VinFast Báo cáo kết quả tài chính quý 4 và năm tài chính 2023 chưa kiểm toán

VinFast Reports Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

On February 22, 2024, VinFast Auto Ltd. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. A copy of that press release is furnished as Exhibit 99.1 to this Report on Form 6-K.

VinFast Reports Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

Quarterly Revenues reached VND10,417,758 million (US$436.5 million)

Quarterly EV Deliveries were 13,513 units

Full year Revenues reached VND28,596,221 million (US$1,198.2 million)

Full year Vehicle Deliveries were 34,855 units

Singapore, February 22, 2024 (PRNewswire) - VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam’s leading electric automotive manufacturer, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.

Operating Highlights for the Fourth Quarter and Full Year of 2023

EV Deliveries 1 34,855 13,513 10,027

E-scooters Deliveries 72,468 24,309 28,220

· EV deliveries were 13,513 in the fourth quarter of 2023, representing an increase of approximately 35% from the third quarter of 2023. For the full year 2023, EV deliveries were 34,855, representing an increase of approximately 374% from 2022.

· E-scooter deliveries were 24,309 in the fourth quarter of 2023, representing a decrease of approximately 14% from the third quarter of 2023 and an increase of approximately 48% from the fourth quarter of 2022. For the full year 2023, E-scooters deliveries were 72,468, representing an increase of approximately 21% from 2022.

· As of December 31, 2023, the Company had 123 showrooms globally for EVs and 246 showrooms and service workshops for e-scooters, including VinFast showrooms and dealer showrooms.

Financial Highlights for the Fourth Quarter of 2023

· Vehicle sales were VND9,456,934 million (US$396.3 million) in the fourth quarter of 2023, representing an increase of 161.8% from the fourth quarter of 2022 and an increase of 22.9% from the third quarter of 2023.

· Total revenues were VND10,417,758 million (US$436.5 million) in the fourth quarter of 2023, representing an increase of 133.3% from the fourth quarter of 2022 and an increase of 26.2% from the third quarter of 2023. Total revenues are primarily comprised of revenue from EV sales.

· Gross loss was VND4,174,304 million (US$174.9 million) in the fourth quarter of 2023, representing an increase of 13.1% from the fourth quarter of 2022 and an increase of 69.2% from the third quarter of 2023.

· Gross margin was negative (40.1%) in the fourth quarter of 2023, compared to negative (82.6%) in the fourth quarter of 2022 and negative (29.9%) in the third quarter of 2023.

· Loss from operations was VND10,935,750 million (US$458.2 million) in the fourth quarter of 2023 representing a decrease of 14.7% from the fourth quarter of 2022 and an increase of 22.6% from the third quarter of 2023.

· Net loss was VND15,516,340 million (US$650.1 million) in the fourth quarter of 2023, representing an increase of 1.3% from the fourth quarter of 2022 and an increase of 3.4% from the third quarter of 2023.

Key Financial Results for the Fourth Quarter of 2023

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

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

Financial Highlights for the Fiscal Year Ended December 31, 2023

· Vehicle sales were VND26,179,028 million (US$1,096.9 million) in 2023, representing an increase of 111.3% from 2022.

· Total revenues were VND28,596,221 million (US$1,198.2 million) in 2023, representing an increase of 91.1% from 2022. Total revenues in 2023 are primarily comprised of revenue from EV sales.

· Gross loss was VND13,165,357 million (US$551.6 million) in 2023, representing an increase of 7.3% from 2022.

· Gross margin was negative (46.0%) in 2023, representing an improvement compared to negative (82.0%) in 2022.

· Loss from operations was VND40,230,900 million (US$1,685.7 million) in 2023, representing a decrease of 4.8% from 2022.

· Net loss was VND57,176,212 million (US$2,395.7 million) in 2023, representing an increase of 14.7% from 2022.

· Cash and cash equivalents were VND4,002,272 million (US$ 167.7 million) as of December 31, 2023.

