MIRA INFORM REPORT

 

 

Report Date :

10.12.2011

 

IDENTIFICATION DETAILS

 

Name :

KUKDO CHEMICAL CO., LTD.

 

 

Registered Office :

345-35, Kasan-Dong Keumchon-Gu Seoul, 153-023 Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.02.1972

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture of plastics in primary forms

 

 

No. of Employees :

299

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Top of Form

Bottom of Form

Top of Form

Kukdo Chemical Co., Ltd.

                                                                                                                                                   

 

345-35, Kasan-Dong

Keumchon-Gu

 

Seoul, 153-023

Korea, Republic of

 

Tel:

82-2-32821476

Fax:

82-2-32821486

 

www.kukdo.com

 

Employees:

299

Company Type:

Public Independent

Traded:

Korea Stock Exchange:

007690

Incorporation Date:

22-Feb-1972

Auditor:

Shinhan Accounting Corporation

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

South Korean Won

Annual Sales:

689.9  1

Net Income:

22.9

Total Assets:

449.3  2

Market Value:

250.9

 

(25-Nov-2011)

                                      

Business Description       

 

KUKDO CHEMICAL Co., Ltd. is a Korea-based manufacturer engaged in the manufacture and sale of epoxy and polyamide resins. The Company produces epoxy resins, hardener resins, polyether polyols and polyurethanes, and supplies caustic soda, sodium chlorite, strengthening agents and raw materials of synthetic resins. Its products are used in coatings, electric products, electronic products, adhesives and engineering industries, and are distributed in the domestic market and to overseas countries such as Japan, China, North and South America, Southeast Asia, Middle East and Europe. For the fiscal year ended 31 December 2010, Kukdo Chemical's revenues increased 60% to W797.69B. Net income increased 17% to W26.47B. Revenues reflect increase export demands for organic compound finished goods and the Company's merchandise. Net income was partially offset by decreased interest income, decreased rental income, decreased gains on equity method and inclusion of revaluation losses.

          

Industry                                                                                                                               

 

Industry

Chemicals - Plastics and Rubber

ANZSIC 2006:

1821 - Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002:

2416 - Manufacture of plastics in primary forms

NAICS 2002:

325211 - Plastics Material and Resin Manufacturing

UK SIC 2003:

2416 - Manufacture of plastics in primary forms

US SIC 1987:

2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

                      

Key Executives           

   

 

Name

Title

Sam Yeol Lee

Chairman of the Board, Co-Chief Executive Officer

Yeong Hwan Gwon

Chief Financial Officer, Assistant Managing Director

Jeong Yong Nah

Internal Auditor

Yoon Shik Choi

Co-Auditor

Sean Oh

Manager-Sales-Oceania & Asia

 

Significant Developments                                                                               

 

Topic

#*

Most Recent Headline

Date

Equity Investments

3

Kukdo Chemical Co., Ltd. Announces Changes in Shareholding Structure

19-Sep-2011

Dividends

1

Kukdo Chemical Co., Ltd. Declares Annual Cash Dividend for FY 2010

1-Feb-2011

* number of significant developments within the last 12 months

 

             

News      

 

Title

Date

Product Innovations, R&D and Niche End-Use Segments to Drive Growth in Epoxy Resins Market: companiesandmarkets.com
Defense & Aerospace Week (376 Words)

29-Jun-2011

Global Epoxy Resins Market to Reach 3.03 Million Tons by 2017, According to a New Report by Global Industry Analysts, Inc.
PR Web (967 Words)

28-Apr-2011

      

Financial Summary                                                                                                                       

 

As of 31-Dec-2010

Key Ratios

Company

Industry

Sales 5 Year Growth

22.08

1.42

 

 

 

 

Stock Snapshot                                    

 

Traded: Korea Stock Exchange: 007690

 

As of 25-Nov-2011

   Financials in: KRW

Recent Price

50,300.00

 

EPS

4,817.44

52 Week High

79,000.00

 

Price/Sales

0.37

52 Week Low

33,400.00

 

Dividend Rate

900.00

Avg. Volume (mil)

0.03

 

Price/Book

1.04

Market Value (mil)

292,274.00

 

Beta

0.70

 

Price % Change

Rel S&P 500%

4 Week

18.35%

28.54%

13 Week

-7.20%

-7.07%

52 Week

1.00%

9.60%

Year to Date

-3.08%

11.90%

 

 

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
345-35, Kasan-Dong
Keumchon-Gu
Seoul, 153-023
Korea, Republic of

 

Tel:

82-2-32821476

Fax:

82-2-32821486

 

www.kukdo.com

Quote Symbol - Exchange

007690 - Korea Stock Exchange

Sales KRW(mil):

797,694.3

Assets KRW(mil):

509,954.4

Employees:

299

Fiscal Year End:

31-Dec-2010

 

Industry:

Chemicals - Plastics and Rubber

Incorporation Date:

22-Feb-1972

Company Type:

Public Independent

Quoted Status:

Quoted

 

Chairman of the Board, Co-Chief Executive Officer:

Sam Yeol Lee

 

Company Web Links

Corporate History/Profile

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:

1811

-

Industrial Gas Manufacturing

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

 

NACE 2002 Codes:

2416

-

Manufacture of plastics in primary forms

2413

-

Manufacture of other inorganic basic chemicals

 

NAICS 2002 Codes:

325211

-

Plastics Material and Resin Manufacturing

325181

-

Alkalies and Chlorine Manufacturing

 

US SIC 1987:

2812

-

Alkalies and Chlorine

2821

-

Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

 

UK SIC 2003:

2416

-

Manufacture of plastics in primary forms

2413

-

Manufacture of other inorganic basic chemicals

 

 

Business Description

KUKDO CHEMICAL Co., Ltd. is a Korea-based manufacturer engaged in the manufacture and sale of epoxy and polyamide resins. The Company produces epoxy resins, hardener resins, polyether polyols and polyurethanes, and supplies caustic soda, sodium chlorite, strengthening agents and raw materials of synthetic resins. Its products are used in coatings, electric products, electronic products, adhesives and engineering industries, and are distributed in the domestic market and to overseas countries such as Japan, China, North and South America, Southeast Asia, Middle East and Europe. For the fiscal year ended 31 December 2010, Kukdo Chemical's revenues increased 60% to W797.69B. Net income increased 17% to W26.47B. Revenues reflect increase export demands for organic compound finished goods and the Company's merchandise. Net income was partially offset by decreased interest income, decreased rental income, decreased gains on equity method and inclusion of revaluation losses.

 

 

More Business Descriptions

Manufacture and sale of epoxy resin, polyamide resin, sodium chloride and polyurethane/urea

 

Resin and Synthetic Rubber Manufacturing

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

KRW(mil)

 

Revenue:

797,694.3

Net Income:

26,467.8

Assets:

509,954.4

Long Term Debt:

31,717.2

 

Total Liabilities:

229,340.5

 

Working Capital:

80.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

59.8%

16.8%

34.4%

 

 

Market Data

Quote Symbol:

007690

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

50,300.0

Stock Price Date:

11-25-2011

52 Week Price Change %:

1.0

Market Value (mil):

292,273,984.0

 

SEDOL:

6499129

ISIN:

KR7007690001

 

Equity and Dept Distribution:

FY '96 is non-consolidated. FY '97 to FY '06 are consolidated.

 

 

 

Key Corporate Relationships

Auditor:

Shinhan Accounting Corporation

 

Auditor:

Shinhan Accounting Corporation

 

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Sam Yeol Lee

 

Chairman of the Board, Co-Chief Executive Officer

Chairman

 

Lee Sam Yeol is Chairman of the Board and Co-Chief Executive Officer of Kukdo Chemical Co., Ltd. Currently, Lee is also Chairman and Chief Executive Officer of Kukdo Fine Materials and a Korea-based company. Lee holds a Master's degree in Business Administration from Seoul National University, Korea.


Education

M Business Administration, Seoul National University

Kyung Tae Kim

 

Vice Chairman

Vice-Chairman

 

` Choi

 

Director

Director/Board Member

 

Byeong Yil Choi

 

Non-Executive Independent Director

Director/Board Member

 

 

Choi Byeong Yil has been Non-Executive Independent Director of Kukdo Chemical Co., Ltd. since March 19, 1999. Choi is a Certified Tax Agent. Choi holds a Master's degree in Economics from Hanyang University, Korea.


Education

M Economics, Hanyang University

Yeong Hwan Gwon

 

Chief Financial Officer, Assistant Managing Director

Director/Board Member

 

 

 

Gwon Yeong Hwan has been Chief Financial Officer and Assistant Managing Director at Kukdo Chemical Co., Ltd. since March 16, 2007. Currently, Gwon also serves as Internal Auditor at Kukdo Precision Co., Ltd. and a Korea-based company, and Director of KUKDO TECHNOTOWN Co., Ltd. Gwon used to be Director-Management of KUK DO FINE CHEMICAL CO., LTD. and a Korea-based company. Gwon holds a Bachelor's degree in Business Administration from Hankyong National University, Korea.


Education

B Business Administration, Hankyong National University

Gwang Won Lee

 

Assistant Managing Director

Director/Board Member

 

 

 

Lee Gwang Won has been Assistant Managing Director of Kukdo Chemical Co., Ltd. since March 16, 2007. Le used to be Director-Technology of BAKELITE KOREA Co., Ltd. and a team leader of Kumho P&B. Lee holds a Master's degree in Polymer Science from Inha University, Korea, and a Doctorate's degree in Polymer Chemistry from University of Akron, the United States.


Education

PHD Polymer Chemistry, University of Akron
M Polymer Science, Inha University

Si Chang Lee

 

Managing Director

Director/Board Member

 

 

 

Lee Si Chang is Managing Director of Kukdo Chemical Co., Ltd. Lee is also Director of a Korea-based company and Internal Auditor of KUKDO TECHNOTOWN Co., Ltd. Lee was Assistant Managing Director of the Company. Lee holds a Bachelor's degree in Accounting from Soongsil University, Korea, and a Master of Business Administration from University of Washington, the United States.


Education

MBA , University of Washington
B Accounting, Soongsil University

Eun Taek Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

 

Lee Eun Taek has been serving as Non-Executive Independent Director at Kukdo Chemical Co., Ltd. since March 14, 2008. Lee was previously Chief Executive Officer cum President at the Company. Lee holds a Bachelor's degree in Chemistry from Daejeon University, Korea.


Education

B Chemistry, Daejeon University

Jong Su Park

 

President, Co-Chief Executive Officer, Director

Director/Board Member

 

 

 

Park Jong Su has been President, Co-Chief Executive Officer and Director of Kukdo Chemical Co., Ltd. since December 26, 2006. Currently, Park is also Director of Kukdo Fine Materials, Chief Executive Officer of a Korea-based company and Director of KUKDO TECHNOTOWN Co., Ltd. Park was Assistant Managing Director of the Company previously. Park holds a Bachelor's degree in Polymer Science from Inha University, Korea, and a Doctorate's degree in Engineering from Chonbuk National University, Korea.


Education

PHD Engineering, Chonbuk National University
B Polymer Science, Inha University

Masahiro Sekine

 

Director

Director/Board Member

 

 

 

Masahiro Sekine has been Director of Kukdo Chemical Co., Ltd. since May 20, 2010. Sekine is also Head of Epoxy Business in Nippon Steel Chemical Co.,Ltd, where Sekine used to serve as Head of Management Planning and Head of Strategic Planning. Sekine holds a Doctorate's degree in Engineering from Tohoku University, Japan.


Education

PHD Engineering, Tohoku University

Sun Seok Yoo

 

Non-Executive Independent Director

Director/Board Member

 

 

 

Yoo Sun Seok has been Non-Executive Independent Director of Kukdo Chemical Co., Ltd. since March 20, 1998. Yoo is also a lawyer in Korea. Yoo holds a Master's degree in Law from Seoul National University, Korea.


Education

M Law, Seoul National University

 

Executives

 

Name

Title

Function

Sam Yeol Lee

 

Chairman of the Board, Co-Chief Executive Officer

Chief Executive Officer

 

Lee Sam Yeol is Chairman of the Board and Co-Chief Executive Officer of Kukdo Chemical Co., Ltd. Currently, Lee is also Chairman and Chief Executive Officer of Kukdo Fine Materials and a Korea-based company. Lee holds a Master's degree in Business Administration from Seoul National University, Korea.


