DVG

Đại Việt Group DVG ·UPCOM ·2026Q1

▼ Slightly negative

Working capital is tied up too long in the operating cycle Working capital 219 days

Price

1,200

Latest close

29 May 2026

P/E -26.72x

P/B 0.10x

EPS -45

BVPS 12,211

ROE -0.4%

ROA -0.4%

Profit Margin -0.6%

Asset Turnover 0.60x

Equity Mult. 1.02x

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

What Is Changing

On a TTM 2026Q1 basis, DVG is maintaining revenue, but margins are compressing slightly — margins have been compressing consistently over multiple periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 201bn
	                                
+16.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 1bn
	                                
−154.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	209.1	174.8	82.8	126.9	344.9
Growth	+20%	+111%	-35%	-63%	—
Net Income	-2.6	1.2	4.5	1.9	15.0
Net Margin	-1.23%	0.66%	5.42%	1.53%	4.36%

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	39.6	10.0	96.3	54.7	48.0	28.2	66.1	30.5	15.3	35.4	22.6	15.5
Growth	+295%	-90%	+76%	+14%	+70%	-57%	+117%	+99%	-57%	+57%	+46%	—
Net Income	-0.1	-0.3	-0.6	-0.2	-0.9	0.2	0.2	-0.0	0.1	0.1	0.2	2.0
Net Margin	-0.37%	-2.84%	-0.67%	-0.34%	-1.83%	0.77%	0.31%	-0.11%	0.89%	0.37%	0.73%	12.90%

Drivers of DVG's profit

TTM

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

Selling expenses ↓ 1.0bn

Other profit ↑ 0.4bn

Administrative expenses ↓ 0.3bn

Gross profit ↓ 2.6bn

Financial income ↓ 0.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 0.4bn

Selling expenses ↓ 0.4bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.2% = -0.3% × 0.54 × 1.04

2026Q1 -0.4% = -0.6% × 0.60 × 1.02

ROE is broadly flat at -0.4% — the components are offsetting one another.

Net margin: -0.6% -0.3pp Asset turnover: 0.60x +0.07x Leverage: 1.02x -0.03x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to -0.63%, falling 0.3pp. The main pressure is Gross margin fell 1.8pp, outweighing the improvement in SG&A / Revenue fell 1.2pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin -0.63% −0.3pp

Gross Margin 1.61% −1.8pp

SG&A / Revenue 2.24% −1.2pp

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 0.01x equity, with a net cash position equivalent to 0.01x equity.

Inventory ended the period at 114.9bn, roughly 33.1% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 45.9 days versus the same period last year. The main moves came from DIO rose 35.2 days, DSO rose 4.0 days, and DPO fell 6.7 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 219.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +4.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 59.6 days +4.0 days

Inventory 165.4 days +35.2 days

Payables 5.9 days −6.7 days

Cash Conversion Cycle 219.0 days +45.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 56.56x +44.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -76.7bn in 2025, against investing cash flow of 73.7bn.

Post-investment cash flow was negative +3.0bn. Financing cash flow was positive 0.0bn.

CFO / net income was 56.56x.

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 71.1bn −65.1bn

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 working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 219 days. 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.