Key Financial Results for the Fiscal Year Ended December 31, 2023

· In December 2023, VinFast opened orders in Vietnam for the VF 7, its C-segment EV model

· Designed by Torino Design, the VF 7 is offered in two trims (Base and Plus) at a starting price of VND850 million (approximately US$35,616) for the Base trim and VND999 million (approximately US$41,900) for the Plus trim, excluding the battery. The expected WLTP driving range is 233 miles and 268 miles for the Base and Plus trims, respectively.

· At the 2024 CES in January, we announced the global launch of the VF 3, a 4-seat mini eSUV, and unveiled the concept of a mid-size pickup truck, the VF Wild.

· We signed agreements with six dealers in five states – New York, Texas, Kansas, Florida and North Carolina. Including those, we have received 75 applications from the dealer groups.

· These dealers will initially begin selling the VF 8 model, with plans to add the VF9, then the VF 6 and VF 7 models when these are launched in the North America market.

· In India, we signed an MoU with the State of Tamil Nadu to establish an integrated EV manufacturing facility with an intended commitment of up to US$500 million for phase 1 of the project. The groundbreaking ceremony is scheduled for February 25, 2024.

· In Indonesia, at the Indonesia International Motor Show 2024 (“IIMS”), we announced the launch of our right-hand drive versions of the VF 5, VF e34, VF 6, and VF 7 models and the signings of letters of intent with five dealers in February 2024.

· Also during the IIMS, we signed memoranda of understanding with three Jakarta-based companies, PT. Energi Mandiri Bumi Pertiwi, PT. Sumber Amarta Jaya, and PT. Teknologi Karya Digital Nusa Tbk, for the intended purchase of approximately 600 VinFast EVs.

· In January 2024, Mr. Pham Nhat Vuong transitioned from his role as Chairman to assume the executive position of CEO to facilitate VinFast’s next phase of global expansion.

· Madame Thuy transitioned to the role of Chairwoman of VinFast’s Board to focus on fund raising and expanding international & strategic relations.

· Ms. Lan Anh Nguyen was appointed to the position of VinFast Chief Financial Officer, replacing Mr. David Mansfield.

· In October 2023, VinFast announced the acquisition of VinES Energy Solutions Joint Stock Company (“VinES”), one of our key EV battery suppliers, from Mr. Pham Nhat Vuong.

· The acquisition of VinES closed in January 2024.

Related Party Transactions

· Out of 34,855 EVs delivered in 2023, 72% were to related parties of the Company (mainly to Green and Smart Mobility Joint Stock Company (“GSM”)).

· Out of 72,468 E-scooters delivered in 2023, 46% were to related parties of the Company (mainly to GSM).

Madam Thuy Le, Chairwoman of VinFast, said: “2023 was a whirlwind of firsts for VinFast, culminating in a strong public debut. We launched exciting new products, expanded our distribution networks, and solidified our presence in existing markets while opening doors to promising new ones. These moves laid a strong foundation for 2024, a year of global expansion and cost optimization. And we’re already seeing positive signs in key markets like the U.S. and Indonesia. We’re not resting on our laurels. Fueled by this momentum and a recovering consumer sentiment, we’re setting an ambitious target of delivering 100,000 vehicles in 2024. This is a testament to our unwavering commitment to building a greener future for all. And we are ready to conquer new heights in 2024”

Ms Anh Nguyen, VinFast Chief Financial Officer, added: “We saw favorable results in our business operations in the fourth quarter, with robust revenue growth driven by strong sales volumes and an improved product mix. We remain focused on reducing production and bill of materials (“BOM”) costs and strategically optimizing our global manufacturing capex. These initiatives will support our expansion efforts into high-growth markets such as Indonesia and India and as we aim to unlock the potential of these regions to drive substantial sales growth.”

