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1H2018 Earnings Call

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1H2018 Earnings Call 1H2018 EARNINGS CALL July 31, 2018 BẢN TIN THÁNG 04/2015 Important Notice IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning Vingroup Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the basis for any investment decision or commitment whatsoever. None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person makes any representation or warranty (express or implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made available. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an independent determination of the suitability, merits and consequences of investment in the Company. This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are not guarantees of future performance. These forward-looking statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person undertakes to update or revise any forward-looking statements as a result of new information or to reflect future events or circumstances. 2 BẢN TIN THÁNG 04/2015 Key Highlights Business performance of 1H20181 1 1. Vingroup (ticker: VIC) reported that consolidated net revenue reached VND 61.2tn (+74% YoY), in which revenue from sale of inventory property was VND 43.8tn (+85% YoY). Other segments also delivered outstanding growth with Consumer retail revenue up 51% YoY, Hospitality up 58% YoY, Leasing up 26% YoY, Social Infrastructure (Healthcare and Education) up 60% YoY. Profit before tax registered VND 6.3tn (+99.2% YoY). 2. As of 30 June 2018, Vingroup’s total assets were VND 242.4tn, (+13% compared to 2017YE), and shareholders equity was VND 86.8tn (+65% compared to 2017YE). 2 Key highlights of 2Q2018 1. Vinhomes listed 2.68 billion shares on Ho Chi Minh Stock Exchange on May 17. Since listing, Vinhomes has been among the two largest companies on HOSE (with Vingroup), having market cap of VND296 trillion (~USD12.7 billion)(2) as at July 30. 2. Vinhomes introduced three new projects: Vinhomes Star City (Thanh Hoa), Vinhomes West Point (Hanoi) and Vinhomes New Center Ha Tinh, with over 700 low-rise units in Thanh Hoa, 470 high-rise units in Hanoi and 450 high-rise units in Ha Tinh. 3. Vincom Retail launched five Vincom Plazas in 2Q2018. With the opening of these malls, Vincom Retail raised the total number of malls to 51 and expanded its presence to 28 cities and provinces by the end of June 2018. 4. Vinpearl launched Vinpearl Resort & Golf Nam Hoi An, Vinpearl Condotel Riverfront Da Nang and VinOasis Phu Quoc, bringing the total keys to over 10,000 at the end of June 2018. In 2Q2018, Vinpearl also completed a rebranding exercise, forming four product lines: Vinpearl Luxury, Vinpearl Resorts & Hotels, Vinpearl Discovery and VinOasis. 5. VinFast signed a partnership agreement with GM. Accordingly, VinFast will become the exclusive distributor of Chevrolet in Vietnam and will take ownership of the GM operations. In addition, VinFast also signed an MOU with AAPICO Hitech (Thailand) to establish a joint venture to supply BIW (Body in White) parts for the first two models of VinFast vehicles. 6. Vinmec Times City Hospital received the second JCI accreditation. The JCI accreditation, a global standard in healthcare, reaffirms the hospital’s international quality and service standards as well as guarantees the prestige and stature of the Vinmec medical system on a global scale. In July, Vinmec International Hospital in Hai Phong was opened with a capacity of 200 beds, offering facilities and healthcare services with international standards to the local. 7. VinUni signed collaboration agreements with two of the world leading universities, Cornell University and University of Pennsylvania. Cornell will help VinUni in various activities such as infrastructure assessment, human resource recruitment and designing education programs while Penn will support VinUni in recruitment and developing the professional abilities of lectures and students in the field of health sciences. 