Q Business Result

Transcription

1 Q Business Result

2 Q business result is prepared for investors consideration only before completion of independent auditors review. Therefore, parts of contents on this material could be changeable during independent auditors review. 1

3 Contents I Review II. Market analysis III. Performance analysis IV. Financials - Income Statement V. Q & Beyond 2

4 2018 Review Market Continuous SUV market growth in both domestic and overseas - Domestic : +11.6% YoY thanks to new car effect and consumers preference for SUV - Overseas : Expanding SUV growth in major regions such as US and Europe SYMC Vehicle Sales Total vehicle sales : 102,246 units (-4% YoY) / Dom. : -2%, Exp. : -10% - Domestic : Rising popularity of Rexton brand sales offset by increasing competition in SUV-B segment - Export : Degrowth due to WLTP implement in Europe and Iran sanctions Rexton brand s vehicle sales increase - G4 Rexton : Total 16,301 units (+13% YoY) - Rexton Sports : Total 31,105 units (+42% YoY, compared to Korando Sports) Currency F/X movements : KRW appreciation against USD and strong EUR & GBP against USD compared to last year 1,481 1,468 1,498 1,469 1,462 1,330 1,302 1,323 1,287 1,304 1,132 1,106 1,020 1,072 1, , ,007 1,122 Q3 Q4 Q Q Q USD/KRW EUR/KRW 100JPY/KRW GBP/KRW 2018 avg. Price (krw) Chg. % (vs. ) USD/KRW 1, % EUR/KRW 1, % 100JPY/KRW % GBP/KRW 1, % 3

5 Domestic Market Trend Quarterly market trend (Including imported cars) 28.4% 28.8% 391K 48K 27K 111K 204K Q PC SUV MPV Commercial SUV M/S 499K 59K 31K 144K 265K Q % 26.9% 429K 61K 30K 115K 224K Q1 474K 65K 31K 128K 250K Q2 Unit: vehicles (Imported cars PC, SUV, MPV) 32.1% 31.8% 31.2% 31.3% 34.3% 443K 57K 28K 142K 55K 26K 142K 54K 24K 133K 62K 35K 148K 216K 224K 215K 229K Q3 447K Q4 427K Q K Q K 51K 29K 147K 201K Q Q (vs. Q3 ) - Total market : -3.1% (Domestic makers : -3.9%, Imported : +2.8%) - PC : -6.8% - SUV : +3.6% (Domestic makers : +2.0%, Imported : +15.6%) - SUV M/S : 34.3% (+2.2%p vs. Q3 ) - SYMC market share Total market : 6.2% (+0.2%p YoY) SUV market : 17.6% (-0.2%p YoY) 2018 (vs. ) - Total market : -1.2% (Domestic makers : -3.4%, Imported : +13.5%) - PC : -6.5% - SUV : +11.6% (Domestic makers : +11.2%, Imported : +14.4%) - SUV M/S : 32.2% (+3.7%p vs. ) - SYMC market share Total market : 5.9% (0.0%p YoY) SUV market : 17.7% (-2.2%p YoY)

6 Overseas Market Trend Europe (28 Countries) Russia 10,454K 11,028K 981K 778K 609K 26K (29%) 3,005K 3,806K (35%) (41%) 400K 1,140K 37K 494K (43%) 6,280K 6,196K YTD Aug. YTD Aug Total market : +5.5% - SUV market : +26.7% Unit : Vehicle Source : Automotive News, Marklines Excluding commercial vehicles ( ) : SUV portion out of total market 482K 528K YTD Aug. YTD Aug China - Total market : +16.2% - SUV market : +23.5% 14,978K 15,519K 1,323K 1,135K (40%) 5,990K 6,330K (41%) 7,101K 7,372K YTD Aug. YTD Aug Total market : +3.6% - SUV market : +5.7% PC SUV MPV Others (US: Pick-up) USA 11,034K 11,157K 1,805K 1,900K (42%) 4,671K 5,247K (47%) 4,119K 3,600K YTD Aug. YTD Aug Total market : +1.1% - SUV market : +12.3% 5

