2010 1Q Financial Results (including factbook) 2010.4.30 - IR Team -
본자료의 2010 년도 1 분기금호타이어의경영실적및관련한모든정보는투자자의편의를위하여외부감사인의검토가완료되지않은상태에서작성된것으로그내용중일부는외부감사인의최종검토과정에서달라질수있습니다. 한편본자료는 2010 년도경영방향등미래에대한내용을담고있으며, 이러한내용은향후경영환경의변화등에따라영향을받을수있으며본질적으로불확실성을내포하고있는것이므로향후경영환경의변화등에따라달라질수있음을양지하시기바랍니다. 본자료는어떠한경우에도투자자의투자결과에대한법적소재의입증자료로써사용될수없습니다.
Ⅰ. 10 1Q 실적 Review 1. 10년 1Q 매출, 손익 '10.1Q '09.4Q QoQ '10.1Q '09.1Q [ 본사 ] ( 단위 : 십억원 ) YoY 매출액 586.4 459.3 127.1 27.7% 586.4 496.9 89.5 18.0% 매출원가 477.5 434.8 42.7 9.8% 477.5 475.2 2.3 0.5% 매출총이익 108.9 24.5 84.4 344.5% 108.9 21.7 87.2 401.8% 매출총이익률 18.6% 5.3% 13.3% - 18.6% 4.4% 14.2% - 판관비 87.5 76.7 10.8 14.1% 87.5 81.0 6.5 8.0% 영업이익 21.3-52.2 73.5 흑자전환 21.3-59.3 80.6 흑자전환 영업이익률 3.6% -11.4% 15.0% - 3.6% -11.9% 15.5% - EBITDA 43.1-26.9 70.0-43.1-31.5 74.6 - 매출두자리수성장 (QoQ & YoY) 및영업이익흑자전환 가동률상승과타이어수요회복에따른매출증가, 영업이익흑자전환으로턴어라운드기대감조성 - 내수 45% (YoY), 3% (QoQ), 수출 19% (YoY), 36% (QoQ) -> 최대타이어시장인북미지역매출증가 : UHP 매출 148% (QoQ), 일반타이어매출 111% (QoQ) - 1분기평균가동률 : 88% ( 국내 ), 97% ( 해외 ) cf) 09.4Q: 92% ( 국내 ), 90% ( 해외 ) / 09.1Q: 60% ( 국내 / 해외평균 ) -> 워크아웃중긴급자금지원지연에따른원재료재고부족으로 1분기국내가동률은일시하락
Ⅰ. 10 1Q 실적 Review [ 본사 ] 2. 10년 1Q 영업외손익 ( 단위 : 십억원 ) '10.1Q '09.4Q QoQ '10.1Q '09.1Q YoY 영업외손익 9.0 (383.3) 392.3 102.4% 9.0 (61.7) 70.7 114.6% 이자손익 (26.7) (22.4) 4.3 19.2% (26.7) (21.8) 4.9 22.5% 지분법손익 (22.9) (117.5) -94.6-80.5% (22.9) (30.0) -7.1-23.7% 외환차손익 1.9 1.6 0.3 18.7% 1.9 (1.6) 3.5 218.8% 외화환산손익 (3.2) (5.5) -2.3-41.8% (3.2) (6.3) -3.1-49.2% 재고자산폐기손실 (0.3) (9.8) -9.5-97.0% (0.3) (0.9) -0.6-66.7% 파생상품손익 1.3 0.1 1.2 1200.0% 1.3 6.8-5.5-80.9% 기타 58.9 (229.8) 288.7 125.6% 58.9 (7.9) 66.8 845.6% 영업외손익개선, 향후해외법인안정화, 출자전환등을통한손익개선전망중국등해외법인실적개선및경영정상화로지분법손익개선기대 : 81% (QoQ), 24% (YoY) 적정재고유지로재고자산폐기손실감소 : 97% (QoQ), 67% (YoY) 금호사옥주식처분등으로지분법주식처분이익 63.9억발생 2 분기내채권단출자전환등채무재조정계획확정으로향후이자비용부담상당감소전망 - 7 page -
Ⅰ. 10 1Q 실적 Review [ 본사 ] 3. 10년 1Q 요약재무상태표 ( 단위 : 십억원 ) 10.1Q 09.4Q 09.1Q QoQ YoY 자산총계 2,333.3 2,409.3 3,075.3-76 -3.2% -742-24.1% 유동자산 785.2 779.9 997.7 5 0.7% -213-21.3% 당좌자산 637.5 598.4 692.0 39 6.5% -55-7.9% 재고자산 147.7 181.5 305.7-34 -18.6% -158-51.7% 비유동자산 1,548.1 1,629.1 2,077.7-81 -5.0% -530-25.5% 부채총계 2,283.5 2,344.5 2,273.6-61 -2.6% 10 0.4% 유동부채 2,147.8 2,200.1 1,633.9-52 -2.4% 513.9 31.5% 비유동부채 135.7 144.4 639.7-9 -6.0% -504-78.8% 차입금 1,373.5 1,577.4 1,468.3-204 -12.9% -95-6.5% 단기차입금 