Education

M Business Administration, Seoul National University

Jong Su Park

 

President, Co-Chief Executive Officer, Director

Chief Executive Officer

 

 

 

Park Jong Su has been President, Co-Chief Executive Officer and Director of Kukdo Chemical Co., Ltd. since December 26, 2006. Currently, Park is also Director of Kukdo Fine Materials, Chief Executive Officer of a Korea-based company and Director of KUKDO TECHNOTOWN Co., Ltd. Park was Assistant Managing Director of the Company previously. Park holds a Bachelor's degree in Polymer Science from Inha University, Korea, and a Doctorate's degree in Engineering from Chonbuk National University, Korea.


Education

PHD Engineering, Chonbuk National University
B Polymer Science, Inha University

Nam Ha Cho

 

Assistant Managing Director

Managing Director

 

 

 

Cho Nam Ha is Assistant Managing Director of Kukdo Chemical Co., Ltd. Cho is also Director of a Korea-based company. Cho holds a Bachelor's degree in Industrial Hygiene/Chemistry from Chosun University, Korea.


Education

B Industrial Hygiene/Chemistry, Chosun University

Yeong Hwan Gwon

 

Chief Financial Officer, Assistant Managing Director

Managing Director

 

 

 

Gwon Yeong Hwan has been Chief Financial Officer and Assistant Managing Director at Kukdo Chemical Co., Ltd. since March 16, 2007. Currently, Gwon also serves as Internal Auditor at Kukdo Precision Co., Ltd. and a Korea-based company, and Director of KUKDO TECHNOTOWN Co., Ltd. Gwon used to be Director-Management of KUK DO FINE CHEMICAL CO., LTD. and a Korea-based company. Gwon holds a Bachelor's degree in Business Administration from Hankyong National University, Korea.


Education

B Business Administration, Hankyong National University

Gwang Won Lee

 

Assistant Managing Director

Managing Director

 

 

 

Lee Gwang Won has been Assistant Managing Director of Kukdo Chemical Co., Ltd. since March 16, 2007. Le used to be Director-Technology of BAKELITE KOREA Co., Ltd. and a team leader of Kumho P&B. Lee holds a Master's degree in Polymer Science from Inha University, Korea, and a Doctorate's degree in Polymer Chemistry from University of Akron, the United States.


Education

PHD Polymer Chemistry, University of Akron
M Polymer Science, Inha University

Si Chang Lee

 

Managing Director

Managing Director

 

 

 

Lee Si Chang is Managing Director of Kukdo Chemical Co., Ltd. Lee is also Director of a Korea-based company and Internal Auditor of KUKDO TECHNOTOWN Co., Ltd. Lee was Assistant Managing Director of the Company. Lee holds a Bachelor's degree in Accounting from Soongsil University, Korea, and a Master of Business Administration from University of Washington, the United States.


Education

MBA , University of Washington
B Accounting, Soongsil University

Chung Ryeol Yim

 

Assistant Managing Director

Managing Director

 

 


Education

B Chemical Engineering, Myongji University

Nam Gwi Yoon

 

Assistant Managing Director

Managing Director

 

 


Education

B Chemical Engineering, Dong-A University

Yoon Shik Choi

 

Co-Auditor

Finance Executive

 

Jeong Yong Nah

 

Internal Auditor

Accounting Executive

 

 

Nah Jeong Yong has been Internal Auditor of Kukdo Chemical Co., Ltd. since March 11, 2005. Nah used to be Chief Executive Officer of Sangyeong R&D. Nah holds a Bachelor's degree in Chemical Engineering from Hanyang University, Korea.


Education

B Chemical Engineering, Hanyang University

Sang-Wook Lee

 

Manager-Sales-North America, South America & Japan

Sales Executive

 

Sean Oh

 

Manager-Sales-Oceania & Asia

Sales Executive

 

Jeong-Lae Yun

 

Director-Marketing-International-Europe, Middle East & Africa

International Executive

 

Chong Ryol Lim

 

Director-Research & Development

Research & Development Executive

 

Shawn Lee

 

Manager-Planning

Planning Executive

 

Jun Hee Lee

 

Manager-Purchasing

Purchasing Executive

 

Soo Young Park

 

Manager-Privacy Policy

Other

 

 

Significant Developments

 

 

 

 

Kukdo Chemical Co., Ltd. Announces Changes in Shareholding Structure

Sep 19, 2011


Kukdo Chemical Co., Ltd. announced that SHINYOUNG ASSET MANAGEMENT CO., LTD. has acquire 315,644 shares of the Company, representing a 5.43% stake.

Kukdo Chemical Co., Ltd. Announces Changes in Shareholding Structure

Aug 11, 2011


Kukdo Chemical Co., Ltd. announced that SHINYOUNG ASSET MANAGEMENT CO., LTD. and 14 related parties have acquired 290,657 shares of the Company, representing a 5.00% stake.

Kukdo Chemical Co., Ltd. Declares Annual Cash Dividend for FY 2010

Feb 01, 2011


Kukdo Chemical Co., Ltd. announced that it has declared an annual cash dividend of KRW 900 per share of common stock to shareholders of record on December 31, 2010 for the fiscal year 2010. The dividend rate of market price is 1.80% and the total amount of the cash dividend is KRW 5,229,554,400. The Company's annual cash dividend for the fiscal year 2009 was KRW 800 per share.

Kukdo Chemical Co., Ltd. Announces Changes in Shareholding Structure

Jan 10, 2011


Kukdo Chemical Co., Ltd. announced that National Pension Service has acquired 424,773 shares of the Company, representing a 7.31% stake.

 

Product Innovations, R&D and Niche End-Use Segments to Drive Growth in Epoxy Resins Market: companiesandmarkets.com
Companies & Markets

Defense & Aerospace Week: 29 June 2011
[What follows is the full text of the news story.]

 

Epoxy resins market to recover post recession and record 3Mn tons in annual sales by 2017

Asia Pacific and Latin America to drive future demand in epoxy resins

Key end-use segments: Paints and Coatings (Solvent-Based, Water-Based, and Powder Coatings), Electrical Laminates, Bonding, Adhesives, Composites, Flooring & Paving Key end users of epoxy resins include the construction, electrical, composites and automotive industries. Emerging Asia Pacific markets are expected to drive yearly demand to 3 million tons by 2017, according to a new report on companiesandmarkets.com. Epoxy Resins: A Global Strategic Business Report http://www.companiesandmarkets.com/Market-Report/epoxy-resins-a-global-strategic-business-report-617859.asp?prk=7c4ed5b510c1ffe12b50d9829eddaba2 A steadier economic climate will encourage growth in the epoxy resin market, while emerging markets such as Latin America and Asia Pacific are expected to drive demand.

Emerging Asia-Pacific markets represent the fastest growing epoxy resin markets, expected to average yearly growth of 7% to 2017. Chinese electronics, composites, and adhesives manufacturing markets are likely to drive growth.

The most significant consumers of epoxy resins in terms of volume are the paint and coatings markets, although the Electrical Laminates segment is expected to grow quickly, at a rate of 7.3% a year to 2017. Demand in this sector will also increase as the electronics industry sees a return to the use of printed circuit boards.

While traditional end users of epoxy resins were unable to place significant orders during the recession, several sectors kept the market afloat. Wind turbine manufacturers used epoxy resins to strengthen and stabilise blades, while the aerospace market also helped maintain demand, as the backlog of aircraft orders meant that there was continuous need for coatings. Industrial maintenance and refinishing industries were also able to support the epoxy resins market.

The report contains 87 profiles of key companies such as Asahi Kasei Chemicals Corporation; DuPont EI De Nemours & Co; The Dow Chemical Company; 3M; Cognis Benelux BV; Sumitomo Bakelite Co. Ltd; Air Products and Chemicals Inc; UPPC GmbH; Mitsui Chemicals Inc; RBC Industries Inc; Momentive Specialty Chemicals Inc; Nan Ya Plastics Corporation; Reichhold Inc; Huntsman Corporation and Kukdo Chemical Co.

The 605 page report includes extensive analysis of the epoxy resin market, including historic and forecast data between 2003-2017, split across major geographic markets. Report Details: http://www.companiesandmarkets.com/Market-Report/epoxy-resins-a-global-strategic-business-report-617859.asp?prk=7c4ed5b510c1ffe12b50d9829eddaba2



Global Epoxy Resins Market to Reach 3.03 Million Tons by 2017, According to a New Report by Global Industry Analysts, Inc.

PR Web: 28 April 2011
[What follows is the full text of the news story.]

 

San Jose, CA (PRWEB) April 28, 2011

Epoxy resins are one of the most widely used and versatile compounds in the polyester or orthophthalic resins family. Since the commencement of their commercial production in late 1940s, epoxy resins have evolved dramatically to now find adoption in diverse applications. The high-performance thermosetting agents are used in coatings, electrical-electronic laminates, adhesives, flooring and paving applications and composites. Epoxy resin prices are generally stimulated by factors such as demand and supply trend of epoxy variety grade, energy costs, and price trends in the raw material industry. The prices are also influenced by the availability and cost of raw materials such as epichlorohydrin and Bisphenol-A, which are also used in the manufacture of glycerin and polycarbonates respectively. Other reasons for price variations are technology costs, research and development activities, and environmental regulations

Given its high-strung sensitivity to overall health of global economy and the state of its key end-use industries such as construction, automotive, and electrical and electronics, the global epoxy resins market softened during 2008 and 2009. Faltering construction, automotive and electronics and electrical markets drove down consumption of epoxy resins for various applications in these sectors. While lethargy in residential and commercial construction forced a decline in consumption of epoxy resins for bonding & adhesives, surface coatings, flooring & paving, and composites in the construction segment, the depressed automotive industry squeezed the demand for epoxy resins used for automotive paints and coatings, particularly in the OEM segment. The electrical equipment market, especially in developed markets such as in the US and Europe too posted significant decline in production volume over the last two years, thereby limiting market opportunities for epoxy resins used in all electrical laminates that find application in production of printed circuit boards.

Steady inflow of orders from energy and aerospace industries, however provided some respite to the otherwise depressed epoxy resins market in 2008 and 2009. Wind energy sector especially presented substantial market opportunities for epoxy resins over the last 3 years. Known for improving stiffness, stability, and fatigue resistance of wind turbine blades, epoxy resins found steady demand in windmill turbine blade manufacturing, which remained robust even amidst recession, thanks to tremendous government support and global focus on generating sustainable energy including wind power. Backlog orders for special purpose coatings in the aerospace sector also proved to be a blessing in disguise for the epoxy resins market, as these orders prevented any significant decline in demand for coatings and subsequently for epoxy resins used to produce them. Demand for epoxy resins in automotive refinishing and industrial maintenance segments too remained encouraging, with growth slipping only by a small margin, thanks to massive economic stimulus packages doled out by governments across the globe, a major part of which, has been earmarked for infrastructure build and repair. Continued investments in R&D and product innovations by manufacturers bode well for the short to medium term market prospects. Epoxy composites and Epoxy adhesives especially will be the key market drivers for epoxy resins over the next few years.

As stated by the new market research report on Epoxy Resins,Asia-Pacific represents the fastest growing regional market for epoxy resins, with volume sales in the region waxing at a CAGR of more than 7.0% over the analysis period. Strong demand for epoxy resins in China, particularly from the country�s robust electronics and electrical appliances industry and consistent use of epoxy resins in the production of dope, composite materials and adhesives in the region make Asia-Pacific the most prominent market for epoxy resins. Paints and Coatings represents the largest end-use market of epoxy resins, while Electrical Laminates represents the fastest growing end-use market for epoxy resins with volume sales from this segment projected to grow at a CAGR of about 7.3% over the analysis period. Epoxies, particularly those used in reinforced plastics & composites will witness increased demand over the next few years, as the market for electrical laminates expand in line with resurgence in production of printed circuit boards (PCBs).

Major players in the marketplace include 3M, Aditya Birla Chemicals (Thailand) Ltd., Air Products and Chemicals Inc, Asahi Kasei Chemicals Corporation, Cognis Benelux BV, DuPont EI De Nemours & Co, Emerald Performance Materials, LLC, Momentive Specialty Chemicals Inc, Huntsman Corporation, Kukdo Chemical Co. Ltd., Mitsui Chemicals Inc., Nan Ya Plastics Corporation, RBC Industries Inc., Reichhold Inc., Spolchemie A.S., Sumitomo Bakelite Co. Ltd., The Dow Chemical Company, Dow Epoxy, UPPC GmbH, among others.

The research report titled �Epoxy Resins: A Global Strategic Business Report� announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, and key strategic industry activities. The report provides annual sales estimates and projections in volume terms for Epoxy Resins market across all major geographic markets including US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World. Key end-use segments analyzed include Paints and Coatings (Solvent-Based, Water-Based, and Powder Coatings), Electrical Laminates, Bonding, Flooring & Paving, and Miscellaneous.

For more details about this comprehensive market research report, please visit � http://www.strategyr.com/Epoxy_Resins_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world�s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
E-mail: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

###

Read the full story at http://www.prweb.com/releases/epoxy_resins/paints_coatings_laminates/prweb8343600.htm

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

689.9

391.1

463.3

443.8

363.5

Revenue

689.9

391.1

463.3

443.8

363.5

Total Revenue

689.9

391.1

463.3

443.8

363.5

 

 

 

 

 

 

    Cost of Revenue

620.7

348.0

413.7

394.8

316.6

Cost of Revenue, Total

620.7

348.0

413.7

394.8

316.6

Gross Profit

69.2

43.1

49.6

49.0

46.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

25.9

17.6

19.8

18.8

14.1

    Labor & Related Expense

7.6

5.7

6.5

6.4

6.1

    Advertising Expense

0.1

0.1

0.2

0.1

0.1

Total Selling/General/Administrative Expenses

33.7

23.4

26.4

25.3

20.3

Research & Development

0.8

0.2

0.2

0.3

0.4

    Depreciation

0.4

0.4

0.5

0.6

0.7

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation/Amortization

0.5

0.4

0.5

0.6

0.7

Total Operating Expense

655.6

372.0

440.8

421.0

338.0

 

 

 

 

 

 

Operating Income

34.3

19.0

22.5

22.7

25.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-3.2

-3.1

-4.7

-4.1

-2.7

    Interest Expense, Net Non-Operating

-3.2

-3.1

-4.7

-4.1

-2.7

        Interest Income - Non-Operating

2.0

2.0

3.5

2.5

2.0

        Investment Income - Non-Operating

1.2

5.3

2.3

0.8

-0.3

    Interest/Investment Income - Non-Operating

3.1

7.3

5.8

3.3

1.7

Interest Income (Expense) - Net Non-Operating Total

-0.1

4.1

1.1

-0.9

-1.0

Gain (Loss) on Sale of Assets

-1.8

0.1

13.9

-1.2

0.1

    Other Non-Operating Income (Expense)

-0.8

0.6

-0.5

-1.0

-1.2

Other, Net

-0.8

0.6

-0.5

-1.0

-1.2

Income Before Tax

31.6

23.8

37.1

19.6

23.3

 

 

 

 

 

 

Total Income Tax

8.1

6.0

10.3

5.0

5.3

Income After Tax

23.4

17.9

26.7

14.6

18.0

 

 

 

 

 

 

    Minority Interest

-0.5

-0.1

-0.2

-0.3

-0.3

Net Income Before Extraord Items

22.9

17.7

26.5

14.3

17.7

Net Income

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Basic EPS Excl Extraord Items

3.94

3.05

4.57

2.48

3.42

Basic/Primary EPS Incl Extraord Items

3.94

3.05

4.57

2.48

3.42

Diluted Net Income

22.9

17.7

26.5

14.3

17.7

Diluted Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Diluted EPS Excl Extraord Items

3.94

3.05

4.57

2.48

3.42

Diluted EPS Incl Extraord Items

3.94

3.05

4.57

2.48

3.42

Dividends per Share - Common Stock Primary Issue

0.78

0.63

0.73

0.86

0.84

Gross Dividends - Common Stock

4.5

3.6

4.2

5.0

4.7

Interest Expense, Supplemental

3.2

3.1

4.7

4.1

2.7

Depreciation, Supplemental

10.4

11.3

9.9

8.1

6.2

Total Special Items

1.8

-0.1

-13.9

1.2

-0.1

Normalized Income Before Tax

33.3

23.7

23.1

20.8

23.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.5

0.0

-3.9

0.3

0.0

Inc Tax Ex Impact of Sp Items

8.6

6.0

6.5

5.4

5.3

Normalized Income After Tax

24.8

17.8

16.7

15.5

17.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

24.2

17.7

16.5

15.1

17.6

 

 

 

 

 

 

Basic Normalized EPS

4.17

3.04

2.84

2.63

3.40

Diluted Normalized EPS

4.17

3.04

2.84

2.63

3.40

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.1

0.1

0.1

0.0

0.0

Advertising Expense, Supplemental

0.1

0.1

0.2

0.1

0.1

Research & Development Exp, Supplemental

0.8

0.3

0.2

0.3

0.3

Normalized EBIT

34.3

19.0

22.5

22.7

25.5

Normalized EBITDA

44.7

30.3

32.4

30.8

31.7

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

43.3

60.8

23.8

32.3

5.9

    Short Term Investments

12.6

14.4

33.5

21.1

43.2

Cash and Short Term Investments

55.9

75.2

57.3

53.4

49.1

        Accounts Receivable - Trade, Gross

165.0

98.5

96.1

113.4

89.6

        Provision for Doubtful Accounts

-3.1

-2.3

-3.6

-2.5

-3.6

    Trade Accounts Receivable - Net

162.2

96.4

93.4

112.7

87.4

    Other Receivables

1.7

1.2

2.0

0.7

1.0

Total Receivables, Net

164.0

97.6

95.3

113.4

88.3

    Inventories - Finished Goods

34.4

27.5

30.5

38.8

24.6

    Inventories - Work In Progress

5.2

4.7

1.9

2.2

7.7

    Inventories - Raw Materials

28.7

18.8

17.0

24.4

25.7

    Inventories - Other

8.9

0.2

0.1

1.6

1.9

Total Inventory

77.2

51.1

49.5

67.1

59.9

Prepaid Expenses

1.5

0.5

1.3

1.1

1.9

    Deferred Income Tax - Current Asset

0.3

0.2

0.2

-

0.3

Other Current Assets, Total

0.3

0.2

0.2

-

0.3

Total Current Assets

298.9

224.6

203.7

234.9

199.6

 

 

 

 

 

 

        Buildings

49.8

47.6

40.2

38.2

33.8

        Land/Improvements

61.0

23.5

16.1

30.7

30.9

        Machinery/Equipment

95.6

87.5

80.4

75.2

65.6

        Construction in Progress

14.4

1.5

0.3

2.3

0.3

        Other Property/Plant/Equipment

4.3

3.9

6.3

7.0

6.9

    Property/Plant/Equipment - Gross

225.0

164.0

143.4

153.4

137.4

    Accumulated Depreciation

-87.1

-75.0

-59.0

-65.2

-60.0

Property/Plant/Equipment - Net

137.8

88.9

84.4

88.2

77.4

Intangibles, Net

0.7

0.7

0.7

0.7

0.7

    LT Investment - Affiliate Companies

7.5

8.8

4.2

1.2

1.5

    LT Investments - Other

2.9

2.1

2.9

2.1

3.3

Long Term Investments

10.4

10.9

7.1

3.3

4.9

Note Receivable - Long Term

0.7

-

-

-

-

    Other Long Term Assets

0.8

0.6

0.6

0.8

0.8

Other Long Term Assets, Total

0.8

0.6

0.6

0.8

0.8

Total Assets

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

Accounts Payable

78.0

51.1

24.4

35.9

35.0

Accrued Expenses

3.3

2.8

1.9

2.6

2.2

Notes Payable/Short Term Debt

40.7

26.2

25.4

36.2

26.5

Current Portion - Long Term Debt/Capital Leases

7.3

25.4

1.4

2.3

18.4

    Customer Advances

0.5

0.5

0.2

0.7

0.5

    Income Taxes Payable

3.4

1.3

7.5

2.2

2.9

    Other Payables

21.3

4.7

15.0

8.4

8.4

    Other Current Liabilities

0.4

0.3

0.4

0.3

0.3

Other Current liabilities, Total

25.6

6.8

23.1

11.6

12.2

Total Current Liabilities

154.8

112.3

76.2

88.6

94.3

 

 

 

 

 

 

    Long Term Debt

27.9

10.5

45.4

46.7

14.0

Total Long Term Debt

27.9

10.5

45.4

46.7

14.0

Total Debt

75.9

62.1

72.1

85.2

58.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

13.7

4.5

3.2

1.7

1.6

Deferred Income Tax

13.7

4.5

3.2

1.7

1.6

Minority Interest

5.6

4.4

4.3

3.8

1.8

    Pension Benefits - Underfunded

-

-

0.1

-

-

    Other Long Term Liabilities

-

-

0.0

0.0

0.0

Other Liabilities, Total

-

-

0.1

0.0

0.0

Total Liabilities

202.1

131.6

129.0

140.8

111.7

 

 

 

 

 

 

    Common Stock

25.6

24.9

23.1

31.0

31.2

Common Stock

25.6

24.9

23.1

31.0

31.2

Additional Paid-In Capital

40.7

39.7

36.7

49.4

69.7

Retained Earnings (Accumulated Deficit)

144.3

121.9

98.4

106.2

77.2

Treasury Stock - Common

-

-

-

-

-3.9

Unrealized Gain (Loss)

29.0

0.5

0.6

0.8

-

    Translation Adjustment

7.6

7.0

8.7

-0.4

-2.5

Other Equity, Total

7.6

7.0

8.7

-0.4

-2.5

Total Equity

247.3

194.1

167.5

187.1

171.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

5.8

5.8

5.8

5.8

5.1

Total Common Shares Outstanding

5.8

5.8

5.8

5.8

5.1

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.7

Employees

299

270

264

231

200

Number of Common Shareholders

3,197

-

3,335

3,598

2,944

Deferred Revenue - Current

0.5

0.5

0.2

0.7

0.5

Total Long Term Debt, Supplemental

22.1

23.0

34.9

33.1

16.3

Long Term Debt Maturing within 1 Year

7.3

12.5

1.4

2.3

2.3

Long Term Debt Matur. in Year 6 & Beyond

14.8

10.5

33.5

30.8

14.0

 

 

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

23.4

17.9

26.7

14.6

17.7

    Depreciation

10.4

11.3

9.9

8.1

6.2

Depreciation/Depletion

10.4

11.3

9.9

8.1

6.2

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Amortization

0.0

0.0

0.0

0.0

0.0

Deferred Taxes

0.8

1.5

-0.9

0.4

0.2

    Unusual Items

1.6

-0.1

-13.9

1.3

-0.1

    Equity in Net Earnings (Loss)

0.3

-3.8

-0.1

0.0

-0.1

    Other Non-Cash Items

2.0

0.6

1.9

0.0

2.0

Non-Cash Items

3.9

-3.4

-12.1

1.3

1.7

    Accounts Receivable

-55.9

6.8

17.4

-4.8

-7.5

    Inventories

-24.1

2.0

5.7

-6.5

-21.9

    Prepaid Expenses

-1.0

0.7

-0.2

1.0

-0.9

    Accounts Payable

19.7

9.6

-33.0

-19.5

10.3

    Accrued Expenses

0.4

0.7

-0.2

0.4

0.5

    Taxes Payable

2.1

-6.2

6.6

-1.2

-0.7

    Other Liabilities

-1.0

-0.7

-0.4

-0.2

-1.5

Changes in Working Capital

-59.8

12.9

-4.1

-30.6

-21.7

Cash from Operating Activities

-21.1

40.2

19.4

-6.3

4.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-8.7

-11.2

-19.7

-20.0

-8.8

    Purchase/Acquisition of Intangibles

-

-

-

-

0.0

Capital Expenditures

-8.7

-11.2

-19.7

-20.0

-8.8

    Sale of Fixed Assets

0.1

0.5

23.3

0.3

0.2

    Sale/Maturity of Investment

44.6

66.7

44.6

55.3

48.0

    Purchase of Investments

-41.9

-46.0

-69.8

-31.1

-62.8

    Other Investing Cash Flow

-0.1

-

-

-

-0.2

Other Investing Cash Flow Items, Total

2.7

21.2

-1.9

24.5

-14.7

Cash from Investing Activities

-6.0

9.9

-21.6

4.5

-23.6

 

