1. executive summary - hyundai motor americahmc/document… · 1.executive summary ... ** bhmc :...

Investor Presentation February 2016

Table of Contents

1

1. Executive Summary

2. Key Strengths for HMC

3. Future Strategies

4. Market Update by Region

Appendix

1. Executive Summary

Executive Summary

3

Balanced Sales Growth

and Diversified Portfolio

Strong Performance

through the Cycle

Structural Improvement in

Core Competitiveness

Superior Performance Relative to

Peer Groups

Volume Growth

Value Growth

Cost StructureImprovement

Green Car

Current Outstanding Performance Prudent Future Strategies

2. Key Strengths for HMC

5

Strong Performance Through the Cycle

4.0%4.2%

5.3%

5.6% 5.7% 5.7% 5.7%

2008 2009 2010 2011 2012 2013 2014

3,701 4,099

4,392 4,621 4,835 4,843

2010 2011 2012 2013 2014 2015

Steady Growth in Global Sales(Unit:: 1,000 vehicles)

… and Strengthening Global Market Share

Source : Retail sales excluding CKD sales Source : IHS

1

6.6% 8.1% 11.2%12.4% 14.7%

7.8%9.3%

19.3% 24.9% 20.0%15.6%

8.5%

2010 2011 2012 2013 2014 2015

Automaker Value Growth HMC Value Growth

Supported by Relatively Higher Brand value Growth than the Industry

Source : Interbrand

Focus on Value Growth Strategy(U$ 5B in ‘10 → 11.3B in ’15, 126%↑)

… and Improving Quality (Initial Quality Study)(Unit: number of problems)

Source : J.D. Power

108 107 10694 95

5 9 5 1 2

2011 2012 2013 2014 2015

(Ranks among non-premium)

6

Balanced Sales Growth through Global Manufacturing Plants

(Unit: 1,000 vehicles)2014 2015

Turkey Plant India Plant China Plant US PlantCzech Plant Russia Plant

US

762726

Korea

712684

EU

458417

India

460407

China

1,0371,115

Worldwide

’14 ’15

4,835 4,843

9 manufacturing plants ( ), 6 R&D facilities ( ), 16 direct sales subsidiaries ( ), sales in more than 200 countries globally

Source: Company data (Retail sales excluding CKD sales)

2

Brazil Plant

+0.2%

+4.2%

-7.0%

+9.8%

+13.1%

+5.0%

LatAm

337367

-8.1%

Middle East and Africa

481501

-3.9%

Balanced Sales Growth by Diversified Business Portfolio

7

Geographically Diversified Portfolio (%) Marketable Product Mix2 (%)

18.5

28.2

21.3

14.1

40.1

27.7

15.4

9.3

5.0

9.3

32.7

29.5

32.7

18.0

4.9

42.4

3.7

16.8

25.7

4.7

0 20 40 60 80 100

Honda

Toyota

Renault

VW

Domestic North America Europe Asia Others

Source: Company data for HMC 2015 Global Retail Sales, Competitor information from public filings (CY2014 data)A+B+C=Compact+Sub-Compact+Mini; D+E+F=Mid-Size+Large+Luxury; RV=SUV+MPV, Others=PUP and others

2

14.7 18.5 13.4 35.4 18.0 Hyundai

45.9

40.1

49.1

61.6

14.3

15.5

9.5

18.6

34.1

31.0

39.7

17.6

5.7

13.4

1.7

2.2

0 20 40 60 80 100

Honda

Toyota

Renault

VW

A+B+C D+E+F RV Others

54.2 15.2 22.7 7.9 Hyundai

Structural Improvement (Increased Resilience to FX Fluctuations)

8

Reduced FX exposures by lowering exports from Korea and improving localizations of suppliers at overseas plants.

