MIRA INFORM REPORT

 

 

Report Date :

10.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SK NETWORKS CO. LTD.

 

 

Registered Office :

104-28, Yeonghwa-Dong, Jangan-Gu, Suwon-Si, Gyeonggi-Do, 440-816

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.03.1956

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

Subject is engaged in energy and car marketing, trading, prestige marketing, telecommunication and hotel businesses.

 

 

No. of Employees :

3810 persons

 

RATING & COMMENTS

 

MIRAs 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 30th, 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 & address

 

SK Networks Co. Ltd.

104-28, Yeonghwa-Dong

Jangan-Gu

Suwon-Si, Gyeonggi-Do, 440-816

Korea, Republic of

Tel: 82-70-78003111

Fax: 82-2-22210097

Web: www.sknetworks.co.kr

 

 

Synthesis

 

Employees: 3,810

Company Type: Public Parent

Corporate Family: 21 Companies

Traded: Korea Stock Exchange: 001740

Incorporation Date: 24-Mar-1956

Auditor: KPMG LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: South Korean Won

Annual Sales: 20,947.1 1

Net Income: 181.6

Total Assets: 8,073.8 2

Market Value: 2,164.3

(25-Nov-2011)

 

 

Business Description

 

SK networks Co.,Ltd is a Korean company mainly engaged in energy and car marketing, trading, prestige marketing, telecommunication and hotel businesses. Its energy and car marketing business markets gasoline, kerosene, light oil and liquefied natural gas (LNG) through gas stations, sales lubricating oil, asphalt and bunker fuel, distributes imported cars such as Daimler Chrysler, Jaguar/Land Rover, Infiniti and Nissan, and provides automobile inspection and maintenance services. The trading business mainly exports energy, chemical, steel and other heavy chemical products. The prestige marketing business provides fashion items, wine and real estate development services for prestige customers. The telecommunication business focuses on the wholesale, retail and import of telecommunication devices, such as cell phones, personal digital assistants (PDAs) and navigation devices. The hotel business operates tourist hotels, golf clubhouses and duty free stores. For the fiscal year ended 31 December 2010, SK Networks Co. Ltd.'s sales increased 10% to W24.221T. The Company's net income applicable to common totaled W209.91B, up from W50.50B. Sales reflect increased sales of various finished goods and merchandises. Net income also benefited from higehr gain under equity method, higher gain on sale of property, plant and equipment and lower interest expense.

Industry

Industry Oil and Gas Operations

ANZSIC 2006: 3321 - Petroleum Product Wholesaling

NACE 2002: 5151 - Wholesale of solid, liquid and gaseous fuels and related products

NAICS 2002: 42472 - Petroleum and Petroleum Products Wholesalers (except Bulk Stations & Terminals)

UK SIC 2003: 51511 - Wholesale of petroleum and petroleum products

US SIC 1987: 5172 - Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals

Key Executives

Name

Title

Chang Gyu Lee

Co-President, Chief Executive Officer, Director

Se Dae Kim

Co-President, Director

Seung Si Kim

Vice President

Dae Rim Choi

Chief Financial Officer

I. S. Chun

Manager-Business-Resource Development

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Mergers / Acquisitions

1

SK Networks Co., Ltd. to Acquire SK Energy Australia Pty Limited.

23-Dec-2010

Divestitures / Spin-offs

2

SK Networks Co., Ltd. to Sell Entire Shares of SK Innovation Co., Ltd.

28-Jun-2011

Equity Investments

1

SK Securities Co., Ltd. Announces Changes in Shareholding Structure

1-Jul-2011

Dividends

1

SK Networks Co., Ltd. Declares Annual Cash Dividend for FY 2010

21-Jan-2011

 

 

 

* number of significant developments within the last 12 months

 

 

News  

 

 

Title

Date

Roundup: S.Korean shares fall on lingering Europe woes
Xinhua News Agency (457 Words)

8-Nov-2011

Roundup: S. Korean shares fall on lingering Europe woes
Philippines News Agency (464 Words)

7-Nov-2011

Q3 2011 W.W. Grainger Earnings Podcast - Final
FD (Fair Disclosure) Wire (2816 Words)

1-Nov-2011

SK Networks fined 5 bln won for violating fair trade laws
Yonhap News Agency (South Korea) (247 Words)

31-Oct-2011

S.KOREA'S SK NETWORKS FINED FOR VIOLATING FAIR TRADE LAWS
Asia Pulse Businesswire (247 Words)

31-Oct-2011

 

 

Financial Summary

 

As of 30-Jun-2011

Key Ratios Company Industry

Current Ratio (MRQ) 0.86 1.57

Quick Ratio (MRQ) 0.57 1.11

Debt to Equity (MRQ) 1.01 0.52

Sales 5 Year Growth 10.17 16.91

 

Stock Snapshot

 

Traded: Korea Stock Exchange: 001740

 

As of 25-Nov-2011

   Financials in: KRW

Recent Price

10,150.00

 

EPS

643.27

52 Week High

14,350.00

 

Price/Sales

0.10

52 Week Low

9,350.00

 

Dividend Rate

150.00

Avg. Volume (mil)

1.42

 

Price/Book

0.80

Market Value (mil)

2,520,798.00

 

Beta

1.08

 

Price % Change

Rel S&P 500%

4 Week

-10.18%

-2.44%

13 Week

-12.88%

-12.76%

52 Week

-2.87%

5.40%

Year to Date

-23.97%

-12.22%

 

 

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

104-28, Yeonghwa-Dong

Jangan-Gu

Suwon-Si, Gyeonggi-Do, 440-816

Korea, Republic of

Tel: 82-70-78003111

Fax: 82-2-22210097

Web: www.sknetworks.co.kr

Quote Symbol - Exchange

001740 - Korea Stock Exchange

Sales KRW(mil): 24,220,742.0

Assets KRW(mil): 9,162,935.0

Employees: 3,810

Fiscal Year End: 31-Dec-2010

Industry: Oil and Gas Operations

Incorporation Date: 24-Mar-1956

Company Type: Public Parent

Quoted Status: Quoted

Previous Name: SK Global

Chairman of the Board

and Chief Executive Officer: Man-won Jung

 

Company Web Links

         Company Contact/E-mail

         Corporate History/Profile

         Executives

         Financial Information

         Home Page

         Investor Relations

         News Releases

         Products/Services

 

Contents

         Industry Codes

         Business Description

         Financial Data

         Market Data

         Shareholders

         Subsidiaries

         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3323 - Industrial and Agricultural Chemical Product Wholesaling

3321 - Petroleum Product Wholesaling

6712 - Non-Residential Property Operators

3712 - Clothing and Footwear Wholesaling

3322 - Metal and Mineral Wholesaling

9419 - Other Automotive Repair and Maintenance

4400 - Accommodation

3494 - Other Electrical and Electronic Goods Wholesaling

3606 - Liquor and Tobacco Product Wholesaling

391 - Motor Vehicle Retailing

 

NACE 2002 Codes:

5010 - Sale of motor vehicles

5510 - Hotels

5155 - Wholesale of chemical products

5142 - Wholesale of clothing and footwear

5186 - Wholesale of other electronic parts and equipment

5152 - Wholesale of metals and ores

5020 - Maintenance and repair of motor vehicles

7020 - Letting of own property

5134 - Wholesale of alcoholic and other beverages

5151 - Wholesale of solid, liquid and gaseous fuels and related products

 

