- Hyundai Capital Services provides an investor presentation summarizing its business as the captive finance arm of Hyundai Motor Group. It has a dominant position in the Korean auto financing market and strong performance metrics compared to competitors.
- As the main finance company for Hyundai, it benefits from the automaker's large market share in Korea. It also aims to transfer its management expertise to other Hyundai finance joint ventures around the world.
- The Korean auto and consumer finance market is mature with conservative lending practices and strong credit infrastructure. HCS must operate within the country's rigorous financial regulations.
The document provides an investor presentation for Hyundai Commercial Inc. for the first quarter of 2015, highlighting increases in operation revenues, income, and market share compared to the same period last year, as well as strategies to further diversify revenue streams and pursue operational efficiencies. Key financial metrics including asset quality, profitability, capital adequacy, and liquidity are presented along with comparisons to prior periods. An appendix includes a fact sheet with historical performance data.
Hyundai Capital provides a summary of its financial performance in the first half of 2013. It achieved operating income of KRW 250 billion and an ROA of 2.5%, with stable asset quality as the 30+ day delinquency rate was 2.7%. It maintained a strong capital structure with a leverage ratio of 6.7x and a capital adequacy ratio of 15.3%. Hyundai Capital also discussed its diversified funding sources by type, duration, and region to reduce risks.
- Hyundai Commercial Inc. presented its 3Q 2014 investor presentation which provided an overview of the company's financial performance and business strategies.
- While operating revenue grew slightly, operating income declined due to a temporary increase in bad debt expenses. Net income increased due to losses from equity investments.
- The company maintained its dominant market share in commercial vehicle financing and focused on diversifying its asset portfolio and developing new high-yield products.
- It emphasized strengthening its fundamentals to prepare for a prolonged low growth, low interest rate environment through pursuing new business opportunities and efficiency.
- Hyundai Commercial Inc. presented its 1H 2014 investor presentation, which included financial results and business strategies
- Revenue slightly decreased due to low interest rates, but profit margins increased on high-yield lease products
- Net income declined due to decreased operating revenue and losses on equity investments
- The company aims to strengthen its business for prolonged low growth and interest rates by pursuing new opportunities and efficiency
- Hyundai Card is the leading credit card company in South Korea, known for its excellent asset quality, strong customer loyalty, and innovative marketing programs.
- It has a seven-year partnership with GE Capital, who provides financial and operational support, including investments totaling $725 million as of Q1 2013. This partnership leverages Hyundai Motor Group's extensive sales network and GE Capital's expertise in risk management.
- Hyundai Card maintains robust fundamentals including a low delinquency rate of 0.8% and investment-grade credit ratings, underscoring its position as the premier credit card company in South Korea.
equity trading is the buying and selling of company stock shares. Shares in large publicly traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange and the London Stock Exchange, which serve as managed auctions for stock trades.
Hyundai Capital Services reported its 1H16 earnings. Total assets grew 3.2% to KRW 25.3 trillion driven by new car and mortgage financing. Net income increased 32.6% to KRW 227.5 billion due to operating income growth and stable profits from overseas subsidiaries. Asset quality improved with delinquency rates falling to 1.9% and coverage ratios rising. Liquidity and capital positions remained strong with diversified funding. Overseas operations expanded in the US, UK and China.
Adamjee Insurance Company Limited: Struggling to gear momentumAli Khan
AICL: Upgrading to BUY with Price Objective of PKR 63.25
We have upgraded our stance to BUY from HOLD with changed PO from PKR46.00 to PKR63.25, up 37pc, for Adamjee Insurance Company Limited.
The document provides an investor presentation for Hyundai Commercial Inc. for the first quarter of 2015, highlighting increases in operation revenues, income, and market share compared to the same period last year, as well as strategies to further diversify revenue streams and pursue operational efficiencies. Key financial metrics including asset quality, profitability, capital adequacy, and liquidity are presented along with comparisons to prior periods. An appendix includes a fact sheet with historical performance data.
Hyundai Capital provides a summary of its financial performance in the first half of 2013. It achieved operating income of KRW 250 billion and an ROA of 2.5%, with stable asset quality as the 30+ day delinquency rate was 2.7%. It maintained a strong capital structure with a leverage ratio of 6.7x and a capital adequacy ratio of 15.3%. Hyundai Capital also discussed its diversified funding sources by type, duration, and region to reduce risks.
- Hyundai Commercial Inc. presented its 3Q 2014 investor presentation which provided an overview of the company's financial performance and business strategies.
- While operating revenue grew slightly, operating income declined due to a temporary increase in bad debt expenses. Net income increased due to losses from equity investments.
- The company maintained its dominant market share in commercial vehicle financing and focused on diversifying its asset portfolio and developing new high-yield products.
- It emphasized strengthening its fundamentals to prepare for a prolonged low growth, low interest rate environment through pursuing new business opportunities and efficiency.
- Hyundai Commercial Inc. presented its 1H 2014 investor presentation, which included financial results and business strategies
- Revenue slightly decreased due to low interest rates, but profit margins increased on high-yield lease products
- Net income declined due to decreased operating revenue and losses on equity investments
- The company aims to strengthen its business for prolonged low growth and interest rates by pursuing new opportunities and efficiency
- Hyundai Card is the leading credit card company in South Korea, known for its excellent asset quality, strong customer loyalty, and innovative marketing programs.
- It has a seven-year partnership with GE Capital, who provides financial and operational support, including investments totaling $725 million as of Q1 2013. This partnership leverages Hyundai Motor Group's extensive sales network and GE Capital's expertise in risk management.
- Hyundai Card maintains robust fundamentals including a low delinquency rate of 0.8% and investment-grade credit ratings, underscoring its position as the premier credit card company in South Korea.
equity trading is the buying and selling of company stock shares. Shares in large publicly traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange and the London Stock Exchange, which serve as managed auctions for stock trades.
Hyundai Capital Services reported its 1H16 earnings. Total assets grew 3.2% to KRW 25.3 trillion driven by new car and mortgage financing. Net income increased 32.6% to KRW 227.5 billion due to operating income growth and stable profits from overseas subsidiaries. Asset quality improved with delinquency rates falling to 1.9% and coverage ratios rising. Liquidity and capital positions remained strong with diversified funding. Overseas operations expanded in the US, UK and China.