Financial Results for the Fourth Quarter of 2023

· Vehicle sales were VND9,456,934 million (US$396.3 million) in the fourth quarter of 2023, representing an increase of 161.8% from the fourth quarter of 2022 and an increase of 22.9% from the third quarter of 2023. Revenue growth was driven by an increase in EV sale volumes in the fourth quarter of 2023 and an improved product mix which led to a higher average selling price. The increase over the fourth quarter of 2022 was also attributed to an increase in sales volume of e-scooters, including the Feliz and Evo, and was partially offset by a decrease in ICE vehicle sales due to our full transition into an EV-only maker. The increase in vehicle sales over the third quarter of 2023 was partially offset by a slight decrease in sales volumes of e-scooters

Cost of Sales and Gross Margin

· Cost of sales was VND14,592,062 million (US$611.4 million) in the fourth quarter of 2023, representing an increase of 78.9% from the fourth quarter of 2022 and an increase of 36.1% from the third quarter of 2023. The increase over the fourth quarter of 2022 and third quarter of 2023 was primarily attributable to an increase in the cost of vehicles sold as the Company delivered more EVs to customers in the fourth quarter of 2023. The increase over the third quarter of 2023 was partially offset by a decrease in the cost of e-scooters sold due to decrease in sale volume of e-scooters. The increase over the fourth quarter of 2022 was also due to an increase in the cost of e-scooters sold, partially offset by a decrease in the total cost of ICE vehicles sold, due to the decrease in ICE vehicle sales volume due to our full transition into an EV-only maker.

· Gross loss was VND4,174,304 million (US$174.9million) in the fourth quarter of 2023, representing an increase of 13.1% from the fourth quarter of 2022 and an increase of 69.2% from the third quarter of 2023.

· Gross margin was negative (40.1%) in the fourth quarter of 2023, as compared to negative (82.6%) in the fourth quarter of 2022 and negative (29.9%) in the third quarter of 2023. The improvement of gross margin over the fourth quarter of 2022 was mainly attributed to a strong increase in sales volume of EVs which had a higher gross margin The decrease over the third quarter of 2023 was mainly attributed to the increase in charges to write down the carrying value of inventories.

· Research and development (R&D) costs were VND2,746,461 million (US$115.1million) in the fourth quarter of 2023, representing a decrease of 53.4% from the fourth quarter of 2022 and a decrease of 13.3% from the third quarter of 2023. The decrease over the fourth quarter of 2022 and third quarter of 2023 is in line with four of our EV models, the VF 8, VF 9, VF 5 and VF6, progressing from the development stage to commercial production in the last four quarters.

· Selling, general and administrative expenses were VND2,897,418 million (US$121.4 million) in the fourth quarter of 2023, representing a decrease of 25.4% from the fourth quarter of 2022 and an increase of 4.9% from the third quarter of 2023. The decrease over the fourth quarter of 2022 was primarily due to a decrease in impairment charges for batteries leasing activities and a decrease in marketing costs across almost markets, which was partially offset against an increase in labor costs and external service renders. The increase over the third quarter of 2023 was primarily attributable to an increase in labor costs as a result of our efforts to scale up our sales and administrative operations in overseas markets.

· Net other operating expenses were VND1,117,567 million (US$46.8 million) in the fourth quarter of 2023, representing an increase in net expenses of 272.1% from the net income of the fourth quarter of 2022 and an increase of 113.2% from the third quarter of 2023. The increase in net expenses was mainly due to an increase in expenses in connection with discontinued projects and foreign exchange losses.

Net Loss and Net Loss Per Share

· Net loss on financial instruments at fair value through profit or loss was VND1,039,328 million (US$43.5 million) in the fourth quarter of 2023, representing an increase of 1,926.6% from net loss of the fourth quarter of 2022 and a decrease of 59.4% from net loss of the third quarter of 2023. The increase over net loss of the fourth quarter of 2022 and decrease over net loss of the third quarter of 2023 was mainly attributable to changes in the fair value of currency interest rate swaps contracts, financial liabilities in respect of dividend preference shares, and warrants.

· Net loss attributable to controlling interest was VND15,508,159 million (US$649.8 million) in the fourth quarter of 2023, representing an increase of 1.5% from the fourth quarter of 2022 and an increase of 3.5% from the third quarter of 2023.