Key risk: working capital remains tied up for too long, with cash cycle at 219.0 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	209.1	174.8	82.8	126.9	344.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	209.1	174.8	82.8	126.9	344.9
Cost of Goods Sold	206.2	169.5	76.9	118.1	0.0
Gross Profit	2.9	5.3	5.9	8.8	31.7
Financial Income	0.2	0.3	0.0	-0.0	1.7
Financial Expenses	0.6	0.0	0.0	0.4	-1.7
Interest Expense	—	0.0	0.0	0.4	-1.7
Share of Associates and Joint Ventures	-0.0	0.0	2.5	0.0	-0.0
Selling Expenses	3.1	3.9	2.7	2.9	-4.5
General and Administrative Expenses	1.8	2.4	2.7	3.0	-8.1
Operating Profit	-2.4	-0.7	3.0	2.6	19.1
Other Income	0.1	2.5	1.7	0.0	0.0
Other Expenses	0.2	0.5	0.1	0.0	0.0
Other Profit	-0.1	2.0	1.6	-0.0	0.0
Profit Before Tax	-2.5	1.3	4.6	2.5	19.1
Current Income Tax Expense	—	0.2	0.1	0.6	-4.1
Deferred Income Tax Expense	0.1	0.0	0.0	0.0	0.0
Net Income	-2.6	1.2	4.5	1.9	15.0
Non-controlling Interest	-0.0	-0.0	0.0	0.0	1.5
Profit Attributable to Parent	-2.6	1.2	4.5	1.9	13.5
Earnings per Share	-91.00	42.00	160.00	69.00	101.00
Diluted EPS	-91.16	41.98	160.21	69.15	481.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	262.2	212.5	105.0	69.5	338.1
I. Cash and cash equivalents	1.1	4.1	0.9	2.1	20.7
1. Cash	1.1	4.1	0.9	2.1	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	146.1	142.3	47.2	28.2	224.8
1. Short-term trade accounts receivable	23.3	31.4	26.2	27.5	0.0
2. Short-term prepayments to suppliers	122.8	15.9	16.1	0.7	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	—	53.3	0.0	0.0	0.0
6. Other short-term receivables	—	41.7	4.8	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	114.9	64.2	54.3	39.2	81.0
1. Inventories	114.9	64.2	54.3	39.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	1.9	2.6	0.1	5.2
1. Short-term prepayments	0.0	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	0.1	1.9	2.6	0.1	0.0
3. Taxes and other receivables from state authorities	0.0	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)	85.0	107.8	235.0	236.7	180.8
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	27.7	77.7	76.7	36.6	154.2
1. Tangible fixed assets	18.8	48.8	47.6	27.4	83.3
- Cost	35.4	73.6	61.6	35.4	0.0
- Accumulated depreciation	-16.6	-24.7	-14.0	-8.0	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	8.9	28.9	29.0	9.2	70.8
- Cost	9.7	29.7	29.7	9.7	0.0
- Accumulated depreciation	-0.8	-0.8	-0.6	-0.5	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	57.0	30.0	158.3	200.0	17.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	30.0	158.3	200.0	0.0
3. Investments in other entities	57.0	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
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	0.2	0.0	0.1	0.1	0.0
1. Long-term prepayments	—	0.0	0.1	0.1	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	9.6
5. Goodwill	0.2	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)	347.1	320.2	340.0	306.3	518.9
A. LIABILITIES (300=210+330)	4.5	6.7	31.7	7.5	161.0
I. Short -term liabilities	4.4	6.7	31.7	7.5	160.7
1. Short-term trade accounts payable	2.9	4.0	14.0	6.5	10.2
2. Short-term advances from customers	0.0	0.0	14.7	0.1	0.0
3. Taxes and other payables to state authorities	0.3	1.3	0.1	0.6	0.0
4. Payable to employees	—	0.0	0.6	0.0	0.0
5. Short-term acrrued expenses	0.5	0.1	0.0	0.0	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	0.1	0.8	1.8	0.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	34.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.4	0.3	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	0.1	0.0	0.0	0.0	0.3
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	—	0.0	0.0	0.0	0.3
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	0.1	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)	342.6	313.5	308.3	298.8	357.9
I. Owner's equity	342.6	313.5	308.3	298.8	0.0
1. Owner's capital	280.0	280.0	280.0	280.0	357.9
- Common stock with voting right	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-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	0.3	0.3	0.2	0.2	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	21.3	23.9	23.0	18.6	25.8
- Accumulated retained earning at the end of the previous period	23.9	22.7	18.5	16.7	10.9
- Undistributed earnings in this period	-2.6	1.2	4.5	1.9	14.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	41.0	9.3	5.1	0.0	52.0
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)	347.1	320.2	340.0	306.3	518.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	-2.5	1.3	4.6	2.5	8.8
Depreciation of Fixed Assets and Investment Property	5.1	5.6	4.3	3.3	2.1
Provision (Increase)/Reversal	—	-0.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.4	-2.7	-4.2	0.0	0.0
Interest Expense	—	0.0	0.0	0.4	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	2.9	3.9	4.8	6.2	12.0
Increase/(Decrease) in Receivables	-90.7	38.4	-7.5	5.9	0.0
Increase/(Decrease) in Inventory	4.8	7.8	-6.1	10.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.2	-41.0	19.3	4.6	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.1	0.0	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.4	0.0
Corporate Income Tax Paid	—	-0.1	-0.6	-1.4	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	-76.7	9.0	9.9	25.0	-1.9
Payments for Fixed Assets and Other Long-term Assets	-3.5	0.0	0.0	-14.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	-41.5	0.0	0.0	-2.9
Receipts from Loan Repayments and Sale of Debt Instruments	53.3	12.6	0.0	8.8	3.2
Investments in Other Entities	-215.0	-40.2	-101.0	0.0	0.0
Proceeds from Investments in Other Entities	238.8	62.9	90.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.3	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	73.7	-5.9	-11.0	-5.6	0.4
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	8.5	47.1
Repayment of Borrowings	—	0.0	0.0	-42.8	-43.9
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	-34.2	3.2
Net Cash Flow During the Period	-3.0	3.2	-1.1	-14.9	0.0
Cash and Cash Equivalents at Beginning of Period	4.1	0.9	2.1	16.9	3.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.1	4.1	0.9	2.1	0.0

