SVD

Đầu tư & Thương mại Vũ Đăng ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 65.53%, −3.79pp YoY

Price

4,660

Latest close

03 Jun 2026

P/E 59.46x

P/B 0.49x

EPS 78

BVPS 9,467

ROE 0.8%

ROA 0.6%

Profit Margin 0.7%

Asset Turnover 0.97x

Equity Mult. 1.30x

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

What Is Changing

On a TTM 2026Q1 basis, SVD posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 328bn
	                                
−15.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
−87.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	317.2	342.5	258.8	340.4	436.5
Growth	-7%	+32%	-24%	-22%	—
Net Income	1.3	13.6	-36.5	-2.4	11.7
Net Margin	0.40%	3.97%	-14.12%	-0.70%	2.69%

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	66.2	98.5	112.8	50.8	55.1	113.8	101.8	116.8	54.0	77.0	73.8	64.2
Growth	-33%	-13%	+122%	-8%	-52%	+12%	-13%	+116%	-30%	+4%	+15%	—
Net Income	0.3	0.4	1.1	0.3	0.3	10.4	2.3	4.3	-3.3	-9.2	-12.1	-10.4
Net Margin	0.52%	0.42%	0.96%	0.59%	0.59%	9.10%	2.24%	3.65%	-6.08%	-11.91%	-16.43%	-16.23%

Drivers of SVD's profit

TTM

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

Finance costs ↓ 4.6bn

Gross profit ↓ 18.4bn

TTM

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

Finance costs ↓ 0.6bn

Gross profit ↓ 0.5bn

Administrative expenses ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.8% = 4.4% × 1.05 × 1.47

2026Q1 0.8% = 0.7% × 0.97 × 1.30

ROE fell from 6.8% to 0.8% — all three components weakened, with leverage being the main drag.

Net margin: 0.7% -3.8pp Asset turnover: 0.97x -0.08x Leverage: 1.30x -0.17x

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 fell to 0.66%, losing 3.8pp. The main pressure comes from Gross margin fell 4.2pp and SG&A / Revenue rose 0.2pp (with additional support from Net financial result / Revenue rose 0.6pp).

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

Profitability trend

Net Margin 0.66% −3.8pp

Gross Margin 3.47% −4.2pp

SG&A / Revenue 1.14% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.02x −0.12x

Average Invested Capital 320.4bn −16.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.26x equity.

Inventory ended the period at 58.3bn, roughly 17.6% of total assets.

Over the last 12 months, working capital absorbed 12.5bn 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: −8.9bn

Inventories decreased → higher CFO: +3.3bn

Payables decreased → lower CFO: −6.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.6 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO fell 10.6 days, and DPO rose 1.2 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 114.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +1.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 47.3 days −10.6 days

Inventory 72.7 days +1.3 days

Payables 5.1 days +1.2 days

Cash Conversion Cycle 114.8 days −10.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.26x and interest coverage only at 0.39x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.4% of debt, and total debt stands at 62.0bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.39x, 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 0.26x +0.03x

Interest Coverage 0.39x −1.32x

Cash / Debt 3.4% −16.2pp

Short-term Debt / Total Debt 100.0% +11.1pp

CFO / NI 2.14x −3.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 19.6bn in 2025, against investing cash flow of -37.2bn.

Post-investment cash flow was negative +17.6bn. Financing cash flow was negative +15.5bn.

CFO / net income was 2.14x.

