Vinfast Auto Ltd. · NASDAQ:VFS
Vinfast Auto — Q2 2023 Earnings Presentation
25 slides from Vinfast Auto's earnings presentation, Sep 21, 2023
Slide 1: 2Q2023 Earnings Release
2Q2023 Earnings Release September 2023
Slide 2: Disclaimer
2Q2023 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
2Q2023 Earnings Release 3 Table of Contents Business and Financial Highlights 03 Financial Summary 06 Operational Summary 07 Other Updates 08 Outlook 11 Appendix 12
Slide 4: Second Quarter Highlights
2Q2023 Earnings Release 4 Second Quarter Highlights Chairman • Capital funding agreement with the founder/Chairman and Vingroup provides Financials $334mn Revenue & Vingroup’s framework for $2.5bn in grants and loans to facilitate VinFast’s ongoing Funding Support development $67mn Cash(1) BSAQ • Vi
Slide 5: Financial Summary (unaudited)
2Q2023 Earnings Release 5 Financial Summary (unaudited) $mn, except per share data 2Q2023 1Q2023 2Q2022(1) QoQ (%) YoY (%) Commentary Revenue 334 83 145 +303% +131% • Revenue up over 300% due to ramp-up Gross profit/ (loss) (114) (160) (106) (29%) +8% of sales volume in Vietnam, including deliveries
Slide 6: Operational Summary
2Q2023 Earnings Release 6 Operational Summary Commentary 2Q2023 1Q2023 QoQ (%) • EVs sales up 436% QoQ driven by ramp-up of sale volume in EVs(1) 9,535 1,780 +436% Vietnam, including deliveries of VF e34s, VF 8s, VF 9s and launch of VF 5s E-scooters 10,182 9,757 +4% Total Deliveries 19,717 11,537 +7
Slide 7: Vietnam: Domestic Business Updates
2Q2023 Earnings Release 7 Vietnam: Domestic Business Updates Rolled out series of electric mobility exhibitions in Vietnam to introduce the full mobility suite of EVs, e-scooters, e-bikes, and e-buses Phu Tho 75 VF 3, VinFast's 2-door mini car designed specifically for the Hanoi Vietnam market, was
Slide 8: Global: International Business Updates
2Q2023 Earnings Release 8 Global: International Business Updates Building out our physical footprints… …and accelerating our reach to global markets • On July 28, VinFast broke ground at • As of the end of Q2, VinFast has 245 showrooms its manufacturing site in North Carolina and workshops for e-sco
Slide 9: Global Expansion Plan Phase I & II – Targeting Additional 50 Addressable Markets
2Q2023 Earnings Release 9 Global Expansion Plan Phase I & II – Targeting Additional 50 Addressable Markets Toronto Amsterdam Frankfurt Paris Los North Carolina(1) Angeles Hai Phong Model No. of Strategy Markets VinFast Establishing local distribution in 10 key markets, primarily leveraging Directed
Slide 10: Guidance
2Q2023 Earnings Release 10 Guidance Deliveries Capex Liquidity Product Reaffirming our FY23 target of We expect capex for 2023-24 to Proceeds from deSPAC and • VF 9 to begin deliveries strategic investor coupled in North America by end 40,000 – 50,000 maintain with strong funding support of 2023 veh
Slide 11: Appendix
ae a Appendix
Slide 12: Financial Performance (unaudited)
2Q2023 Earnings Release 12 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%) 2022 1Q23 2Q23 2022 1Q23 2Q23 629 (114) (350) (160) (446) 334 83 (515) 2022 1Q23 2Q23 (1,454) Notes: USD/VND assumed to
Slide 13: Financial Performance (unaudited)
2Q2023 Earnings Release 13 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 743 388 838 (527) (593) 341 319 115 100 210 152 2022 1Q23 2Q23 2022 1Q23 2Q23 2022 1Q23 2Q23 (2,094) Notes: USD/VND assumed to
Slide 14: Financial Performance (unaudited)
2Q2023 Earnings Release 14 Financial Performance (unaudited) Cash & cash equivalents Short and long-term debt(2) Net increase / (decrease) in cash USD mn USD mn USD mn Expected proceeds from deSPAC + Chairman/Vingroup’s Short-term debt Long-term debt CFO CFI CFF loans and grants(1) 54 ~2,800 2,578 2
Slide 15: VinFast and BSAQ management celebrating U.S listing and VFS' first day of trading
VinFast and BSAQ management celebrating U.S listing and VFS’ first day of trading
Slide 16: Inside Paint Shop at VinFast's Hai Phong factory
Inside Paint Shop at VinFast’s Hai Phong factory
Slide 17: VF 8 Plus Edition in Brahminy White
VF 8 Plus Edition in Brahminy White
Slide 18: VF 8 and VF 9 on display at the 2023 Canadian International AutoShow
VF 8 and VF 9 on display at the 2023 Canadian International AutoShow
Slide 19: VF 6 in Sunset Orange
\VF 6 in Sunset Orange, ——
Slide 20: Financial Statements
Financial Statements
Slide 21: Condensed Consolidated Statement of Operations (unaudited)
2Q2023 Earnings Release 21 Condensed Consolidated Statement of Operations (unaudited) For the three months ended June 30 For the six months ended June 30 $mn, except per share data 2023 2022 2023 2022 Revenue 334 145 417 307 COGS (448) (251) (691) (523) Gross profit/ (loss) (114) (106) (274) (215) %
Slide 22: Condensed Consolidated Balance Sheet (unaudited)
2Q2023 Earnings Release 22 Condensed Consolidated Balance Sheet (unaudited) $mn June 30, 2023 December 31, 2022 $mn June 30, 2023 December 31, 2022 ASSETS LIABILITIES Short-term and current portion of long-term interest-bearing loans and Cash & Cash Equivalents 67 179 637 613 borrowings Trade receiv
Slide 23: Condensed Consolidated Statement of Cash Flows (unaudited)
2Q2023 Earnings Release 23 Condensed Consolidated Statement of Cash Flows (unaudited) For the three months ended June 30 For the six months ended June 30 $mn, except per share data 2023 2022 2023 2022 Net cash flows used in operating activities (85) (269) (890) (655) Net cash flows used in investing
Slide 24: Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
2Q2023 Earnings Release 24 Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) $mn, except per share data 2Q2023 1Q2023 2Q2022 2022 Net loss attributable to controlling interest (GAAP) (526) (592) (573) (2,092) Interest expense 116 98 79 334 Tax income/ (expense) (1) - - 40 Depreciatio
Slide 25: Contact Information
Contact Information VinFast Auto Ltd. 61 Robinson Road, #06-01, Singapore 068893 Website: https://ir.vinfastauto.us E-mail: ir@vinfastauto.com