Portion of Exports from Korea Plant Number of suppliers with overseas operations

Source: Company data

60%71% 70% 70% 72% 75% 76% 77%

40%29% 30% 30% 28% 25% 24% 23%

2008 2009 2010 2011 2012 2013 2014 2015

Korea Domestic & Overseas Plant Sales Export from Korea Plant

3

17 22 65

171

247 310

344 343

17 19

57

116

172

218

232 265

1997 2000 2002 2004 2006 2008 2010 2014

1st tier suppliers 2nd tier suppliers

34 41

122

287

419

528

576608

9

Structural Improvement (Utilization)

HMC Global Utilization Trend 2015 Utilization by Plant


(Unit: %)

100.6

107.4108.4

104.9102.9 102.8

2010 2011 2012 2013 2014 2015

3

99.4 100.2

102.9 103.9107.5

113.3 114.1 114.8

HMC BHMC HMB HMMA HMI HAOS HMMC HMMR

(Unit: %)

Securing strong operating profit by maintaining high utilization over all production plants in the globe.

10

Structural Improvement (Brand Enhancement)3

5,033

6,005

7,473

9,004

10,409

11,293

65

61

53

43

40 39

2010 2011 2012 2013 2014 2015

Enhancement in Brand Value(Ranks)

(Unit: US$ in Millions)

+19%

Brand value has increased an average of 18% each year, since the implementation of Modern Premium in 2011.

Awards and Accolades

+20%

Date Award Title Region Model(s)

2015.12 2016 10 Best Engines Award U.S. Sonata PHEV

2015.12 Indian Car of the Year 2016 India Creta

2015.10 5 Star Safety Rating Award EU Tucson

2015.10 New Car of the Year China ix20

2015.06 Car and Drive Pick Brazil HB20

2015.05 Auto Show Debuts of Year U.S. Tucson

2015.04 Car of the Year Russia Solaris

2015.03 Honest John Awards U.K. Santa Fe

2015.02 Consumer Guide Best Buy U.S. Genesis

2015.01 Best Family Cars of 2015 U.S. Sonata

2015.01 5 Star Safety Rating Award China ix25

2014.12 2015 10 Best Engines Award U.S. Tucson FCEV

2014.12 Indian Car of the Year 2015 India i20

2014.11 2015 Residual Value Award U.S. Genesis

2014.07 Ranked Top in APEAL U.S. Hyundai

2014.06 Ranked 1st in IQS(non-Premium) U.S. Hyundai

+24%

+16%+8%

11

10.3%

7.1%

5.7%

2.1%

0.9%

3.8%

5.1%

10.0%

6.0%

4.9%5.5%

4.8%

-19.9%

6.3%

9.5%

5.9%

4.7%

6.3%

9.4%

3.3%

5.8%

8.5%

6.3%5.5% 5.7%

9.6%

1.0%

2.4%

7.2%

2.1%

6.1%

4.4%

10.5%

2.7%

4.9%

Consistent Profitability Relative to PeersHMC has shown the most consistent operating performance relative to competitors during the past few years.

Source: Public FilingsNote: Based on consolidated financials, Calendarized financials for Japanese Firms* Hyundai Financials for 2011–2015 based on K-IFRS

1Q-3Q ‘152011 2012 2013

Consolidated Operating Margin Trend

4

2014

3. Future Strategies

Sustainable Success Going Forward

13

Key Strategy for Ongoing Growth in Earnings

Consistent revenue growth and enhanced profitability to be achieved through structural improvement in product/brand value, balanced capacity expansion and cost structure improvement

Volume Growth

Balanced Capacity Expansion and

New Model Launch

Value Growth

Enhanced Product and Brand Value

Cost Structure Improvement

Higher Cost Competitiveness fromVertical Integration

New Technology

Develop Independent and Distinctive Technology

Value Growth (Product Competitiveness)

14

Tucson and Genesis are experiencing high demand with outstanding specification.

1

Tucson (Sub-compact SUV)

Genesis (Mid-luxury sedan)

Specification Hyundai Tucson (‘16MY) Honda CR-V (‘15MY) VW Tiguan (‘16MY)

Displacement 1.6T 2.4L 2.0L

Max. Power 175 @ 5,500 185 @ 6,400 200 @ 5,100

Mileage (City/Highway) 26mpg / 33mpg 26mpg / 33mpg 21mpg / 26mpg

Safety (Small Overlap) Top Safety Pick Plus (Good) Top Safety Pick Plus (Good) - (Marginal)

MSRP USD 22,700 ~ 27,500 USD 23,595 ~ 27,145 USD 24,890 ~ 36,420

2015 US Sales (Growth) 63,591 (YoY 34.4%↑) 345,647 (YoY 3.2%↑) 35,843 (YoY 42.7%↑)

Specification Hyundai Genesis (‘15MY) Audi A6 (‘15MY) BMW 5 Series (‘15MY)

Displacement 3.8L 3.0L 3.0L

Max. Power 311 @ 6000 310 @ 5500 300 @ 5800

Mileage (City/Highway) 18mpg / 29mpg 18mpg / 27mpg 20mpg / 30mpg

Safety (Small Overlap) Top Safety Pick Plus (Good) - (Good) - (Marginal)

MSRP USD 38,000 ~ 54,750 USD 46,200 ~ 60,000 USD 50,200 ~ 72,500

2015 US Sales (Growth) 31,374 (YoY 4.6%↑) 22,850 (YoY △4.6%↓) 44,162 (YoY △16.2%↓)

1. Source : Autodata

15

Transaction price of major models in US market has improved with structural improvement.

Source: PIN data (Annual average transaction price in US market)

Transaction Price Trend in US Market

Compact Sedan(Unit: USD 1,000)

Mid-size Sedan Compact CUV

22.3

28.3 28.4

25.8

24.3

28.8

29.5 29.5

20.0

24.0

28.0

2009 2010 2011 2012 2013 2014

Santa Fe Cherokee Equinox

17.6

23.1

22.3

22.8

21.1

23.0

22.5 21.6

22.8

24.0 23.3

2007 2008 2009 2010 2011 2012 2013 2014

Sonata Camry Accord

15.5

19.9

18.9 18.9

15.8

18.0 18.3

18.9 18.6

18.9

19.5 19.3

2007 2008 2009 2010 2011 2012 2013 2014

Elantra Corolla Civic

4-Cyl, 2WD

Value Growth (Higher Transaction Price)1

Volume Growth

16

HMC’s global sales will be increased with capacity expansion and by maintaining high utilization rate.

Capacity Expansion and Sales Plan

Source: Company data* Above sales figures are based on shipment** BHMC : Beijing-Hyundai Motor Company (including China #4 plant(200k ) to be operated in 4Q16) / Others : Sichuan-Hyundai Motor Company, Others

Production Capacity Expansion Sales Plan by Plants

(Unit: 1,000 Vehicles) 2014 2015 2016 (P) 2015 2016 (P) Chg (%)

Korea 1,870 1,870 1,870 1,867 1,830 -2.0

China (BHMC) 1,050 1,050 1,250 1,063 1,120 +5.4

India 600 600 600 643 660 +2.6

US 370 370 370 380 395 +3.8

Czech 300 300 300 342 350 +2.2

Turkey 200 200 200 227 230 +1.5

Russia 200 200 200 230 215 -6.3

Brazil 170 170 170 174 170 -2.5

Others 150 150 150 37 40 +9.4

Overseas 3,040 3,040 3,240 3,096 3,180 +2.7

Total 4,910 4,910 5,110 4,963 5,010 +0.9

2

17

Platform integration will reduce development cost and realize greater economies of scale per platform.

Platform IntegrationIntegration Schedule Reduction of Model Development Time

Models per Type of Platform Increasing portion of models with integrated platform

2002 2009 2011 2013 ~

Integrated Platforms 0 6 6 6

Total No. of Platforms 22 18 11 6

Total No. of Models 28 32 36 40

Avg. of 40 months → 19 months40

33

19

2002 2009 2013

Source: Company DataSmall Mid-size Large Coupe Frame SUV LCV

Mass Production Niche Market

New81%

Old19%

20132012

Old38%

New75%

Old25%

2014

New87%

Old13%

Cost Structure Improvement (Platform Integration)3

18

By 2020, HMC will Improve the average fuel efficiency by 25%, securing the product competitiveness in the market

2020 Fuel Efficiency improvement Roadmap

Improve powertrain

Reduce weight

Expand Green Car lineups

Refresh 70% of current powertrain (7 out of 10 PT lineups will be replaced)

Improve performance of 「Nu」 for mid-segand 「Kappa」 engines for small-seg sedan

Expand engine lineups equipped with turbo-charger

Improve current 6 speed and 8 speed transmission

Increase portion of high-strengthened steel for the chassis of platform (makes vehicle safer and lighter)

Apply more weight lightening materials such as aluminum, foamed plastic and etc.

