Vingroup Consumer Market and VinFast EV Global Premiere
Leverage, coverage and other ratios
Leverage ratios
9M21
FY2020
Change
Net debt (1
-(1)(2)
/Operating EBITDA (3)
2.3x
2.2x
0.1x
Net debt (1) (2) (Total assets - cash & ST investments (2))
/
25.7%
23.5%
2.2 ppts
Coverage ratios
Recurring revenue / Interest expense (3)
Operating EBITDA / Interest expense (3)
4.4x
3.4x
1.0x
4.2x
3.7x
0.5x
Others
Debt maturity (years)
Debt maturity (years) (Excl. Vinhomes' debt)
Average borrowing cost (4)
3.35
3.56
(0.21)
3.72
4.03
(0.31)
7.4%
8.1%
(0.7 ppts)
61
Source: Audited VAS Consolidated Financial Statements for 2018-2020, VAS Consolidated Financial Statements for 3Q20 and 3Q21 (1) Net debt is equal to total debt, less cash and cash equivalents and short-term investments (2) Short-term investment excludes share option (3) On a
LTM basis for recurring revenue, operating EBITDA and interest expense, calculated using pro-forma figures, excluding retail and agriculture segments. Operating EBITDA is calculated from consolidated profit before tax adjusted for interest expense and depreciation and amortization, and
excludes (a) FX gain/loss, (b) charity contributions and Covid support, (c) committed profit share for villa management contracts and (d) terminated businesses including retail and agriculture segments. (4) Inclusive of hedging expensesView entire presentation