UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE
ACT OF 1934
For the month of September 2024
Commission File Number: 001-41782
VinFast Auto Ltd.
Dinh Vu – Cat
Hai Economic Zone
Cat Hai Islands, Cat
Hai Town, Cat Hai District
Hai Phong City, Vietnam
(Address of principal
executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨
INFORMATION CONTAINED
IN THIS REPORT ON FORM 6-K
As set forth herein, VinFast
Auto Ltd. (the “Company”) has announced its unaudited financial results for the second quarter of 2024.
This Form 6-K shall
be deemed to be incorporated by reference into the registration statement on Form S-8 (File No. 333-278251) of VinFast Auto
Ltd. (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which this report
is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| |
VinFast Auto Ltd. |
| |
|
|
| Date: September 20, 2024 |
By: |
/s/ Le Thi Thu Thuy |
| |
|
Name: |
Le Thi Thu Thuy |
| |
|
Title: |
Chairwoman and Director |
Exhibit 99.1
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
| | |
| 2Q2024 | |
| 1Q2024 | |
| 2Q2023 | |
| 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”))
| |
|
2024 Q2 |
|
|
2024
Q1 |
|
|
2023 Q2
As adjusted (2) |
|
|
QoQ |
|
|
YoY |
|
| Vehicle Sales |
|
|
7,698,685 |
|
|
|
5,754,230 |
|
|
|
7,483,704 |
|
|
|
33.8 |
% |
|
|
2.9 |
% |
| Total Revenues |
|
|
8,670,238 |
|
|
|
6,525,864 |
|
|
|
7,948,361 |
|
|
|
32.9 |
% |
|
|
9.1 |
% |
| Gross Loss |
|
|
(5,436,449 |
) |
|
|
(3,828,909 |
) |
|
|
(3,375,617 |
) |
|
|
42.0 |
% |
|
|
61.1 |
% |
| Gross Margin |
|
|
(62.7 |
)% |
|
|
(58.7 |
)% |
|
|
(42.5) |
% |
|
|
(403) |
bp |
|
|
(2,023) |
bp |
| Loss from Operations |
|
|
(13,396,437 |
) |
|
|
(10,029,239 |
) |
|
|
(9,811,102 |
) |
|
|
33.6 |
% |
|
|
36.5 |
% |
| Net Loss |
|
|
(18,764,327 |
) |
|
|
(14,743,867 |
) |
|
|
(13,433,720 |
) |
|
|
27.3 |
% |
|
|
39.7 |
% |
Recent Business Updates
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 |
Management Commentary
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
Revenues
| · | 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. |
| · | 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 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. 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. |
Operating Expenses
| · | 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
| · | 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. |
Balance Sheet
| · | Cash and cash equivalents were VND2,382,144 million (US$98.2 million) as of June 30, 2024. |
Business Outlook
| · | 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. |
Conference Call
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
VinFast Auto Ltd.