Increase Green Car line-up to 22 models

New green car technology

Aiming to be a 2nd maker in green car market by 2020

Sonata HEV (’14), Sonata PHEV(‘15), HEV Exclusive (’15), EV Exclusive (’16)

Category 2014 By 2020

Gasoline Kappa, Gamma, Nu,

Theta II, Lambda II, Tau

New engines Performance Turbo Charger

Diesel U, R, A, S New engines

Transmission

4 spd : Kappa, CVT 6 spd : Gamma,

Theta, Lambda DCT 7 spd : Gamma DCT 8 spd : Lambda

Increase number of transmissions

Improve transfer efficiency


HighStrengthened

33% ~ 52% 48% ~ 62%


HEV 4 Models 10 Models

PHEV 0 Model 8 Models

EV 2 Models 6 Models

FCEV 1 Model 2 Models

Total 7 Models 26 Models

*Includes Kia Models

New Technology (Strategy to Improve Fuel Efficiency)4

19

Mid / Long-term Green Car Development Strategy

Combustion

Electric

Combustion + Electric

Green Car Development TrendEstablish a flexible platform to swiftly react to market changes

New Car Launch

New Car Launch

Expand Green Car line-up to 22 models by 2020 to become the world's 2nd largest manufacturer of eco-friendly cars

Line-up Strategy


Rank 4th 2nd

Number of Green Cars 7 models 26 models

New Technology (Green Car Development Roadmap)4

Electric MotorPowered by advanced lithium-ion battery

New Technology (HEV)

20

HMC independently developed and obtained distinctive technology on HEV system.

Developing Green Cars: HEV

Hybrid Vehicle Strategy Hybrid Vehicle

Sonata HEV

Displacement : 2.0ℓ

Max. Power : 156 ps

Fuel Efficiency : 18.2 km/ℓ

New model introduced in 2014

Gradual expansion of HEV applied automotives (mid-size, SUV, heavy vehicles)

Enhancing fuel efficiency (Top level)

Focusing on HEV system improvement and obtaining distinctive components technology

Launched Sonata PHEV in 2015

Introduced HEV dedicated model, Ioniq in January 2016

Parallel Hybrid Drive SystemSimpler in structure compare with other types of hybrid

HEV Performance Comparison


Specification Sonata HEV Camry HEV Fusion HEV

System Power 156 ps 158 ps 143 ps

Battery (kWh) 1.62 1.59 1.4

Fuel Efficiency (combine) 18.2 km/ℓ 16.4 km/ℓ 17.9 km/ℓ

System Parallel System Power Split System Power Split System

4

New Technology (EV)

21

Specification Contents

Motor - Highly efficient (Firstly developed in Korea)- Strengthened rigidity for fast rotation minimizing noise

Battery- Lithium-ion polymer battery launched- Improvement of Stability : Complex design which considers

safety when overcharged or crashed

On Board Charger

- Charging high-voltage battery through rectifier and by raising voltage of AC power supply to electric transformer

- Utilization of Shield system : Preventing noise of electric device from outside

HMC commenced supplying Blue On test models and is expected to develop mid-size electric vehicle in 2016.

Developing Green Cars: EV

Electric Vehicle Strategy Electric Vehicle

Development Roadmap Localizing Key Components / Obtaining Distinctive Technology

Blue-on EV

Battery Capacity : 16.4 kWh

Max. distance : 140 km

Max. speed : 130 km/h

Monitoring government policies and market penetration opportunities

Participating in the ‘Green Mobility System based on Next-generation Electric Vehicles’ commissioned by the South Korean government

Producing an optimized amount to minimize losses from US ZEV regulation and China’s reinforcement policy on EV

Obtaining price / technology competency by localizing key components

Launched first domestic Blue On electric vehicle in Sep. 2010

Supplied Blue On test models to public institutions / local autonomous entities

Expected to launch new electric vehicle by 2016

4


New Technology (FCEV)

22

Year Program

2006 - Operated Demonstration program in collaboration with Korean Government

2004 ~ 2009 - Participated North America FCEV demonstration program led by the U.S. Department of Energy

2012 - Participated FCEV demonstration programs operated by European Government(Norway, Sweden, Denmark, Iceland)

2013 - Began to deliver FCEV to city of Copenhagen, Denmark and Skåne, Sweden

2014 - Began to deliver FCEV to retail customer

HMC is strengthening reputation as a technology leader through the world’s first mass production FCEV.

