PVE

Tổng Công ty Tư vấn thiết kế Dầu khí - CTCP ·UPCOM ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE −7.18%, −11.41pp YoY

Price

2,700

Latest close

29 May 2026

P/E 16.46x

P/B -0.61x

EPS 164

BVPS -4,397

ROE -3.7%

ROA 0.5%

Profit Margin 2.4%

Asset Turnover 0.21x

Equity Mult. -7.37x

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

What Is Changing

On a TTM 2026Q1 basis, PVE is losing revenue quickly, though margins have not been hit proportionally yet. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 170bn
	                                
−24.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
−39.2%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    138.1%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	41.0	61.2	34.4	33.2	39.2	39.8	42.2	104.7	32.0	52.0
Growth	-33%	+78%	+3%	-15%	-2%	-6%	-60%	+228%	-39%	—
Net Income	0.6	5.7	-0.6	-2.0	-0.2	0.1	0.8	5.1	0.4	0.9
Net Margin	1.35%	9.25%	-1.77%	-6.15%	-0.44%	0.29%	1.91%	4.87%	1.12%	1.74%

Drivers of PVE's profit

TTM

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

Other profit ↑ 11.2bn

Finance costs ↓ 2.5bn

Minority interests ↓ 0.6bn

Gross profit ↓ 42.1bn

Financial income ↓ 2.2bn

Tax ↑ 1.2bn

TTM

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

Finance costs ↓ 1.5bn

Gross profit ↓ 0.3bn

Other profit ↓ 0.3bn

Tax ↑ 0.1bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.1% = 2.6% × 0.23 × 17.22

2026Q1 -3.2% = 2.1% × 0.21 × -7.37

ROE fell from 10.1% to -3.2% — all three components weakened, with leverage being the main drag.

Net margin: 2.1% -0.5pp Asset turnover: 0.21x -0.02x Leverage: -7.37x -24.60x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.10%, falling 0.5pp. The main pressure is Gross margin fell 12.2pp, outweighing the improvement in SG&A / Revenue fell 8.3pp (in addition, Other profit / Revenue rose 6.3pp added support while Net financial result / Revenue fell 1.9pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 2.10% −0.5pp

Gross Margin 25.86% −12.2pp

SG&A / Revenue 19.12% −8.3pp

Non-core / Revenue -2.66% +4.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 138.1% of PBT and lifted net margin by 4.4pp — separate the operating contribution from this source.

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 -7.18%, losing 11.4pp. That translates to -7.18 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 7.63x, NOPAT margin narrowed 3.9pp still pulled ROIC lower, while invested capital contracted by 147bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently -7.18% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC -7.18% −11.4pp

NOPAT Margin -0.80% −3.9pp

Capital Turnover 8.99x +7.63x

Average Invested Capital 18.9bn −147.4bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at -8.40x equity, with a net cash position equivalent to 1.09x equity.

Inventory ended the period at 630.1bn, roughly 77.1% of total assets.

Over the last 12 months, working capital released 148.4bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +6.7bn

Inventories decreased → higher CFO: +137.2bn

Payables increased → higher CFO: +4.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 164.3 days versus the same period last year. The main moves came from DIO rose 65.3 days, DSO rose 115.6 days, and DPO rose 16.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 1565.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +115.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 442.4 days +115.6 days

Inventory 2090.4 days +65.3 days

Payables 967.1 days +16.6 days

Cash Conversion Cycle 1565.8 days +164.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 32.8bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -1.09x and interest coverage only at -0.18x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.3% of debt, and total debt stands at 121.4bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.18x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -1.09x +0.16x

Interest Coverage -0.18x −0.75x

Cash / Debt 1.3% −7.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.37x −50.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 32.8bn in 2025, against investing cash flow of 2.4bn.

Post-investment cash flow was positive +35.2bn. Financing cash flow was negative +37.8bn.

CFO / net income was 1.37x.