NAICS 2002 Codes:

441110 - New Car Dealers

42472 - Petroleum and Petroleum Products Wholesalers (except Bulk Stations & Terminals)

423690 - Other Electronic Parts and Equipment Merchant Wholesalers

811111 - General Automotive Repair

424820 - Wine and Distilled Alcoholic Beverage Merchant Wholesalers

424690 - Other Chemical and Allied Products Merchant Wholesalers

531120 - Lessors of Nonresidential Buildings (except Miniwarehouses)

423510 - Metal Service Centers and Other Metal Merchant Wholesalers

721110 - Hotels (except Casino Hotels) and Motels

424330 - Women's, Children's, and Infants' Clothing and Accessories Merchant Wholesalers

 

US SIC 1987:

5137 - Women's, Children's, and Infants' Clothing and Accessories

5051 - Metals Service Centers and Offices

7011 - Hotels and Motels

5182 - Wine and Distilled Alcoholic Beverages

5065 - Electronic Parts and Equipment, Not Elsewhere Classified

7538 - General Automotive Repair Shops

6512 - Operators of Nonresidential Buildings

5169 - Chemicals and Allied Products, Not Elsewhere Classified

5172 - Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals

5511 - Motor Vehicle Dealers (New and Used)

 

UK SIC 2003:

51511 - Wholesale of petroleum and petroleum products

51342 - Wholesale of wine, beer, spirits and other alcoholic beverages

5186 - Wholesale of other electronic parts and equipment

5142 - Wholesale of clothing and footwear

5020 - Maintenance and repair of motor vehicles

70209 - Other letting of own property

5152 - Wholesale of metals and ores

5155 - Wholesale of chemical products

5010 - Sale of motor vehicles

5510 - Hotels

 

Business Description

SK networks Co.,Ltd is a Korean company mainly engaged in energy and car marketing, trading, prestige marketing, telecommunication and hotel businesses. Its energy and car marketing business markets gasoline, kerosene, light oil and liquefied natural gas (LNG) through gas stations, sales lubricating oil, asphalt and bunker fuel, distributes imported cars such as Daimler Chrysler, Jaguar/Land Rover, Infiniti and Nissan, and provides automobile inspection and maintenance services. The trading business mainly exports energy, chemical, steel and other heavy chemical products. The prestige marketing business provides fashion items, wine and real estate development services for prestige customers. The telecommunication business focuses on the wholesale, retail and import of telecommunication devices, such as cell phones, personal digital assistants (PDAs) and navigation devices. The hotel business operates tourist hotels, golf clubhouses and duty free stores. For the fiscal year ended 31 December 2010, SK Networks Co. Ltd.'s sales increased 10% to W24.221T. The Company's net income applicable to common totaled W209.91B, up from W50.50B. Sales reflect increased sales of various finished goods and merchandises. Net income also benefited from higehr gain under equity method, higher gain on sale of property, plant and equipment and lower interest expense.

 

More Business Descriptions

         Diversified trading and the marketing arm of SK Group. Trade in mobile telephones, petroleum, wine, clothing and automotive services

         This major group includes general contractors and operative builders primarily engaged in the construction of residential, farm, industrial, commercial, or other buildings. General building contractors who combine a special trade with the contracting are included in this major group.

         Trading Companies

 

Financial Data

Financials in:

KRW(mil)

 

Sale:

24,220,742.0

Net Income:

209,933.8

Assets:

9,162,935.0

Long Term Debt:

1,533,246.1

 

Total Liabilities:

6,001,550.5

 

Working Capital:

-279.3

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

9.8%

315.7%

15.1%

Market Data

Quote Symbol:

001740

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

10,150.0

Stock Price Date:

11-25-2011

52 Week Price Change %:

-2.9

Market Value (mil):

2,520,797,952.0

 

SEDOL:

B04PZG1

ISIN:

KR7001740000

 

Equity and Dept Distribution:

01/2005, 4-for-7 reverse stock split. 09/2003, Company changed name from SK Global Co., Ltd. 11/2003, 1-for-7 reverse stock split. 12/2002, 2% Stock Dividend. FY'01 & FY'02, fncls. are RES. All the financials reflect consolidated data. FY'03, FY'05 & FY'06, financials are reclassified.

 

 

Subsidiaries

Company

Percentage Owned

Country

SK networks Internet

 

SOUTH KOREA

SK pinx

 

SOUTH KOREA

PT SK-Keris

 

INDONESIA

SK networks BX (Yingkou) Steel Processing Co.,Ltd

 

PEOPLE'S REPUBLIC OF CHINA

Dandong SK networks Real Estate Co.,Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

Dandong SK networks Energy Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

Dandong SK networks Logistics Co., Ltd

 

PEOPLE'S REPUBLIC OF CHINA

Dalian Posco-CFM Coated Steel Co., Ltd

 

PEOPLE'S REPUBLIC OF CHINA

SK (ZhangJiagang) Metal Products Co., Ltd

 

PEOPLE'S REPUBLIC OF CHINA

ZhangJiagang Dongbu High Technology Metal Products Co.,Ltd

 

PEOPLE'S REPUBLIC OF CHINA

SK (GZ Freezone) Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

POSK (Pinghu) Steel Processing Center Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

Yunnan Jueying Mining Development Co.,Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

Ningbo SK Zhenbang Chemical Co Ltd

 

PEOPLE'S REPUBLIC OF CHINA

Northern Copper Industrial Co.,Ltd

 

PEOPLE'S REPUBLIC OF CHINA

Hunanzhonghan Mining Co. Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

SK networks Hong Kong Ltd

 

HONG KONG SAR

SK Networks Australia Pty Limited

 

AUSTRALIA

MRO Korea

 

SOUTH KOREA

WS Trading

 

SOUTH KOREA

Beijing Xinjincheng Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

SK networks (Shanghai) Co.,Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

SK networks (Shanghai) Marketing Co Ltd

 

PEOPLE'S REPUBLIC OF CHINA

Shanghai Launch-SK Automobile Service Co Ltd

 

PEOPLE'S REPUBLIC OF CHINA

SK (LiaoNing) Construction Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

Shenyang SK networks Energy Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

Shenyang SK networks Bus Terminal Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

SK networks Japan co., Ltd.

 

JAPAN

PT. Karya Bumi Baratama

 

INDONESIA

Bailend LLP

 

KAZAKHSTAN

Springfield Wine Co Ltd

 

UK

Dandong SK networks Building Materials Co .,Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

SK networks METAL (Xiamen) Co.,Ltd

 

PEOPLE'S REPUBLIC OF CHINA

Tianjin Launch-SK Automobile Service Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

PT. SK networks (Indonesia)

 

INDONESIA

Shenyang SK Energy Co., Ltd.

