Investor Presentaiton
Leverage, Coverage and Other Ratios
Leverage ratios
1Q2021
FY2020
Change
Net debt (1
-(1)(2)
/Operating EBITDA (3)
2.6x
2.2x
0.4x
Net debt (1) (2) (Total assets - cash & ST investments (2))
/
27.4%
23.5%
3.9 ppts
Coverage ratios
Recurring revenue / Interest expense (3)
Operating EBITDA / Interest expense (3)
3.7x
3.4x
0.3x
3.6x
3.7x
(0.1x)
Others
Debt maturity (years)
Debt maturity (years) (Excl. Vinhomes' debt)
Average borrowing cost (4)
Source:
(1)
(2)
Audited VAS Consolidated Financial Statements for 2018-2020, Unaudited VAS Consolidated Financial Statements for 1Q2020 and 1Q2021.
Net debt is equal to total debt, less cash and cash equivalents and short-term investments.
Short-term investment excludes share option.
(3)
(4)
On a LTM basis for recurring revenue, operating EBITDA and interest expense. Operating EBITDA is EBITDA adjusted for non-recurring items.
Inclusive of hedging expenses.
3.43
3.56
(0.13)
3.83
4.03
(0.2)
8.0%
8.1%
(0.1 ppts)
57
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