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 4.6bn −86.7bn

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 margins remain under pressure remaining the main constraint, with net margin down 3.8 pp. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 65.53% after a 3.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	317.2	342.5	258.8	340.4	436.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	317.2	342.5	258.8	340.4	436.5
Cost of Goods Sold	305.3	314.7	276.7	312.7	0.0
Gross Profit	11.9	27.8	-17.9	27.7	41.7
Financial Income	0.0	1.4	0.9	3.0	4.4
Financial Expenses	6.1	11.7	14.1	19.8	-20.8
Interest Expense	6.1	11.4	13.7	16.8	-18.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.1	2.6	-5.5
General and Administrative Expenses	4.6	3.5	5.3	5.1	-5.2
Operating Profit	1.3	13.9	-36.6	3.2	14.7
Other Income	0.0	0.0	0.1	0.0	0.0
Other Expenses	0.0	0.1	0.0	5.1	0.0
Other Profit	0.0	-0.1	0.0	-5.1	0.1
Profit Before Tax	1.3	13.9	-36.5	-2.0	14.7
Current Income Tax Expense	—	0.3	0.0	0.4	-3.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.3	13.6	-36.5	-2.4	11.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.3	13.6	-36.5	-2.4	11.7
Earnings per Share	46.00	492.00	-1,323.00	-107.00	535.00
Diluted EPS	46.00	492.00	-1,323.37	-86.15	908.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	124.6	130.6	198.7	216.8	141.3
I. Cash and cash equivalents	10.3	6.1	66.9	56.7	7.3
1. Cash	10.3	6.1	16.9	16.7	0.0
2. Cash equivalents	—	0.0	50.0	40.0	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	55.5	75.2	61.0	42.3	76.4
1. Short-term trade accounts receivable	48.6	71.0	60.5	38.1	0.0
2. Short-term prepayments to suppliers	7.7	4.1	0.0	4.1	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	0.0	0.1	0.5	0.1	0.0
7. Provision for short-term doubtful debts (*)	-0.8	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	58.3	48.8	70.4	114.8	53.9
1. Inventories	58.3	48.8	70.4	114.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.5	0.4	3.0	3.8
1. Short-term prepayments	0.6	0.5	0.1	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	2.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.3	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)	207.2	223.3	199.9	224.5	229.1
I. Long-term receivables	—	0.0	0.0	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	165.7	180.8	196.6	199.1	220.6
1. Tangible fixed assets	165.7	180.8	196.6	199.0	220.5
- Cost	290.3	289.9	289.9	269.5	0.0
- Accumulated depreciation	-124.6	-109.0	-93.3	-70.5	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	0.1	0.2
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.1	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	0.7	1.1	0.5	20.4	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	1.1	0.5	20.4	0.0
V. Long-term financial investments	38.0	38.0	0.0	0.0	0.0
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	38.0	38.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
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	2.8	3.3	2.7	5.0	0.0
1. Long-term prepayments	2.8	3.3	2.7	5.0	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	8.5
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)	331.7	353.9	398.5	441.3	370.5
A. LIABILITIES (300=210+330)	70.7	94.2	152.4	158.6	214.2
I. Short -term liabilities	70.7	86.0	107.1	86.5	88.6
1. Short-term trade accounts payable	1.3	6.4	4.3	0.4	7.8
2. Short-term advances from customers	—	0.0	8.9	3.9	0.1
3. Taxes and other payables to state authorities	0.9	3.8	0.7	0.2	0.0
4. Payable to employees	0.7	0.8	0.8	0.4	0.0
5. Short-term acrrued expenses	0.1	0.1	0.2	0.3	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	—	5.0	14.7	0.0	0.0
10. Short-term borrowings and financial leases	67.7	69.9	77.4	81.3	73.6
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
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	—	8.2	45.3	72.1	125.6
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	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	8.2	45.3	72.1	125.6
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)	261.0	259.7	246.1	282.7	156.2
I. Owner's equity	261.0	259.7	246.1	282.7	0.0
1. Owner's capital	276.1	276.1	276.1	276.1	156.2
- Common stock with voting right	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	129,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	0.0
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	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-14.9	-16.2	-29.8	6.8	27.2
- Accumulated retained earning at the end of the previous period	-16.2	-29.8	6.8	9.1	15.5
- Undistributed earnings in this period	1.3	13.6	-36.5	-2.4	11.7
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)	331.7	353.9	398.5	441.3	370.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.3	13.9	-36.5	-2.0	14.7
Depreciation of Fixed Assets and Investment Property	15.6	15.8	22.9	22.0	21.8
Provision (Increase)/Reversal	0.8	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	-0.1	0.0
Gain/Loss from Investment Activities	—	-1.3	-0.6	-0.7	0.0
Interest Expense	6.1	11.4	13.7	16.8	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	23.9	39.7	-0.5	36.0	54.9
Increase/(Decrease) in Receivables	18.8	-14.2	-15.9	34.7	0.0
Increase/(Decrease) in Inventory	-9.4	21.5	44.5	-60.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.0	-13.5	24.7	-5.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-1.1	2.4	4.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.1	-11.5	-13.8	-16.8	0.0
Corporate Income Tax Paid	—	0.0	-0.4	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	19.6	21.0	40.9	-11.6	43.2
Payments for Fixed Assets and Other Long-term Assets	—	-0.5	-0.5	-20.9	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.9
Investments in Other Entities	—	-59.1	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	21.1	0.0	0.0	0.0
Dividends and Interest Income Received	—	1.3	0.6	0.7	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	—	-37.2	0.1	-20.2	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	128,843,136,364.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	139.8	105.4	75.2	288.7	400.6
Repayment of Borrowings	-155.2	-150.0	-106.0	-336.1	-436.4
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	-15.5	-44.5	-30.7	81.5	-35.9
Net Cash Flow During the Period	4.2	-60.8	10.3	49.7	-3.8
Cash and Cash Equivalents at Beginning of Period	6.1	66.9	56.7	7.0	0.1
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	10.3	6.1	66.9	56.7	7.3

