American Honda Finance Corporation
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1 American Honda Finance Corporation Investor Presentation May 2014 ACURA TLX (North America)
2 Caution with Respect to Forward-Looking Statements: These slides may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Certain such forwardlooking statements can be identified by the use of forward-looking terminology such as believes, expects, may, will, should, seeks, scheduled, or anticipates or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions. Such forward-looking statements are necessarily dependent on assumptions, data, or methods that may be incorrect or imprecise and that may be incapable of being realized. Factors such as declines in the financial condition or performance of Honda or AHFC or the sales of Honda or Acura products, changes in general business and economic conditions, and fluctuations in interest rates and currency exchange rates, among others, could cause actual results and other matters to differ materially from those in such forward-looking statements. Accounting Standards: Our consolidated financial information is prepared in conformity with U.S. generally accepted accounting principles. This information is presented as of May 28, 2014 and does not purport to be accurate as of any other date. We undertake no obligation to update this information. This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Any offer or sale of securities will be made only by means of an offering memorandum and related documents. 2
3 Honda Corporate Structure Honda Motor Co., Ltd. Honda Keep Well Highlights Maintain 80% ownership 100% American Honda Motor Co., Inc. AHM 100% American Honda Finance Corporation AHFC Support Agreement Ensure AHFC maintains a positive net worth If necessary, provide liquidity for AHFC to meet our obligations American Honda Finance Corporation 3
4 American Honda Finance Corporation 4
5 AHFC Operations 5
6 Business Highlights 6 New auto contract increase over prior year Underwriting remains consistent Premier customer service Low charge-offs continue Strong residual values continue Strong ratings
7 AHFC Net Income Net Income Total Finance Revenues US$ (millions) 1,400 5,721 5,637 5,760 1,200 1, ,101 1, ,321 4, FY 11 FY 12 FY 13 9mo Ending Dec mo Ending Dec 13 6,000 5,000 4,000 3,000 2,000 1,000 0 American Honda Finance Corporation 7
8 AHFC Portfolio Mix US$ (millions) 70,000 $62,889 $58,852 60,000 $54,177 $55,561 50,000 40,000 30,000 20,000 10,000 0 FY 11 FY 12 FY 13 Dec 13 Retail $25,223 $24,359 $24,356 $26,828 Lease $19,822 $21,134 $22,706 $23,880 Dealer $3,189 $3,249 $4,208 $4,176 Securitized Assets $5,943 $6,819 $7,582 $8,005 Debt $41,504 $40,567 $42,149 $45,919 As of December 31, 2013: Retail Loans are approx. 55% of outstanding receivables (including ABS assets) Leases are 38% of outstanding receivables Securitized Assets are Retail Loans. We do not currently securitize other asset classes. Dealer Loans Flooring 30% of the Honda/Acura Auto dealers Flooring 97% of the Honda/Acura Motorcycle dealers Lease includes both direct finance leases and operating leases. Retail excludes securitized assets American Honda Finance Corporation 8
9 AHFC CFS Originations, Penetration & Outstanding Unit (thousands) 3,000 2,500 2,000 1,500 1,000 New Auto Penetration 71% 69% 63% 63% Motorcycle 43% 43% 43% 43% 70% 39% 1,207 1,118 1,176 1, % 70% 60% 50% 40% 30% 20% Penetration FY11, FY12 and the period ending December 2013 show higher new auto penetration as a result of higher incentive programs sponsored by our parent, American Honda Motor Co., Inc % 0 FY 11 FY 12 FY 13 9mo Ending Dec 12 Originations Retail Auto Lease Auto Other 9mo Ending Dec 13 0% Outstanding 3,490 3,440 3,491 3,508 3,641 American Honda Finance Corporation 9