1,373.5 1,577.4 995.7-204 -12.9% 378 37.9% 장기차입금 - - 472.6 - - -473-100.0% 순차입금 1,364.3 1,564.5 1,436.9-200 -12.8% -73-5.1% 자본총계 49.8 64.5 801.7-15 -22.8% -752-93.8% 부채비율 (%) 4582.4% 3636.0% 283.6% - - - - 재고자산감소로적정재고지속하고있으며, 워크아웃으로차입금부담해소기대 2009년각고의재고감축노력으로재고자산적정수준으로감소 : 19% (QoQ), 52% (YoY) 2Q내채권단경영정상화방안확정에따른출자전환등으로차입금부담감소및재무구조획기적개선전망됨 - 10년 5월 4일내경영정상화이행약정 (MOU) 체결예정
Ⅰ. 10 1Q 실적 Review 4. 10년 1Q 매출, 손익 '10.1Q '09.4Q QoQ '10.1Q '09.1Q [ 중국 ] [ 단위 : 천 RMB] YoY 매출액 1,285,811 1,291,412-5,601-0.4% 1,285,811 842,436 443,375 52.6% 매출원가 1,113,529 1,105,310 8,219 0.7% 1,113,529 742,727 370,802 49.9% 매출총이익 172,282 186,102-13,820-7.4% 172,282 99,709 72,573 72.8% 매출총이익률 13.4% 14.4% -1.0% - 13.4% 11.8% -1.6% - 판매관리비 171,095 160,676 10,419 6.5% 171,095 117,104 53,991 46.1% 영업이익 1,187 25,426-24,239-95.3% 1,187-17,395 18,582-106.8% 영업이익률 0.1% 2.0% -1.9% - 0.1% -2.1% 2.2% - 영업외손익 -56,995-38,586-18,409 47.7% -56,995-68,550 11,555-16.9% 이자비용 65,047 66,623-1,576-2.4% 65,047 65,051-4 0.0% 경상이익 -55,808-13,159-42,649 324.1% -55,808-85,945 30,137-35.1% EBITDA 107,518 130,227-22,709-17.4% 107,518 61,584 45,934 74.6% 매출은전분기와유사하나, 내수매출증가로중국시장의견고한성장세견지 내수 RE 시장성장으로향후교체용타이어매출증가기대, 내수 OE는춘절로매출소폭감소 - 내수교체용시장 (RE) 21.5% (QoQ), 83.1% (YoY) / 내수신차용시장 (OE) 2% (QoQ), 94.2% (YoY) - RE 판매역량강화로수익성개선전망 : 4월 RE 부문판가인상 ( 평균 7%)
2010 1Q Factbook 2010.4.30 - IR Team -
Milestone 2010 Started a debt workout program with KDB (Korea Development Bank), a main creditor Ranked No.3 Very Recommendable in the quality test by German auto magazine, Autobuld Kumho Ecsta HM 2009 File for a debt workout with KDB (Korea Development Bank), a main creditor of Kumho Tire Co., Inc. Introduced New Eco-friendly tire, ECOWING at Frankfurt Motor Show, Germany Appointed Mr. Kim, Jong Ho as new CEO of Kumho Tire Co., Inc. Open TIREPRO, a flagship tire store in Ho Chi Min city, Vietnam Open TIRES4U, a retail outlet in North America 2008 Completed Vietnam plant (annual capacity of 3.15mn tires) Groundbreaking the APU (automation plant) Gerogia, U.S. to invest USD 165mn (annual capacity of 2.1mn tires) Open TIREPRO, Kumho Tire s exclusive flagship retail store in Shanghai, China Groundbreaking Kumho Tire s new central R&D center as Global R&D hub in nearby Seoul, invested KRW 70bn Completed Nanjing TBR plant in China (annual capacity of 0.3mn tires) Ranked