7 SYMC Sales Volume in Q ,306-3% 35,136 9,928-14% 8,569 (27%) (24%) 26,378 +1% 26,567 (73%) (76%) Q3 Q Domestic Export Unit: vehicle (including CKD) Sales volume decrease - Total Sales : -1,170 units (-3%) Domestic : +189 units (+1%) Export : -1,359 units (-14%) Domestic portion : +3%p - Q3 : Q = 73% : 76% Export by region (vs. Q3 ) - Asia Pacific : +148% (Including India CKD) - Others(ME, Africa & E. Europe) : +2% Rexton Sports vehicle sales increase - Total : 11,172 units (+54% YoY vs. K/Sports) thanks to new car effect 6

8 SYMC Sales Volume in ,651-4% 102,246 26,804-10% 24,174 (25%) (24%) 79,847-2% 78,072 (75%) (76%) Q3 YTD Q3 YTD 2018 Domestic Export Unit: vehicle (including CKD) Sales volume decrease - Total Sales : -4,405 units (-4%) Domestic : -1,775 units (-2%) Export : -2,630 units (-10%) Domestic portion : +1%p - : 2018 = 75% : 76% Export by region (vs. ) - Asia Pacific : +81% (Including India CKD) - Others(ME, Africa & E. Europe) : +10% Sports models vehicle sales increase Rexton Sports & Korando Sports : 34,396 units (+57% YoY) 7

9 Region-wise Export in 2018 W. Europe % out of export sales volume (Including CKD) 49% 38% Asia Pacific Including: India Others 21% % 5% 10% 2018 South America 25% 27% 2018 Others: ME, AF, E. Europe

10 Income Statement(Consolidated) / Q (Unit: billion krw) Category Q3 [K-IFRS 1018] Q3 Q vs. Q3 [K-IFRS 1018] (%) vs. Q3 (%) Sales % % Cost of sales % % Gross Profit % % SG&A % % Operating Profit OP margin % -1.9% -2.2% -2.4% -0.5%p %p - PAT

11 Operating Costs / Q Cost of sales % SG&A expense % 87.0% 87.9% 15.2% 14.5% +0.9%p -0.7%p Q3 Q Q3 Q (Cost of Sales/Sales)*100 (SG&A expenses/sales)*100 10

12 Income Statement(Consolidated) / 2018 (Unit: billion krw) Category [K-IFRS 1018] 2018 vs. [K-IFRS 1018] (%) vs. (%) Sales 2, , , % % Cost of sales 2, , , % % Gross Profit % % SG&A % % Operating Profit OP margin % -1.5% -1.8% -2.3% -0.8%p %p - PAT

13 Operating Costs / 2018 Cost of sales % SG&A expense % 86.3% +1.6%p 87.9% 15.5% -1.1%p 14.4% 2018 (Cost of Sales/Sales)*100 (SG&A expenses/sales)*

14 Q & Beyond Q Domestic : Expectation of the best sales quarter in 2018 Tax support Business day increase Export : Focus on new & emerging markets (Australia & India CKD) Beyond New SUV model launch in H (Korando C FMC) Connected car & Electric vehicle Stable labor relations Reinstatement of laid-off workers Efficient cost management (Capacity rate increase, SY Auto Capital) Stable Profitability Improvement 13

15 Australia Market Trend Total market in 2019(E) : 1.1 million (PC: 390K, SUV: 505K, PUP: 207K) SUV market has grown more than PC market since 2015 Unit : Vehicle Source : IHS Excluding commercial vehicles <Volume> 1,098K 1,117K 1,124K 1,122K 1,115K 168K 184K 199K 211K 207K 401K 433K 462K 500K 505K <Portion> 15% 16% 18% 19% 19% 36% 39% 41% 45% 45% 512K 485K 448K 398K 390K 47% 43% 40% 35% 35% 2015yr 2016yr yr 2018yr(E)2019yr(E) PC SUV MPV PUP 2015yr 2016yr yr 2018yr(E)2019yr(E) PC SUV MPV PUP SUV market : SUV-C segment - about 50% out of total SUV market (Korando C FMC in H1 2019) <Volume> 401K 50K 111K 433K 49K 129K 462K 46K 138K 500K 42K 150K 505K 47K 162K 201K 208K 223K 246K 235K 38K 47K 55K 62K 61K 2015yr 2016yr yr 2018yr(E) 2019yr(E) SUV-B SUV-C SUV-D SUV-E <Portion> 12% 11% 10% 8% 9% 28% 30% 30% 30% 32% 50% 48% 48% 49% 47% 10% 11% 12% 12% 12% 2015yr 2016yr yr 2018yr(E) 2019yr(E) SUV-B SUV-C SUV-D SUV-E 14