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2014 Business Results
January 23, 2015
Kia Motors
Note for Investors
This presentation has been prepared with unaudited
4th results of year 2014 for investor’s convenience.
Therefore, some numbers may change upon
the review of Kia’s independent auditors.
Table of Contents
• Sales Summary
• Financial Summary
• Revenue & Profit Analysis
• 2015 Business Plan
• Appendix
Sales Summary
• Retail Sales
• Ex-factory Sales
1
458 465
547 646
+1.5%
+18.2%
535 580
+8.4%
339 354
+4.3%
867 862
-0.6%
2,746 2,907
+5.9%
2013
2014
*
▣ 2014 Sales Summary : Retail Sales
Korea
China
US Europe
Rest of World Global Retail Sales
(Unit : Thousand)
2013 2014
* Europe : EU + EFTA
Ex-factory Volume by Plant
2
▣ 2014 Sales Summary : Ex-factory Sales
Ex-factory
Sales
Domestic
Export
Korea Plant
Europe
China
Overseas Plant
US
(Unit : Thousand)
2013
Change (%) 2014
(Unit : Thousand)
2013 2014
Korea
US
Europe
China
2,827 +7.6
1,598 +6.8
458 +1.5
1,140 +8.9
3,041
1,706
465
1,241
1,229 +8.6
313 +3.4
547 +18.2
1,335
323
646
369 366 -1.1
2,827
3,041
+7.6 %
56.5%
13.1%
11.1%
19.3%
56.1%
12.0%
10.7%
21.2%
Financial Summary
• Income Statement
• Statement of Financial Position
• Cash Flow Highlights
Revenue
Operating Profit
Recurring Profit
Net Profit
Gross Profit
2013 2014 Change (%) as %
of Rev.
(Unit : Billion Won)
3
▣ Income Statement
Cost of Sales
as %
of Rev.
SG&A
* F/X Rate (USD/KRW) : 2013 W1,095 → 2014 W1,054 (41won↓, -3.7%)
47,598 100 -1.1 47,097 100
3,177 6.7 -19.0 2,573 5.5
4,829 10.1 -21.0 3,816 8.1
3,817 8.0 -21.6 2,994 6.4
10,086 21.2 -7.4 9,343 19.8
37,512 78.8 +0.6 37,754 80.2
6,909 14.5 6,770 14.4 -2.0
Assets
Current Assets
2013-End 2014-End Change
Liabilities
Debt
(Net Debt)
Equity
Debt-to-Equity Ratio
Net Debt-to-Equity Ratio
* Cash = Cash & Cash Equivalents + Short-term Financial Instrument
** Net Debt-to-Equity = Net Debt / Equity
(Cash)
(Unit: Billion Won)
Current Ratio
*
* *
4
▣ Statement of Financial Position
36,182
13,472
15,927
3,339
(-3,007)
20,255
16.5%
-14.8%
(6,347)
124.7%
+4,862
+3,154
41,044
16,626
+2,633
+1,352
(+1,761)
18,560
4,691
(-1,246)
+2,229
+4.4%p.
+9.3%p.
22,484
20.9%
-5.5%
(5,937) (-409)
+14.2%p. 138.9%
5
▣ Cash Flow Highlights
(Unit : Billion Won)
* Above cash balance excludes shot-term financial instruments
Beginning
Cash Balance
Ending
Cash Balance
Net Profit
Depreciation/
Amortization
Tangible/
Intangible Asset
Others
+167
2,311
2,994
1,337
2,478
-2,035
+4,331 -4,164
-2,129
Revenue & Profit Analysis
• Revenue Analysis
• COS and SG&A
• Non-Operating Items
Revenue by Region
6
▣ Revenue Analysis
▶ Won Appreciation
· USD / KRW 1,095won → 1,054won (-3.7%)
Contributing Factors
Positive
Negative
Sales by Segment
A+B+C D+E RV Others
2013 2014
* Global retail sales (excluding China)
Others
Europe
North America
Korea
▶ ASP Improvement
· Korea : 19.1mn → 19.5mn (+2.1%)
· Export : $13.8thou. → $14.2thou. (+2.5%)
• Korea : KMC domestic revenue
• North America : KMA/KCI wholesale revenue + KMMG OEM revenue
• Europe : Europe sales subsidiaries’ wholesale revenue + KMS export revenue
• Others : KMC direct export revenue + Russia/KMAU/KMNZ wholesale revenue
2014 2013
47,598
-1.1%
47,097
28.0%
17.2%
35.9%
18.9%
26.6%
17.8%
35.8%
19.8%
52.2%
4.7%
13.9%
29.2%
52.0%
4.5%
13.1%
30.4%
(% of Revenue) (% of Revenue)
2013 2014
7
SG&A COS
▣ COS and SG&A
Warranty Expense
Export Expense
Marketing Expense
Salary & Wages
Others
78.8%
80.2%
2013 2014
+1.4%p.
3.7 3.8
2.2 2.1
1.9 1.9
4.5 4.3
2.2 2.3
14.5% 14.4%
-0.1%p.
(Unit: Billion won)
8
Equity Earnings Finance Income / Expense Other Income / Expense
▣ Non-Operating Items
1,320
1,394
2013 2014 2013 2014 2013 2014
16
-232
316
+74
82
-234
-248
2015 Business Plan
9
▣ 2015 Business Plan
3,041 +3.6
1,706 +0.2
465 +3.3 Domestic
1,241 -0.9 Export
3,150
1,710
480
1,230
Korea Plant
1,335 +7.9
323 +2.0 Europe
646 +15.3 China
1,440
330
745
Overseas Plant
366 -0.1 US 365
(Unit : Thousand)
2,907 +6.7 3,103
465 +3.3 Domestic 480
580 +12.0 US 650
354 +5.8 Europe 375
646 +15.3 China 745
862 -1.0 ROW 853
*
* Europe : EU + EFTA
Ex-Factory
Sales
Retail
Sales
2014 Change (%) 2015 2014 Change (%) 2015
Thank you.
http://pr.kia.com
Appendix
• Retail Sales by Region
(Korea, US, Europe, China, Rest of World)
• Quarterly Income Statement
9
2015 Outlook & Strategy Sales & Market Share
▣ Korea
(Unit : Thousand)
CV RV PC
* M/S is based on demand including imported cars.
458
+1.5%
29.8%
2015(P)
+3.3%
28.0%
2014 2013
61.1%
26.9%
12.0%
56.8%
30.7%
12.5%
465 480
50.3%
37.7%
12.0%
Industry Demand : +2.0%
▣ Strategy
▣ Market Outlook
▷ Despite increase in household debts and
weak real estate market, improved domestic
economy coupled up with new car effect will lead to
the highest market demand ever (1.7mn units in ’15)
▷ Sales growth of imported cars are expected to
continue with additional individual consumption tax cuts
and increased incentives from foreign brands
▷ New model launches of K5, Sportage to enhance
product competiveness and profitability
▷ Sorento, Carnival to drive sales momentum continuously
10
▣ US
Sales & Market Share
(Unit : Thousand)
RV PC
▣ Strategy
▣ Market Outlook
▷ 성공적인 신차 런칭(쏘렌토, K5)을 위한 마케팅 역량 집중
▷ 스포츠 마케팅(NBA, LPGA 등)을 활용한 브랜드 가치 제고
▷ 소비자/딜러 금융 프로그램 운영으로 가격 경쟁력 확보
535
+8.4
3.4%
2015(P)
+12.0%
3.5%
2014 2013
72.8%
27.2%
72.4%
27.6%
580
650
66.9%
33.1% ▷ 고용시장 안정 및 유가하락 등으로 소형 상용 중심 증가 전망
→ 전년 대기수요 해소에 따른 제한적 증가폭 예상
▷ 엔화약세로 인한 일본업체 판촉 공세 강화 전망
→ 경쟁차급 및 노후모델에 대한 인센티브/마케팅 확대
2015 Outlook & Strategy
Industry Demand : +1.9%
▣ Market Outlook
▣ Strategy
▷ Based on improved consumer sentiment and
stabilizing oil prices, demand recovery in RV segment
will likely to be stronger compared to PC segment
▷ Due to lower demand growth expectation, competition
among the automakers will get intensified
▷ New model launch of Sorento(Jan) and expanded
sales of Carnival to drive sales growth
▷ Flexible incentive strategy to defend M/S and
achieve sales target
11
▣ Europe
Sales & Market Share
(Unit : Thousand)
