MIRA INFORM REPORT

 

 

Report Date :           

03.08.2011

 

IDENTIFICATION DETAILS

 

Name :

HUNEED TECHNOLOGIES

 

 

Registered Office :

352 Dahngjung-dong, Goonpoh, KyungGi-Do, 435-714

 

 

Country :

South korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.12.1968

 

 

Legal Form :

Public Independent

 

 

Line of Business :

provision of communication equipment and networking equipment for military and commercial uses

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name & address 

 

Huneed Technologies

 

352 Dahngjung-dong

Goonpoh, KyungGi-Do, 435-714

Korea, Republic of

 

Tel:       82-31-4502500

Fax:      82-2-7935196

Web:    www.huneed.com

 

 

Synthesis  

 

Employees:                              300

Company Type:                        Public Independent

Traded:                                     Korea Stock Exchange:              005870

Incorporation Date:                    11-Dec-1968

Auditor:                                    KPMG Peat Marwick LLP          

Financials in:                             USD (Millions)

Fiscal Year End:                       31-Dec-2010

Reporting Currency:                   South Korean Won

Annual Sales:                           45.6  1

Net Income:                               (3.5)

Total Assets:                            123.0  2

Market Value:                           36.3

(22-Jul-2011)

 

 

Business Description     

 

Huneed Technologies is a Korea-based company engaged in the provision of communication equipment and networking equipment for military and commercial uses. The Company provides six categories of products: communication systems, including tactical information communication network (TICN), data processors and military trunked radio systems (TRSs), among others; data link systems, including Korea joint tactical data link systems and smart unmanned aerial vehicles, among others; command and control systems, including combat systems, weapon control systems and security systems; information technology (IT) solutions, including microwave equipment and traffic systems; total perimeter security systems, including perimeter intrusion detection systems, control and surveillance systems, and supporting systems, including integrated supporting systems with engineering, maintenance and repair, upgrade, training and support services. For the fiscal year ended 31 December 2010, Huneed Technologies' total revenues decreased 14% to W52.75B. Net loss totaled W4.09B, vs. an income of W427.6M. Revenues reflect decreased foreign demand for E-737 TADIL ICS finished goods. Net loss also suffered from decreased gain on foreign exchange transaction, decreased gain on foreign currency translation, as well as inclusion of impairment loss on intangible assets.

 

Industry

Industry            Communications Equipment

ANZSIC 2006:    2422 - Communication Equipment Manufacturing

NACE 2002:      3220 - Manufacture of television and radio transmitters and apparatus for line telephony and line

telegraphy

NAICS 2002:     33429 - Other Communications Equipment Manufacturing

UK SIC 2003:    3220 - Manufacture of television and radio transmitters and apparatus for line telephony and line

telegraphy

US SIC 1987:    3669 - Communications Equipment, Not Elsewhere Classified

 

           

Key Executives   

 

Name

Title

Seong Nam Lee

Co-Chief Executive Officer, Director

Jong Beom Jung

Internal Auditor

Eugene Kim

Co-Chairman & Chief Executive Officer

Seok Hui Lee

Auditor

Eui Jo Kim

Managing Director-Strategic Planning

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Officer Changes

2

Huneed Technologies Appoints New Co-CEOs

27-Jan-2011

Business Deals

1

Huneed Technologies Signs Contract with Agency for Defense Development

5-Jan-2011

Debt Financing / Related

1

Huneed Technologies Decides Issuance of 37th Bonds with Warrants

28-Nov-2010

 

 

 

* number of significant developments within the last 12 months     

 

 

News

 

Title

Date

Research and Markets: The South Korean Defense Sector - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2015
Business Wire (808 Words)

16-Dec-2010

THREE FIRMS TO BUILD S.KOREAN MILITARY COMMUNICATIONS NETWORK
Asia Pulse Businesswire (187 Words)

20-Oct-2010

 

      

 

Financial Summary    

 

As of 31-Mar-2011

 

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.45

3.07

Quick Ratio (MRQ)

1.51

2.60

Debt to Equity (MRQ)

0.61

0.27

Sales 5 Year Growth

1.80

14.13

Net Profit Margin (TTM) %

-2.27

17.97

Return on Assets (TTM) %

-1.10

7.97

Return on Equity (TTM) %

-1.92

14.12

 

 

Stock Snapshot

 

 

Traded: Korea Stock Exchange: 005870

 

As of 22-Jul-2011

   Financials in: KRW

Recent Price

3,750.00

 

EPS

-377.65

52 Week High

6,900.00

 

Price/Sales

0.72

52 Week Low

3,095.00

 

Price/Book

0.52

Avg. Volume (mil)

0.03

 

Beta

0.97

Market Value (mil)

38,160.05

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

16.10%

11.80%

13 Week

7.76%

9.08%

52 Week

-20.21%

-36.22%

Year to Date

-37.19%

-40.67%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1156.282

2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1134.9

 

Corporate Overview

 

Location

352 Dahngjung-dong

Goonpoh, KyungGi-Do, 435-714

Korea, Republic of

Tel:       82-31-4502500

Fax:      82-2-7935196

Web:    www.huneed.com

           

Quote Symbol – Exchange 005870 - Korea Stock Exchange

Sales KRW(mil):                        52,749.8

Assets KRW(mil):                      139,538.6

Employees:                               300

Fiscal Year End:                        31-Dec-2010

Industry:                                    Communications Equipment

Incorporation Date:                     11-Dec-1968

Company Type:                         Public Independent

Quoted Status:                          Quoted

Co-Chief Executive Officer,

Director:                                    Seong Nam Lee

 

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Employment Opportunities

·         Financial Information

·         Home Page

·         News Releases

·         Products/Services

 

 

Contents

 

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

·         Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

7000     -          Computer System Design and Related Services

2422     -          Communication Equipment Manufacturing

5420     -          Software Publishing

5802     -          Other Telecommunications Network Operation

 

NACE 2002 Codes:

3220     -          Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy

6420     -          Telecommunications

7222     -          Other software consultancy and supply

7221     -          Publishing of software

7230     -          Data processing

 

NAICS 2002 Codes:

334210  -          Telephone Apparatus Manufacturing

511210  -          Software Publishers

518210  -          Data Processing, Hosting, and Related Services

517212  -          Cellular and Other Wireless Telecommunications

541511  -          Custom Computer Programming Services

33429   -          Other Communications Equipment Manufacturing

 

US SIC 1987:

7372     -          Prepackaged Software

3661     -          Telephone and Telegraph Apparatus

4812     -          Radiotelephone Communications

3669     -          Communications Equipment, Not Elsewhere Classified

7371     -          Computer Programming Services

7374     -          Computer Processing and Data Preparation and Processing Services

 

UK SIC 2003:

6420     -          Telecommunications

7222     -          Other software consultancy and supply

3220     -          Manufacture of television and radio transmitters and apparatus for line telephony and line telegraphy

7230     -          Data processing

32201   -          Manufacture of telegraph and telephone apparatus and equipment

7221     -          Publishing of software

 

Business Description

Huneed Technologies is a Korea-based company engaged in the provision of communication equipment and networking equipment for military and commercial uses. The Company provides six categories of products: communication systems, including tactical information communication network (TICN), data processors and military trunked radio systems (TRSs), among others; data link systems, including Korea joint tactical data link systems and smart unmanned aerial vehicles, among others; command and control systems, including combat systems, weapon control systems and security systems; information technology (IT) solutions, including microwave equipment and traffic systems; total perimeter security systems, including perimeter intrusion detection systems, control and surveillance systems, and supporting systems, including integrated supporting systems with engineering, maintenance and repair, upgrade, training and support services. For the fiscal year ended 31 December 2010, Huneed Technologies' total revenues decreased 14% to W52.75B. Net loss totaled W4.09B, vs. an income of W427.6M. Revenues reflect decreased foreign demand for E-737 TADIL ICS finished goods. Net loss also suffered from decreased gain on foreign exchange transaction, decreased gain on foreign currency translation, as well as inclusion of impairment loss on intangible assets.

More Business Descriptions

·         Manufacture of transmission equipment, satellite video receivers and pagers

·         Other Communications Equipment Manufacturing

 

Financial Data

Financials in:

KRW(mil)

 

Revenue:

52,749.8

Net Income:

-4,086.3

Assets:

139,538.6

Long Term Debt:

38,014.5

 

Total Liabilities:

67,958.5

 

Working Capital:

20.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

-13.8%

NA

19.1%

 

Market Data

Quote Symbol:

005870

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

3,750.0

Stock Price Date:

07-22-2011

52 Week Price Change %:

-20.2

Market Value (mil):

38,160,048.0

 

SEDOL:

B1W29F8

ISIN:

KR7005870001

 

 

Equity and Dept Distribution:

5/02, 10-for-1 stock split. FY'98-'99 financials reflects consolidated numbers. 05/2007, 1-for-10 reverse stock split. '06 is CLA. 9/06, WAS is estimated. 9/07, WAS is from S/O. '08/Q1 WAS is estimated by S/O. 6/07 is CLA, 6 mon. numbers. 3/09, WAS is estimated. 9/09, WAS is from S/O.Q1&Q3/10 WAS is from S/O.

 

Key Corporate Relationships

Auditor: KPMG Peat Marwick LLP

Auditor: KPMG Peat Marwick LLP

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Jong Hun Kim

 

Co-Chairman of the Board

Chairman

 

Reuters Biography (Huneed Technologies)

Kim Jong Hun has been Co-Chairman of the Board in Huneed Technologies since December 31, 2005. Kim was previously Chairman of DK International Ltd. Kim holds a Bachelor's degree from George Washington University.

 

B , George Washington University

Yu Jin Kim

 

Co-Chairman of the Board

Chairman

 

 

Reuters Biography (Huneed Technologies)

Kim Yu Jin is Co-Chairman of the Board of Huneed Technologies. Kim was previously Chief Executive Officer and President of the Company and Chief Executive Officer of Multinational Trading Co. and Defense Korea Industries Ltd. Kim holds a Bachelor's degree from University of Southern California, the United States.



B , University of Southern California

Yong Gyu Kang

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Huneed Technologies)

Kang Yong Gyu is Non-Executive Independent Director of Huneed Technologies. Kang previously was Vice President of IMM Venture Inverstment and Assistant Managing Director of Leading Investment & Securities, Co., Ltd.

Seong Nam Lee

 

Co-Chief Executive Officer, Director

Director/Board Member

 

 

Reuters Biography (Huneed Technologies)

Lee Seong Nam has been Co-Chief Executive Officer and Director in Huneed Technologies since January 27, 2011. Lee was Managing Director in the Company as well as A&D ENGINEERING and Head-Group in SAMSUNG THALES CO., LTD. Lee holds a Bachelor's degree.

Ho Sung Park

 

Director

Director/Board Member

 

 

Jeong Ho Seo

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Huneed Technologies)

Seo Jeong Ho is Non-Executive Independent Director of Huneed Technologies. Seo currently is also Director of SHINYOUNG HAPPYTOMORROW NO.1 SPAC. Seo is currently also a lawyer of Dikaion Law Group and working for Seoul Regional Tax Office.

Jong Seok Shin

 

Co-Chief Executive Officer, Director

Director/Board Member

 

 

Reuters Biography (Huneed Technologies)

Shin Jong Seok has been Co-Chief Executive Officer and Director in HUNEED TECHNOLOGIES since January 27, 2011. Shin was previously Chief Executive Officer of Handai co., Ltd and west incheon development.co.,ltd. Shin holds a Master's degree.

 

Executives

 

Name

Title

Function

 

Eugene Kim

 

Co-Chairman & Chief Executive Officer

Chief Executive Officer

 

Seong Nam Lee

 

Co-Chief Executive Officer, Director

Chief Executive Officer

 

Reuters Biography (Huneed Technologies)

Lee Seong Nam has been Co-Chief Executive Officer and Director in Huneed Technologies since January 27, 2011. Lee was Managing Director in the Company as well as A&D ENGINEERING and Head-Group in SAMSUNG THALES CO., LTD. Lee holds a Bachelor's degree.

Jong Seok Shin

 

Co-Chief Executive Officer, Director

Chief Executive Officer

 

 

Reuters Biography (Huneed Technologies)

Shin Jong Seok has been Co-Chief Executive Officer and Director in HUNEED TECHNOLOGIES since January 27, 2011. Shin was previously Chief Executive Officer of Handai co., Ltd and west incheon development.co.,ltd. Shin holds a Master's degree.

C. O. Lee

 

Manager-Communications & Transmission

Division Head Executive

 

 

Eui Jo Kim

 

Managing Director-Strategic Planning

Managing Director

 

 

Hyeon Min Kim

 

Co-Managing Director

Managing Director

 

 

Yeong Gi Min

 

Co-Managing Director

Managing Director

 

 

Hwan Chang Noh

 

Co-Managing Director

Managing Director

 

 

Dae Jung Yoon

 

Co-Managing Director

Managing Director

 

 

S. H. Nam

 

Manager-Security

Security

 

 

Seok Hui Lee

 

Auditor

Finance Executive

 

 

Jong Beom Jung

 

Internal Auditor

Accounting Executive

 

 

Reuters Biography (Huneed Technologies)

Jung Jong Beom has been serving as Internal Auditor of since HUNEED TECHNOLOGIES since March 26, 2010. Previously, Jung was Director of Korea Technology Finance Corporation. Jung holds a Master's degree in Business Administration from Long Island University, the United States.



M Business Administration, Long Island University

W. H. Cho

 

Manager-Investor Relations

Investment Executive

 

 

Myoung Ho Sin

 

Vice President

Other

 

 

 

 

Significant Developments

 

Huneed Technologies Appoints New Co-CEOs

 

Jan 27, 2011

 

Huneed Technologies announced that it has appointed Shin Jong Seok and Lee Seong Nam as its new Co-Chief Executive Officers, replacing Kim Yu Jin, effective January 27, 2011.

 

Huneed Technologies Signs Contract with Agency for Defense Development

Jan 05, 2011

 

Huneed Technologies announced that it has signed a contract with Agency for Defense Development to develop high capacity trunk radio system. The contract amount is KRW 20,380 million.

 

Huneed Technologies Decides Issuance of 37th Bonds with Warrants

Nov 28, 2010

 

Huneed Technologies announced the offering of its 37th unregistered/unsecured private bonds with warrants, raising KRW 15 billion in proceeds, for its operations. The details regarding the bond issuance are as follows: maturity on November 30, 2015, yield to maturity 5%, annual coupon of 1%, lump-sum redemption of principal on maturity date, 100% conversion rate of bonds to common shares at KRW 5,613 per share and exercise period from November 30, 2011 to October 30, 2015.

 

Huneed Technologies Announces Resignation of Co-CEO

Nov 25, 2010

 

Huneed Technologies announced that its Co-Chief Executive Officer (Co-CEO) has resigned from the Company, effective November 25, 2010. The current Co-CEO Kim Yu Jin continues his duty as Chief Executive Officer at the Company.


 

Research and Markets: The South Korean Defense Sector - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2015

 

Business Wire: 16 December 2010

[What follows is the full text of the news story.]

 

 

DUBLIN--(BUSINESS WIRE)-- Research and Markets

(http://www.researchandmarkets.com/research/0f7f05/the_south_korean_d) has announced the addition of iCD Research's new report "The South Korean Defense Sector - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2015" to their offering.

 

The South Korean defense industry is expected to grow at a CAGR of 7.39% over the forecast period, from an estimated US$22.4 billion in 2009 to an expected US$32.5 billion in 2015. The perceived threat of nuclear attacks from neighbor North Korea will drive growth in defense expenditure, despite South Koreas military superiority. The South Korean defense industry is also set to benefit from economic growth, a military modernization plan, and a planned reduction in defense personnel. During the review period, the country maintained a defense expenditure of 2.5% of its gross domestic product (GDP), which is expected to continue during the forecast period. During the review period, 69% of the defense budget was allocated for revenue expenditure, while the remaining 31% was assigned to capital expenditure. However, as the government plans to reduce the size of its forces, capital expenditure is expected to receive an increased allocation during the forecast period.