 

PEOPLE'S REPUBLIC OF CHINA

SK networks(China) Holdings Co., Ltd

 

PEOPLE'S REPUBLIC OF CHINA

SK networks Deutschland GmbH

 

GERMANY

SK networks Middle East FZE

 

UNITED ARAB EMIRATES

Obzee NY Inc

 

USA

SKC Inc

 

USA

Sk networks Do Brazil Ltda

 

BRAZIL

SK networks Resources Pty Ltd

 

AUSTRALIA

PT. SK networks Inni Joa Plantation

 

INDONESIA

Korean Boleo Corporation Sociedad

 

BRAZIL

SK networks Steel Australia Pty Ltd

 

AUSTRALIA

SK networks Resources Australia (Wyong) Pty Ltd

 

AUSTRALIA

SK networks Resources Canada Ltd

 

CANADA

SK networks Service

 

SOUTH KOREA

 

 

 

 

Shareholders

 

 

Major Shareholders

SK Corporation (39.14%); Shinhan Bank (9.5%); Korea Finance Corporation (8.2%); National Pension Service (6.1%)

 

 

 

Key Corporate Relationships

Auditor:

KPMG LLP

 

Auditor:

KPMG LLP

 

 

 

 

 

 

 

 

Strategic Initiatives

 

Resource Management

We will also produce profitable results from our previous year’s investments in the iron ore and coal businesses, and transform our communications and petroleum marketing businesses into advanced distribution models by adding to their competitiveness. Secondly, we will continue with our entry into new businesses, such as car life, fashion, wine, and real estate, into highly-profitable enterprises, and developing both upstream- and downstream related companies. Thirdly, we will continue with our strategy of globalization, including our fashion, wine, steel, and chemicals operations in China and other countries. Our fourth task will be to strengthen our ability to operate efficiently and effectively in our new business areas. This includes carrying on with our “Understanding the Mool-li” management strategy of enhancing the skills sets of our workers so that they will be competent in every aspect of their jobs.

 

Thirdly, we will continue with our strategy of globalization, including our fashion, wine, steel, and chemicals operations in China and other countries. Our fourth task will be to strengthen our ability to operate efficiently and effectively in our new business areas. This includes carrying on with our “Understanding the Mool-li” management strategy of enhancing the skills sets of our workers so that they will be competent in every aspect of their jobs. In addition, we will recruit promising new employees to work in these new enterprises and strengthen our global capabilities. Dear valued shareholders and customers: Everyone at SK networks is committed to working together in 2011 to take another leap forward.

 

 

 

Corporate Family

Corporate Structure News:

 

SK Networks Co. Ltd.

SK Networks Co. Ltd. 
Total Corporate Family Members: 21 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

SK Networks Co. Ltd.

Parent

Suwon-Si, Gyeonggi-Do

Korea, Republic of

Oil and Gas Operations

20,947.1

3,810

 

SK Chemicals Co., Ltd.

Subsidiary

Soowon-Si, Gyeonggi-Do

Korea, Republic of

Chemicals - Plastics and Rubber

6,870.5

1,488

 

SK Engineering & Construction Ltd

Subsidiary

Seoul

Korea, Republic of

Engineering Consultants

3,087.4

3,415

 

Thai Woo Ree Engineering Co Ltd

Subsidiary

Rayong, Rayong

Thailand

Construction Services

 

165

 

Sunkyong Keris Indonesia Pt

Subsidiary

Tangerang, West Java

Indonesia

Textiles - Non Apparel

 

1,000

 

SK Corporation (Tokyo Branch)

Subsidiary

Tokyo

Japan

Chemical Manufacturing

1.0

10

 

SK Chemicals Suzhou Co Ltd

Subsidiary

Wujing, Jiangsu Province

China

Chemical Manufacturing

 

 

 

SK Pharma Beijing Co Ltd

Subsidiary

Beijing

China

Personal and Household Products

 

 

 

Kiwi Steel

Subsidiary

Auckland

New Zealand

Miscellaneous Fabricated Products

13.2

25

 

SK Networks Co., Ltd.

Branch

Wuhan

China

Chemical Manufacturing

1.0

10

 

Sk Networks Co Ltd

Subsidiary

Bangkok, Bangkok

Thailand

Chemicals - Plastics and Rubber

 

10

 

SK Networks Co., Ltd.

Branch

Taipei

Taiwan

Chemical Manufacturing

1.0

9

 

SK Networks Company Limited

Branch

Qingdao

China

Chemical Manufacturing

1.0

100

 

Sunkyong Australia Pty Ltd

Subsidiary

Sydney, NSW

Australia

Electronic Instruments and Controls

 

9

 

SK Networks Deutschland GmbH

Subsidiary

Frankfurt Am Main, Hessen

Germany

Miscellaneous Capital Goods

96.0

8

 

Sk Networks Hong Kong Ltd

Subsidiary

Hong Kong, Hong Kong

Hong Kong

Oil and Gas Operations

 

4

 

SK Networks Australia Pty Limited

Subsidiary

Sydney, NSW

Australia

Miscellaneous Capital Goods

20.3

 

 

Sk Networks Jakarta Agency

Subsidiary

Jakarta, Jakarta

Indonesia

Apparel and Accessories

 

 

 

SK Networks Co Ltd

Subsidiary

Kuala Lumpur

Malaysia

Metal Mining

 

 

 

Mro Korea Co Ltd

Subsidiary

Seoul, Seoul

Korea, Republic of

Miscellaneous Capital Goods

 

 

 

SK Networks Co Ltd

Subsidiary

Tehran

Iran

Metal Mining

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Man-won Jung

 

Chairman of the Board and Chief Executive Officer

Chairman

 

Yeong Ho Park

 

Chairman of the Board

Chairman

 

Reuters Biography (SK Networks Co. Ltd.)

Park Yeong Ho has been Chairman of the Board of SK Networks Co. Ltd. since March 13, 2009. Park is also Chief Executive Officer of SK Holdings Co., Ltd. Previously, Park worked for a research center of POSCO as Manager and also worked as Head of a research center of SK Holdings Co., Ltd. Park holds a Doctorate's degree in Economics from Chicago State University, the United States.

Byung Ju Chang

 

Director

Director/Board Member

 

 

Ki Haeng Cho

 

Director

Director/Board Member

 

 

Sang Hoon Choi

 

Director

Director/Board Member

 

 

Jae Won Choi

 

Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Choi Jae Won has been Director in SKNetworksCompanyLimited since March 11, 2011. Currently, Choi is Vice Chairman of SK Holdings Co., Ltd. Previously, Choi was Chief Executive Officer of SK GAS LTD and worked for SK TELECOM CO.,LTD. Choi received a Master of Business Administration from Harvard University, The United States.



MBA , Harvard University

Seung Hui Gwon

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Gwon Seung Hui has been Non-Executive Independent Director of SK Networks Co. Ltd. since 2006. Gwon is currently also an adjunct professor of Hanyang University, Korea and Representative of Woori Accounting Inc. Gwon received a Bachelor of Business Administration from Yonsei University, Korea and a Master of Public Administration from Seoul National University, Korea.



MPA , Seoul National University
BBA , Yonsei University

Byeong Ju Jang

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Jang Byeong Ju has been Non-Executive Independent Director of SK Networks Co. Ltd. since March 17, 2008. Jang was previously Chief Executive Officer and President of Daewoo Corporation. Jang holds a Bachelor's degree from Seoul National University, Korea.



B , Seoul National University

Bo Sik Jun

 

Director

Director/Board Member

 

 

Myong-Kon Kim

 

Director

Director/Board Member

 

 

Se Dae Kim

 

Co-President, Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Kim Se Dae has been Co-President and Director of SK Networks Co., Ltd. since March 12, 2010. Kim used to serve the Company as Assistant Managing Director and Managing Director. Kim also served as Head of SK Academy and Head of Corporate Culture of SK Holdings Co., Ltd. Kim holds a Bachelor's degree in Business Administration from Sungkyunkwan University, Korea.



B Business Administration, Sungkyunkwan University

Young Han Kim

 

Director

Director/Board Member

 

 

Seung Hee Kwon

 

Director

Director/Board Member

 

 

Chang Gyu Lee

 

Co-President, Chief Executive Officer, Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Lee Chang Gyu has been Co-President, Chief Executive Officer and Director of SK Networks Co. Ltd. since 2009. Prior to the current position, Lee was Managing Director of the Company. Previously, Lee served as Director of SK-Enron and Assistant Managing Director of SK Holdings Co., Ltd. Lee holds a Bachelor's degree in Economics from Yonsei University, Korea.



B Economics, Yonsei University

Yeong Cheol Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Lee Yeong Cheol has been Non-Executive Independent Director of SK Networks Co. Ltd. since March 2, 2007. Previously, Lee was with YONHAP NEWS AGENCY. Lee received a Bachelor's degree from Kookmin University, Korea.



B , Kookmin University

Young Chul Lee

 

Director

Director/Board Member

 

 

Chang Hyeon Yoon

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Yoon Chang Hyeon has been Non-Executive Independent Director of SK Networks Co. Ltd. since March 2, 2007. Yoon is currently also a professor of University of Seoul, Korea. Previously, Yoon was a professor of International Trade in Myongji University, Korea. Yoon holds a Doctorate's degree in Business Administration from Chicago State University, the United States.



PHD Economics, Chicago State University

Nam Geun Yoon

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (SK Networks Co. Ltd.)

Yoon Nam Geun has been Non-Executive Independent Director of SK Networks Co. Ltd since March 11, 2011. Currently, Yoon also serves as a professor of Korea University. Yoon received a Bachelor's degree in law from Yale University, The United States.



M Law, Seoul National University
B Law, Seoul National University
B Law, Yale University

 

Executives

 

Name

Title

Function

 

Man-won Jung

 

Chairman of the Board and Chief Executive Officer

Chief Executive Officer

 

Chang Gyu Lee

 

Co-President, Chief Executive Officer, Director

Chief Executive Officer

 

Reuters Biography (SK Networks Co. Ltd.)

Lee Chang Gyu has been Co-President, Chief Executive Officer and Director of SK Networks Co. Ltd. since 2009. Prior to the current position, Lee was Managing Director of the Company. Previously, Lee served as Director of SK-Enron and Assistant Managing Director of SK Holdings Co., Ltd. Lee holds a Bachelor's degree in Economics from Yonsei University, Korea.



B Economics, Yonsei University

Se Dae Kim

 

Co-President, Director

President

 

 

Reuters Biography (SK Networks Co. Ltd.)

Kim Se Dae has been Co-President and Director of SK Networks Co., Ltd. since March 12, 2010. Kim used to serve the Company as Assistant Managing Director and Managing Director. Kim also served as Head of SK Academy and Head of Corporate Culture of SK Holdings Co., Ltd. Kim holds a Bachelor's degree in Business Administration from Sungkyunkwan University, Korea.



B Business Administration, Sungkyunkwan University

Tae Jin Kim

 

Co-President

President

 

 

Reuters Biography (SK Networks Co. Ltd.)

Kim Tae Jin has been Co-President of SK Networks Co. Ltd. since 2008. Kim was previously Assistant Managing Director of the Company. Kim holds a Bachelor's degree from University of Ulsan, Korea.



B , University of Ulsan

Seok Hwan Lee

 

Co-President

President

 

 



B , Korea University

Yong Jong Yoo

 

Co-President

President

 

 



B , Korea University

Chong Hyun Chang

 

Corporate Planning & Development Divisional Group Manager

Division Head Executive

BMI 

 

Hui Jun Ahn

 

Managing Director

Managing Director

 

 



B Business Administration, Korea University

Beom Hwan Ahn

 

Assistant Managing Director

Managing Director

 

 



B , Sogang University

Seon Gyeong Bae

 

Assistant Managing Director

Managing Director

 

 



M , Kyung Hee University

Seung Han Baek

 

Managing Director

Managing Director

 

 

Reuters Biography (SK Networks Co. Ltd.)

Baek Seung Han has been Managing Director of SK Networks Co. Ltd. since 2009. Previously, Baek was Assistant Managing Director-Head of Chemical Division of the Company. Baek received a Bachelor's degree from Sungkyunkwan University, Korea.



B , Sungkyunkwan University

Yin Ho Cho

 

Managing Director

Managing Director

 

 



B , Korea University

Jun Haeng Cho

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (SK Networks Co. Ltd.)

Cho Jun Haeng is Assistant Managing Director of SK Networks Co. Ltd. Previously, Cho was Head of Trade Strategy Business Division of the Company. Cho received a Master's degree from Sogang University, Korea.



M , Sogang University

Gwang Hyeon Cho

 

Assistant Managing Director

Managing Director

 

 



B , Korea University

Hyeon Choi

 

Assistant Managing Director

Managing Director

 

 



B , Korea Aerospace University

Yeong Jae Choi

 

Assistant Managing Director

Managing Director

 

 



B , Chung-Ang University

Jung Seop Doh

 

Assistant Managing Director

Managing Director

 

 



B , Korea University

Hui Taek Gong

 

Assistant Managing Director

Managing Director

 

 



M , Dankook University

Se Jin Gwon

 

Assistant Managing Director

Managing Director

 

 



B , Myongji University

Yong Seong Gwon

 

Assistant Managing Director

Managing Director

 

 



M , Seoul National University

Sang Su Han

 

Assistant Managing Director

Managing Director

 

 



B , Hannam University

Yil Mun Hwang

 

Assistant Managing Director

Managing Director

 

 



B , Seoul National University

Jae Jong Jang

 

Assistant Managing Director

Managing Director

 

 



B , Pusan National University

Jong Hyeon Jang

 

Managing Director

Managing Director

 

 

Reuters Biography (SK Networks Co. Ltd.)

Jang Jong Hyeon has been Managing Director of SK Networks Co. Ltd. since 2008. Jang was previously Assistant Managing Director of the Company. Jang holds a Bachelor's degree from Seoul National University, Korea.



B , Seoul National University

Hyeon Su Jeon

 

Assistant Managing Director

Managing Director

 

 



M , Seoul National University

Dae Seong Kang

 

Managing Director

Managing Director

 

 

Reuters Biography (SK Networks Co. Ltd.)

Kang Dae Seong has been Managing Director of SK Networks Co. Ltd. since 2008. Kang was previously Assistant Managing Director of the Company. Kang holds a Bachelor's degree from Chonnam National University, Korea.



B , Chonnam National University

Min Gyu Kim

 

Assistant Managing Director

Managing Director

 

 



B , Yonsei University

Yong Seok Kim

 

Assistant Managing Director

Managing Director

 

 



B , Korea University

Si Hwan Kim

 

Assistant Managing Director

Managing Director

 

 



B , Korea Aerospace University

Yeong Mun Kim

 

Assistant Managing Director

Managing Director

 

 



B , Myongji University

Eun Seong Kim

 

Assistant Managing Director

Managing Director

 

 



B , Hanyang University

Seong Hwan Kim

 

Assistant Managing Director

Managing Director

 

 



B , Yonsei University

Bong Gwan Kim

 

Managing Director

Managing Director

 

 

Reuters Biography (SK Networks Co. Ltd.)

