Motonic Corporation Business Report FY ended Dec. 2014
Financial Overview (Consolidated) |
(in millions of won) |
| FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | Rate of change (%) |
Remarks | |
| Sales | 217,222 | 218,166 | (0.4) | Sales by product (Ratio) -LPI systems : 56,867 million won (26.2%) -Delivery pipes : 29,095 million won (13.4%) -Throttle bodies : 21,513 million won (9.9%) |
| Operating income |
13,545 | 19,320 | (29.9) | - |
| Net income |
17,503 | 20,171 | (13.2) | - |
Contracts
-In November 2014, the Company announced that it has been chosen by Hyundai Kefico as a developer of fuel rails for gasoline direct injection (GDI) engines. Motonic will develop fuel rails for both Hyundai Motor's Gamma engines and the Renault Group's M4R engines. Mass production of the fuel rails is expected to begin in October 2015. (From a press release on November 6, 2014)
-In March 2014, the Company announced that the company has been chosen by the Hyundai Kia Automotive Group as a developer of high-pressure pumps for 3,300cc Lambda II GDi engines. Mass-production of the new engine is expected to begin in October 2015. The Lambda II GDi engines will be used on the successor to the Hyundai Grandeur luxury sedan. (From a press release on March 24, 2014)
-The Company will develop oil pumps for Hyundai Motor's and Kia Motors' 8-speed automatic transmissions that will be mounted on front-wheel-drive vehicles. Motonic expects to mass-produce the pumps, starting in December 2015. (From a press release on March 14, 2014)
Restructuring
-In July 2014, the Company announced that it will absorb its Korean subsidiary Daesung Automotive Co., Ltd. effective October 1, 2014. Daesung Automotive produces carburetors and throttle bodies for electronic fuel injection systems at its Daegu facility. Its sales for the fiscal year ended December 31, 2013 amounted to KRW 40,407 million (From a press release on July 29, 2014)
R&D Structure
-The Company conducts development activities on fuel supply systems at its R&D center established in August 1989.
R&D Expenditure (Consolidated) |
(in millions of won) |
| FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | FY ended Dec. 31, 2012 | |
| Amount | 7,520 | 6,238 | 6,827 |
| % of Sales | 3.5% | 2.9% | 2.8% |
R&D Activities
-In October 2014, the Company announced that it has developed a compressed natural gas (CNG) injection system. The company plans to mass-produce this system for Beijing Automobile's D50 taxi model, starting in January 2015. Motonic expects to sell 57,000 units by 2018. (From a press release on October 22, 2014)
Product Developments
| Area of development | Development period |
| FY ended Dec. 31, 2014 | |
| High-voltage OPU for Hyundai Sonata | Dec. 2012 - Dec. 2014 |
| FPC for Hyundai Sonata PHEV | Dec. 2013 - Dec. 2014 |
| GDI pumps for Hyundai Nu HEV engine | Oct. 2012 - Dec. 2014 |
| FPC for Hyundai Sonata | Oct. 2012 - Apr. 2014 |
| LPI kit for Hyundai Sonata | Apr. 2013 - Apr. 2014 |
| GDI pumps | Apr. 2011 - Apr. 2014 |
| Delivery pipe modules | May 2013 - Feb. 2014 |
| Regulator assemblies | May 2013 - Feb. 2014 |
Technical alliances (licensing-in)
| Partner (Country) | Products | The expiry of the agreement |
| MGI Courtier (France) |
Plastic fuel rails | Jan. 2015 |
| MGI Courtier (France) |
Plastic fuel lines | Jan. 2015 |
| Vialle, Beheer BV (Holland) |
LPI systems | Oct. 2018 |
| Mitsubishi Electric (Japan) |
Wastegate actuators | Dec. 2015 |
