Hanon Systems does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Any information expressed herein on this date is for understanding purposes before the audit, and may be subject to change without notice.
3Q 2022: Key Financial Metrics
(KRW in Billions)
3Q22
3Q21
YoY %
2Q22
QoQ %
Revenue
2,196
1,704
28.8%
2,107
4.2%
COGS
1,991
1,506
32.3%
1,906
4.5%
% of Sales
90.7%
88.4%
90.5%
SG&A (Incl. R&D)
142
128
11.4%
140
1.5%
% of Sales
6.5 %
7.5%
6.7 %
EBITDA
205
194
5.7%
198
3.2%
Margin (%)
9.3%
11.4%
9.4%
Operating Profit
62
71
-12.5%
60
2.8%
Margin (%)
2.8%
4.1%
2.9%
Net Income
19
53
-63.8%
15
30.7%
Margin (%)
0.9%
3.1%
0.7%
Volume Recovery Seen as Supply Chain Disruptions Gradually Ease; Margins Expected to Improve in 4Q
2
3Q YTD 2022: Key Financial Metrics
(KRW in Billions)
3Q YTD 2022
3Q YTD 2021
YoY Variance
Revenue
6,282
5,425
857
15.8%
COGS
5,699
4,780
919
19.2%
% of Sales
90.7%
88.1%
SG&A (Incl. R&D)
431
380
51
13.4%
% of Sales
6.9%
7.0%
EBITDA
565
640
-75
-11.7%
Margin (%)
9.0%
11.8%
Operating Profit
152
265
-113
-42.5%
Margin (%)
2.4%
4.9%
Net Income
56
212
-156
-73.7%
Margin (%)
0.9%
3.9%
Ongoing Cost Recovery Actions to Improve 4Q Profitability; 2021 Net income Included One-time Gains
3
3Q 2022 Highlights
3Q22 Highlights
Revenue growth in consecutive four quarters on volume recovery; Expect consistent progress in 4Q
Cost recovery from customers is ongoing; Yearly OPM to improve further due to easing cost pressure
On track or exceed new business wins target with modules and system orders for battery electric vehicles Sales Breakdown (3Q YTD 2022)
By Region
By Customer
Others
Korea
16%
Europe
BMW 4%
27%
30%
Mercedes 3%
HMG
Stellantis 4%
47%
Asia
GM 6%
VW
Americas
16%
8%
27%
Ford
12%
4
Quarterly Sales
Consolidated Sales
Comments
(KRW in Billions)
2,196
2,101
2,107
1,901
1,926
1,980
1,869
1,869
1,704
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
Record-highquarterly sales in company history
Americas, Europe, China and Korea YoY revenue up by 57%, 27%, 14% and 7% respectively
Increase in YoY revenue on production recovery with GM (+78%), BMW (+46%), VW (+40%), HMG (+25%), Ford (+19%), Mercedes (+13%) and Stellantis (+12%)
Gradual recovery from supply-driven disruption, though the normalization is slower than expected with volatility in production
3Q Revenue Increase of 29% YoY Driven as Production Recovery and Favorable Foreign Exchange Rate
5
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Hanon Systems published this content on 24 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2023 23:29:06 UTC.
Hanon Systems, formerly Halla Visteon Climate Control Corp, is a Korea-based company mainly engaged in the manufacturing and sale of automotive thermal management systems and automotive parts. The Company is principally involved in the production and sale of heating ventilation air conditioning (HVAC) systems, power train cooling (PTC) systems, compressors, fluid transport (FT) systems, battery heat management systems, heat pump systems, high voltage cooling fan motors, radiators, condensers and others used in automobiles. The Company distributes its products within the domestic market and to overseas markets, including China, America and Europe.