Adamjee Insurance Company Limited: Struggling to gear momentumAli Khan
AICL: Upgrading to BUY with Price Objective of PKR 63.25
We have upgraded our stance to BUY from HOLD with changed PO from PKR46.00 to PKR63.25, up 37pc, for Adamjee Insurance Company Limited.
Hyundai Capital provides a summary of its financial performance in the first half of 2013. It achieved operating income of KRW 250 billion and a return on assets of 2.5%, despite slower new car sales. Asset quality remained stable with a 30+ day delinquency rate of 2.7%. The company maintains a conservative capital structure with a leverage ratio of 6.7x and a capital adequacy ratio above 15%. Hyundai Capital also discusses its diversified funding sources by type, duration, and region to reduce reliance on wholesale funding and expand its global funding capabilities.
This document provides information about Adamjee Insurance Company Limited. It includes the group members, company information, vision, core values, corporate social responsibility activities, awards, credit ratings, registered office, board of directors, management team, auditors, technology partner, bankers, financial ratios, shares information, dividend information, earnings per share, cash flows, authorized and paid up capital, and reserves. The company is part of the Nishat Group and has maintained an IFS rating of AA+ from the Pakistan Credit Rating Agency.
Hyundai Card is the leading credit card company in South Korea with over 14% market share. It has maintained stable profitability and excellent asset quality. To drive future growth, Hyundai Card recently announced two new brands - M Card and X Card - as part of a two-track brand portfolio strategy. M Card will offer a simple product focused on earning points, while X Card will provide differentiated services and the ability to select a card product. This portfolio approach aims to simplify Hyundai Card's offerings and concentrate on key customer benefits like savings and service.
Last work of Master degree. Great Contribution of Rashid to follow a standards.
Helpful For Finance students.
Horizontal, vertical and all Ratios are covered and also interprets their results.
we have also excel sheet of its
if any one needed let me confirm
Q4FY14 Result: Bajaj Finance continues to reap the benefits of healthy consum...IndiaNotes.com
Bajaj Finance (BAF) reported a 11% year-over-year increase in 4QFY14 profit at INR1.82 billion, which was below estimates due to a decline in net interest margins from shifting loan mix to lower-yielding mortgages and higher operating expenses from ongoing investments in new business lines. Asset quality remained healthy with non-performing assets stable at 1.18% despite a corporate loan slippage. The report maintains a "Buy" rating with a target price of INR2,018, but reduces FY15/16 earnings estimates by 5-6% to factor lower margins and higher costs from the loan mix shift and investments.
The document provides an earnings release and financial summary for Hyundai Capital Services for 3Q15, highlighting asset growth despite market challenges, improved asset quality decreasing bad debt expenses, and expanded overseas operations. Key issues included stagnant auto sales, economic uncertainty, and low interest rates restricting profitability. Financial results showed increased equity method income and a higher capital adequacy ratio, while expenses decreased and asset quality was maintained.
Hyundai Capital Services reported asset growth of 3.4% in the first half of 2015 despite unfavorable market conditions, with improvements in profitability through reduced bad debt expenses and better asset quality. The company also expanded its overseas operations through new subsidiaries and increased its global business capabilities. Liquidity and capital adequacy ratios remained strong with diversified funding sources.
Pidilite Ind: Reports 11% volume growth in a tough operating environment - Pr...IndiaNotes.com
- Pidilite Industries (PIDI) reported an 11% increase in volumes but adjusted profit declined 6.3% due to higher advertising spending and lower non-operating income.
- The consumer and bazaar products division saw volume growth of 11% but margins declined due to higher advertising spending and voluntary retirement costs.
- The international business division reported improved performance across regions except for South America and Bangladesh, which faced political turmoil.
Idea Cellular Ltd. is recommended as a buy with a price target of Rs. 185-230. The technical outlook is positive as the stock has taken support at Rs. 130 and is trending higher. Company outlook is also positive due to expected robust subscriber growth, improving EBITDA margins, and potential value unlocking from hiving off its tower business. On the financial front, net sales increased 64% YoY while EBITDA and PAT grew 69% and 259% YoY respectively due to margin expansion and lower costs.
- Indian stock indices edged up, led by gains in blue chip stocks on hopes the central bank would ease monetary policy to boost economic growth.
- Financial Technologies and Reliance Capital shares increased after announcements about transactions involving increasing ownership stakes in their companies.
- Asian stocks rose after US economic growth data reduced concerns about slowing global growth, while European shares also climbed on expectations of more eurozone monetary stimulus.
The document provides an earnings release and financial summary for Hyundai Capital Services for 3Q15, noting asset growth despite market challenges, improved asset quality decreasing bad debt expenses, and expanded overseas operations. Key issues included stagnant auto sales, economic uncertainty, and low interest rates restricting profitability. The summary highlights improved profitability through risk management and global business expansion.
Hyundai Capital provides financial services around the world under the slogan "One Global Company". It has operations in 9 countries including the US, Canada, China, UK, Australia, Korea, Germany, Russia, and India. Beijing Hyundai Auto Finance (BHAF) is one of Hyundai Capital's fastest growing operations, recording double digit annual growth since starting in 2012 in China. BHAF focuses on new car financing, used car financing, and inventory financing in China.
Financial analysis for inter and intra firm comparison on Energy Minerals on ONGC and RIL
SWOT Analysis of ONGC and Reliance Limited
Balance Sheet, P&L
Crompton Greaves: Ideally places to benefit from an improved economic growth,...IndiaNotes.com
1) Crompton Greaves' management indicated that orders in the third quarter of 2014 were higher margin than existing backlog in the power business, and outlook for domestic and export orders remains positive.
2) The Canadian and US subsidiaries are expected to break even in the next 2-3 quarters after restructuring and backlog clearing. There is also potential for a large smart meter order from France and Poland.
3) In consumer business, Crompton Greaves is focusing on increasing retailer reach for premium fans and lighting products.
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
Mutual Fund Analysis Report - June'19
This report analyses the monthly and annual fund flows across different categories, covering AUM's of Top Mutual Funds and their major entry/exits.
ITC Limited is one of India's most valuable corporations, with a market capitalization of over $4.75 billion. It operates diverse businesses including cigarettes, hotels, paper, and fast moving consumer goods. ITC has strong corporate governance policies focused on shareholder value, transparency, and empowerment. The company's financial statements show consistent growth and improving profitability ratios over time, indicating strong financial health and performance. An analysis of ITC reveals the company is in a good financial position with a recommendation to invest in its stocks long-term.