 

The key opportunities in the industry are expected in areas such as armored vehicles, joint direct attack munitions (JDAMs), fighter planes and VIP aircrafts, multi-mission helicopters, anti-mine equipment, warships, tanks, rocket launchers, and military trucks. Furthermore, although the country has not yet experienced any terror activity from external terrorist organizations (excluding those from North Korea), the globalization of terrorism and increased threat from organizations such as Al-Qaeda and several indigenous terrorist groups will support the expansion of the homeland security market. The three main areas of growth are expected to be in aviation security, cyber security and the aerial surveillance market

 

This report offers insights into the market opportunities and entry strategies adopted by foreign OEMs (original equipment manufacturers) to gain a market share in the South Korean defense industry. In particular, it offers in-depth analysis of the following:

 

Market opportunity and attractiveness: detailed analysis of the current industry size and growth expectations during 20102015, including highlights of the key growth stimulators. It also benchmarks the industry against key global markets and provides detailed understanding of emerging opportunities in specific areas.

Procurement dynamics: trend analysis of imports and exports, together with its implications and impact on the South Korean defense industry.

 

Industry structure: five forces analysis to identify various power centers in the industry and how these are likely to develop in the future.

 

Market entry strategy: analysis of possible ways to enter the market, together with detailed descriptions of how existing players have entered the market, including key contracts, alliances, and strategic initiatives.

 

Competitive landscape and strategic insights: analysis of competitive landscape of the defense industry in South Korea. It provides an overview of key defense companies (both domestic and foreign), together with insights such as key alliances, strategic initiatives, and a brief financial analysis.

 

Business environment and country risk: a range of drivers at country level, assessing business environment and country risk. It covers historical and forecast values for a range of indicators, evaluating business confidence, economic performance, infrastructure quality and availability, labor force, demographics, and political and social risk.

 

Scope:

analysis of Defense industry market size from 2004 through 2009 and forecasts till 2015 analysis of defense budget allocation Benchmarking with key global markets

 

Market opportunities

Defense procurement dynamics

Industry dynamics

Market entry strategy

Competitive landscape and strategic insights

Business environment and country risk

 

Reasons to buy:

Gain insight into South Korean defense industry with current, historic and forecast market values

Get insight on market opportunity and attractiveness

Get insight on industry procurement dynamics

Gain insight on industry structure

Gain insight into the regulations governing the South Korean defense industry and the potential market entry strategies with an expert analysis of the competitive structure

Identify top companies of the South Korean defense industry along with profiles of all those companies

 

Key Topics Covered:

 

1 Introduction

 

2 Executive Summary

 

3 Market Attractiveness and Emerging Opportunities

 

4 Defense Procurement Market Dynamics

 

5 Industry Dynamics

 

6 Market Entry Strategy

 

7 Competitive Landscape and Strategic Insights

 

8 Business Environment and Country Risk

 

Companies Mentioned:

 

Korea Aerospace Industries

Samsung Techwin

Hanwha Corporation

Hyundai Heavy Industries

Daewoo Shipbuilding & Marine Engineering

Huneed Technologies

STX Engine

S&T Dynamics

Poongsan Corporation

Samsung Thales

LIG NEX1

Doosan DST

For more information visit http://www.researchandmarkets.com/research/0f7f05/the_south_korean_d

 

Research and Markets

Laura Wood, Senior Manager,

press@researchandmarkets.com

U.S. Fax: 646-607-1907

Fax (outside U.S.): +353-1-481-1716

 

THREE FIRMS TO BUILD S.KOREAN MILITARY COMMUNICATIONS NETWORK

 

Asia Pulse Businesswire: 20 October 2010

[What follows is the full text of the news story.]

 

SEOUL, Oct 20Asia Pulse - South Korea's weapons procurement agency said Wednesday it has selected three companies to develop an advanced tactical communications and data system for the military, with a goal of rolling out a prototype of the new system by 2014.

 

Samsung Thales, a joint venture between South Korean conglomerate Samsung Group and French defense company Thales, and two local firms, LIG Nex1 and Huneed Technologies (KSE:005870), were chosen as the developers for the new command-and-control battlefield system, the Defense Acquisition Program Administration (DAPA) said in a statement.

 

The military launched the 4.5 trillion won (US$4 billion) project last year to replace its tactical communications network with a more up-to-date system called the Tactical Information Communication Network (TICN) that uses wireless broadband technology.

 

If all goes as planned, the new system will be used in operations from 2020, DAPA officials said.

 

Unlike the current military communications system, which can transmit only still images and voice data, the TICN would enable the integrated transmission of video, image and voice data at more than 10 times the current speed, they said.

 

(Yonhap) ms

 

20-10 1748

 

 

 

Annual income statements

 

Financials in: USD (mil)          

Except for share items (millions) and per share items (actual units)   

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

45.6

47.9

39.3

89.0

78.6

Revenue

45.6

47.9

39.3

89.0

78.6

Total Revenue

45.6

47.9

39.3

89.0

78.6

 

 

 

 

 

 

    Cost of Revenue

40.1

37.9

38.5

76.9

69.5

Cost of Revenue, Total

40.1

37.9

38.5

76.9

69.5

Gross Profit

5.5

10.0

0.8

12.1

9.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.5

3.1

3.0

2.9

2.5

    Labor & Related Expense

6.2

5.0

6.3

6.6

5.6

    Advertising Expense

0.1

0.3

0.2

0.5

0.2

Total Selling/General/Administrative Expenses

8.9

8.4

9.5

10.0

8.2

Research & Development

0.5

0.3

0.2

0.2

0.2

    Depreciation

0.2

0.1

0.1

0.1

0.1

    Amortization of Intangibles

0.4

0.4

0.5

0.2

0.0

Depreciation/Amortization

0.6

0.5

0.5

0.3

0.1

    Other Unusual Expense (Income)

-

-

-

0.0

0.0

Unusual Expense (Income)

-

-

-

0.0

0.0

Total Operating Expense

50.1

47.1

48.8

87.4

78.1

 

 

 

 

 

 

Operating Income

-4.5

0.8

-9.5

1.5

0.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.9

-0.3

-0.6

-1.3

-1.3

    Interest Expense, Net Non-Operating

-0.9

-0.3

-0.6

-1.3

-1.3

        Interest Income - Non-Operating

0.3

0.4

1.6

1.7

1.0

        Investment Income - Non-Operating

-0.8

-0.3

-1.1

-7.8

-0.6

    Interest/Investment Income - Non-Operating

-0.5

0.1

0.5

-6.1

0.4

Interest Income (Expense) - Net Non-Operating Total

-1.4

-0.2

-0.1

-7.4

-1.0

Gain (Loss) on Sale of Assets

0.1

0.0

0.0

9.0

2.0

    Other Non-Operating Income (Expense)

1.8

-0.3

0.2

-0.5

-0.6

Other, Net

1.8

-0.3

0.2

-0.5

-0.6

Income Before Tax

-3.9

0.3

-9.4

2.6

1.0

 

 

 

 

 

 

Total Income Tax

-0.4

0.0

0.0

0.0

-0.6

Income After Tax

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Net Income Before Extraord Items

-3.5

0.3

-9.4

2.6

1.6

Net Income

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

9.8

9.8

9.7

9.8

8.3

Basic EPS Excl Extraord Items

-0.36

0.03

-0.96

0.27

0.20

Basic/Primary EPS Incl Extraord Items

-0.36

0.03

-0.96

0.27

0.20

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-3.5

0.3

-9.4

2.6

1.6

Diluted Weighted Average Shares

9.8

9.8

9.7

9.9

8.5

Diluted EPS Excl Extraord Items

-0.36

0.03

-0.96

0.27

0.19

Diluted EPS Incl Extraord Items

-0.36

0.03

-0.96

0.27

0.19

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

0.9

0.3

0.6

1.3

1.3

Interest Capitalized, Supplemental

-1.1

-0.6

-

-

-

Depreciation, Supplemental

1.1

0.7

0.8

1.2

1.3

Total Special Items

0.3

0.4

0.4

-8.8

-2.0

Normalized Income Before Tax

-3.6

0.7

-9.0

-6.2

-1.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

-3.1

-0.7

Inc Tax Ex Impact of Sp Items

-0.4

0.0

0.0

-3.1

-1.3

Normalized Income After Tax

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Basic Normalized EPS

-0.33

0.07

-0.92

-0.31

0.04

Diluted Normalized EPS

-0.33

0.07

-0.92

-0.30

0.04

Amort of Acquisition Costs, Supplemental

0.4

0.4

0.4

0.2

-

Amort of Intangibles, Supplemental

0.8

1.1

1.1

0.1

5.3

Rental Expenses

0.3

0.2

0.3

0.3

0.2

Advertising Expense, Supplemental

0.1

0.3

0.2

0.5

0.2

Research & Development Exp, Supplemental

0.5

0.3

0.2

0.2

0.2

Normalized EBIT

-4.5

0.8

-9.5

1.5

0.6

Normalized EBITDA

-2.2

2.9

-7.2

3.0

7.2

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

17.3

9.5

10.6

11.0

13.6

    Short Term Investments

3.0

5.5

6.6

34.9

29.8

Cash and Short Term Investments

20.3

14.9

17.2

45.9

43.4

        Accounts Receivable - Trade, Gross

8.1

13.0

5.7

12.3

8.1

    Trade Accounts Receivable - Net

8.2

13.1

5.8

12.6

8.3

    Other Receivables

0.2

0.9

1.4

0.7

1.9

Total Receivables, Net

8.4

13.9

7.3

13.3

10.2

    Inventories - Finished Goods

-

-

-

-

0.0

    Inventories - Work In Progress

5.3

3.1

3.3

0.2

0.2

    Inventories - Raw Materials

4.6

3.5

3.5

6.5

4.5

    Inventories - Other

7.6

3.7

5.4

5.6

7.6

Total Inventory

17.5

10.3

12.2

12.3

12.2

Prepaid Expenses

0.0

0.0

0.0

0.0

0.1

    Other Current Assets

-

-

-

0.0

0.2

Other Current Assets, Total

-

-

-

0.0

0.2

Total Current Assets

46.2

39.2

36.6

71.6

66.2

 

 

 

 

 

 

        Buildings

34.6

0.3

0.2

-

11.8

        Land/Improvements

30.2

29.5

8.7

-

16.1

        Machinery/Equipment

14.2

14.8

14.6

18.9

19.4

        Construction in Progress

0.0

18.4

4.9

6.0

0.0

        Other Property/Plant/Equipment

5.8

5.5

4.7

5.9

5.3

    Property/Plant/Equipment - Gross

84.7

68.5

33.1

30.8

52.7

    Accumulated Depreciation

-18.4

-18.2

-17.3

-22.4

-29.8

Property/Plant/Equipment - Net

66.3

50.3

15.8

8.3

22.8

Goodwill, Net

0.7

1.1

1.4

2.3

-

Intangibles, Net

5.3

4.5

2.9

3.7

10.1

    LT Investments - Other

3.7

4.3

1.5

2.0

2.5

Long Term Investments

3.7

4.3

1.5

2.0

2.5

    Other Long Term Assets

0.6

1.3

8.1

6.8

0.4

Other Long Term Assets, Total

0.6

1.3

8.1

6.8

0.4

Total Assets

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

Accounts Payable

6.3

7.0

3.9

9.8

0.9

Accrued Expenses

0.1

0.0

0.0

0.0

0.2

Notes Payable/Short Term Debt

4.4

9.4

1.6

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

0.2

0.8

13.1

5.3

15.4

    Customer Advances

8.7

1.9

2.1

0.6

5.4

    Other Payables

1.3

2.6

0.7

0.5

1.1

    Other Current Liabilities

0.3

0.2

0.2

0.2

0.1

Other Current liabilities, Total

10.3

4.7

3.0

1.3

6.6

Total Current Liabilities

21.3

22.0

21.6

16.4

23.0

 

 

 

 

 

 

    Long Term Debt

33.5

10.1

1.3

8.8

9.3

Total Long Term Debt

33.5

10.1

1.3

8.8

9.3

Total Debt

38.1

20.4

16.0

14.1

24.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

4.5

4.4

-

-

-

Deferred Income Tax

4.5

4.4

-

-

-

    Pension Benefits - Underfunded

0.5

0.4

0.0

0.0

0.0

    Other Long Term Liabilities

0.0

0.0

0.0

0.1

0.1

Other Liabilities, Total

0.5

0.4

0.1

0.1

0.1

Total Liabilities

59.9

37.0

23.0

25.3

32.5

 

 

 

 

 

 

    Common Stock

44.8

43.7

40.0

53.7

53.0

Common Stock

44.8

43.7

40.0

53.7

53.0

Additional Paid-In Capital

12.4

10.8

9.9

13.3

12.4

Retained Earnings (Accumulated Deficit)

-7.1

-3.4

-3.5

6.3

4.2

Treasury Stock - Common

-3.1

-3.0

-2.8

-3.7

-

Unrealized Gain (Loss)

16.1

15.6

-0.4

-0.1

-0.1

Total Equity

63.1

63.6

43.2

69.4

69.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

9.8

9.8

9.7

9.7

9.9

Total Common Shares Outstanding

9.8

9.8

9.7

9.7

9.9

Treasury Shares - Common Stock Primary Issue

0.3

0.3

0.3

0.3

-

Employees

300

312

326

306

268

Number of Common Shareholders

5,099

5,590

4,996

5,610

7,007

Accumulated Goodwill Amortization Suppl.

-

-

0.5

0.2

-

Accumulated Intangible Amort, Suppl.

-

-

0.7

10.4

-

Deferred Revenue - Current

8.7

1.9

2.1

0.6

5.4

Total Long Term Debt, Supplemental

22.4

23.5

14.4

11.2

6.8

Long Term Debt Maturing within 1 Year

0.2

13.4

13.1

2.4

1.4

Long Term Debt Maturing in Year 2

4.2

0.2

0.8

7.8

2.4

Long Term Debt Maturing in Year 3

4.1

1.9

0.2

1.0

2.0

Long Term Debt Maturing in Year 4

4.0

1.9

0.2

-

1.0

Long Term Debt Maturing in Year 5

-

6.1

0.2

-

-

Long Term Debt Maturing in 2-3 Years

8.3

2.1

0.9

8.8

4.4

Long Term Debt Maturing in 4-5 Years

4.0

8.0

0.3

-

1.0

Long Term Debt Matur. in Year 6 & Beyond

9.9

0.0

-

0.0

0.0

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-3.5

0.3

-9.4

2.6

1.6

    Depreciation

1.1

0.7

0.8

1.2

1.2

Depreciation/Depletion

1.1

0.7

0.8

1.2

1.2

    Amortization of Intangibles

1.2

1.4

1.5

0.2

5.3

Amortization

1.2

1.4

1.5

0.2

5.3

    Unusual Items

0.7

0.3

-3.0

-1.2

-1.1

    Other Non-Cash Items

0.4

1.7

5.8

2.2

1.9

Non-Cash Items

1.0

2.0

2.8

0.9

0.7

    Accounts Receivable

6.1

-5.6

3.2

-3.2

3.7

    Inventories

-6.7

2.2

-4.2

0.3

-3.1

    Prepaid Expenses

0.0

0.0

0.0

0.1

0.4

    Accounts Payable

-2.1

4.3

-3.4

8.3

-8.0

    Accrued Expenses

0.0

0.0

0.0

-0.2

0.1

    Other Liabilities

5.7

-1.1

0.5

-6.7

2.2

Changes in Working Capital

3.0

-0.2

-4.0

-1.4

-4.8

k

2.8

4.3

-8.3

3.6

4.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-16.0

-12.7

-11.4

-7.4

-1.0

    Purchase/Acquisition of Intangibles

-2.8

-2.9

-1.7

-2.3

-3.4

Capital Expenditures

-18.8

-15.5

-13.1

-9.8

-4.4

    Acquisition of Business

-

-

-

0.0

-

    Sale of Fixed Assets

1.3

0.0

0.0

29.7

3.9

    Sale/Maturity of Investment

8.1

2.3

22.2

0.9

0.0

    Purchase of Investments

-4.7

-3.2

-0.1

-7.0

-20.7

    Other Investing Cash Flow

-0.2

3.9

-1.4

-7.8

-0.4

Other Investing Cash Flow Items, Total

4.5

3.1

20.7

15.9

-17.2

Cash from Investing Activities

-14.3

-12.5

7.6

6.1

-21.6

 

 

 

 

 

 

    Other Financing Cash Flow

0.4

0.5

0.7

0.9

-0.4

Financing Cash Flow Items

0.4

0.5

0.7

0.9

-0.4

        Sale/Issuance of Common

0.0

0.0

0.2

1.2

23.3

        Repurchase/Retirement of Common

0.0

0.0

0.0

-3.8

-

    Common Stock, Net

0.0

0.0

0.1

-2.6

23.3

    Options Exercised

0.0

0.4

-

-

-

Issuance (Retirement) of Stock, Net

0.0

0.4

0.1

-2.6

23.3

        Short Term Debt Issued

4.3

8.6

1.8

0.0

13.6

        Short Term Debt Reduction

-9.5

-1.6

-

-14.0

-7.9

    Short Term Debt, Net

-5.2

7.1

1.8

-14.0

5.8

        Long Term Debt Issued

24.6

8.7

5.5

5.8

0.0

        Long Term Debt Reduction

-0.8

-10.4

-4.5

-2.5

-8.4

    Long Term Debt, Net

23.7

-1.7

0.9

3.4

-8.4

Issuance (Retirement) of Debt, Net

18.5

5.4

2.8

-10.6

-2.6

Cash from Financing Activities

18.9

6.3

3.6

-12.3

20.2

 

 

 

 

 

 

Net Change in Cash

7.3

-1.9

2.9

-2.5

2.8

 

 

 

 

 

 

Net Cash - Beginning Balance

10.0

10.9

9.7

14.0

10.8

Net Cash - Ending Balance

17.3

9.0

12.6

11.5

13.6

 

Annual Income Statement

 

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)   

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Merchandise Revenues

-

-

-

-

5.6

    Finished Products

-

-

-

-

72.8

    Service Revenues

-

-

-

-

0.2

    Revenues

45.6

47.9

39.3

89.0

-

Total Revenue

45.6

47.9

39.3

89.0

78.6

 

 

 

 

 

 

    Cost of Revenues

40.1

37.9

38.5

76.9

-

    Cost-Merchandise

-

-

-

-

4.6

    Cost-Finished Goods

-

-

-

-

64.7

    Cost of Services

-

-

-

-

0.2

    Salaries & Wages

4.6

3.9

4.8

4.5

3.6

    Retirement Allowance

1.0

0.5

0.8

1.1

0.8

    Employee Benefits

0.6

0.6

0.7

0.8

0.6

    Expenses of Allowance for Doubtful Accou

0.0

0.5

-

-

-

    Rent

0.3

0.2

0.3

0.3

0.2

    Insurance Expenses

0.0

0.0

0.0

0.1

0.1

    Entertainment

0.2

0.2

0.2

0.2

0.3

    Taxes and Dues

0.2

0.2

0.3

0.2

0.2

    Depreciation Expense

0.2

0.1

0.1

0.1

0.1

    Amort of Intangibles

0.4

0.4

0.5

0.2

0.0

    Defective Repair Expense

0.5

0.4

0.4

-

-

    Research & Develop.

