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Hyundai Motor Company 2012 Business Results

January 24, 2013

Cautionary Statement with Respect to Forward-Looking Statements


In the presentation that follows and in related comments by Hyundai Motors management, our use of the words expect, anticipate, project, estimate, forecast, objective, plan, goal, outlook, target, pursue and similar expressions is intended to identify forward looking statements. The financial data discussed herein are presented on a preliminary basis before the audit from Independent Auditor; final data will be included in HMCs Independent auditors report. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important factors. Such factors include, among others, the following : changes in economic conditions, currency exchange rates or political stability; shortages of fuel, labor strikes or work stoppages; market acceptance of the corporations new products; significant changes in the competitive environment; changes in laws, regulations and tax rates; and the ability of the corporation to achieve reductions in cost and employment levels to realize production efficiencies and implement capital expenditures at levels and times planned by management. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.

Table of Contents
Sales Summary Financial Summary Revenue & Profit Analysis 2013 Business Plan Appendix

Sales Summary

Retail Sales Wholesale

Sales Summary : Retail Sales


2011 2012
(Unit : 1,000 vehicles)

+11.8% +10.2%

-2.2%

+8.9%

682 403 444 757 847

667

Korea

646

703

E U

China

US

+7.4%

+7.1%

1,611

1,731

4,099 2011

4,392 2012

Others

Global Retail Sales

Source : Company data (Includes shipment of LCV / Excludes CKD sales)

Sales Results by Key Region


(Unit : 1,000 vehicles)

Korea Korea
46.4%
682
185 77

US US
47.3%
5.1%
+8.9% 646
131

EU EU
4.9%
703
128

2.6%
+10.2% 403
6 138

3.2%

-2.2%

667
162 112

444
5 145

420

393

515

575
259 294

2011

2012

PC

RV

CV

M/S

2011

PC

RV

2012

M/S

2011

2012

PC

RV

CV

M/S

Despite of market demand decrease (4.3%) in 2012, M/S has increased Strong sales of Santa Fe (68k,162%), due to new model launch
Source : Company data / Automotive News / ACEA

Maintained strong sales trend of key models (YF 231k / MD 202k) Lowest level of incentive spending (2012 Avg. : $946 / units)

Despite of weak market demand (7.8%) in 2012, sales of i40 and ix 35 increased Robust sales growth in countries covered by direct sales subsidiaries (Germany 22% / France 31%)

Sales Summary : Wholesale


Sales Volume by Plant Sales Volume by Plant
(Unit : 1,000 vehicles)

Sales Mix by Segment Sales Mix by Segment

4,059

+8.6%

4,410
Korea China

7% 17% 19%

6% 16%
CV

1,885

1,911

India US Czech Turkey Russia Brazil

17%

RV Mid-Large PC Small PC

740 616 338 251 2011 91 138

856 641 361 303 2012 86 225 27

57%

61%

2011

2012

Sales volume by plant (Wholesale basis)

(KFinancial Summary (K-IFRS)

Statement of Income Financial Summary by division Statement of Financial Position Cash Flow Highlights

Consolidated Statement of Income


(KRW Billion)

2011
Sales Revenue Gross Profit
Margin (%)

2012 84,470 19,498


23.1

Change
8.6% 3.2% 1.8% 5.1% 11.1% 11.7%

77,798 18,896
24.3

SG&A
Portion (%)

10,867
14.0

11,061
13.1

Operating Profit
Margin (%)

8,029
10.3

8,437
10.0

Recurring Profit
Margin (%)

10,447
13.4

11,605
13.7

Net Profit
Margin (%)

8,105
10.4

9,056
10.7

Depreciation Amortization EBITDA

1,596 739 10,364

1,698 823 10,958

Consolidated Statement of Income (K-IFRS), Business results of BHMC is accounted in equity income accounting Operating income presentation adjusted Net Profit includes non-controlling interest

Financial Summary by Division


(KRW Billion)

2011
Sales Revenue
Automotive Finance Other

2012 84,470
71,307 8,663 4,500

Change
8.6% 6.3% 18.9% 32.1% 5.1% 1.3% 2.2% 63.7%

77,798
67,104 7,288 3,406

Operating Profit
Automotive Finance Other
Consolidation adjustment

8,029
6,624 1,203 155 45

8,437
6,711 1,178 255 294

Consolidated Statement of Income (K-IFRS)