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 5.6bn −289.8bn

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 next item to monitor is the earnings mix, when non-core contribution is -203.5%. The main risk still sits in capital efficiency remains weak, with ROIC at -7.2%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.37x. Even so, net financial result still accounts for -203.5% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	168.8	169.2	175.8	271.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	168.8	169.2	175.8	271.8
Cost of Goods Sold	124.4	111.3	130.2	270.6
Gross Profit	44.4	57.9	45.6	1.2
Financial Income	0.8	0.9	1.6	156.3
Financial Expenses	15.8	22.9	18.4	29.7
Interest Expense	15.6	22.9	18.4	29.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	33.2	27.6	36.9	106.3
Operating Profit	-3.9	8.3	-8.1	21.6
Other Income	11.9	0.2	3.0	0.3
Other Expenses	2.1	2.9	130.6	3.7
Other Profit	9.8	-2.7	-127.6	-3.5
Profit Before Tax	5.9	5.7	-135.7	18.1
Current Income Tax Expense	4.2	4.5	2.1	5.2
Deferred Income Tax Expense	1.0	-0.3	-0.3	5.4
Net Income	0.8	1.5	-137.5	7.5
Non-controlling Interest	-0.6	0.0	0.1	0.2
Profit Attributable to Parent	1.4	1.4	-137.6	7.3
Earnings per Share	56.00	57.00	-5,505.00	294.00
Diluted EPS	56.10	56.93	-5,504.80	293.68

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	803.2	831.7	792.9	893.4
I. Cash and cash equivalents	9.6	12.2	15.6	32.3
1. Cash	9.6	12.2	15.3	28.3
2. Cash equivalents	—	0.0	0.3	4.0
II. Short-term financial investments	6.3	0.9	0.4	0.3
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	6.3	0.9	0.4	0.3
III. Short-term receivables	152.3	175.5	173.7	243.6
1. Short-term trade accounts receivable	202.4	232.2	239.1	238.8
2. Short-term prepayments to suppliers	16.7	17.2	16.4	16.2
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	67.6	65.9	54.7	67.0
7. Provision for short-term doubtful debts (*)	-134.3	-139.8	-136.5	-78.4
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	630.1	639.6	600.1	608.1
1. Inventories	651.9	797.6	758.1	766.4
2. Provision for decline in value of inventories	-21.8	-158.0	-158.0	-158.4
V. Other short-term assets	4.9	3.5	3.0	9.1
1. Short-term prepayments	1.7	0.4	0.1	0.2
2. Value added tax to be reclaimed	3.1	3.1	2.8	8.9
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	14.6	11.0	9.5	9.8
I. Long-term receivables	0.4	0.3	0.3	0.3
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	0.4	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	4.2	1.0	0.4	0.3
1. Tangible fixed assets	0.8	0.9	0.3	0.2
- Cost	55.5	105.5	102.6	103.1
- Accumulated depreciation	-54.7	-104.5	-102.3	-102.9
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	3.4	0.0	0.1	0.1
- Cost	14.9	11.4	11.4	11.4
- Accumulated depreciation	-11.6	-11.4	-11.3	-11.3
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	0.2	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.2	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.2
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	0.2
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	9.9	9.7	8.9	9.0
1. Long-term prepayments	1.9	0.7	1.8	0.6
2. Deferred income tax assets	8.1	9.0	7.1	8.4
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)	817.8	842.7	802.4	903.2
A. LIABILITIES (300=210+330)	928.3	953.3	939.7	839.9
I. Short -term liabilities	928.1	953.2	939.6	839.8
1. Short-term trade accounts payable	334.3	330.1	329.4	325.2
2. Short-term advances from customers	6.6	4.5	5.5	5.4
3. Taxes and other payables to state authorities	120.3	122.3	111.4	111.4
4. Payable to employees	37.5	35.5	27.0	24.7
5. Short-term acrrued expenses	13.8	19.7	33.9	46.3
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	285.5	272.5	244.4	226.3
10. Short-term borrowings and financial leases	128.1	166.0	184.5	93.3
11. Provision for short-term liabilities	—	0.0	0.0	2.8
12.. Bonus and welfare fund	2.1	2.7	3.4	4.5
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-110.5	-110.7	-137.3	63.3
I. Owner's equity	-110.5	-110.7	-137.3	63.3
1. Owner's capital	250.0	250.0	250.0	250.0
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	11.4	11.4	11.4	11.4
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	9.4	9.4	-15.9	-7.5
8. Investment and development fund	24.9	24.9	24.9	24.8
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	-413.9	-414.7	-416.0	-223.5
- Accumulated retained earning at the end of the previous period	-414.7	-416.1	-278.4	-230.7
- Undistributed earnings in this period	0.9	1.4	-137.6	7.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	6.1	6.7	6.6	6.6
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)	817.8	842.7	802.4	903.2