· Basic and diluted net loss per ordinary share were both VND6,642 (US$0.28) in the fourth quarter of 2023, compared with VND6,648 (US$0.28) in the fourth quarter of 2022 and VND6,491 (US$0.27) in the third quarter of 2023.

Financial Results for the Fiscal Year Ended December 31, 2023

· Vehicle sales were VND26,179,028 million (US$1,096.9 million) in 2023, representing an increase of 111.3% from 2022. Revenue growth was driven by an increase in EV and e-scooter sales volume in 2023, including the VF e34, VF 8, VF 5, VF6, VF 9 EV models, and the Feliz and Evo e-scooter models and an improved product mix which led to a higher average selling price. The majority of these sales were in Vietnam, complemented by sales of the VF 8 model in the North America market, which represented the beginning of our international rollout. The increase in vehicle sales revenue over 2022 was partially offset by a decrease of ICE vehicle sales due to our full transition into an EV-only maker.

· Cost of sales was VND41,761,578 million (US$1,749.8 million) in 2023, representing an increase of 53.4% from 2022. The increase over 2022 was primarily attributable to increases in the cost of vehicles sold as the Company delivered more EVs and e-scooters to customers in 2023. This increase was partially offset by a decrease in the total cost of ICE vehicles sold, due to the decrease in ICE vehicle sales volume as we fully transformed into an EV-only maker.

· Gross margin was negative (46.0%) in 2023, as compared to negative (82.0%) in 2022 . The improvement of gross margin over 2022 was mainly attributed to a strong increase in sales volume of EVs which had a higher gross margin and a decrease in accelerated amortization and depreciation expenses due to our ICE vehicle production phase out.

· Research and development (R&D) costs were VND14,534,291 million (US$609.0 million) in 2023, representing a decrease of 27.1% from 2022. The decrease was in line with four of our EV models, the VF 8, VF 9, VF 5 and VF 6 models, progressing from the development stage to commercial production in 2023.

· Selling, general and administrative expenses were VND10,790,856 million (US$452.1 million) in 2023, representing an increase of 17.0% from 2022. The increase over 2022 was primarily attributable to an increase in labor costs and rental costs, as a result of our efforts to scale up our sales and administrative operations in overseas markets. The increase was partially offset against a decrease in extended warranties for ICE vehicles in line with our cessation of ICE vehicle production in 2023.

· Net other operating expenses were VND1,740,396 million (US$72.9 million) in 2023, representing an increase of 110.8% from 2022. The increase in net expenses was mainly due to an increase in expenses in connection with discontinued projects and was partially offset against a decrease in foreign exchange losses.

· Loss from operations was VND40,230,900 million (US$1,685.7million) in 2023, representing a decrease of 4.8% from 2022.

Net Loss and Earnings Per Share

· Net loss on financial instruments at fair value through profit or loss was VND4,879,833 million (US$204.5 million) in 2023, representing a decrease of 498.0% from net gain of VND1,226,012 million in 2022]. The decrease over the net gain in 2022 was mainly attributable to changes in the fair value of currency interest rate swaps contracts, financial liabilities in respect of Dividend Preferred Shares, and warrants.

· Net loss attributable to controlling interest was VND57,101,541 million (US$2,392.6 million) in 2023, representing an increase of 14.7% from 2022.

· Basic and diluted net loss per ordinary share were both VND24,710 (US$1.04) in 2023, compared with VND21,654 (US$0.91) in 2022.

· FY2024 Delivery Target: the Company targets to deliver 100,000 EVs.

· BOM cost: the Company is working on initiatives to optimize BOM cost by 40% within 2 years from the launch of each vehicle model.

· FY2024 Capital Expenditure Plan: the Company expects capital expenditure in 2024 to be incurred at a run-rate similar to 2023, which is expected to be utilized mainly for the construction of our North Carolina manufacturing plant and Completely Knocked Down facilities in India and Indonesia.

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

The Company’s management will host its fourth quarter of 2023 earnings conference call at 8:00 AM U.S. Eastern Time on February 22, 2024.