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	39.6	10.0	96.3	54.7	48.0	28.2	66.1	30.5	15.3	35.4	22.6	15.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	39.6	10.0	96.3	54.7	48.0	28.2	66.1	30.5	15.3	35.4	22.6	15.5
Cost of Goods Sold	38.9	9.6	95.7	53.2	47.8	27.3	63.2	28.8	14.1	32.6	22.2	13.8
Gross Profit	0.7	0.4	0.6	1.5	0.3	1.0	2.9	1.7	1.2	2.8	0.4	1.7
Financial Income	0.0	0.0	0.1	0.1	0.1	0.0	0.1	0.1	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	0.5	0.6	0.9	0.8	0.9	0.6	1.0	1.4	0.1	0.4	0.0	0.6
General and Administrative Expenses	0.3	0.1	0.3	0.9	0.3	0.2	1.1	0.4	0.9	2.2	0.2	0.4
Operating Profit	-0.1	-0.3	-0.5	-0.2	-0.9	0.2	0.9	-0.0	0.2	0.2	0.2	0.7
Other Income	—	0.1	—	0.0	—	-0.0	-0.0	0.0	0.0	0.0	0.0	1.5
Other Expenses	0.0	0.0	0.1	0.0	0.0	0.0	0.4	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.1	-0.1	-0.0	-0.0	-0.0	-0.4	-0.0	-0.0	-0.0	-0.0	1.5
Profit Before Tax	-0.1	-0.2	-0.6	-0.2	-0.9	0.2	0.4	-0.0	0.2	0.2	0.2	2.1
Current Income Tax Expense	—	—	—	—	—	0.0	0.2	-0.0	0.0	0.0	0.0	0.1
Deferred Income Tax Expense	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.1	-0.3	-0.6	-0.2	-0.9	0.2	0.2	-0.0	0.1	0.1	0.2	2.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.1	-0.3	-0.6	-0.2	-0.9	0.2	0.2	-0.0	0.1	0.1	0.2	2.0
Earnings per Share	-5.19	-10.14	-22.92	-6.65	-31.40	7.73	7.25	-1.15	5.00	4.73	5.90	71.00
Diluted EPS	-5.19	-10.14	-22.92	-6.65	-31.40	7.73	7.25	-1.15	4.90	4.73	5.90	71.43

