48.6	49.5	21.2
Growth	-6%	-3%	-2%	+134%	—
Net Income	2.0	4.0	6.8	4.9	-11.4
Net Margin	4.47%	8.48%	13.98%	9.80%	-53.96%

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	11.0	12.8	8.7	11.3	11.6	10.8	10.8	11.4	14.0	11.5	12.5	11.8
Growth	-14%	+48%	-23%	-2%	+8%	-0%	-6%	-19%	+22%	-8%	+6%	—
Net Income	1.0	0.8	2.3	0.9	1.9	-1.3	2.2	2.1	2.8	0.6	3.0	2.6
Net Margin	9.40%	6.47%	26.49%	8.22%	16.30%	-12.09%	20.34%	18.41%	20.08%	5.23%	24.00%	22.35%

Drivers of PDC's profit

TTM

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

Administrative expenses ↓ 1.0bn

Selling expenses ↓ 0.1bn

Gross profit ↓ 0.1bn

Other profit ↓ 0.0bn

TTM

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

Administrative expenses ↑ 0.5bn

Gross profit ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.4% = 11.0% × 0.17 × 1.82

2026Q1 3.5% = 11.6% × 0.18 × 1.69

ROE is broadly flat at 3.5% — the components are offsetting one another.

Net margin: 11.6% +0.7pp Asset turnover: 0.18x +0.01x Leverage: 1.69x -0.13x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 11.62%, rising 0.7pp. The main driver is SG&A / Revenue fell 2.2pp and Gross margin rose 0.5pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 0.1pp and Net financial result / Revenue fell 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 11.62% +0.7pp

Gross Margin 39.99% +0.5pp

SG&A / Revenue 26.47% −2.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.67x equity, with a net cash position equivalent to 0.01x equity.

Over the last 12 months, working capital absorbed 18.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −5.3bn

Inventories decreased → higher CFO: +0.0bn

Payables decreased → lower CFO: −13.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 236.9 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 31.3 days, and DPO fell 205.5 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +236.9 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +31.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 944.0 days +31.3 days

Inventory 1.2 days +0.1 days

Payables 1340.5 days −205.5 days

Cash Conversion Cycle -395.2 days +236.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 1.1bn.

Leverage & Liquidity

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

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.01x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.27x +0.86x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.1bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +1.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.27x.

