2011 business results - amazon web services · 8. cashflow statement. net profit. 3,519....
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1
January 27, 2012
2011 Business Results
2
Notes for Investors
This presentation has been prepared with unaudited
4th quarter results of year 2011 for investors’ convenience.
Therefore, some numbers may change upon
the review of Kia’s independent auditors.
3
Sales Results
Income Statement
Statement of Financial Position
Cashflow Statement
Revenue Analysis
COGS / SG&A / Other Operating Income & Expense
Financial Income & Expense / Investment in Associates Income
II. 2012 Business PlanI. 2011 Business Results
2012 Sales Plan
2012 Management Policy
#. Appendix
▪
2011 Sales Results (Quarterly)
▪
Income Statement (Quarterly)
▪
2012 Sales Plan by Region(Korea, US, Europe, China, RoW)
Table of Contents
4
I. 2011 Business Results
5
*
Sales Results(Unit : Thousand)
2011
Retail Sales 2,088 2,478 +18.6
US
Europe
China
Korea
356 485
258 290
333 433
483 492
RoW 657 778
+36.3
+12.2
+29.9
+18.4
+1.7
2010 change(%)
2,130 +19.2Ex-factory
Sales 2,538
1,400 +12.9
483 +1.7Domestic
917 +18.8Export
1,581
492
1,089
Korea
730 +31.2
230 +9.9Slovakia
333 +29.9China
957
252
433
Overseas
167 +62.9US 272
20112010 change(%)
* Europe = EU + EFTA countries
6
Income Statement
2010 2011 Change(%)
(Unit : Billion Won)
Revenue 35,827 100 +20.643,191 100
Cost of Sales 27,905 77.9 +18.833,139 76.7
Gross Profit 7,922 22.1 +26.910,052 23.3
Operating Profit
Pretax Profit
Net Profit
2,490 7.0 +41.6
3,323 9.3 +42.1
2,698 7.5 +30.4
3,525 8.2
4,722 10.9
3,519 8.1
as % of rev.
as % of rev.
7
Statement of Financial Position
2010 2011
Assets
Current Assets
26,275 +3,980
9,764 +1,311
30,255
11,075
(Cash) (2,914) (3,934) +1,020
Liabilities
Debt
(Net Debt)
16,027 +718
6,341 -733
(3,427) -1,754
16,745
5,607
(1,673)
Equity
Debt-to-Equity Ratio
Net Debt-to-Equity Ratio
10,248 +3,262
61.9% -20.4% p
33.4% -21.0% p
13,510
41.5%
12.4%
* Cash = Cash + ST Financial Instruments
** Net Debt-to-Equity Ratio = Net Debt / Equity
(Unit : Billion Won)
Change(%)
Change(%)Change(%)
8
Cashflow Statement
3,519Net Profit
990Depreciation & Amortization
48Others
4,557Net Operating Cashflows
-1,902Increase in Tangible/Intangible Assets
-500Investment in Associates
-2,402Net Investment Cashflows
-199Dividend Payment
-1,467Net Financial Cashflows
-889Decrease in Debt (net)
Beginning Cash Balance 1,616
(including ST Financial Instrument)
(2,914)
Ending Cash Balance 2,304
(including ST Financial Instrument)
(3,934)
Net Increase in Cash +688
(including ST Financial Instrument)
(+1,020)
-379Acquisition of Subsidiaries
(Unit : Billion Won)
9
Revenue Analysis
(Unit : Billion Won)
35,827
26%
27%
26%
21%
Revenue by Region Sales by Segment
Korea : KMC domestic revenueN. America : KMA/KCI wholesales revenue + KMMG OEM revenueEurope : Europe Sales Subsidiaries’ wholesales revenue + KMS OEM revenueOthers : KMC direct export revenue + KMAU/KMNZ wholesales revenue
Korea
North America
Europe
Others
+20.6%
2010 2011
2010 2011
A+B+C D+E RV Others
53.9%
5.8%
10.3%
30.0%51.8%
5.1%
10.8%
32.3%
* Based on global retail sales (excluding China)
ASP Improvement (Korea Plant) Domestic (mn. KRW) : 18.2 →
18.6 (+1.8%) Export (thou. USD) : 11.8 →
13.1 (+11.4%)
FX Rate (USD / KRW) 1,156 →
1,110 (-3.9%)
43,191
22%
32%
25%
21%
10
COGSㆍSG&AㆍOther Operating Income & Expense
Cost of Sales SG&A
77.9%76.7%
Other OperatingIncome/Expense
-1.2%p
-0.3%p
2010 2011
Salary & Wages
Marketing Expense
ExportExpense
WarrantyExpense
Others
0.3% 0.1%
-0.2%p15.5%
2.3
5.0
2.1
2.5
3.6
2010 20112010 2011
15.2%
2.1
4.9
2.1
2.5
3.6
(Unit : Billion Won)
(as % of rev.) (as % of rev.) (as % of rev.)