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)	261.6	262.2	238.4	214.1	213.6	54.8	215.0	98.7	94.8	107.7	112.8	97.6
I. Cash and cash equivalents	1.9	1.1	4.8	4.2	4.3	0.8	4.2	3.0	2.1	1.8	1.9	3.5
1. Cash	1.9	1.1	4.8	4.2	4.3	0.8	4.2	3.0	2.1	1.8	1.9	3.5
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	143.5	146.1	170.1	144.0	144.8	16.8	134.4	41.0	29.1	48.8	59.2	40.5
1. Short-term trade accounts receivable	21.4	23.3	107.9	61.0	44.1	14.4	14.6	22.4	8.6	28.1	33.2	30.8
2. Short-term prepayments to suppliers	122.1	122.8	51.1	6.4	10.5	0.3	22.3	12.2	19.1	15.6	6.5	5.9
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	—	—	—	36.7	48.3	0.0	55.8	6.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	—	11.1	39.8	41.9	2.1	41.7	0.4	1.3	5.1	19.4	3.8
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	116.0	114.9	61.9	64.2	62.9	37.2	74.2	52.7	56.2	53.0	47.5	50.8
1. Inventories	116.0	114.9	61.9	64.2	62.9	37.2	74.5	52.7	56.2	53.0	47.5	50.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	-0.3	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.1	1.6	1.6	1.6	0.0	2.2	2.0	7.4	4.1	4.3	2.8
1. Short-term prepayments	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1	0.1	1.5	1.9	0.0
2. Value added tax to be reclaimed	0.1	0.1	1.6	1.6	1.6	0.0	2.2	2.0	2.5	2.6	2.4	2.8
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	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	4.8	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	83.7	85.0	79.3	104.8	106.3	246.3	109.2	232.4	231.3	233.0	218.4	219.5
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	27.1	27.7	76.8	74.8	76.3	30.4	79.2	74.1	75.5	77.2	78.4	79.4
1. Tangible fixed assets	18.2	18.8	48.1	46.0	47.4	21.4	50.3	45.1	46.4	48.2	49.2	50.3
- Cost	35.4	—	—	—	—	35.4	73.6	61.6	61.6	61.6	61.6	61.6
- Accumulated depreciation	-17.2	—	—	—	—	-14.1	-23.3	-16.5	-15.2	-13.5	-12.4	-11.4
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	8.9	8.9	28.8	28.8	28.8	9.0	28.9	29.0	29.1	29.0	29.2	29.2
- Cost	9.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	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	—	—	—	—	—	0.0	0.0	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	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	56.6	57.0	2.5	30.0	30.0	215.9	30.0	158.3	155.8	155.8	140.0	140.0
1. Investments in subsidiaries	—	—	—	—	—	90.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	57.0	57.0	2.5	30.0	30.0	125.9	30.0	158.3	155.8	155.8	140.0	140.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.4	—	—	—	—	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	—	0.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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	—	0.2	—	—	—	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)	345.3	347.1	317.7	318.9	319.9	301.1	324.2	331.1	326.1	340.7	331.2	317.1
A. LIABILITIES (300=210+330)	3.4	4.5	6.0	6.4	7.3	3.0	10.7	22.8	20.0	34.1	24.7	11.2
I. Short -term liabilities	3.3	4.4	6.0	6.4	7.3	3.0	10.7	22.8	20.0	34.1	24.7	11.2
1. Short-term trade accounts payable	1.7	2.9	3.3	3.7	4.7	0.8	0.2	7.7	6.9	14.7	14.0	7.5
2. Short-term advances from customers	0.0	0.0	0.3	—	0.0	0.0	7.6	13.5	10.8	16.8	9.3	2.9
3. Taxes and other payables to state authorities	0.3	0.3	0.8	1.2	1.3	0.9	0.5	0.2	0.3	0.3	0.2	0.4
4. Payable to employees	0.1	—	—	—	—	0.0	0.3	0.3	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.4	0.5	0.6	0.5	0.3	0.1	0.1	0.4	0.5	0.0	0.0	0.0
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	0.1	0.1	0.4	0.4	0.3	0.6	1.7	0.3	0.7	2.0	0.9	0.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.5	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	0.6	0.6	0.6	0.6	0.6	0.6	0.4	0.4	0.4	0.3	0.3	0.3
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	0.1	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.1	0.1	—	—	—	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)	341.9	342.6	311.7	312.5	312.6	298.1	313.5	308.3	306.0	306.6	306.5	305.9
I. Owner's equity	341.9	342.6	311.7	312.5	312.6	298.1	313.5	308.3	306.0	306.6	306.5	305.9
1. Owner's capital	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0	280.0
- Common stock with voting right	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00	280,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0
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	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	16.0	0.2	0.2
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	20.5	21.3	22.1	22.9	23.0	17.8	24.0	23.1	20.7	5.5	21.3	20.7
- Accumulated retained earning at the end of the previous period	16.3	23.9	23.7	19.4	19.5	18.6	20.9	23.0	20.6	2.9	20.4	18.9
- Undistributed earnings in this period	4.2	-2.6	-1.6	3.5	3.5	-0.7	3.1	0.1	0.1	2.6	0.8	1.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	41.1	41.0	9.3	9.3	9.3	0.0	9.3	5.1	5.1	5.1	5.1	5.1
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)	345.3	347.1	317.7	318.9	319.9	301.1	324.2	331.1	326.1	340.7	331.2	317.1