Capital Structure and Payout Policies of P&GRawan Nadeem
P&G's capital structure and payout policies were analyzed over 5 years. Regarding capital structure, P&G had low operating and financial leverage, protecting it from business and financial risks. Debt ratios fluctuated over time but generally decreased. Relationship between EBIT, EPS, and debt ratios was positive. For payout policy, P&G paid stable quarterly dividends. Stock price typically fell on ex-dividend dates but rose before on dividend announcements, encouraging purchases. Price movements sometimes differed from announcements, guided by other market forces. P&G is desirable for dividend investors due to payouts despite stock price stability in its sector.
Hyundai Capital provides a quarterly investor presentation summarizing its financial performance and business highlights. In Q1 2013, Hyundai Capital saw strong fundamentals with an ROA of 3.0% and delinquency rate of 2.7%, though operating income decreased from the prior year. It maintained a conservative capital and liquidity position with a capital adequacy ratio of 15.1% and long-term funding comprising over 65% of its portfolio. Going forward, Hyundai Capital aims to further diversify its funding sources globally and increase the proportion of alternative and long-term financing.
Hyundai Capital provides a summary of its financial performance in the first half of 2013. It achieved operating income of KRW 250 billion and a return on assets of 2.5%, despite slower new car sales. Asset quality remained stable with a 30+ day delinquency rate of 2.7%. The company maintains a conservative capital structure with a leverage ratio of 6.7x and a capital adequacy ratio above 15%. Hyundai Capital also discusses its diversified funding sources by type, duration, and region to reduce reliance on wholesale funding and expand its global funding capabilities.
This document provides information about Adamjee Insurance Company Limited. It includes the group members, company information, vision, core values, corporate social responsibility activities, awards, credit ratings, registered office, board of directors, management team, auditors, technology partner, bankers, financial ratios, shares information, dividend information, earnings per share, cash flows, authorized and paid up capital, and reserves. The company is part of the Nishat Group and has maintained an IFS rating of AA+ from the Pakistan Credit Rating Agency.
Hyundai Card is the leading credit card company in South Korea with over 14% market share. It has maintained stable profitability and excellent asset quality. To drive future growth, Hyundai Card recently announced two new brands - M Card and X Card - as part of a two-track brand portfolio strategy. M Card will offer a simple product focused on earning points, while X Card will provide differentiated services and the ability to select a card product. This portfolio approach aims to simplify Hyundai Card's offerings and concentrate on key customer benefits like savings and service.
Last work of Master degree. Great Contribution of Rashid to follow a standards.
Helpful For Finance students.
Horizontal, vertical and all Ratios are covered and also interprets their results.
we have also excel sheet of its
if any one needed let me confirm
Q4FY14 Result: Bajaj Finance continues to reap the benefits of healthy consum...IndiaNotes.com
Bajaj Finance (BAF) reported a 11% year-over-year increase in 4QFY14 profit at INR1.82 billion, which was below estimates due to a decline in net interest margins from shifting loan mix to lower-yielding mortgages and higher operating expenses from ongoing investments in new business lines. Asset quality remained healthy with non-performing assets stable at 1.18% despite a corporate loan slippage. The report maintains a "Buy" rating with a target price of INR2,018, but reduces FY15/16 earnings estimates by 5-6% to factor lower margins and higher costs from the loan mix shift and investments.
The document provides an earnings release and financial summary for Hyundai Capital Services for 3Q15, highlighting asset growth despite market challenges, improved asset quality decreasing bad debt expenses, and expanded overseas operations. Key issues included stagnant auto sales, economic uncertainty, and low interest rates restricting profitability. Financial results showed increased equity method income and a higher capital adequacy ratio, while expenses decreased and asset quality was maintained.
Hyundai Capital Services reported asset growth of 3.4% in the first half of 2015 despite unfavorable market conditions, with improvements in profitability through reduced bad debt expenses and better asset quality. The company also expanded its overseas operations through new subsidiaries and increased its global business capabilities. Liquidity and capital adequacy ratios remained strong with diversified funding sources.
Pidilite Ind: Reports 11% volume growth in a tough operating environment - Pr...IndiaNotes.com
- Pidilite Industries (PIDI) reported an 11% increase in volumes but adjusted profit declined 6.3% due to higher advertising spending and lower non-operating income.
- The consumer and bazaar products division saw volume growth of 11% but margins declined due to higher advertising spending and voluntary retirement costs.
- The international business division reported improved performance across regions except for South America and Bangladesh, which faced political turmoil.
Idea Cellular Ltd. is recommended as a buy with a price target of Rs. 185-230. The technical outlook is positive as the stock has taken support at Rs. 130 and is trending higher. Company outlook is also positive due to expected robust subscriber growth, improving EBITDA margins, and potential value unlocking from hiving off its tower business. On the financial front, net sales increased 64% YoY while EBITDA and PAT grew 69% and 259% YoY respectively due to margin expansion and lower costs.
- Indian stock indices edged up, led by gains in blue chip stocks on hopes the central bank would ease monetary policy to boost economic growth.
- Financial Technologies and Reliance Capital shares increased after announcements about transactions involving increasing ownership stakes in their companies.
- Asian stocks rose after US economic growth data reduced concerns about slowing global growth, while European shares also climbed on expectations of more eurozone monetary stimulus.
The document provides an earnings release and financial summary for Hyundai Capital Services for 3Q15, noting asset growth despite market challenges, improved asset quality decreasing bad debt expenses, and expanded overseas operations. Key issues included stagnant auto sales, economic uncertainty, and low interest rates restricting profitability. The summary highlights improved profitability through risk management and global business expansion.
Hyundai Capital provides financial services around the world under the slogan "One Global Company". It has operations in 9 countries including the US, Canada, China, UK, Australia, Korea, Germany, Russia, and India. Beijing Hyundai Auto Finance (BHAF) is one of Hyundai Capital's fastest growing operations, recording double digit annual growth since starting in 2012 in China. BHAF focuses on new car financing, used car financing, and inventory financing in China.