Item	2025	2024	2023	2022
Profit Before Tax	5.9	5.7	-135.7	18.1
Depreciation of Fixed Assets and Investment Property	0.4	0.1	0.2	0.3
Provision (Increase)/Reversal	-141.7	0.4	3.8	24.5
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.0	-0.3	-0.4
Gain/Loss from Investment Activities	-11.5	-0.3	-0.4	-2.4
Interest Expense	15.6	22.9	18.5	29.7
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	-131.3	28.8	-113.9	69.9
Increase/(Decrease) in Receivables	28.4	-1.4	15.0	124.5
Increase/(Decrease) in Inventory	145.7	0.6	-0.4	67.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.5	-13.6	-4.5	1.0
Increase/(Decrease) in Prepaid Expenses	-2.4	0.8	-1.2	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.8	0.0	-2.4	-1.5
Corporate Income Tax Paid	-0.1	-0.1	-0.5	-1.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.9	-1.3	-1.9
Net Cash Flow from Operating Activities	32.8	14.3	-109.3	258.4
Payments for Fixed Assets and Other Long-term Assets	-3.8	-0.8	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.3	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-5.4	-0.5	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.2	0.5
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	0.2	1.8	1.5	17.3
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	2.4	0.5	1.4	17.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	2.0	121.7	0.0
Repayment of Borrowings	-37.8	-20.5	-30.5	-288.0
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	-37.8	-18.5	91.2	-288.0
Net Cash Flow During the Period	-2.7	-3.7	-16.7	-11.6
Cash and Cash Equivalents at Beginning of Period	12.2	15.6	32.3	52.3
FX Difference from Revaluation	0.1	0.3	0.0	-8.3
Cash and Cash Equivalents at End of Period	9.6	12.2	15.6	32.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Revenue	41.0	61.2	34.4	33.2	39.2	39.8	42.2	104.7	32.0	52.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Revenue	41.0	61.2	34.4	33.2	39.2	39.8	42.2	104.7	32.0	52.0
Cost of Goods Sold	32.5	38.6	22.5	32.3	30.3	29.7	31.6	48.2	28.4	136.8
Gross Profit	8.6	22.5	11.9	0.9	8.9	10.1	10.6	56.5	3.6	-84.8
Financial Income	0.1	0.1	0.2	0.1	0.2	0.1	0.1	2.1	0.1	270.7
Financial Expenses	2.8	2.9	3.6	5.1	4.3	2.5	1.8	8.4	0.3	124.7
Interest Expense	2.8	2.8	3.6	4.9	4.3	2.5	1.8	8.4	0.3	7.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	8.8	8.7	—	7.5	0.0	42.3	0.0	0.0
General and Administrative Expenses	4.6	10.4	—	—	4.7	0.0	7.5	0.0	2.7	57.6
Operating Profit	1.3	9.2	-0.3	-12.8	0.1	0.2	1.4	7.9	0.7	3.7
Other Income	—	0.2	0.2	11.5	0.2	0.3	0.0	0.2	0.1	0.0
Other Expenses	0.6	0.6	0.6	0.7	0.5	0.4	0.2	1.3	0.3	1.3
Other Profit	-0.6	-0.4	-0.3	10.8	-0.3	-0.1	-0.2	-1.1	-0.2	-1.2
Profit Before Tax	0.7	8.9	-0.6	-2.0	-0.2	0.2	1.3	6.8	0.5	2.4
Current Income Tax Expense	0.1	3.2	0.0	0.0	0.0	0.0	0.5	1.7	0.1	1.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Income	0.6	5.7	-0.6	-2.0	-0.2	0.1	0.8	5.1	0.4	0.9
Non-controlling Interest	0.0	0.2	-0.2	-0.5	-0.1	0.0	0.1	0.1	0.0	0.0
Profit Attributable to Parent	0.5	5.5	-0.4	-1.5	-0.1	0.1	0.7	5.0	0.3	0.9
Earnings per Share	22.00	220.00	-17.00	-61.00	-2.00	4.00	28.59	201.10	12.65	35.49
Diluted EPS	21.72	219.86	-17.00	-61.00	-2.00	4.00	28.59	201.10	12.65	35.49

