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KIS Credit Monitor 2009.7.13 06 07 GM GM 8,,, or,,, GMC 4 4 GM,, GM 3 47 30 582 488 6,246 3,605 (2010 10 ) 3.5 2.7 6.1 4 ( 2011 3.8) 48 34 76 50 ( 2014 41 ) 78 45 544 (09 3 ) 170
Special Report 2003 2004 2005 2006 2007 2008 09.1~5 Big3 61.8% 60.1% 58.2% 54.9% 51.8% 48.1% 45.3% Big3 24.1% 26.3% 28.3% 30.7% 32.6% 34.8% 34.5% ( ) 2.4% 2.5% 2.7% 2.8% 2.9% 3.0% 4.2% ( ) 1.4% 1.6% 1.6% 1.8% 1.9% 2.1% 3.1% + 3.8% 4.1% 4.3% 4.5% 4.8% 5.1% 7.3% 5.5% 5.2% 5.1% 5.6% 5.9% 6.7% 7.3% 4.8% 4.3% 4.0% 4.3% 4.9% 5.2% 5.6% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 2004 2005 2006 2007 2008 09.1~5 Big3-1.7%p -1.9%p -3.3%p -3.1%p -3.7%p -2.8%p Big3 130.6% 107.3% 72.1% 60.1% 61.1% -12.3% ( ) 4.5% 10.9% 2.3% 4.6% 3.8% 42.6% ( ) 10.2% 1.4% 4.7% 3.8% 4.7% 35.4% + 14.7% 12.4% 6.9% 8.4% 8.5% 78.0% -14.9% -5.2% 13.2% 10.1% 22.9% 20.5% -30.5% -14.4% 7.7% 21.4% 7.5% 13.7% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% () GM, Fiat
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Special Report 182 30 60(40) 30(10) 60(50) 10 372(322) 150(128) 43(28) 30(22) 223(178) 332(310) 30 103(68) 60(32) 60(50) 10 595(500)
KIS Credit Monitor 2009.7.13 14 15 Santro, i10, Getz, Accent, PB, MC, Avante, Sonata Accent, Matrix, Grace, Starex Elantra(HD), Elantra(XD), EF Sonata, NF Sonata, Tucson NF Sonata, Santa-Fe i30 Pride(Rio), Cerato, Optima, Carnival, Sportage Cee d, Sportage
Special Report Sonata Santa Fe Elantra Accent 2008.1~5 27.1% 17.4% 44.5% 26.2% 11.7% 17.5% 55.5% 2009.1~5 29.1% 15.8% 44.9% 20.0% 14.9% 20.2% 55.1% Cee d Sportage Morning Pride 2008.1~5 42.3% 12.1% 54.4% 18.6% 8.5% 18.6% 45.6% 2009.1~5 39.3% 8.8% 48.1% 19.5% 9.5% 22.9% 51.9%
KIS Credit Monitor 2009.7.13 16 17 Aaa Aa A Baa Ba B Caa Debt/EBITDA 1 1 2 3 4 5 6 2 3 4 5 6 7
Special Report 2007 2008 Kia Motors America, Inc. 186-1,486-1,300 1,441-2,810-1,369 Kia Canada, Inc. -897-95 -993-1,032-126 -1,158 Kia Motors Europe GmbH -4,011-685 -4,696 573-759 -186 Kia Motors Australia Pty Ltd. -207-134 -341-638 -129-766 Kia Motors Deutschland GmbH -888-270 -1,158-76 0-76 -5,894-2,670-8,563 344-3,824-3,479
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KIS Credit Monitor 2009.7.13 20 21 2008 9 2008 12 2009 6 17 BMW A1/STA A2/NEG A3/NEG Daimler A3/POS A3/STA A3/NEG Fiat Baa3/STA Baa3/STA Ba1/NEG Peugeot Baa1/NEG Baa2/STA Baa3/NEG Renault Baa1/NEG Baa2/STA Ba1/STA Volkswagen A3/POS A3/POS A3/URD Kia Baa3/STA Baa3/STA Ba1/NEG Hyundai Baa3/STA Baa3/STA Baa3/NEG Mitsubishi Ba2/POS Ba2/NEG Rating Withdrawn Honda Aa3/STA Aa3/STA A1/STA Toyota Aaa Aaa/URD Aa1/NEG Nissan A3/POS A3/STA Baa2/STA Tata Ba2/NEG B1/NEG B3/STA Ford B3/NEG Caa3/NEG Caa3/NEG Chrysler Caa1/URD Ca/NEG nm GM Caa1/NEG Ca/NEG nm Moody s Baa3/negative Ba1/negative S&P BBB-/negative BBB-/negative Fitch BB+/negative BB+/negative
Special Report AA AAA AAA AA AAA AA EBITDA RCF EBITDA ROA / / /EBITDA / / AA AA BBB AA AA AAA AA AAA
KIS Credit Monitor 2009.7.13 22 23 1 2 3 4 5 R&D & & & & FAQ? GM/?? Over capacity??? Moody s KIS?,,,, / D/A Retail Sale Wholesale 2008 Retail Sale 2009 84%, 6 Full Capacity 71% 2009 1~5 Global Retail Sale 3% EBITDA Debt, or Moody s (Outlook ). /. KIS Mapping AA Expansion Strategy Quantitative Factor