2013 3 q hci_eng_f
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2013 3 q hci_eng_f Presentation Transcript

  • 1. Hyundai Commercial is… Investor Presentation Hyundai Commercial 3Q13
  • 2. Solid Profit Underscores Strong Fundamentals 1 Income Statement (KRW Bn) 2011 Operating Revenue 324 Operating Expense 238 2012 349 Analysis and Forecasting 3Q12 257 3Q13 257 YoY Category • Delay of new model release 0.0% held down the demand 267 191 199 4.4% • Profit growth slowed down Revenue Interest Expense 148 SG&A Expense 60 66 47 51 8.4% Bad Debt Expense 21 25 14 19 35.5% Other-Operating Expense Operating Income Non-Operating Revenue Current State 164 123 119 due to low-interest policy -3.4% • Non-Auto profit increased - Lease : +42.0% - Corporate Finance : +9.4% • SG&A expense increased due to hiring experts in 9 86 13 12 83 -17 7 67 -12 11 58 -13 50.7% -12.40% 8.5% corporate financing Expense • Bad debt expenses increased with asset growth • Other operating expenses increased due to EBT 100 66 54 45 -17.2% government regulation Outlook • New car model release and launch of high-yield lease product will lead increase in profit • Portfolio mix changes - Non-Auto portion increases • Maintain sound asset quality with preemptive risk management • Productivity is expected to be improved with strengthened expertise • Temporary increase in other operating expense is terminated
  • 3. Disciplined Asset Diversification 2 Asset Portfolio (KRW Bn) New Car Used Car Machine Tool 2,882 7.4% 8. 8 % Highlight Corporate Finance 3.4% 9.1% portions constantly grow 13.0% • Maintain dominant position in auto market 5.4% 8.1% 4.2% 4.3% 7.9% 3.5% 7.4% 3.7% 2.3% 3,254 9.9% 2,333 - Corporate finance, Machine tool, Lease 3,485 11.7% 3.7% • High-yield assets increase PF 9.7% - New Car MS : 80% 29.4% 27.6% - Used Car MS : 55% 6.9% 17.3% 26.4% 16.3% 30.0% 18.7% 85.4% 57.2% 82.1% 57.6% 55.7% 80.7% 53.2% 79.3% 49.9% 55.4% Strategic Direction • Reinforce Non-Auto part - Improve expertise and restructure HR system 54.2% • Continue to develop high-yield products 2010 2011 2012 3Q13 - Auto lease , Machine tool lease, etc.
  • 4. Excellent Asset Quality & Conservative Reserve Policy 3 Asset Quality Highlight • Delinquency rate decreased despite the recession 30+ Delinquency Rate Total Reserve/Regulatory Requirement 141.7% - Stringent Risk management policy 150.4% • Conservative reserve policy - Total reserve well exceeded regulatory requirement 104.6% 101.5% Strategic Direction 1.0% • Closely monitor risky factors as portfolio mix 1.1% 0.8% 0.6% changed and new products launched • Maintain conservative reserve policy 2010 2011 2012 3Q13
  • 5. Solid Capital Base 4 Leverage Trend & Capital Adequacy Ratio Leverage Trend Capital Adequacy Ratio Highlight • Leverage trend stabilized - Leverage level remained steady with accumulated earnings despite asset growth 14.6% 11.7% 10.1% 10.6% 14.5x 11.6x 11.7x Strategic Direction 9.9x • Seek diverse leverage management policies such as True-Sale ABS issuance • Maintain Capital Adequacy Ratio above regulatory level (7%) 2010 2011 2012 3Q13
  • 6. Well Diversified Funding Portfolio 5 Funding Portfolio (KRW Bn) Highlight • Funding portfolio remains stable with strict Bond Loan CP ABS 3,375 2,990 12.0% 2,479 8.1% 13.0% 4.7% internal guideline 3,571 9.2% 8.1% 5.0% 6.2% - Bond portion increased for cost-efficiency 12.8% 12.6% 18.4% 18.1% 72.0% 74.1% Strategic Direction 64.9% • Maintain internal guideline 60.8% - Long-term borrowings target > 60% - ALM index target > 130% 2010 LongLong-Term Borrowings 2011 2012 3Q13 61.6% 64.0% 63.3% 65.2% * KOFC borrowings excluded - Cash held in preparation for market fluctuation > 250 KRW Bn
  • 7. Strong Liquidity Position 6 Liquidity Profile (Unit: KRW Bn) Short-term Debt Highlight • Solid short-term coverage C/L Cash - 3M Liquidity coverage Short-term Debt Coverage Ratio* 41.0% 46.2% 52.7% - 1Y Current Ratio as of 3Q : 136% 26.4% 3M Coverage 13,197 13,168 Strategic Direction 11,006 9,467 6,955 6,078 4,510 2,500 2010 1,750 2011 - Liquidity coverage target > 3M - Flexibly reflect financial market monitoring results 2,760 1,000 1,500 2,905 2,828 • Maintain conservative liquidity policy 4,050 3,250 2012 3Q13 * Short-term Debt Coverage Ratio = (Cash + Unused committed credit line)/ Short-term debt balance on liquidity strategy
  • 8. [Appendix] Fact Sheet - HCI (Unit : KRW Bn, %) 20,152 19,795 21,479 18,842 15,620 10,812 HMC/KMC M/S 54.0% 60.1% 64.2% 65.8% 62.3% 67.7% 1,050 1,439 2,333 2,882 3,254 3,485 Auto Sector 77.8% 86.4% 85.4% 82.1% 80.7% 79.3% 22.2% 13.6% 14.6% 17.9% 19.3% 20.7% 1.2% 0.7% 0.9% 1.2% 1.5% 1.0% NPL 1.2% 0.6% 0.6% 1.0% 1.0% 1.0% 30+ Delinquency 2.1% 0.9% 1.0% 0.8% 1.1% 0.6% 140.8% 224.7% 172.5% 84.1% 114.8% 132.4% Operating Income 14.1 27.6 57.5 86.4 82.8 58.3 Capital Adequacy Ratio 7.8% 9.3% 10.1% 14.6% 11.7% 10.6% Borrowing Leverage 15.3X 15.0X 14.5X 9.9X 11.6X 11.7X 91.1% 80.9% 78.9% 83.3% 84.6% 86.9% 8.9% 19.1% 13.0% 4.7% 6.2% 5.0% ABS - - 8.1% 12.0% 9.2% 8.1% Total 998 1,481 2,480 2,990 3,375 3,571 CP Coverage 124.1% 34.2% 77.4% 322.1% 289.4% 386.4% Debt Maturity Debt Maturity Sum(unit) CP Funding Portfolio 3H13 Bond / Loan Asset & Leverage 2012 NPL Coverage ratio Profitability 2011 Substandard & Below Asset Quality 2010 Others Asset Portfolio 2009 Total Domestic Sales of Commercial Vehicles 2008 - 1.37Y 1.69Y 1.79Y 1.66Y 1.73Y Maturity 2013 2014 2015 2016 2017 2018~ Volume 310 1,278 900 650 120 313