Unaudited
Condensed Consolidated Balance Sheets
| | |
As of December 31,
2023 | | |
As of June 30,
2024 | | |
As of June 30,
2024 | |
| | |
VND million | | |
VND million | | |
USD | |
| | |
(Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | |
| ASSETS | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| CURRENT ASSETS | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 4,095,472 | | |
| 2,382,144 | | |
| 98,192,251 | |
| Restricted cash | |
| 102,932 | | |
| 368,340 | | |
| 15,183,017 | |
| Trade receivables | |
| 469,918 | | |
| 1,050,856 | | |
| 43,316,406 | |
| Advances to suppliers | |
| 4,753,634 | | |
| 3,789,625 | | |
| 156,208,780 | |
| Inventories, net | |
| 30,141,381 | | |
| 29,643,327 | | |
| 1,221,901,360 | |
| Short-term prepayments and other receivables | |
| 8,006,103 | | |
| 8,571,523 | | |
| 353,319,167 | |
| Short-term derivative assets | |
| 548,010 | | |
| 872,857 | | |
| 35,979,266 | |
| Current net investment in sales-type lease | |
| 87,552 | | |
| 79,801 | | |
| 3,289,406 | |
| Short-term investments | |
| 4,105 | | |
| 4,162 | | |
| 171,558 | |
| Short-term amounts due from related parties | |
| 2,374,382 | | |
| 5,721,225 | | |
| 235,829,555 | |
| Assets classified as held for sale | |
| - | | |
| 51,030 | | |
| 2,103,462 | |
| Total current assets | |
| 50,583,489 | | |
| 52,534,890 | | |
| 2,165,494,229 | |
| | |
| | | |
| | | |
| | |
| NON-CURRENT ASSETS | |
| | | |
| | | |
| | |
| Trade receivables | |
| 110,312 | | |
| 140,723 | | |
| 5,800,618 | |
| Property, plant and equipment, net | |
| 79,122,703 | | |
| 79,739,667 | | |
| 3,286,878,277 | |
| Intangible assets, net | |
| 1,346,324 | | |
| 1,222,526 | | |
| 50,392,663 | |
| Operating lease right-of-use assets | |
| 7,081,509 | | |
| 6,378,812 | | |
| 262,935,367 | |
| Long-term derivative assets | |
| 66,124 | | |
| - | | |
| - | |
| Long-term prepayments | |
| 217,180 | | |
| 1,096,524 | | |
| 45,198,846 | |
| Non-current net investment in sales-type lease | |
| 620,665 | | |
| 790,504 | | |
| 32,584,666 | |
| Investment in equity investees | |
| 1,214,938 | | |
| 1,183,035 | | |
| 48,764,839 | |
| Other long-term investments | |
| 918,040 | | |
| 918,040 | | |
| 37,841,715 | |
| Long-term amounts due from related parties | |
| 51,073 | | |
| 34,434 | | |
| 1,419,373 | |
| Long-term restricted cash | |
| 660,363 | | |
| 931,279 | | |
| 38,387,428 | |
| Other non-current assets | |
| 4,865,001 | | |
| 4,292,396 | | |
| 176,933,059 | |
| Total non-current assets | |
| 96,274,232 | | |
| 96,727,940 | | |
| 3,987,136,851 | |
| TOTAL ASSETS | |
| 146,857,721 | | |
| 149,262,830 | | |
| 6,152,631,080 | |
| (1) | As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as
business combination under common control. |
VinFast Auto Ltd.
Unaudited Condensed Consolidated
Balance Sheets (continued)
| | |
As of December 31,
2023 | | |
As of June 30,
2024 | | |
As of June 30,
2024 | |
| | |
VND million | | |
VND million | | |
USD | |
| | |
(Adjusted) (*) | | |
(Unaudited) | | |
(Unaudited) | |
| DEFICIT AND LIABILITIES | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| Short-term and current portion of long-term interest-bearing loans and borrowings | |