▣ Strategy
▣ Market Outlook
▷ Auto demand is likely to be maintained positive with
expectation for potential demand growth in
green-car segment
▷ Prolonged Russia crisis and deflation depression
may limit the demand growth
339
+4.3%
2.8%
2015(P)
+5.8%
2.7%
2014 2013
66.9%
33.1%
63.6%
36.4%
354 375
65.6%
34.4%
▷ Strengthened marketing activities to promote
new model launches of Sportage, cee’d F/L
▷ Sales promotion using low interest rate auto financing
programs to attract repurchases
2015 Outlook & Strategy
Industry Demand : +3.5%
RV PC
12
▣ China
Sales & Market Share
(Unit : Thousand)
RV PC
2015 Outlook & Strategy
▷ Motorization in western in-land cities and replacement
demand in east-coast cities will support growth
▷ Though less than double-digit growth rate expected
due to concerns from slow domestic economy
▣ Strategy
▣ Market Outlook
▷ Full-utilization of China 3rd plant to allow sharper growth
than the industry
▷ Introduction of Chinese strategic models(KX3, K4) to
enhance product competitiveness
547
+18.2%
3.6%
2015(P)
+15.3%
2014 2013
75.6%
24.4%
78.8%
21.2%
646
745
75.4%
24.6%
3.8% Industry Demand : +8.6%
13
▣ Rest of World
2015 Sales Plan Sales & Market Share
CV RV PC
▣ Strategy
867
-0.6%
2015(P)
-1.0%
2014 2013
64.4%
30.0%
5.6%
65.1%
29.8%
5.1%
862 853
64.5%
30.1%
5.4%
▷ Russia : - Reduce shipment from Korea/Slovakia plants
- Reroute volume to other ROW markets
- Increase prices to defend profitability
- Focus sales capabilities on ‘Rio’
(Unit : Thousand) (Unit : Thousand)
Canada
Russia
▣ Sales by Region
Sales Weight YoY(%) Rest of the world
Middle East/Africa
Eastern Europe/Turkey
Latin America
Asia/Pacific
+2.6% 35%
+0.2% 6%
+7.1% 9%
-12.0% 19%
+6.0% 12%
299
47
75
166
106
-2.7% 19% 160
15
▣ Quarterly Income Statement
2013
1Q 2Q 1Q 2Q
2014
3Q 3Q 4Q 4Q
4Q’14 vs.
4Q’13
Revenue
Gross Profit
Operating Profit
Recurring Profit
Net Profit
COGS
as % of Rev.
Margin (%)
Margin (%)
Margin (%)
Margin (%)
(Unit : Billion Won)
11,926
2,479
736
1,064
876
9,447
(79.2)
(20.8)
(6.2)
(7.3)
(8.9)
12,055
2,468
770
1,320
1,024
9,587
(79.5)
(20.5)
(6.4)
(8.5)
(11.0)
-0.5
-9.1
-23.0
-50.2
-54.0
+1.6
11,415
2,219
567
853
657
9,196
(80.6)
(19.4)
(5.0)
(5.8)
(7.5)
11,702
2,177
501
579
436
9,525
(81.4)
(18.6)
(4.3)
(3.7)
(4.9)
11,085
2,345
704
971
784
8,740
(78.8)
(21.2)
(6.4)
(7.1)
(8.8)
13,113
2,990
1,126
1,469
1,181
10,123
(77.2)
(22.8)
(8.6)
(9.0)
(11.2)
11,634
2,357
696
1,226
903
9,277
(79.7)
(20.3)
(6.0)
(7.8)
(10.5)
11,767
2,395
650
1,163
949
9,372
(79.6)
(20.4)
(5.5)
(8.1)
(9.9)