Mando Corporation

February 2022

Recent Highlights

Demonstrated sales resiliency while facing an increased cost burden due to external headwinds

  • Summary of 4Q21 results
    • Sales of KRW 1,722.4 bn. (YoY -0.9%)
    • Operating profit of KRW 34.0 bn. (OPM : 2.0%)
    • Net profit of KRW 37.4 bn. (NPM : 2.2%)
  • Summary of FY2021 results
    • Sales of KRW 6,147.4 bn. (YoY +10.5%)
    • Operating profit of KRW 235.7 bn. (OPM: 3.8%)
    • Net profit of KRW 196.0 bn. (NPM : 3.2%)
  • New business wins of KRW 1.7 tn. in 4Q21 - achieved KRW 11.0 tn. in FY2021
    • 4Q21 : e-product 86%, Non-HKMC 49%
    • xEV programs : 59% of new orders in 4Q21, including additional order wins for NA OEM's EV platform
    • Sizable full ADAS system solution order from captive OEM, securing scale necessary for NA expansion
    • FY2022 new business win target : KRW 9.6 tn.
  • HL Klemove officially launched on December 2, 2021 by merging MMS with former MHE
    • Preparing for another leap forward to a leading autonomous driving and mobility company through continuous product diversification and advancement as well as active global market expansion
  • Global Recognition : Received CES 2022 Innovation Award in the VIT category for IDB2 HAD technology Selected as General Motors' 2021 Supplier of the Year in Brake Apply & Controls category
  • Plan to provide KRW 800 per share dividend payout for FY2021 (20.3% payout ratio)

2

4Q21 *Sales by Region

Decline in domestic volume offset by sales growth in China and NA

Korea

North America

900

769.6

(Unit: KRW bn.)

400

USA, Mexico

(Unit: KRW bn.)

700.8

290.4

276.8

300.7

590.1

YoY

QoQ

YoY

QoQ

450

-68.8

+110.7

200

+10.3

+23.9

▼8.9%

▲18.8%

▲3.5%

▲8.6%

0

0

4Q20

3Q21

4Q21

4Q20

3Q21

4Q21

China

Others

600

(Unit: KRW bn.)

300

India

Europe, South America

(Unit: KRW bn.)

446.8

522.6

231.6

211.9

198.3

200

YoY

357.2

QoQ

YoY

QoQ

300

+75.8

+165.4

100

-33.4

-13.6

▲17.0%

▲46.3%

151.2

▼14.4%

145.0

▼6.4%

129.1

0

0

4Q20

3Q21

4Q21

4Q20

3Q21

4Q21

Note : Sales to external clients

3

4Q21 Financial Results

(Unit: KRW bn.)

Description

4Q21

4Q20

YoY

3Q21

QoQ

Sales

1,722.4

1,738.5

-16.1

1,436.0

+286.4

(COGS)

(1,484.9)

(1,472.6)

-0.9%

(1,224.3)

+19.9%

EBITDA

119.3

155.2

-35.9

135.1

-15.7

(%)

6.9%

8.9%

-2.0%p

9.4%

-2.5%p

Operating profit

34.0

80.4

-46.4

53.2

-19.2

(%)

2.0%

4.6%

-2.7%p

3.7%

-1.7%p

Interest

-10.6

-9.1

-1.5

-10.4

-0.2

F/X

-1.7

-15.5

+13.8

10.9

-12.5

Equity method

8.0

4.8

+3.2

0.0

+8.0

Profit before tax

40.7

48.9

-8.2

31.8

+9.0

(%)

2.4%

2.8%

-0.4%p

2.2%

+0.2%p

Net income

37.4

77.0

-39.6

26.0

+11.4

(%)

2.2%

4.4%

-2.3%p

1.8%

+0.4%p

※ 4Q21 one-off impact of +9.1bn on PBT : net impairment gain of financial assets (investment stock using the equity method)

4

FY2022 Guidance and Regional Sales Outlook

Strong growth over market across all regions despite the ongoing challenging environment

2022 Sales Guidance

KRW 6.91 tn.

YoY +12.5%

8.0

6.9 tn.

Korea

3.0

1.5

72%

0.0

76%

(Unit: KRW tn.)

China

2.0

1.0

53% 61%

0.0

6.1 tn.

4.0

61%65%

0.0

20212022

E-product

*Source : IHS Forecast

2021 2022

N. America

2.0

1.0

61% 63%

0.0

2021 2022

2021 2022

Others

1.5

1.0

0.5

42% 46%

0.0

2021 2022

India, Europe, Brazil

5

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Mando Corporation published this content on 09 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2022 07:08:03 UTC.