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 1.4bn +4.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.01x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	44.4	47.3	48.6	49.5	21.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	44.4	47.3	48.6	49.5	21.2
Cost of Goods Sold	28.7	30.6	28.7	34.3	0.0
Gross Profit	15.8	16.7	19.9	15.2	-4.1
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.6	0.4	1.1	2.4	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.5	0.7	0.6	0.4	-0.4
General and Administrative Expenses	10.3	12.0	10.5	8.4	-6.1
Operating Profit	4.4	3.7	7.8	4.0	-10.6
Other Income	0.9	0.8	0.8	1.3	0.0
Other Expenses	2.4	0.6	1.4	0.5	0.0
Other Profit	-1.6	0.3	-0.6	0.9	-0.8
Profit Before Tax	2.8	4.0	7.2	4.9	-11.4
Current Income Tax Expense	0.8	0.0	0.4	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	2.0	4.0	6.8	4.9	-11.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.0	4.0	6.8	4.9	-11.4
Earnings per Share	132.00	267.00	453.00	324.00	-760.86
Diluted EPS	132.00	267.00	453.00	324.00	-760.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	103.6	103.2	103.3	100.8	98.6
I. Cash and cash equivalents	4.3	3.2	5.5	3.1	2.1
1. Cash	4.3	3.2	5.5	3.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	98.2	97.6	93.4	94.3	95.4
1. Short-term trade accounts receivable	114.0	111.8	108.6	107.7	0.0
2. Short-term prepayments to suppliers	29.3	28.3	28.5	30.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	3.0	1.8	1.7	0.0
7. Provision for short-term doubtful debts (*)	-45.5	-45.5	-45.5	-45.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.1	0.1	0.1	1.0
1. Inventories	0.1	0.1	0.1	0.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.0	2.3	4.4	3.3	0.1
1. Short-term prepayments	0.5	2.3	4.4	3.3	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	138.2	152.9	164.3	169.7	183.5
I. Long-term receivables	0.0	0.0	0.0	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	84.0	92.6	99.2	99.4	104.8
1. Tangible fixed assets	84.0	92.6	99.2	99.4	104.8
- Cost	214.3	214.3	215.0	210.9	0.0
- Accumulated depreciation	-130.4	-121.7	-115.9	-111.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	0.0
III. Investment properties	42.3	44.1	45.8	47.6	48.9
- Cost	57.7	57.7	57.7	57.7	0.0
- Accumulated depreciation	-15.4	-13.6	-11.9	-10.1	0.0
IV. Long-term assets in progress	—	0.0	0.0	1.3	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	1.3	0.0
V. Long-term financial investments	5.9	6.4	6.8	7.9	12.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	12.2	12.2	12.2	12.2	0.0
4. Provision for diminution in value of long-term investments	-6.3	-5.7	-5.4	-4.3	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.1	9.8	12.5	13.6	0.0
1. Long-term prepayments	6.1	9.8	12.5	13.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	16.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	241.8	256.1	267.6	270.5	282.1
A. LIABILITIES (300=210+330)	97.4	113.6	129.2	138.9	151.9
I. Short -term liabilities	97.2	113.5	129.0	138.7	151.8
1. Short-term trade accounts payable	93.9	108.8	126.2	135.1	133.9
2. Short-term advances from customers	0.3	0.3	0.1	0.1	7.4
3. Taxes and other payables to state authorities	0.4	0.4	0.4	0.3	0.0
4. Payable to employees	1.9	1.9	2.0	1.9	0.0
5. Short-term acrrued expenses	0.2	0.2	0.2	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.3	0.0	0.2	0.4
9. Other short-term payables	0.2	1.6	0.2	1.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.2	0.2	0.2	0.2	0.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	0.2	0.2	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	144.4	142.5	138.4	131.7	130.2
I. Owner's equity	144.4	142.5	138.4	131.7	0.0
1. Owner's capital	150.0	150.0	150.0	150.0	130.2
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	22.8	22.8	22.8	22.8	22.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.0
11. Undistributed earnings after tax	-28.5	-30.5	-34.5	-41.3	-42.7
- Accumulated retained earning at the end of the previous period	-30.5	-34.5	-41.3	-46.1	-31.3
- Undistributed earnings in this period	2.0	4.0	6.8	4.9	-11.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	241.8	256.1	267.6	270.5	282.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	2.8	4.0	7.2	4.9	-11.4
Depreciation of Fixed Assets and Investment Property	10.4	9.2	7.2	6.8	10.1
Provision (Increase)/Reversal	0.6	0.4	1.1	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.2	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.3	0.0	-0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	13.8	13.3	15.3	12.2	-1.3
Increase/(Decrease) in Receivables	-1.1	-4.2	1.0	1.5	0.0
Increase/(Decrease) in Inventory	0.0	-0.0	-0.0	0.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.7	-15.5	-8.4	-13.0	0.0
Increase/(Decrease) in Prepaid Expenses	5.5	4.8	-0.0	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.3	0.0	-0.4	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.1	-1.7	7.4	1.2	-2.3
Payments for Fixed Assets and Other Long-term Assets	—	-0.8	-5.3	-0.2	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.0	-0.6	-5.1	-0.0	-1.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	1.1	-2.3	2.4	1.2	-0.5
Cash and Cash Equivalents at Beginning of Period	3.2	5.5	3.1	1.9	5.6
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.3	3.2	5.5	3.1	2.1

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	11.0	12.8	8.7	11.3	11.6	10.8	10.8	11.4	14.0	11.5	12.5	11.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	11.0	12.8	8.7	11.3	11.6	10.8	10.8	11.4	14.0	11.5	12.5	11.8
Cost of Goods Sold	5.6	8.0	4.1	8.6	6.0	8.5	4.9	7.5	7.7	8.1	4.9	7.9
Gross Profit	5.4	4.8	4.6	2.7	5.5	2.3	5.8	3.9	6.3	3.4	7.6	3.9
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.1	0.1	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.1
General and Administrative Expenses	4.0	3.9	1.6	1.7	3.5	3.5	3.5	1.7	3.6	2.8	3.6	1.2
Operating Profit	1.3	0.8	2.9	0.9	1.9	-1.3	2.2	2.0	2.6	0.4	3.8	2.6
Other Income	0.3	0.3	0.4	0.2	0.1	0.1	0.2	0.3	0.4	0.3	0.2	0.2
Other Expenses	0.3	0.3	0.4	0.2	0.1	0.1	0.2	0.2	0.1	0.1	1.0	0.2
Other Profit	0.0	0.0	0.0	0.0	0.0	-0.0	-0.0	0.1	0.2	0.2	-0.9	0.1
Profit Before Tax	1.3	0.8	2.9	0.9	1.9	-1.3	2.2	2.1	2.8	0.6	3.0	2.6
Current Income Tax Expense	0.3	—	0.6	—	—	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
Net Income	1.0	0.8	2.3	0.9	1.9	-1.3	2.2	2.1	2.8	0.6	3.0	2.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.0	0.8	2.3	0.9	1.9	-1.3	2.2	2.1	2.8	0.6	3.0	2.6
Earnings per Share	69.04	55.30	153.34	62.10	125.75	-86.68	146.37	140.39	187.99	40.05	199.52	175.96
Diluted EPS	69.04	55.30	153.34	62.10	125.75	-86.68	146.37	140.39	187.99	40.05	199.52	175.96