Financial analysis for inter and intra firm comparison on Energy Minerals on ONGC and RIL
SWOT Analysis of ONGC and Reliance Limited
Balance Sheet, P&L
Crompton Greaves: Ideally places to benefit from an improved economic growth,...IndiaNotes.com
1) Crompton Greaves' management indicated that orders in the third quarter of 2014 were higher margin than existing backlog in the power business, and outlook for domestic and export orders remains positive.
2) The Canadian and US subsidiaries are expected to break even in the next 2-3 quarters after restructuring and backlog clearing. There is also potential for a large smart meter order from France and Poland.
3) In consumer business, Crompton Greaves is focusing on increasing retailer reach for premium fans and lighting products.
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
Mutual Fund Analysis Report - June'19
This report analyses the monthly and annual fund flows across different categories, covering AUM's of Top Mutual Funds and their major entry/exits.
ITC Limited is one of India's most valuable corporations, with a market capitalization of over $4.75 billion. It operates diverse businesses including cigarettes, hotels, paper, and fast moving consumer goods. ITC has strong corporate governance policies focused on shareholder value, transparency, and empowerment. The company's financial statements show consistent growth and improving profitability ratios over time, indicating strong financial health and performance. An analysis of ITC reveals the company is in a good financial position with a recommendation to invest in its stocks long-term.
Capital Structure and Payout Policies of P&GRawan Nadeem
P&G's capital structure and payout policies were analyzed over 5 years. Regarding capital structure, P&G had low operating and financial leverage, protecting it from business and financial risks. Debt ratios fluctuated over time but generally decreased. Relationship between EBIT, EPS, and debt ratios was positive. For payout policy, P&G paid stable quarterly dividends. Stock price typically fell on ex-dividend dates but rose before on dividend announcements, encouraging purchases. Price movements sometimes differed from announcements, guided by other market forces. P&G is desirable for dividend investors due to payouts despite stock price stability in its sector.
Hyundai Capital provides a quarterly investor presentation summarizing its financial performance and business highlights. In Q1 2013, Hyundai Capital saw strong fundamentals with an ROA of 3.0% and delinquency rate of 2.7%, though operating income decreased from the prior year. It maintained a conservative capital and liquidity position with a capital adequacy ratio of 15.1% and long-term funding comprising over 65% of its portfolio. Going forward, Hyundai Capital aims to further diversify its funding sources globally and increase the proportion of alternative and long-term financing.
This document summarizes Hyundai Capital Services' interim consolidated financial statements as of September 30, 2011 and December 31, 2010. It includes statements of financial position, comprehensive income, changes in shareholders' equity, and cash flows. The financial statements show Hyundai Capital Services' assets, liabilities, equity, revenue, expenses and cash flows for the periods. Major assets include cash, securities, loans receivable, installment financial assets and lease receivables. Major liabilities include borrowings, debentures and other liabilities.
- Hyundai Commercial Inc. presented its 2014 investor presentation which included financial highlights and forecasts.
- While operation revenues increased slightly in 2014, profits declined as operating expenses and bad debt expenses rose sharply.
- The company maintained its dominant position in the auto financing market but aims to diversify its asset portfolio and develop high-yield products.
- It demonstrated strong asset quality with low delinquency rates and sufficient reserves, though it forecasts maintaining its current customer portfolio.
Hyundai Capital Services reported its 1Q16 earnings, with total assets increasing 1.5% from 2015 to KRW 24.58 trillion. While new car loans declined slightly, mortgage loans grew 6.4% year-to-date. Net income increased 21.2% to KRW 90.4 billion compared to 1Q15, driven by improved asset quality and lower funding costs. The company maintained a high capital adequacy ratio of 15% and focused on diversifying and expanding its overseas business operations in key markets like the US, UK, and China.
Hyundai Capital Services reported 1Q16 earnings, with total assets increasing 1.5% year-to-date to KRW 24.58 trillion. Net income grew 21.2% to KRW 90.4 billion due to improved asset quality and lower funding costs, despite a 1.8% decline in operating revenue. Overseas operations also contributed, with China's BHAF reporting a KRW 17.1 billion equity income. Capital and liquidity positions remained strong, with the capital adequacy ratio at 15.0% and short-term debt coverage at 134.3%.
This document provides an investor presentation for Hyundai Card Corporation for the first quarter of 2014. Some key highlights include:
- Hyundai Card maintained solid financial performance in Q1 2014 with operating income of KRW 108 billion and net income of KRW 82 billion.
- Asset quality remains strong with the 30+ day delinquency ratio at 0.9% as of Q1 2014.
- The company is focusing on simplifying products and benefits while differentiating rewards for loyal customers as part of a new strategy beginning in late 2013.
- Hyundai Card has a diversified and stable funding portfolio as well as a strong liquidity position and contingency plans to manage risk.
Hyundai card ir material (fy 2014 1 q) en_finalHyundai Finance
This document provides an investor presentation for Hyundai Card Corporation for the first quarter of 2014. Some key highlights include:
- Hyundai Card maintained solid financial performance in Q1 2014 with operating income of KRW 108 billion and net income of KRW 82 billion.
- Asset quality remains strong with the 30+ day delinquency ratio at 0.9% as of Q1 2014.
- The company is focusing on simplifying products and benefits while strengthening its premium card business segment.
- Capital adequacy and liquidity positions remain sound with leverage at 4.8x as of Q1 2014.
The document provides an overview of Hyundai Capital Services' financial results for the first quarter of 2015, including a moderate increase in assets focused on auto products, improved profitability from lower bad debt and interest expenses, and stable asset quality and capital levels maintained within regulatory guidelines. Key strategies mentioned include reinforcing auto sales and financing, pre-occupying the personal lease market, and sustaining strong risk management.
This document provides an overview of Hyundai Capital Services' financial performance and outlook for 1Q15. Key points include:
- Total assets remained stable at KRW 20.3 trillion, with auto-related assets comprising 77.7% of the portfolio.
- Operating profit increased 13.3% year-over-year to KRW 87.8 billion due to reduced loan loss provisions and interest expenses.
- Non-performing loan ratios remained steady at around 2.4% due to continued risk management efforts.
- Capital adequacy and leverage ratios remained strong and within regulatory guidelines.
Hyundai Commercial Inc. maintained its dominant market position and saw operating income increase in the first half of 2015 due to cost efficiency and expanded sales volume, though it faces intensive competition. Asset quality remained excellent due to enhanced risk management. The company seeks to diversify its asset portfolio and funding sources to ensure liquidity and capital adequacy.
