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Hyundai Commercial
is…
Investor Presentation Hyundai Commercial
3Q13
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
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.
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
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
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
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
[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

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2013 3 q hci_eng_f

  • 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