 

 

 

 

 

    Other Financing Cash Flow

-12.2

-2.4

0.0

-1.9

-8.1

Financing Cash Flow Items

-12.2

-2.4

0.0

-1.9

-8.1

Total Cash Dividends Paid

-4.1

-3.6

-4.2

-4.8

-4.0

        Sale/Issuance of Common

0.6

-

-

7.0

10.6

    Common Stock, Net

0.6

-

-

7.0

10.6

Issuance (Retirement) of Stock, Net

0.6

-

-

7.0

10.6

        Short Term Debt Issued

70.2

24.4

136.5

139.1

107.3

        Short Term Debt Reduction

-56.8

-38.3

-138.9

-129.2

-101.6

    Short Term Debt, Net

13.4

-13.9

-2.5

9.8

5.7

        Long Term Debt Issued

24.0

1.8

9.7

34.4

6.1

        Long Term Debt Reduction

-13.0

-0.1

-1.0

-16.1

-0.4

    Long Term Debt, Net

11.1

1.7

8.7

18.3

5.7

Issuance (Retirement) of Debt, Net

24.5

-12.1

6.2

28.1

11.5

Cash from Financing Activities

8.8

-18.2

2.0

28.3

10.0

 

 

 

 

 

 

Net Change in Cash

-18.4

31.9

-0.2

26.6

-9.3

 

 

 

 

 

 

Net Cash - Beginning Balance

61.2

23.5

27.4

5.9

15.1

Net Cash - Ending Balance

42.8

55.4

27.3

32.5

5.8

 

 

 

 

 

 

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

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finish Export Sales

323.9

196.5

248.3

287.1

226.6

    Finished Product Domestic Sales

313.3

169.0

152.1

109.6

94.6

    Merchand Export Sale

18.5

4.9

35.7

21.4

19.8

    Merchandise Domestic Sales

34.3

20.6

27.2

25.7

22.5

Total Revenue

689.9

391.1

463.3

443.8

363.5

 

 

 

 

 

 

    Cost of Finish. Good

572.9

325.0

353.9

252.0

292.3

    Cost-Merchandise

47.8

23.0

59.9

142.8

24.3

    Salaries

5.8

4.5

5.1

5.1

4.9

    Retirement Allowance

0.3

0.3

0.3

0.3

0.4

    Employee Benefits

1.4

0.9

1.1

1.0

0.8

    Utility Expenses

0.1

0.1

0.1

0.1

0.1

    Communication Exp.

0.3

0.2

0.2

0.3

0.3

    Consumable Expense

0.2

0.1

0.2

0.1

0.1

    Office Expenses

0.1

0.1

0.1

0.0

0.0

    Printing Expenses

0.0

0.1

0.0

0.0

0.0

    Travel Expenses

0.6

0.5

0.6

0.6

0.6

    Vehicle Expenses

0.3

0.2

0.2

0.2

0.3

    Repair Expenses

0.1

0.0

0.0

0.2

0.1

    Taxes and Dues

0.5

0.4

0.4

0.5

0.4

    Commissions Paid

4.7

3.4

3.0

3.7

2.4

    Sales Commissions

0.0

0.0

0.0

0.2

0.1

    Entertainment

0.4

0.3

0.3

0.3

0.4

    Research & Development Expense

0.8

0.2

0.2

0.3

0.4

    Advertising Expense

0.1

0.1

0.2

0.1

0.1

    Depreciation Expense

0.4

0.4

0.5

0.6

0.7

    Amortization-Intangibles

0.0

0.0

0.0

0.0

0.0

    Environment Expense

0.0

0.0

0.0

0.0

-

    Education & Training

0.1

0.1

0.2

0.1

0.1

    Shipping & Handling Expense

16.9

11.5

11.6

11.6

8.4

    Insurance Expenses

0.4

0.3

0.3

0.3

0.3

    Expenses for Samples

0.1

0.0

0.0

0.0

0.0

    Rent

0.1

0.1

0.1

0.0

0.0

    Amort. of Bad Debts

1.0

-

2.0

0.2

0.3

    Miscellaneous Operating Expense

-

0.1

0.2

0.3

0.2

Total Operating Expense

655.6

372.0

440.8

421.0

338.0

 

 

 

 

 

 

    Interest Income

2.0

2.0

3.5

2.5

2.0

    Dividend Income

-

-

-

0.0

0.0

    Fee & Commission Received

-

-

0.1

0.1

-

    Rental Income

0.0

0.0

0.0

0.0

0.0

    G-For Curr Transactn

5.3

4.8

10.2

2.2

2.0

    G-For Exch Translatn

0.0

0.0

0.8

0.7

0.0

    Gain-Disposal of Sec. Available-Sale

0.2

-

-

-

-

    Gain-Disposal of Investment Assets

-

0.0

-

-

-

    G-Tang Asset Disp.

0.0

0.1

14.0

0.0

0.1

    Other Non-Op Income

0.7

1.6

1.0

0.9

0.3

    Recovery-Loan Loss Reserve

-

0.4

-

-

-

    Loss-Disposal of Equity Method Sec.

-

-

-

-0.1

-

    Interest Expense, Non-Operating

-3.2

-3.1

-4.7

-4.1

-2.7

    L-For Curr Transactn

-4.1

-3.3

-8.3

-1.8

-2.1

    L-For Exch Translatn

0.0

-0.1

-0.4

-0.2

-0.3

    L-Trade Rcv Disposal

-1.1

-1.0

-1.5

-1.8

-1.4

    L-Tang Asset Disp.

-1.8

0.0

-0.1

-1.2

0.0

    Donations Paid

0.0

0.0

0.0

0.0

0.0

    Other Non-Op Expense

-0.4

-0.4

-0.1

-0.3

-0.2

    Gain under Equity Method

0.1

3.8

0.1

0.0

0.1

    Loss under Equity Method

-0.3

-

-

-

-

    Loss on Revaluation

0.0

-

-

-

-

Net Income Before Taxes

31.6

23.8

37.1

19.6

23.3

 

 

 

 

 

 

Provision for Income Taxes

8.1

6.0

10.3

5.0

5.3

Net Income After Taxes

23.4

17.9

26.7

14.6

18.0

 

 

 

 

 

 

    Minority Interest

-0.5

-0.1

-0.2

-0.3

-0.3

Net Income Before Extra. Items

22.9

17.7

26.5

14.3

17.7

Net Income

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Basic Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Basic EPS Excluding ExtraOrdinary Items

3.94

3.05

4.57

2.48

3.42

Basic EPS Including ExtraOrdinary Item

3.94

3.05

4.57

2.48

3.42

Diluted Net Income

22.9

17.7

26.5

14.3

17.7

Diluted Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Diluted EPS Excluding ExtraOrd Items

3.94

3.05

4.57

2.48

3.42

Diluted EPS Including ExtraOrd Items

3.94

3.05

4.57

2.48

3.42

DPS-Common Stock

0.78

0.63

0.73

0.86

0.84

Gross Dividends - Common Stock

4.5

3.6

4.2

5.0

4.7

Normalized Income Before Taxes

33.3

23.7

23.1

20.8

23.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

8.6

6.0

6.5

5.4

5.3

Normalized Income After Taxes

24.8

17.8

16.7

15.5

17.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

24.2

17.7

16.5

15.1

17.6

 

 

 

 

 

 

Basic Normalized EPS

4.17

3.04

2.84

2.63

3.40

Diluted Normalized EPS

4.17

3.04

2.84

2.63

3.40

R&D Expense, Supplemental

0.8

0.3

0.2

0.3

0.3

Advertising Expense

0.1

0.1

0.2

0.1

0.1

Interest Expense, Supplemental

3.2

3.1

4.7

4.1

2.7

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expense, Supplemental

0.1

0.1

0.1

0.0

0.0

Depreciation, Supplemental

10.4

11.3

9.9

8.1

6.2

 

 

 

 

 

 

 

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

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

43.6

60.8

23.8

32.3

5.9

    Cash & Equivalentss-Government Subsidy

-0.3

-

-

-

-

    ST Finl Assets

12.6

14.4

33.4

20.4

43.2

    Secs held-Mature

0.0

0.0

0.0

0.7

0.0

    Trade Rcvb Gross

165.0

98.5

96.1

113.4

89.6

    Doubtful Account

-3.1

-2.3

-3.6

-2.5

-3.6

    Other Rcvbls.

1.7

1.2

2.0

0.7

1.0

    Accrued Income

0.3

0.2

0.8

1.8

1.4

    Advance Payments

8.7

0.0

0.0

1.5

1.8

    Prepaid Expenses

0.1

0.1

0.1

0.2

0.2

    Prepaid Inc Tax

-

-

0.1

-

-

    Prepaid VAT

1.4

0.4

1.0

0.9

1.7

    Deferred Tax Asset

0.3

0.2

0.2

-

0.3

    Merchandise

2.9

3.5

2.7

3.7

2.9

    Finished Goods

30.1

21.2

27.8

32.6

21.5

    Work in Progress

5.2

4.7

1.9

2.2

7.7

    Raw Materials

28.7

18.8

17.0

24.4

25.7

    Goods in Transit

1.4

2.8

0.0

2.5

0.2

    Supplies

0.2

0.2

0.1

0.1

0.2

Total Current Assets

298.9

224.6

203.7

234.9

199.6

 

 

 

 

 

 

    LT Finl Assets

0.0

0.0

1.0

0.1

1.5

    Secs avail-Sale

0.7

0.2

0.2

0.3

0.3

    Secs held-Mature

0.3

0.3

0.1

0.1

0.7

    Equity Method Investment Securities

7.5

8.8

4.2

1.2

1.5

    LT Guarantee Dep

0.7

0.5

0.5

0.6

0.5

    LT Prepaid Expen

0.1

0.0

0.1

0.2

0.2

    Other LT Assets

1.9

1.6

1.5

1.7

0.8

    LT Account Receivable

0.7

-

-

-

-

    Land

61.0

23.5

16.1

30.7

30.9

    Buildings

36.8

35.7

33.9

34.3

29.5

    Buildings Depre.

-11.3

-9.6

-7.9

-8.5

-8.1

    Structures

13.0

11.8

6.4

4.0

4.3

    Structure Depre.

-4.4

-3.7

-1.3

-1.5

-1.6

    Machinery/Equip.

94.6

86.6

79.6

74.3

64.8

    Mach/Equip Depre

-67.1

-57.8

-44.3

-49.4

-45.1

    Govt Subsidy-Mac

0.0

0.0

0.0

0.0

0.0

    Transport Equip.

1.0

1.0

0.8

0.9

0.8

    Transport Deprec

-0.7

-0.6

-0.5

-0.6

-0.5

    Other Tangibles

4.3

3.9

6.3

7.0

6.9

    Deprec.-Other

-3.7

-3.4

-4.9

-5.2

-4.6

    Construc in Prog

14.4

1.5

0.3

2.3

0.3

    Usuage Rights

0.7

0.7

0.7

0.7

0.7

    Industrial Patnt

0.0

0.0

0.0

0.0

0.0

    Other Intangible

-

-

-

0.0

0.0

Total Assets

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

    Trade Payables

78.0

51.1

24.4

35.9

35.0

    ST Borrowings

40.7

26.2

25.4

36.2

26.5

    Accounts Payable

21.3

4.7

15.0

8.4

8.4

    Advances Receivd

0.5

0.5

0.2

0.7

0.5

    Deposit Withheld

0.4

0.3

0.4

0.2

0.3

    Accrued Expenses

3.1

2.6

1.7

2.4

2.0

    Inc. Taxes Pay.

3.4

1.3

7.5

2.2

2.9

    VAT Withheld

0.2

0.2

0.2

0.2

0.2

    Current LT Liab.

7.3

12.5

1.4

2.3

2.3

    Cur Port of Bond

-

12.9

-

-

16.1

    Deferred Income Tax Credits

-

-

-

0.1

-

Total Current Liabilities

154.8

112.3

76.2

88.6

94.3

 

 

 

 

 

 

    Bonds

13.2

-

11.9

15.9

-

    LT Borrowings

14.8

10.5

33.5

30.8

14.0

Total Long Term Debt

27.9

10.5

45.4

46.7

14.0

 

 

 

 

 

 

    Retire Reserve

-

-

0.1

-

-

    Deferred Income Tax, Credit

13.7

4.5

3.2

1.7

1.6

    Lease Deposit

-

-

0.0

0.0

0.0

    Minority Interest

5.6

4.4

4.3

3.8

1.8

Total Liabilities

202.1

131.6

129.0

140.8

111.7

 

 

 

 

 

 

    Common Stock

25.6

24.9

23.1

31.0

31.2

    Capital Surplus

-

-

-

-

69.7

    Other Capital Surplus

0.6

0.6

0.5

0.7

-

    Paid-in Capital in Excess of Par

33.0

32.2

29.7

40.0

-

    Gain on Disposal of Treasury Stock

7.1

7.0

6.4

8.7

-

    Reserve for Assets Revaluation

16.6

16.2

14.9

20.1

-

    Reserve-Research & Development

1.6

1.5

2.1

4.0

-

    Reserve-Loss on Treasury Stock Disposal

-

-

1.2

1.6

-

    Legal Reserve

6.3

6.4

5.4

6.4

-

    Reserve-Business Rationalization

2.5

2.5

2.3

3.1

-

    Reserve-Financial Restructuring

0.1

0.1

0.1

0.1

-

    Retained Earning Carried Forward

117.2

95.3

72.4

71.0

-

    Capital Change, Equity Method

-

0.5

0.6

0.8

-

    Retained Earning

-

-

-

-

77.2

    Treasury Stock

-

-

-

-

-3.9

    Gain-Valu. of Sec. Available for Sale

0.2

-

-

-

-

    Overseas Business Translation Credit

7.6

7.0

8.7

-0.4

-2.5

    Gain-Revaluation

28.8

-

-

-

-

Total Equity

247.3

194.1

167.5

187.1

171.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

    S/O-Common Stock

5.8

5.8

5.8

5.8

5.1

Total Common Shares Outstanding

5.8

5.8

5.8

5.8

5.1

T/S-Common Stock

0.0

0.0

0.0

0.0

0.7

Deferred Revenue, Current

0.5

0.5

0.2

0.7

0.5

Full-Time Employees

299

270

264

231

200

Number of Common Shareholders

3,197

-

3,335

3,598

2,944

Long Term Debt Maturing within 1 Year

7.3

12.5

1.4

2.3

2.3

Long Term Debt - Remaining Maturities

14.8

10.5

33.5

30.8

14.0

Total Long Term Debt, Supplemental

22.1

23.0

34.9

33.1

16.3

 

 

 

 

 

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

23.4

17.9

26.7

14.6

17.7

    Depreciation

10.4

11.3

9.9

8.1

6.2

    Retirement Allowance

1.0

0.9

0.3

0.3

1.0

    Amort. Intangible

0.0

0.0

0.0

0.0

0.0

    Provision-Doubtful Account

1.0

-

2.0

0.2

0.3

    Loss-Disposal of Sec under Equity Method

-

-

-

0.1

-

    Loss-Foreign Currency Translation

0.0

0.1

0.3

0.2

0.3

    Loss under Equity Method

0.3

-

-

-

-

    L-Tang Asset Disp.

1.8

0.0

0.1

1.2

0.0

    Amort-Bond Discount

0.0

0.0

0.0

0.0

0.0

    Minority Interest Income

-

-

-

-

0.3

    Loss on Valuation

0.0

-

-

-

-

    Recovery-Provision Doubtful Account

-

-0.4

-

-

-

    Interest Income

0.0

-

-

-

-

    Gain-Foreign Currency Translation

0.0

0.0

-0.8

-0.7

0.0

    Gain-Disp. of Security Avail-for-Sale

-0.2

-

-

-

-

    G-Equity Method VAluation

-0.1

-3.8

-0.1

0.0

-0.1

    Gain-Disposal of Investment Assets

-

0.0

-

-

-

    G-Tang Asset Disp.

0.0

-0.1

-14.0

0.0

-0.1

    Trade Receivables

-55.4

5.3

18.3

-4.7

-6.6

    Account Receivables

-0.5

0.9

-1.6

0.3

-0.2

    Accrued Income

-0.1

0.6

0.6

-0.4

-0.7

    Advance Payments

-8.4

0.4

1.3

0.4

-1.7

    Prepaid Expenses

0.0

0.0

0.0

0.1

0.0

    Ppd Val. Added Taxes

-1.0

0.6

-0.4

0.9

-1.0

    Prepaid Taxes

-

-

-

-

0.0

    LT Prepaid Expenses

0.0

0.0

0.1

0.1

0.1

    Inventories

-15.6

1.6

4.4

-6.9

-20.2

    Deferred Tax Aset

-0.1

0.0

-0.3

0.3

0.0

    Trade Payables

19.1

21.3

-29.9

-19.0

8.8

    Account Payables

0.6

-11.7

-3.1

-0.4

1.5

    Advances Received

0.0

0.3

-0.3

0.2

0.0

    Deposits Withheld

0.1

-0.1

0.2

-0.1

0.2

    Accrued Expenses

0.4

0.7

-0.2

0.4

0.5

    Accrued Income Tax

2.1

-6.1

7.0

-1.1

-0.7

    VAT Withheld

0.0

0.0

-0.4

0.0

0.0

    Retiremt Allow Paymt

-1.0

-1.0

-0.2

-0.3

-2.9

    Retirement Insurance

-

-

-

-

1.1

    Nation Pension Fund

-

-

-

-

0.0

    Deferred Taxes-Liab.

0.9

1.5

-0.6

0.1

0.2

Cash from Operating Activities

-21.1

40.2

19.4

-6.3

4.2

 

 

 

 

 

 

    Dec-ST Finl Assets

44.1

65.6

44.1

55.0

48.0

    Decrease-LT Financial Assets

-

1.0

-

-

-

    Disposal-Securities under Equity Method

-

-

-

0.3

-

    Dec-Secs held-Mature

0.0

0.0

0.6

0.0

0.0

    Dec-Guarantee Dep

0.1

-

-

-

-

    Disposal-Land

-

0.2

23.2

-

-

    Disposal-Buildings

0.1

0.0

-

-

-

    Disposal Vehicles

0.0

0.0

0.0

0.1

0.1

    Disposal-Machinery & Equipments

0.0

0.0

0.0

0.0

0.0

    Disposal-Other Fixed Assets

-

0.2

0.0

0.2

-

    Acq-Gov't Subsidy

-

0.0

-

-

0.0

    Disposal Other Tang.

0.0

-

-

-

-

    Decrease-LT Account Receivable

0.0

-

-

-

-

    Proceeds-Sale of Equity Method Securitie

0.5

-

-

-

-

    Inc-ST Finl Assets

-41.9

-45.8

-65.0

-29.8

-61.4

    Inc-LT Finl Assets

-

0.0

-1.1

-1.1

-1.3

    Increase-Securities under Equity Method

-

-

-3.7

-0.1

-

    Inc-Secs held Mature

0.0

-0.2

0.0

0.0

-0.1

    Inc in Guarant Depos

-0.3

-

-

-

-0.2

    Acquisition of Land

-

-5.6

-1.7

-

-

    Acquis. of Building

-1.7

-1.7

-1.2

-4.4

-0.2

    Purch. of Machinery

-1.8

-2.0

-1.5

-6.8

-0.5

    Acq. of Vehicles

-0.1

-0.2

-0.2

-0.2

-0.3

    Acq. Other Tangible

-0.4

-0.1

-0.3

-0.4

-0.4

    Inc. Const. In Prog

-4.3

-1.5

-14.5

-6.9

-7.4

    Increase-Other LT Assets

-0.3

-0.1

-0.4

-1.1

-

    Acq-Intangible Assets

-

-

-

-

0.0

    Increase-Structure

-0.2

0.0

0.0

-0.1

-0.1

Cash from Investing Activities

-6.0

9.9

-21.6

4.5

-23.6

 

 

 

 

 

 

    Inc in ST Borrowings

70.2

24.4

136.5

139.1

107.3

    Inc in LT Borrowings

11.1

1.8

9.7

18.4

6.1

    Capital Increase

0.6

-

-

1.5

-

    Increase-Rent Guarantee Deposit

-

0.0

0.0

0.0

0.0

    Increase in Bonds

12.9

-

-

16.0

-

    Disposal Treas. Stk

-

-

-

5.4

10.6

    Dec-ST Borrowings

-56.8

-38.3

-138.9

-129.2

-101.6

    Dec-Current LT Liabs

-12.6

-1.3

-2.0

-2.3

-7.9

    Decrease-Current Portion of Bond

-13.0

-0.1

-

-16.1

-

    Dec in LT Borrowings

-

-

-1.0

-

-0.4

    Payment-Dividends

-4.1

-3.6

-4.2

-4.8

-4.0

    Dec-Overseas Biz Currency Translation

0.0

-

2.0

0.4

-

    Inc-Overseas Business Translation Debit

-

-1.1

-

-

-0.1

    Decrease-Lease Guarantee Deposit

-

0.0

0.0

-

-

    Increase-Subsidy from Government

0.3

-

-

-

-

Cash from Financing Activities

8.8

-18.2

2.0

28.3

10.0

 

 

 

 

 

 

Net Change in Cash

-18.4

31.9

-0.2

26.6

-9.3

 

 

 

 

 

 

Net Cash - Beginning Balance

61.2

23.5

27.4

5.9

15.1

Net Cash - Ending Balance

42.8

55.4

27.3

32.5

5.8

 

 

 

 

Financial Health

Financials in: USD (mil)

 

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

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

-

-

689.9

59.81%

24.60%

22.08%

Research & Development1

-

-

0.8

190.42%

48.71%

-

Operating Income1

-

-

34.3

63.24%

23.35%

18.07%

Income Available to Common Excl Extraord Items1

-

-

22.9

16.83%

25.93%

19.65%

Basic EPS Excl Extraord Items1

-

-

3.94

16.83%

25.52%

15.79%

Capital Expenditures2

-

-

8.7

-29.49%

-18.43%

9.03%

Cash from Operating Activities2

-

-

-21.1

-

-

-

Free Cash Flow

-

-

-30.4

-

-

-

Total Assets3

-

-

449.3

34.44%

18.44%

17.44%

Total Liabilities3

-

-

202.1

49.61%

20.28%

20.36%

Total Long Term Debt3

-

-

27.9

159.55%

-10.15%

16.24%

Employees3

-

-

299

10.74%

8.98%

9.84%

Total Common Shares Outstanding3

-

-

5.8

0.00%

0.00%

2.60%

1-ExchangeRate: KRW to USD Average for Period

 

 

1156.281981

 

 

 

2-ExchangeRate: KRW to USD Average for Period

 

 

1156.281981

 

 

 

3-ExchangeRate: KRW to USD Period End Date

 

 

1134.900000

 

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

10.03%

11.02%

10.71%

11.04%

12.90%

Operating Margin

4.97%

4.87%

4.86%

5.12%

7.01%

Pretax Margin

4.58%

6.10%

8.00%

4.42%

6.42%

Net Profit Margin

3.32%

4.54%

5.73%

3.21%

4.87%

Financial Strength

Current Ratio

1.93

2.00

2.67

2.65

2.12

Long Term Debt/Equity

0.11

0.05

0.27

0.25

0.08

Total Debt/Equity

0.31

0.32

0.43

0.46

0.34

Management Effectiveness

Return on Assets

6.09%

6.06%

8.64%

4.75%

6.99%

Return on Equity

10.45%

10.37%

15.13%

7.92%

11.37%

Efficiency

Receivables Turnover

5.32

4.27

4.51

4.38

4.38

Inventory Turnover

9.76

7.29

7.28

6.19

6.53

Asset Turnover

1.79

1.33

1.50

1.45

1.41

 

Market Valuation USD (mil)

Enterprise Value2

275.9

.

Enterprise Value/Revenue (TTM)

0.40

Enterprise Value/EBITDA (TTM)

6.22

.