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
Profit Before Tax	—	-1.4	—	-1.1	—	0.0	1.5	-1.5	0.0	0.0	-2.2	2.2
Depreciation of Fixed Assets and Investment Property	—	2.1	—	2.9	—	0.0	-2.6	2.6	0.0	0.0	-1.6	1.6
Provision (Increase)/Reversal	—	—	—	—	—	0.0	-1.7	1.7	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.5	—	-0.1	—	0.0	0.3	-0.3	0.0	0.0	1.5	-1.5
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	—	1.3	—	1.7	—	0.0	-2.6	2.6	0.0	0.0	-2.4	2.4
Increase/(Decrease) in Receivables	—	-72.8	—	-17.9	—	0.0	-6.8	6.8	0.0	0.0	-2.8	2.8
Increase/(Decrease) in Inventory	—	4.9	—	-0.1	—	0.0	-1.4	1.4	0.0	0.0	2.8	-2.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	6.5	—	-0.2	—	0.0	8.9	-8.9	0.0	0.0	1.5	-1.5
Increase/(Decrease) in Prepaid Expenses	—	0.0	—	-0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	-0.1	-0.0	0.0	0.0	-0.4	-0.3
Other Operating Receipts	—	—	—	—	—	-177.8	263.0	-0.2	0.2	1.7	35.3	0.0
Other Operating Payments	-0.0	—	-1.4	—	-0.6	28.4	-115.2	0.2	-0.2	-3.2	-51.4	0.0
Net Cash Flow from Operating Activities	0.8	3.3	-63.5	-11.8	-4.8	-158.0	156.7	0.1	1.8	-0.1	-11.9	2.5
Payments for Fixed Assets and Other Long-term Assets	—	-3.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	36.7	—	16.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	-63.0	0.0	0.0	0.0	89.1	-89.1
Proceeds from Investments in Other Entities	—	211.3	27.5	—	—	0.0	62.9	0.0	0.0	0.0	-90.0	90.0
Dividends and Interest Income Received	—	0.1	—	0.2	—	0.0	-0.1	0.1	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	—	-7.1	64.1	11.8	4.9	26.3	-26.5	0.1	0.0	0.0	-0.9	0.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	9,398,720,060.00	0.00
Share Repurchases	—	—	—	—	—	130,000,000,000.00	-130,000,000,000.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	-0.1
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.8	-0.8	0.0	-0.1	0.1
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	—	—	—	—	—	130.0	-130.0	0.8	-0.8	0.0	9.4	0.0
Net Cash Flow During the Period	0.8	-3.8	0.6	-0.0	0.2	-1.7	0.2	1.0	1.0	-0.1	-3.4	3.4
Cash and Cash Equivalents at Beginning of Period	1.1	4.8	4.2	4.3	4.1	0.2	1.9	0.9	1.1	3.9	3.9	2.1
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	1.1	4.8	4.2	4.3	0.8	4.2	3.0	2.1	1.8	1.9	3.5

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DVG

What Is Changing

Drivers of DVG's profit

Financial Highlights

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Balance Sheet ●

Working Capital Efficiency ▼▼

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow