Mando : 2Q22 results_vf

Mando Corporation

July 2022

Recent Highlights

• Summary of 2Q22 results
• • Sales of KRW 1,679.0 bn. (YoY +12.9%)
  • Operating profit of KRW 45.7 bn. (OPM : 2.7%)
  • Net profit of KRW 38.8 bn. (NPM : 2.3%)
• New business wins of KRW 2.3 tn. in 2Q22 (E-Products: 80%)
• • xEV programs : 73% of new orders in 2Q22
    . Additional Electric Power Steering (EPS) orders from NIO, offering further upside to our xEV business growth in China
    . Sizable Integrated Dynamic Brake (IDB) and suspension orders for new models in HMG EV platform
  • Continued geographic and customer diversification in ADAS business
    . Additional ADAS orders for India Local OEM, and penetration into non-captive Chinese EV maker
• Concluded acquisition of additional 10% shares in MMT(Maysan Mando Turkey) from Cukurova Co. on June 30th
• • MMT to be consolidated into Mando financials starting 3Q22
• Cumulative EPS production exceeded 50 mn. units, reaffirming our leading position in the global EPS market
• ESG Update : Published Sustainability Report for FY2021 (available on mando.com)

2

2Q22 *Sales by Region

Double-digit sales growth backed by strong performances in Korea, NA, and India

Korea

								(Unit: KRW bn.)
900		680.8			653.5	687.0
		YoY		QoQ
450		+6.2		+33.5
		▲ 0.9%		▲ 5.1%
0
		2Q21	1Q22			2Q22

China

(Unit: KRW bn.)

500		349.7			423.6				326.7
		YoY		QoQ
250		-23.0		-97.0
		▼ 6.6%		▼ 22.9%
0
		2Q21	1Q22				2Q22

Note : Sales to external clients

North America

500		USA, Mexico				(Unit: KRW bn.)
				363.8	392.8
250		255.4 YoY		QoQ
	+137.4		+29.0
		▲ 53.8%		▲ 8.0%
0
		2Q21	1Q22			2Q22

Others

300		India		Europe, South America	(Unit: KRW bn.)
						246.9			272.6
200		201.6
			YoY	QoQ
100			+71.0	+25.6	176.8
	129.1	▲ 35.2%	161.8 ▲ 10.4%
0
		2Q21					1Q22	2Q22

3

2Q22 Financial Results

					(Unit: KRW bn.)
Description	2Q22	2Q21	YoY	1Q22	QoQ
Sales	1,679.0	1,487.5	+191.5	1,687.8	-8.8
			+12.9%		-0.5%
(COGS)	(1,462.8)	(1,254.0)		(1,444.7)
EBITDA	138.5	158.6	-20.1	149.5	-11.1
(%)	8.2%	10.7%	-2.4%p	8.9%	-0.6%p
Operating profit	45.7	76.7	-31.0	68.9	-23.2
(%)	2.7%	5.2%	-2.4%p	4.1%	-1.4%p
Interest	-8.7	-11.7	+2.9	-8.2	-0.5
F/X	10.7	1.0	+9.6	11.0	-0.4
Equity method	1.4	1.1	+0.2	-1.1	+2.5
Profit before tax	68.9	102.2	-33.3	52.7	+16.1
(%)	4.1%	6.9%	-2.8%p	3.1%	+1.0%p
Net income	38.8	80.4	-41.6	33.3	+5.6
(%)	2.3%	5.4%	-3.1%p	2.0%	+0.3%p

• 2Q22 one-off impact below-OP : Gain on revaluation of financial assets(MMT shares) KRW 23.6 bn.

4

Acquisition of additional 10% shares in MMT

5