Kim Bong Gwan has been Managing Director of SK Networks Co. Ltd. since 2008. Kim was previously Assistant Managing Director of the Company. Kim holds a Master's degree from Hongik University, Korea.



M , Hongik University

Dong Won Kim

 

Assistant Managing Director

Managing Director

 

 



B , Kyungpook National University

Keun Pil Lee

 

Managing Director

Managing Director

 

 

Tae Hwan Lee

 

Assistant Managing Director

Managing Director

 

 



B , Yonsei University

Eun Yeong Lee

 

Assistant Managing Director

Managing Director

 

 



M , Cornell University

Gi Su Lee

 

Assistant Managing Director

Managing Director

 

 



B , Pusan National University

Ho Gyu Lee

 

Assistant Managing Director

Managing Director

 

 



M , Korea University

Seung Seok Lee

 

Assistant Managing Director

Managing Director

 

 



B , Seoul National University

Myeong Yeong Lee

 

Assistant Managing Director

Managing Director

 

 



B , Yonsei University

Cheol Hwan Lee

 

Assistant Managing Director

Managing Director

 

 



B , Hanyang University

Eung Sang Lee

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (SK Networks Co. Ltd.)

Lee Eung Sang is Assistant Managing Director of SK Networks Co. Ltd. Previously, Lee was Head of Corporate Resource Group. Lee received a Master's degree from Boston University, the United States.



M , Boston University

Sang Ryeol Oh

 

Assistant Managing Director

Managing Director

 

 



B , Kyungpook National University

Chun Ho Oh

 

Assistant Managing Director

Managing Director

 

 



B , Hankuk University of Foreign Studies

Seong Su Park

 

Assistant Managing Director

Managing Director

 

 



B , Hankook University of Foreign Studies

Seong Gyun Park

 

Assistant Managing Director

Managing Director

 

 



M , Chungbuk National University

Jang Seon Park

 

Assistant Managing Director

Managing Director

 

 



B , Pusan National University

Yong Wu Park

 

Assistant Managing Director

Managing Director

 

 



B , Pusan National University

Mun Guk Son

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (SK Networks Co. Ltd.)

Son Mun Guk is Assistant Managing Director of SK Networks Co. Ltd. Previously, Son was Head of Fashion Business Division of the Company. Son received a Bachelor's degree from Meiji University, Korea.



B , Meiji University

Jong Geon Won

 

Assistant Managing Director

Managing Director

 

 



B , Kyungpook National University

Seong Bong Won

 

Assistant Managing Director

Managing Director

 

 



B , Hankuk University of Foreign Studies

Seok Ho Won

 

Assistant Managing Director

Managing Director

 

 



B , Yonsei University

Dae Rim Choi

 

Chief Financial Officer

Finance Executive

 

 

Bo Sik Jeon

 

Auditor

Finance Executive

 

 

Se Chan

 

Manager-Public Relations

Public Relations Executive

 

 

I. S. Chun

 

Manager-Business-Resource Development

Research & Development Executive

 

 

W. H. Lee

 

Manager-Business-Petroleum Product

Product Management Executive

 

 

Seung Si Kim

 

Vice President

Other

 

 

Reuters Biography (SK Networks Co. Ltd.)

Kim Seung Si has been Vice President of SK Networks Co. Ltd. since 2008. Kim was previously Managing Director and Assistant Managing Director of the Company. Kim holds a Bachelor's degree from Cheongju University, Korea and a Master's degree from Korea University.



M , Korea University
B , Cheongju University

Jong Hun Moon

 

Vice President

Other

 

 



B Business Administration, Korea University

 

 

Significant Developments

 

SK Securities Co., Ltd. Announces Changes in Shareholding Structure Jul 01, 2011

 

SK Securities Co., Ltd. announced that SKNetworksCompanyLimited and two related parties have sold 24,733,451 shares of SK Securities Co., Ltd., equivalent to a 7.72% stake. After the transaction, SKNetworksCompanyLimited and two related parties' combined stake in SK Securities Co., Ltd. has decreased to 23% from 30.72%.

 

SK Networks Co., Ltd. to Sell Entire Shares of SK Innovation Co., Ltd. Jun 28, 2011

 

SK Networks Co., Ltd. announced that it will sell its entire 611,227 shares of SK Innovation Co., Ltd., which is mainly engaged in the oil development business, for KRW 11.1 billion.

 

Jiangsu Aucksun Metal Co., Ltd. to Acquire Equity Shares from SK Networks Co., Ltd. Apr 07, 2011

 

Jiangsu Aucksun Metal Co., Ltd. announced that it will acquire a 45% stake in a Dongguan-based steel company from SK Networks Co., Ltd. at RMB 29,080,565.00. After that, Jiangsu Aucksun Metal Co., Ltd. will hold a 75% stake in the target company. SK Networks Co., Ltd. originally holds a 70% stake in the target company.

 

SK Networks Co., Ltd. Declares Annual Cash Dividend for FY 2010 Jan 21, 2011

 

SK Networks Co., Ltd. announced that its Board of Directors has declared an annual cash dividend of KRW 150 per share of common stock and KRW 175 per share of preferred stock for the fiscal year 2010 to shareholders of record on December 31, 2010. The dividend rates of market prices are 1.1% (common shares) and 1.3% (preferred shares), respectively. The total cash dividend amount is KRW 37,248,031,900. The Company's annual cash dividend for the fiscal year 2009 was KRW 125 per common share and KRW 150 per preferred share, respectively.

 

SK Networks Co., Ltd. to Acquire SK Energy Australia Pty Limited. Dec 23, 2010

 

SK Networks Co., Ltd. announced that it will acquire 22,854,214 shares of SK Energy Australia Pty Limited., which is mainly engaged in the mining industry, for KRW 194,840 million, to build growth platform in trading and develop resource. The transaction will be settled on February 1, 2011. After the transaction, the Company will hold 22,854,214 shares, or 100% of SK Energy Australia Pty Limited.

 

 

 

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

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Sale

20,954.3

17,283.8

20,591.4

19,908.4

16,954.1

    Sales Returns and Allowances

-7.2

-9.2

-9.6

-151.0

-225.6

Sale

20,947.1

17,274.7

20,581.8

19,757.4

16,728.5

Total Sale

20,947.1

17,274.7

20,581.8

19,757.4

16,728.5

 

 

 

 

 

 

    Cost of Sale

19,508.2

15,867.5

18,930.8

18,023.7

15,398.9

Cost of Sale, Total

19,508.2

15,867.5

18,930.8

18,023.7

15,398.9

Gross Profit

1,438.9

1,407.2

1,651.0

1,733.7

1,329.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

870.1

781.9

863.4

882.8

661.1

    Labor & Related Expense

236.7

244.8

268.5

307.4

185.2

    Advertising Expense

38.1

40.7

62.6

43.6

30.1

Total Selling/General/Administrative Expenses

1,144.9

1,067.5

1,194.5

1,233.8

876.4

Research & Development

0.5

0.1

0.9

1.2

-

    Depreciation

65.8

54.0

63.8

75.3

43.7

    Amortization of Intangibles

13.0

12.2

11.2

7.6

4.1

Depreciation/Amortization

78.8

66.2

74.9

82.8

47.8

Total Operating Expense

20,732.3

17,001.3

20,201.2

19,341.5

16,323.1

 