Hyundai Capital Services reported its 1H16 earnings. Total assets grew 3.2% to KRW 25.3 trillion driven by new car and mortgage financing. Net income increased 32.6% to KRW 227.5 billion due to operating income growth and stable profits from overseas subsidiaries. Asset quality improved with delinquency rates falling to 1.9% and coverage ratios rising to 126.3% as the portfolio shifted toward lower risk auto loans. Liquidity and funding remained strong with a 134.1% ALM ratio and 75.1% of funding from bonds.
Hyundai Capital Services saw decreases in profitability and asset size in 2014 due to intensified competition. However, asset quality stabilized with the 30+ delinquency ratio decreasing slightly. The company maintained a solid capital structure with leverage of 6.6x and a capital adequacy ratio of 15.4%. S&P upgraded Hyundai Capital Services' rating to A- in recognition of its strong performance and integration with parent company Hyundai Motor Group. Looking forward, the company plans to focus on increasing new car sales and financing while maintaining cost efficiency and risk management.
Hyundai Capital Services presented its 3Q 2014 financial results, noting a decrease in profitability due to regulatory changes and competition. Operating revenues declined 4.7% year-over-year while expenses were maintained at a similar level. Asset quality improved with delinquency rates stabilizing due to reinforced risk management. Capital levels remained adequate and funding strategies were diversified through continued overseas bond issuances. While asset size was stagnant, strategies focused on increasing new car financing and intensive cost cutting to improve performance.
- The presentation provides an overview of CEAT Limited, an Indian tyre company.
- CEAT has a ~12% market share in India and manufactures tyres for two-wheelers, passenger vehicles, commercial vehicles and other segments.
- The company aims to focus on profitable growth segments like the passenger vehicle segment, expand its international operations in emerging markets like Sri Lanka and Bangladesh, and increase exports.
Hyundai Capital Services reported strong asset growth and stable profitability in 2015. Total assets grew 7.6% to KRW 24.2 trillion driven by enhanced co-marketing with Hyundai Motor and an expansion in the personal auto lease market. Net income increased 16.4% to KRW 276.7 billion despite lower interest rates, supported by a decline in bad debt expenses and increased equity income from overseas operations. Asset quality continued to improve with the 30+ day delinquency ratio falling to 1.9% while capital and liquidity positions remained sound. Looking ahead, Hyundai Capital aims to match the global expansion of Hyundai Motor Group through further growth at existing overseas operations and the launch of new
Hyundai Capital Services reported strong asset growth and stable profitability in 2015. Total assets grew 7.6% to KRW 24.2 trillion driven by enhanced co-marketing with Hyundai Motor and an expansion in the personal auto lease market. Net income increased 16.4% to KRW 276.7 billion due to lower interest expenses and improved asset quality. The company also benefited from increased equity method income from overseas subsidiaries such as China and the UK. Capital adequacy remained solid at 14.9% and asset quality continued to improve with delinquencies falling to 1.9%. Looking ahead, Hyundai Capital Services aims to further its global strategy by expanding overseas operations to align with Hyundai Motor
Hyundai Commercial Inc. reported earnings for the first half of 2015. While competition intensified, the company maintained its dominant market position through channel strategy changes and product differentiation. Revenue increased and stable cost management led to a turnaround in profits. Strict risk management helped maintain one of the best asset soundness levels in the industry. Capital levels remained strong with an adjusted capital adequacy ratio of 133.4% as of the first half of 2015.
Hyundai Card Corporation's 1Q15 investor presentation summarized the company's financial performance and outlook. Key points included:
- Asset portfolio remained centered on credit purchases, with market share maintaining at 13.8%
- Operating revenue was similar to 1Q14 but expenses increased, lowering operating income by 25% year-over-year
- Asset quality was maintained with delinquencies under industry average and conservative reserve management
- Capital structure and leverage were conservatively managed within regulations
- Funding portfolio emphasized domestic bonds at 85.6% and maintained stable liquidity
Hyundai Capital Services reported stable financial results in 2016. Total assets grew 3.4% to KRW 25.05 trillion driven by growth in the mortgage and corporate portfolios. Net income increased 8.7% to KRW 300.7 billion with a return on assets of 1.4%. Overseas subsidiaries contributed significantly to earnings growth. Asset quality was maintained with the delinquency ratio at 2.1% and reserves covering 158.2% of delinquent assets. Capital adequacy and liquidity remained strong with a capital adequacy ratio of 15.3% and short-term debt coverage of 70.2%. Going forward, Hyundai Capital Services aims to further expand its global presence and
Hyundai Commercial Inc. (HCI) presented its 1Q15 investor presentation. Key highlights included:
- Revenue and operating profit increased due to growth in lending volume and higher profit auto leasing business.
- Net income increased as impairment losses from an affiliate decreased.
- The company maintained its dominant auto lending market share and aims to diversify its portfolio into new business lines like corporate lending and machinery finance.
- Asset quality remained strong with low delinquency rates, and the company pursued conservative provisioning policies.
- Capital and liquidity positions were stable with leverage and capital adequacy ratios within regulatory guidelines.
This presentation provides an overview of Hyundai Card Corporation's performance in 2014 and forecasts for 2015-2018. Key points include:
- Profitability increased 36.4% in 2014 due to higher interest income and cost optimization.
- Asset growth was driven by increased credit purchase and card loan volumes while maintaining stable asset quality.
- Capital adequacy was maintained above requirements while steadily decreasing leverage.
- Liquidity was strengthened through increased cash holdings and debt maturity management.
- The presentation forecasts continued profit growth through expanding the member base and customized benefits to increase spending. Stable asset quality and prudent risk management are also emphasized.
- Hyundai Capital Services is a South Korean financial services company that provides financing for automobiles, durable goods, mortgages, and leases.
- The document includes condensed consolidated interim financial statements for Hyundai Capital Services and its subsidiaries for the period ending September 30, 2020, including statements of financial position, comprehensive income, changes in equity, and cash flows.
- An independent auditor reviewed the financial statements and issued a report concluding that the statements were prepared in accordance with relevant accounting standards.
- The document is the consolidated interim financial statements of Hyundai Card Co., Ltd. and subsidiaries as of September 30, 2020 and December 31, 2019.