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	794.6	807.7	804.5	808.5	805.9	858.9	900.3	1,082.1	1,170.6	1,172.1
I. Cash and cash equivalents	1.6	9.6	12.3	12.1	13.0	14.1	14.6	32.3	16.2	14.7
1. Cash	1.6	9.6	12.3	12.1	13.0	13.6	14.1	28.3	16.2	14.7
2. Cash equivalents	—	—	—	—	—	0.6	0.5	4.0	0.0	0.0
II. Short-term financial investments	1.9	6.3	1.0	0.9	1.0	0.5	0.5	0.3	2.5	2.5
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	1.9	6.3	1.0	0.9	1.0	0.5	0.5	0.3	2.5	2.5
III. Short-term receivables	155.4	156.4	156.2	159.9	156.9	225.6	264.5	364.1	380.1	377.3
1. Short-term trade accounts receivable	197.8	204.1	209.0	204.3	213.7	202.7	209.3	247.0	190.7	164.6
2. Short-term prepayments to suppliers	17.4	19.2	20.2	19.6	20.0	13.2	29.2	28.2	37.6	46.9
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	74.5	67.5	66.8	75.8	63.0	88.0	104.3	179.3	205.9	219.9
7. Provision for short-term doubtful debts (*)	-134.3	-134.3	-139.8	-139.8	-139.8	-78.4	-78.4	-90.5	-54.1	-54.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Inventories	630.6	629.8	629.9	629.7	631.6	609.6	611.2	676.2	761.8	768.2
1. Inventories	652.4	651.5	787.8	787.7	789.6	768.0	769.5	834.6	761.8	768.2
2. Provision for decline in value of inventories	-21.8	-21.8	-158.0	-158.0	-158.0	-158.4	-158.4	-158.4	0.0	0.0
V. Other short-term assets	5.0	5.7	5.2	5.8	3.3	9.1	9.6	9.1	9.9	9.4
1. Short-term prepayments	1.8	2.4	2.0	2.7	0.2	0.1	0.1	0.2	0.0	0.0
2. Value added tax to be reclaimed	3.1	3.1	3.1	3.1	3.1	9.0	9.5	8.9	9.8	9.2
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.1	0.1
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	14.8	15.9	12.3	12.3	12.7	13.4	12.4	11.0	16.0	15.1
I. Long-term receivables	0.4	0.4	0.4	0.4	0.3	0.5	0.5	0.5	0.3	0.3
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.4	0.4	0.4	0.4	0.3	0.5	0.5	0.5	0.3	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.9	4.2	0.9	1.0	0.9	0.3	0.4	0.3	0.4	0.5
1. Tangible fixed assets	0.7	0.8	0.9	0.9	0.9	0.2	0.2	0.2	0.3	0.3
- Cost	55.5	—	—	—	—	102.9	103.2	103.1	117.5	117.5
- Accumulated depreciation	-54.8	—	—	—	—	-102.7	-103.0	-102.9	-117.3	-117.2
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.2	3.4	—	0.1	0.0	0.1	0.1	0.1	0.2	0.2
- Cost	14.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-11.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.2	0.2	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	—	—	—	—	—	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
5. Held to maturity investments	—	—	—	—	—	0.2	0.2	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	10.3	11.4	11.1	11.0	11.5	12.4	11.4	10.2	15.3	14.3
1. Long-term prepayments	2.2	2.3	2.1	2.0	2.5	2.8	3.0	0.6	2.7	1.7
2. Deferred income tax assets	8.1	9.0	9.0	9.0	9.0	9.6	8.4	9.6	12.6	12.6
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	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
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	809.3	823.6	816.9	820.8	818.5	872.2	912.7	1,093.1	1,186.6	1,187.2
A. LIABILITIES (300=210+330)	919.3	932.0	930.9	934.2	929.4	805.7	846.3	1,006.3	959.4	959.8
I. Short -term liabilities	919.1	932.0	930.9	934.2	929.3	805.6	846.2	1,006.2	959.2	959.7
1. Short-term trade accounts payable	340.9	336.5	329.1	326.7	326.2	303.5	324.2	381.5	401.9	396.0
2. Short-term advances from customers	16.4	7.4	14.4	5.0	3.4	18.2	8.7	8.8	21.1	35.3
3. Dividends and profits payable	43.5	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	118.6	119.3	120.9	122.8	123.3	118.9	113.9	112.0	105.8	105.8
4. Payable to employees	23.9	37.5	30.4	32.5	28.2	30.0	31.0	24.7	30.7	29.8
5. Short-term acrrued expenses	13.3	28.7	28.4	25.6	23.2	34.5	50.3	258.4	182.6	169.8
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	239.2	272.4	274.8	274.4	270.8	223.7	230.3	120.2	115.7	121.5