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	66.2	98.5	112.8	50.8	55.1	113.8	101.8	116.8	54.0	77.0	73.8	64.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	66.2	98.5	112.8	50.8	55.1	113.8	101.8	116.8	54.0	77.0	73.8	64.2
Cost of Goods Sold	63.9	95.8	109.4	47.8	52.3	101.2	95.6	108.6	53.3	82.1	81.0	68.8
Gross Profit	2.3	2.7	3.5	3.0	2.8	12.6	6.2	8.3	0.7	-5.1	-7.2	-4.6
Financial Income	0.0	0.0	0.0	0.0	0.0	1.3	0.0	0.0	0.1	0.1	0.2	-0.5
Financial Expenses	1.1	1.2	1.6	1.7	1.6	2.3	3.0	3.2	3.2	3.3	3.2	3.8
Interest Expense	0.8	1.2	1.6	1.9	1.5	2.3	3.3	3.0	2.8	3.3	2.9	3.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.8	0.0
General and Administrative Expenses	0.9	1.1	0.8	1.0	0.8	1.0	0.8	1.0	0.9	0.9	0.0	1.5
Operating Profit	0.3	0.4	1.1	0.3	0.3	10.6	2.3	4.1	-3.3	-9.2	-12.1	-10.4
Other Income	—	0.0	—	0.0	0.0	0.0	0.0	0.2	0.0	0.1	0.0	0.0
Other Expenses	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	-0.0	—	-0.0	0.0	-0.0	-0.0	0.2	-0.0	0.0	0.0	-0.0
Profit Before Tax	0.3	0.4	1.1	0.3	0.3	10.6	2.3	4.3	-3.3	-9.2	-12.1	-10.4
Current Income Tax Expense	—	—	—	—	—	0.3	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	0.3	0.4	1.1	0.3	0.3	10.4	2.3	4.3	-3.3	-9.2	-12.1	-10.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.3	0.4	1.1	0.3	0.3	10.4	2.3	4.3	-3.3	-9.2	-12.1	-10.4
Earnings per Share	13.00	15.14	39.39	10.85	12.00	374.98	82.58	154.54	-119.00	-331.99	-438.96	-377.32
Diluted EPS	13.00	15.14	39.39	10.85	11.70	374.98	82.58	154.54	-118.85	-331.99	-438.96	-377.32