Market Cap1

250.9

1-ExchangeRate: KRW to USD on 25-Nov-2011

1164.700000

 

 

 

2-ExchangeRate: KRW to USD on 25-Nov-2011

1164.700000

 

 

 

 

 

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

1.93

2.00

2.67

2.65

2.12

Quick/Acid Test Ratio

1.42

1.54

2.00

1.88

1.46

Working Capital1

144.1

112.4

127.5

146.3

105.3

Long Term Debt/Equity

0.11

0.05

0.27

0.25

0.08

Total Debt/Equity

0.31

0.32

0.43

0.46

0.34

Long Term Debt/Total Capital

0.09

0.04

0.19

0.17

0.06

Total Debt/Total Capital

0.23

0.24

0.30

0.31

0.26

Payout Ratio

19.76%

20.52%

15.91%

34.73%

24.51%

Effective Tax Rate

25.79%

25.08%

27.91%

25.71%

22.86%

Total Capital1

323.2

256.2

239.6

272.3

230.6

 

 

 

 

 

 

Efficiency

Asset Turnover

1.79

1.33

1.50

1.45

1.41

Inventory Turnover

9.76

7.29

7.28

6.19

6.53

Days In Inventory

37.41

50.09

50.17

58.94

55.92

Receivables Turnover

5.32

4.27

4.51

4.38

4.38

Days Receivables Outstanding

68.58

85.46

80.95

83.33

83.30

Revenue/Employee2

2,350,757

1,587,604

1,533,531

1,907,033

1,866,385

Operating Income/Employee2

116,876

77,274

74,517

97,718

130,829

EBITDA/Employee2

152,297

123,168

107,198

132,386

162,942

 

 

 

 

 

 

Profitability

Gross Margin

10.03%

11.02%

10.71%

11.04%

12.90%

Operating Margin

4.97%

4.87%

4.86%

5.12%

7.01%

EBITDA Margin

6.48%

7.76%

6.99%

6.94%

8.73%

EBIT Margin

4.97%

4.87%

4.86%

5.12%

7.01%

Pretax Margin

4.58%

6.10%

8.00%

4.42%

6.42%

Net Profit Margin

3.32%

4.54%

5.73%

3.21%

4.87%

R&D Expense/Revenue

0.11%

0.06%

0.03%

0.07%

0.10%

COGS/Revenue

89.97%

88.99%

89.29%

88.96%

87.10%

SG&A Expense/Revenue

4.88%

5.98%

5.71%

5.71%

5.59%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

6.09%

6.06%

8.64%

4.75%

6.99%

Return on Equity

10.45%

10.37%

15.13%

7.92%

11.37%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-5.24

5.46

-0.04

-4.49

-0.93

Operating Cash Flow/Share 2

-3.71

7.58

2.92

-1.07

0.85

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

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

689.9

391.1

463.3

443.8

363.5

Revenue

689.9

391.1

463.3

443.8

363.5

Total Revenue

689.9

391.1

463.3

443.8

363.5

 

 

 

 

 

 

    Cost of Revenue

620.7

348.0

413.7

394.8

316.6

Cost of Revenue, Total

620.7

348.0

413.7

394.8

316.6

Gross Profit

69.2

43.1

49.6

49.0

46.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

25.9

17.6

19.8

18.8

14.1

    Labor & Related Expense

7.6

5.7

6.5

6.4

6.1

    Advertising Expense

0.1

0.1

0.2

0.1

0.1

Total Selling/General/Administrative Expenses

33.7

23.4

26.4

25.3

20.3

Research & Development

0.8

0.2

0.2

0.3

0.4

    Depreciation

0.4

0.4

0.5

0.6

0.7

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Depreciation/Amortization

0.5

0.4

0.5

0.6

0.7

Total Operating Expense

655.6

372.0

440.8

421.0

338.0

 

 

 

 

 

 

Operating Income

34.3

19.0

22.5

22.7

25.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-3.2

-3.1

-4.7

-4.1

-2.7

    Interest Expense, Net Non-Operating

-3.2

-3.1

-4.7

-4.1

-2.7

        Interest Income - Non-Operating

2.0

2.0

3.5

2.5

2.0

        Investment Income - Non-Operating

1.2

5.3

2.3

0.8

-0.3

    Interest/Investment Income - Non-Operating

3.1

7.3

5.8

3.3

1.7

Interest Income (Expense) - Net Non-Operating Total

-0.1

4.1

1.1

-0.9

-1.0

Gain (Loss) on Sale of Assets

-1.8

0.1

13.9

-1.2

0.1

    Other Non-Operating Income (Expense)

-0.8

0.6

-0.5

-1.0

-1.2

Other, Net

-0.8

0.6

-0.5

-1.0

-1.2

Income Before Tax

31.6

23.8

37.1

19.6

23.3

 

 

 

 

 

 

Total Income Tax

8.1

6.0

10.3

5.0

5.3

Income After Tax

23.4

17.9

26.7

14.6

18.0

 

 

 

 

 

 

    Minority Interest

-0.5

-0.1

-0.2

-0.3

-0.3

Net Income Before Extraord Items

22.9

17.7

26.5

14.3

17.7

Net Income

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Basic EPS Excl Extraord Items

3.94

3.05

4.57

2.48

3.42

Basic/Primary EPS Incl Extraord Items

3.94

3.05

4.57

2.48

3.42

Diluted Net Income

22.9

17.7

26.5

14.3

17.7

Diluted Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Diluted EPS Excl Extraord Items

3.94

3.05

4.57

2.48

3.42

Diluted EPS Incl Extraord Items

3.94

3.05

4.57

2.48

3.42

Dividends per Share - Common Stock Primary Issue

0.78

0.63

0.73

0.86

0.84

Gross Dividends - Common Stock

4.5

3.6

4.2

5.0

4.7

Interest Expense, Supplemental

3.2

3.1

4.7

4.1

2.7

Depreciation, Supplemental

10.4

11.3

9.9

8.1

6.2

Total Special Items

1.8

-0.1

-13.9

1.2

-0.1

Normalized Income Before Tax

33.3

23.7

23.1

20.8

23.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.5

0.0

-3.9

0.3

0.0

Inc Tax Ex Impact of Sp Items

8.6

6.0

6.5

5.4

5.3

Normalized Income After Tax

24.8

17.8

16.7

15.5

17.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

24.2

17.7

16.5

15.1

17.6

 

 

 

 

 

 

Basic Normalized EPS

4.17

3.04

2.84

2.63

3.40

Diluted Normalized EPS

4.17

3.04

2.84

2.63

3.40

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expenses

0.1

0.1

0.1

0.0

0.0

Advertising Expense, Supplemental

0.1

0.1

0.2

0.1

0.1

Research & Development Exp, Supplemental

0.8

0.3

0.2

0.3

0.3

Normalized EBIT

34.3

19.0

22.5

22.7

25.5

Normalized EBITDA

44.7

30.3

32.4

30.8

31.7

 

 

 

Interim Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

 

No Financial Data for Kukdo Chemical Co., Ltd.

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

43.3

60.8

23.8

32.3

5.9

    Short Term Investments

12.6

14.4

33.5

21.1

43.2

Cash and Short Term Investments

55.9

75.2

57.3

53.4

49.1

        Accounts Receivable - Trade, Gross

165.0

98.5

96.1

113.4

89.6

        Provision for Doubtful Accounts

-3.1

-2.3

-3.6

-2.5

-3.6

    Trade Accounts Receivable - Net

162.2

96.4

93.4

112.7

87.4

    Other Receivables

1.7

1.2

2.0

0.7

1.0

Total Receivables, Net

164.0

97.6

95.3

113.4

88.3

    Inventories - Finished Goods

34.4

27.5

30.5

38.8

24.6

    Inventories - Work In Progress

5.2

4.7

1.9

2.2

7.7

    Inventories - Raw Materials

28.7

18.8

17.0

24.4

25.7

    Inventories - Other

8.9

0.2

0.1

1.6

1.9

Total Inventory

77.2

51.1

49.5

67.1

59.9

Prepaid Expenses

1.5

0.5

1.3

1.1

1.9

    Deferred Income Tax - Current Asset

0.3

0.2

0.2

-

0.3

Other Current Assets, Total

0.3

0.2

0.2

-

0.3

Total Current Assets

298.9

224.6

203.7

234.9

199.6

 

 

 

 

 

 

        Buildings

49.8

47.6

40.2

38.2

33.8

        Land/Improvements

61.0

23.5

16.1

30.7

30.9

        Machinery/Equipment

95.6

87.5

80.4

75.2

65.6

        Construction in Progress

14.4

1.5

0.3

2.3

0.3

        Other Property/Plant/Equipment

4.3

3.9

6.3

7.0

6.9

    Property/Plant/Equipment - Gross

225.0

164.0

143.4

153.4

137.4

    Accumulated Depreciation

-87.1

-75.0

-59.0

-65.2

-60.0

Property/Plant/Equipment - Net

137.8

88.9

84.4

88.2

77.4

Intangibles, Net

0.7

0.7

0.7

0.7

0.7

    LT Investment - Affiliate Companies

7.5

8.8

4.2

1.2

1.5

    LT Investments - Other

2.9

2.1

2.9

2.1

3.3

Long Term Investments

10.4

10.9

7.1

3.3

4.9

Note Receivable - Long Term

0.7

-

-

-

-

    Other Long Term Assets

0.8

0.6

0.6

0.8

0.8

Other Long Term Assets, Total

0.8

0.6

0.6

0.8

0.8

Total Assets

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

Accounts Payable

78.0

51.1

24.4

35.9

35.0

Accrued Expenses

3.3

2.8

1.9

2.6

2.2

Notes Payable/Short Term Debt

40.7

26.2

25.4

36.2

26.5

Current Portion - Long Term Debt/Capital Leases

7.3

25.4

1.4

2.3

18.4

    Customer Advances

0.5

0.5

0.2

0.7

0.5

    Income Taxes Payable

3.4

1.3

7.5

2.2

2.9

    Other Payables

21.3

4.7

15.0

8.4

8.4

    Other Current Liabilities

0.4

0.3

0.4

0.3

0.3

Other Current liabilities, Total

25.6

6.8

23.1

11.6

12.2

Total Current Liabilities

154.8

112.3

76.2

88.6

94.3

 

 

 

 

 

 

    Long Term Debt

27.9

10.5

45.4

46.7

14.0

Total Long Term Debt

27.9

10.5

45.4

46.7

14.0

Total Debt

75.9

62.1

72.1

85.2

58.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

13.7

4.5

3.2

1.7

1.6

Deferred Income Tax

13.7

4.5

3.2

1.7

1.6

Minority Interest

5.6

4.4

4.3

3.8

1.8

    Pension Benefits - Underfunded

-

-

0.1

-

-

    Other Long Term Liabilities

-

-

0.0

0.0

0.0

Other Liabilities, Total

-

-

0.1

0.0

0.0

Total Liabilities

202.1

131.6

129.0

140.8

111.7

 

 

 

 

 

 

    Common Stock

25.6

24.9

23.1

31.0

31.2

Common Stock

25.6

24.9

23.1

31.0

31.2

Additional Paid-In Capital

40.7

39.7

36.7

49.4

69.7

Retained Earnings (Accumulated Deficit)

144.3

121.9

98.4

106.2

77.2

Treasury Stock - Common

-

-

-

-

-3.9

Unrealized Gain (Loss)

29.0

0.5

0.6

0.8

-

    Translation Adjustment

7.6

7.0

8.7

-0.4

-2.5

Other Equity, Total

7.6

7.0

8.7

-0.4

-2.5

Total Equity

247.3

194.1

167.5

187.1

171.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

5.8

5.8

5.8

5.8

5.1

Total Common Shares Outstanding

5.8

5.8

5.8

5.8

5.1

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.7

Employees

299

270

264

231

200

Number of Common Shareholders

3,197

-

3,335

3,598

2,944

Deferred Revenue - Current

0.5

0.5

0.2

0.7

0.5

Total Long Term Debt, Supplemental

22.1

23.0

34.9

33.1

16.3

Long Term Debt Maturing within 1 Year

7.3

12.5

1.4

2.3

2.3

Long Term Debt Matur. in Year 6 & Beyond

14.8

10.5

33.5

30.8

14.0

 

 

 

Interim Balance Sheet

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

No Financial Data for Kukdo Chemical Co., Ltd.