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)	102.9	104.8	101.2	100.9	100.6	103.2	104.2	103.0	107.9	103.7	101.5	100.7
I. Cash and cash equivalents	1.9	4.3	2.0	2.1	3.3	3.2	3.1	2.6	7.4	5.5	1.9	2.9
1. Cash	1.9	4.3	2.0	2.1	3.3	3.2	3.1	2.6	7.4	5.5	1.9	2.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	100.7	99.9	98.2	97.2	95.4	97.6	98.2	96.8	96.2	93.8	94.8	93.5
1. Short-term trade accounts receivable	115.0	114.0	112.8	113.5	111.8	111.8	110.9	111.6	111.0	108.6	109.8	108.6
2. Short-term prepayments to suppliers	29.1	29.3	28.5	28.3	28.3	28.3	28.4	28.4	28.1	28.5	28.4	29.0
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	2.2	2.1	2.5	0.9	0.8	3.0	4.4	2.3	2.6	2.2	2.2	1.4
7. Provision for short-term doubtful debts (*)	-45.5	-45.5	-45.5	-45.5	-45.5	-45.5	-45.5	-45.5	-45.5	-45.5	-45.5	-45.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Inventories	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.2	0.5	0.9	1.6	1.9	2.3	2.8	3.5	4.2	4.4	4.8	4.2
1. Short-term prepayments	0.2	0.5	0.9	1.6	1.9	2.3	2.8	3.5	4.2	4.4	4.8	4.2
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	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
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)	135.8	140.4	145.1	148.3	150.5	151.7	156.3	159.4	162.0	173.2	166.3	166.9
I. Long-term receivables	0.0	0.0	0.0	0.0	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
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	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	82.4	85.6	89.0	90.6	90.8	92.7	96.1	98.0	98.0	99.6	96.7	95.9
1. Tangible fixed assets	82.4	85.6	89.0	90.6	90.8	92.7	96.1	98.0	98.0	99.6	96.7	95.9
- Cost	214.5	—	—	—	—	214.3	214.3	215.8	215.7	215.5	212.2	211.2
- Accumulated depreciation	-132.1	—	—	—	—	-121.7	-118.2	-117.9	-117.7	-115.9	-115.5	-115.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	41.9	40.8	41.7	42.6	44.1	42.6	43.0	43.5	45.4	53.9	45.8	46.7
- Cost	57.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.8	—	—	—	—	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	3.2	3.3
1. Long-term production in progress	—	—	—	—	—	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	3.2	3.3
V. Long-term financial investments	5.9	6.4	6.4	6.4	6.4	6.6	6.6	6.8	6.8	7.5	7.5	7.9
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	12.2	12.2	12.2	12.2	12.2	12.2	12.2	12.2	12.2	12.2	12.2	12.2
4. Provision for diminution in value of long-term investments	-6.3	-5.7	-5.7	-5.7	-5.7	-5.5	-5.5	-5.4	-5.4	-4.6	-4.6	-4.3
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	5.7	7.5	7.9	8.7	9.2	9.8	10.5	11.2	11.8	12.1	13.1	13.1
1. Long-term prepayments	5.7	7.5	7.9	8.7	9.2	9.8	10.5	11.2	11.8	12.1	13.1	13.1
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)	238.7	245.3	246.2	249.3	251.1	254.9	260.5	262.4	269.9	276.9	267.9	267.6
A. LIABILITIES (300=210+330)	93.2	97.6	99.2	104.0	106.7	112.2	116.4	119.0	128.7	129.2	129.1	131.5
I. Short -term liabilities	93.0	97.4	99.1	103.8	106.6	112.0	116.3	118.9	128.5	129.0	129.0	131.4
1. Short-term trade accounts payable	89.9	94.1	96.1	100.0	103.4	108.8	112.9	115.3	125.0	126.2	126.2	127.8
2. Short-term advances from customers	0.2	0.3	0.2	0.3	0.1	0.3	0.5	0.5	0.3	0.1	0.1	0.0
3. Taxes and other payables to state authorities	0.4	0.5	0.3	0.4	0.4	0.4	0.3	0.4	0.4	0.4	0.3	0.4
4. Payable to employees	1.8	1.9	1.8	1.8	1.8	1.9	1.9	1.9	2.0	2.0	1.9	1.9
5. Short-term acrrued expenses	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.3	0.4	0.2	0.2	0.3
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	0.4	0.3	0.4	0.3	0.4	0.3	0.3	0.2	0.2	0.0	0.0	0.4
9. Other short-term payables	0.2	0.2	0.2	0.8	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	—	—	—	—	—	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
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)	145.5	147.6	147.0	145.3	144.3	142.7	144.0	143.4	141.3	147.7	138.7	136.1
I. Owner's equity	145.5	147.6	147.0	145.3	144.3	142.7	144.0	143.4	141.3	147.7	138.7	136.1
1. Owner's capital	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8	22.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	0.1	—	—	—	—	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	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	-27.5	-25.3	-25.9	-27.7	-28.6	-30.2	-28.9	-29.6	-31.7	-25.2	-34.2	-36.8
- Accumulated retained earning at the end of the previous period	-28.5	-30.5	-30.5	-30.5	-30.5	-34.5	-34.5	-34.5	-34.5	-32.9	-41.3	-41.3
- Undistributed earnings in this period	1.0	5.2	4.5	2.8	1.9	4.3	5.6	4.9	2.8	7.7	7.1	4.4
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)	238.7	245.3	246.2	249.3	251.1	254.9	260.5	262.4	269.9	276.9	267.9	267.6