| 42,924,034 | | |
| 47,121,780 | | |
| 1,942,365,210 | |
| Short-term financial liabilities | |
| 18,258,063 | | |
| 20,383,289 | | |
| 840,201,525 | |
| Convertible debenture | |
| 1,190,475 | | |
| 1,299,472 | | |
| 53,564,386 | |
| Trade payables | |
| 12,146,588 | | |
| 10,813,035 | | |
| 445,714,551 | |
| Deposits and down payment from customers | |
| 1,194,112 | | |
| 2,042,600 | | |
| 84,196,208 | |
| Short-term deferred revenue | |
| 149,747 | | |
| 143,788 | | |
| 5,926,958 | |
| Short-term accruals | |
| 11,431,878 | | |
| 9,347,188 | | |
| 385,292,168 | |
| Other current liabilities | |
| 13,875,625 | | |
| 11,094,306 | | |
| 457,308,574 | |
| Current operating lease liabilities | |
| 1,524,356 | | |
| 1,586,283 | | |
| 65,386,768 | |
| Amounts due to related parties | |
| 49,341,144 | | |
| 59,402,573 | | |
| 2,448,580,915 | |
| Total current liabilities | |
| 152,036,022 | | |
| 163,234,314 | | |
| 6,728,537,263 | |
| | |
| | | |
| | | |
| | |
| NON-CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| Long-term interest-bearing loans and borrowings | |
| 30,170,149 | | |
| 22,879,716 | | |
| 943,104,534 | |
| Long-term financial liability | |
| 137,057 | | |
| 42,298 | | |
| 1,743,528 | |
| Other non-current liabilities | |
| 2,194,253 | | |
| 3,844,168 | | |
| 158,457,049 | |
| Non-current operating lease liabilities | |
| 5,330,344 | | |
| 4,834,657 | | |
| 199,285,120 | |
| Long-term deferred revenue | |
| 1,569,733 | | |
| 1,904,518 | | |
| 78,504,452 | |
| Deferred tax liabilities | |
| 1,025,264 | | |
| 1,015,454 | | |
| 41,857,131 | |
| Long-term accruals | |
| 123,867 | | |
| 246,802 | | |
| 10,173,207 | |
| Amounts due to related parties | |
| 19,682,747 | | |
| 33,212,671 | | |
| 1,369,030,132 | |
| Total non-current liabilities | |
| 60,233,414 | | |
| 67,980,284 | | |
| 2,802,155,153 | |
| | |
| | | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| DEFICIT | |
| | | |
| | | |
| | |
| Ordinary shares, no par value - VinFast Auto Ltd (2,337,788,498 and 2,338,695,829 shares issued and outstanding as of December 31, 2023 and June 30, 2024) | |
| 9,847,536 | | |
| 9,861,943 | | |
| 406,510,429 | |
| Accumulated losses | |
| (190,502,556 | ) | |
| (223,965,064 | ) | |
| (9,231,865,787 | ) |
| Additional paid-in capital | |
| 38,258,499 | | |
| 55,290,576 | | |
| 2,279,083,924 | |
| Other comprehensive loss | |
| (385,873 | ) | |
| (464,216 | ) | |
| (19,135,037 | ) |
| Deficit attributable to equity holders of the parent | |
| (142,782,394 | ) | |
| (159,276,761 | ) | |
| (6,565,406,472 | ) |
| Non-controlling interests | |
| 77,370,679 | | |
| 77,324,993 | | |
| 3,187,345,136 | |
| Total deficit | |
| (65,411,715 | ) | |
| (81,951,768 | ) | |
| (3,378,061,336 | ) |
| TOTAL DEFICIT AND LIABILITIES | |
| 146,857,721 | | |
| 149,262,830 | | |
| 6,152,631,080 | |
| (*) | As adjusted retrospectively to reflect the historical financial
statements of VinES acquired on January 19, 2024, deemed as business combination under common control. |
VinFast Auto Ltd.