- As of September 30, 2020, total assets were KRW 19.1 trillion, total liabilities were KRW 15.7 trillion, and total equity was KRW 3.4 trillion.
- Major assets included card assets of KRW 15.5 trillion, securities of KRW 1.4 trillion, and property and equipment of KRW 329 billion. Major liabilities included borrowings of KRW 13.1 trillion and other liabilities of KRW 2.6 trillion.
- The document is the consolidated interim financial statements of Hyundai Card Co., Ltd. and subsidiaries as of September 30, 2020 and December 31, 2019.
- It includes a report on the review of the consolidated interim financial statements by an independent accounting firm. The firm's review concluded that the financial statements present fairly the financial position of the company.
- The financial statements show the company had total assets of KRW 19.1 trillion as of September 30, 2020, with cash and deposits, securities, card assets, and other assets as major assets. Total liabilities were KRW 15.7 trillion, with borrowings and debentures as major liabilities.
This document does not contain any substantive information to summarize. It consists primarily of blank lines and bullet points without descriptions. A 3 sentence summary is not possible due to the lack of details and content in the provided text.
1. Deloitte was engaged to report on Hyundai Capital Services Inc.'s use of proceeds from issuing CNY 600 million in notes in September 2020.
2. The proceeds were intended to provide new car installment financing and automotive loans for eligible Hyundai and Kia vehicle models, defined as hybrid, electric, or fuel cell vehicles meeting certain fuel efficiency and emissions standards.
3. Based on its procedures, Deloitte found nothing to cause it to believe that Hyundai Capital Services Inc.'s statement on the use of proceeds was not prepared in accordance with the criteria outlined in the management statement and attachments.
This document summarizes Hyundai Card Co., Ltd. and Subsidiaries' consolidated interim financial statements as of June 30, 2020. It includes a consolidated statement of financial position, reporting total assets of ₩18.56 trillion and total liabilities of ₩15.22 trillion. It also reports total equity of ₩3.34 trillion, including share capital of ₩802.33 billion and retained earnings of ₩2.24 trillion. Key assets include cash and deposits of ₩1.24 trillion and card assets of ₩14.54 trillion. Key liabilities include borrowings of ₩12.97 trillion and other liabilities of ₩
This document summarizes Hyundai Capital Services' condensed consolidated interim financial statements for the period ended June 30, 2020. It includes the statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, and notes. The independent auditors' review report indicates the financial statements were reviewed in accordance with relevant standards and provide a fair representation.
2. Disclaimer
These presentation materials have been prepared by Hyundai Capital Services., Inc. (“HCS or the Company”), solely for the use at this presentationThese presentation materials have been prepared by Hyundai Capital Services., Inc. (“HCS or the Company”), solely for the use at this presentation
and have not been independently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placed on,
the accuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Companies nor any of theirs
affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or
contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change
without notice and its accuracy is not guaranteed. Neither the Companies nor any of their affiliates, advisers or representatives make any undertaking
to update any such information 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 be
identified 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 expectation of
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 such dataCertain industry and market data in this presentation was obtained from various trade associations, and the Companies have not verified such data
with independent sources. Accordingly, the Companies make no representations as to the accuracy or completeness of that data, and such 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 and neither
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3. Finance Business of Hyundai Motor GroupFinance Business of Hyundai Motor GroupFinance Business of Hyundai Motor GroupFinance Business of Hyundai Motor Group
Main Business Structure of HMG
Car MakerCar Maker Auto PartsAuto Parts
Captive Finance Arms in HMG
HMG
FinanceFinance
HCA
(US)Best Practice
Joint Venture Full Ownership
HCSHCSHCSHCS
(Korea)
3
SteelSteelConstructionConstruction
(US)Best Practice(Korea)
HCUK
(UK)
BHAF
(China)
* HCS receives management consulting fee from overseas entities
4. HCS HCA HCUK BHAF
Established 1993
(JV since 2004)
1989 2012 2012
HMG Captive Finance CompaniesHMG Captive Finance CompaniesHMG Captive Finance CompaniesHMG Captive Finance Companies
Regional
Coverage
Korea U.S.A U.K. China
Shareholders
HMC 56.5%
GECC 43.3%
HMA 80%
KMA 20%
HCS 30%
Santander UK 50%
HMUK 10%
KMUK 10%
HCS 46%
BAI 33%
BHMC 14%
HMC 7%
Financial KRW 20.4Tn GBP 693Mn RMB 4,011Mn
4
Financial
Receivables*
KRW 20.4Tn
(USD 19.3Bn)
USD 20.9Bn
GBP 693Mn
(USD 950Mn)
RMB 4,011Mn
(USD 643Mn)
Products
Auto Finance
(New car, Used car)
P-loan
Mortgage
Auto Finance
(New car, Used car)
Floor Plan
VSC
Auto Finance
(New car, Used car)
Floor Plan
Auto Finance
(New car)
* As of Dec. 2013
5. HCS Roles among HMG Captive Finance CompaniesHCS Roles among HMG Captive Finance CompaniesHCS Roles among HMG Captive Finance CompaniesHCS Roles among HMG Captive Finance Companies
Activities Purpose
Dispatching
Managerial
Personnel
• Leverage HCS’s expertise and
know-how as a finance co.
• Dispatched top management personnel
including CEOs, CFOs, CROs to HCA,
HCUK and BHAF
Current Status
Management
Know-how
Transfer
• Reinforce business
competency with overall
business management
support
• Participate in top decision-making
bodies such as BoD, EFC
• Review global monthly performance
(i.e. Sales, Profits, Funding, Risk profile)
• Full time management issue discussion
Setting Global
Protocol
• Implant DNA as a global one
company
• Organize Global Auto / Risk Forum
• Implement identical schemes for HR /
Corporate culture (i.e. Global Job Posting,
same compliance policy)
5
same compliance policy)
Market Research
/ Managing
Incorporation
• Build a foundation of long-term
global business expansion
• Proceeding incorporation of 2 finance
companies (Canada, Germany)
• Operate 5 advisory offices (Europe,
Germany, Brazil, Russia, India)
Reinforce
Strategic Global
Partnership
• Create overseas business
synergy through reinforcing
regional partnership
• Alliance with major FIs:
Santander, Societe Generale, BNP-Paribas, etc.