0.5

0.3

0.2

0.2

0.2

    Travel Expenses

0.3

0.3

0.6

0.9

0.4

    Commissions Paid

0.7

1.0

0.8

0.6

0.8

    Vehicle Expenses

0.1

0.1

0.1

0.1

0.1

    Advertising Expenses

0.1

0.3

0.2

0.5

0.2

    Education & Training

0.0

0.0

0.1

0.1

0.1

    Expenses for Stock Compensation

0.0

0.0

0.0

0.2

0.5

    Utility Expenses

0.0

0.0

0.0

0.0

0.0

    Printing Expenses

0.1

0.2

0.1

0.0

0.1

    Communication Exp.

0.0

0.0

0.0

0.0

0.0

    Shipping/Handling

0.1

0.0

0.0

0.2

0.1

    Repair Expenses

0.0

0.0

0.0

0.0

0.0

    Error Adj. Expense

-

-

-

0.0

0.0

    Consumable Expense

0.0

0.0

0.0

0.0

0.0

Total Operating Expense

50.1

47.1

48.8

87.4

78.1

 

 

 

 

 

 

    Interest Income

0.3

0.4

1.6

1.7

1.0

    Dividend Income

0.0

0.0

0.0

0.0

0.0

    Rental Income

0.0

0.1

0.1

0.2

0.1

    G-Foreign Currency Transaction

0.2

1.0

0.3

0.1

0.2

    G-Foreign Exchange Translations

0.0

0.1

0.0

0.0

0.0

    Gain Disposal Tangible Assets

0.1

0.0

0.0

9.0

2.0

    Reversal of Allowance for Doubtful Accou

0.3

0.4

-

-

-

    Gain-Valuation of Currency Swap

0.0

0.0

3.5

0.1

-

    G-Currency Futures Trade

0.0

0.0

0.2

0.0

0.1

    Other Non-Op Income

2.0

0.1

0.2

0.1

0.1

    Gain-Prior Period Error Correction

0.0

0.0

0.7

-

-

    Interest Expenses

-0.9

-0.3

-0.6

-1.3

-1.3

    L-Foreign Currency Transactions

-0.2

-0.8

-0.3

-0.1

-0.1

    L-Foreign Exchange Translations

0.0

0.0

-3.6

-0.1

0.0

    Fee & Charges Exp

0.0

-0.1

-0.4

-0.6

-0.1

    Bad Debt Expense

0.0

0.0

0.0

-

-

    Loss Disp Tang. Ast

0.0

0.0

0.0

0.0

0.0

    L-Futures Trade

0.0

-0.5

-1.3

0.0

0.0

    L-Reduce Investment Assets

-

-

-

-

0.0

    Impairment Losses on Intangible Assets f

-0.8

-

-

-7.8

-0.9

    Amort-Suspended Assets

-

-

-

0.0

0.0

    Donations Paid

0.0

0.0

0.0

0.0

0.0

    Loss-Violations

-

-

-

-0.1

-0.5

    Other Amortization

-

-

-

0.0

-0.1

    Loss on Illigal Activity

0.0

0.0

-0.4

-

-

    Other Non-Op Expenses

-0.5

-0.7

0.0

0.0

0.0

    L-Redempt. of Debt

0.0

0.0

0.0

0.0

-

    S Gain Exempt Debt

-

-

-

-

0.0

Net Income Before Taxes

-3.9

0.3

-9.4

2.6

1.0

 

 

 

 

 

 

Provision for Income Taxes

-0.4

0.0

0.0

0.0

-0.6

Net Income After Taxes

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Net Income Before Extra. Items

-3.5

0.3

-9.4

2.6

1.6

Net Income

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Basic Weighted Average Shares

9.8

9.8

9.7

9.8

8.3

Basic EPS Excluding ExtraOrdinary Items

-0.36

0.03

-0.96

0.27

0.20

Basic EPS Including ExtraOrdinary Item

-0.36

0.03

-0.96

0.27

0.20

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-3.5

0.3

-9.4

2.6

1.6

Diluted Weighted Average Shares

9.8

9.8

9.7

9.9

8.5

Diluted EPS Excluding ExtraOrd Items

-0.36

0.03

-0.96

0.27

0.19

Diluted EPS Including ExtraOrd Items

-0.36

0.03

-0.96

0.27

0.19

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-3.6

0.7

-9.0

-6.2

-1.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.4

0.0

0.0

-3.1

-1.3

Normalized Income After Taxes

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Basic Normalized EPS

-0.33

0.07

-0.92

-0.31

0.04

Diluted Normalized EPS

-0.33

0.07

-0.92

-0.30

0.04

R&D Expense, Supplemental

0.5

0.3

0.2

0.2

0.2

Advertising Expense

0.1

0.3

0.2

0.5

0.2

Interest Expense, Supplemental

0.9

0.3

0.6

1.3

1.3

Amort of Intangibles, Supplemental

0.8

1.1

1.1

0.1

5.3

Amort of Acquisition Cost

0.4

0.4

0.4

0.2

-

Interest Capitalized, Supplemental

-1.1

-0.6

-

-

-

Rental Expense, Supplemental

0.3

0.2

0.3

0.3

0.2

Depreciation, Supplemental

1.1

0.7

0.8

1.2

1.3

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalents

17.6

9.9

10.6

11.0

13.6

    Government Subsidy for Cash and Cash Equ

-0.3

-0.4

-

-

-

    ST Financial Assets

3.0

5.5

6.6

34.8

29.8

    ST Loans, Net

-

-

-

-

0.0

    Short-term Loans

0.4

0.3

-

-

-

    Allowance for Doubtful Accounts for Shor

-0.4

-0.2

-

-

-

    Trade Receivable

8.1

13.0

5.7

12.3

8.1

    Other Receivables

0.4

0.9

-

-

-

    Allowance for Doubtful Accounts for Othe

-0.2

-0.2

-

-

-

    Ilegal act Account Receivable

0.0

0.6

-

-

-

    Allowance for Doubtful Accounts for Othe

0.0

-0.5

-

-

-

    Other Receivable, Net

-

-

1.0

0.7

1.9

    Accrued Income

0.1

0.1

0.1

0.3

0.2

    Receivable-Illigal Activity

-

-

0.4

-

-

    Advanced Payment

1.4

0.5

1.9

2.3

5.4

    Guarantee Deposit-Futures Trade

-

-

-

0.0

0.2

    Prepaid Expense

0.0

0.0

0.0

0.0

0.1

    ST Investment Securities

-

-

-

0.0

-

    Finished Goods

-

-

-

-

0.0

    Work in Progress

5.3

3.2

3.3

0.2

0.2

    Allowance for Loss on Valuation of Works

-0.1

-0.1

-

-

-

    Raw Materials

5.4

4.3

3.5

6.5

4.5

    Allowance for Loss on Valuation of Raw M

-0.8

-0.8

-

-

-

    Goods in Transit

6.2

3.2

3.4

3.3

2.2

Total Current Assets

46.2

39.2

36.6

71.6

66.2

 

 

 

 

 

 

    LT Financial Assets

0.0

0.7

0.2

0.2

0.8

    Investment Securities

3.7

3.6

1.2

1.8

1.7

    Guarantee Dep.

-

-

-

-

0.4

    Currency Swap, LT Assets

0.0

0.0

2.8

0.1

-

    LT Security Deposit

0.6

1.3

5.2

6.7

-

    Land

30.2

29.5

8.7

-

16.1

    Buildings

34.6

0.3

0.2

-

10.4

    Buildings-Depreciation

-0.3

0.0

0.0

-

-6.1

    Structures

-

-

-

-

1.4

    Structure Depre.

-

-

-

-

-0.6

    Machinery/Equip.

14.0

14.7

14.4

18.7

19.3

    Machinery & Equipment-Depreciation

-13.3

-14.1

-13.7

-18.3

-18.8

    Vehicles & Transportation Equipment

0.2

0.2

0.1

0.2

0.1

    Vehicles & Transportation-Depreciation

-0.1

-0.1

-0.1

-0.1

-0.1

    Other Tangible Assets

5.9

5.5

4.7

5.9

5.4

    Other Tangibles-Depreciation

-4.6

-4.0

-3.5

-4.1

-4.3

    Other Tangibles-Government Subsidy

0.0

-0.1

0.0

-0.1

-0.1

    Construction

0.0

18.4

4.9

6.0

0.0

    Industrial Property Right

0.0

0.1

0.1

0.1

0.1

    Development Cost

-

-

2.8

3.6

10.0

    Other Intangible

0.0

0.0

0.0

0.0

0.0

    Goodwill

0.7

1.1

1.4

2.3

-

    Government Subsidy for Development Costs

-1.9

-1.4

-

-

-

    Development Costs

7.2

5.8

-

-

-

Total Assets

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

    Trade Payable

6.3

7.0

3.9

9.8

0.9

    Foreign Stock Warrants

-

-

-

-

0.0

    Account Payable

1.3

2.6

0.7

0.5

1.1

    Accrued Expense

0.1

0.0

0.0

0.0

0.2

    Advances Received

8.7

1.9

2.1

0.6

5.4

    Deposit Withheld

0.1

0.1

0.2

0.2

0.1

    Current Bonds

-

-

-

-

14.0

    Current LT Borrowings

-

-

-

-

1.4

    Legal Restructuring Liabilities, Current

-

-

-

-

0.0

    Bonds with Warrant, Current

-

-

-

2.9

-

    ST Borrowings

4.4

9.4

1.6

-

-

    Provisions for Warranty

0.2

0.1

-

-

-

    Current Portion of LT Debt

0.2

0.8

13.1

2.4

-

Total Current Liabilities

21.3

22.0

21.6

16.4

23.0

 

 

 

 

 

 

    LT Borrowings

22.2

10.1

1.3

8.8

5.4

    Bonds With Stock Warrants

13.2

-

-

-

3.9

    Discount on Bonds of Long-term Liabiliti

-0.3

-

-

-

-

    Yield to Maturity Premium on Bonds with

3.0

-

-

-

-

    Stock Warrants Adjustment

-4.7

-

-

-

-

Total Long Term Debt

33.5

10.1

1.3

8.8

9.3

 

 

 

 

 

 

    Reserve-Severance and Retirement Benefit

-

-

0.0

0.0

0.0

    Rent Deposit

0.0

0.0

0.0

0.1

0.1

    Provisions for Retirement and Severance

1.5

1.9

-

-

-

    Assets for National Pension Fund

-1.0

-1.0

-

-

-

    Deposits for Severance Benefits for Non-

0.0

-0.5

-

-

-

    Transfer to National Pension Fund

0.0

0.0

-

-

-

    Deferred Income Taxes Liabilities Non-cu

4.5

4.4

-

-

-

Total Liabilities

59.9

37.0

23.0

25.3

32.5

 

 

 

 

 

 

    Common Stock

44.8

43.7

40.0

53.7

53.0

    Consideration for Stock Warrants in Capi

1.4

-

-

-

-

    Paid-in Capital in Excess of Par

10.6

10.3

9.4

12.6

12.3

    Other Capital Surplus

0.1

0.0

0.0

0.1

0.1

    Appropriated Retained Earnings for Volun

2.1

2.0

1.9

2.5

-

    Rsv-Finl Restruc

-

-

-

-

2.5

    Retained Earning Carried Forward

-9.2

-5.5

-5.4

3.8

1.7

    Loss-Valuation of Investment Securities

0.0

-0.1

-0.1

0.0

-0.1

    Loss-Valuation of Currency Swaps

0.0

0.0

-0.3

0.0

-

    Asset Revaluation Reserve Other Comprehe

16.1

15.7

-

-

-

    Disp-Treasury

-

-

-

-

-0.5

    Stock Options

0.3

0.4

0.5

0.7

0.6

    Treasury Stock

-3.1

-3.0

-2.8

-3.7

-

Total Equity

63.1

63.6

43.2

69.4

69.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

    S/O-Common Stock

9.8

9.8

9.7

9.7

9.9

Total Common Shares Outstanding

9.8

9.8

9.7

9.7

9.9

T/S-Common Stock

0.3

0.3

0.3

0.3

-

Deferred Revenue, Current

8.7

1.9

2.1

0.6

5.4

Accumulated Intangible Amorti., Suppl

-

-

0.7

10.4

-

Accumulated Goodwill Amorti., Suppl

-

-

0.5

0.2

-

Full-Time Employees

300

312

326

306

268

Number of Common Shareholders

5,099

5,590

4,996

5,610

7,007

LT Debt Due Within 1 Year

0.2

13.4

13.1

2.4

1.4

LT Debt Due Within 2 Years

4.2

0.2

0.8

7.8

2.4

LT Debt Due Within 3 Years

4.1

1.9

-

1.0

2.0

LT Debt Due Within 4 Years

4.0

1.9

-

-

1.0

LT Debt Due Within 5 Years

-

6.1

0.5

-

-

Long Term Debt - Remaining Maturities

9.9

-

-

-

-

Total Long Term Debt, Supplemental

22.4

23.5

14.4

11.2

6.8

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-3.5

0.3

-9.4

2.6

1.6

    Depreciation

1.1

0.7

0.8

1.2

1.2

    Amort-Subscription Warrant Adjustment

0.1

0.0

0.0

-

-

    Amortization-Intangible Assets

1.2

1.4

1.5

0.2

5.3

    Compensation Expenses Associated with St

-

0.0

0.0

0.2

0.5

    Provision-Retirement Allowance

0.9

1.0

1.5

1.9

1.3

    Loss-Disposal of Tangible Assets

0.0

0.0

0.0

0.0

0.0

    L-Futures Trade

0.0

0.5

1.3

0.0

0.0

    L-reduce Investment Assets

-

-

-

-

0.0

    Impairment Losses on Intangible Assets

0.8

-

-

7.8

0.9

    Loss-Illigal Activity Expense

0.0

0.0

0.4

-

-

    Other Provisions-Doubtful Account

0.0

0.0

0.0

0.0

0.1

    Amortization-Suspended Assets

-

-

-

0.0

0.0

    Expenses of Allowance for Doubtful Accou

0.0

0.5

-

-

-

    Loss-Foreign Currency Translation

0.0

0.0

3.5

0.0

0.0

    Accrued Interest Expense

-

-

-

0.1

0.1

    Loss-Redemption of Bond

0.0

0.0

0.0

0.0

-

    Warranty Expenses

0.1

0.1

-

-

-

    Loss-Valuation of Inventory

0.0

0.3

0.5

-

-

    Amortization-Discount on Bond Issuance

0.0

0.0

0.0

-

-

    Gain-Disposal of Tangible Assets

-0.1

0.0

0.0

-9.0

-2.0

    Gain-Foreign Currency Translation

0.0

0.0

0.0

0.0

0.0

    Reversal of Allowance for Other Doutful

-0.3

-0.4

-

-

-

    G-Futures Trade

0.0

0.0

-0.2

0.0

-0.1

    G-Debt Exemption

-

-

-

-

0.0

    Government Subsidy

0.0

0.0

0.0

0.0

0.0

    Gain-Valuation of Currency Swap

0.0

0.0

-3.5

-0.1

-

    Tax Revenue

-0.4

-

-

-

-

    Gain-Prior Period Error Correction

0.0

0.0

-0.7

-

-

    Recovery of Losses on Valuation of Inven

0.0

-

-

-

-

    Trade Receivable

5.1

-6.7

3.9

-4.3

4.6

    Account Receivable

0.4

0.3

-0.6

1.3

-0.7

    Receivable-Illigal Activity

0.5

0.7

-0.3

-

-

    Accrued Income

0.0

0.0

0.1

-0.1

-0.1

    Advanced Payment

-0.9

1.5

-0.2

3.2

-2.5

    Prepaid Expense

0.0

0.0

0.0

0.1

0.4

    Inventory

-5.9

0.8

-4.0

-2.9

-0.6

    Trade Payable

-0.8

2.6

-3.8

9.0

-6.9

    Account Payable

-1.3

1.7

0.3

-0.7

-1.2

    Accrued Expense

0.0

0.0

0.0

-0.2

0.1

    Advance Received

6.6

-0.3

1.8

-4.8

5.0

    Deposit Withheld

0.0

-0.1

0.1

0.0

-0.3

    Retirement Pension Operating Fund

0.0

0.0

-1.0

-

-

    Payment-Retirement Bonus

-1.4

-0.9

-3.7

-0.8

-0.5

    Deposit-Retirement Insurance

0.0

0.2

3.3

-1.1

-2.0

    Reserve-National Pension

0.5

0.0

0.0

-

-

Cash from Operating Activities

2.8

4.3

-8.3

3.6

4.1

 