 

 

 

 

 

Operating Income

214.8

273.4

380.7

416.0

405.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-90.0

-144.0

-153.8

-175.0

-130.6

    Interest Expense, Net Non-Operating

-90.0

-144.0

-153.8

-175.0

-130.6

        Interest Income - Non-Operating

24.7

22.8

21.6

19.7

14.8

        Investment Income - Non-Operating

56.3

-81.5

-100.9

145.0

55.3

    Interest/Investment Income - Non-Operating

81.0

-58.7

-79.3

164.7

70.2

Interest Income (Expense) - Net Non-Operating Total

-8.9

-202.7

-233.2

-10.4

-60.5

Gain (Loss) on Sale of Assets

55.2

-19.4

-26.4

-10.6

-11.8

    Other Non-Operating Income (Expense)

-2.6

-0.1

2.5

195.2

19.4

Other, Net

-2.6

-0.1

2.5

195.2

19.4

Income Before Tax

258.4

51.1

123.6

590.2

352.6

 

 

 

 

 

 

Total Income Tax

54.7

11.7

41.0

-41.0

-142.5

Income After Tax

203.6

39.4

82.6

631.1

495.1

 

 

 

 

 

 

    Minority Interest

0.6

1.8

-0.1

-4.1

-0.4

    Equity In Affiliates

-22.7

-1.7

-

9.5

-

Net Income Before Extraord Items

181.6

39.6

82.5

636.5

494.7

Net Income

181.6

39.6

82.5

636.5

494.7

 

 

 

 

 

 

    Preferred Dividends

0.0

0.0

0.0

-11.4

-18.1

Total Adjustments to Net Income

0.0

0.0

0.0

-11.4

-18.1

Income Available to Common Excl Extraord Items

181.5

39.6

82.5

625.1

476.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

181.5

39.6

82.5

625.1

476.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

248.2

240.3

240.4

239.4

238.0

Basic EPS Excl Extraord Items

0.73

0.16

0.34

2.61

2.00

Basic/Primary EPS Incl Extraord Items

0.73

0.16

0.34

2.61

2.00

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

181.5

39.6

82.5

625.1

476.6

Diluted Weighted Average Shares

248.2

240.3

240.4

239.8

239.2

Diluted EPS Excl Extraord Items

0.73

0.16

0.34

2.61

1.99

Diluted EPS Incl Extraord Items

0.73

0.16

0.34

2.61

1.99

Dividends per Share - Common Stock Primary Issue

0.13

0.10

0.09

0.00

0.00

Gross Dividends - Common Stock

32.2

24.3

21.9

0.0

0.0

Interest Expense, Supplemental

90.0

144.0

153.8

175.0

130.6

Depreciation, Supplemental

68.5

143.6

187.4

203.6

141.5

Total Special Items

-55.2

19.4

28.9

7.8

13.2

Normalized Income Before Tax

203.2

70.5

152.5

598.0

365.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-11.7

4.4

8.8

3.7

4.1

Inc Tax Ex Impact of Sp Items

43.1

16.1

49.8

-37.3

-138.4

Normalized Income After Tax

160.2

54.4

102.7

635.3

504.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

138.1

54.5

102.6

629.2

485.6

 

 

 

 

 

 

Basic Normalized EPS

0.56

0.23

0.43

2.63

2.04

Diluted Normalized EPS

0.56

0.23

0.43

2.62

2.03

Amort of Acquisition Costs, Supplemental

-

-

2.4

-2.8

1.4

Amort of Intangibles, Supplemental

13.1

12.3

6.7

4.3

2.7

Rental Expenses

57.5

59.7

65.5

72.1

64.0

Advertising Expense, Supplemental

38.1

40.7

62.6

43.6

30.1

Research & Development Exp, Supplemental

0.5

0.1

0.9

1.2

-

Normalized EBIT

214.8

273.4

380.7

416.0

405.4

Normalized EBITDA

296.3

429.2

577.2

621.1

551.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

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

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

898.5

531.3

355.0

203.9

607.6

    Short Term Investments

7.5

48.2

41.6

70.6

64.9

Cash and Short Term Investments

906.1

579.4

396.6

274.4

672.5

        Accounts Receivable - Trade, Gross

1,040.1

1,183.7

882.1

1,534.2

1,380.4

        Provision for Doubtful Accounts

-23.0

-18.9

-15.7

-23.9

-43.1

    Trade Accounts Receivable - Net

1,023.6

1,167.0

868.3

1,510.9

1,337.8

    Other Receivables

231.9

210.4

242.3

173.8

184.7

Total Receivables, Net

1,255.5

1,377.4

1,110.6

1,684.7

1,522.5

    Inventories - Finished Goods

828.1

820.9

779.9

809.9

694.3

    Inventories - Work In Progress

18.8

12.2

8.7

30.4

36.0

    Inventories - Raw Materials

61.3

49.6

73.2

34.4

16.9

    Inventories - Other

44.8

32.7

30.8

38.7

23.5

Total Inventory

953.1

915.4

892.6

913.3

770.7

Prepaid Expenses

7.0

9.3

28.6

20.2

22.3

    Deferred Income Tax - Current Asset

25.3

22.7

36.1

23.9

41.3

    Other Current Assets

19.4

4.3

4.8

2.0

2.8

Other Current Assets, Total

44.8

26.9

40.9

25.9

44.1

Total Current Assets

3,166.4

2,908.5

2,469.5

2,918.6

3,032.0

 

 

 

 

 

 

        Buildings

798.5

719.5

717.0

896.1

403.1

        Land/Improvements

2,330.9

2,248.5

2,192.3

1,604.3

1,037.9

        Machinery/Equipment

197.8

184.6

1,002.4

1,183.6

996.0

        Construction in Progress

80.3

59.6

77.7

77.6

155.4

        Other Property/Plant/Equipment

216.5

199.8

200.2

255.9

151.8

    Property/Plant/Equipment - Gross

3,624.0

3,411.9

4,189.6

4,017.6

2,744.3

    Accumulated Depreciation

-401.2

-336.8

-713.5

-771.8

-511.5

Property/Plant/Equipment - Net

3,222.9

3,075.1

3,476.1

3,245.7

2,232.8

Goodwill, Net

-55.6

-52.9

-12.2

-52.6

-24.3

Intangibles, Net

94.9

83.2

85.0

72.4

11.4

    LT Investment - Affiliate Companies

1,242.6

483.8

574.1

551.1

618.3

    LT Investments - Other

129.8

99.3

357.9

623.1

80.1

Long Term Investments

1,372.5

583.1

932.0

1,174.2

698.4

Note Receivable - Long Term

97.8

64.0

54.8

45.9

38.2

    Deferred Income Tax - Long Term Asset

1.6

-

-

3.7

123.5

    Other Long Term Assets

173.4

178.3

181.7

215.5

208.0

Other Long Term Assets, Total

174.9

178.3

181.7

219.3

331.5

Total Assets

8,073.8

6,839.2

7,186.8

7,623.5

6,320.1

 

 

 

 

 

 

