Embed Size (px)
DESCRIPTION
Citation preview
Hyundai Capital Services
ＩＲ資料（2014年上半期）
Hyundai Capital Services
DisclaimerThese presentation materials have been prepared by Hyundai Capital Services., Inc. (“HCS or the Company”), solely for the use at this presentation These presentation materials have been prepared by Hyundai Capital Services., Inc. (“HCS or the Company”), solely for the use at this presentation and have not been independently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Companies nor any of theirs affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. Neither the Companies nor any of their affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice.
Certain information and statements made in this presentation contain “forward-looking statements.” Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,”“believe,”“considering,”“depends,”“estimate,”“expect,”“intend,”“plan,”“planning,”“planned,” “project,” “trend,” and similar expressions. All forward-looking statements are the Companies’ current expectation of future events and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements.
Certain industry and market data in this presentation was obtained from various trade associations, and the Companies have not verified such data Certain industry and market data in this presentation was obtained from various trade associations, and the Companies have not verified such data with independent sources. Accordingly, the Companies make no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares or other securities of the Companies and neither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares in any offering of shares of the Companies should be made solely on the basis of the information contained in the offering document which may be published or distributed in due course in connection with any offering of shares of the Companies, if any.
The contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.
2012 2013 1H 13 1H 14 YoY
営業収益* 30,714 29,209 14,511 13,556 -6.8%
損益計算書 (単位：億ウォン)
主なイシュー I 収益性の低下
Key Highlights
� 営業収益の低下
- 取扱手数料の廃止効果の持続及び競争の激化で
営業費用* 24,767 24,860 12,036 12,039 -0.7%
貸倒償却費 3,768 4,531 2,040 2,266 11.1%
営業利益 5,947 4,349 2,475 1,433 -42.1%
当期純利益 4,367 3,914 2,482 851 -65.7%
ROA
取扱い減少
� 営業費用は前年水準を維持
- 低金利調達利息費用の減少により貸倒償却費の増
加を相殺
� 一過性効果により収益性の追加低下
- HK貯蓄銀行の評価損失を除いた場合ROA 1.1%
• 外為効果を除く
2.6%2.2% 1.9%
0.8%
2011 2012 2013 1H14
� 新車効果など自動車販売増による収益の増大
� 強力な費用効率化を進める
� 車の購入支援機能を強化 (Stage 2)
展望及び戦略
3
20121989 2015 2016 ~
USA UK,CHN CAN, GER BRA, AUS, RUS, IND
1993
KOR77.7%
71.1%83.8% 85.4% 85.1%
HMGグローバルl総販売(単位：万台) 海外割合
Hyundai Capital Global One Body Further Growth in the future
主なイシューII 海外事業の成⻑
� 海外販売の急激な成⻑とともにオートファイナ
ンス中心の安定した成⻑潜在力あり
USKoreaChina
India
Russia
Germany
UK
Australia Brazil
Canada
382 385
710 755
380
71.1%
'06 '09 '12 '13 '14.1H
* HCA, HCUK, BHAF含む
�9カ国11拠点、3.800人の社員
�34の販売法人を支援、36%の平均引受率
非金融法人金融法人
14.6 20.5 39.2 44.2 45.7
7.5% 19.5%48.2% 53.8% 55.6%
'06 '09 '12 '13 '14.1H
HCSグローバル金融資産 (単位：組) 海外* 割合
4
Source: Company data
� 新車：取扱手数料の廃止や競争激化で取扱い減少
� リース：輸入車リース営業の中止(3月)で取扱い減少
Others 2.8%
資産ポートフォリオ Key Highlights
資産
� リース：輸入車リース営業の中止(3月)で取扱い減少
� パーソナルローン：リスク強化の措置で取扱い減少
New Car 51.2%
Lease 19.4%
Used Car 7.4%