 

 

 

 

 

    Decrease-ST Financial Assets

7.1

2.3

22.1

-

0.0

    Increase-Rent Deposit

0.0

0.0

-

-

-

    Decrease-Guarantee Deposit

0.0

4.3

0.3

0.0

0.0

    Proceeds from Sale of Land

0.3

-

-

23.1

2.8

    Proceeds from Sale of Buildings

0.0

-

-

5.6

0.5

    Disposal-Structure

-

-

-

1.1

0.6

    Disposal-Machinery & Equipments

0.0

0.0

0.0

0.0

0.0

    Disposal-Transportation

0.0

0.0

0.0

0.0

0.0

    Disposal-Other Tangible Assets

0.9

0.0

0.0

0.0

0.0

    Disp-Lease Guarantee

-

-

-

0.0

0.0

    Cash Inflow-Mergers

-

-

-

0.0

-

    Proceeds from Sale of Long-term Investme

-

0.0

0.0

-

-

    Proceeds from Short-term Investment Asse

0.8

0.0

0.0

-

-

    Decrease in Short-term Loans

0.0

-

-

-

-

    Proceeds from Sale of Long-term Financia

0.2

-

-

0.9

-

    Dec-Guarantee Deposit for Derivatives

-

-

-

0.1

-

    Increase-ST Financial Assets

-

-

-

-5.2

-20.4

    Inc-Security Deposit for Futures Trade

0.0

0.0

-1.1

0.0

-0.1

    Increase in Short-term Financial Instrum

-4.6

-0.8

-

-

-

    Increase-LT Financial Assets

-0.1

-0.4

-0.1

-0.3

0.0

    Increase-Investment Securities

0.0

-2.0

0.0

-0.1

-0.3

    Increase-Guarantee Deposit

-0.2

-0.3

-0.6

-6.4

-0.3

    Purchase of Buildings

-0.1

-

-

0.0

-0.1

    Increase-Structure

-

-

-

0.0

0.0

    Increase-Machinery & Equipment

-0.3

0.0

0.0

0.0

-0.2

    Increase-Transportation

0.0

0.0

0.0

-0.1

-0.1

    Increase-Other Tangible Assets

-0.2

-0.6

-0.2

-1.2

-0.6

    Increase-Construction Progress

-15.4

-12.0

-11.1

-6.0

0.0

    Increase-Industrial Property Right

0.0

0.0

0.0

0.0

0.0

    Increase-Development Cost

-2.8

-2.9

-1.7

-2.3

-3.4

    Increase-ST Loans

-

-

-

-1.6

-

    Increase-Securities under Equity Method

-

-

-

-1.3

-

    Decrease-Guarantee Deposit for Lease

0.0

0.0

0.0

-

-

    Increase in Short-term Loans

0.0

0.0

-

-

-

Cash from Investing Activities

-14.3

-12.5

7.6

6.1

-21.6

 

 

 

 

 

 

    Increase-ST Borrowings

4.3

8.6

1.8

0.0

13.6

    Increase-LT Borrowings

11.8

8.7

5.5

5.8

0.0

    Issuance of Bonds with Warrant

-

-

-

-

0.0

    Inc-Foreign Currency Bonds with Warrant

-

-

-

-

0.0

    Exercise of Stock Warrants

0.0

0.0

0.2

1.2

23.3

    Exercise of Stock Options

0.0

0.4

-

-

-

    Increase in Other Capital Surplus

-

-

-

-

0.0

    Increase-Subsidy from Government

0.8

0.9

1.0

0.9

0.8

    Disposal-Treasury Stock

-

-

-

0.0

-

    Increase in Bonds

12.7

-

-

-

-

    Repayments of Short-term Borrowings

-9.5

-1.6

-

-14.0

-7.9

    Dec-Current Portion of LT Borrowings

-0.8

-10.4

-2.0

-1.4

-8.2

    Dec-Restructur Liab

-

-

-

0.0

-0.9

    Acquisition-Treasury Stock

0.0

0.0

0.0

-3.8

-

    Redemption-Bond with Warrant

0.0

0.0

-2.5

-1.1

-0.2

    Increase-Expense for Stock Issuance

0.0

0.0

0.0

0.0

-0.3

    Decrease-Government Subsidy

-0.4

-0.3

-0.3

-

-

Cash from Financing Activities

18.9

6.3

3.6

-12.3

20.2

 

 

 

 

 

 

Net Change in Cash

7.3

-1.9

2.9

-2.5

2.8

 

 

 

 

 

 

Net Cash Beginning Balance

10.0

10.9

9.7

14.0

10.8

Net Cash Ending Balance

17.3

9.0

12.6

11.5

13.6

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

11.2

167.17%

45.6

-13.77%

-13.91%

1.80%

Research & Development1

-

-

0.5

73.84%

38.83%

23.63%

Operating Income1

0.5

-

-4.5

-

-

-

Income Available to Common Excl Extraord Items1

-0.2

-

-3.5

-

-

-

Basic EPS Excl Extraord Items1

-0.02

-

-0.36

-

-

-

Capital Expenditures2

0.1

-95.31%

18.8

9.47%

33.81%

24.75%

Cash from Operating Activities2

-5.1

-

2.8

-42.20%

-1.89%

-

Free Cash Flow

-5.4

-

-16.3

-

-

-

Total Assets3

125.8

24.23%

123.0

19.12%

16.32%

12.21%

Total Liabilities3

60.6

66.66%

59.9

57.77%

42.12%

11.68%

Total Long Term Debt3

34.8

168.44%

33.5

223.79%

66.46%

43.26%

Employees3

-

-

300

-3.85%

-0.66%

3.38%

Total Common Shares Outstanding3

9.8

0.00%

9.8

0.00%

0.42%

6.02%

1-ExchangeRate: KRW to USD Average for Period

1120.289560

 

1156.281981

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1120.289560

 

1156.281981

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1096.950000

 

1134.900000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

12.08%

20.82%

1.98%

13.58%

11.61%

Operating Margin

-9.81%

1.70%

-24.17%

1.72%

0.69%

Pretax Margin

-8.57%

0.70%

-23.86%

2.95%

1.29%

Net Profit Margin

-7.75%

0.70%

-23.86%

2.97%

2.08%

Financial Strength

Current Ratio

2.17

1.78

1.69

4.36

2.87

Long Term Debt/Equity

0.53

0.16

0.03

0.13

0.13

Total Debt/Equity

0.60

0.32

0.37

0.20

0.35

Management Effectiveness

Return on Assets

-3.18%

0.43%

-11.99%

2.67%

1.80%

Return on Equity

-5.61%

0.67%

-17.28%

3.78%

3.00%

Efficiency

Receivables Turnover

4.10

4.83

4.00

7.53

6.64

Inventory Turnover

2.91

3.54

3.16

6.24

6.72

Asset Turnover

0.41

0.61

0.50

0.90

0.87

Market Valuation USD (mil)

Enterprise Value2

58.3

.

Price/Sales (TTM)

0.63

Enterprise Value/Revenue (TTM)

1.05

.

Price/Book (MRQ)

0.52

Enterprise Value/EBITDA (TTM)

253.08

.

Market Cap1

36.3

1-ExchangeRate: KRW to USD on 22-Jul-2011

1051.900000

 

 

 

2-ExchangeRate: KRW to USD on 31-Mar-2011

1096.950000

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

2.17

1.78

1.69

4.36

2.87

Quick/Acid Test Ratio

1.35

1.31

1.13

3.60

2.33

Working Capital1

24.9

17.2

15.0

55.2

43.1

Long Term Debt/Equity

0.53

0.16

0.03

0.13

0.13

Total Debt/Equity

0.60

0.32

0.37

0.20

0.35

Long Term Debt/Total Capital

0.33

0.12

0.02

0.11

0.10

Total Debt/Total Capital

0.38

0.24

0.27

0.17

0.26

Payout Ratio

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate

-

0.00%

-

-0.54%

-60.64%

Total Capital1

101.2

84.0

59.2

83.5

94.3

 

 

 

 

 

 

Efficiency

Asset Turnover

0.41

0.61

0.50

0.90

0.87

Inventory Turnover

2.91

3.54

3.16

6.24

6.72

Days In Inventory

125.26

103.02

115.66

58.47

54.31

Receivables Turnover

4.10

4.83

4.00

7.53

6.64

Days Receivables Outstanding

89.05

75.62

91.18

48.49

54.98

Revenue/Employee2

154,932

168,366

105,248

288,594

301,155

Operating Income/Employee2

-15,200

2,854

-25,439

4,958

2,065

EBITDA/Employee2

-8,737

9,088

-20,401

9,188

27,446

 

 

 

 

 

 

Profitability

Gross Margin

12.08%

20.82%

1.98%

13.58%

11.61%

Operating Margin

-9.81%

1.70%

-24.17%

1.72%

0.69%

EBITDA Margin

-5.64%

5.40%

-19.38%

3.18%

9.11%

EBIT Margin

-9.81%

1.70%

-24.17%

1.72%

0.69%

Pretax Margin

-8.57%

0.70%

-23.86%

2.95%

1.29%

Net Profit Margin

-7.75%

0.70%

-23.86%

2.97%

2.08%

R&D Expense/Revenue

1.16%

0.58%

0.61%

0.28%

0.30%

COGS/Revenue

87.92%

79.18%

98.02%

86.42%

88.39%

SG&A Expense/Revenue

19.42%

17.58%

24.19%

11.24%

10.46%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-3.18%

0.43%

-11.99%

2.67%

1.80%

Return on Equity

-5.61%

0.67%

-17.28%

3.78%

3.00%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-1.66

-1.25

-1.91

-0.63

-0.03

Operating Cash Flow/Share 2

0.29

0.48

-0.74

0.37

0.43

1-ExchangeRate: KRW to USD Period End Date

1134.9

1164.475

1259.55

936.05

930

2-ExchangeRate: KRW to USD Average for Period

1134.9

1164.475

1259.55

936.05

930

 

Current Market Multiples

Market Cap/Earnings (TTM)

-27.77

Market Cap/Equity (MRQ)

0.53

Market Cap/Revenue (TTM)

0.63

Market Cap/EBIT (TTM)

-20.49

Market Cap/EBITDA (TTM)

151.06

Enterprise Value/Earnings (TTM)

-46.53

Enterprise Value/Equity (MRQ)

0.89

Enterprise Value/Revenue (TTM)

1.05

Enterprise Value/EBIT (TTM)

-34.33

Enterprise Value/EBITDA (TTM)

253.08

 

Annual Income Statement

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

45.6

47.9

39.3

89.0

78.6

Revenue

45.6

47.9

39.3

89.0

78.6

Total Revenue

45.6

47.9

39.3

89.0

78.6

 

 

 

 

 

 

    Cost of Revenue

40.1

37.9

38.5

76.9

69.5

Cost of Revenue, Total

40.1

37.9

38.5

76.9

69.5

Gross Profit

5.5

10.0

0.8

12.1

9.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.5

3.1

3.0

2.9

2.5

    Labor & Related Expense

6.2

5.0

6.3

6.6

5.6

    Advertising Expense

0.1

0.3

0.2

0.5

0.2

Total Selling/General/Administrative Expenses

8.9

8.4

9.5

10.0

8.2

Research & Development

0.5

0.3

0.2

0.2

0.2

    Depreciation

0.2

0.1

0.1

0.1

0.1

    Amortization of Intangibles

0.4

0.4

0.5

0.2

0.0

Depreciation/Amortization

0.6

0.5

0.5

0.3

0.1

    Other Unusual Expense (Income)

-

-

-

0.0

0.0

Unusual Expense (Income)

-

-

-

0.0

0.0

Total Operating Expense

50.1

47.1

48.8

87.4

78.1

 

 

 

 

 

 

Operating Income

-4.5

0.8

-9.5

1.5

0.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.9

-0.3

-0.6

-1.3

-1.3

    Interest Expense, Net Non-Operating

-0.9

-0.3

-0.6

-1.3

-1.3

        Interest Income - Non-Operating

0.3

0.4

1.6

1.7

1.0

        Investment Income - Non-Operating

-0.8

-0.3

-1.1

-7.8

-0.6

    Interest/Investment Income - Non-Operating

-0.5

0.1

0.5

-6.1

0.4

Interest Income (Expense) - Net Non-Operating Total

-1.4

-0.2

-0.1

-7.4

-1.0

Gain (Loss) on Sale of Assets

0.1

0.0

0.0

9.0

2.0

    Other Non-Operating Income (Expense)

1.8

-0.3

0.2

-0.5

-0.6

Other, Net

1.8

-0.3

0.2

-0.5

-0.6

Income Before Tax

-3.9

0.3

-9.4

2.6

1.0

 

 

 

 

 

 

Total Income Tax

-0.4

0.0

0.0

0.0

-0.6

Income After Tax

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Net Income Before Extraord Items

-3.5

0.3

-9.4

2.6

1.6

Net Income

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

9.8

9.8

9.7

9.8

8.3

Basic EPS Excl Extraord Items

-0.36

0.03

-0.96

0.27

0.20

Basic/Primary EPS Incl Extraord Items

-0.36

0.03

-0.96

0.27

0.20

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-3.5

0.3

-9.4

2.6

1.6

Diluted Weighted Average Shares

9.8

9.8

9.7

9.9

8.5

Diluted EPS Excl Extraord Items

-0.36

0.03

-0.96

0.27

0.19

Diluted EPS Incl Extraord Items

-0.36

0.03

-0.96

0.27

0.19

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

0.9

0.3

0.6

1.3

1.3

Interest Capitalized, Supplemental

-1.1

-0.6

-

-

-

Depreciation, Supplemental

1.1

0.7

0.8

1.2

1.3

Total Special Items

0.3

0.4

0.4

-8.8

-2.0

Normalized Income Before Tax

-3.6

0.7

-9.0

-6.2

-1.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

-3.1

-0.7

Inc Tax Ex Impact of Sp Items

-0.4

0.0

0.0

-3.1

-1.3

Normalized Income After Tax

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Basic Normalized EPS

-0.33

0.07

-0.92

-0.31

0.04

Diluted Normalized EPS

-0.33

0.07

-0.92

-0.30

0.04

Amort of Acquisition Costs, Supplemental

0.4

0.4

0.4

0.2

-

Amort of Intangibles, Supplemental

0.8

1.1

1.1

0.1

5.3

Rental Expenses

0.3

0.2

0.3

0.3

0.2

Advertising Expense, Supplemental

0.1

0.3

0.2

0.5

0.2

Research & Development Exp, Supplemental

0.5

0.3

0.2

0.2

0.2

Normalized EBIT

-4.5

0.8

-9.5

1.5

0.6

Normalized EBITDA

-2.2

2.9

-7.2

3.0

7.2

 