Unaudited
Condensed Consolidated Statements of Operations
| | |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| | |
2023 | | |
| | |
| | |
2023 | | |
| | |
| |
| | |
VND million | | |
| | |
| | |
VND million | | |
| | |
| |
| | |
(Unaudited)
(Adjusted)
(*) | | |
2024
VND million
(Unaudited) | | |
2024
USD
(Unaudited) | | |
(Unaudited)
(Adjusted)
(*) | | |
2024
VND million
(Unaudited) | | |
2024
USD
(Unaudited) | |
| Revenues | |
| | |
| | |
| | |
| | |
| | |
| |
| Sales of vehicles | |
| 7,483,704 | | |
| 7,698,685 | | |
| 317,340,684 | | |
| 9,013,462 | | |
| 13,452,915 | | |
| 554,530,709 | |
| Sales of merchandise | |
| - | | |
| 18,433 | | |
| 759,810 | | |
| 38,269 | | |
| 59,988 | | |
| 2,472,712 | |
| Sales of spare parts and components | |
| 180,793 | | |
| 353,057 | | |
| 14,553,050 | | |
| 372,338 | | |
| 641,937 | | |
| 26,460,717 | |
| Rendering of services | |
| 98,267 | | |
| 393,280 | | |
| 16,211,047 | | |
| 172,987 | | |
| 609,023 | | |
| 25,103,998 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Rental income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue from leasing activities | |
| 185,597 | | |
| 206,783 | | |
| 8,523,619 | | |
| 316,070 | | |
| 432,239 | | |
| 17,816,941 | |
| Revenues | |
| 7,948,361 | | |
| 8,670,238 | | |
| 357,388,211 | | |
| 9,913,126 | | |
| 15,196,102 | | |
| 626,385,078 | |
| Cost of vehicles sold | |
| (10,856,768 | ) | |
| (13,121,890 | ) | |
| (540,885,820 | ) | |
| (15,659,168 | ) | |
| (22,657,414 | ) | |
| (933,941,220 | ) |
| Cost of merchandise sold | |
| - | | |
| (15,252 | ) | |
| (628,689 | ) | |
| (38,533 | ) | |
| (56,538 | ) | |
| (2,330,503 | ) |
| Cost of spare parts and components sold | |
| (49,954 | ) | |
| (194,334 | ) | |
| (8,010,470 | ) | |
| (230,826 | ) | |
| (381,275 | ) | |
| (15,716,200 | ) |
| Cost of rendering services | |
| (215,130 | ) | |
| (632,358 | ) | |
| (26,065,870 | ) | |
| (388,596 | ) | |
| (1,001,670 | ) | |
| (41,288,953 | ) |
| Cost of leasing activities | |
| (202,126 | ) | |
| (142,853 | ) | |
| (5,888,417 | ) | |
| (350,431 | ) | |
| (364,563 | ) | |
| (15,027,329 | ) |
| Cost of sales | |
| (11,323,978 | ) | |
| (14,106,687 | ) | |
| (581,479,266 | ) | |
| (16,667,554 | ) | |
| (24,461,460 | ) | |
| (1,008,304,204 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross loss | |
| (3,375,617 | ) | |
| (5,436,449 | ) | |
| (224,091,055 | ) | |
| (6,754,428 | ) | |
| (9,265,358 | ) | |
| (381,919,126 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Research and development costs | |
| (3,472,402 | ) | |
| (2,662,530 | ) | |
| (109,749,794 | ) | |
| (8,652,315 | ) | |
| (5,255,234 | ) | |
| (216,621,352 | ) |
| Selling and distribution costs | |
| (1,291,904 | ) | |
| (1,523,054 | ) | |
| (62,780,462 | ) | |
| (2,569,764 | ) | |
| (3,236,184 | ) | |
| (133,395,878 | ) |
| Administrative expenses | |
| (1,521,251 | ) | |
| (2,313,737 | ) | |
| (95,372,506 | ) | |
| (2,736,859 | ) | |
| (3,657,792 | ) | |
| (150,774,608 | ) |
| Net other operating expenses | |
| (149,927 | ) | |
| (1,460,667 | ) | |
| (60,208,862 | ) | |
| (83,055 | ) | |
| (2,011,108 | ) | |
| (82,898,104 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating loss | |
| (9,811,101 | ) | |
| (13,396,437 | ) | |
| (552,202,679 | ) | |
| (20,796,421 | ) | |
| (23,425,676 | ) | |
| (965,609,068 | ) |
| Finance income | |
| 193,520 | | |
| 199,571 | | |
| 8,226,340 | | |
| 353,915 | | |
| 228,020 | | |
| 9,399,011 | |
| Finance costs | |
| (3,237,677 | ) | |
| (4,514,558 | ) | |
| (186,090,602 | ) | |
| (6,103,263 | ) | |
| (8,679,315 | ) | |
| (357,762,366 | ) |
| Net loss on financial instruments at fair value through profit or loss | |
| (607,610 | ) | |
| (952,119 | ) | |
| (39,246,455 | ) | |
| (1,279,073 | ) | |
