Vinfast Auto Ltd. · NASDAQ:VFS
Vinfast Auto — Q3 2023 Earnings Presentation
24 slides from Vinfast Auto's earnings presentation, Oct 5, 2023
Slide 1: 3Q2023 Earnings Release
3Q2023 Earnings Release October 2023
Slide 2: Disclaimer
3Q2023 Earnings Release 2 Disclaimer Non-GAAP and Other Financial and Operating Metrics This presentation includes certain financial measures not prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”), including EBITDA and free cash flow (together, the “Non-GA
Slide 3: Table of Contents
3Q2023 Earnings Release 3 Table of Contents Business and Financial Highlights 04 Financial Summary 05 Operational Summary 06 Other Updates 07 Outlook 09 Appendix 10
Slide 4: Third Quarter and Recent Highlights
3Q2023 Earnings Release 4 Third Quarter and Recent Highlights Launch of the • Introduced the B-segment model with expected WLTP range of 248 Financials $343mn Revenue VF 6 miles and MSRP of US$28,000(1) for the Base trim in Vietnam • Orders will be opened to domestic customers on October 20, 2023 $1
Slide 5: Financial Summary (unaudited)
3Q2023 Earnings Release 5 Financial Summary (unaudited) $mn, except per share data 3Q2023 2Q2023 3Q2022(1) QoQ (%) YoY (%) Commentary Revenue 343 330 132 +4% +159% • Significant revenue contribution from VF e34 and VF 5 Gross profit/ (loss) (102) (113) (143) (9%) (28%) • Gross margin gained 4 percen
Slide 6: Operational Summary
3Q2023 Earnings Release 6 Operational Summary 3Q2023 2Q2023 QoQ (%) Commentary EVs(1) 10,027 9,535 +5% • The 1st EV model – VF e34 – and the recently launched – VF 5 – were key drivers of 3Q volume E-scooters 28,220 10,182 +177% • Jump in e-scooters sales was largely due to B2B sales Total Deliverie
Slide 7: VF 6 available to order in Vietnam
7 VF 6 – Available to order in Vietnam starting 20th of October $28,000 248 mi 24 min 201 hp 399 km Starting MSRP(1) Charging Speed (10-70% charge) 310 Nm Expected WLTP Range(2) Max Power and Max Torque(3) Notes: Specifications depend on configuration and trim. USD/VND assumed to be 24,089. 1. Start
Slide 8: Global: Business Updates
3Q2023 Earnings Release 8 Global: Business Updates Dealerships Showrooms Charging network • As of Sep. 30, we have received • Opened 3 additional showrooms in Berlin, • U.S. network added 8,000 points while Canada Applications/LOIs from 27 dealers covering Munich, and Hamburg (Germany) network grew
Slide 9: Guidance
3Q2023 Earnings Release 9 Guidance Deliveries Capex Liquidity Product On track to meet FY23 target of Optimize global manufacturing Expected to receive • VF 6 deliveries in Vietnam Capex plan between 2024- expected in 4Q23 40,000 – 50,000 2025 to save a total amount of reinvested proceeds • VF 7 and
Slide 10: Appendix
10 Appendix
Slide 11: Financial Performance (unaudited)
3Q2023 Earnings Release 11 Financial Performance (unaudited) Revenue Gross profit/ (loss) and gross margin EBITDA (non-GAAP)(1) USD mn USD mn USD mn Gross margin (82%) (193%) (34%) (30%) 2022 1Q23 2Q23 3Q23 2022 1Q23 2Q23 3Q23 621 (113) (102) (346) (158) (440) (398) 330 343 82 (509) 2022 1Q23 2Q23 3
Slide 12: Financial Performance (unaudited)
3Q2023 Earnings Release 12 Financial Performance (unaudited) SG&A Expenses(1) R&D Expenses Capital expenditures Net profit (loss) USD mn USD mn USD mn USD mn 2022 1Q23 2Q23 3Q23 734 383 828 (520) (586) (623) 337 315 114 115 99 208 178 150 131 2022 1Q23 2Q23 3Q23 2022 1Q23 2Q23 3Q23 2022 1Q23 2Q23 3Q
Slide 13: Financial Performance (unaudited)
3Q2023 Earnings Release 13 Financial Performance (unaudited) Cash & cash equivalents Short and long-term debt(2) Net increase / (decrease) in cash USD mn USD mn USD mn Remaining proceeds from Chairman/Vingroup’s grants(1) Short-term debt Long-term debt CFO CFI CFF 53 ~1,250 2,774 177 2,547 65 2,333
Slide 14: VF 6 - Exterior
14 VF 6 - Exterior
Slide 15: VF 6 in Sunset Orange
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Slide 16: VF 6 – Front view
16 VF 6 – Front view
Slide 17: VF 6 - HUD
17 VF 6 - HUD
Slide 18: VF 6 - Interior
18 VF 6 - Interior
Slide 19: Financial Statements
19 Financial Statements
Slide 20: Condensed Consolidated Statement of Operations (unaudited)
3Q2023 Earnings Release 20 Condensed Consolidated Statement of Operations (unaudited) For the three months ended September 30 For the nine months ended September 30 $mn, except per share data 2023 2022 2023 2022 Revenue 343 132 755 436 COGS (445) (275) (1,128) (792) Gross profit/ (loss) (102) (143)
Slide 21: Condensed Consolidated Balance Sheet (unaudited)
3Q2023 Earnings Release 21 Condensed Consolidated Balance Sheet (unaudited) $mn September 30, 2023 December 31, 2022 $mn September 30, 2023 December 31, 2022 ASSETS LIABILITIES Short-term and current portion of long-term interest-bearing loans and Cash & Cash Equivalents 131 177 878 605 borrowings T
Slide 22: Condensed Consolidated Statement of Cash Flows (unaudited)
3Q2023 Earnings Release 22 Condensed Consolidated Statement of Cash Flows (unaudited) For the three months ended September 30 For the nine months ended September 30 $mn, except per share data 2023 2022 2023 2022 Net cash flows used in operating activities (1,015) (413) (1,895) (1,060) Net cash flows
Slide 23: Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
3Q2023 Earnings Release 23 Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) $mn, except per share data 3Q2023 2Q2023 3Q2022 2022 Net loss attributable to controlling interest (GAAP) (622) (519) (465) (2,067) Interest expense 146 114 84 330 Tax income/ (expense) 1 (1) - 39 Depreciati
Slide 24: Contact Information
24 Contact Information VinFast Auto Ltd. 61 Robinson Road, #06-01, Singapore 068893 Website: https://ir.vinfastauto.us E-mail: ir@vinfastauto.com