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

23.4

17.9

26.7

14.6

17.7

    Depreciation

10.4

11.3

9.9

8.1

6.2

Depreciation/Depletion

10.4

11.3

9.9

8.1

6.2

    Amortization of Intangibles

0.0

0.0

0.0

0.0

0.0

Amortization

0.0

0.0

0.0

0.0

0.0

Deferred Taxes

0.8

1.5

-0.9

0.4

0.2

    Unusual Items

1.6

-0.1

-13.9

1.3

-0.1

    Equity in Net Earnings (Loss)

0.3

-3.8

-0.1

0.0

-0.1

    Other Non-Cash Items

2.0

0.6

1.9

0.0

2.0

Non-Cash Items

3.9

-3.4

-12.1

1.3

1.7

    Accounts Receivable

-55.9

6.8

17.4

-4.8

-7.5

    Inventories

-24.1

2.0

5.7

-6.5

-21.9

    Prepaid Expenses

-1.0

0.7

-0.2

1.0

-0.9

    Accounts Payable

19.7

9.6

-33.0

-19.5

10.3

    Accrued Expenses

0.4

0.7

-0.2

0.4

0.5

    Taxes Payable

2.1

-6.2

6.6

-1.2

-0.7

    Other Liabilities

-1.0

-0.7

-0.4

-0.2

-1.5

Changes in Working Capital

-59.8

12.9

-4.1

-30.6

-21.7

Cash from Operating Activities

-21.1

40.2

19.4

-6.3

4.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-8.7

-11.2

-19.7

-20.0

-8.8

    Purchase/Acquisition of Intangibles

-

-

-

-

0.0

Capital Expenditures

-8.7

-11.2

-19.7

-20.0

-8.8

    Sale of Fixed Assets

0.1

0.5

23.3

0.3

0.2

    Sale/Maturity of Investment

44.6

66.7

44.6

55.3

48.0

    Purchase of Investments

-41.9

-46.0

-69.8

-31.1

-62.8

    Other Investing Cash Flow

-0.1

-

-

-

-0.2

Other Investing Cash Flow Items, Total

2.7

21.2

-1.9

24.5

-14.7

Cash from Investing Activities

-6.0

9.9

-21.6

4.5

-23.6

 

 

 

 

 

 

    Other Financing Cash Flow

-12.2

-2.4

0.0

-1.9

-8.1

Financing Cash Flow Items

-12.2

-2.4

0.0

-1.9

-8.1

Total Cash Dividends Paid

-4.1

-3.6

-4.2

-4.8

-4.0

        Sale/Issuance of Common

0.6

-

-

7.0

10.6

    Common Stock, Net

0.6

-

-

7.0

10.6

Issuance (Retirement) of Stock, Net

0.6

-

-

7.0

10.6

        Short Term Debt Issued

70.2

24.4

136.5

139.1

107.3

        Short Term Debt Reduction

-56.8

-38.3

-138.9

-129.2

-101.6

    Short Term Debt, Net

13.4

-13.9

-2.5

9.8

5.7

        Long Term Debt Issued

24.0

1.8

9.7

34.4

6.1

        Long Term Debt Reduction

-13.0

-0.1

-1.0

-16.1

-0.4

    Long Term Debt, Net

11.1

1.7

8.7

18.3

5.7

Issuance (Retirement) of Debt, Net

24.5

-12.1

6.2

28.1

11.5

Cash from Financing Activities

8.8

-18.2

2.0

28.3

10.0

 

 

 

 

 

 

Net Change in Cash

-18.4

31.9

-0.2

26.6

-9.3

 

 

 

 

 

 

Net Cash - Beginning Balance

61.2

23.5

27.4

5.9

15.1

Net Cash - Ending Balance

42.8

55.4

27.3

32.5

5.8

 

 

 

 

Interim Cash Flows

Financials in: USD (mil)

 

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

 

 

 

 

 

No Financial Data for Kukdo Chemical Co., Ltd.

 

 

 

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

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finish Export Sales

323.9

196.5

248.3

287.1

226.6

    Finished Product Domestic Sales

313.3

169.0

152.1

109.6

94.6

    Merchand Export Sale

18.5

4.9

35.7

21.4

19.8

    Merchandise Domestic Sales

34.3

20.6

27.2

25.7

22.5

Total Revenue

689.9

391.1

463.3

443.8

363.5

 

 

 

 

 

 

    Cost of Finish. Good

572.9

325.0

353.9

252.0

292.3

    Cost-Merchandise

47.8

23.0

59.9

142.8

24.3

    Salaries

5.8

4.5

5.1

5.1

4.9

    Retirement Allowance

0.3

0.3

0.3

0.3

0.4

    Employee Benefits

1.4

0.9

1.1

1.0

0.8

    Utility Expenses

0.1

0.1

0.1

0.1

0.1

    Communication Exp.

0.3

0.2

0.2

0.3

0.3

    Consumable Expense

0.2

0.1

0.2

0.1

0.1

    Office Expenses

0.1

0.1

0.1

0.0

0.0

    Printing Expenses

0.0

0.1

0.0

0.0

0.0

    Travel Expenses

0.6

0.5

0.6

0.6

0.6

    Vehicle Expenses

0.3

0.2

0.2

0.2

0.3

    Repair Expenses

0.1

0.0

0.0

0.2

0.1

    Taxes and Dues

0.5

0.4

0.4

0.5

0.4

    Commissions Paid

4.7

3.4

3.0

3.7

2.4

    Sales Commissions

0.0

0.0

0.0

0.2

0.1

    Entertainment

0.4

0.3

0.3

0.3

0.4

    Research & Development Expense

0.8

0.2

0.2

0.3

0.4

    Advertising Expense

0.1

0.1

0.2

0.1

0.1

    Depreciation Expense

0.4

0.4

0.5

0.6

0.7

    Amortization-Intangibles

0.0

0.0

0.0

0.0

0.0

    Environment Expense

0.0

0.0

0.0

0.0

-

    Education & Training

0.1

0.1

0.2

0.1

0.1

    Shipping & Handling Expense

16.9

11.5

11.6

11.6

8.4

    Insurance Expenses

0.4

0.3

0.3

0.3

0.3

    Expenses for Samples

0.1

0.0

0.0

0.0

0.0

    Rent

0.1

0.1

0.1

0.0

0.0

    Amort. of Bad Debts

1.0

-

2.0

0.2

0.3

    Miscellaneous Operating Expense

-

0.1

0.2

0.3

0.2

Total Operating Expense

655.6

372.0

440.8

421.0

338.0

 

 

 

 

 

 

    Interest Income

2.0

2.0

3.5

2.5

2.0

    Dividend Income

-

-

-

0.0

0.0

    Fee & Commission Received

-

-

0.1

0.1

-

    Rental Income

0.0

0.0

0.0

0.0

0.0

    G-For Curr Transactn

5.3

4.8

10.2

2.2

2.0

    G-For Exch Translatn

0.0

0.0

0.8

0.7

0.0

    Gain-Disposal of Sec. Available-Sale

0.2

-

-

-

-

    Gain-Disposal of Investment Assets

-

0.0

-

-

-

    G-Tang Asset Disp.

0.0

0.1

14.0

0.0

0.1

    Other Non-Op Income

0.7

1.6

1.0

0.9

0.3

    Recovery-Loan Loss Reserve

-

0.4

-

-

-

    Loss-Disposal of Equity Method Sec.

-

-

-

-0.1

-

    Interest Expense, Non-Operating

-3.2

-3.1

-4.7

-4.1

-2.7

    L-For Curr Transactn

-4.1

-3.3

-8.3

-1.8

-2.1

    L-For Exch Translatn

0.0

-0.1

-0.4

-0.2

-0.3

    L-Trade Rcv Disposal

-1.1

-1.0

-1.5

-1.8

-1.4

    L-Tang Asset Disp.

-1.8

0.0

-0.1

-1.2

0.0

    Donations Paid

0.0

0.0

0.0

0.0

0.0

    Other Non-Op Expense

-0.4

-0.4

-0.1

-0.3

-0.2

    Gain under Equity Method

0.1

3.8

0.1

0.0

0.1

    Loss under Equity Method

-0.3

-

-

-

-

    Loss on Revaluation

0.0

-

-

-

-

Net Income Before Taxes

31.6

23.8

37.1

19.6

23.3

 

 

 

 

 

 

Provision for Income Taxes

8.1

6.0

10.3

5.0

5.3

Net Income After Taxes

23.4

17.9

26.7

14.6

18.0

 

 

 

 

 

 

    Minority Interest

-0.5

-0.1

-0.2

-0.3

-0.3

Net Income Before Extra. Items

22.9

17.7

26.5

14.3

17.7

Net Income

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

22.9

17.7

26.5

14.3

17.7

 

 

 

 

 

 

Basic Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Basic EPS Excluding ExtraOrdinary Items

3.94

3.05

4.57

2.48

3.42

Basic EPS Including ExtraOrdinary Item

3.94

3.05

4.57

2.48

3.42

Diluted Net Income

22.9

17.7

26.5

14.3

17.7

Diluted Weighted Average Shares

5.8

5.8

5.8

5.8

5.2

Diluted EPS Excluding ExtraOrd Items

3.94

3.05

4.57

2.48

3.42

Diluted EPS Including ExtraOrd Items

3.94

3.05

4.57

2.48

3.42

DPS-Common Stock

0.78

0.63

0.73

0.86

0.84

Gross Dividends - Common Stock

4.5

3.6

4.2

5.0

4.7

Normalized Income Before Taxes

33.3

23.7

23.1

20.8

23.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

8.6

6.0

6.5

5.4

5.3

Normalized Income After Taxes

24.8

17.8

16.7

15.5

17.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

24.2

17.7

16.5

15.1

17.6

 

 

 

 

 

 

Basic Normalized EPS

4.17

3.04

2.84

2.63

3.40

Diluted Normalized EPS

4.17

3.04

2.84

2.63

3.40

R&D Expense, Supplemental

0.8

0.3

0.2

0.3

0.3

Advertising Expense

0.1

0.1

0.2

0.1

0.1

Interest Expense, Supplemental

3.2

3.1

4.7

4.1

2.7

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Rental Expense, Supplemental

0.1

0.1

0.1

0.0

0.0

Depreciation, Supplemental

10.4

11.3

9.9

8.1

6.2

 

 

 

Interim Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

No Financial Data for Kukdo Chemical Co., Ltd.

 

 

 

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

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

43.6

60.8

23.8

32.3

5.9

    Cash & Equivalentss-Government Subsidy

-0.3

-

-

-

-

    ST Finl Assets

12.6

14.4

33.4

20.4

43.2

    Secs held-Mature

0.0

0.0

0.0

0.7

0.0

    Trade Rcvb Gross

165.0

98.5

96.1

113.4

89.6

    Doubtful Account

-3.1

-2.3

-3.6

-2.5

-3.6

    Other Rcvbls.

1.7

1.2

2.0

0.7

1.0

    Accrued Income

0.3

0.2

0.8

1.8

1.4

    Advance Payments

8.7

0.0

0.0

1.5

1.8

    Prepaid Expenses

0.1

0.1

0.1

0.2

0.2

    Prepaid Inc Tax

-

-

0.1

-

-

    Prepaid VAT

1.4

0.4

1.0

0.9

1.7

    Deferred Tax Asset

0.3

0.2

0.2

-

0.3

    Merchandise

2.9

3.5

2.7

3.7

2.9

    Finished Goods

30.1

21.2

27.8

32.6

21.5

    Work in Progress

5.2

4.7

1.9

2.2

7.7

    Raw Materials

28.7

18.8

17.0

24.4

25.7

    Goods in Transit

1.4

2.8

0.0

2.5

0.2

    Supplies

0.2

0.2

0.1

0.1

0.2

Total Current Assets

298.9

224.6

203.7

234.9

199.6

 

 

 

 

 

 

    LT Finl Assets

0.0

0.0

1.0

0.1

1.5

    Secs avail-Sale

0.7

0.2

0.2

0.3

0.3

    Secs held-Mature

0.3

0.3

0.1

0.1

0.7

    Equity Method Investment Securities

7.5

8.8

4.2

1.2

1.5

    LT Guarantee Dep

0.7

0.5

0.5

0.6

0.5

    LT Prepaid Expen

0.1

0.0

0.1

0.2

0.2

    Other LT Assets

1.9

1.6

1.5

1.7

0.8

    LT Account Receivable

0.7

-

-

-

-

    Land

61.0

23.5

16.1

30.7

30.9

    Buildings

36.8

35.7

33.9

34.3

29.5

    Buildings Depre.