Consolidated Statement of Financial Position


(KRW Billion)

2011
Assets
Current Assets Cash & Cash Equivalents*

2012
121,538 54,848 19,143 73,620 32,836 45,207 7,009 47,918
167.0 94.3

Change
12,058 5,921 3,729 4,468 328 1,869 362 7,590

109,480 48,926 15,415 69,152 33,164 43,339 6,647 40,328


147.5 107.5

Liabilities
Current Liabilities Short & Long-Term Debt Provision

Equity
Current Ratio (%) Debt / Equity Ratio (%) Net Debt EBITDA / Interest Expense

27,924 20.3 x

26,064 25.7 x

1,860

Consolidated Statement of Financial Position (K-IFRS) Cash & Cash Equivalents : Cash & cash equivalents + Short-term financial instruments

Consolidated Cash Flow Highlights


+ 2,521 + 9,056
Depreciation / Amortization

3,806

(KRW Billion)

7,243
Tangible / Intangible Asset

6,759 6,232
Net Income Others

Beginning Cash Balance


Consolidated Cash Flow Highlights (K-IFRS) Above figures includes consolidation adjustments by business division (Automotive / Finance / Others)

Ending Cash Balance 7

Revenue & Profit Analysis

Sales Revenue Analysis COGS and SG&A Other Items

Sales Revenue Analysis


Sales Revenue Sales Revenue
(KRW Billion)

Positive / Negative Contributors Positive / Negative Contributors


Positive Factors

77,798

84,470

+ 6,672
(8.6% )

Improved global sales Unit sales : + 8.6% (4,059K

4,410K)

67,104

71,307

KRW depreciation against the USD USD / KRW 1,113.4 1,124.9 (1.0% )

Negative Factors
7,288 3,406 8,663 4,500

2011
Automotive Finance

2012
Others

KRW appreciation against the EUR EUR / KRW 1,547.1 1,452.7 (6.1% )

Consolidated sales revenue excludes sales revenue of BHMC Consolidated sales revenue by business division (Automotive / Finance / Others)

COGS and SG&A


COGS COGS
(% of Revenue)

SG&A SG&A
(% of Revenue, KRW billion)

+1.2%pt

10,867 76.9%
SG&A
Salary & Wage Marketing Expense Sales Warranties Warranty Provision Other

+1.8%

11,061 11,061
2.7%

2.8%

75.7%

4.4% 0.2% 1.5%

3.6% 0.3% 1.1%

5.0%

5.3%

2011

2012

2011

2012

Consolidated Statement of Income (K-IFRS)

Other Items
(KRW Billion)

Non-Operating Non-Operating Income //Expense Income Expense

Finance Finance Income //Expense Income Expense

Equity Earnings Equity Earnings

2,404 345 243 47 32

2,580

2011

2012

2011

2012

2011

2012

2011 : 2,418.3

Other Items

2012 : 3,168.2

Consolidated Statement of Income (K-IFRS)

10

2013 Business Plan

2013 Business Plan


(000 units)

2012
Total Sales Unit Korea Plant
Domestic Export

2013 (P)
4,660 1,850
668 1,182

Change(%) +5.7 -3.2 +0.1 -5.0 +12.4 +7.4 +13.3 -1.3 -1.0 +53.7

4,410 1,911
667 1,244

Overseas Plant
US China India Czech Others
Sales volume by plant (Wholesale basis)

2,499
361 856 641 303 338

2,810
388 970 633 300 519

11

Appendix

Overseas Plant Operations Statement of Income (Quarterly) Change in Operating Income Presentation

Overseas Plant : HMMA & BHMC


(Unit : 1,000 vehicles / KRW Billion)

US Plant (HMMA) US Plant (HMMA)


Sales Volume Revenue

China Plant (BHMC) China Plant (BHMC)


Sales Volume
Elantra Tucson Sonata Others

Revenue

Sonata

Elantra

338
112

361
Revenue

2011

2012

Chg

856 740
158 154 114 164 117 214
Revenue

2011

2012

Chg

6,200

6,992 13%

12,406

14,519 17%

139

226

222

314

361

2011

2012

2011

2012

Above figures are standalone results base

12

Overseas Plant : HMI & HAOS


(Unit : 1,000 vehicles / KRW Billion)

India Plant (HMI) India Plant (HMI)