Developing Green Cars: FCEVFuel Cell Electric Vehicle FCEV Vehicle

Development Roadmap Major Participation in Demonstration Program

Tucson ix FCEV

Max. distance: 594 km

Max. speed: 160 km/h

Fuel Efficiency: 30.2km/ℓ

Commercial production: Mar ‘13

Assuring “FCEV Leading Maker” position by participating in the demonstration program

Major components are independently developed “FCEV Stack”

The first auto maker to successfully begin series production several years ahead of competitors

HMC Toyota Honda Daimler

Production year 2013 2015 2016(E) 2017(E)

Phase 1 (- 2006)— Develop

Stack Technology

Phase 2 (2007-2011)— Improve

Performance

Phase 3 (2012-)— Commence

Small Production

Santa Fe FCEV

Tucson FCEV

Fuel Cell Electric Bus

Tucson FCEV (2nd Gen.)

Fuel Cell Electric Bus (2nd Gen.)

Tucson ix FCEV(3rd Gen.)

Began production of Tucson ix FCEV

4


4. Market Update by Region

Korea

24

Source: KAMA, Company data

Sales and M/S Trend (Retail Sales)(Unit: 1,000 vehicles)

1,464 1,474 1,411 1,383

1,462

1,589

45.0%46.4% 47.3% 46.4% 46.8%

44.9%

2010 2011 2012 2013 2014 2015

Industry M/S

170 162 136 125 123

250 231 209 251 250

77 112 135

133 163

185 162 161

174176

2011 2012 2013 2014 2015

CV RV Mid + Large PV Small PV

682 667641

684

Market StrategyNew Model Launch Tucson (Mar 2015) : Introduction of new Tucson helps to

increase model mix and profitability

Avante (Sep 2015) : One of the best selling sub-compact sedan introduced new model

EQ900 (Dec 2015) : 1st model of Genesis brand will help to improve brand value as well as profitability

Ioniq (Jan 2016) : HEV-dedicated new sedan model will reinforce our green car market presence

Corresponding Measures on Increase of Imported Vehicle

IncreaseLine-ups

Improvetechnology

EnhanceCompetitiveness

Expand Diesel line-ups

New SUV model launch will help to increase model mix

Diversify power train and green car technology

Keep quality standard high preventing recall

Test drive for comparison with imported model

Develop options for domestic customers

712

United States

25



251 298 308 324 334

264 277 282 247 246

131128 131 155 182

2011 2012 2013 2014 2015RV Mid + Large PV Small PV

646

703 721

Market Strategy

New Model Launch

Tucson (3Q 2015) : Introduction of new Tucson helps HMC to gain sales momentum in fast growing SUV segment

Premium PC Sales

11,590 12,778

14,492 15,600 16,522 17,471

4.6%5.1% 4.9% 4.6% 4.4% 4.4%

2010 2011 2012 2013 2014 2015

Industry M/S

13,60416,448

18,85022,687

19,804 19,133

24,917

3,193 3,972 3,578 3,415 2,332

5.6%6.3%

7.6% 7.8%7.0% 7.2%

10.7%

5.7%7.1%

6.1%5.0% 3.9%

2009 2010 2011 2012 2013 2014 2015

Genesis Equus Genesis M/S Equus M/S

726

Elantra (1Q 2016) : One of the best selling sub-compact sedan will introduce new model in 1Q of 2016

762

Europe

26



Market Strategy

Expand Direct Distribution Coverage

Direct69%

Indirect31%

Direct76%

Indirect24%

2012 2015

Direct distribution coverage– UK / Spain / Italy / Norway / Czech / Slovakia / Poland / Germany

