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현대캐피탈 2011년 1분기 IR자료 국문
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현대캐피탈 2011년 1분기 IR자료 국문

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현대캐피탈 2011년 1분기 IR자료 국문 …

현대캐피탈 2011년 1분기 IR자료 국문
Hyundai Capital 2011 1Q IR Investor presentation Korean


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  • 1. Hyundai Capitalis...Investor Presentation Hyundai CapitalMay 2011
  • 2. DisclaimerThese presentation materials have been prepared by Hyundai Capital Services, Inc. (“HCS or the Company”), solelyfor the use at this presentation and have not been independently verified. No representations or warranties, expressor implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the infor-mation presented or contained in this presentation. Neither the Companies nor any of theirs affiliates, advisers or representativesaccepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. Theinformation presented or contained in this presentation is current as of the date hereof and is subject to change without notice and its accu-racy is not guaranteed. Neither the Companies nor any of their affiliates, advisers or representatives make any undertaking to update any suchinformation subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice.Certain information and statements made in this presentation contain “forward-looking statements.” Such forward-looking statements can beidentified by the use of forward-looking terminology such as “anticipate,” “believe,” “considering,” “depends,” “estimate,” “expect,” “intend,”“plan,” “planning,” “planned,” “project,” “trend,” and similar expressions. All forward-looking statements are the Companies’ current expectationof future events and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements.Certain industry and market data in this presentation was obtained from various trade associations, and the Companies have not verified suchdata with independent sources. Accordingly, the Companies make no representations as to the accuracy or completeness of that data, andsuch data involves risks and uncertainties and is subject to change based on various factors.This presentation does not constitute an offer or invitation to purchase or subscribe for any shares or other securities of the Companies andneither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connectionwith any contract or commitment whatsoever. Any decision to purchase shares in any offering of shares of the Companies should be madesolely on the basis of the information contained in the offering document which may be published or distributed in due course in connectionwith any offering of shares of the Companies, if any.The contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, inwhole or in part, for any purpose.
  • 3. No.1 Consumer Finance Company 03 leading company - captive finance company GE Capital partnership - : Committee - GE Capital business know-how - GE Capital platform
  • 4. Growing Partnership with GE Capital 04 - Leading player - 2009 - GE Capital Credit Line 56.5% - :6 10 2011 1 2.8 - Captive finance company 2007 - GE Capital 9 Funding - Marketing tool - Joint Venture 2006 - GE Capital 6 Credit Line - Channel 2005 - 5% Option : 43.3% 43.3% - - 2004 - GE Capital HCS 38% -
  • 5. Investment Highlights 05 - 30 1.9% - 1,820 1,451 Target leverage Strong commitment 8X - committed credit line Funding Diversification - 144A, CHF MYR Fundamental 2011 5 RAM “AAA”