6. Solid Global Sales Base Superior Management DNA
Shareholding Structure and Strengths of HCSShareholding Structure and Strengths of HCSShareholding Structure and Strengths of HCSShareholding Structure and Strengths of HCS
• Structural advantage as a captive finance company of HMG providing solid sales base with
56.5%
10 years Joint Venture between HMC and GE Capital
43.3%
6
• Structural advantage as a captive finance company of HMG providing solid sales base with
a dominant market position in the domestic market
• Superior performance based on the successful Joint venture structure
• Inheritor of GE’s business management know-how
• Unparalleled corporate culture embodied in the organization
• Business synergy among 4 Hyundai Finance Companies (Capital, Card, Commercial, Life)
7. HCS Market PositionHCS Market PositionHCS Market PositionHCS Market Position
• Total Industry Asset : KRW 48 Tn
Dominant Position in Industry* HCS’s leading position
• Top credit rating in industry
• Only company to issue global bonds
• Incomparable profitability (as of 2013)
AA+
• Total Industry Op. Income : KRW 795 Bn
• Incomparable profitability (as of 2013)
– ROA: 1.9% Vs. Industry Average 1.2%
– ROE: 12.1% Vs. Industry Average 8.3%
• Superior asset quality (as of 2013)
– 30 days + DQ: 2.4% Vs. Industry Average 3.1%
HCS & Competitors’ Domestic Credit Ratings
OthersOthersOthersOthers
33%33%33%33%
BBBB
9%9%9%9%
AAAA
11%11%11%11%
HCSHCSHCSHCS
47%47%47%47%
7
Source: Financial Statistics Information System, at end of 2013
* Installment Finance Industry
AA-
A+ A+
HCS Company A Company B Company C
OthersOthersOthersOthers
29%29%29%29%
BBBB
6%6%6%6%AAAA
10%10%10%10%
HCSHCSHCSHCS
55%55%55%55%
8. Macro EconomyMacro EconomyMacro EconomyMacro Economy
GDP Growth Rate & Unemployment Rate
2010 2011 2012 2013 1Q14 2014(e)
GDP Growth Rate 6.1% 3.6% 2.0% 2.8% 3.9% 4.0%
Source: Bank of Korea
* Seasonal adjustment rate
Unemployment Rate 3.7% 3.4% 3.2% 3.1% 3.5%* 3.2%
Macro & Car sales: Direct Macro & Delinquency: Inverse
20%
30%8%
GDP growth rate (left)
New car sales growth rate (right)
3%8%
GDP growth rate (left)
HCS Delinquency ratio (right)
8
-10%
0%
10%
20%
0%
4%
'06 '07 '08 '09 '10 '11 '12 '13
1%
2%
0%
4%
'06 '07 '08 '09 '10 '11 '12 '13
9. Domestic Auto Market and HMG’s PositionDomestic Auto Market and HMG’s PositionDomestic Auto Market and HMG’s PositionDomestic Auto Market and HMG’s Position
HMC KMC Others Imported HMG M/S
(Unit: ‘000s)
Saturated Auto Sales Market, Yet Dominant Market Position of HMG
413 485 493 482
313
322 267
279
321 297
261 285
41
53
62
61
91 105
131 156
1,205
1,273 1,216
1,455
1,556 1,580 1,542 1,540
71% 71% 73%
77%
74% 75% 75%
71% 73% 70%
9
Source: KAMA
581 625 571
703 660 684 668 640
271
272 316
413 485 493 482 458
'06 '07 '08 '09 '10 '11 '12 '13
154 161
109 108
61 6935 44
359 382
1Q13 1Q14
10. Key Features of Korean Consumer Finance MarketKey Features of Korean Consumer Finance MarketKey Features of Korean Consumer Finance MarketKey Features of Korean Consumer Finance Market
Conservative Auto Finance Structure Strong Credit Infrastructure
• Finance transactions centrally collected
(Banks, Credit card, Non-bank FIs, Insurance)
• Extensive information for sequential analysis
70%
30%
New car
purchase price
Residual value
of used car
Down payment
Rigorous Regulation
• Exclusive organizations within FSS:
capital market supervisory and investigation
• Extensive information for sequential analysis
(default and good credit)
• i.e. customer profile(job, income, etc),
Accounts(loans, credit transaction and limits,
etc), history (payment, card usage), delinquency
(amount, payment schedule, etc)
10
70%
50%
Origination Year-3
capital market supervisory and investigation
• Quarterly management of capital adequacy,
leverage, loan ratio, LTV, NPL and etc.
• Frequent supervision on information security
and customer satisfaction/protection
• Regular (every 3 year) and irregular (when
necessary) business assessment
11. Asset PortfolioAsset PortfolioAsset PortfolioAsset Portfolio
Others
Receivables Breakdown by Product
• Financial Receivables : KRW 20.3Tn
New Car
51.5%
Auto
Used Car
7.4%
P. Loan
10.1%
Mortgage
8.8%
Others
2.5%
(Approx. USD 19.0 Bn)
• Auto-centric asset composition
• Key features by product
Product Key Features
New Car
Captive business
Auto Lease
11
Auto
Lease
19.7%
Auto Lease
Used Car 100% pledge
P.Loan Driven by X-selling
Mortgage Risk hedged by Insurance
12. Revenue and ProfitRevenue and ProfitRevenue and ProfitRevenue and Profit
2012 2013 1Q 13 1Q 14 YoY
Operating Revenues 3,542 3,222 921 789 -14.3%
(unit: KRW Bn)
• Decrease in operating revenues
– Up-front fee revocation for New cars
– Personal loan Telemarketing banned
(excl. FX effect) 3,071 2,921 722 683 -5.4%
Operating Expenses 2,947 2,787 802 711 -11.3%
(excl. FX effect) 2,477 2,487 603 606 0.4%
Interest expenses 895 801 204 195 -4.5%
Bad Debt expenses 377 453 101 119 17.9%
Operating Income 595 435 119 77 -34.8%
– Personal loan Telemarketing banned
for 1 month (industry wide)
• Expense maintained at similar level
– Declined interest expenses from lower
funding rate offset by increase in bad
debt expenses
• One time non-operating income
12
Non-operating Income -5 89 89 -22 -124.7%
Net Income 437 391 153 31 -79.7%
ROA 2.2% 1.9% 3.0% 0.6% -2.4%
ROE 14.8% 12.1% 19.7% 3.7% -16.0%
– 1Q 13: Gain from disposal of HQ office
buildings (KRW 85 Bn)
– 1Q 14: Recorded appraisal loss for HK
Savings Bank (KRW 28 Bn)
– Profitability excl. appraisal loss
: ROA 1.15%, ROE 7.13%
13. Stable Asset Quality and ReserveStable Asset Quality and ReserveStable Asset Quality and ReserveStable Asset Quality and Reserve
Excl. Purchased NPL Incl. purchased NPL
30+ Delinquency Ratio Maintained Low Well Maintained Reserve (unit: KRW Bn)
Reserve Allowance for bad debt
30+ Delinquency Coverage
1.6%
2.0%
2.3% 2.4% 2.6%
2.5%
2.7% 2.8%
• Denominator effect from asset decrease 265
280
326 326
474
610
665
763 779
158%
151%
145%
154% 150%
30+ Delinquency Coverage
13
'10 '11 '12 '13 1Q14
• Denominator effect from asset decrease
- 1 mo. halt on p.loan TM, now normalized
• Increase in imported lease DQ and asset decrease
- Operation withdrew since February
345 385
437 453
265
'10 '11 '12 '13 1Q14
14. Characteristics of HCS Risk ManagementCharacteristics of HCS Risk ManagementCharacteristics of HCS Risk ManagementCharacteristics of HCS Risk Management
• Major decision regarding Risk • Systematic response to Business Cycle
Multi-layered Risk Management Framework
Governance
Strategy
Infrastructure
Major decision regarding Risk
• Controlling Risk limits
• System
• Analytic models
Systematic response to Business Cycle
• Profit & Risk Optimization
• Support new business growth
• Monitor major Risk Indexes
• Risk Model & Score Validation
i.e.