/ France / Netherland

Focus on qualitative growth15,332 15,264

13,960 13,771 14,543 15,852

2.4% 2.6%3.2% 3.0% 2.9% 2.9%

2010 2011 2012 2013 2014 2015

Industry M/S

142 147 141 164 180

102 109 101 8291

139 145135 144

162

2043

30 28

26

2011 2012 2013 2014 2015A+B seg C seg RV D seg & Others

Improve sales capability by strengthening finance services and introduce all new i20 and Tucson

HEV-dedicated new sedan model will reinforce our green car market presence

Expand dealer exposure to major cities and improve facilities of existing dealers with applying GDSI

Improve brand value through FCEV and participation in WRC

403444

407 417458

China

27

Source: Company data* Market demand based on Passenger Vehicle, ** Sales data based on factory sales

Sales and M/S Trend(Unit: 1,000 vehicles)

472567 611 653

537

113117

136200

230154

172

284268

296

2011 2012 2013 2014 2015SUV Mid PV Small PV

1,063

740

856

1,031

11,120 11,935 12,270

15,16516,999 18,527

6.3% 6.2% 6.7% 6.8% 6.6%5.7%

2010 2011 2012 2013 2014 2015

Industry M/S

1,120

Market Strategy

New Model Launch

Sonata LF (Mar 2015) : New Sonata was refreshed with additional 1.6 liter Turbo trim

Customized Chinese Model Sales Trend

Focus on developing new segment and expanding model line up with China customized model

Tucson (Sep 2015) : C-Segment SUV model. An enhancement of SUV M/S is expected

1,014 960 853

17 135

155

25 103

2013 2014 2015ix25 Mistra Global Model

ix25 (Oct 2014) : B-Segment SUV model, Customized to Chinese market

Elantra AD (Mar 2016) : One of the best selling C2 sedan will introduce new model in 1Q of 2016

India

28

Source: Source: SIAM, Company data* Market demand based on Passenger Vehicle ** Sales based on factory sales


2,309 2,430 2,656

2,461 2,541 2,760

15.4% 15.4% 14.7% 15.4% 16.2% 17.3%

2010 2011 2012 2013 2014 2015

Industry M/S

373 391 380 411476

242250 253 202

167

2011 2012 2013 2014 2015Export Domestic**

643615

641 633 613

Market Strategy Continue strong sales through competitive model line-up

– Receive overwhelming response for i20 & Creta– Won Indian COTY for 3 consecutive years with i10(’13),

i20(‘14), Creta(‘15)11

Enhance brand equity and improve profitability by offering lower incentives than its peers– Industry average: $492– HMC average: $2991

New Model Launch– Creta (Jul 2015)

: B-seg SUV model, customized for Indian customers,Respond to strong demand in SUV market

– Elantra (Aug 2016): One of the premium model in Indian market introduced

new modelNew Model Launch in 2015 & 2016

i20Cross

March July

Creta

August

Elantra

December

i10 F/Lift

185 208 253

292 316

419 448 482 495 500 481

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Other Emerging Markets

29

Achieving a consistent sales volume growth over the years.

Africa-middle East and LatAmSales Breakdown by Major Emerging Markets Sales Volume (000’s) and CAGR (%)

Source: Company Data, 2015 HMC Global Retail Sales (excludes CKD sales)

Korea14.7%

N. Am.18.5%

Europe13.4%

Chindia31.5%

LatAm7.0%

Asia-Pacific 3.9%

Africa-Middle East9.9%

Turkey 1.1%

Africa-ME

LatAm

+10%

165 177 185

237 258 268

363 367 337

25 3767 80 85 80

188 195176

2007 2008 2009 2010 2011 2012 2013 2014 2015

South America Brazil

+11%

Appendix

Balance Sheet (K-IFRS Consolidated)