| (1,561,949 | ) | |
| (64,383,718 | ) |
| Share of gains/(losses) from equity investees | |
| 8,113 | | |
| (30,468 | ) | |
| (1,255,894 | ) | |
| 10,922 | | |
| (31,902 | ) | |
| (1,315,004 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss before income tax expense | |
| (13,454,755 | ) | |
| (18,694,011 | ) | |
| (770,569,291 | ) | |
| (27,813,920 | ) | |
| (33,470,822 | ) | |
| (1,379,671,146 | ) |
| Tax income/(expense) | |
| 21,036 | | |
| (70,316 | ) | |
| (2,898,434 | ) | |
| 40,538 | | |
| (37,372 | ) | |
| (1,540,478 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss for the period | |
| (13,433,719 | ) | |
| (18,764,327 | ) | |
| (773,467,725 | ) | |
| (27,773,382 | ) | |
| (33,508,194 | ) | |
| (1,381,211,624 | ) |
| Net loss attributable to non-controlling interests | |
| (22,357 | ) | |
| (23,101 | ) | |
| (952,226 | ) | |
| (51,222 | ) | |
| (45,686 | ) | |
| (1,883,182 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to controlling interest | |
| (13,411,362 | ) | |
| (18,741,226 | ) | |
| (772,515,499 | ) | |
| (27,722,160 | ) | |
| (33,462,508 | ) | |
| (1,379,328,442 | ) |
(*) As
adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business
combination under common control.
VinFast Auto Ltd.
Unaudited
Condensed Consolidated Statements of Comprehensive Loss
| | |
For the three months ended June 30, | | |
For the six months ended June 30, | |
| | |
2023 | | |
| | |
| | |
2023 | | |
| | |
| |
| | |
VND million | | |
| | |
| | |
VND million | | |
| | |
| |
| | |
(Unaudited)
(Adjusted)
(*) | | |
2024
VND million
(Unaudited) | | |
2024
USD
(Unaudited) | | |
(Unaudited)
(Adjusted)
(*) | | |
2024
VND million
(Unaudited) | | |
2024
USD
(Unaudited) | |
| Net loss for the period | |
| (13,433,719 | ) | |
| (18,764,327 | ) | |
| (773,467,725 | ) | |
| (27,773,382 | ) | |
| (33,508,194 | ) | |
| (1,381,211,624 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive (loss)/income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods (net of tax): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Exchange differences on translation of foreign operations | |
| 21,433 | | |
| (115,923 | ) | |
| (4,778,359 | ) | |
| 2,609 | | |
| (78,343 | ) | |
| (3,229,308 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net other comprehensive (loss)/income that will be reclassified to profit or loss in subsequent periods | |
| 21,433 | | |
| (115,923 | ) | |
| (4,778,359 | ) | |
| 2,609 | | |
| (78,343 | ) | |
| (3,229,308 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive loss for the period, net of tax | |
| (13,412,286 | ) | |
| (18,880,250 | ) | |
| (778,246,084 | ) | |
| (27,770,773 | ) | |
| (33,586,537 | ) | |
| (1,384,440,932 | ) |
| Net loss attributable to non-controlling interests | |
| (22,357 | ) | |
| (23,101 | ) | |
| (952,226 | ) | |
| (51,222 | ) | |
| (45,686 | ) | |
| (1,883,182 | ) |
| Comprehensive loss attributable to controlling interest | |
| (13,389,929 | ) | |
| (18,857,149 | ) | |
| (777,293,858 | ) | |
| (27,719,551 | ) | |
| (33,540,851 | ) | |
| (1,382,557,749 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss per share attributable to ordinary shareholders | |
| VND | | |
| VND | | |
| USD | | |
| VND | | |
| VND | | |
| USD | |
| Basic and diluted | |
| (5,831 | ) | |
| (8,015 | ) | |
| (0.33 | ) | |
| (12,053 | ) | |
| (14,312 | ) | |
| (0.59 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Unit: Shares | |
| Weighted average number of shares used in loss per share computation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| 2,299,999,998 | | |
| 2,338,286,336 | | |
| 2,338,286,336 | | |
| 2,299,999,998 | | |
| 2,338,072,572 | | |
| 2,338,072,572 | |
(*) As
adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business
combination under common control.