11
Financial Income & Expense / Investment in Associates Income
2010 2011
Financial Income
Financial Expense
320
982
1,337
346
197
180 -140
+355
-149
1,161
176
2010 833 2011 1,197+363
(Unit : Billion Won)
Investment in Associates Income
DisposalIncome
EquityIncome
12
II. 2012 Business Plan
13
2012 Sales Plan
2012(P)
RetailSales 2,7122,478 +9.5
US
Europe
China
Korea
534485
356290
460433
500492
RoW 862778
+10.0
+22.8
+6.4
+10.8
+1.7
*
2011 change(%)
272 +7.4Middle East/Africa
227 +20.5Eastern Europe
253
188
(176) +17.0
76 +16.7Canada
104 +18.2Asia/Pacific
(150)
65
88
(Russia)
183 -0.4Latin America 184
2012(P)2011 change(%)
* Europe = EU + EFTA countries
Sales Plan for RoW Market
(Unit : Thousand)
14
2012 Management Policy
Strengthen custom
글로벌
사업구조
고도화
지속성장
기반
확충
• Achieve global tier 1 brand
• Deliver innovative experiences to domestic customers
• Advance competence of overseas sales
• Strengthen the position in emerging markets
• Continuously innovate quality of customer experiences
• Strengthen corporate social responsibility management
• Build innovative corporate culture
• Develop global human resources
Value Innovation
Strengthen customer oriented management
Advance global business structure
Expand basis on sustainable growth
15
Appendix
16
Sales Results (Quarterly)
YoY(%)2010 20111Q 2Q 1Q 2Q3Q 3Q4Q
Retail 470 533 542 543 2,088 565 638 623 651 2,478 +18.6
Korea 105 123 124 132 483 125 122 119 125 492 +1.7
US 77 93 98 88 356 105 140 122 118 485 +36.3
Europe 68 68 60 63 258 63 73 74 79 290 +12.2
China 85 76 77 95 333 95 95 111 132 433 +29.9
RoW 136 174 183 164 657 176 208 197 197 778 +18.4
Ex- factory
475 515 513 628 2,130 619 622 612 685 2,538 +19.2
Korea 300 350 341 409 1,400 394 394 371 422 1,581 +12.9
Domestic 105 123 124 132 483 125 122 119 125 492 +1.7
Export 196 227 217 277 917 269 272 252 297 1,089 +18.8
Overseas 174 165 172 218 730 225 228 241 263 957 +31.2
US 41 34 35 57 167 62 65 75 70 272 +62.9
China 85 76 77 95 333 95 95 111 132 433 +29.9
Europe 48 55 60 67 230 67 69 55 61 252 +9.9
4Q
(Unit : Thousand)
Ex-factory
17
Income Statement (Quarterly)
2010 20111Q 2Q 1Q 2Q3Q 3Q4Q
Revenue 7,795 9,252 8,695 10,085 10,658 11,581 9,990 10,963
Cost of Sales 6,173 7,210 6,636 7,887 8,333 9,035 7,540 8,230
% of revenue 79.2 77.9 76.3 78.2 78.2 78.0 75.5 75.1
Gross Profit 1,622 2,042 2,059 2,198 2,325 2,546 2,450 2,732
margin(%) 20.8 22.1 23.7 21.8 21.8 22.0 24.5 24.9
Operating Profit 442 662 679 707 840 1,032 828 826
margin(%) 5.7 7.2 7.8 7.0 7.9 8.9 8.3 7.5
Pretax Profit 636 837 876 974 1,271 1,423 874 1,154margin(%) 8.2 9.0 10.1 9.7 11.9 12.3 8.7 10.5
Net Profit 499 676 705 819 953 1,128 648 790margin(%) 6.4 7.3 8.1 8.1 8.9 9.7 6.5 7.2
4Q
(Unit : Billion Won)
18
Korea
(Unit : Thousand)
483
10%
26%
64%
Sales & Market Share
+1.7%
2012 Outlook & Plan
2010 2011 2012(P)
492
11%
27%
62%
500
10%
23%
67%
CV
RV
PC
31.1% 31.1%
+1.7%
□
Industry Demand (1.5mn units, -2.2% yoy)
【Positive】
Private consumption tax cut, Large/SUV model launches,
Replacement demand
【Negative】
Weak economic growth, Increase of imported car sales
□
Plan & Strategy
▪
Strengthen product competitiveness
→