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
Profit Before Tax	1.3	-2.9	2.9	0.9	1.9	-1.3	2.2	0.6	2.8	0.1	3.0	2.3
Depreciation of Fixed Assets and Investment Property	2.2	4.4	1.6	2.5	1.8	3.9	0.6	2.3	2.2	1.5	1.4	1.2
Provision (Increase)/Reversal	—	0.6	—	—	—	0.0	0.0	0.2	0.0	0.7	0.0	0.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.0	0.0
Gain/Loss from Investment Activities	—	-0.0	—	-0.0	—	0.0	0.2	-0.2	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	3.5	2.1	4.5	3.4	3.7	2.6	3.0	2.8	5.1	2.1	4.4	3.9
Increase/(Decrease) in Receivables	-2.0	-0.5	-0.2	-2.6	2.3	0.5	4.2	-6.1	-2.8	1.4	-1.3	-0.5
Increase/(Decrease) in Inventory	-0.0	-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 Payables (Excl. Interest and CIT)	-4.6	-0.2	-5.5	-3.2	-6.9	-4.3	-9.3	-2.9	-0.5	1.9	-3.0	-6.6
Increase/(Decrease) in Prepaid Expenses	0.7	2.3	0.5	1.8	1.0	1.2	1.4	1.3	0.9	1.0	-0.5	-0.7
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	—	-0.7	—	-0.6	—	0.0	0.0	0.0	0.0	-0.4	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	0.0	0.0
Net Cash Flow from Operating Activities	-2.4	2.3	-0.1	-1.2	0.1	0.0	-0.7	-4.9	2.6	6.0	-0.4	-3.9
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.7	0.8	-0.2	-0.6	-2.6	-0.7	0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	-0.7	0.5	0.2	0.0	0.2	0.0	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	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	—	0.0	—	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	—	0.0	—	0.0	—	0.0	1.3	0.0	-0.6	-2.4	-0.7	0.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-2.4	2.3	-0.1	-1.2	0.1	0.0	0.6	-4.9	2.0	3.6	-1.0	-3.6
Cash and Cash Equivalents at Beginning of Period	4.3	2.0	2.1	3.3	3.2	5.5	5.5	5.5	5.5	3.1	3.1	3.1
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	1.9	4.3	2.0	2.1	3.3	3.2	3.1	2.6	7.4	5.5	1.9	2.9

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PDC

What Is Changing

Drivers of PDC's profit

Financial Highlights

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What is driving the margin? ▲

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Balance Sheet ●

Working Capital Efficiency ▼▼

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow