VinFast Báo cáo kết quả tài chính quý 3 năm 2024 chưa kiểm toán

VinFast Reports Unaudited Third Quarter 2024 Financial Results

As set forth herein, VinFast Auto Ltd. has announced its unaudited financial results for the third quarter of 2024.

VinFast Reports Unaudited Third Quarter 2024 Financial Results

Quarterly Revenues reached VND12,326,537 million (US$511.6 million)

Quarterly EV Deliveries were 21,912 units

Singapore, November 26, 2024 – VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Operating Highlights for the Third Quarter of 2024

EV Deliveries (1) 21,912 13,172 10,179

E-scooter Deliveries 18,894 13,076 28,219

· EV deliveries were 21,912 in the third quarter of 2024, representing an increase of 66% from the second quarter of 2024 and an increase of 115% from the third quarter of 2023.

· E-scooter deliveries were 18,894 in the third quarter of 2024, representing an increase of 44% from the second quarter of 2024 and a decrease of 33% from the third quarter of 2023.

· As of October 31, 2024, the Company had 173 showrooms globally for EVs and 160 showrooms and service workshops for e-scooters, including VinFast’s showrooms and dealer showrooms.

Financial Highlights for the Third Quarter of 2024

· Vehicle sales were VND11,251,190 million (US$467.0 million) in the third quarter of 2024, representing an increase of 46.1% from the third quarter of 2023 and an increase of 46.1% from the second quarter of 2024.

· Total revenues were VND12,326,537 million (US$511.6 million) in the third quarter of 2024, representing an increase of 49.3% from the third quarter of 2023 and an increase of 42.2% from the second quarter of 2024. Total revenues are primarily comprised of revenue from EV sales.

· Gross loss was VND2,957,886 million (US$122.8 million) in the third quarter of 2024, representing an increase of 32.9% from the third quarter of 2023 and a decrease of 45.6% from the second quarter of 2024.

· Gross margin was negative (24.0%) in the third quarter of 2024, compared to negative (27.0%) in the third quarter of 2023 and negative (62.7%) in the second quarter of 2024.

· Loss from operations was VND8,121,371 million (US$337.1 million) in the third quarter of 2024 representing a decrease of 11.6% from the third quarter of 2023 and a decrease of 39.4% from the second quarter of 2024.

· Net loss was VND13,251,944 million (US$ 550.0 million) in the third quarter of 2024, representing a decrease of 14.8% from the third quarter of 2023 and a decrease of 29.4% from the second quarter of 2024.

Key Financial Results for the Third Quarter of 2024

(in VND millions, except for percentages and basis points (“bps”))

1 Includes VF3, VF e34, VF 5, VF 6, VF 7, VF 8, VF 9 and e-bus

2 As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

Became top-selling automotive brand in Vietnam 2

· In September, VinFast recorded robust monthly deliveries in its home market of Vietnam, firmly positioning VinFast as the top-selling car brand in Vietnam for September. This marked the first time since VinFast was established seven years ago that a Vietnamese EV brand outperformed all international competitors to become the market leader in terms of monthly sales.

· In October, VinFast delivered more than 11,000 EVs to customers in Vietnam, representing a 21% increase compared to September and bringing total deliveries in Vietnam to more than 51,000 EVs for the year up to October 31, 2024. This positioned VinFast as the best-selling automotive brand in the Vietnamese market for October and the first ten months of 2024.

Internal reorganization of the group companies under VinFast Trading and Production JSC (“VFTP”)

· Under the reorganization plan announced earlier this month, a new Vietnam-incorporated company, VinFast Investment and Development Joint Stock Company (“VFDI”) will be spun off from VFTP as a new direct subsidiary of the Company. VFDI will hold certain of the VinFast group’s international subsidiaries, namely a 99.3% interest in Vingroup Investment Vietnam JSC, which in turn will wholly own VinFast’s subsidiaries in France, Canada, the Netherlands, Australia and Germany.

· VFTP will continue to be a direct subsidiary of the Company and will hold the Company’s EV manufacturing business in Vietnam. In addition, VFTP will hold a 99.5% ownership interest in VinFast Commercial and Services Trading Limited Liability Company, as well as 99.8% interest in VinEG Green Energy Solutions JSC.

· The reorganization is an internal exercise, and the Company will maintain its majority ownership of all of its current subsidiaries. Completion of this internal reorganization is subject to obtaining the necessary regulatory approvals.

· VinFast’s Founder and Chief Executive Officer, Mr. Pham Nhat Vuong, and his associated companies intend to provide up to VND50 trillion (US$2.1 billion) in free grants to the Company and its subsidiaries through the end of 2026.

· In addition, Vingroup Joint Stock Company intends for it and its subsidiaries (collectively “Vingroup”) to provide our subsidiaries incorporated in Vietnam with up to VND35 trillion (US$1.5 billion) in loans through the end of 2026.

· Vingroup will make additional capital contributions to VFTP by converting up to VND80 trillion (US$3.3 billion) of loans extended by Vingroup to VFTP into preference shares issued by VFTP.

New EV manufacturing facility in Ha Tinh, Vietnam

· In response to increasing demand for affordable EVs and to improve production efficiencies, the Company plans to add a new completely knocked down (CKD) factory in Ha Tinh, Vietnam focusing on VF 3 and VF 5. The factory will be under a long-term lease structure to optimize initial spendings. The factory targets a maximum capacity of 300,000 EVs per year, subject to demand and general market conditions, with a gradual ramp up in capacity and production overtime. The construction of the factory will begin in early December, and the factory is expected to commence operations in 2025.

Progress on market expansion

· North America : In November, VinFast started delivering the VF 9 to customers in the U.S. and Canada.

· Indonesia : In the third quarter, VinFast delivered its first VF e34s with right-hand drive configuration to customers in Indonesia. The Company’s planned assembly plant in Indonesia is targeted to commence operations in 2025, with an initial capacity of 50,000 EVs per year. In the fourth quarter, the Company delivered its first batch of VF 5 EVs to the market. As of October 31, 2024, VinFast had 17 dealer stores in 15 cities in Indonesia.

· The Philippines: In September, VinFast opened sales of the VF 3 with a starting list price of 645,000 Pesos (battery-exclusive). During the 12 th Philippines Electric Vehicle Summit (PEVS) in October, VinFast opened sales of the VF 7 with a starting list price of 1,470,000 Pesos (battery-exclusive). The Company delivered its first batch of VF 5 EVs in the third quarter of 2024 and is currently accepting reservations for three models in the market: the VF 3, VF 5 and VF 7. As of October 31, 2024, VinFast had eight dealer stores in six cities in the Philippines.

· India: VinFast’s planned assembly plant with an initial capacity of 50,000 EVs per year is preparing for equipment and machinery installation process and is on track to commence operations in 2025.

· Middle East : In October, VinFast held its official brand launch event in the Middle East market and opened its second dealer store in the market, located in downtown Dubai, United Arab Emirates.

Related Party Transactions

· Out of 21,912 EVs delivered in the third quarter of 2024, 22% were to related parties of the Company.

· Out of 18,894 e-scooters delivered in the third quarter of 2024, 5% were to related parties of the Company.

2 Based on data from the Vietnam Automobile Manufacturers’ Association, Thanh Cong Group and Company internal data (for VinFast only).

Madam Thuy Le, Chairwoman of VinFast, said: The third quarter’s result was underpinned by a robust September, as we recorded the highest monthly deliveries in our home market, Vietnam. This marks a historic milestone for Vietnam’s automotive industry where, for the first time since we were established seven years ago, a domestic OEM has outperformed international competitors to become the market leader across the passenger vehicle market. We expect to finish 2024 on a strong note and meet our 80,000-vehicle delivery target, as the momentum in Q3 has continued into Q4. Producing high-quality electric vehicles is a complex task, one that requires unwavering dedication and fortitude to navigate ongoing uncertainties. Every day we are learning how to make durable and exciting EVs that will be a key part of the global transition to green mobility. The path to green mobility is challenging, but our commitment to this future is resolute—because the future is, without question, electric.”

Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “I am pleased to share that Q3’24 was in line with our internal forecast, driven by an acceleration in our top line and an improvement in profitability as gross loss and net loss narrowed significantly. Increasing scale, ongoing BOM and production cost optimization and improved operating efficiencies have already started to have a positive impact on gross margin and will continue to be key drivers for our path to profitability. Our overall liquidity position has been enhanced by the recently announced loans from Vingroup and grants from our Founder, whereby we expect to receive a potential of $3.5 billion injection by the end of 2026.”

Financial Results for the Third Quarter of 2024

· Vehicle sales were VND11,251,190 million (US$467.0 million) in the third quarter of 2024, representing an increase of 46.1% from the third quarter of 2023 and an increase of 46.1% from the second quarter of 2024. Revenue growth from the third quarter of 2024 and the second quarter of 2024 was driven by an increase in EVs sale volumes due to the Company’s expansion in both domestic and overseas markets.

Cost of Sales and Gross Margin

· Cost of sales was VND15,284,423 million (US$634.4 million) in the third quarter of 2024, representing an increase of 45.8% from the third quarter of 2023 and an increase of 8.3% from the second quarter of 2024. The increase over the third quarter of 2023 and the second quarter of 2024 was primarily attributable to an increase in the cost of vehicles sold as the Company delivered more EVs to customers in the third quarter of 2024.

· Gross loss was VND2,957,886 million (US$122.8million) in the third quarter of 2024, representing an increase of 32.9% from the third quarter of 2023 and a decrease of 45.6% from the second quarter of 2024.

· Gross margin was negative (24.0%) in the third quarter of 2024, compared to negative (27.0%) in the third quarter of 2023 and negative (62.7%) in the second quarter of 2024. The improvement of gross margin over the third quarter of 2023 was primarily driven by increased sales and improved costs. The improvement of gross margin over the second quarter of 2024 was primarily driven by increased sales, improved costs and decrease in charges to write down the carrying value of inventories .

· Research and development (R&D) costs were VND2,091,725 million (US$86.8 million) in the third quarter of 2024, representing a decrease of 41.8% from the third quarter of 2023 and a decrease of 21.4% from the second quarter of 2024. The decrease over the third quarter of 2023 and the second quarter of 2024 was primarily the result of the Company having frontloaded the work on product development.

· Selling, general and administrative expenses were VND3,461,210 million (US$143.7 million) in the third quarter of 2024, representing an increase of 22.7% from the third quarter of 2023 and a decrease of 9.8% from the second quarter of 2024. The increase over the third quarter of 2023 was primarily due to the increase in labor costs, rental costs and marketing expenses which are primarily attributable to the Company’s efforts to scale its sales operations. The decrease over the second quarter of 2024 was primarily due to the impairment of assets that do not support BOM cost optimization recognized in the second quarter of 2024.

· Net other operating incomes were VND 389,450 million (US$16.2 million) in the third quarter of 2024, representing an increase of 171.8% and 126.7% from net other operating expenses in the third quarter of 2023 and the second quarter of 2024, respectively. The increase in net income over the third quarter of 2023 and the second quarter of 2024 was mainly due to an increase in foreign exchange gain.

· Loss from operations was VND8,121,371 million (US$337.1 million) in the third quarter of 2024 representing a decrease of 11.6% from the third quarter of 2023 and a decrease of 39.4% from the second quarter of 2024, as a result of the foregoing.

Net Loss and Net Loss Per Share

· Net loss on financial instruments at fair value through profit or loss was VND251,088 million (US$10.4 million) in the third quarter of 2024, representing a decrease of 90.2% from net loss of the third quarter of 2023 and a decrease of 73.6% from net loss of the second quarter of 2024. The decrease over net loss of the third quarter of 2023 and the second quarter of 2024 was mainly attributable to changes in the fair value of currency interest rate swaps contracts, financial liabilities in respect of dividend preference shares, convertible debenture and warrants.

· Net loss was VND13,251,944 million (US$550.0 million) in the third quarter of 2024, representing a decrease of 14.8% from the third quarter of 2023 and a decrease of 29.4% from the second quarter of 2024.

· Net loss attributable to controlling interest was VND13,227,273 million (US$549.0 million) in the third quarter of 2024, representing a decrease of 14.8% from the third quarter of 2023 and a decrease of 29.4% from the second quarter of 2024.

· Basic and diluted net loss per ordinary share were both VND5,656 (US$0.23) in the third quarter of 2024, compared with VND6,725 (US$0.28) in the third quarter of 2023 and VND8,015 (US$0.33) in the second quarter of 2024.

· Cash and cash equivalents were VND1,892,408 million (US$78.5 million) as of September 30, 2024.

· FY2024 Delivery Target: the Company reaffirms target to deliver 80,000 EVs.

· This outlook reflects the Company’s current and preliminary view on the business and existing market conditions, which is subject to change.

Our primary target markets remain Vietnam, North America and Europe, and we are regularly evaluating opportunities to enter new countries and regions in Europe, Asia, the Middle East and Africa to grow our global footprint in areas where we identify high potential for EV demand growth. We may establish or enlarge our presence in existing and new markets through a range of distribution models, directly or with strategic public and private partners or agents. To ensure that we continue to have sufficient production capacity to support our current and future operations, we will from time to time endeavor to add manufacturing, assembly and distribution capacity across our markets through the expansion of existing infrastructure and new brownfield and greenfield projects. While we remain focused on the mini- through E-segments of the electric SUV market, we are also evaluating the full spectrum of vehicle types for future product development. We continuously monitor our global expansion strategy and have the ability to accelerate, moderate or otherwise deviate from our existing distribution, manufacturing, assembly, marketing and other plans for any market at any time.

Our funding sources for our capital requirements to implement our growth strategy may include loans and grants from our major shareholders and affiliates, the public and private debt and equity capital markets, existing and new third-party loans and borrowing and cash from operations. We are prepared to opportunistically access the debt and equity capital markets, subject to market conditions. We also seek to capture available tax and other incentives and subsidies to reduce our costs of investment and operations.

The Company’s management will host its third quarter of 2024 earnings conference call at 8:00 AM U.S. Eastern Time on November 26, 2024.

Live Webcast: https://edge.media-server.com/mmc/p/5725mupo

Unaudited Interim Condensed Consolidated Balance Sheets

(*) As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business combination under common control.

Unaudited Interim Condensed Consolidated Balance Sheets (continued)

Unaudited Interim Condensed Consolidated Statements of Operations

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss

Unaudited Interim Condensed Consolidated Statements of Cash Flows

Unaudited Interim Condensed Consolidated Statements of Cash Flows (continued)

This press release contains market and industry data obtained from third-party sources and industry reports, publications, websites, and other publicly available information, including but not limited to information regarding the Company’s market position and its performance compared to historical performance of other industry players. VinFast has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information. While the Company believes that the market and industry data and related statements presented in this press release are accurate, there can be no assurance as to the accuracy or completeness of such data or statements. The Company does not undertake to update or revise such data or statements. Industry and market data are subject to variations and cannot be verified due to limitations on the availability and reliability of data inputs, the nature of third-party data-gathering processes and other inherent limitations and uncertainties.