Accounts Payable

2,433.2

2,046.4

1,804.7

2,498.4

2,160.8

Accrued Expenses

45.4

41.1

41.5

42.1

1.6

Notes Payable/Short Term Debt

627.6

311.6

925.6

523.7

11.9

Current Portion - Long Term Debt/Capital Leases

180.7

345.9

193.7

310.8

0.5

    Customer Advances

56.0

54.2

40.0

40.5

64.6

    Income Taxes Payable

16.4

186.4

1.0

0.9

0.0

    Other Payables

193.9

143.2

173.3

231.5

175.5

    Other Current Liabilities

66.9

19.8

8.8

57.9

48.0

Other Current liabilities, Total

333.2

403.5

223.0

330.8

288.2

Total Current Liabilities

3,620.1

3,148.4

3,188.5

3,705.8

2,462.9

 

 

 

 

 

 

    Long Term Debt

1,351.0

741.0

1,468.0

1,754.1

2,449.8

Total Long Term Debt

1,351.0

741.0

1,468.0

1,754.1

2,449.8

Total Debt

2,159.3

1,398.5

2,587.3

2,588.6

2,462.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

181.8

171.4

252.4

-

0.1

Deferred Income Tax

181.8

171.4

252.4

-

0.1

Minority Interest

16.5

21.6

290.2

290.8

1.6

    Reserves

3.9

3.8

1.5

0.9

1.2

    Pension Benefits - Underfunded

5.9

11.2

39.8

58.9

38.7

    Other Long Term Liabilities

109.0

105.3

77.6

66.5

2.0

Other Liabilities, Total

118.8

120.3

118.9

126.3

41.8

Total Liabilities

5,288.2

4,202.6

5,318.0

5,877.0

4,956.1

 

 

 

 

 

 

    Preferred Stock - Non Redeemable

24.8

24.2

22.4

30.1

30.3

Preferred Stock - Non Redeemable, Net

24.8

24.2

22.4

30.1

30.3

    Common Stock

546.7

532.8

482.3

641.0

643.4

Common Stock

546.7

532.8

482.3

641.0

643.4

Additional Paid-In Capital

788.8

769.1

74.5

37.9

33.0

Retained Earnings (Accumulated Deficit)

612.1

444.1

375.6

717.4

543.6

Treasury Stock - Common

0.0

-

-47.5

-1.4

-

Unrealized Gain (Loss)

771.8

817.3

906.3

321.2

116.5

    Translation Adjustment

43.7

49.3

55.2

0.3

-2.8

    Other Equity

-

0.0

0.0

0.0

-

    Other Comprehensive Income

-2.2

-0.1

-

-

-

Other Equity, Total

41.5

49.1

55.2

0.3

-2.8

Total Equity

2,785.6

2,636.6

1,868.7

1,746.5

1,363.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

8,073.8

6,839.2

7,186.8

7,623.5

6,320.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

248.2

248.2

240.5

240.0

239.3

Total Common Shares Outstanding

248.2

248.2

240.5

240.0

239.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

2.5

0.1

0.0

    Shares Outstanding - Preferred Stock Primary Issue

0.1

0.1

0.1

0.1

0.1

    Shares Outstanding - Preferred Stock Issue 2

0.0

0.0

0.0

3.3

8.2

Total Preferred Stock Outstanding

0.1

0.1

0.1

3.4

8.3

Treasury Shares - Preferred Primary Issue

0.0

0.0

0.0

0.0

0.0

Treasury Shares - Preferred Issue 2

0.0

0.0

0.0

0.0

0.0

Employees

3,852

2,069

2,439

2,193

2,196

Number of Common Shareholders

39,231

45,576

25,756

23,243

8,453

Deferred Sale - Current

56.0

54.2

40.0

40.5

64.6

Total Long Term Debt, Supplemental

906.9

862.2

1,655.9

2,066.1

2,467.5

Long Term Debt Maturing within 1 Year

85.7

346.1

193.8

311.1

0.5

Long Term Debt Maturing in Year 2

34.5

124.6

395.2

227.1

2,457.8

Long Term Debt Maturing in Year 3

30.7

56.0

180.0

335.4

4.1

Long Term Debt Maturing in Year 4

413.2

50.9

215.5

240.6

3.8

Long Term Debt Maturing in 2-3 Years

65.2

180.6

575.2

562.5

2,461.9

Long Term Debt Maturing in 4-5 Years

413.2

50.9

215.5

240.6

3.8

Long Term Debt Matur. in Year 6 & Beyond

342.7

284.6

671.4

951.9

1.3

Total Operating Leases, Supplemental

74.8

48.0

-

0.0

-

Operating Lease Payments Due in Year 1

31.2

21.8

-

0.0

-

Operating Lease Payments Due in Year 2

10.9

6.6

-

0.0

-

Operating Lease Payments Due in Year 3

10.9

6.6

-

-

-

Operating Lease Payments Due in Year 4

10.9

6.6

-

-

-

Operating Lease Payments Due in Year 5

10.9

6.6

-

-

-

Operating Lease Pymts. Due in 2-3 Years

21.8

13.1

-

0.0

-

Operating Lease Pymts. Due in 4-5 Years

21.8

13.1

-

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

-

0.0

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

181.0

37.7

82.6

640.6

494.7

    Depreciation

68.5

143.6

187.4

203.6

141.5

Depreciation/Depletion

68.5

143.6

187.4

203.6

141.5

    Amortization of Intangibles

13.1

12.3

11.8

7.6

4.1

Amortization

13.1

12.3

11.8

7.6

4.1

Deferred Taxes

1.1

-39.7

20.2

29.9

-67.1

    Unusual Items

-94.3

34.3

56.6

14.9

25.3

    Equity in Net Earnings (Loss)

-3.8

82.9

66.0

-156.2

-61.1

    Other Non-Cash Items

34.9

29.6

-1.0

-155.1

29.7

Non-Cash Items

-63.2

146.8

121.6

-296.4

-6.1

    Accounts Receivable

131.5

-132.4

307.5

-137.6

-480.8

    Inventories

-20.4

51.2

-264.7

-45.2

-191.1

    Prepaid Expenses

3.5

21.3

-17.7

3.1

-0.7

    Other Assets

-16.5

1.4

-2.4

1.5

4.3

    Accounts Payable

187.9

15.1

-159.4

412.0

302.8

    Accrued Expenses

14.6

-1.7

11.0

24.8

1.0

    Taxes Payable

-171.5

6.3

1.1

-3.3

-0.2

    Other Liabilities

17.0

-7.8

-19.6

-54.2

34.0

    Other Operating Cash Flow

-

-

-

-

4.2

Changes in Working Capital

145.9

-46.6

-144.3

201.2

-326.6

Cash from Operating Activities

346.4

254.1

279.2

786.5

240.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-187.6

-199.2

-291.0

-444.0

-369.5

    Purchase/Acquisition of Intangibles

-2.1

-11.6

-13.6

-65.4

-8.8

Capital Expenditures

-189.7

-210.8

-304.6

-509.3

-378.3

    Sale of Fixed Assets

214.2

36.7

36.8

77.7

24.6

    Sale/Maturity of Investment

106.2

1,016.1

294.0

119.2

31.4

    Purchase of Investments

-809.6

-123.0

-442.3

-275.8

-46.6

    Sale of Intangible Assets

0.0

0.2

0.0

0.3

0.0

    Other Investing Cash Flow

-44.6

-19.1

-85.8

-37.4

-23.2

Other Investing Cash Flow Items, Total

-533.8

910.9

-197.3

-116.0

-13.9

Cash from Investing Activities

-723.6

700.1

-501.9

-625.3

-392.1

 