New model launches : K9, Sorento F/L, K7 F/L
▪
Improve brand image→
Enhance dealership infrastructure →
Brand marketing (GBCS), Sports marketing
▪
Enhance flexibility to meet different segment demand
→
Full model line-ups (Compact to Luxury & SUV)
* Industry demand based on KARI data (including imported cars)
Expectation for replacement demand
19
US
356
47%
53%
+10.0%
2010 2011 2012(P)
485
42%
58%
534
32%
68%RV
PC
3.1%
3.8%
+36.3%
□
Industry Demand (13.5mn units, +5.7% yoy)
【Positive】
Pent-up demand, Recovery in consumer confidence
【Negative】
Macro uncertainties, Intensifying competition
□
Plan & Strategy
▪
Strengthen product competitiveness
→
Expand volume models from 3 to 5
(Sorento, Soul, Forte + Optima, Rio)
▪
Improve brand image→
Sports marketing (Super Bowl Games, NBA) →
Residual value management
▪
Enhance sales power
→
Increase dealerships and improve SPD
→
Diversify auto financing program
* Industry demand based on Global Insight data
Sales & Market Share 2012 Outlook & Plan
Supply increase from Japanese automakers
(Unit : Thousand)
20
Europe
258
0.2%
20%
80%
+22.8%
2010 2011 2012(P)
290
0.1%
29%
71%
356
25%
75%
CV
RV
PC
1.9%
2.1%
+12.2%
□
Industry Demand (13.8mn units, +1.9% yoy)
【Positive】
Pent-up demand (current demand at the lowest level)
【Negative】
Tightening monetary policy, Intensifying competition
□
Plan & Strategy
▪
Strengthen product competitiveness
→
Increase volume : Morning, Rio (largest segment) →
New model launch : cee’d
▪
Improve brand image (Sports marketing)→
Euro 2012, London Olympics, Brand marketing (GBCS)
▪
Enhance sales power
→
Extend auto financing programs
→
Develop fleet/lease sales network
Sales & Market Share 2012 Outlook & Plan
* Industry demand based on Global Insight data (PC only)
Demand shift to small cars
(Unit : Thousand)
21
China
333
24%
76%
+6.4%
2010 2011 2012(P)
433
25%
75%
460
25%
75%
CV
RV
PC
3.0%
3.6%
+29.9%
□
Industry Demand (13.1mn units, +9.9% yoy)
【Positive】
Easing of tightening policy
【Negative】
Less government subsidy, Fierce pricing competition
□
Plan & Strategy
▪
Strengthen product competitiveness
→
Expand volume models from 2 to 3 (Forte, Sportage + K2)
▪
Improve brand image→
Reinforce brand power via new & volume models
▪
Enhance sales power
→
Expand dealer network (focus on western inland cities)
Sales & Market Share 2012 Outlook & Plan
* Industry demand based on Global Insight data (PC only)
Demand growth from western inland cities
(Unit : Thousand)
22
Rest of World
657
8%
28%
64%
+10.8%
2010 2011 2012(P)
778
6%
31%
63%
862
6%
31%
63%
CV
RV
PC
+18.4%
2011 2012(P)GrowthRate(%)
Rest of World 100% 100% +10.8%
Middle East/Africa 33% 32% +7.4%
Eastern Europe 24% 26% +20.5%(Russia) (19%) (20%) (+17.0%)
Latin America 24% 21% -0.4%
Asia/Pacific 11% 12% +22.6%
Canada 8% 9% +16.7%
□
Sales by Region
□
Plan & Strategy
▪
Strengthen sales momentum
- Picanto(Morning), Rio(K2), Optima(K5), Sportage etc.
- Increase dealer network & focus on brand marketing
▪
Increase volume to major growth markets
- Eastern Europe (Russia), Asia/Pacific, Canada etc.
Sales & Market Share 2012 Outlook & Plan
(Unit : Thousand)
23
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