31

(Billion KRW) 2014. 4Q 2015. 1Q 2015. 2Q 2015. 3Q 2015. 4Q ’14. year-end qoq

Asset 147,225 147,634 153,616 159,986 165,368 12.3% 3.4%

Current Asset(a) 65,026 63,614 64,966 65,241 67,529 3.9% 3.5%

Liabilities(b) 84,605 84,541 88,258 93,410 98,487 16.4% 5.4%

Current Liability(c) 35,180 34,715 36,843 39,667 41,214 17.2% 3.9%

Debt(d) 54,258 53,947 56,863 61,242 64,932 19.7% 6.0%

Provision 6,727 6,703 6,788 6,975 6,742 0.2% △3.3%

Equity(e) 62,621 63,093 65,358 66,575 66,881 6.8% 0.5%

Capital Stock 1,489 1,489 1,489 1,489 1,489

Capital Surplus 4,135 4,135 4,135 4,142 3,520

Retained earnings 54,650 55,682 57,418 58,290 60,035

Current Ratio(a/c) 184.8 % 183.2 % 176.3 % 164.5 % 163.9 %

Liability to Equity(b/e) 135.1 % 134.0 % 135.0 % 140.3 % 147.3 %

Debt to Equity(d/e) 86.6 % 85.5 % 87.0 % 92.0 % 97.1 %

EBITDA/Interest Exp. 33.6 x 32.3 x 37.4 x 35.4 x 35.1 x

Income Statement (K-IFRS Consolidated)

32

(Billion KRW) ‘14. 4Q 2014 ‘15. 1Q ‘15. 2Q ‘15. 3Q ‘15. 4Q 2015 yoy qoq ’14 vs ‘15

Revenue 23,574 89,256 20,943 22,822 23,430 24,765 91,959 5.1% 5.7% 3.0%

Gross Profit 4,990 19,130 4,332 4,642 4,565 4,719 18,257 △5.4% 3.4% △4.6%

Margin (%) 21.2 21.4 20.7 20.3 19.5 19.1 19.9

SG&A 3,114 11,580 2,744 2,891 3,061 3,204 11,890 2.9% 4.7% 2.8%

Portion (%) 13.2 13.0 13.1 12.7 13.1 12.9 12.9

Op. Income 1,876 7550 1,588 1,751 1,504 1,515 6,358 △19.2% 0.7% △15.8%

Margin (%) 8.0 8.5 7.6 7.7 6.4 6.1 6.9

Income b/f tax 2,130 9,951 2,321 2,370 1,705 2,063 8,459 △3.1% 21.0% △15.0%

Margin (%) 9.0 11.1 11.1 10.4 7.3 8.3 9.2

Net Income 1,656 7,650 1,983 1,790 1,206 1,529 6,509 △7.7% 26.8% △14.9%

Margin (%) 7.0 8.6 9.5 7.8 5.1 6.2 7.1

Depreciation 457 1,844 477 488 492 515 1,972

Amortization 168 706 183 189 207 243 822

EBITDA 2,501 10,100 2,248 2,428 2,203 2,214 9,152

Financial Summary by Division

33

(Billion KRW) ‘14. 4Q 2014 ‘15. 1Q ‘15. 2Q ‘15. 3Q ‘15. 4Q 2015yoy qoq ’14 vs ‘15

Revenue 23,574 89,256 20,943 22,822 23,430 24,765 91,959 5.1% 5.7% 3.0%

Automotive 18,973 72,308 16,535 17,823 18,286 20,036 72,680 5.6% 9.6% 0.5%

Finance 2,815 10,770 2,885 3,197 3,370 2,985 12,436 6.1% △11.4% 15.5%

Others 1,786 6,178 1,523 1,802 1,774 1,744 6,843 △2.4% △1.6% 10.8%

Op. Income 1,876 7,550 1,588 1,751 1,504 1,515 6,358 △19.2% 0.7% △15.8%

Automotive 1,630 5,807 1,208 1,427 1,043 1,464 5,142 △10.2% 40.3% △11.4%

Finance 176 1,061 264 293 213 145 915 △17.5% △32.3% △13.8%

Others 21 192 35 64 101 -82 118 △497.4% △181.5% △38.6%

Adjustment 49 490 81 -33 147 -12 183 △123.4% △107.9% △62.7%

1. executive summary - hyundai motor americahmc/document… · 1.executive summary ... ** bhmc :...

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