hyundai motor company.1h2012 earnings presentation
TRANSCRIPT
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July 26, 2012
Hyundai Motor Company
2012 1st Half Business Results
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Cautionary Statement with Respect to Forward-LookingStatements
In the presentation that follows and in related comments by Hyundai Motors management, our
use of the words expect, anticipate, project, estimate, forecast, objective, plan,
goal, outlook, target, pursue and similar expressions is intended to identify forward
looking statements.
The financial data discussed herein are presented on a preliminary basis before the audit from
Independent Auditor; final data will be included in HMCs Independent auditors report. While these
statements represent our current judgment on what the future may hold, and we believe these
judgments are reasonable, actual results may differ materially due to numerous important factors.
Such factors include, among others, the following : changes in economic conditions, currency
exchange rates or political stability; shortages of fuel, labor strikes or work stoppages; market
acceptance of the corporations new products; significant changes in the competitive environment;
changes in laws, regulations and tax rates; and the ability of the corporation to achieve reductionsin cost and employment levels to realize production efficiencies and implement capital
expenditures at levels and times planned by management.
We do not intend or assume any obligation to update any forward-looking statement, which speaks
only as of the date on which it is made.
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Sales Summary
Financial Summary
Revenue & Profit Analysis
Table of Contents
Appendix
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Sales Summary
Retail Sales
Wholesale
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2011 1H 2012 1H
1
Sales Summary : Retail Sales
Source : Company data (Includes shipment of LCV / Excludes CKD sales)
(Unit : 1,000 vehicles)
+4.4%
-4.6%
+10.5%
2,1341,974
2011
365350233202
+15.4%
851755
+12.7%
2012
+8.1%
328344
357323
E U China
Korea
US
Others
Global Retail Sales
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128 152
707834
2011 1H 2012 1H
PC RV CV
260295
63
62
2011 1H 2012 1H
PC RV
2
Korea US EU
Sales Results by Key Region
Source : Company data / Automotive News / ACEA
Despite of market demanddecrease (5.9%) in 12 1H, M/Shas increased
Strong sales of Santa Fe(25k,103.5%), due to new modellaunch
Maintained strong sales trend ofkey models (YF 117k / MD 98k)
Lowest level of incentivespending(12 1H Avg. : $875 / units)
Despite of weak market demand(yoy 7.6%) in 12 1H, sales of i40and ix 35 increased
Robust sales growth in countriescovered by direct sales subsidiaries(Germany yoy 27% / Franceyoy 41%)
(Unit : 1,000 vehicles)
M/S M/S M/S
214 199
38 45
92 84
2011 1H 2012 1H
PC RV CV
47.2%46.6%
344 328
-4.6%
4.9%5.1%
323357
+10.5%
3.0%2.4%
202233
+15.4%
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(Unit : 1,000 vehicles)
Sales Volume by Plant Sales Mix by Segment
Sales volume by plant (Wholesale basis)
Sales Summary : Wholesale
57% 59%
18% 18%
17% 17%
8% 6%
2011 1H 2012 1H
CV
RV
Mid-LargePC
Small PC
162173 175
303325
363373
907
992
48 113
44 43
120
2011 1H 2012 1H
Korea
China
India
US
Czech
Turkey
Russia
1,958
2,183+11.5%
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Statement of Income
Statement of Financial Position
Financial Summary (K-IFRS)
Cash Flow Highlights
Financial Summary by division
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2011 1H 2012 1H Change
Sales Revenue 38,325 42,105 9.9%
Gross Profit 9,063 10,047 10.9%
Margin (%) 23.6 23.9
SG&A 5,240 5,420 3.4%
Portion (%) 13.7 12.9
Other Operating Income 132 158 19.6%
Operating Profit 3,954 4,785 21.0%
Margin (%) 10.3 11.4
Recurring Profit 5,449 6,293 15.5%
Margin (%) 14.2 14.9
Net Profit 4,184 4,998 19.5%Margin (%) 10.9 11.9
Depreciation 776 824
Amortization 312 420
EBITDA 5,042 6,028
(KRW Billion)
Consolidated Statement of Income
Consolidated Statement of Income (K-IFRS), Business results of BHMC is accounted in equity income accounting Net Profit includes non-controlling interest
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2011 1H 2012 1H Change
Sales Revenue 38,325 42,105 9.9%
Automotive 32,898 36,323 10.4%
Finance 3,842 4,041 5.2%
Other 1,586 1,741 9.8%
Operating Profit 3,954 4,785 21.0%
Automotive 3,217 4,323 34.4%
Finance 794 637 19.9%
Other 80 88 9.4%
Consolidationadjustment
137 262
Consolidated Statement of Income (K-IFRS)
Financial Summary by Division
(KRW Billion)
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6
2011 2012 1H Change
Assets 109,480 116,695 7,215
Current Assets 48,926 53,725 4,799
Cash & Cash Equivalents* 15,415 18,543 3,129
Liabilities 69,152 71,793 2,641
Current Liabilities 33,164 33,639 476