 

Interim Income Statement

 

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Restated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1120.28956

1132.465591

1183.132366

1164.000484

1145.278736

 

 

 

 

 

 

    Net Sales

11.2

22.2

12.0

7.4

4.1

Revenue

11.2

22.2

12.0

7.4

4.1

Total Revenue

11.2

22.2

12.0

7.4

4.1

 

 

 

 

 

 

    Cost of Revenue

8.7

17.4

11.4

7.5

3.7

Cost of Revenue, Total

8.7

17.4

11.4

7.5

3.7

Gross Profit

2.5

4.8

0.6

-0.1

0.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.0

0.6

0.5

0.7

2.5

    Labor & Related Expense

-

1.4

1.6

1.4

-

    Advertising Expense

-

0.0

0.1

0.0

-

Total Selling/General/Administrative Expenses

2.0

2.1

2.1

2.1

2.5

Research & Development

-

0.4

0.0

0.1

-

    Depreciation

-

0.1

0.0

0.0

-

    Amortization of Intangibles

-

0.1

0.1

0.1

-

Depreciation/Amortization

-

0.2

0.1

0.1

-

    Other Operating Expense

0.1

-

-

-

0.1

    Other, Net

0.0

-

-

-

-0.1

Other Operating Expenses, Total

0.1

-

-

-

0.0

Total Operating Expense

10.7

20.0

13.7

9.9

6.3

 

 

 

 

 

 

Operating Income

0.5

2.2

-1.7

-2.5

-2.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.8

-0.6

-0.2

0.0

-0.2

    Interest Expense, Net Non-Operating

-0.8

-0.6

-0.2

0.0

-0.2

        Interest Income - Non-Operating

-

0.1

0.0

0.1

-

        Investment Income - Non-Operating

0.1

-0.6

0.0

-0.2

0.1

    Interest/Investment Income - Non-Operating

0.1

-0.5

0.0

-0.1

0.1

Interest Income (Expense) - Net Non-Operating Total

-0.7

-1.1

-0.2

-0.1

-0.1

Gain (Loss) on Sale of Assets

-

0.0

0.1

0.0

-

    Other Non-Operating Income (Expense)

0.0

-0.4

0.0

2.4

0.0

Other, Net

0.0

-0.4

0.0

2.4

0.0

Income Before Tax

-0.2

0.7

-1.8

-0.2

-2.3

 

 

 

 

 

 

Total Income Tax

0.0

-0.4

0.0

0.0

0.0

Income After Tax

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Net Income Before Extraord Items

-0.2

1.1

-1.8

-0.2

-2.3

Net Income

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

9.8

9.8

9.8

9.8

9.7

Basic EPS Excl Extraord Items

-0.02

0.11

-0.19

-0.02

-0.23

Basic/Primary EPS Incl Extraord Items

-0.02

0.11

-0.19

-0.02

-0.23

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-0.2

1.1

-1.8

-0.2

-2.3

Diluted Weighted Average Shares

9.8

9.8

9.8

9.8

9.7

Diluted EPS Excl Extraord Items

-0.02

0.11

-0.19

-0.02

-0.23

Diluted EPS Incl Extraord Items

-0.02

0.11

-0.19

-0.02

-0.23

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

0.8

0.6

0.2

0.0

0.2

Depreciation, Supplemental

0.4

0.4

0.3

0.2

0.2

Total Special Items

-

0.0

-0.1

0.0

-

Normalized Income Before Tax

-0.2

0.7

-1.9

-0.2

-2.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

0.0

0.0

-

Inc Tax Ex Impact of Sp Items

0.0

-0.4

0.0

0.0

0.0

Normalized Income After Tax

-0.2

1.1

-1.9

-0.2

-2.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.2

1.1

-1.9

-0.2

-2.3

 

 

 

 

 

 

Basic Normalized EPS

-0.02

0.11

-0.20

-0.02

-0.23

Diluted Normalized EPS

-0.02

0.11

-0.20

-0.02

-0.23

Amort of Intangibles, Supplemental

0.0

0.2

0.3

0.1

0.2

Rental Expenses

-

0.1

0.1

0.1

-

Advertising Expense, Supplemental

-

0.0

0.1

0.0

-

Research & Development Exp, Supplemental

-

0.4

0.0

0.1

-

Normalized EBIT

0.5

2.2

-1.7

-2.5

-2.2

Normalized EBITDA

0.9

2.8

-1.2

-2.2

-1.8

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

17.3

9.5

10.6

11.0

13.6

    Short Term Investments

3.0

5.5

6.6

34.9

29.8

Cash and Short Term Investments

20.3

14.9

17.2

45.9

43.4

        Accounts Receivable - Trade, Gross

8.1

13.0

5.7

12.3

8.1

    Trade Accounts Receivable - Net

8.2

13.1

5.8

12.6

8.3

    Other Receivables

0.2

0.9

1.4

0.7

1.9

Total Receivables, Net

8.4

13.9

7.3

13.3

10.2

    Inventories - Finished Goods

-

-

-

-

0.0

    Inventories - Work In Progress

5.3

3.1

3.3

0.2

0.2

    Inventories - Raw Materials

4.6

3.5

3.5

6.5

4.5

    Inventories - Other

7.6

3.7

5.4

5.6

7.6

Total Inventory

17.5

10.3

12.2

12.3

12.2

Prepaid Expenses

0.0

0.0

0.0

0.0

0.1

    Other Current Assets

-

-

-

0.0

0.2

Other Current Assets, Total

-

-

-

0.0

0.2

Total Current Assets

46.2

39.2

36.6

71.6

66.2

 

 

 

 

 

 

        Buildings

34.6

0.3

0.2

-

11.8

        Land/Improvements

30.2

29.5

8.7

-

16.1

        Machinery/Equipment

14.2

14.8

14.6

18.9

19.4

        Construction in Progress

0.0

18.4

4.9

6.0

0.0

        Other Property/Plant/Equipment

5.8

5.5

4.7

5.9

5.3

    Property/Plant/Equipment - Gross

84.7

68.5

33.1

30.8

52.7

    Accumulated Depreciation

-18.4

-18.2

-17.3

-22.4

-29.8

Property/Plant/Equipment - Net

66.3

50.3

15.8

8.3

22.8

Goodwill, Net

0.7

1.1

1.4

2.3

-

Intangibles, Net

5.3

4.5

2.9

3.7

10.1

    LT Investments - Other

3.7

4.3

1.5

2.0

2.5

Long Term Investments

3.7

4.3

1.5

2.0

2.5

    Other Long Term Assets

0.6

1.3

8.1

6.8

0.4

Other Long Term Assets, Total

0.6

1.3

8.1

6.8

0.4

Total Assets

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

Accounts Payable

6.3

7.0

3.9

9.8

0.9

Accrued Expenses

0.1

0.0

0.0

0.0

0.2

Notes Payable/Short Term Debt

4.4

9.4

1.6

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

0.2

0.8

13.1

5.3

15.4

    Customer Advances

8.7

1.9

2.1

0.6

5.4

    Other Payables

1.3

2.6

0.7

0.5

1.1

    Other Current Liabilities

0.3

0.2

0.2

0.2

0.1

Other Current liabilities, Total

10.3

4.7

3.0

1.3

6.6

Total Current Liabilities

21.3

22.0

21.6

16.4

23.0

 

 

 

 

 

 

    Long Term Debt

33.5

10.1

1.3

8.8

9.3

Total Long Term Debt

33.5

10.1

1.3

8.8

9.3

Total Debt

38.1

20.4

16.0

14.1

24.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

4.5

4.4

-

-

-

Deferred Income Tax

4.5

4.4

-

-

-

    Pension Benefits - Underfunded

0.5

0.4

0.0

0.0

0.0

    Other Long Term Liabilities

0.0

0.0

0.0

0.1

0.1

Other Liabilities, Total

0.5

0.4

0.1

0.1

0.1

Total Liabilities

59.9

37.0

23.0

25.3

32.5

 

 

 

 

 

 

    Common Stock

44.8

43.7

40.0

53.7

53.0

Common Stock

44.8

43.7

40.0

53.7

53.0

Additional Paid-In Capital

12.4

10.8

9.9

13.3

12.4

Retained Earnings (Accumulated Deficit)

-7.1

-3.4

-3.5

6.3

4.2

Treasury Stock - Common

-3.1

-3.0

-2.8

-3.7

-

Unrealized Gain (Loss)

16.1

15.6

-0.4

-0.1

-0.1

Total Equity

63.1

63.6

43.2

69.4

69.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

9.8

9.8

9.7

9.7

9.9

Total Common Shares Outstanding

9.8

9.8

9.7

9.7

9.9

Treasury Shares - Common Stock Primary Issue

0.3

0.3

0.3

0.3

-

Employees

300

312

326

306

268

Number of Common Shareholders

5,099

5,590

4,996

5,610

7,007

Accumulated Goodwill Amortization Suppl.

-

-

0.5

0.2

-

Accumulated Intangible Amort, Suppl.

-

-

0.7

10.4

-

Deferred Revenue - Current

8.7

1.9

2.1

0.6

5.4

Total Long Term Debt, Supplemental

22.4

23.5

14.4

11.2

6.8

Long Term Debt Maturing within 1 Year

0.2

13.4

13.1

2.4

1.4

Long Term Debt Maturing in Year 2

4.2

0.2

0.8

7.8

2.4

Long Term Debt Maturing in Year 3

4.1

1.9

0.2

1.0

2.0

Long Term Debt Maturing in Year 4

4.0

1.9

0.2

-

1.0

Long Term Debt Maturing in Year 5

-

6.1

0.2

-

-

Long Term Debt Maturing in 2-3 Years

8.3

2.1

0.9

8.8

4.4

Long Term Debt Maturing in 4-5 Years

4.0

8.0

0.3

-

1.0

Long Term Debt Matur. in Year 6 & Beyond

9.9

0.0

-

0.0

0.0

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

UpdateType/Date

Updated Normal 
31-Mar-2011

Restated Normal 
31-Mar-2011

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Mar-2010

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1096.95

1134.9

1140.25

1221.965

1131.45

 

 

 

 

 

 

    Cash & Equivalents

13.0

17.6

1.4

3.7

7.2

    Short Term Investments

3.1

3.0

4.4

4.6

5.3

Cash and Short Term Investments

16.1

20.6

5.8

8.3

12.5

        Accounts Receivable - Trade, Gross

-

-

3.9

4.0

7.4

    Trade Accounts Receivable - Net

11.5

8.4

4.0

4.2

7.5

    Other Receivables

-

-

1.2

0.7

0.4

Total Receivables, Net

11.5

8.4

5.2

4.9

7.9

    Inventories - Work In Progress

-

-

8.8

6.2

5.7

    Inventories - Raw Materials

-

-

3.2

3.3

3.2

    Inventories - Other

0.9

1.4

7.8

4.3

3.3

Total Inventory

17.0

17.5

19.8

13.7

12.3

Prepaid Expenses

-

-

0.0

0.0

0.0

Total Current Assets

44.5

46.5

30.8

27.0

32.7

 

 

 

 

 

 

        Buildings

-

-

34.4

0.3

0.3

        Land/Improvements

-

-

30.0

28.1

30.4

        Machinery/Equipment

-

-

14.3

13.2

15.1

        Construction in Progress

-

-

0.0

25.3

20.8

        Other Property/Plant/Equipment

-

-

5.8

5.3

5.7

    Property/Plant/Equipment - Gross

-

-

84.5

72.3

72.2

    Accumulated Depreciation

-

-

-18.3

-16.8

-18.7

Property/Plant/Equipment - Net

68.2

66.4

66.3

55.5

53.4

Goodwill, Net

-

-

0.8

0.8

1.0

Intangibles, Net

8.9

8.5

6.7

5.0

5.3

    LT Investments - Other

3.8

3.7

4.0

3.7

4.5

Long Term Investments

3.8

3.7

4.0

3.7

4.5

Note Receivable - Long Term

0.3

0.4

-

-

-

    Other Long Term Assets

-

-

0.8

0.9

1.3

Other Long Term Assets, Total

-

-

0.8

0.9

1.3

Total Assets

125.8

125.6

109.2

92.8

98.2

 

 

 

 

 

 

Accounts Payable

3.4

8.1

3.3

3.1

2.8

Accrued Expenses

-

-

0.0

0.0

0.0

Notes Payable/Short Term Debt

4.6

4.4

4.4

4.1

8.8

Current Portion - Long Term Debt/Capital Leases

0.2

0.2

0.4

0.4

0.6

    Customer Advances

9.8

8.7

7.9

3.0

2.8

    Other Payables

-

-

6.3

2.5

2.0

    Other Current Liabilities

0.2

0.2

0.3

0.2

0.2

Other Current liabilities, Total

10.0

8.9

14.4

5.7

4.9

Total Current Liabilities

18.2

21.6

22.5

13.4

17.3

 

 

 

 

 

 

    Long Term Debt

34.8

33.5

21.0

16.5

12.6

Total Long Term Debt

34.8

33.5

21.0

16.5

12.6

Total Debt

39.6

38.1

25.8

21.0

22.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

4.7

4.5

4.5

4.2

4.6

Deferred Income Tax

4.7

4.5

4.5

4.2

4.6

    Pension Benefits - Underfunded

-

-

0.8

0.6

0.8

    Other Long Term Liabilities

2.9

2.7

0.0

0.0

0.0

Other Liabilities, Total

2.9

2.7

0.8

0.6

0.8

Total Liabilities

60.6

62.3

48.9

34.7

35.2

 

 

 

 

 

 

    Common Stock

46.4

44.8

44.6

41.6

45.0

Common Stock

46.4

44.8

44.6

41.6

45.0

Additional Paid-In Capital

12.8

12.4

11.0

10.2

11.1

Retained Earnings (Accumulated Deficit)

-7.3

-6.9

-8.2

-5.8

-6.1

Treasury Stock - Common

-3.2

-3.1

-3.1

-2.9

-3.1

Unrealized Gain (Loss)

-

-

16.0

15.0

16.1

    Other Comprehensive Income

16.6

16.1

-

-

-

Other Equity, Total

16.6

16.1

-

-

-

Total Equity

65.2

63.3

60.4

58.1

63.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

125.8

125.6

109.2

92.8

98.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

9.8

9.8

9.8

9.8

9.8

Total Common Shares Outstanding

9.8

9.8

9.8

9.8

9.8

Treasury Shares - Common Stock Primary Issue

0.3

0.3

0.3

0.3

0.3

Employees

-

-

308

310

311

Deferred Revenue - Current

-

-

7.9

3.0

2.8

Total Long Term Debt, Supplemental

-

-

-

16.9

-

Long Term Debt Maturing within 1 Year

-

-

-

0.4

-

Long Term Debt Maturing in Year 2

-

-

-

0.2

-

Long Term Debt Maturing in 2-3 Years

-

-

-

0.2

-

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

16.3

-

 

 

Annual Cash Flows

 

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-3.5

0.3

-9.4

2.6

1.6

    Depreciation

1.1

0.7

0.8

1.2

1.2

Depreciation/Depletion

1.1

0.7

0.8

1.2

1.2

    Amortization of Intangibles

1.2

1.4

1.5

0.2

5.3

Amortization

1.2

1.4

1.5

0.2

5.3

    Unusual Items

0.7

0.3

-3.0

-1.2

-1.1

    Other Non-Cash Items

0.4

1.7

5.8

2.2

1.9

Non-Cash Items

1.0

2.0

2.8

0.9

0.7

    Accounts Receivable

6.1

-5.6

3.2

-3.2

3.7

    Inventories

-6.7

2.2

-4.2

0.3

-3.1

    Prepaid Expenses

0.0

0.0

0.0

0.1

0.4

    Accounts Payable

-2.1

4.3

-3.4

8.3

-8.0

    Accrued Expenses

0.0

0.0

0.0

-0.2

0.1

    Other Liabilities

5.7

-1.1

0.5

-6.7

2.2

Changes in Working Capital

3.0

-0.2

-4.0

-1.4

-4.8

Cash from Operating Activities

2.8

4.3

-8.3

3.6

4.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-16.0

-12.7

-11.4

-7.4

-1.0

    Purchase/Acquisition of Intangibles

-2.8

-2.9

-1.7

-2.3

-3.4

Capital Expenditures

-18.8

-15.5

-13.1

-9.8

-4.4

    Acquisition of Business

-

-

-

0.0

-

    Sale of Fixed Assets

1.3

0.0

0.0

29.7

3.9

    Sale/Maturity of Investment

8.1

2.3

22.2

0.9

0.0

    Purchase of Investments

-4.7

-3.2

-0.1

-7.0

-20.7

    Other Investing Cash Flow

-0.2

3.9

-1.4

-7.8

-0.4

Other Investing Cash Flow Items, Total

4.5

3.1

20.7

15.9

-17.2

Cash from Investing Activities

-14.3

-12.5

7.6

6.1

-21.6

 