  • 6. Improving Macro Indicators in Korea 06 2011 1 : 4.2% 2011 1 3.8% HMC KMC Others 6.1% 1,465 5.1% 1,394 321 4.2% 1,154 279 267 413 485 316 2.2% 76.9% 80.0% 78.1% 350 363 571 703 660 76 70 78.1% 80.6% 105 126 0.2% 168 167 2007 2008 2009 2010 1Q11 2008 2009 2010 1Q10 1Q11Source : Source : 2011 1 GDP 4.2% 2011 1 3.8%
  • 7. Korean Consumer Finance Market’s Unique Features 07 - : 30% + 70% - : 1.5 (36 & - Auto captive finance company - - Infrastructure - (LTV, DTIR) . LTV : 50% - Credit Bureau
  • 8. Disciplined Asset Portfolio : Stability and Profitability 08 Others 187,881 193,581 160,295 164,797 8.8% 8.2% - : 80% 10.9% 9.9% 8.7% 9.3% - : 20% 7.4% 7.8% 8.4% 8.5% 7.2% 8.0% 16.3% 16.4% 15.8% 14.8% - - 9.3% 81.1% 81.9% 81.7% 79.5% 57.2% 56.8% 56.8% 58.1% 2008 2009 2010 1Q11
  • 9. Pre-emptive Approach to Risk Management 09 (Risk Control Committee) - - GE Capital - GE Capital Asia Chief Risk Officer GE Capital - GE Capital Credit scoring system - Compliance Anti-fraud team - Risk - GE Capital Risk reporting format - - Credit Risk Risk-based pricing
  • 10. Combining Strong Governance with Innovation 10 - Committee . Risk Control Committee . Executive Finance Committee . Asset & Liability Committee - HMC GE Capital - GE Capital Veto Right - - innovation . (Auto Inside) . -
  • 11. Solid Profit Underscores Strong Fundamentals 11 2009 2010 1Q10 1Q11 YoY 6,326 29,893 32,742 9,588 9,388 -2.1% 5,054 5,410 24,847 28,890 6,914 7,569 9.5% 1,969 24,483 26,417 7,619 7,568 -0.7% 1,820 19,437 22,564 4,944 5,749 16.3% 1,762 1,455 68 597 771.9% 2008 2009 2010 1Q10 1Q11 5,410 6,326 1,969 1,820 -7.6% 7.6% 1,820ROA 3.4% 3.6% 4.7% 3.8% - - 2010 1 18.6% 4,112 4,890 1,548 1,451 -6.3% ROA
  • 12. Excellent Asset Quality & Conservative Reserve Policy 1230 (%) 153.0% 153.5% 118.1% 120.1% 2.3% 5,044 1.9% 1.8% 4,736 4,417 4,199 2,129 1.6% 4,012 4,261 2,082 2,882 2,785 2,915 2,654 2008 2009 2010 1Q11 2008 2009 2010 1Q11 Source : Company
  • 13. Solid Capital Base 13Leverage Trend Capital Adequacy Ratio Leverage 15.7% 13.7% 11.9% Leverage 11.5% 8.5x 8.0x 7.5x 7.3x 24,318 6.7x 23,750 23,617 23,400 21,557 22,161 170,478 165,603 18,245 143,783 16,503 143,350 2008 2009 2010 1Q11 2008 2009 2010 1Q11 IFRS 10% 100%
  • 14. Well Diversified Funding Portfolio 14Funding Portfolio by Product Funding Principles ABS 20%, CP 10% ABS 100% 14.8% Contingency plan CP 5.9% Bonds Loans 8.1% 71.2% 2011 Funding Status 144A USD 700mm 5.5 CHF 300mm 5 : 17 478 MYR 350mm 3 : 62.8% 1.1 Credit line 3,010 CP 5% 65%
  • 15. Strengthened Liquidity Position 15CP Coverage Ratio Cash Flow Profile CP Credit Line CP Coverage 269.5% Financial Receivables 216.8% 167.7% 117.6% 101,257 - GE Capital : 11,072 57,397 4,956 1,855 4,128 23,988 - : 5,000 ~1Y 1-2Y 2-3Y 3-4Y 4-5Y Over 5Y Total : 1 6,072 Liabilities (Debt) 16,072 63,353 42,842 13,596 14,454 20,320 15,912 13,379 ~1Y 1-2Y 2-3Y 3-4Y 4-5Y Over 5Y 13,666 10,820 Net Cash Flow 15,218 14,100 11,149 9,713 10,266 10,100 7,070 7,394 37,904 9,533 14,555 -15,364 -14,057 -9,468 2008 2009 2010 1Q11 ~1Y 1-2Y 2-3Y 3-4Y 4-5Y Over 5Y2011 3 31 $1= 1,107.2
  • 16. Investment Highlights 16 Target leverage Strong commitment 8X Funding Diversification Fundamental
  • 17. Investor Relations ContactsPhone 02 3770 9932 Phone 02 2167 7051hyungseok_lee@hyundaicapital.com mcseo@hyundaicapital.comPhone 02 2167 6507 Phone 02 3770 9737mjbae@hyundaicard.com youn.chung@hyundaicapital.comPhone 02 2167 6327michelle.cho@hyundaicapital.com http://www.hyundaicapital.com