| Mitsubishi Electric (Japan) |
VG actuators | Jun. 2015 |
| Mitsubishi Electric (Japan) |
W-ENG | Jun. 2015 |
| Mitsubishi Electric (Japan) |
Electric EGR valves | Dec. 2016 |
| Mitsubishi Electric (Japan) |
VG actuators | Apr. 2017 |
| Mitsubishi Electric (Japan) |
Wastegate actuators | Mar. 2015 |
| Korea Institute of Machinery and Materials (Korea） |
LPG fuel pumps | Sep. 2028 |
| OTICS (Japan) |
Continuously Variable Valve Lift (CVVL) Systems | Dec. 2016 |
| OTICS (Japan) |
Variable Valve Lift (VVL) Systems | Aug. 2018 |
Investment in Korea
-In November2014, the Company announced that it will establish a new plant in Seongju, Gyeongsangbuk-do. The company plans to invest KRW 53.5 billion in this project, which is scheduled to begin in February 2015 and end in December 2017. (From a press release on November 24, 2014)
Capital investment projects (Non-consolidated) |
(in millions of won) |
| Company | FY ended Dec. 31, 2015 | Remarks |
| The Company, Daesung Automotive Co., Ltd. |
8,534 | Fuel pumps for GDI engines (1.6L Gamma engine) Mass-production line: 2,740 million won Fuel pumps for GDI engines (Nu engine for HEV) Mass-production line: 1,812 million won |
| Beijing Motonic Corporation | 3,233 | - |
| Motonic India Automotive Private Ltd. | - | - |
| Total | 11,767 | - |
Data
Sales by products (Consolidated) |
(in millions of won) |
| FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | FY ended Dec. 31, 2012 | ||
| LPI systems | Domestic | 54,963 | 59,046 | 63,939 |
| Export | 1,904 | 3,416 | 1,238 | |
| Subtotal | 56,867 | 62,462 | 65,177 | |
| Delivery pipes | Domestic | 15,649 | 44,501 | 31,569 |
| Export | 13,446 | 1,077 | 17,506 | |
| Subtotal | 29,095 | 45,578 | 49,075 | |
| Piston clutches | Domestic | 8,206 | 8,203 | 8,571 |
| Export | 13,307 | 14,911 | 16,028 | |
| Subtotal | 21,513 | 23,114 | 24,599 | |
| Oil pumps | Domestic | 3,226 | 260 | - |
| Export | 13,520 | 4,700 | - | |
| Subtotal | 16,746 | 4,960 | - | |
| CVVL | Domestic | 14,529 | 9,325 | 15,078 |
| Export | 733 | 595 | 852 | |
| Subtotal | 15,262 | 9,920 | 15,930 | |
| ETC | Domestic | 7,213 | 7,986 | 10,150 |
| Export | - | - | - | |
| Subtotal | 7,213 | 7,986 | 10,150 | |
| Others | Domestic | 35,461 | 53,337 | 42,947 |
| Export | 35,065 | 10,809 | 32,504 | |
| Subtotal | 70,526 | 64,146 | 75,451 | |
| Total | Domestic | 139,247 | 182,657 | 172,254 |
| Export | 77,975 | 35,509 | 68,128 | |
| Subtotal | 217,222 | 218,166 | 240,382 | |
Production Capacity / Result |
(in millions of won) |
| Company | FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | FY ended Dec. 31, 2012 | |||
| Capacity | Result | Capacity | Result | Capacity | Result | |
| The Company | 187,266 | 166,667 | 151,271 | 133,595 | 167,317 | 144,993 |
| Beijing Motonic Corporation | 6,952 | 6,257 | 28,677 | 25,809 | 28,481 | 25,633 |
| Motonic India Automotive Private Ltd. | 7,084 | 4,817 | 19,424 | 17,482 | 29,066 | 26,159 |
| Total | 201,302 | 177,741 | 233,526 | 206,962 | 273,997 | 234,603 |
Capacity Utilization Rate
| Company | FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | FY ended Dec. 31, 2012 |
| The Company | 89.0% | 88.3% | 86.7% |
| Beijing Motonic Corporation | 90.0% | 90.0% | 90.0% |
| Motonic India Automotive Private Ltd. | 68.0% | 90.0% | 90.0% |
| Average | 86.2% | 88.9% | 87.3% |
*The utilization rate was calculated by dividing the actual number of operating hours by the maximum number of possible operating hours per year.>>>Financial Data