10. Short-term borrowings and financial leases	121.4	128.1	130.2	144.3	151.8	69.9	80.6	93.3	93.5	93.7
11. Provision for short-term liabilities	—	—	—	—	—	2.8	2.8	2.8	2.8	2.8
12.. Bonus and welfare fund	1.9	2.1	2.7	2.8	2.5	4.1	4.4	4.7	5.0	5.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-109.9	-108.4	-114.0	-113.4	-110.9	66.5	66.4	86.7	227.3	227.4
I. Owner's equity	-109.9	-108.4	-114.0	-113.4	-110.9	66.5	66.4	86.7	227.3	227.4
1. Owner's capital	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
2. Share premium	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	9.4	9.4	9.4	9.4	9.6	-5.3	-5.3	-5.3	0.4	0.4
8. Investment and development fund	24.9	24.9	24.9	24.9	24.8	24.8	24.8	25.4	25.2	25.2
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	-413.3	-411.8	-417.2	-416.8	-414.8	-222.7	-222.8	-208.8	-73.1	-73.1
- Accumulated retained earning at the end of the previous period	-413.9	-415.3	-415.2	-415.2	-414.7	-223.5	-223.5	-215.4	-74.2	-74.2
- Undistributed earnings in this period	0.5	3.5	-2.0	-1.6	-0.1	0.8	0.7	6.5	1.1	1.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	6.1	6.1	5.9	6.1	6.6	6.7	6.7	12.4	11.7	11.8
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	809.3	823.6	816.9	820.8	818.5	872.2	912.7	1,093.1	1,186.6	1,187.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22
Profit Before Tax	0.7	8.8	-0.6	-2.0	-0.2	0.2	1.3	13.1	0.5	4.5
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.2
Provision (Increase)/Reversal	—	-141.7	—	—	—	0.0	0.0	24.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	—	—	0.0	0.0	-0.4	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-11.1	-0.2	-0.1	-0.2	-0.1	-0.1	151.8	-0.1	-154.0
Interest Expense	2.8	2.8	3.6	4.9	4.3	2.5	1.8	11.4	0.3	18.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3.6	-141.1	2.9	2.9	4.0	2.6	3.0	200.5	0.7	-131.3
Increase/(Decrease) in Receivables	-3.1	9.1	3.8	-3.1	18.6	38.9	-20.8	137.5	8.7	-21.7
Increase/(Decrease) in Inventory	-0.5	136.0	-0.2	1.9	8.0	1.6	-3.1	-15.6	-3.6	86.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.1	-5.0	7.2	7.4	-14.0	-32.2	17.3	-41.1	5.6	36.5
Increase/(Decrease) in Prepaid Expenses	-0.5	0.6	0.5	-2.0	-1.5	0.2	-2.3	2.0	-1.0	-0.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.8	-1.8	-0.0	—	—	-0.3	0.0	0.6	-0.2	-1.8
Corporate Income Tax Paid	—	-0.1	—	—	—	1.1	-0.2	-0.6	-0.3	-0.3
Other Operating Receipts	—	—	—	—	—	-1.9	1.1	-5.9	-8.3	14.2
Other Operating Payments	-2.0	-1.0	—	—	-0.1	0.0	0.0	-1.8	-0.1	0.0
Net Cash Flow from Operating Activities	-12.3	-1.6	12.9	6.6	14.9	10.1	-5.1	275.6	1.5	-18.7
Payments for Fixed Assets and Other Long-term Assets	—	-3.7	0.0	-0.1	—	0.0	0.0	2.2	-2.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	11.3	—	—	—	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	-5.4	—	—	—	-0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.3	—	—	—	—	0.0	0.0	0.5	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	-270.7	0.0	270.7
Dividends and Interest Income Received	0.1	-0.2	0.2	0.1	0.2	0.1	0.2	17.0	0.1	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	2.2	-2.2
Net Cash Flow from Investing Activities	4.4	2.1	0.2	-0.1	0.2	0.1	0.2	-250.9	0.1	268.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-3.3	-12.9	-7.5	-14.2	-10.7	-12.7	-0.3	-0.2	-287.5
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-3.3	-12.9	-7.5	-14.2	-10.7	-12.7	-0.3	-0.2	-287.5
Net Cash Flow During the Period	-8.0	-2.8	0.2	-0.9	0.9	-0.5	-17.7	24.5	1.5	-37.6
Cash and Cash Equivalents at Beginning of Period	9.6	12.3	12.1	13.0	12.2	32.3	32.3	52.3	52.3	52.3
FX Difference from Revaluation	—	0.1	—	—	—	0.0	0.0	-8.3	0.0	0.0
Cash and Cash Equivalents at End of Period	1.6	9.6	12.3	12.1	13.0	14.1	14.6	32.3	16.2	14.7

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PVE

What Is Changing

Drivers of PVE'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