– Risk Control Committee
– New Product Introduce
– Credit Review Point
i.e.
– Risk Based Pricing
– Residual Value Insurance
– Collection Channel Optimization
14
Monitoring
Infrastructure• Analytic models
• Information
• Risk Model & Score Validation
• Operation Risk Minimize
i.e.
– Maturity Expected Loss
– Economic Capital
– Anti-Fraud System
– Collection scoring system
i.e.
– Portfolio Quality Review
– Risk Appetite Monitoring
– Stress Test
– Contingency Plan
15. Diversified Funding by Type, Duration & RegionDiversified Funding by Type, Duration & RegionDiversified Funding by Type, Duration & RegionDiversified Funding by Type, Duration & Region
Funding Portfolio by Product
64.3%
KRW
Funding Portfolio by Currency
Domestic
Bond
49.8%Foreign
Bond
28.3%
CP
1.4%
Loans
8.1%
ABS
12.4%
1.4%
3.3%
3.6%
4.6%
22.8%
MYR
AUD
JPY
CHF
USD
15
• Total balance : KRW 18.1Tn
• Product mix guidelines : ABS 20%, CP 10%
• ALM ratio :143%
• % of Long-term debt : 73.3%
• Major Overseas Funding in 1Q 2014
– 144A/RegS Bond: USD 500Mn, 3y FRN
16. Sound Capital Structure StrengthenedSound Capital Structure StrengthenedSound Capital Structure StrengthenedSound Capital Structure Strengthened
Improved Capital Profile (Unit: KRW Bn) Capital Adequacy Ratio / Leverage
2,261
2,658
3,031
3,235 3,274
13.7% 13.0%
14.5% 15.1% 15.5%
Regulation: Over 7%
Regulation: Under 8X (Since 2012)
16
'10 '11 '12 '13 1Q 14
9.3 x
8.3 x
7.2 x 6.6 x 7.0 x
'10 '11 '12 '13 1Q 14
* Separate financial sheet
17. Liquidity Profile (unit: KRW Bn)
Strong Liquidity Position and Contingency PlansStrong Liquidity Position and Contingency PlansStrong Liquidity Position and Contingency PlansStrong Liquidity Position and Contingency Plans
Contingency Framework
Crisis
Detection
• Daily monitoring of key market
indicators (Early Warning System)
Credit-lineCash Short-term Debt Coverage Ratio*
Stress Test
Liquidity
Management
Decision
Body
Normal
• FC (Funding Committee)
• ALCO (Asset Liability Committee)
• EFC (Executive Finance Committee)
• Short term 1M
2,511
2,480 2,345
2,3502,365
3,808
3,580 3,649
4,102
39.1%
63.5% 69.2% 73.7%
84.8%
17
* Short-term Debt Coverage Ratio
= (Cash + Unused committed credit line)/ Short-term debt balance
Volatile
Actions • Contingency funding
• Asset slow down (Sales)
• Crisis communication
• Contingency monitoring
• Long term 12M
1,027 1,297 1,100 1,304
1,752
1,338
'10 '11 '12 '13 1Q14
18. Credit RatingsCredit RatingsCredit RatingsCredit Ratings
HCS’ Global Credit Ratings Credit Rating Rationale
•Strong Standalone Profile
–Strong market position as HMC's
Agency Rating Features
–Strong market position as HMC's
captive finance arm
–Sustainable track record of strong
profit performance and robust credit
fundamentals
–Adequate liquidity and sound
capitalization
•Capable & Willing Shareholder Support
S&P BBB+ (P)
Equalized with HMCMoody’s Baa1 (S)
Fitch BBB+ (S)
18
•Capable & Willing Shareholder Support
-Strong performance of HMC
-Willingness of support from the
shareholders proven in history
JCR A+ (S)
Equalized with
sovereign rating
RAM AAA The highest rating
19. InvestmentInvestmentInvestmentInvestment HighlightsHighlightsHighlightsHighlights
• Value Proposition of HCS
– Captive company of HMG in Korea and leader of global business
– Dominant market position based on the successful JV structure between HMC and GECC
• Key Financials of 1Q 2014
– Financial Receivables : KRW 20.3 Tn
– Operating Income : KRW 77.5 Bn
– Dominant market position based on the successful JV structure between HMC and GECC
– Stable and solid fundamental proven in history
– Unparalleled corporate culture driving ceaseless change
19
– Operating Income : KRW 77.5 Bn
– 30+ Delinquency Ratio : 2.8% (Excl. Purchased NPL, 2.6%)
– Leverage : 7.0X
– Credit Ratings : S&P BBB+ (P) / Moody’s Baa1 (S) / Fitch BBB+ (S)