VinFast Auto Ltd.
Unaudited
Condensed Consolidated Statements of Cash Flows
| |
|
For the six months ended June 30, |
|
| |
|
2023
VND million
(Unaudited)
(Adjusted) (*) |
|
|
2024
VND million
(Unaudited) |
|
|
2024
USD
(Unaudited) |
|
| OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss for the period |
|
|
(27,773,382 |
) |
|
|
(33,508,194 |
) |
|
|
(1,381,211,624 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation of property, plant and equipment |
|
|
2,691,059 |
|
|
|
4,428,794 |
|
|
|
182,555,400 |
|
| Amortization of intangible assets |
|
|
120,231 |
|
|
|
179,358 |
|
|
|
7,393,157 |
|
| Impairment of assets and changes in fair value of held for sale assets |
|
|
862,561 |
|
|
|
1,446,312 |
|
|
|
59,617,148 |
|
| Changes in operating lease right-of-use assets |
|
|
570,103 |
|
|
|
929,984 |
|
|
|
38,334,048 |
|
| Provision related to compensation expenses, assurance-type warranties and net realizable value of inventories |
|
|
4,698,893 |
|
|
|
6,085,993 |
|
|
|
250,865,334 |
|
| Deferred tax income |
|
|
(40,537 |
) |
|
|
(9,809 |
) |
|
|
(404,328 |
) |
| Unrealized foreign exchange losses |
|
|
167,064 |
|
|
|
1,120,560 |
|
|
|
46,189,613 |
|
| Net losses on financial instruments at fair value through profit or loss |
|
|
1,279,073 |
|
|
|
1,561,949 |
|
|
|
64,383,718 |
|
| Change in amortized costs of financial instruments measured at amortized cost other than nominal interest |
|
|
1,763,620 |
|
|
|
1,427,480 |
|
|
|
58,840,890 |
|
| Losses on disposal and write-off of fixed assets |
|
|
- |
|
|
|
175,390 |
|
|
|
7,229,596 |
|
| Share of (gains)/losses from equity investees |
|
|
(10,922 |
) |
|
|
31,902 |
|
|
|
1,315,004 |
|
| Share-based compensation expenses |
|
|
- |
|
|
|
71,953 |
|
|
|
2,965,911 |
|
| Change in working capital: |
|
|
|
|
|
|
|
|
|
|
|
|
| Trade receivables and advance to suppliers, net investment in sales-type lease |
|
|
4,342,402 |
|
|
|
841,435 |
|
|
|
34,684,048 |
|
| Inventories |
|
|
(5,892,715 |
) |
|
|
(3,982,884 |
) |
|
|
(164,174,938 |
) |
| Trade payables, deferred revenue and other payables |
|
|
215,936 |
|
|
|
(11,134 |
) |
|
|
(458,945 |
) |
| Operating lease liabilities |
|
|
(565,337 |
) |
|
|
(743,443 |
) |
|
|
(30,644,806 |
) |
| Prepayments, other receivables and other assets |
|
|
285,714 |
|
|
|
(334,866 |
) |
|
|
(13,803,215 |
) |
| Net cash flows used in operating activities |
|
|
(17,286,237 |
) |
|
|
(20,289,220 |
) |
|
|
(836,323,990 |
) |
(*) As
adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as business
combination under common control.