 

 

 

 

 

    Other Financing Cash Flow

0.4

0.5

0.7

0.9

-0.4

Financing Cash Flow Items

0.4

0.5

0.7

0.9

-0.4

        Sale/Issuance of Common

0.0

0.0

0.2

1.2

23.3

        Repurchase/Retirement of Common

0.0

0.0

0.0

-3.8

-

    Common Stock, Net

0.0

0.0

0.1

-2.6

23.3

    Options Exercised

0.0

0.4

-

-

-

Issuance (Retirement) of Stock, Net

0.0

0.4

0.1

-2.6

23.3

        Short Term Debt Issued

4.3

8.6

1.8

0.0

13.6

        Short Term Debt Reduction

-9.5

-1.6

-

-14.0

-7.9

    Short Term Debt, Net

-5.2

7.1

1.8

-14.0

5.8

        Long Term Debt Issued

24.6

8.7

5.5

5.8

0.0

        Long Term Debt Reduction

-0.8

-10.4

-4.5

-2.5

-8.4

    Long Term Debt, Net

23.7

-1.7

0.9

3.4

-8.4

Issuance (Retirement) of Debt, Net

18.5

5.4

2.8

-10.6

-2.6

Cash from Financing Activities

18.9

6.3

3.6

-12.3

20.2

 

 

 

 

 

 

Net Change in Cash

7.3

-1.9

2.9

-2.5

2.8

 

 

 

 

 

 

Net Cash - Beginning Balance

10.0

10.9

9.7

14.0

10.8

Net Cash - Ending Balance

17.3

9.0

12.6

11.5

13.6

 

Interim Cash Flows

 

Standardized

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Reclassified Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1120.28956

1156.281981

1164.307745

1155.056202

1145.278736

 

 

 

 

 

 

Net Income/Starting Line

-0.2

-3.5

-4.5

-2.7

-2.3

    Depreciation

0.4

1.1

0.7

0.4

0.2

Depreciation/Depletion

0.4

1.1

0.7

0.4

0.2

    Amortization of Intangibles

0.0

1.2

0.9

0.6

0.2

Amortization

0.0

1.2

0.9

0.6

0.2

    Unusual Items

-

0.7

0.1

0.1

0.0

    Other Non-Cash Items

0.8

0.4

0.3

0.2

0.3

Non-Cash Items

0.8

1.0

0.4

0.3

0.3

    Accounts Receivable

-2.7

6.1

9.1

9.2

6.4

    Inventories

1.1

-6.7

-9.1

-4.2

-1.6

    Prepaid Expenses

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

-4.7

-2.1

-0.2

-3.7

-5.0

    Accrued Expenses

-0.3

0.0

0.0

0.0

-0.1

    Other Liabilities

0.6

5.7

5.7

1.0

0.9

    Other Operating Cash Flow

-0.3

-

-

-

-0.1

Changes in Working Capital

-6.3

3.0

5.4

2.3

0.5

Cash from Operating Activities

-5.1

2.8

2.8

0.9

-1.1

 

 

 

 

 

 

    Purchase of Fixed Assets

0.0

-16.0

-49.5

-8.4

-1.9

    Purchase/Acquisition of Intangibles

-0.1

-2.8

-2.7

-1.2

-0.9

Capital Expenditures

-0.1

-18.8

-52.2

-9.6

-2.7

    Sale of Fixed Assets

-

1.3

34.3

0.0

0.0

    Sale/Maturity of Investment

0.0

8.1

6.2

2.2

0.3

    Purchase of Investments

-

-4.7

-4.6

-1.1

-

    Other Investing Cash Flow

0.2

-0.2

0.5

0.3

-

Other Investing Cash Flow Items, Total

0.2

4.5

36.4

1.4

0.3

Cash from Investing Activities

0.1

-14.3

-15.8

-8.3

-2.5

 

 

 

 

 

 

    Other Financing Cash Flow

-

0.4

0.0

0.4

0.0

Financing Cash Flow Items

-

0.4

0.0

0.4

0.0

        Repurchase/Retirement of Common

-

0.0

0.0

0.0

-

    Common Stock, Net

-

0.0

0.0

0.0

-

    Options Exercised

-

0.0

0.0

0.0

-

Issuance (Retirement) of Stock, Net

-

0.0

0.0

0.0

-

        Short Term Debt Issued

-

4.3

0.0

0.0

0.9

        Short Term Debt Reduction

-

-9.5

-5.3

-0.5

-1.7

    Short Term Debt, Net

-

-5.2

-5.3

-0.5

-0.9

        Long Term Debt Issued

-

24.6

10.7

7.4

2.2

        Long Term Debt Reduction

-0.1

-0.8

-0.5

-5.2

-0.3

    Long Term Debt, Net

-0.1

23.7

10.2

2.2

2.0

Issuance (Retirement) of Debt, Net

-0.1

18.5

4.9

1.7

1.1

Cash from Financing Activities

-0.1

18.9

4.9

2.1

1.1

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-0.1

Net Change in Cash

-5.1

7.3

-8.2

-5.2

-2.6

 

 

 

 

 

 

Net Cash - Beginning Balance

17.9

10.0

9.9

10.0

10.1

Net Cash - Ending Balance

12.7

17.3

1.7

4.7

7.5

Cash Interest Paid

0.3

-

-

-

0.2

Cash Taxes Paid

0.0

-

-

-

0.0

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Merchandise Revenues

-

-

-

-

5.6

    Finished Products

-

-

-

-

72.8

    Service Revenues

-

-

-

-

0.2

    Revenues

45.6

47.9

39.3

89.0

-

Total Revenue

45.6

47.9

39.3

89.0

78.6

 

 

 

 

 

 

    Cost of Revenues

40.1

37.9

38.5

76.9

-

    Cost-Merchandise

-

-

-

-

4.6

    Cost-Finished Goods

-

-

-

-

64.7

    Cost of Services

-

-

-

-

0.2

    Salaries & Wages

4.6

3.9

4.8

4.5

3.6

    Retirement Allowance

1.0

0.5

0.8

1.1

0.8

    Employee Benefits

0.6

0.6

0.7

0.8

0.6

    Expenses of Allowance for Doubtful Accou

0.0

0.5

-

-

-

    Rent

0.3

0.2

0.3

0.3

0.2

    Insurance Expenses

0.0

0.0

0.0

0.1

0.1

    Entertainment

0.2

0.2

0.2

0.2

0.3

    Taxes and Dues

0.2

0.2

0.3

0.2

0.2

    Depreciation Expense

0.2

0.1

0.1

0.1

0.1

    Amort of Intangibles

0.4

0.4

0.5

0.2

0.0

    Defective Repair Expense

0.5

0.4

0.4

-

-

    Research & Develop.

0.5

0.3

0.2

0.2

0.2

    Travel Expenses

0.3

0.3

0.6

0.9

0.4

    Commissions Paid

0.7

1.0

0.8

0.6

0.8

    Vehicle Expenses

0.1

0.1

0.1

0.1

0.1

    Advertising Expenses

0.1

0.3

0.2

0.5

0.2

    Education & Training

0.0

0.0

0.1

0.1

0.1

    Expenses for Stock Compensation

0.0

0.0

0.0

0.2

0.5

    Utility Expenses

0.0

0.0

0.0

0.0

0.0

    Printing Expenses

0.1

0.2

0.1

0.0

0.1

    Communication Exp.

0.0

0.0

0.0

0.0

0.0

    Shipping/Handling

0.1

0.0

0.0

0.2

0.1

    Repair Expenses

0.0

0.0

0.0

0.0

0.0

    Error Adj. Expense

-

-

-

0.0

0.0

    Consumable Expense

0.0

0.0

0.0

0.0

0.0

Total Operating Expense

50.1

47.1

48.8

87.4

78.1

 

 

 

 

 

 

    Interest Income

0.3

0.4

1.6

1.7

1.0

    Dividend Income

0.0

0.0

0.0

0.0

0.0

    Rental Income

0.0

0.1

0.1

0.2

0.1

    G-Foreign Currency Transaction

0.2

1.0

0.3

0.1

0.2

    G-Foreign Exchange Translations

0.0

0.1

0.0

0.0

0.0

    Gain Disposal Tangible Assets

0.1

0.0

0.0

9.0

2.0

    Reversal of Allowance for Doubtful Accou

0.3

0.4

-

-

-

    Gain-Valuation of Currency Swap

0.0

0.0

3.5

0.1

-

    G-Currency Futures Trade

0.0

0.0

0.2

0.0

0.1

    Other Non-Op Income

2.0

0.1

0.2

0.1

0.1

    Gain-Prior Period Error Correction

0.0

0.0

0.7

-

-

    Interest Expenses

-0.9

-0.3

-0.6

-1.3

-1.3

    L-Foreign Currency Transactions

-0.2

-0.8

-0.3

-0.1

-0.1

    L-Foreign Exchange Translations

0.0

0.0

-3.6

-0.1

0.0

    Fee & Charges Exp

0.0

-0.1

-0.4

-0.6

-0.1

    Bad Debt Expense

0.0

0.0

0.0

-

-

    Loss Disp Tang. Ast

0.0

0.0

0.0

0.0

0.0

    L-Futures Trade

0.0

-0.5

-1.3

0.0

0.0

    L-Reduce Investment Assets

-

-

-

-

0.0

    Impairment Losses on Intangible Assets f

-0.8

-

-

-7.8

-0.9

    Amort-Suspended Assets

-

-

-

0.0

0.0

    Donations Paid

0.0

0.0

0.0

0.0

0.0

    Loss-Violations

-

-

-

-0.1

-0.5

    Other Amortization

-

-

-

0.0

-0.1

    Loss on Illigal Activity

0.0

0.0

-0.4

-

-

    Other Non-Op Expenses

-0.5

-0.7

0.0

0.0

0.0

    L-Redempt. of Debt

0.0

0.0

0.0

0.0

-

    S Gain Exempt Debt

-

-

-

-

0.0

Net Income Before Taxes

-3.9

0.3

-9.4

2.6

1.0

 

 

 

 

 

 

Provision for Income Taxes

-0.4

0.0

0.0

0.0

-0.6

Net Income After Taxes

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Net Income Before Extra. Items

-3.5

0.3

-9.4

2.6

1.6

Net Income

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-3.5

0.3

-9.4

2.6

1.6

 

 

 

 

 

 

Basic Weighted Average Shares

9.8

9.8

9.7

9.8

8.3

Basic EPS Excluding ExtraOrdinary Items

-0.36

0.03

-0.96

0.27

0.20

Basic EPS Including ExtraOrdinary Item

-0.36

0.03

-0.96

0.27

0.20

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

-3.5

0.3

-9.4

2.6

1.6

Diluted Weighted Average Shares

9.8

9.8

9.7

9.9

8.5

Diluted EPS Excluding ExtraOrd Items

-0.36

0.03

-0.96

0.27

0.19

Diluted EPS Including ExtraOrd Items

-0.36

0.03

-0.96

0.27

0.19

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-3.6

0.7

-9.0

-6.2

-1.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.4

0.0

0.0

-3.1

-1.3

Normalized Income After Taxes

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-3.2

0.7

-9.0

-3.0

0.3

 

 

 

 

 

 

Basic Normalized EPS

-0.33

0.07

-0.92

-0.31

0.04

Diluted Normalized EPS

-0.33

0.07

-0.92

-0.30

0.04

R&D Expense, Supplemental

0.5

0.3

0.2

0.2

0.2

Advertising Expense

0.1

0.3

0.2

0.5

0.2

Interest Expense, Supplemental

0.9

0.3

0.6

1.3

1.3

Amort of Intangibles, Supplemental

0.8

1.1

1.1

0.1

5.3

Amort of Acquisition Cost

0.4

0.4

0.4

0.2

-

Interest Capitalized, Supplemental

-1.1

-0.6

-

-

-

Rental Expense, Supplemental

0.3

0.2

0.3

0.3

0.2

Depreciation, Supplemental

1.1

0.7

0.8

1.2

1.3

 

 

Interim Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Restated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1120.28956

1132.465591

1183.132366

1164.000484

1145.278736

 

 

 

 

 

 

    Revenue

11.2

22.2

12.0

7.4

4.1

Total Revenue

11.2

22.2

12.0

7.4

4.1

 

 

 

 

 

 

    Cost-Revenue

8.7

17.4

11.4

7.5

3.7

    Salaries & Wages

-

0.8

1.3

1.2

-

    Retirement Allowance

-

0.6

0.1

0.1

-

    Employee Benefits

-

0.1

0.1

0.2

-

    Expenses of Allowance for Doubtful Accou

-

0.0

0.0

0.0

-

    Travel Expense

-

0.1

0.1

0.1

-

    Communication Expense

-

0.0

0.0

0.0

-

    Utility Expense

-

0.0

0.0

0.0

-

    Taxes & Dues

-

0.0

0.1

0.0

-

    Expense-Consumable Goods

-

0.0

0.0

0.0

-

    Publishing & Printing Expense

-

0.0

0.0

0.0

-

    Rent

-

0.1

0.1

0.1

-

    Vehicles Maintenance Expense

-

0.0

0.0

0.0

-

    Repair Expense

-

0.0

0.0

0.0

-

    Insurance Expense

-

0.0

0.0

0.0

-

    Commission Paid

-

0.1

0.1

0.2

-

    Shipping & Handling Expense

-

0.1

0.0

0.0

-

    Entertainment Expense

-

0.1

0.0

0.0

-

    Advertising Expense

-

0.0

0.1

0.0

-

    Education & Training Expense

-

0.0

0.0

0.0

-

    Research & Development Expense

-

0.4

0.0

0.1

-

    Depreciation Expense

-

0.1

0.0

0.0

-

    Amortization-Intangibles

-

0.1

0.1

0.1

-

    Warranty Expenses

-

0.1

0.0

0.2

-

    Selling and Administrative Expenses

2.0

-

-

-

2.5

    Other Operating Income

0.0

-

-

-

-0.1

    Other Operating Expense

0.1

-

-

-

0.1

Total Operating Expense

10.7

20.0

13.7

9.9

6.3

 

 

 

 

 

 

    Interest Income

-

0.1

0.0

0.1

-

    Dividend Income

-

0.0

0.0

0.0

-

    Gain-Foreign Exchange Transaction

-

0.1

0.1

0.1

-

    Gain-Foreign Currency Translation

-

0.0

0.0

0.1

-

    Gains on Sale of Property, Plant and Equ

-

0.0

0.1

0.0

-

    Reversal of Allowance for Doubtful Accou

-

0.1

0.0

0.2

-

    Rental Income

-

0.0

0.0

0.0

-

    Miscellaneous Non-Operating Income

-

0.0

0.0

2.1

-

    Interest Expense, Non-Operating

-0.8

-0.6

-0.2

0.0

-0.2

    Loss-Foreign Exchange Transaction

-

0.0

0.0

-0.2

-

    Loss-Foreign Currency Translation

-

0.0

0.0

0.0

-

    Loss-Valuation of Currency Swap

-

0.0

0.0

0.0

-

    Impairment Losses on Intangible Assets f

-

-0.7

0.0

-0.1

-

    Losses on Sale of Property, Plant and Eq

-

0.0

0.0

0.0

-

    Losses on Derivatives Transaction

-

0.0

0.0

0.0

-

    Fee & Commission Paid

-

0.0

0.0

0.0

-

    Donations Paid, Non-Operating

-

0.0

0.0

0.0

-

    Depreciation of Idle Assets not Operatio

-

0.0

0.0

-

-

    Miscellaneous Non-Operating Expense

-

-0.5

0.0

0.0

-

    Finance Income

0.1

-

-

-

0.1

    Other Non-Operating Income

0.0

-

-

-

0.0

    Other Non-Operating Expenses

0.0

-

-

-

0.0

Net Income Before Taxes

-0.2

0.7

-1.8

-0.2

-2.3

 