10 AHFC Performance Data AHFC s underwriting standards are reflected in our low charge-off and delinquency numbers. Fiscal Year Ending 9 mo Ending FY 11 FY 12 FY 13 Dec 12 Dec 13 Delinquency (60 or more days) (1),(3) 0.11% 0.10% 0.10% 0.20% 0.18% Allowance for Credit Losses (1),(3) 0.51% 0.42% 0.23% 0.24% 0.22% Charge-Offs (Net of Recoveries) (2),(3),(4) 0.51% 0.30% 0.28% 0.28% 0.27% (1) Percentages based on ending receivable balances for respective periods. (2) Percentages based on average receivable balances for respective periods. (3) Ending and average receivable balances exclude the allowance for credit losses, write-down of lease residual values, unearned subvention income related to our incentive financing programs and deferred origination costs. Average receivable balances are calculated based on the average of each month s ending receivables balance for that fiscal period. (4) Percentages for the nine months ended December 31, 2013 and 2012 have been annualized. American Honda Finance Corporation 10
11 AHFC Funding Strategy 11 Conservative approach to markets Access to various domestic and international markets Recognize windows of opportunity Maintain prudent maturity profile
12 AHFC s Inaugural SEC registered Debt 12 Sept. 5,2013 Shelf Registration (S-3) Sept. 25, 2013 MTN Program Active Oct. 3, 2013 Inaugural Transaction Inaugural transaction details $ 750 mil 3 year Floater $1.0 bil 3 year Fixed $1.0 bil 5 year Fixed American Honda Finance raised $2.75bn by issuing three-year floaters, three-year fixed and five-year fixed that attracted an order book of slightly over $9bn. This was the first time the issuer was issuing in the SEC-registered format and investors charged into the different tranches even as the company tightened pricing from IPT levels. The three-year fixed tranche saw most of the demand, followed by the five-year fixed and three-year floater. IFR Markets Reuters Investor Comments Appreciate transparency a public program offers SEC registration is helpful especially being index eligible Registered programs offer ability to allocate to many more of our funds Will buy bigger/larger orders of a transaction with registered programs Source: Honda
13 AHFC Funding Flexibility US$ (millions) 50,000 45,000 40,000 35,000 30,000 $41,504 14% 5% 15% $40,567 17% 4% 14% $42,149 18% 4% 8% $45,919 17% 3% 8% Diversified AHFC Funding Programs - Commercial Paper Program US $6 billion, CAD $1.625 billion (HCFI) (supported by US $6 billion and CAD $1.3 billion (HCFI) Bank Credit Facilities) - US $16 billion Shelf USMTN Public Program 25,000 20,000 15,000 10,000 5, % 36% 32% 28% 16% 17% 16% 14% 13% 12% 11% 10% 11% 9% 11% 10% FY 11 FY 12 FY 13 Dec 13 - US $25 billion USMTN Private 144a Program (Inactive) - US $11 billion EMTN Program - Related Party Debt - Bank Loans Commercial Paper Related Party Debt Bank Loan US MTN Euro MTN Other ABS - Private Placement Issuance (HCFI) -Public & Private Securitization (AHFC & HCFI) American Honda Finance Corporation 13
14 FY 14 Debt Issuance For the 9 months ended December 31, 2013 (US Operations Only) US$ (millions) 4,500 4,000 3,500 3,000 2,500 2,000 $3,750 $3,000 Funding Activities $4,250 1,500 1, $1,161 $800 0 USMTN (Public) USMTN (Private) EMTN Bank Loan Securitization American Honda Finance Corporation 14
15 Euro MTN by Currency As of December 31, 2013 EMTN by Currency 25% 9% 66% EURO JPY USD Excludes unamortized discount and fees American Honda Finance Corporation 15
16 Term Debt Maturity Profile US$ (millions) 12,000 31% As of December ,000 8,000 22% 22% 6,000 17% 4,000 9% 2,000 0 <1yr 1yr - 2yr 2yr - 3yr 3yr - 4yr >4yr Excludes Commercial Paper and Related Party Debt Does not include unamortized discounts and fees Foreign debt based on exchange rates as of December 31, 2013 Repayment schedule of secured debt reflects payment performance assumptions on underlying receivables American Honda Finance Corporation 16
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