No.3 in the test by Consumer Report (U.S.) Road Venture APT (For SUV) Changed shareholding structure, 10.7% of Kumho Tire shares from Cooper Tire & Rubber Co. to Beacon 2007 Established Kumho Tire France Contracted MOU for the 2 nd Capacity Expansion of Changchun plant up to 6.3mn tires annually Renominated as an official supplier for Masters of F3, Europe unitl 2011 Contracted w/ Manchester United as a Platinum sponsor for the next 4 yrs. Approved for Civil Aviation Tire as Korean Standard Order by Government Completed Changchun plant (annual capacity of 3.15mn tires) as the 3 rd facility in China Supplying 18 inch UHP for New Sebring of Daimler Chrysler, U.S New OE contracted with Benz for A-Class, Europe Launched X-Speed Tire (Speed up 360km/h) Implemented global ERP system 2006 Planned for a building of Changchun plant, Nanjing TBR plant in China, Vietnam plant, N/R processing factory Completed Tianjin plant (annual capacity of 5.25 mn tires) on July & KCTC on September Launched XRP (Run-flat Tire) Tires & Aroma Tires Commemorated the 60 th Anniversary of Kumho Asiana 2005 Dual-listed on the KRX (Korea Exchange) & the LSE (London Stock Exchange) 8
Operating Result Summary by quarter (KRW bn) 2007 1Q 2007 2Q 2007 3Q 2007 4Q 2008 1Q 2008 2Q 2008 3Q 2008 4Q 2009 1Q 2009 2Q 2009 3Q 2009 4Q 2010 1Q Total Assets 2,456.4 2,436.3 2,473.3 2,472.2 2,575.6 2,737.3 2,921.4 3,104.2 3,075.3 3,040.3 2,837.3 2,409.3 2,333.3 Current Assets 661.6 655.0 662.1 691.1 761.8 909.1 1,001.3 1,052.4 997.7 997.2 852.9 779.9 785.2 Non-current Assets 1,794.8 1,781.3 1,811.2 1,781.1 1,813.8 1,828.3 1,920.1 2,051.8 2,077.6 2,043.1 1,984.5 1,629.1 1,548.1 Total Liabilities 1,577.2 1,548.4 1,593.4 1,600.9 1,725.5 1,865.0 2,021.8 2,196.3 2,273.6 2,359.2 2,333.5 2,344.5 2,283.5 Current Liabilities 788.8 699.2 872.8 719.1 862.5 971.5 1,228.1 1,527.4 1,633.9 1,722.9 1,874.6 2,200.1 2,147.8 Longterm Liabilities 788.4 849.2 720.6 881.8 862.9 893.5 793.6 668.9 639.7 636.2 459.0 144.4 135.7 Stockholders' Equity 879.2 887.9 879.9 871.3 850.1 872.3 899.7 907.9 801.7 681.3 503.4 64.5 49.8 Total Debt 1,179.5 1,128.9 1,186.2 1,144.8 1,274.2 1,363.2 1,367.0 1,333.9 1,468.3 1,810.6 1,726.8 1,577.4 1,373.5 Net debt (Cash) 1,166.5 1,114.8 1,171.3 1,117.1 1,262.0 1,349.2 1,355.0 1,321.7 1,436.9 1,789.9 1,712.9 1,565.0 1,364.9 Volume ('000 tires) 7,329 8,184 7,895 8,841 7,128 7,499 6,999 7,191 5,264 5,807 5,372 6,884 7,320.0 Sales 453.7 517.3 503.5 554.8 524.7 614.4 623.6 636.0 496.9 468.6 469.9 459.3 586.4 Tire Export Ratio (%) 55.6% 54.8% 53.7% 54.1% 56.4% 56.5% 58.7% 56.3% 66.2% 62.5% 55.1% 53.4% 61.6% Cost of Sales 359.3 402.3 403.0 430.7 410.4 471.0 494.2 604.9 475.2 431.1 448.6 434.8 477.5 SG&A Expenses 72.2 79.7 76.7 93.8 85.3 90.6 90.0 115.7 81.0 82.4 78.5 76.7 87.5 Raw material 170.0 177.7 164.5 182.0 181.4 225.5 232.6 274.3 158.0 162.9 117.3 204.1 204.2 Labor (COGS) 74.8 86.2 89.3 85.8 80.5 83.3 85.8 95.3 78.2 64.8 59.3 62.4 77.4 Labor (SG&A) 18.0 19.6 19.6 19.1 19.8 21.2 22.1 23.6 16.2 18.8 17.3 17.0 23.4 Depreciation (COGS) 32.7 33.5 31.3 30.3 31.9 32.7 33.5 34.0 23.4 23.3 23.5 20.7 18.7 Operating Profit 22.1 35.4 23.8 30.3 28.8 52.8 39.4 (84.7) (59.3) (44.9) (57.2) (52.2) 21.3 OPM(%) 4.9% 6.8% 4.7% 5.5% 5.5% 8.6% 6.3% -13.3% -11.9% -9.6% -12.2% -11.4% 3.6% Income Taxes 0.3 1.8 (2.8) (1.2) (4.8) (9.2) (16.0) (24.1) (12.0) (23.2) 0.0 4.1 9.5 Net Profit (14.3) 11.3 (10.7) (10.5) (31.6) 3.3 (22.3) (149.8) (109.1) (113.2) (114.3) (439.6) 20.9 EBITDA 58.6 72.7 60.1 65.1 55.9 91.3 75.9 (46.3) (31.5) (17.1) (29.1) (26.9) 43.1 * Numbers are subject to change after Independent audit. 9
Production Outlook (Unit: 000 tires) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Vietnam Changchun(CN) Tianjin(CN) Nanjing(CN) Pyeongtaek Gokseong Gwangju 0 2005 2006 2007 2008 2009 2010 (Based on actual output) 2005 2006 2007 2008 2009 2010(E) Domestic 74.4% 67.6% 59.1% 52.7% 45.7% 49.9% Overseas 25.6% 32.4% 40.9% 47.3% 54.3% 50.1% 10
Raw Material Cost (US$/Ton) 5,000 4,000 3,000 2,000 1,000 Raw Material N/Rubber S/Rubber T/Cord S/Cord C/Black B/Wire The others (Based on amount) % of Total 29.9% 26.2% 8.0% 9.3% 12.2% 2.1% 12.3% 0 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 (Based on input cost) N/Rubber S/Rubber T/Cord S/Cord C/Black B/Wire (US$/Ton) Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Ave. Cost 1,728.98 1,724.71 1,731.52 1,774.95 1,901.44 2,061.64 2,328.34 2,322.76 1,887.23 1,622.73 1,577.40 1,708.51 1,976.45 11
Sales Breakdown Parent only (Unit: '000 tires) Volume 1Q/10 4Q/09 1Q/09 % QoQ % YoY Domestic 2,924 3,126 2,158-6.5% 35.5% Export 4,396 3,758 3,106 17.0% 41.5% Total (tire only) 7,320 6,884 5,264 6.3% 39.1% Amount 1Q/10 4Q/09 1Q/09 % QoQ % YoY (Unit: bn Won) Domestic 175 180 121-2.8% 44.6% Export 281 206 237 36.4% 18.6% Total (tire only) 456 386 358 18.1% 27.4% 12