Sales Volume
i10 Eon i20 Others

Turkey Plant (HAOS) Turkey Plant (HAOS)


Sales Volume
Accent i20

Revenue

Revenue

616
189 28 128

641
142 113 135
Revenue

2011

2012

Chg

2011

2012

Chg

5,052

5,097

1%

91

86

Revenue

1,477

1,576

7%

73 83

271

251

18
2011 2012

3 2012

2011

Above figures are standalone results base

13

Overseas Plant : HMMC & HMMR


(Unit : 1,000 vehicles / KRW Billion)

Czech Plant (HMMC) Czech Plant (HMMC)


Sales Volume
i30 Venga (Kia) ix20 ix35

Russia Plant (HMMR) Russia Plant (HMMR)


Sales Volume
Solaris Rio (Kia)

Revenue

Revenue

303 251
70 28 46 127
Revenue

2011

2012

Chg Revenue

2011

2012

Chg 58%

4,351

5,311 22%

225

1,806

2,855

46

138
21

100

107

130

117

125

2011

2012

2011

2012

Above figures are standalone results base

14

Overseas Plant : HMB


(Unit : 1,000 vehicles / KRW Billion)

Brazil Plant (HMB) Brazil Plant (HMB)


Sales Volume
HB

Revenue

2011 Revenue

2012

Chg

414

27

2011

2012

Above figures are standalone results base

15

Statement of Income (Quarterly)


(Unit : 1,000 vehicles / KRW Billion)

2011
4Q
Global Plant Sales Korea Plant Overseas Plant Sales Revenue Gross Profit
Margin (%)

2012
1~4Q
4,059 1,884 2,175 77,798 18,896

2012 4Q

1Q
1,072 483 589 20,165 4,639

2Q
1,110 508 602 21,940 5,408

3Q
1,001 392 609 19,646 4,444

4Q
1,227 528 699 22,719 5,007

1~4Q
4,410 1,911 2,499 84,470 19,498

vs. 2011 4Q

1,110 534 576 20,519 4,936

10.6% 1.1% 21.4% 10.7% 1.4% 10.9% 11.7% 0.6% 5.5%

24.1
2,862

24.3
10,867

23.0
2,547

24.6
2,871

22.6
2,468

22.0
3,175

23.1
11,061

SG&A
Portion (%)

13.9
2,074

14.0
8,029

12.6
2,092

13.1
2,537

12.6
1,976

14.0
1,832

13.1
8,437

Operating Profit
Margin (%)

10.1
2,545

10.3
10,447

10.4
3,148

11.6
3,145

10.1
2,781

8.1
2,531

10.0
11,605

Recurring Profit
Margin (%)

12.4
2,002

13.4
8,105

15.6
2,451

14.3
2,547

14.2
2,166

11.1
1,892

13.7
9,056

Net Profit
Margin (%)

9.8

10.4

12.2

11.6

11.0

8.3

10.7

Consolidated Statement of Income (K-IFRS), Business results of BHMC is accounted in equity income accounting Operating income presentation adjusted Net Profit includes non-controlling interest

16

Change in Operating Income Presentation


(Unit : KRW Billion)

Before Change Before Change 2012


4Q
Sales Revenue Gross Profit
Margin (%)

After Change After Change 2012


1~4Q
84,470 19,498 Sales Revenue Gross Profit
Margin (%)

4Q
22,719 5,007

1~4Q
84,470 19,498

22,719 5,007

22.0
3,175

23.1
11,086

22.0
3,175

23.1
11,061

SG&A
Portion (%) Other Operating Profit

SG&A
Portion (%)

14.0
7 1,839

13.1
269 8,680

14.0
1,832 8.1 7 117 575 2,531

13.1
8,437 10.0 243 345 2,580 11,605

Operating Profit
Margin (%) Non-Operating Income/Expense Finance Income/Expense

Operating Profit
Margin (%) Finance Income/Expense

8.1
117 575 2,531

10.3
345 2,580 11,605

Equity Earnings Recurring Profit


Margin (%)

Equity Earnings
Margin (%)

Recurring Profit Net Profit


Margin (%)

11.1
1,892

13.7
9,056

11.1
1,892

13.7
9,056

Net Profit
Margin (%)

8.3

10.7

8.3

10.7

Consolidated Statement of Income (K-IFRS), Business results of BHMC is accounted in equity income accounting Net Profit includes non-controlling interest

17