Investor Presentaiton
Leverage, Coverage and Other Ratios
Leverage ratios
FY2020
FY2019 (pro-forma) (4)
Change
Net debt (1
-(1)(2)
/Operating EBITDA (3)
2.2x
2.6x
(0.4x)
Net debt (1) (2) (Total assets - cash & ST investments (2))
/
23.5%
27.2%
(3.7 ppts)
Coverage ratios
Recurring revenue / Interest expense (3)
Operating EBITDA / Interest expense (3)
3.4x
4.9x
(1.5x)
3.7x
5.4x
(1.7x)
Others
Debt maturity (years)
Debt maturity (years) (Excl. Vinhomes' debt)
Average borrowing cost (5)
3.56
3.56
4.03
4.23
(0.2)
8.1%
8.7%
(0.6 ppts)
Source:
Audited VAS Consolidated Financial Statements for 2017-2019, Audited VAS Consolidated Financial Statements for 2020.
(1)
(2)
Net debt is equal to total debt, less cash and cash equivalents and short-term investments, excluding retail segment
Short-term investment excludes share option, excluding retail segment
(3)
(4)
On a LTM basis for recurring revenue, operating EBITDA and interest expense, calculated using pro-forma 2019 figures. Operating EBITDA is EBITDA adjusted for non-recurring items
FY2019 pro-forma numbers, excluding retail and agriculture segments.
(5)
Inclusive of hedging expenses.
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