VinFast Báo cáo kết quả tài chính quý 2 năm 2024 chưa kiểm toán

VinFast Reports Unaudited Second Quarter 2024 Financial Results

As set forth herein, VinFast Auto Ltd. (the “Company”) has announced its unaudited financial results for the second quarter of 2024.

VinFast Reports Unaudited Second Quarter 2024 Financial Results

Quarterly Revenues reached VND8,670,238 million (US$357.4 million) Quarterly EV Deliveries were 13,172 units

VinFast Auto Ltd. (“VinFast” or the “Company”), a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone, announced its unaudited financial results for the second quarter ended June 30, 2024.

Operating Highlights for the Second Quarter of 2024

EV Deliveries ( 1 ) 13,172 9,176 9,234

E-scooters Deliveries 13,076 7,837 10,180

· EV deliveries were 13,172 in the second quarter of 2024, representing an increase of 44% from the first quarter of 2024 and an increase of 43% from the second quarter of 2023.

· E-scooter deliveries were 13,076 in the second quarter of 2024, representing an increase of 67% from the first quarter of 2024 and an increase of 28% from the second quarter of 2023.

· As of August 31, 2024, the Company had 155 showrooms globally for EVs and 180 showrooms and service workshops for e-scooters, including VinFast showrooms and dealer showrooms.

Financial Highlights for the Second Quarter of 2024

· Vehicle sales were VND7,698,685 million (US$317.3 million) in the second quarter of 2024, representing an increase of 2.9% from the second quarter of 2023 and an increase of 33.8% from the first quarter of 2024.

· Total revenues were VND8,670,238 million (US$357.4million) in the second quarter of 2024, representing an increase of 9.1% from the second quarter of 2023 and an increase of 32.9% from the first quarter of 2024. Total revenues are primarily comprised of revenue from EV sales.

· Gross loss was VND5,436,449 million (US$224.1million) in the second quarter of 2024, representing an increase of 61.1% from the second quarter of 2023 and an increase of 42.0% from the first quarter of 2024.

· Gross margin was negative (62.7%) in the second quarter of 2024, compared to negative (42.5%) in the second quarter of 2023 and negative (58.7%) in the first quarter of 2024.

· Loss from operations was VND13,396,437 million (US$552.2 million) in the second quarter of 2024 representing an increase of 36.5% from the second quarter of 2023 and an increase of 33.6% from the first quarter of 2024.

· Net loss was VND18,764,327 million (US$ 773.5 million) in the second quarter of 2024, representing an increase of 39.7% from the second quarter of 2023 and an increase of 27.3% from the first quarter of 2024.

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

Key Financial Results for the Second Quarter of 2024

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

Sales and Delivery of VF 3 – Completion of Electric SUV Lineup

· In May, VinFast opened sales of the VF 3 (mini e-SUV), a long-awaited car with a starting MSRP of approximately $9,900 (VND 240 million) under the battery subscription program. The VF 3 features a 10-inch touchscreen, room for four passengers, 16-inch wheels, 9 color choices, 215km driving range, and 36-minute charging from 10% to 70%. The company received approximately 28,000 non-cancellable orders within 66 hours of starting sales.

· Commenced first deliveries in Q3, which marked the completion of the development of all seven of VinFast’s e-SUV models. For this year, VinFast has prepared operations to deliver at least 20,000 VF 3s to our Vietnamese buyers.

Delivery Volume Guidance Revision

· VinFast acknowledged some headwinds and uncertainties adversely challenging EV outlook in some markets, and hence the need to prudently review our business plan earlier in the year. Thanks to VinFast’s unique and diversified EV portfolio and the steady growth of the company’s presence in multiple markets, the Company has been able to outline execution plans that the Company believes can address macro challenges, seize near-term growth opportunities and propel the company to reach its delivery forecast of 80,000 EVs for 2024.

Strategic Decision on Operational Timeline of North Carolina Manufacturing Facility

· The Company made a strategic decision to adjust the operational timeline for the North Carolina plant to 2028 to allow VinFast to optimize resources to focus on achieving near-term growth targets.

Progress on market expansion

· Indonesia : Following the commencement of sales of the VF e34 model opened in previous quarter, VinFast shipped its first VF e34s with right-hand drive configuration and started delivery to customers in Q3. The Company also launched sales of the VF 5 with a starting list price of IDR 242,000,000 (under the battery subscription program), and broke ground on a new assembly plant, with an initial capacity of 50,000 electric vehicles per year and operations scheduled to commence by the end of 2025.

· The Philippines: VinFast opened sales of the VF 5 with a starting list price of 992,000 Pesos (battery-exclusive) and added dealer stores in prime locations in the capital city of Manila.

· India: VinFast signed a number of LOIs with dealers in 15 major districts and cities. VinFast’s assembly plant with an initial capacity of 50,000 electric vehicles per year is on track to commence operation in 2025.

· Middle East : VinFast signed dealer sales agreements for the distribution of electric vehicles in Qatar and UAE markets. The inaugural stores are anticipated to open in 2024 and will initially offer four VinFast e-SUV models, VF 6, VF 7, VF 8, and VF 9. VinFast also opened its first dealer showroom in Oman.

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

Related Party Transactions

· Out of 13,172 EVs delivered in the second quarter of 2024, 51% were to related parties of the Company.