8. Vingroup announced various new businesses: VinFa pharmaceutical and Vsmart smartphones. To facilitate smartphone production, VinSmart signed agreement with Spanish smartphone company BQ under which BQ will license two smartphone models to Vsmart for the high- end and mid-range markets. Vinhomes also introduced the “Happy Town” affordable housing product in June 2018. (1) Audited VAS Consolidated Financial Statements for 1H2018 3 (2) USDVND exchange rate of 23,320 BẢN TIN THÁNG 04/2015 Financial Summary Revenue Gross Profit EBITDA (VND billion) (VND billion) (VND billion) 89,350 26,554 16,501 14,357 61,192 57,614 17,430 10,652 15,021 11,709 7,594 34,048 35,194 11,330 6,787 2015 2016 2017 1H2017 1H2018 2015 2016 2017 1H2017 1H2018 2015 2016 2017 1H2017 1H2018 Recurring Revenue Property Sales Cash & Cash Equivalent & Short Term Investments Total Assets Total Equity 242,176 (VND billion) (VND billion) (VND billion) 213,792 86,838 183,476 18,081 145,495 52,557 14,831 48,291 37,577 10,327 8,814 2015 2016 2017 1H2018 2015 2016 2017 1H2018 2015 2016 2017 1H2018 Recurring Revenue / Net Debt(1) / EBITDA(2) Net Debt(1) / Interest Expense (Total Assets – Cash & ST Investments) (times) (times) (%) 6.60 6.06 3.78 20% 4.06 17% 18% 2.48 3.31 2.46 15% 2.05 2015 2016 2017 1H2018 2015 2016 2017 1H2018 2015 2016 2017 1H2018 3 Source: VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and 1H2018 4 (1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + Short-term Investments) (2) EBITDA for the last 12 months BẢN TIN THÁNG 04/2015 Vingroup Major Real Estate Projects Vinhomes Golden River Location: Ben Nghe, District 1, HCMC. Launched: 2,741 apartments (pre-sold: 93%, handover: 71%) and 63 villas (pre-sold: 68%, handover: 25%). Key components: Apartments: 300,034m2, Villas: 33,807m2, School: 14,536m2. Vinhomes The Harmony Location: Phuc Dong Ward, Long Bien District, Hanoi. Launched: 1,401 villas (pre-sold: 93%, handover: 37%). Key components: Villas: 456,805m2, Clubhouses: 11,298m2, School: 34,798m2. Vinhomes Green Bay Location: Me Tri Ward, Nam Tu Liem District, Hanoi. Launched: 391 villas (pre-sold: 96%, handover: 90%) and 2,844 apartments (pre-sold: 100%). Key components: Apartments, officetel, shophouse: 218,822m2, Villas: 143,247m2, School: 12,074m2. Vinhomes Imperia Location: Thuong Ly Ward, Hong Bang District, Hai Phong. Launched: 1,529 villas (pre-sold: 84%, handover: 28%). Key components: Villas: 543,957m2, Hotel: 71,591m2, Retail: 16,791m2, School: 34,363m2. Beach Villas and Condotels Location: Nha Trang, Da Nang, Phu Quoc and Hoi An. Launched: 5,106 villas & condotels (pre-sold: 99%, handover: 60%). Project: Vinpearl Resort & Spa Nha Trang Bay, Vinpearl Discovery 1&2 Nha Trang, Vinpearl Resort & Spa Phu Quoc, Vinpearl Resort & Spa Da Nang, Vinpearl Luxury Nha Trang, Vinpearl Reort Nha Trang (Bai Tru), Vinpearl Resort & Spa Long Beach Nha Trang, Vinpearl Condotel Empire Nha Trang, Vinpearl Condotel Beachfront Nha Trang, Vinpearl Condotel Riverfront Da Nang, Vinpearl Resort & Spa Hoi An and Vinpearl Resort & Golf Nam Hoi An. Shophouses & Shopoffice Location: Hanoi, Hai Phong, Lang Son, Son La, Ha Nam, Quang Ninh, Yen Bai, Tuyen Quang, Thai Binh, Thanh Hoa, Ha Tinh, Can Tho, Quang Binh, Hau Giang, Tra Vinh, Vinh Long, Tay Ninh, Long An, Rach Gia, Bien Hoa, Thai Nguyen, Phu Yen, Quang Ngai, Ca Mau. Launched: 1,759 units (pre-sold: 86%, handover: 65%). 5 As of 30 June 2018 BẢN TIN THÁNG 04/2015 Operational Metrics Retail Leasing Average Occupancy 1H2017 1H2018 Change (bps) Vincom Center 90.0% 93.0% 210 Vincom Mega Mall 80.7% 88.2% 750 Vincom Plaza 92.2% 87.7% (450) Vincom+ 61.8% 73.6% 1,180 Overall 86.6% 87.9% 130 Retail GFA Figure in sqm 1H2017 1H2018 Change (%) Vincom Center 165,876 165,876 - Vincom Mega Mall 395,148 395,148 - Vincom Plaza 520,515 631,701 21.4 Vincom+ 38,049 50,199 31.9 Overall 1,119,588 1,242,923 11.0 6 BẢN TIN THÁNG 04/2015 Operational Metrics Hospitality Number of room nights sold 2016 2017 1H2017 1H2018 YoY Nha Trang 269,487 297,391 143,865 212,362 48% Da Nang 58,941 95,072 33,289 81,333 144% Phu Quoc 141,082 180,490 74,272 122,820 65% Other 65,836 144,155 57,151 83,985 47% Total 535,346 717,108 308,577 500,500 62% Consumer Retail Number of stores Number of cities and (1) 1H2017 1H2018 Net addition provinces covered VinMart 62 67 5 32 VinMart+ 843 1,262 419 16 VinPro 32 41 9 26 Total 937 1,370 433 35 7 As of 30 June 2018 BẢN TIN THÁNG 04/2015 Recent Developments VinFast • Finished office building on June 1.
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