Short & Long-Term Debt 43,339 44,684 1,345
Provision 6,647 7,006 359
Equity 40,328 44,902 4,574
Current Ratio (%) 147.5 159.7
Debt / Equity Ratio (%) 107.5 99.5
Net Debt 27,924 26,141 1,784
EBITDA / Interest Expense 20.3 x 26.6 x
Consolidated Statement of Financial Position
(KRW Billion)
Consolidated Statement of Financial Position (K-IFRS) Cash & Cash Equivalents : Cash & cash equivalents + Short-term financial instruments
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7 Consolidated Cash Flow Highlights (K-IFRS)Above figures includes consolidation adjustments by business division (Automotive / Finance / Others)
Consolidated Cash Flow Highlights
BeginningCash Balance
EndingCash Balance
(KRW Billion)
6,232
7,032
+ 1,243
+ 4,9983,986
1,455
Net Income
Depreciation /Amortization
Tangible /Intangible Asset
Others
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Sales Revenue Analysis
COGS and SG&A
Net Non-Operating Income
Revenue & Profit Analysis
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1,586 1,7413,842 4,041
32,89836,323
2011 1H 2012 1H
8
KRW appreciation against the EUREUR / KRW 1,550.0 1,481.3 (4.4% )
Sales Revenue Analysis
Positive Factors
Sales Revenue Positive / Negative Contributors
Negative Factors
(KRW Billion)
Consolidated sales revenue excludes sales revenue of BHMC Consolidated sales revenue by business division (Automotive / Finance / Others)
Improved global sales Unit sales : + 11.5% (1,958K 2,183K)
KRW depreciation against the USDUSD / KRW 1,099.6 1,141.6 (3.8% )
Automotive Finance Others
38,325
42,105 + 3,780
( 9.9% )
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9
SG&A andOther Operating Income / ExpenseCOGS
(% of Revenue) (% of Revenue, KRW billion)
Consolidated Statement of Income (K-IFRS)
F/Xtransactions
Other
WarrantyProvision
Saleswarranties
MarketingExpense
SG & A
Other income/expense (net)
Other
Salary & wage
COGS and SG&A
2011 1H 2012 1H
76.4% 76.1%
0.3%pt
2011 1H 2012 1H
132
5,240
158
5,420
5,1095,262
3.0%
2.7%
4.7%
0.3%
1.5%
0.1%
4.5%
0.4%
2.7%
3.6%
0.2%1.2%
0.3%
5.2%
0.04%
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10
Financial Income Financial Expense
Net Non-Operating Income2011 1H : 1,494.3 2012 1H : 1,508.3
Equity Earnings
(KRW Billion)
Net Non-Operating Income
Consolidated Statement of Income (K-IFRS)
2012 1H2011 1H
428470
347365
2012 1H2011 1H
1,413 1,404
2012 1H2011 1H
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Appendix
Overseas Plant Operations
Statement of Income (Quarterly)
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11
2011 1H 2012 1H Chg
Revenue 3,106 3,373 9%
2011 1H 2012 1H Chg
Revenue 5,933 5,881 1%
US Plant (HMMA) China Plant (BHMC)
Sales Volume Revenue Sales Volume Revenue
Above figures are standalone results base
(Unit : 1,000 vehicles / KRW Billion)
Overseas Plant : HMMA & BHMC
107 112
66 63
2011 1H 2012 1H
Sonata Elantra
175173
170144
4261
7966
72 102
2011 1H 2012 1H
Elantra Sonata
Tucson Others
363 373
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2011 1H 2012 1H Chg
Revenue 2,533 2,612 3%
2011 1H 2012 1H Chg
Revenue 694 743 7%
Above figures are standalone results base
Sales Volume Revenue Sales Volume Revenue
India Plant (HMI) Turkey Plant (HAOS)
(Unit : 1,000 vehicles / KRW Billion)
Overseas Plant : HMI & HAOS
142 126
6756
62
94
81
2011 1H 2012 1H
i10 i20
Eon Others
325303
11
3
33
40
2011 1H 2012 1H
Accent Matrix i20
44 43
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13
2011 1H 2012 1H Chg
Revenue 1,918 2,933 53%
2011 1H 2012 1H Chg
Revenue 627 1,471 135%
Above figures are standalone results base
Czech Plant (HMMC) Russia Plant (HMMR)
Sales Volume Revenue Sales Volume Revenue
(Unit : 1,000 vehicles / KRW Billion)
Overseas Plant : HMMC & HMMR
67 67
25 25
28
70
2011 1H 2012 1H
i30 ix20
Venga (Kia) ix35
162
120
4863
50
2011 1H 2012 1H
Solaris Rio (Kia)
113
48
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14
2011 2012 2012 2Q
vs.
2011 2Q1Q 2Q 1H 1Q 2Q 1H
Global Plant Sales 919 1,039 1,958 1,073 1,110 2,183 6.8%
Korea Plant 411 496 907 484 508 992 2.3%
Overseas Plant 508 543 1,051 589 602 1,191 10.9%
Sales Revenue 18,233 20,092 38,325 20,165 21,940 42,105 9.2%
Gross Profit 4,157 4,906 9,063 4,639 5,408 10,047 10.2%
Margin (%) 22.8 24.4 23.6 23.0 24.6 23.9
SG&A 2,434 2,806 5,240 2,548 2,872 5,420 2.3%
Portion (%) 13.4 14.0 13.7 12.6 13.1 12.9
Other Operating Income 105 27 132 192 34 158
Operating Profit 1,827 2,127 3,954 2,283 2,502 4,785 17.7%
Margin (%) 10.0 10.6 10.3 11.3 11.4 11.4
Recurring Profit 2,465 2,984 5,449 3,148 3,145 6,293 5.4%
Margin (%) 13.5 14.9 14.2 15.6 14.3 14.9
Net Profit 1,877 2,307 4,184 2,451 2,547 4,998 10.4%
Margin (%) 10.3 11.5 10.9 12.2 11.6 11.9
Consolidated Statement of Income (K-IFRS), Business results of BHMC is accounted in equity income accounting Net Profit includes non controlling interest
Statement of Income (Quarterly)
(Unit : 1,000 vehicles / KRW Billion)