Ssangyong Motor Posts a Profitable Q4 2015, Records an Operating Profit of 21.8 Billion Won

  • Ssangyong improved its performance for four consecutive quarters, achieving maximum sales in Q4 2015
  • Tivoli helped the company achieve its highest growth in the domestic industry recording best sales performance in 12 years, substantially improving its financial performance for the quarter
  • Ssangyong achieved significant milestones including a profitable quarter, which is going to serve as a base for its growth after the launch of the Tivoli's long-body version

 

Ssangyong Motor (CEO Choi Johng-sik; www.smotor.com), part of the Mahindra Group, today announced that the company achieved a profitable fourth quarter last year.

Due to the continuous strong sales of Tivoli in the compact SUV market, the company was able to improve its sales performance for four quarters and recorded its highest sales figures in Q4.

In Q4 2015, the company's sales of 40,890 units was 17.5% higher than Q4 2014 and operating income was 21.8 billion won compared to the Q4 2014 operating loss of 32.2 billion won.

In 2015, the company recorded the domestic sales of 99,664 units, and exports of 45,100 units (including CKD) totaling to 144,764 units. The company posted revenue of 3.39 trillion won, an operating loss of 35.8 billion won, and a net loss of 61.9 billion won in 2015.

This performance is based on increased sales of the Tivoli, which helped to drive domestic sales and achieve the highest growth of 44.4% in the automotive industry and the highest sales figure in 12 years, enabling sales and revenue to grow by 2.6% and 1.9% respectively compared to 2014.

As such, the operating loss improved gradually from 34.2 billion won in Q1, to 19.9 billion won in Q2, and 3.6 billion won in Q3, to a profit of 21.8 billion won in Q4. Hence, the annual loss was reduced by 41.1 billion, from 76.9 billion won in 2014 to 35.8 billion won last year.

In particular, the Tivoli, which has led the compact SUV market since its launch, recorded 45,021 units in the domestic market and 18,672 units in overseas markets, totaling to 63,693 units. It became Ssangyong’s bestselling single model, followed by the Rexton in 2004 (54,274 units) playing a key role in improving the company's performance.

Choi Johng-sik, CEO of Ssangyong Motor, commented, "Last year, with Tivoli, we were able to increase sales and record a profitable fourth quarter," adding, "This year, with the launch of the long-bodied Tivoli offering more practical features in the expanding SUV market, we will continue to ensure growth."

Ssanyong's Financial Record in 2015

 

2015 Sales Volume

(in units)

  2015 2014 yoy (%)
Q4 Full year Q4 Full year Q4 Full year
Sales volume 40,890 144,764 34,800 141,047 17.5% 2.6%
  Domestic 30,421 99,664 19,522 69,036 55.8% 44.4%
  Exports 10,469 45,100 15,278 72,011 -31.5% -37.4%
  (Full-CKD) - (223) (546) (1,164) -100.0% -80.8%


2015 P&L

(unit: 100 mil. won)

  2015 2014 yoy (%)
Q4 Full year Q4 Full year Q4 Full year
Revenue 9,747 33,901 8,305 33,266 17.4% 1.9%
Operating income 218 -358 -322 -769 turnaround reduced loss
PBT 192 -619 -169 -507 turnaround increased loss
Net Profit 191 -619 -169 -509 turnaround increased loss

*Consolidated financial statements

 

2015 Quarterly Sales and P&L


(unit : unit/100 mil. won)

  Q1 Q2 Q3 Q4
Sales 32,915 36,885 34,074 40,890
P&L Revenue 7,604 8,355 8,195 9,747
Operating income -342 -199 -36 218
PBT -312 -227 -271 192
Net profit -312 -227 -271 191

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