 

 

 

 

 

Provision for Income Taxes

0.0

-0.4

0.0

0.0

0.0

Net Income After Taxes

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Net Income Before Extra. Items

-0.2

1.1

-1.8

-0.2

-2.3

Net Income

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-0.2

1.1

-1.8

-0.2

-2.3

 

 

 

 

 

 

Basic Weighted Average Shares

9.8

9.8

9.8

9.8

9.7

Basic EPS Excluding ExtraOrdinary Items

-0.02

0.11

-0.19

-0.02

-0.23

Basic EPS Including ExtraOrdinary Item

-0.02

0.11

-0.19

-0.02

-0.23

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-0.2

1.1

-1.8

-0.2

-2.3

Diluted Weighted Average Shares

9.8

9.8

9.8

9.8

9.7

Diluted EPS Excluding ExtraOrd Items

-0.02

0.11

-0.19

-0.02

-0.23

Diluted EPS Including ExtraOrd Items

-0.02

0.11

-0.19

-0.02

-0.23

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-0.2

0.7

-1.9

-0.2

-2.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

-0.4

0.0

0.0

0.0

Normalized Income After Taxes

-0.2

1.1

-1.9

-0.2

-2.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-0.2

1.1

-1.9

-0.2

-2.3

 

 

 

 

 

 

Basic Normalized EPS

-0.02

0.11

-0.20

-0.02

-0.23

Diluted Normalized EPS

-0.02

0.11

-0.20

-0.02

-0.23

Interest Expense, Supplemental

0.8

0.6

0.2

0.0

0.2

Rental Expense, Supplemental

-

0.1

0.1

0.1

-

Advertising Expense, Supplemental

-

0.0

0.1

0.0

-

R&D Expense, Supplemental

-

0.4

0.0

0.1

-

Depreciation, Supplemental

0.4

0.4

0.3

0.2

0.2

Amort of Intangibles, Supplemental

0.0

0.2

0.3

0.1

0.2

 

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalents

17.6

9.9

10.6

11.0

13.6

    Government Subsidy for Cash and Cash Equ

-0.3

-0.4

-

-

-

    ST Financial Assets

3.0

5.5

6.6

34.8

29.8

    ST Loans, Net

-

-

-

-

0.0

    Short-term Loans

0.4

0.3

-

-

-

    Allowance for Doubtful Accounts for Shor

-0.4

-0.2

-

-

-

    Trade Receivable

8.1

13.0

5.7

12.3

8.1

    Other Receivables

0.4

0.9

-

-

-

    Allowance for Doubtful Accounts for Othe

-0.2

-0.2

-

-

-

    Ilegal act Account Receivable

0.0

0.6

-

-

-

    Allowance for Doubtful Accounts for Othe

0.0

-0.5

-

-

-

    Other Receivable, Net

-

-

1.0

0.7

1.9

    Accrued Income

0.1

0.1

0.1

0.3

0.2

    Receivable-Illigal Activity

-

-

0.4

-

-

    Advanced Payment

1.4

0.5

1.9

2.3

5.4

    Guarantee Deposit-Futures Trade

-

-

-

0.0

0.2

    Prepaid Expense

0.0

0.0

0.0

0.0

0.1

    ST Investment Securities

-

-

-

0.0

-

    Finished Goods

-

-

-

-

0.0

    Work in Progress

5.3

3.2

3.3

0.2

0.2

    Allowance for Loss on Valuation of Works

-0.1

-0.1

-

-

-

    Raw Materials

5.4

4.3

3.5

6.5

4.5

    Allowance for Loss on Valuation of Raw M

-0.8

-0.8

-

-

-

    Goods in Transit

6.2

3.2

3.4

3.3

2.2

Total Current Assets

46.2

39.2

36.6

71.6

66.2

 

 

 

 

 

 

    LT Financial Assets

0.0

0.7

0.2

0.2

0.8

    Investment Securities

3.7

3.6

1.2

1.8

1.7

    Guarantee Dep.

-

-

-

-

0.4

    Currency Swap, LT Assets

0.0

0.0

2.8

0.1

-

    LT Security Deposit

0.6

1.3

5.2

6.7

-

    Land

30.2

29.5

8.7

-

16.1

    Buildings

34.6

0.3

0.2

-

10.4

    Buildings-Depreciation

-0.3

0.0

0.0

-

-6.1

    Structures

-

-

-

-

1.4

    Structure Depre.

-

-

-

-

-0.6

    Machinery/Equip.

14.0

14.7

14.4

18.7

19.3

    Machinery & Equipment-Depreciation

-13.3

-14.1

-13.7

-18.3

-18.8

    Vehicles & Transportation Equipment

0.2

0.2

0.1

0.2

0.1

    Vehicles & Transportation-Depreciation

-0.1

-0.1

-0.1

-0.1

-0.1

    Other Tangible Assets

5.9

5.5

4.7

5.9

5.4

    Other Tangibles-Depreciation

-4.6

-4.0

-3.5

-4.1

-4.3

    Other Tangibles-Government Subsidy

0.0

-0.1

0.0

-0.1

-0.1

    Construction

0.0

18.4

4.9

6.0

0.0

    Industrial Property Right

0.0

0.1

0.1

0.1

0.1

    Development Cost

-

-

2.8

3.6

10.0

    Other Intangible

0.0

0.0

0.0

0.0

0.0

    Goodwill

0.7

1.1

1.4

2.3

-

    Government Subsidy for Development Costs

-1.9

-1.4

-

-

-

    Development Costs

7.2

5.8

-

-

-

Total Assets

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

    Trade Payable

6.3

7.0

3.9

9.8

0.9

    Foreign Stock Warrants

-

-

-

-

0.0

    Account Payable

1.3

2.6

0.7

0.5

1.1

    Accrued Expense

0.1

0.0

0.0

0.0

0.2

    Advances Received

8.7

1.9

2.1

0.6

5.4

    Deposit Withheld

0.1

0.1

0.2

0.2

0.1

    Current Bonds

-

-

-

-

14.0

    Current LT Borrowings

-

-

-

-

1.4

    Legal Restructuring Liabilities, Current

-

-

-

-

0.0

    Bonds with Warrant, Current

-

-

-

2.9

-

    ST Borrowings

4.4

9.4

1.6

-

-

    Provisions for Warranty

0.2

0.1

-

-

-

    Current Portion of LT Debt

0.2

0.8

13.1

2.4

-

Total Current Liabilities

21.3

22.0

21.6

16.4

23.0

 

 

 

 

 

 

    LT Borrowings

22.2

10.1

1.3

8.8

5.4

    Bonds With Stock Warrants

13.2

-

-

-

3.9

    Discount on Bonds of Long-term Liabiliti

-0.3

-

-

-

-

    Yield to Maturity Premium on Bonds with

3.0

-

-

-

-

    Stock Warrants Adjustment

-4.7

-

-

-

-

Total Long Term Debt

33.5

10.1

1.3

8.8

9.3

 

 

 

 

 

 

    Reserve-Severance and Retirement Benefit

-

-

0.0

0.0

0.0

    Rent Deposit

0.0

0.0

0.0

0.1

0.1

    Provisions for Retirement and Severance

1.5

1.9

-

-

-

    Assets for National Pension Fund

-1.0

-1.0

-

-

-

    Deposits for Severance Benefits for Non-

0.0

-0.5

-

-

-

    Transfer to National Pension Fund

0.0

0.0

-

-

-

    Deferred Income Taxes Liabilities Non-cu

4.5

4.4

-

-

-

Total Liabilities

59.9

37.0

23.0

25.3

32.5

 

 

 

 

 

 

    Common Stock

44.8

43.7

40.0

53.7

53.0

    Consideration for Stock Warrants in Capi

1.4

-

-

-

-

    Paid-in Capital in Excess of Par

10.6

10.3

9.4

12.6

12.3

    Other Capital Surplus

0.1

0.0

0.0

0.1

0.1

    Appropriated Retained Earnings for Volun

2.1

2.0

1.9

2.5

-

    Rsv-Finl Restruc

-

-

-

-

2.5

    Retained Earning Carried Forward

-9.2

-5.5

-5.4

3.8

1.7

    Loss-Valuation of Investment Securities

0.0

-0.1

-0.1

0.0

-0.1

    Loss-Valuation of Currency Swaps

0.0

0.0

-0.3

0.0

-

    Asset Revaluation Reserve Other Comprehe

16.1

15.7

-

-

-

    Disp-Treasury

-

-

-

-

-0.5

    Stock Options

0.3

0.4

0.5

0.7

0.6

    Treasury Stock

-3.1

-3.0

-2.8

-3.7

-

Total Equity

63.1

63.6

43.2

69.4

69.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

123.0

100.6

66.2

94.7

102.1

 

 

 

 

 

 

    S/O-Common Stock

9.8

9.8

9.7

9.7

9.9

Total Common Shares Outstanding

9.8

9.8

9.7

9.7

9.9

T/S-Common Stock

0.3

0.3

0.3

0.3

-

Deferred Revenue, Current

8.7

1.9

2.1

0.6

5.4

Accumulated Intangible Amorti., Suppl

-

-

0.7

10.4

-

Accumulated Goodwill Amorti., Suppl

-

-

0.5

0.2

-

Full-Time Employees

300

312

326

306

268

Number of Common Shareholders

5,099

5,590

4,996

5,610

7,007

LT Debt Due Within 1 Year

0.2

13.4

13.1

2.4

1.4

LT Debt Due Within 2 Years

4.2

0.2

0.8

7.8

2.4

LT Debt Due Within 3 Years

4.1

1.9

-

1.0

2.0

LT Debt Due Within 4 Years

4.0

1.9

-

-

1.0

LT Debt Due Within 5 Years

-

6.1

0.5

-

-

Long Term Debt - Remaining Maturities

9.9

-

-

-

-

Total Long Term Debt, Supplemental

22.4

23.5

14.4

11.2

6.8

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

UpdateType/Date

Updated Normal 
31-Mar-2011

Restated Normal 
31-Mar-2011

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Updated Normal 
31-Mar-2010

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1096.95

1134.9

1140.25

1221.965

1131.45

 

 

 

 

 

 

    Cash and Cash Equivalents

13.0

17.6

1.8

4.5

7.6

    Government Subsidy for Cash and Cash Equ

-

-

-0.4

-0.8

-0.4

    Other ST Invement Assets

3.1

3.0

-

-

-

    ST Financial Assets

-

-

4.4

4.6

5.3

    Short-term Loans

-

-

0.4

0.4

0.3

    Allowance for Doubtful Accounts for Shor

-

-

-0.4

-0.3

-0.2

    Trade Receivable&Other Receivable

11.5

8.4

-

-

-

    Trade Receivable

-

-

3.9

4.0

7.4

    Other Receivables

-

-

1.3

0.9

0.5

    Allowance for Doubtful Accounts for Othe

-

-

0.0

0.0

-0.5

    Allowance for Doubtful Accounts for Othe

-

-

-0.2

-0.2

-0.2

    Other Receivables from Misfeasance

-

-

0.0

0.0

0.5

    Advance Payment&Prepaid Expense

0.9

1.4

-

-

-

    Advanced Payment

-

-

2.9

1.4

0.5

    Prepaid Expense

-

-

0.0

0.0

0.0

    Allowance for Doubtful Accounts for Adva

-

-

-0.1

-0.1

-

    Accrued Income

-

-

0.1

0.1

0.1

    Inventory,Total

16.1

16.1

-

-

-

    Goods in Transit

-

-

5.0

3.0

2.8

    Raw Materials

-

-

4.0

4.0

4.0

    Allowance for Loss on Valuation of Raw M

-

-

-0.8

-0.7

-0.8

    Work in Progress

-

-

8.9

6.3

5.8

    Allowance for Loss on Valuation of Works

-

-

-0.1

-0.1

-0.1

Total Current Assets

44.5

46.5

30.8

27.0

32.7

 

 

 

 

 

 

    LT Financial Assets

-

-

0.3

0.2

0.7

    LT Available-for-Sale Financial Assets

3.8

3.7

3.7

3.5

3.7

    Other Investments

0.0

0.0

-

-

-

    LT Trade Receivable&Other Receivable

0.3

0.4

-

-

-

    Currency Swap, LT Assets

-

-

0.0

0.0

0.0

    LT Security Deposit

-

-

0.8

0.9

1.3

    Property, Plant & Equipment, Total

68.2

66.4

-

-

-

    Land

-

-

30.0

28.1

30.4

    Buildings

-

-

34.4

0.3

0.3

    Buildings-Depreciation

-

-

-0.1

0.0

0.0

    Machinery & Equipment

-

-

14.1

13.1

14.9

    Machinery & Equipment-Depreciation

-

-

-13.5

-12.6

-14.3

    Vehicles & Transportation Equipment

-

-

0.2

0.1

0.2

    Vehicles & Transportation-Depreciation

-

-

-0.1

-0.1

-0.1

    Construction in Progress

-

-

0.0

25.3

20.8

    Other Tangible Assets

-

-

5.9

5.3

5.7

    Other Tangibles-Depreciation

-

-

-4.5

-4.1

-4.3

    Other Tangibles-Government Subsidy

-

-

0.0

0.0

-0.1

    Total Intangible Assets

8.9

8.5

-

-

-

    Industrial Property Right

-

-

0.0

0.0

0.1

    Development Costs

-

-

8.3

6.5

6.7

    Government Subsidy for Development Costs

-

-

-1.7

-1.6

-1.5

    Other Intangible

-

-

0.0

0.0

0.0

    Goodwill

-

-

0.8

0.8

1.0

Total Assets

125.8

125.6

109.2

92.8

98.2

 

 

 

 

 

 

    Trade and Other Liabilities

3.4

8.1

-

-

-

    Trade Payable

-

-

3.3

3.1

2.8

    Account Payable

-

-

6.3

2.5

2.0

    Accrued Expense

-

-

0.0

0.0

0.0

    Advances Received

9.8

8.7

7.9

3.0

2.8

    Deposit Withheld

-

-

0.2

0.1

0.1

    ST Borrowings

4.6

4.4

4.4

4.1

8.8

    Reserve-Defect Repairs

0.2

0.2

0.1

0.1

0.1

    Current Portion of LT Debt

0.2

0.2

0.4

0.4

0.6

    Other Current Liabilities

-

-

-

-

0.0

Total Current Liabilities

18.2

21.6

22.5

13.4

17.3

 

 

 

 

 

 

    LT Borrowings

22.9

22.2

21.0

16.5

12.6

    Bonds With Stock Warrants

11.9

11.3

-

-

-

Total Long Term Debt

34.8

33.5

21.0

16.5

12.6

 

 

 

 

 

 

    Rent Deposit

-

-

0.0

0.0

0.0

    Non-current Employee Salaries Payables

0.6

0.5

-

-

-

    Trade Payable&Other Liabilities

2.3

2.2

-

-

-

    Provisions for Retirement and Severance

-

-

1.6

1.5

2.3

    Assets for National Pension Fund

-

-

-0.9

-0.8

-0.9

    Deposits for Severance Benefits for Non-

-

-

0.0

0.0

-0.6

    Transfer to National Pension Fund

-

-

0.0

0.0

0.0

    Deferred Income Taxes Liabilities Non-cu

4.7

4.5

4.5

4.2

4.6

Total Liabilities

60.6

62.3

48.9

34.7

35.2

 

 

 

 

 

 

    Common Stock

46.4

44.8

44.6

41.6

45.0

    Capital Surplus

12.8

12.1

10.5

9.8

10.6

    Stock Options

-

0.3

0.3

0.3

0.4

    Other Capital Surplus

-

-

0.1

0.1

0.0

    Reserves

2.2

2.1

-

-

-

    Appropriated Retained Earnings for Volun

-

-

2.1

1.9

2.1

    Retained Earnings or Accumulated Deficit

-9.5

-9.0

-10.2

-7.8

-8.2

    Loss-Valuation of Currency Swaps

-

-

0.0

0.0

0.0

    Loss-Valuation of Investment Securities

-

-

0.0

0.0

0.0

    Asset Revaluation Reserve Other Comprehe

-

-

16.0

15.0

16.2

    Treasury Stock

-3.2

-3.1

-3.1

-2.9

-3.1

    Accumulated Other Comprehensive Income

16.6

16.1

-

-

-

Total Equity

65.2

63.3

60.4

58.1

63.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

125.8

125.6

109.2

92.8

98.2

 