-11.3

-9.6

-7.9

-8.5

-8.1

    Structures

13.0

11.8

6.4

4.0

4.3

    Structure Depre.

-4.4

-3.7

-1.3

-1.5

-1.6

    Machinery/Equip.

94.6

86.6

79.6

74.3

64.8

    Mach/Equip Depre

-67.1

-57.8

-44.3

-49.4

-45.1

    Govt Subsidy-Mac

0.0

0.0

0.0

0.0

0.0

    Transport Equip.

1.0

1.0

0.8

0.9

0.8

    Transport Deprec

-0.7

-0.6

-0.5

-0.6

-0.5

    Other Tangibles

4.3

3.9

6.3

7.0

6.9

    Deprec.-Other

-3.7

-3.4

-4.9

-5.2

-4.6

    Construc in Prog

14.4

1.5

0.3

2.3

0.3

    Usuage Rights

0.7

0.7

0.7

0.7

0.7

    Industrial Patnt

0.0

0.0

0.0

0.0

0.0

    Other Intangible

-

-

-

0.0

0.0

Total Assets

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

    Trade Payables

78.0

51.1

24.4

35.9

35.0

    ST Borrowings

40.7

26.2

25.4

36.2

26.5

    Accounts Payable

21.3

4.7

15.0

8.4

8.4

    Advances Receivd

0.5

0.5

0.2

0.7

0.5

    Deposit Withheld

0.4

0.3

0.4

0.2

0.3

    Accrued Expenses

3.1

2.6

1.7

2.4

2.0

    Inc. Taxes Pay.

3.4

1.3

7.5

2.2

2.9

    VAT Withheld

0.2

0.2

0.2

0.2

0.2

    Current LT Liab.

7.3

12.5

1.4

2.3

2.3

    Cur Port of Bond

-

12.9

-

-

16.1

    Deferred Income Tax Credits

-

-

-

0.1

-

Total Current Liabilities

154.8

112.3

76.2

88.6

94.3

 

 

 

 

 

 

    Bonds

13.2

-

11.9

15.9

-

    LT Borrowings

14.8

10.5

33.5

30.8

14.0

Total Long Term Debt

27.9

10.5

45.4

46.7

14.0

 

 

 

 

 

 

    Retire Reserve

-

-

0.1

-

-

    Deferred Income Tax, Credit

13.7

4.5

3.2

1.7

1.6

    Lease Deposit

-

-

0.0

0.0

0.0

    Minority Interest

5.6

4.4

4.3

3.8

1.8

Total Liabilities

202.1

131.6

129.0

140.8

111.7

 

 

 

 

 

 

    Common Stock

25.6

24.9

23.1

31.0

31.2

    Capital Surplus

-

-

-

-

69.7

    Other Capital Surplus

0.6

0.6

0.5

0.7

-

    Paid-in Capital in Excess of Par

33.0

32.2

29.7

40.0

-

    Gain on Disposal of Treasury Stock

7.1

7.0

6.4

8.7

-

    Reserve for Assets Revaluation

16.6

16.2

14.9

20.1

-

    Reserve-Research & Development

1.6

1.5

2.1

4.0

-

    Reserve-Loss on Treasury Stock Disposal

-

-

1.2

1.6

-

    Legal Reserve

6.3

6.4

5.4

6.4

-

    Reserve-Business Rationalization

2.5

2.5

2.3

3.1

-

    Reserve-Financial Restructuring

0.1

0.1

0.1

0.1

-

    Retained Earning Carried Forward

117.2

95.3

72.4

71.0

-

    Capital Change, Equity Method

-

0.5

0.6

0.8

-

    Retained Earning

-

-

-

-

77.2

    Treasury Stock

-

-

-

-

-3.9

    Gain-Valu. of Sec. Available for Sale

0.2

-

-

-

-

    Overseas Business Translation Credit

7.6

7.0

8.7

-0.4

-2.5

    Gain-Revaluation

28.8

-

-

-

-

Total Equity

247.3

194.1

167.5

187.1

171.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

449.3

325.7

296.5

327.9

283.4

 

 

 

 

 

 

    S/O-Common Stock

5.8

5.8

5.8

5.8

5.1

Total Common Shares Outstanding

5.8

5.8

5.8

5.8

5.1

T/S-Common Stock

0.0

0.0

0.0

0.0

0.7

Deferred Revenue, Current

0.5

0.5

0.2

0.7

0.5

Full-Time Employees

299

270

264

231

200

Number of Common Shareholders

3,197

-

3,335

3,598

2,944

Long Term Debt Maturing within 1 Year

7.3

12.5

1.4

2.3

2.3

Long Term Debt - Remaining Maturities

14.8

10.5

33.5

30.8

14.0

Total Long Term Debt, Supplemental

22.1

23.0

34.9

33.1

16.3

 

 

 

Interim Balance Sheet

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

No Financial Data for Kukdo Chemical Co., Ltd.

 

 

 

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

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

23.4

17.9

26.7

14.6

17.7

    Depreciation

10.4

11.3

9.9

8.1

6.2

    Retirement Allowance

1.0

0.9

0.3

0.3

1.0

    Amort. Intangible

0.0

0.0

0.0

0.0

0.0

    Provision-Doubtful Account

1.0

-

2.0

0.2

0.3

    Loss-Disposal of Sec under Equity Method

-

-

-

0.1

-

    Loss-Foreign Currency Translation

0.0

0.1

0.3

0.2

0.3

    Loss under Equity Method

0.3

-

-

-

-

    L-Tang Asset Disp.

1.8

0.0

0.1

1.2

0.0

    Amort-Bond Discount

0.0

0.0

0.0

0.0

0.0

    Minority Interest Income

-

-

-

-

0.3

    Loss on Valuation

0.0

-

-

-

-

    Recovery-Provision Doubtful Account

-

-0.4

-

-

-

    Interest Income

0.0

-

-

-

-

    Gain-Foreign Currency Translation

0.0

0.0

-0.8

-0.7

0.0

    Gain-Disp. of Security Avail-for-Sale

-0.2

-

-

-

-

    G-Equity Method VAluation

-0.1

-3.8

-0.1

0.0

-0.1

    Gain-Disposal of Investment Assets

-

0.0

-

-

-

    G-Tang Asset Disp.

0.0

-0.1

-14.0

0.0

-0.1

    Trade Receivables

-55.4

5.3

18.3

-4.7

-6.6

    Account Receivables

-0.5

0.9

-1.6

0.3

-0.2

    Accrued Income

-0.1

0.6

0.6

-0.4

-0.7

    Advance Payments

-8.4

0.4

1.3

0.4

-1.7

    Prepaid Expenses

0.0

0.0

0.0

0.1

0.0

    Ppd Val. Added Taxes

-1.0

0.6

-0.4

0.9

-1.0

    Prepaid Taxes

-

-

-

-

0.0

    LT Prepaid Expenses

0.0

0.0

0.1

0.1

0.1

    Inventories

-15.6

1.6

4.4

-6.9

-20.2

    Deferred Tax Aset

-0.1

0.0

-0.3

0.3

0.0

    Trade Payables

19.1

21.3

-29.9

-19.0

8.8

    Account Payables

0.6

-11.7

-3.1

-0.4

1.5

    Advances Received

0.0

0.3

-0.3

0.2

0.0

    Deposits Withheld

0.1

-0.1

0.2

-0.1

0.2

    Accrued Expenses

0.4

0.7

-0.2

0.4

0.5

    Accrued Income Tax

2.1

-6.1

7.0

-1.1

-0.7

    VAT Withheld

0.0

0.0

-0.4

0.0

0.0

    Retiremt Allow Paymt

-1.0

-1.0

-0.2

-0.3

-2.9

    Retirement Insurance

-

-

-

-

1.1

    Nation Pension Fund

-

-

-

-

0.0

    Deferred Taxes-Liab.

0.9

1.5

-0.6

0.1

0.2

Cash from Operating Activities

-21.1

40.2

19.4

-6.3

4.2

 

 

 

 

 

 

    Dec-ST Finl Assets

44.1

65.6

44.1

55.0

48.0

    Decrease-LT Financial Assets

-

1.0

-

-

-

    Disposal-Securities under Equity Method

-

-

-

0.3

-

    Dec-Secs held-Mature

0.0

0.0

0.6

0.0

0.0

    Dec-Guarantee Dep

0.1

-

-

-

-

    Disposal-Land

-

0.2

23.2

-

-

    Disposal-Buildings

0.1

0.0

-

-

-

    Disposal Vehicles

0.0

0.0

0.0

0.1

0.1

    Disposal-Machinery & Equipments

0.0

0.0

0.0

0.0

0.0

    Disposal-Other Fixed Assets

-

0.2

0.0

0.2

-

    Acq-Gov't Subsidy

-

0.0

-

-

0.0

    Disposal Other Tang.

0.0

-

-

-

-

    Decrease-LT Account Receivable

0.0

-

-

-

-

    Proceeds-Sale of Equity Method Securitie

0.5

-

-

-

-

    Inc-ST Finl Assets

-41.9

-45.8

-65.0

-29.8

-61.4

    Inc-LT Finl Assets

-

0.0

-1.1

-1.1

-1.3

    Increase-Securities under Equity Method

-

-

-3.7

-0.1

-

    Inc-Secs held Mature

0.0

-0.2

0.0

0.0

-0.1

    Inc in Guarant Depos

-0.3

-

-

-

-0.2

    Acquisition of Land

-

-5.6

-1.7

-

-

    Acquis. of Building

-1.7

-1.7

-1.2

-4.4

-0.2

    Purch. of Machinery

-1.8

-2.0

-1.5

-6.8

-0.5

    Acq. of Vehicles

-0.1

-0.2

-0.2

-0.2

-0.3

    Acq. Other Tangible

-0.4

-0.1

-0.3

-0.4

-0.4

    Inc. Const. In Prog

-4.3

-1.5

-14.5

-6.9

-7.4

    Increase-Other LT Assets

-0.3

-0.1

-0.4

-1.1

-

    Acq-Intangible Assets

-

-

-

-

0.0

    Increase-Structure

-0.2

0.0

0.0

-0.1

-0.1

Cash from Investing Activities

-6.0

9.9

-21.6

4.5

-23.6

 

 

 

 

 

 

    Inc in ST Borrowings

70.2

24.4

136.5

139.1

107.3

    Inc in LT Borrowings

11.1

1.8

9.7

18.4

6.1

    Capital Increase

0.6

-

-

1.5

-

    Increase-Rent Guarantee Deposit

-

0.0

0.0

0.0

0.0

    Increase in Bonds

12.9

-

-

16.0

-

    Disposal Treas. Stk

-

-

-

5.4

10.6

    Dec-ST Borrowings

-56.8

-38.3

-138.9

-129.2

-101.6

    Dec-Current LT Liabs

-12.6

-1.3

-2.0

-2.3

-7.9

    Decrease-Current Portion of Bond

-13.0

-0.1

-

-16.1

-

    Dec in LT Borrowings

-

-

-1.0

-

-0.4

    Payment-Dividends

-4.1

-3.6

-4.2

-4.8

-4.0

    Dec-Overseas Biz Currency Translation

0.0

-

2.0

0.4

-

    Inc-Overseas Business Translation Debit

-

-1.1

-

-

-0.1

    Decrease-Lease Guarantee Deposit

-

0.0

0.0

-

-

    Increase-Subsidy from Government

0.3

-

-

-

-

Cash from Financing Activities

8.8

-18.2

2.0

28.3

10.0

 

 

 

 

 

 

Net Change in Cash

-18.4

31.9

-0.2

26.6

-9.3

 

 

 

 

 

 

Net Cash - Beginning Balance

61.2

23.5

27.4

5.9

15.1

Net Cash - Ending Balance

42.8

55.4

27.3

32.5

5.8

 

 

 

Interim Cash Flows

Financials in: USD (mil)

 

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

 

 

 

 

 

No Financial Data for Kukdo Chemical Co., Ltd.

 

 

 

Bottom of Form

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.28

UK Pound

1

Rs.81.55

Euro

1

Rs.69.60

 

 

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.