· Out of 13,076 e-scooters delivered in the second quarter of 2024, 33% were to related parties of the Company

Madam Thuy Le, Chairwoman of VinFast, said: “We stay focused on our mission to contribute to a sustainable future for everyone. Our strategy, is unchanged with regards to being a vertically integrated green mobility solutions company providing high quality and good-value electric vehicles. With the delivery of VF 3 starting in Q3, we have completed the development of all 7 e-SUV models, besides a comprehensive portfolio of 9 e-scooters, e-bus and e-bike. We have acknowledged some headwinds and uncertainties adversely challenging EV outlook at this point of time in some markets, and hence the need to prudently review our business plan earlier in the year. Thanks to our unique diversified EV products portfolio and presence in multiple markets which continues to grow, we have been able to outline execution plans that address macro challenges, seize near-term growth opportunities. With legacy OEMs shifting away from their e-SUV initiatives, noise surrounding hybrid vehicles, and other EV players mainly focused on the premium e-SUV segment, VinFast is the only pure e-SUV player with a comprehensive product line up that can deliver affordable high quality EVs to everyone.”

Ms Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Q2 of 24 aligned with our forecasts. One key driver for us in Q2 growth was the increased reception of customers for VinFast’s EVs in Vietnam. This growth in our home market has been crucial in advancing our mission to promote EV adoption and green mobility. The momentum we’’ve built in Vietnam has laid a solid foundation for our strong position in this key market to continue thriving. At the same time, we continue to focus on cost optimization and stringent capital allocation while maintaining a level of flexibility in our capex plans and continuing to grow our top line.”

Financial Results for the Second Quarter of 2024

· Vehicle sales were VND7,698,685 million (US$317.3 million) in the second quarter of 2024, representing an increase of 2.9% from the second quarter of 2023 and an increase of 33.8% from the first quarter of 2024. Revenue growth from the second quarter of 2024 and the first quarter of 2024 was driven by an increase in EVs sale volumes thanks to our growth in both domestic and overseas markets.

Cost of Sales and Gross Margin

· Cost of sales was VND14,106,687 million (US$581.5 million) in the second quarter of 2024, representing an increase of 24.6% from the second quarter of 2023 and an increase of 36.2% from the first quarter of 2024. The increase over the second quarter of 2023 and the first 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 second quarter of 2024.

· Gross margin was negative (62.7%) in the second quarter of 2024, compared to negative (42.5%) in the second quarter of 2023 and negative (58.7%) in the first quarter of 2024. The increase over the second quarter of 2023 and the first quarter of 2024 was primarily driven by US$104 million of charges to write down the carrying value of inventories compared to US$5 million in Q1.

· Research and development (R&D) costs were VND2,662,530 million (US$109.7 million) in the second quarter of 2024, representing a decrease of 23.3% from the second quarter of 2023 and was flat versus the first quarter of 2024. The decrease over the second quarter of 2024 is in line with number of our EV models progressing from the development stage to commercial production in the last four quarters.

· Selling, general and administrative expenses were VND3,836,791 million (US$158.2 million) in the second quarter of 2024, representing an increase of 36.4% from the second quarter of 2023 and an increase of 25.5% from the first quarter of 2024. The increase over the second quarter of 2023 and first quarter of 2024 was primarily attributable to an increase in selling and marketing expenses as a result of impairment of assets that do not support BOM cost optimization.

· Net other operating expenses were VND1,460,667 million (US$60.2 million) in the second quarter of 2024, representing an increase of 874.3% from the second quarter of 2023 and an increase of 165.4% from the first quarter of 2024. The increase in net expenses over the second quarter of 2023 and the first quarter of 2024 was mainly due to an increase in foreign exchange losses, and expenses in connection with discontinued projects that do not support our business strategy.

· Loss from operations was VND13,396,437 million (US$552.2 million) in the second quarter of 2024 representing an increase of 36.5% from the second quarter of 2023 and an increase of 33.6% from the first 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 VND952,119 million (US$39.2 million) in the second quarter of 2024, representing an increase of 56.7% from net loss of the second quarter of 2023 and an increase of 56.1% from net loss of the first quarter of 2024. The increase over net loss of the second quarter of 2023 and the first 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, convertible debenture, and warrants.

· Net loss was VND18,764,327 million (US$773.5 million) in the second quarter of 2024, representing an increase of 39.7% from the second quarter of 2023 and an increase of 27.3% from the first quarter of 2024.

· Net loss attributable to controlling interest was VND18,741,226 million (US$772.5 million) in the second quarter of 2024, representing an increase of 39.7% from the second quarter of 2023 and an increase of 27.3% from the first quarter of 2024.

· Basic and diluted net loss per ordinary share were both VND8,014.9 (US$0.33) in the second quarter of 2024, compared with VND5,831.0 (US$0.24) in the second quarter of 2023 and VND6,296.9 (US$0.26) in the first quarter of 2024.

· Cash and cash equivalents were VND2,382,144 million (US$98.2 million) as of June 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.

The Company’s management will host its second quarter of 2024 earnings conference call at 8:00 AM U.S. Eastern Time on September 20, 2024.

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

Unaudited Condensed Consolid ated Balance Sheets

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

Unaudited Condensed Consolidated Balance Sheets (continued)

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

Unaudited Condensed Consolidated Statements of Operations

Unaudited Condensed Consolidated Statements of Comprehensive Loss

Unaudited Condensed Consolidated Statements of Cash Flows

Unaudited Condensed Consolidated Statements of Cash Flows (continued)