 

 

 

 

 

    S/O-Common Stock

9.8

9.8

9.8

9.8

9.8

Total Common Shares Outstanding

9.8

9.8

9.8

9.8

9.8

T/S-Common Stock

0.3

0.3

0.3

0.3

0.3

Deferred Revenue, Current

-

-

7.9

3.0

2.8

Full-Time Employees

-

-

308

310

311

Long Term Debt Maturing within 1 Year

-

-

-

0.4

-

Long Term Debt Maturing in Year 2

-

-

-

0.2

-

Long Term Debt - Remaining Maturities

-

-

-

16.3

-

Total Long Term Debt, Supplemental

-

-

-

16.9

-

 

Annual Cash Flows

 

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG Peat Marwick LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-3.5

0.3

-9.4

2.6

1.6

    Depreciation

1.1

0.7

0.8

1.2

1.2

    Amort-Subscription Warrant Adjustment

0.1

0.0

0.0

-

-

    Amortization-Intangible Assets

1.2

1.4

1.5

0.2

5.3

    Compensation Expenses Associated with St

-

0.0

0.0

0.2

0.5

    Provision-Retirement Allowance

0.9

1.0

1.5

1.9

1.3

    Loss-Disposal of Tangible Assets

0.0

0.0

0.0

0.0

0.0

    L-Futures Trade

0.0

0.5

1.3

0.0

0.0

    L-reduce Investment Assets

-

-

-

-

0.0

    Impairment Losses on Intangible Assets

0.8

-

-

7.8

0.9

    Loss-Illigal Activity Expense

0.0

0.0

0.4

-

-

    Other Provisions-Doubtful Account

0.0

0.0

0.0

0.0

0.1

    Amortization-Suspended Assets

-

-

-

0.0

0.0

    Expenses of Allowance for Doubtful Accou

0.0

0.5

-

-

-

    Loss-Foreign Currency Translation

0.0

0.0

3.5

0.0

0.0

    Accrued Interest Expense

-

-

-

0.1

0.1

    Loss-Redemption of Bond

0.0

0.0

0.0

0.0

-

    Warranty Expenses

0.1

0.1

-

-

-

    Loss-Valuation of Inventory

0.0

0.3

0.5

-

-

    Amortization-Discount on Bond Issuance

0.0

0.0

0.0

-

-

    Gain-Disposal of Tangible Assets

-0.1

0.0

0.0

-9.0

-2.0

    Gain-Foreign Currency Translation

0.0

0.0

0.0

0.0

0.0

    Reversal of Allowance for Other Doutful

-0.3

-0.4

-

-

-

    G-Futures Trade

0.0

0.0

-0.2

0.0

-0.1

    G-Debt Exemption

-

-

-

-

0.0

    Government Subsidy

0.0

0.0

0.0

0.0

0.0

    Gain-Valuation of Currency Swap

0.0

0.0

-3.5

-0.1

-

    Tax Revenue

-0.4

-

-

-

-

    Gain-Prior Period Error Correction

0.0

0.0

-0.7

-

-

    Recovery of Losses on Valuation of Inven

0.0

-

-

-

-

    Trade Receivable

5.1

-6.7

3.9

-4.3

4.6

    Account Receivable

0.4

0.3

-0.6

1.3

-0.7

    Receivable-Illigal Activity

0.5

0.7

-0.3

-

-

    Accrued Income

0.0

0.0

0.1

-0.1

-0.1

    Advanced Payment

-0.9

1.5

-0.2

3.2

-2.5

    Prepaid Expense

0.0

0.0

0.0

0.1

0.4

    Inventory

-5.9

0.8

-4.0

-2.9

-0.6

    Trade Payable

-0.8

2.6

-3.8

9.0

-6.9

    Account Payable

-1.3

1.7

0.3

-0.7

-1.2

    Accrued Expense

0.0

0.0

0.0

-0.2

0.1

    Advance Received

6.6

-0.3

1.8

-4.8

5.0

    Deposit Withheld

0.0

-0.1

0.1

0.0

-0.3

    Retirement Pension Operating Fund

0.0

0.0

-1.0

-

-

    Payment-Retirement Bonus

-1.4

-0.9

-3.7

-0.8

-0.5

    Deposit-Retirement Insurance

0.0

0.2

3.3

-1.1

-2.0

    Reserve-National Pension

0.5

0.0

0.0

-

-

Cash from Operating Activities

2.8

4.3

-8.3

3.6

4.1

 

 

 

 

 

 

    Decrease-ST Financial Assets

7.1

2.3

22.1

-

0.0

    Increase-Rent Deposit

0.0

0.0

-

-

-

    Decrease-Guarantee Deposit

0.0

4.3

0.3

0.0

0.0

    Proceeds from Sale of Land

0.3

-

-

23.1

2.8

    Proceeds from Sale of Buildings

0.0

-

-

5.6

0.5

    Disposal-Structure

-

-

-

1.1

0.6

    Disposal-Machinery & Equipments

0.0

0.0

0.0

0.0

0.0

    Disposal-Transportation

0.0

0.0

0.0

0.0

0.0

    Disposal-Other Tangible Assets

0.9

0.0

0.0

0.0

0.0

    Disp-Lease Guarantee

-

-

-

0.0

0.0

    Cash Inflow-Mergers

-

-

-

0.0

-

    Proceeds from Sale of Long-term Investme

-

0.0

0.0

-

-

    Proceeds from Short-term Investment Asse

0.8

0.0

0.0

-

-

    Decrease in Short-term Loans

0.0

-

-

-

-

    Proceeds from Sale of Long-term Financia

0.2

-

-

0.9

-

    Dec-Guarantee Deposit for Derivatives

-

-

-

0.1

-

    Increase-ST Financial Assets

-

-

-

-5.2

-20.4

    Inc-Security Deposit for Futures Trade

0.0

0.0

-1.1

0.0

-0.1

    Increase in Short-term Financial Instrum

-4.6

-0.8

-

-

-

    Increase-LT Financial Assets

-0.1

-0.4

-0.1

-0.3

0.0

    Increase-Investment Securities

0.0

-2.0

0.0

-0.1

-0.3

    Increase-Guarantee Deposit

-0.2

-0.3

-0.6

-6.4

-0.3

    Purchase of Buildings

-0.1

-

-

0.0

-0.1

    Increase-Structure

-

-

-

0.0

0.0

    Increase-Machinery & Equipment

-0.3

0.0

0.0

0.0

-0.2

    Increase-Transportation

0.0

0.0

0.0

-0.1

-0.1

    Increase-Other Tangible Assets

-0.2

-0.6

-0.2

-1.2

-0.6

    Increase-Construction Progress

-15.4

-12.0

-11.1

-6.0

0.0

    Increase-Industrial Property Right

0.0

0.0

0.0

0.0

0.0

    Increase-Development Cost

-2.8

-2.9

-1.7

-2.3

-3.4

    Increase-ST Loans

-

-

-

-1.6

-

    Increase-Securities under Equity Method

-

-

-

-1.3

-

    Decrease-Guarantee Deposit for Lease

0.0

0.0

0.0

-

-

    Increase in Short-term Loans

0.0

0.0

-

-

-

Cash from Investing Activities

-14.3

-12.5

7.6

6.1

-21.6

 

 

 

 

 

 

    Increase-ST Borrowings

4.3

8.6

1.8

0.0

13.6

    Increase-LT Borrowings

11.8

8.7

5.5

5.8

0.0

    Issuance of Bonds with Warrant

-

-

-

-

0.0

    Inc-Foreign Currency Bonds with Warrant

-

-

-

-

0.0

    Exercise of Stock Warrants

0.0

0.0

0.2

1.2

23.3

    Exercise of Stock Options

0.0

0.4

-

-

-

    Increase in Other Capital Surplus

-

-

-

-

0.0

    Increase-Subsidy from Government

0.8

0.9

1.0

0.9

0.8

    Disposal-Treasury Stock

-

-

-

0.0

-

    Increase in Bonds

12.7

-

-

-

-

    Repayments of Short-term Borrowings

-9.5

-1.6

-

-14.0

-7.9

    Dec-Current Portion of LT Borrowings

-0.8

-10.4

-2.0

-1.4

-8.2

    Dec-Restructur Liab

-

-

-

0.0

-0.9

    Acquisition-Treasury Stock

0.0

0.0

0.0

-3.8

-

    Redemption-Bond with Warrant

0.0

0.0

-2.5

-1.1

-0.2

    Increase-Expense for Stock Issuance

0.0

0.0

0.0

0.0

-0.3

    Decrease-Government Subsidy

-0.4

-0.3

-0.3

-

-

Cash from Financing Activities

18.9

6.3

3.6

-12.3

20.2

 

 

 

 

 

 

Net Change in Cash

7.3

-1.9

2.9

-2.5

2.8

 

 

 

 

 

 

Net Cash Beginning Balance

10.0

10.9

9.7

14.0

10.8

Net Cash Ending Balance

17.3

9.0

12.6

11.5

13.6

 

 

Interim Cash Flows

 

As Reported

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

31-Mar-2010

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Updated Normal 
30-Jun-2010

Reclassified Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1120.28956

1156.281981

1164.307745

1155.056202

1145.278736

 

 

 

 

 

 

Net Income

-0.2

-3.5

-4.5

-2.7

-2.3

    Depreciation

0.4

1.1

0.7

0.4

0.2

    Amortization-Intangible Assets

0.0

1.2

0.9

0.6

0.2

    Other Provisions-Doubtful Account

-

0.0

0.0

0.0

-

    Amortization-Discount on Bond Issuance

-

0.0

0.0

0.0

-

    Amort-Subscription Warrant Adjustment

-

0.1

0.0

0.0

-

    Provision-Retirement Allowance

0.2

0.9

0.5

0.4

0.2

    Interest Expenses

0.8

-

-

-

0.2

    Loss-Foreign Currency Translation

0.0

0.0

0.0

0.0

0.1

    Loss-Futures Contract Transaction

-

0.0

0.0

0.0

-

    Loss-Redemption of Bond

-

0.0

0.0

0.0

-

    Recovery of Losses on Valuation of Inven

0.0

0.0

-

-

0.0

    Warranty Expenses

-

0.1

0.0

0.0

-

    Loss-Valuation of Inventory

-

0.0

0.0

0.0

-

    Loss-Disposal of Tangible Assets

-

0.0

0.0

0.0

0.0

    Impairment Losses on Intangible Assets

-

0.8

0.1

0.1

-

    Interest Income

-0.1

-

-

-

-0.1

    Reversal of Allowance for Other Doutful

-

-0.3

-0.2

-0.2

-

    Gain-Futures Contract Transaction

-

0.0

0.0

0.0

-

    Gain-Valuation of Currency Swap

-

0.0

0.0

0.0

-

    Gain-Disposal of Tangible Assets

-

-0.1

-0.1

0.0

0.0

    Government Subsidy

-

0.0

0.0

0.0

-

    Gain-Foreign Currency Translation

0.0

0.0

0.0

0.0

0.0

    Loss-Illigal Activity Expense

-

0.0

0.0

0.0

-

    Tax Revenue

-

-0.4

-

-

-

    Gain-Prior Period Error Correction

-

0.0

0.0

0.0

-

    Trade Receivable

-2.4

5.1

9.1

8.8

5.9

    Account Receivable

-0.4

0.4

-0.5

-0.1

0.3

    Receivable-Illigal Activity

-

0.5

0.5

0.5

0.1

    Prepaid Expense

0.0

0.0

0.0

0.0

0.0

    Advanced Payment

0.6

-0.9

-2.4

-1.0

0.0

    Accrued Revenues

0.0

0.0

0.0

0.0

0.0

    Inventory

0.6

-5.9

-6.8

-3.2

-1.6

    Trade Payable

-4.2

-0.8

-3.8

-3.8

-4.3

    Account Payable

-0.5

-1.3

3.6

0.1

-0.7

    Advance Received

0.8

6.6

5.8

1.3

0.8

    Increase or Decrease in Otehr Current Li

-

-

-

-

0.0

    Deposit Withheld

0.0

0.0

0.1

0.0

-0.1

    Accrued Expenses

-0.3

0.0

0.0

0.0

-0.1

    Retirement Pension Operating Fund

0.1

0.0

0.1

0.1

0.1

    Payment-Retirement Bonus

-0.2

-1.4

-0.9

-0.8

0.0

    Deposit-Retirement Insurance

-

0.0

0.5

0.5

-

    Reserve-National Pension

-

0.5

0.0

0.0

-

    Cash-Interest Received

0.0

-

-

-

0.0

    Cash-Interest Paid

-0.3

-

-

-

-0.2

    Cash-Tax Paid

0.0

-

-

-

0.0

Cash from Operating Activities

-5.1

2.8

2.8

0.9

-1.1

 

 

 

 

 

 

    Decrease in Short-term Loans

0.0

0.0

-

-

-

    Decrease-Guarantee Deposit

0.2

0.0

0.7

0.3

-

    Increase-Rent Deposit

-

0.0

0.0

0.0

-

    Decrease-ST Financial Assets

-

7.1

5.7

1.7

0.3

    Proceeds from Sale of Long-term Financia

0.0

0.2

0.5

0.5

0.0

    Proceeds from Short-term Investment Asse

-

0.8

-

-

-

    Proceeds from Sale of Land

-

0.3

0.2

-

-

    Proceeds from Sale of Buildings

-

0.0

0.2

-

-

    Disposal-Machinery & Equipments

-

0.0

0.0

0.0

0.0

    Disposal-Transportation

-

0.0

0.0

0.0

-

    Disposal-Other Tangible Assets

-

0.9

0.0

0.0

-

    Proceeds from Sale of Construction in Pr

-

-

33.8

-

-

    Decrease-Guarantee Deposit for Lease

-

0.0

0.0

0.0

-

    Increase-ST Loans

-

0.0

0.0

0.0

-

    Increase-Guarantee Deposit

-

-0.2

-0.2

0.0

-

    Inc-Security Deposit for Futures Trade

-

0.0

0.0

0.0

-

    Increase in Short-term Financial Instrum

-

-4.6

-4.5

-1.1

-

    Increase-LT Financial Assets

-

-0.1

-0.1

-0.1

-

    Increase-Investment Securities

-

0.0

0.0

0.0

-

    Purchase of Buildings

-

-0.1

-33.6

-

-

    Increase-Machinery & Equipment

0.0

-0.3

-0.2

-0.1

0.0

    Increase-Transportation

-

0.0

0.0

0.0

-

    Increase-Construction Progress

-

-15.4

-15.5

-8.3

-1.8

    Increase-Other Tangible Assets

0.0

-0.2

-0.2

0.0

0.0

    Increase-Industrial Property Right

-

0.0

0.0

0.0

-

    Increase-Development Cost

-0.1

-2.8

-2.7

-1.2

-0.9

Cash from Investing Activities

0.1

-14.3

-15.8

-8.3

-2.5

 

 

 

 

 

 

    Increase-ST Borrowings

-

4.3

0.0

0.0

0.9

    Increase-LT Borrowings

-

11.8

10.7

7.4

2.2

    Increase in Bonds

-

12.7

-

-

-

    Increase-Subsidy from Government

-

0.8

0.7

0.7

-

    Exercise of Stock Options

-

0.0

0.0

0.0

-

    Decrease-ST Borrowings

-

-9.5

-5.3

-0.5

-1.7

    Repayments of Long-term Borrowings

-0.1

-

-

-

-

    Redemption-Bond with Warrant

-

0.0

0.0

0.0

-

    Dec-Current Portion of LT Borrowings

-

-0.8

-0.5

-5.2

-0.3

    Decrease-Government Subsidy

-

-0.4

-0.7

-0.3

0.0

    Acquisition-Treasury Stock

-

0.0

0.0

0.0

-

    Increase-Expense for Stock Issuance

-

0.0

0.0

0.0

-

Cash from Financing Activities

-0.1

18.9

4.9

2.1

1.1

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-0.1

Net Change in Cash

-5.1

7.3

-8.2

-5.2

-2.6

 

 

 

 

 

 

Net Cash Beginning Balance

17.9

10.0

9.9

10.0

10.1

Net Cash Ending Balance

12.7

17.3

1.7

4.7

7.5

    Cash Interest Paid

0.3

-

-

-

0.2

    Cash Taxes Paid

0.0

-

-

-

0.0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.23

UK Pound

1

Rs.72.09

Euro

1

Rs.62.99

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.