2009 Hankook Tire 4th Quarter Result 2010 BusinessTarget IR

Transcription

1 2009 Hankook Tire 4th Quarter Result 2010 BusinessTarget IR English Ver.

2 The information in this presentation is based upon management forecasts and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources of which was provided by us or which was reviewed by us. The information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. Finance Team 2

3 Contents I. 09 4Q Business Result 1. Consolidated Result 2. Parent Result 3. Current Issue II Business Target Appendix- Financial Statements Finance Team 3

4 Contents I. 09 4Q Business Result 1. Consolidated Result 2. Parent Result 3. Current Issue II Business Target Appendix- Financial Statements Finance Team 4

5 I. 09 4Q Business Result 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7, Consolidated Result (1) Consolidated Sales and Operating Profit Trend 1) Sales 2) Operating Profit CQGR : 3.03% 11,117 11,396 YoY 9.7% 12,126 11,346 12,573 14,399 3,500 QoQ-7.6% 13,299 3, Q 08 3Q 08 4Q 09 1Q 09 2Q 09 3Q 09 4Q 2,500 2,000 1,500 1, % 3.8% YoY=5,413.8% 3.1% 0.3% % 1,448 [Unit:100 Mil KRW] 19.1% 2,750 QoQ-43.2% YoY3,759.5% 16.8% 08 2Q 08 3Q 08 4Q 09 1Q 09 2Q 09 3Q 09 4Q 2,232 1, % CQGR : Compound Quarterly Growth Rate Finance Team 5

6 I. 09 4Q Business Result 1. Consolidated Result (2) Korea, China & Hungary Production Subs. Sales and OP Trend 1) Korea 12,000 10,500 9,000 7,500 6,000 4,500 OPM ,000 1,500 - Sales Operating Profit O.P.M 6,687 6, % 8.1% , % CQGR : 2.12% 6, % , % 656 [Unit: 100Mil KRW] 20.5% 7,621 7,583 1, % 1, Q 08 3Q 08 4Q 09 1Q 09 2Q 09 3Q 09 4Q % 20.0% 19.8% 15.0% 10.0% 5.0% 0.0% CQGR : Compound Quarterly Growth Rate Finance Team 6

7 I. 09 4Q Business Result 1. Consolidated Result (2) Korea, China & Hungary Production Subs. Sales and OP Trend 2) China 3,500 3,000 Sales Operating Profit O.P.M CQGR : -0.13% 13.5% [Unit:Mil RMB] 17.2% 13.5% 20.0% 15.0% 2,500 2,000 1,500 1,000 OPM ,958 2,002 2,046 1,942 1,859 1, % 1, % -5.6% % 08 2Q 08 3Q 08 4Q 09 1Q 09 2Q 09 3Q 09 4Q 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% CQGR : Compound Quarterly Growth Rate Finance Team 7

8 I. 09 4Q Business Result 1. Consolidated Result (2) Korea, China & Hungary Production Subs. Sales and OP Trend 3) Hungary 16,000 13,000 10,000 7,000 Sales Operating Profit O.P.M 8,043 7,900 9,135 CQGR : 8.41% 11,392 11, % 1.2% [Unit: Mil HUF] 13,189 13, % 4.9% 20.0% 10.0% 0.0% -10.0% 4, % -22.7% -22.8% -20.0% 1,000-2,062-1,792-2, % -2,000-5, Q 08 3Q 08 4Q 09 1Q 09 2Q 09 3Q 09 4Q -40.0% -50.0% Finance Team 8

9 I. 09 4Q Business Result 1. Consolidated Result (3) Consolidated B/S 1) Asset 70,000 70,000 2) Liabilities and Capital [Unit:100Mil KRW] 60,000 Other asset 50,000 40,000 30,000 20,000 P&E 53,748 51,232 50,626 14,667 19,011 17,797 26,613 24,769 24,249 60,000 50,000 40,000 30,000 20,000 53,748 51,232 50,626 17,679 20,830 21,613 7,190 8,855 7,918 Capital Other Liab. 10,000 Inventories - 12,468 7,452 8, Q Q 10,000-28,879 21,547 21, Q Q Current Liab. 250% Net Debt Ratio Debt Ratio Net Worth to Asset 200% 150% 100% 50% 0% 204.0% 208.6% 124.2% 127.0% 111.1% 182.3% 145.9% Q Q Appendix QF/S Con B/S 4Q Finance Team % 32.4% 35.4% 78.7% 40.7% % 58.76% 42.69%