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)	122.8	125.4	139.0	138.3	130.4	130.6	150.2	134.8	191.7	198.6	206.3	217.6
I. Cash and cash equivalents	2.1	10.3	1.8	8.2	14.5	6.1	6.0	5.4	16.3	66.9	1.8	53.7
1. Cash	2.1	10.3	1.8	8.2	14.5	6.1	6.0	5.4	16.3	16.9	1.8	3.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	50.0	0.0	50.0
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	58.5	56.3	58.1	45.4	49.9	75.2	47.6	37.4	97.8	61.0	126.1	47.0
1. Short-term trade accounts receivable	43.1	48.6	51.5	40.8	42.0	71.0	46.7	37.2	81.0	60.5	104.1	45.1
2. Short-term prepayments to suppliers	16.2	7.7	6.5	4.6	7.9	4.1	0.9	0.1	16.7	0.0	21.6	1.1
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	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.5	0.4	0.8
7. Provision for short-term doubtful debts (*)	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	61.5	58.3	77.1	82.9	64.8	48.8	90.2	91.1	75.3	70.2	73.9	114.4
1. Inventories	61.5	58.3	77.1	82.9	64.8	48.8	90.2	91.1	75.3	70.2	73.9	114.4
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	0.8	0.6	1.9	1.8	1.1	0.5	6.4	1.0	2.3	0.4	4.5	2.5
1. Short-term prepayments	0.8	0.6	0.8	0.9	0.6	0.5	0.5	0.8	1.6	0.1	0.3	0.4
2. Value added tax to be reclaimed	—	—	1.1	1.0	0.5	0.0	0.0	0.0	0.5	0.0	3.9	1.8
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.3	0.3	0.3	0.3	0.3	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	5.6	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	204.6	207.2	211.1	215.1	219.6	223.3	247.4	251.6	195.7	199.9	206.0	211.9
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	161.8	165.7	169.6	173.5	177.3	180.8	184.8	188.7	192.7	196.6	203.0	208.5
1. Tangible fixed assets	161.8	165.7	169.6	173.5	177.3	180.8	184.8	188.7	192.6	196.6	202.9	208.4
- Cost	290.3	—	—	—	—	289.9	289.9	289.9	289.9	289.9	289.9	289.9
- Accumulated depreciation	-128.5	—	—	—	—	-109.0	-105.1	-101.2	-97.2	-93.3	-86.9	-81.4
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	0.1
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	0.7	0.7	0.7	0.7	1.1	1.1	1.1	1.1	0.5	0.5	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.7	0.7	0.7	1.1	1.1	1.1	1.1	0.5	0.5	0.1	0.1
V. Long-term financial investments	38.0	38.0	38.0	38.0	38.0	38.0	58.0	58.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	58.0	58.0	0.0	0.0	0.0	0.0
3. Investments in other entities	38.0	38.0	38.0	38.0	38.0	38.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.1	2.8	2.8	2.9	3.1	3.4	3.6	3.8	2.5	2.7	2.9	3.3
1. Long-term prepayments	4.1	2.8	2.8	2.9	3.1	3.4	3.6	3.8	2.5	2.7	2.9	3.3
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)	327.4	332.6	350.0	353.4	350.0	353.9	397.6	386.4	387.4	398.4	412.2	429.5
A. LIABILITIES (300=210+330)	66.0	70.7	88.6	93.1	89.9	94.2	148.3	139.3	144.5	152.2	156.9	162.0
I. Short -term liabilities	66.0	70.7	88.6	93.1	81.7	86.0	132.0	115.1	99.2	107.0	84.8	89.9
1. Short-term trade accounts payable	3.0	1.3	3.5	5.2	6.0	6.4	17.9	12.7	1.7	4.3	5.3	8.9
2. Short-term advances from customers	0.0	—	—	1.7	1.5	0.0	11.2	3.8	3.8	8.9	3.9	3.9
3. Taxes and other payables to state authorities	0.1	0.9	0.1	0.1	0.1	3.8	7.1	0.1	0.1	0.7	5.3	0.1
4. Payable to employees	0.8	0.7	0.7	0.7	0.8	0.8	0.6	0.6	0.7	0.6	0.6	0.4
5. Short-term acrrued expenses	0.1	0.1	0.1	0.1	—	0.1	0.2	0.2	0.0	0.2	0.1	0.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	—	17.7	18.0	14.9	7.5	5.0	8.5	13.2	9.7	14.7	49.9	0.2
10. Short-term borrowings and financial leases	62.0	50.0	66.2	70.3	65.8	69.9	86.6	84.5	83.3	77.4	19.7	76.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	8.2	8.2	16.2	24.2	45.3	45.3	72.1	72.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	8.2	8.2	16.2	24.2	45.3	45.3	72.1	72.1