P. Loan 10.3%
Mortgage 8.9%
� 商品別ポートフォリオの現状を維持
� 下半期に現代自動車の新車効果が持続及び起亜自動
車の新車発売で新車の取扱い拡大が期待* オート資産：新車、リース、中古車
5
展望及び戦略• 与信の全体規模：20.3兆ウォン
• オート割合：78%
2.0%
2.5%2.7% 2.8% 2.7%
資産健全性及び引当金
30日以上の延滞率
全体資産 買入れNPLを除く � 延滞率の安定化の推移
- 新規取扱い資産の持続的なリスク管理を強化
Key Highlights
2.0%
2.3% 2.4% 2.6% 2.6%
2011 2012 2013 1Q14 2Q14
*銀行から引受けたNPL資産は除く
引当金の積立額 (単位：億ウォン)
- 景気回復に伴う資産健全性改善の期待
� 引当金積立額が増加
- 30+延滞率カバレッジ140%水準を維持
2011 2012 2013 1H14
実際の積立額* 6,099 6,566 7,626 8,045
30+延滞率カバレッジ**
151% 143% 154% 145% � リスク強化の措置を維持
� 景気回復に伴って資産健全性の改善の見通し* 貸倒引当金 + 貸倒準備金** 実際積立額 / 30+ 延滞資産
6
展望及び戦略
レバレッジ及び資本適正性
レバレッジ (単位：億ウォン)
� レバレッジ前年末の水準を維持
- 2012年以降の金融監督院の監督規定：
総資産 / 総資本*
Key Highlights
調整自己資本比率
レバレッジ10倍以下 (指導水準：8倍以下)8.3X7.2X 6.6X 6.7X
2011 2012 2013 1H14* 2013年から直前四半期の総資本へ基準が変更** 別途財務諸表基準
13.0%
14.5%15.1%
15.7%
2011 2012 2013 2014
� 金融監督院の指導水準以内でレバレッジを管理
� 規制と連係した配当政策を運営
* 金融監督院ガイドライン： 7%* *別途財務諸表基準
7
展望及び戦略
借入れ
商品別借入金の構成
� 市場状況を反映した戦略的なファンディング
- 低金利基調を活用しボンド割合が増加ABS
13.5%
Key Highlights
通貨別借入金の構成
� 持続的な市場の多角化
- 144A/Reg S債権の発行 (5億ドル、３年FRN)
• 借入金残高：17.5兆ウォン
• ⻑期借入金の割合：69.5%
国内債権
49.7%海外債権
27.0%
CP 1.1%銀行ローン
8.6%
13.5%
2.2%
1.5%
3.4%
4.7%
22.3%
65.9%
JPY
MYR
AUD
CHF
USD
KRW
8
展望及び戦略
� 商品ポートフォリオガイドライン：ABS < 20%、
CP < 10%
� ⻑期借入金の割合 > 60%
63.5% 69.2% 73.7%65.5%
流動性の現状 (単位：億ウォン)
Credit Line現金 短期借入金Coverage Ratio*
流動性の管理
� ストレステストモデルの精巧化で流動性基準を
強化
Key Highlights
12,971 11,004 13,045 11,987
25,106 24,795 23,448 23,065
38,077 35,799 36,492 35,052
2011 2012 2013 1H14
* 短期借入金Coverage Ratio= (現金 + 未使用のクレジットライン)/ 1年以下満期到来借入金の残高
� 主な市場指標のデイリーモニタリングで危機感知
機能を強化
� ALM基盤のファンディングで1年以内の満期到来
30.5%
借入金満期の現状 (単位：億ウォン)
� 負債満期 > 資産満期 : ALM 100%以上を維持
� 短期借入金カバレッジ60%以上を維持
24,337 29,215 22,037
37,681 36,658 25,556
13.9%13.9%13.9%13.9%16.6%16.6%16.6%16.6%
12.6%12.6%12.6%12.6%
21.5%21.5%21.5%21.5% 20.9%20.9%20.9%20.9%14.6%14.6%14.6%14.6%
2H14 1H15 2H15 2016 2017 2018~
9
展望及び戦略
[Appendix] Fact Sheet - HCS
(単位：十億ウォン、%) 2008 2009 2010 2011 2012 2013 1H13 1H14
自動車の内需販売Total (1,000 unit) 1,216 1,455 1,556 1,580 1,542 1,540 752 807
HMG M/S 73.0% 76.7% 73.5% 74.5% 74.6% 71.4% 73.4% 70.0%
資産構成
Total 16,030 16,480 18,788 19,806 20,286 20,397 20,293 20,252
自動車関係 79.5% 81.1% 81.9% 82.8% 79.8% 78.3% 79.1% 78.0%資産構成 自動車関係 79.5% 81.1% 81.9% 82.8% 79.8% 78.3% 79.1% 78.0%
非自動車関係 20.5% 18.9% 18.1% 17.2% 20.2% 21.7% 20.9% 22.0%
資産健全性
要注意以下 2.6% 2.3% 2.5% 3.2% 3.9% 5.7%* 5.4%* 6.1%*
NPL 1.6% 1.7% 2.0% 2.5% 3.0%* 3.7%* 3.5%* 3.9%*
30+延滞率 2.3% 1.8% 1.6% 2.0% 2.3%* 2.4%* 2.5%* 2.6%*
30+ 延滞カバレッジ 163.7% 152.7% 157.2% 151.3% 144.7% 138.5% 143.1% 144.5%
収益性 営業利益 505 541 630 659 595 435 247 143
資本&レバレッジ調整自己資本比率 11.5% 15.7% 13.7% 13.0% 14.5% 15.1% 15.3% 15.7%
資産レバレッジ 9.7X 7.4X 9.3X 8.3X 7.2X 6.6X 6.8X 6.7X
Total 14,335 14,378 16,560 17,330 17,338 17,755 17,049 17,548
10
借入金の構成
Total 14,335 14,378 16,560 17,330 17,338 17,755 17,049 17,548
社債 / 一般ローン 70.3% 73.9% 75.0% 80.6% 83.6% 84.6% 84.5% 85.4%
CP 10.6% 6.8% 8.5% 4.3% 3.4% 1.8% 2.8% 1.1%
ABS 19.1% 19.4% 16.5% 15.0% 13.0% 13.6% 12.7% 13.5%
短期借入カバレッジ 30.4% 36.0% 39.1% 63.5% 69.2% 73.7% 67.4% 65.5%
ALM
ALM比率 97.7% 120.4% 138.0% 163.7% 148.0% 142.0% 148.8% 138.4%
資産満期 (Y) 1.56 1.48 1.36 1.30 1.36 1.43 1.40 1.45
負債満期 (Y) 1.52 1.78 1.87 2.12 2.02 2.03 2.08 2.01
*銀行から引受けたNPL資産は除く