10 I. 09 4Q Business Result 1. Consolidated Result (4) Global Product Inventories and Capa. Utilization Rate 1) Global Inventory Index 15,000 13,000 Inventory Sale out Inventory days [Unit: 000, Day] ,000 9,000 7, , ,000 0 Finance Team 10

11 I. 09 4Q Business Result 1. Consolidated Result (4) Global Product Inventories and Capa. Utilization Rate 2) Global Capacity Utilization Rate 110% [Unit: %] 100% 90% 80% 70% 60% Korea China Hungary Average 74% 50% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Hungary shut down its plant 7 days for Christmas Holiday season Finance Team 11

12 I. 09 4Q Business Result 1. Consolidated Result (5) F/X Position [Unit: Mil USD, EUR] Annul F/X Exposures Korea China Hungary USD EUR ETC USD EUR ETC USD EUR in Cash Flow Exposure s Amt. in Balance Sheet Total Exposures Q 09 1Q 09 2Q 09 3Q 09 4Q USD/RMB USD/KRW 1,371 1,413 1,289 1,236 1,172 EUR/KRW 1,812 1,838 1,766 1,769 1,721 EUR/HUF HUF/KRW Notice: This page doesn t show full y consolidated company result. The chart shows cash flows from Korea, China and Hungary production basis excluding non-tire segment and overseas sales subsidiaries Finance Team 12

13 Contents I. 09 4Q Business Result 1. Consolidated Result 2. Parent Result 3. Current Issue II Business Target Appendix- Financial Statements Finance Team 13

14 I. 09 4Q Business Result 2. Parent Result (1) Sales and Operating Profit Trend _ 5years 1) Sales Trend 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,722 Sales 5,204 4,843 5,268 CQGR : 2.53% (05 1Q~09 4Q) 4,862 5,170 5,224 5,383 5,300 5,592 5,620 6,687 6,913 6,677 6,018 6,165 6,198 [Unit: 100Mil KRW] 6,716 7,621 7,583 4, Q 05-3Q 06-1Q 06-3Q 07-1Q 07-3Q 08-1Q 08-3Q 09-1Q 09-3Q 09-4Q Finance Team 14

15 I. 09 4Q Business Result 2. Parent Result (1) Sales and Operating Profit Trend _ 5years 2) Operating Profit Trend 1,700 1,500 1,300 1,100 Operating Profit [Unit: 100Mil KRW] 1,559 1, Q 05-3Q 06-1Q 06-3Q 07-1Q 07-3Q 08-1Q 08-3Q 09-1Q 09-3Q 09-4Q Finance Team 15

16 I. 09 4Q Business Result 2. Parent Result 1) Sales Breakdown by Region [Unit:100Mil KRW] 20084Q 20093Q 20094Q YoY QoQ Amt. % Amt. % Amt. % (%) (%) Export 4, , , N. America 1, , , Europe 1, , , Others 1, , , OE Local Domestic 1, , , Total 6, , , ) UHPT Sales [Unit:100 Mil KRW, '000unit] 20084Q 20093Q 20094Q QoQ YoY (%) AMT. % AMT. % AMT. % (%) Sales 6, , , UHPT Sales , , Domestic N.America Europe Others UHPT Sales Unit 1,220 1,723 1, Finance Team 16

17 I. 09 4Q Business Result 2. Parent Result _ Raw Material Price 3,300 3,000 2,700 2,400 2,100 1,800 1,500 Raw Material Input Price Trend N/R S/R Total 1,200 06' 3/4 06' 4/4 07' 1/4 07' 2/4 07' 3/4 07' 4/4 08' 1/4 08' 2/4 08' 3/4 08' 4/4 09' 1/4 09' 2/4 09' 3/4 09' 4/4 [ 단위 :USD/ton] Q Q Q YoY (%) N/R 3,107 1,465 1, S/R 2,568 1,683 1, C/B 1, T/C 4,573 4,345 4, S/C 2,238 1,915 1, 기타 1,980 1,599 1, 합계 2,338 1,529 1, YoY (%) QoQ (%) Finance Team 17