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)	261.4	261.9	261.4	260.4	260.1	259.7	249.4	247.1	242.9	246.2	255.4	267.5
I. Owner's equity	261.4	261.9	261.4	260.4	260.1	259.7	249.4	247.1	242.9	246.2	255.4	267.5
1. Owner's capital	276.1	276.1	276.1	276.1	276.1	276.1	276.1	276.1	276.1	276.1	276.1	276.1
- Common stock with voting right	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00	276,059,080,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-14.5	-14.0	-14.5	-15.6	-15.9	-16.2	-26.5	-28.8	-33.0	-29.7	-20.5	-8.4
- Accumulated retained earning at the end of the previous period	-14.9	-16.2	-16.2	-16.2	-16.2	-29.8	-29.8	-29.8	-29.8	6.8	6.8	6.8
- Undistributed earnings in this period	0.3	2.1	1.7	0.6	0.3	13.6	3.2	1.0	-3.3	-36.4	-27.3	-15.2
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)	327.4	332.6	350.0	353.4	350.0	353.9	397.6	386.4	387.4	398.4	412.2	429.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.3	-0.4	1.1	0.3	0.3	10.6	2.3	4.2	-3.3	-9.2	-12.1	-10.4
Depreciation of Fixed Assets and Investment Property	3.9	3.9	3.9	4.3	3.6	3.9	3.9	4.0	4.0	6.4	5.5	5.5
Provision (Increase)/Reversal	—	0.8	—	—	—	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	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	-0.0	-0.0	-0.0	-0.0	-0.1	-0.1	-0.2	-0.0
Interest Expense	0.8	1.2	1.6	1.9	1.5	2.3	3.3	3.0	2.8	3.3	2.9	3.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	5.1	5.5	6.5	6.5	5.3	16.8	9.5	11.2	3.4	0.4	-3.9	-1.1
Increase/(Decrease) in Receivables	-3.0	2.8	-12.8	4.1	24.7	-21.9	-15.9	60.9	-37.3	69.0	-81.1	55.7
Increase/(Decrease) in Inventory	-3.2	18.9	5.8	-18.1	-16.0	41.3	0.9	-15.8	-4.9	3.5	40.5	-9.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.9	-14.3	-0.3	6.8	-0.1	-29.3	15.1	14.3	-13.5	-35.5	20.2	37.0
Increase/(Decrease) in Prepaid Expenses	-1.5	0.3	0.2	-0.1	0.1	0.2	0.5	-0.5	-1.3	0.3	0.6	0.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.8	-1.2	-1.6	-1.8	-1.5	-2.4	-3.5	-2.6	-3.0	-3.2	-2.9	-3.7
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-2.5	11.9	-2.2	-2.6	12.5	4.8	6.6	67.4	-56.6	34.5	-26.7	79.0
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	-0.1	0.0	-0.5	0.0	-0.4	-0.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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	-58.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	20.0	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	0.1	0.1	0.2	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	19.9	0.0	-58.5	0.1	-0.3	0.1	-0.1
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	43.3	48.5	42.1	16.7	32.5	21.0	40.7	7.2	36.6	32.5	10.3	14.2
Repayment of Borrowings	-48.9	-52.0	-46.2	-20.4	-36.6	-45.6	-46.6	-27.0	-30.8	-1.5	-35.6	-48.1
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	-5.7	-3.5	-4.1	-3.7	-4.1	-24.6	-5.9	-19.9	5.8	30.9	-25.3	-33.9
Net Cash Flow During the Period	-8.2	8.4	-6.3	-6.4	8.4	0.1	0.7	-11.0	-50.6	65.1	-51.8	45.0
Cash and Cash Equivalents at Beginning of Period	10.3	1.8	8.2	14.5	6.1	66.9	66.9	66.9	66.9	56.7	56.7	56.7
FX Difference from Revaluation	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.1	10.3	1.8	8.2	14.5	6.1	6.0	5.4	16.3	66.9	1.8	53.7

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SVD

What Is Changing

Drivers of SVD's profit

Financial Highlights

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What is driving the margin? ▼▼

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Is capital being deployed efficiently? ●

Balance Sheet ▼

Working Capital Efficiency ▲

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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