카드(2015 1 q) jp
TRANSCRIPT
1Q15 Investor Presentation
Hyundai Card Corporation
1
Disclaimer
These presentation materials have been prepared by Hyundai Card Corporation, Ltd.(“HCC”), 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 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 any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares in any offering of shares of the Companies should be made solely on the basis of the information contained in the offering document which may be published or distributed in due course in connection with any offering of shares of the Companies, if any.
The contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.
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資産及びマーケットシェア
資産ポートフォリオ Key Highlights
• 信用販売中心の安定的な資産ポートフォリオを維持
- 信用販売の割合63.2%
• 収益性を補うためカードローン割合を増大
• マーケットシェア業界３位を維持
• 積極的な顧客オファリングによる取扱い増加及び資産成⻑
4.4 4.3 4.4 4.2
2.2 2.1 2.5 2.4 0.9 0.8 0.8 0.8 2.3 2.6 3.0 3.0
9.8 9.9 10.8 10.4
2012 2013 2014 1Q15
一括払い 月賦 現金ｻｰﾋﾞｽ ｶｰﾄﾞﾛｰﾝ その他
(単位：兆ウォン)
マーケットシェア
14.5% 13.8% 13.8% 13.8%
2012 2013 2014 1Q15
全体取扱額(信用販売 +金融商品)①
① 個人取扱額基準ソース：金融統計情報システム
Outlook & Strategy
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収益性
損益計算書(単位：十億ウォン)
Key Highlights
• 営業収益は前年水準を維持
• 営業費用の増加
- 質の高い顧客の募集・維持に向けた顧客関連費用が増加
- 信用販売取扱い増加に伴い比例費用が増加
• 優良顧客中心のビジネス成⻑
- 中⻑期の顧客管理仕組みづくりに向けた管理費用の増加
2013 2014 1Q14 1Q15 YoY
営業収益① 2,516.2 2,583.7 631.7 636.0 0.7%
営業費用① 2,295.9 2,283.9 524.2 557.5 6.4%
商品ｻｰﾋﾞｽ費用 565.9 524.5 128.3 131.7 2.6%
営業利益 219.9 300.0 107.5 80.6 -25.0%
当期純利益 163.2 223.5 82.5 62.2 -24.6%
ROA
2.1% 1.8%2.2% 2.4%
2012 2013 2014 1Q15
Outlook & Strategy
① 外為及び派生関連の影響を除く
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資産健全性及び引当金
30日以上の延滞率 Key Highlights
• 業界で最も低い水準の延滞率を維持
• 保守的な引当金の管理
- 金融監督院の要積立に比べて135%水準の引当金を積立
• 引き続き資産健全性を安定的に維持
• 保守的な引当金管理方針を維持
0.7% 0.8% 0.9% 1.0%
2012 2013 2014 1Q15
引当金の積立額
2012 2013 2014 1Q15
実際の積立額① 543.7 593.9 649.2 601.3
要積立ｶﾊﾞﾚｯｼﾞ② 157.1% 144.0% 132.2% 134.6%
① 貸倒れ引当金 + 貸倒れ準備金② 実際の積立額/ 金融監督院の要積立額
Outlook & Strategy
(単位：十億ウォン)
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レバレッジ及び資本適正性
レバレッジ Key Highlights
• 保守的なレバレッジ管理基準を維持
- 監督規定：レバレッジ６倍以下
調整自己資本比率
5.1X 5.0X 4.9X 4.8X