18 I. 09 4Q Business Result 2. Parent Sales _ Major Equity Method Gain and Loss [100 mil KRW] 081Q 082Q 083Q 084Q 091Q 092Q 093Q 094Q Tire , China Euro Holdings(Hungary) Sales Subsidiaies Non-Tire Total , Finance Team 18

19 I. 09 4Q Business Result 2. Parent Result _ Parent B/S 1) Asset 2) Liabilities and Capital [Unit: 100Mil KRW] 40,000 40,000 35,000 35,000 30,000 25,000 Other asset 20,000 15,000 P&E 10,000 26,743 29,108 29,797 9,548 13,175 13,413 12,585 12,628 12,586 30,000 25,000 20,000 15,000 10,000 26,743 29,108 29,797 17,369 19,778 20,481 1,614 3,135 3,004 Capital Other Liab. 5,000 Inventories - 4,610 3,305 3, Q 20094Q 5,000-7,760 6,195 6, Q 20094Q Current Liab. 100% Net Worth to Asset Debt Ratio 80% 60% 40% 64.9% 64.1% 65.9% 54.0% 56.0% 51.8% 67.9% 68.7% 47.2% 45.5% Net Debt Ratio 20% 0% 11.8% 11.3% 11.3% 3.6% 1.5% Q Q Q Q Appendix F/S Parent. B/S Finance Team 19

20 Contents I. 09 4Q Business Result 1. Consolidated Result 2. Parent Result 3. Current Issue II Business Target Appendix- Financial Statements Finance Team 20

21 I. 09 4Q Business Result 3. Current Issues (1) Raw Material Price soaring Current Natural Rubber spot price is soaring above USD3,000/Ton. Comparing to the lowest market price in 2009, N/R price has been doubled already. According to internal research report and industry news, reasons why N/R price is strong are (1) N/R producing official bodies/countries including Thailand are attempting to stabilize its price through intervening N/R market after early 2009 (2) Unusual seasonality-wintering lasted much longer than usual in the early this year (3) Economy began to recover and it might lead higher demand on commercial vehicles. In Asian market, Synthetic Rubber price came up to USD1,358/Ton currently. It is relatively stable average S/R price was USD2,074/Ton. By the way, strong demand from China may be a tailwind to boost further price hike Our planning assumption for 2010 average input price is 19.8% higher than 2009 price. (2) Hiking up Product Price Nov. 2009~ Mar 2010, Company expects to raise average product price as much as 5.1% globally global price hike target: Total 11% (USD term). Finance Team 21

22 Contents I. 09 4Q Business Result 1. Consolidated Result 2. Parent Result 3. Current Issue II Business Target Appendix- Financial Statements Finance Team 22

23 II Business Target 1. Global Target (1) Global (Tire Business Only) [Unit: 100Mil KRW] YoY (%) Amt. % Amt. % Sales 48, , COGS 33, , Gross Profit 14, , SG&A 8, , O.P margin 5, , EBITDA 9, , Depreciation 3, , (2) Korea (Tire Business Only) [Unit: 100Mil KRW] Amt. % Amt. % YoY (%) Sales 28, , COGS 19, , Gross Profit 8, , SG&A 5, , O.P margin 3, , EBITDA 5, , Depreciation 1, , Finance Team 23

24 II Business Target 1. Global Target (3) China (Tire Business Only) [Unit: Mil RMB] Amt. % Amt. % YoY (%) Sales 7, , COGS 5, , Gross Profit 1, , SG&A 1, , O.P margin EBITDA 1, , Depreciation (4) Hungary (Tire Business Only) [Unit: Mil HUF] Amt. % Amt. % YoY (%) Sales 48, , COGS 40, , Gross Profit 8, , SG&A 6, , O.P margin 1, EBITDA 10, , Depreciation 9, , Finance Team 24

25 II Business Target 2. Global Target _ Planning Assumption (1) F/X YoY (%) USD/KRW 1, , EUR/USD EUR/KRW 1, , USD/RMB EUR/HUF (2) Sales Unit / Working Day [Unit:'000, Day] YoY (%) Korea 38,732 45, China 25,836 28, Hungary 5,218 5, Total 69,786 79, Target Workday Korea China Hungary Finance Team 25