VinFast Auto
Ltd.
Unaudited
Condensed Consolidated Statements of Cash Flows (continued)
| | |
For the six months ended June 30, | |
| | |
2023
VND million
(Unaudited)
(Adjusted) (*) | | |
2024
VND million
(Unaudited) | | |
2024
USD
(Unaudited) | |
| INVESTING ACTIVITIES | |
| | | |
| | | |
| | |
| Purchase of property, plant and equipment, and intangible assets | |
| (14,633,149 | ) | |
| (7,407,648 | ) | |
| (305,344,106 | ) |
| Proceeds from disposal of property, plant and equipment | |
| - | | |
| 14,171 | | |
| 584,130 | |
| Disbursement of bank deposit and loans | |
| (10,480,000 | ) | |
| (4,332,754 | ) | |
| (178,596,620 | ) |
| Collection of loans | |
| 11,157,900 | | |
| - | | |
| - | |
| Payment for acquisition of a subsidiary (net of cash held by entity being acquired) | |
| - | | |
| (10,252 | ) | |
| (422,589 | ) |
| Net proceeds from the disposal of a subsidiary | |
| - | | |
| (20,000 | ) | |
| (824,402 | ) |
| Payment for investments in equity investees | |
| (1,039,033 | ) | |
| - | | |
| - | |
| Receipt from government grants | |
| - | | |
| 921,365 | | |
| 37,978,772 | |
| Net cash flows used in investing activities | |
| (14,994,282 | ) | |
| (10,835,118 | ) | |
| (446,624,815 | ) |
| | |
| | | |
| | | |
| | |
| FINANCING ACTIVITIES | |
| | | |
| | | |
| | |
| Deemed contribution from owners | |
| 1,127,000 | | |
| 16,994,659 | | |
| 700,521,805 | |
| Proceeds from borrowings | |
| 48,997,899 | | |
| 45,223,504 | | |
| 1,864,118,054 | |
| Cash received under a business cooperation contract | |
| 9,625,000 | | |
| - | | |
| - | |
| Cash payment under a business cooperation contract | |
| - | | |
| (3,750,000 | ) | |
| (154,575,433 | ) |
| Repayment of borrowings | |
| (29,525,967 | ) | |
| (28,442,486 | ) | |
| (1,172,402,556 | ) |
| Net cash flows from financing activities | |
| 30,223,932 | | |
| 30,025,677 | | |
| 1,237,661,871 | |
| | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| Net decrease in cash and cash equivalents and restricted cash | |
| (2,056,587 | ) | |
| (1,098,661 | ) | |
| (45,286,933 | ) |
| Cash, cash equivalents and restricted cash at beginning of the period | |
| 4,361,631 | | |
| 4,858,767 | | |
| 200,278,937 | |
| Net foreign exchange differences | |
| 2,609 | | |
| (78,343 | ) | |
| (3,229,308 | ) |
| Cash, cash equivalents and restricted cash at end of the period | |
| 2,307,653 | | |
| 3,681,763 | | |
| 151,762,696 | |
| | |
| | | |
| | | |
| | |
| Supplement disclosures of non-cash activities | |
| | | |
| | | |
| | |
| Debt conversion to equity | |
| 1,173,000 | | |
| - | | |
| - | |
| Non-cash property, plant and equipment additions | |
| 6,799,610 | | |
| 6,731,875 | | |
| 277,488,664 | |
| Establishment of right-of-use assets and lease liabilities at commencement dates | |
| 2,973,362 | | |
| 227,287 | | |
| 9,368,796 | |
| |
(1) | As adjusted retrospectively to reflect the historical financial statements of VinES acquired on January 19, 2024, deemed as
business combination under common control. |
Forward Looking Statements
Forward-looking statements contained herein, which are not historical
facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include
statements regarding our future results of operations and financial position, planned products and services, business strategy and plans,
objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological
and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements
may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking
statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,”
“objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions
that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and
assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results
to differ materially from current expectations include, but are not limited to: (i) the risk that the Company’s securities
may experience a material price decline and volatility in the price of such securities due to a variety of factors, (ii) the adverse
impact of any legal proceedings and regulatory inquiries and investigations on the Company’s business, (iii) risks associated
with the Company’s limited operating history, (iv) the ability of the Company to achieve profitability, positive cash flows
from operating activities, and a net working capital surplus, (v) the ability of the Company to fund its capital requirements through
additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional
capital raising, if applicable, (vi) risks associated with being a new entrant in the EV industry, (vii) the risks of the Company’s
brand, reputation, public credibility, and consumer confidence in its business being harmed by negative publicity, (viii) the Company’s
ability to successfully introduce and market new products and services, (ix) competition in the automotive industry, (x) the
Company’s ability to adequately control the costs associated with its operations, (xi) the ability of the Company to obtain
components and raw materials according to schedule at acceptable prices, quality, and volumes acceptable from its suppliers, (xii) the
Company’s ability to maintain relationships with existing suppliers who are critical and necessary to the output and production
of its vehicles and to create relationships with new suppliers, (xiii) the Company’s ability to establish manufacturing facilities
outside of Vietnam and expand capacity in a timely manner and within budget, (xiv) the risk that the Company’s actual vehicle
sales and revenue could differ materially from expected levels based on the number of reservations received, (xv) the demand for,
and consumers’ willingness to adopt, EVs, (xvi) the availability and accessibility of EV charging stations or related infrastructure,
(xvii) the unavailability, reduction, or elimination of government and economic incentives or government policies which are favorable
for EV manufacturers and buyers, (xviii) failure to maintain an effective system of internal control over financial reporting and
to accurately and timely report the Company’s financial condition, results of operations, or cash flows, (xix) the risk of
battery pack failures in the Company or its competitor’s EVs, (xx) risks related to the failure of the Company’s business
partners to deliver their services, (xxi) errors, bugs, vulnerabilities, design defects, or other issues related to technology used
or involved in the Company’s EVs or operations, (xxii) the risk that the Company’s research and development efforts may
not yield expected results, (xxiii) risks associated with autonomous driving technologies, (xxiv) product recalls that the Company
may be required to make, (xxv) the ability of the Company’s controlling shareholder to control and exert significant influence
on the Company, (xxvi) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close
association between the Company and Vingroup and its affiliates, (xxvii) conflicts of interests with or any events impacting the
reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates,
and (xxviii) other risks discussed in our reports filed or furnished to the SEC.
All forward-looking statements attributable to us or people acting
on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue
reliance on any forward-looking statements, which are made only as of the date hereof. VinFast does not undertake or assume any obligation
to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions,
or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates
one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other
forward-looking statements. The inclusion of any statement herein does not constitute an admission by VinFast or any other person that
the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.
Exchange Rates
This announcement contains translations of certain
Vietnam Dong amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations
from Vietnam Dong to U.S. dollars were made at the rate of VND24,260 to US$1.00, representing the central exchange rate quoted by the
State Bank of Vietnam Operations Centre as of June 30, 2024. The Company makes no representation that the Vietnam Dong or U.S. dollars
amounts referred could be converted into U.S. dollars or Vietnam Dong, as the case may be, at any particular rate or at all.
VinFast Investor Relations and Media
Contacts
For more information, please visit: http://ir.vinfastauto.us.
Investor Relations
ir@vinfastauto.com
Media Relations
info@vingroup.com
About VinFast Auto Ltd.
VinFast (NASDAQ: VFS), a subsidiary of Vingroup
JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of
making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses.
VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and
increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us
Grafico Azioni VinFast Auto (NASDAQ:VFSWW)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni VinFast Auto (NASDAQ:VFSWW)
Storico
Da Set 2023 a Set 2024