2012 2013 2014 1Q15
総資産/総資本
18.7% 19.4% 18.2% 19.7%
2012 2013 2014 1Q15
①
Outlook & Strategy
• 金融監督院の監督規定内でレバレッジを管理
• 規制と連携した配当政策を展開
① 2013年から直前四半期の総資本へと基準が変更② 別途の財務諸表基準
①金融監督院のガイドライン8%以上② 別途の財務諸表基準
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借入れ
商品別の借入れポートフォリオ Key Highlights
国内債券
85.6%
国内ABS
3.9%
銀行ﾛｰﾝ
2.6%
海外ABS
7.9%
Outlook & Strategy
7.6兆ｳｫﾝ
• 借入れ安定性の確保
- 商品、市場、満期の多角化によって安定性を確保
- ABSを通じた商品多角化を継続
• 債券中心の高い⻑期借入れ割合を引き続き維持
• 借入れポートフォリオのガイドラインを維持
- ABS 20%以下、CP 10%以下
- ⻑期借入金の割合60%以上
- ALM比率100%以上
• 海外借入れ割合：7.9%
• ⻑期割合：71.2%
• ALM比率：142.9%
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流動性の管理
流動性の現状 Key Highlights
Debt maturity
0.7 1.0 1.8 2.3 1.3 0.7
8.7% 12.9%23.4% 29.6%
16.4% 9.2%
2Q15 2H15 2016 2017 2018 2019~
(単位：兆ウォン)
(単位：兆ウォン)
0.7 0.8 0.8 1.1
0.8 0.9 0.5 0.5
1.5 1.6 1.3
1.6
65.5%
87.5%
62.4%70.5%
2012 2013 2014 1Q15
現金 Credit Line 短期借入金coverage ①
Outlook & Strategy
• 安定的な流動性の管理
- 現金保有の増加による流動性管理を強化
• 現行水準の流動性管理基準を維持
- バーゼルIIIの流動性カバレッジ比率基準を充たす
• 主な市場指標を常時モニタリングし危機感知機能を強化
① (現金 + 未使用のクレジットライン)/ 1年以下満期到来借入金の残高
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(単位：十億ウォン、%) 2009 2010 2011 2012 2013 2014 1Q15
MarketShare
個人信販 15.7% 15.7% 15.5% 15.5% 14.5% 14.3% 14.2%
個人信販 + 金融 13.1% 14.1% 14.3% 14.5% 13.9% 13.8% 13.8%
資産の構成
Total 7,136 9,186 9,563 9,898 9,947 10,800 10,445
信販 74.3% 65.7% 68.1% 66.7% 64.3% 64.0% 63.2%
金融 25.7% 34.3% 31.7% 32.9% 35.1% 35.3% 35.2%
その他 0.0% 0.1% 0.2% 0.4% 0.6% 0.7% 0.8%
資産健全性30日以上の延滞率 0.3% 0.4% 0.6% 0.7% 0.8% 0.9% 1.0%
要積立カバレッジ 123.9% 127.7% 199.1% 157.1% 144.0% 132.2% 134.6%
収益性 営業利益 286 371 324 237 220 300 81
資本 & レバレッジ調整自己資本比率① 22.5% 18.7% 19.6% 18.7% 19.4% 18.2% 19.7%
資産レバレッジ 4.9X 6.0X 5.4X 5.1X 5.0X 4.9X 4.8X
借入金の構成
Total 5,165 7,197 7,068 7,073 7,243 7,935 7,649
債券 72.8% 73.6% 85.3% 80.4% 86.7% 84.2% 85.6%
銀行ローン 2.0% 10.1% 1.4% 1.9% 2.9% 2.5% 2.6%
CP 11.0% 9.1% 6.9% 4.9% - - -
ABS 14.1% 7.2% 6.3% 12.7% 10.3% 13.3% 11.8%
短期借入金カバレッジ 18.6% 36.7% 79.0% 65.5% 87.5% 62.4% 57.6%
ALM
ALM比率 120.9% 132.5% 149.0% 133.4% 158.7% 137.9% 143.0%
資産満期 (Y) 1.43 1.38 1.39 1.37 1.34 1.49 1.36
負債満期 (Y) 1.73 1.83 2.07 1.82 2.12 2.06 1.94
[Appendix] Fact Sheet - HCC
① 別途の財務諸表を基準