26 II Business Target 2. Global Target _ Planning Assumption (3) Raw Material Price [Unit:USD/Ton] YoY (%) N/R 1,883 2, S/R 1,895 2, C/B 995 1, T/C 4,568 4, S/C 1,989 2, Etc. 1,740 1, W-Average P 1,755 2, (4) Capex Korea China Hungary [Unit: 100Mil KRW] YoY (%) Expansion 1, Maintenance 1,032 1, Sub Total 2,174 2, Expansion Maintenance Sub Total Expansion 168 2, Maintenance Sub Total 332 2, Total 2,969 6, Finance Team 26

27 Contents I. 09 4Q Business Result 1. Consolidated Result 2. Parent Result 3. Current Issue II Business Target Appendix- Financial Statements Finance Team 27

28 Appendix F/S 1. Korea I/S [Unit: 100 Mil KRW] 20084Q 20093Q 20094Q QoQ YoY (%) Amt. % Amt. % Amt. % (%) Sales 6, , , COGS 5, , , Gross Profit 1, , , SG&A 1, , , O.P margin , Non-operating Ordinary Profit , , EBITDA , , Depreciation Finance Team 28

29 Appendix F/S 2. Korea IS_SG&A / Non OP Gain and Loss Detail Q (a) Q Q (b) [Unit:100 Mil KRW] Diff. (b-a) SG&A Salaries Ocean Freight Product Warranty Expense Employee Benefits Export Sales Expenses Depreciation Advertising Expenses Others Total 1,393 1,171 1, Non-Operating Equity Method gain/loss -1, ,106 Foreign Currency Transac Foreign Exchange Transac Import Royalty Others Total ,229 Finance Team 29

30 Appendix F/S 3. China I/S [Unit: Mil RMB] 20084Q 20093Q 20094Q QoQ YoY (%) Amt. % Amt. % Amt. % (%) Sales 1, , , COGS 1, , , Gross Profit SG&A O.P margin Non-operating Ordinary Profit EBITDA Depreciation Finance Team 30

31 Appendix F/S 4. China IS_SG&A / Non OP Gain and Loss Detail [Unit:Mil RMB] 20084Q (b) 20093Q 20094Q (b) Diff. (b-a) SG&A Salaries Sales Promotion Royalty Expense Cunsulting Export Commission Depreciation Domestic Transportation Advertising Expenses Others Non-Operating Gain &Loss Non-operating income Foreign currency translation gain/loss Others Non-operating expenses Interest expense others Finance Team 31

32 Appendix F/S 5. Hungary I/S [Unit: Mil HUF] 20084Q 20093Q 20094Q QoQ YoY (%) Amt. % Amt. % Amt. % (%) Sales 9, , , COGS 9, , , Gross Profit , , SG&A 1, , , O.P margin -2, Non-operating -6, Ordinary Profit -8, EBITDA , , Depreciation 2, , , Finance Team 32

33 Appendix F/S 6. Consolidated I/S [Unit: 100 Mil KRW] 20084Q 20093Q 20094Q QoQ YoY (%) Amt. % Amt. % Amt. % (%) Sales 12, , , COGS 9, , , Gross Profit 2, , , SG&A 2, , , O.P margin , , Non-operating Ordinary Profit , , EBITDA 1, , , Depreciation 1, , Finance Team 33

34 Appendix F/S 7. Korea B/S [Unit:100 Mil KRW] End of Q Diff. Amt. % Amt. % Amt. % Assets 26, , , Current Assets 10, , , Quick Assets 5, , , Inventories 4, , Non-current Asset 16, , Investment Assets 4, , Property&Equipment 12, , Intanible Assets Liabilites 9, , Current Liabilities 7, , , Non-current Liabilities 1, , , Capital 17, , , Net Debt 2, , Net Debt ratio 11.8% 1.5% Debt Ratio 54.0% 45.5% Net worth to Assets 64.9% 68.7% Finance Team 34

35 Appendix F/S 8. Consolidated B/S [Unit:100 Mil KRW] End of Q Diff. Amt. % Amt. % Amt. % Assets 53, , , Current Assets 25, , Quick Assets 12, , , Inventories 12, , , Non-current Asset 28, , , Investment Assets 1, , Property&Equipment 26, , , Intanible Assets Liabilites 36, , , Current Liabilities 28, , , Non-current Liabilities 7, , Capital 17, , , Net Debt 21,949 12,699-9, Net Debt ratio 124.2% 58.8% Debt Ratio 204.0% 134.2% Net worth to Assets 32.9% 42.7% Finance Team 35

36 End of Document Finance Team 36