Sales Breakdown Parent only (Unit: bn Won) 1Q/10 4Q/09 1Q/09 59 57 55 Domestic 175 180 121 % of Total 38.4% 46.6% 33.8% Export 281 206 237 41 43 46 % of Total 61.6% 53.4% 66.2% Total 456 386 358 FY09 FY08 FY07 Domestic Export (%) 13
Sales Breakdown Parent only Breakdown by Export Asia, 7.9% Oceania, 9.2% Europe, 22.7% Asia, 5.3% Oceania, 6.0% M.Asia, 13.5% Europe, 25.3% M.Asia, 17.8% S.America, 11.4% S.America, 15.0% Africa, 7.5% Africa, 6.4% N.America, 19.8% N.America, 32.0% <Q4/09 KRW 206bn> <Q1/10 KRW 281bn> 14
UHP Sales Parent only (Unit: bn Won) 2Q/07 3Q/07 4Q/07 1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 4Q/09 1Q/10 UHP volume ('000) 1,439 1,458 1,492 1,367 1,476 1,373 1,082 956 976 1,100 1,518 1,661 UHP sales (bn Won) 84 81 104 85 99 97 71 66 61 63 76 105 UHP % of total revenue 16.3% 16.1% 18.7% 16.2% 16.2% 15.5% 11.4% 13.2% 13.0% 13.5% 15.0% 17.9% Korea, 36.6% Europe, 18.9% Korea, 27.1% Europe, 22.1% Oceania, 5.3% Africa, 1.9% Asia, 3.9% Oceania, 6.8% M.Asia, 7.9% Africa, 1.5% Asia, 6.4% M.Asia, 9.5% S.America, 4.4% S.America, 4.7% N.America, 27.6% <Q4/09> N.America, 15.4% <Q1/10> 15
Foreign Currency Exposure Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Inflow Outflow Inflow Outflow Inflow Outflow Inflow Outflow Inflow Outflow Inflow Outflow USD (mn) 261.6 394.5 261.6 394.5 159.4 230.6 166.8 248.5 190.5 376.8 225.5 302.4 JPY (bn) 1.4 0.1 1.4 0.1 0.8 0.0 0.8 0.6 0.7 0.1 0.7 0.0 EUR (mn) 36.5 0.4 36.5 0.4 24.1 0.3 33.7 0.3 26.2 0.5 30.3 0.5 USD (2) (mn) 55.6 2.6 55.6 2.6 54.6 1.5 44.1 1.6 58.0 2.2 65.4 2.9 Dec. 2008 Mar. 2009 Jun. 2009 Sep. 2009 Dec. 2009 Mar. 2010 Asset Liability Asset Liability Asset Liability Asset Liability Asset Liability Asset Liability USD (mn) 197.2 266.5 197.2 266.5 276.8 234.6 268.6 164.4 279.7 251.1 300.7 213.3 JPY (bn) 0.1 1.6 0.1 1.6 0.2 1.0 0.2 0.5 0.1 0.6 0.2 0.1 EUR (mn) 18.1 3.9 18.1 3.9 16.4 0.9 18.3 0.8 6.2 5.2 4.9 5.2 USD (2) (mn) 16.7 0.9 16.7 0.9 9.4 0.2 6.5 0.5 5.0 4.7 10.8 7.5 16
Shareholder Structure - Foreigners hold 15.7% as of April, 2010 Others 40.2% Kumho Petrochemical 47.3% Mackenzie Cundill 1.8% Beacon 10.7% <No. of Shares 70 million> 17