 

 

 

 

 

    Other Financing Cash Flow

-73.0

-162.7

-235.6

-86.2

-0.1

Financing Cash Flow Items

-73.0

-162.7

-235.6

-86.2

-0.1

Total Cash Dividends Paid

-26.8

-18.9

-0.6

-2.1

-

        Sale/Issuance of Common

-

-

-

74.8

-

        Repurchase/Retirement of Common

0.0

-6.7

0.0

-

-

    Common Stock, Net

0.0

-6.7

0.0

74.8

-

        Repurchase/Retirement of Preferred

-

-

-261.9

-459.1

-274.1

    Preferred Stock, Net

-

-

-261.9

-459.1

-274.1

    Warrants Converted

-

-

3.2

2.2

14.1

Issuance (Retirement) of Stock, Net

0.0

-6.7

-258.7

-382.0

-260.0

        Short Term Debt Issued

3,445.5

842.0

3,071.0

1,149.3

-

        Short Term Debt Reduction

-3,138.8

-1,031.0

-2,461.8

-685.6

-22.7

    Short Term Debt, Net

306.7

-189.1

609.2

463.7

-22.7

        Long Term Debt Issued

1,020.1

391.2

347.1

2,968.5

15.0

        Long Term Debt Reduction

-502.9

-833.8

-5.7

-3,525.6

-7.5

    Long Term Debt, Net

517.1

-442.6

341.4

-557.1

7.6

Issuance (Retirement) of Debt, Net

823.8

-631.7

950.6

-93.5

-15.2

Cash from Financing Activities

724.0

-820.0

455.7

-563.8

-275.3

 

 

 

 

 

 

Net Change in Cash

346.9

134.2

233.0

-402.6

-427.0

 

 

 

 

 

 

Net Cash - Beginning Balance

535.0

350.5

173.5

608.1

1,018.6

Net Cash - Ending Balance

881.9

484.7

406.5

205.5

591.6

 

 

Annual Income Statement

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales Allowance

-7.2

-9.2

-9.6

-151.0

-225.6

    Sale

20,954.3

17,283.8

20,591.4

19,908.4

16,954.1

Total Sale

20,947.1

17,274.7

20,581.8

19,757.4

16,728.5

 

 

 

 

 

 

    Cost of Sale

19,508.2

15,867.5

18,930.8

18,023.7

15,398.9

    Salaries

184.1

175.5

208.1

238.1

145.0

    Retirement Allowance

19.3

37.5

26.8

30.6

18.7

    Employee Benefits

33.3

31.8

33.6

38.7

21.4

    Travel Expenses

8.1

6.2

10.6

9.8

6.5

    Communication Expenses

6.7

5.9

6.5

10.6

5.4

    Electrical Circuit Expense

0.1

0.7

-

0.0

-

    Utility Expenses

20.8

17.3

17.3

19.9

10.6

    Taxes & Dues

25.8

20.6

28.3

29.5

19.6

    Rent

57.5

59.7

65.5

72.1

64.0

    Depreciation

65.8

54.0

63.8

75.3

43.7

    Amortization-Intangibles

13.0

12.2

11.2

7.6

4.1

    Repair Expenses

10.3

8.0

8.4

26.6

7.8

    Vehicles Expenses

7.0

7.0

11.1

11.4

8.2

    Insurance Expenses

8.9

8.8

8.9

9.6

8.6

    Entertainment Exp.

4.9

3.7

5.8

6.0

4.6

    Conference Exp.

1.8

1.4

2.3

3.0

2.2

    Shipping/Storage

76.6

66.7

78.3

77.5

68.3

    Office Consumable Expenses

17.5

4.0

6.9

7.1

7.4

    Book Expenses

0.7

0.5

0.7

3.3

0.9

    Education & Training

7.7

7.1

9.8

6.9

5.9

    Commissions Paid

594.7

536.9

541.0

572.4

429.4

    Expenses for Samples

1.1

1.2

1.4

0.6

0.7

    Advertising Expense

38.1

40.7

62.6

43.6

30.1

    Overseas Branch Exp.

14.2

13.4

13.1

12.2

9.3

    Amort-Bad Debt Exp.

4.4

5.2

0.2

0.1

0.4

    Computing Expense

-

-

-

-

0.0

    Other Sales & Administrative Expense

0.5

0.0

20.0

1.5

0.1

    Research & Development Expense

0.5

0.1

0.9

1.2

-

    Miscellaneous Operating Expense

0.8

7.5

27.3

2.9

0.9

Total Operating Expense

20,732.3

17,001.3

20,201.2

19,341.5

16,323.1

 

 

 

 

 

 

    Interest Income

24.7

22.8

21.6

19.7

14.8

    Dividend Income

-

1.7

0.9

0.7

1.2

    G-Disp ST Invest Securities

-

0.0

0.0

0.0

0.0

    G-Valuation ST Investment Securities

-

-

-

-

0.1

    G-For Curr Transactn

230.2

379.8

731.4

93.9

105.9

    G-For Exch Translatn

22.8

22.7

53.7

16.2

11.0

    Recovery-Invest. Asset Reduction Loss

-

1.4

-

5.2

-

    G-Inv.Asset Disposal

51.0

30.8

24.2

2.3

0.3

    G-Tang Asst Disposal

53.0

7.1

13.2

33.3

6.3

    Gain-Disposal of Intangible Assets

0.0

2.3

-

0.2

-

    Gain-Derivatives Transactions

-

-

-

0.0

-

    G-Derivatives Valuation

3.9

6.0

76.1

0.8

0.2

    Gain-Disposal of inventory

-

-

0.0

-

-

    Revers-Doubtful Acct

-

-

1.6

21.3

1.5

    Gain-Assets Contributed

-

-

0.1

161.1

-

    Reversal-Neg Goodwil

2.0

1.6

2.6

6.0

1.2

    Other Non-Operating Income

23.5

22.1

20.4

27.7

17.1

    Recovery of Other Reserve

-

-

-

-

12.0

    Interest Expense, Non-Operating

-90.0

-144.0

-153.8

-175.0

-130.6

    Other Amortization

-2.6

-0.8

-3.2

-0.3

-4.7

    L-Trade Rcv Disposal

-13.2

-22.9

-34.1

-21.0

-9.8

    L-Disp ST Investmen Securities

-

0.0

0.0

-0.2

0.0

    L-Valuation ST Investment Securities

-

-

-

-

-0.1

    L-Inventory Valuatn.

-0.2

-0.3

-0.2

-1.0

0.0

    Loss-Reduction of Intangible Assets

-

-5.8

-0.1

-

-

    L-Inventory Disposal

-

-

-

0.0

-0.2

    Loss-Reduction in inventory

-

-

-

-2.4

-

    L-For Curr Transactn

-226.5

-358.0

-788.4

-104.7

-103.1

    L-For Exch Translatn

-17.8

-14.1

-90.4

-8.1

-11.3

    Donations Paid

-8.3

-7.6

-7.3

-0.5

-0.2

    L-LT Inv.Secs Valuation

-0.1

-5.2

-0.1

-7.2

-8.0

    Loss-Reduction of Tangible Assets

0.0

-

-24.2

-

-

    L-Inv.Asset Disposal

-4.2

-6.8

-

-0.6

0.0

    Loss-Disposal of Other Investment Assets

-

-

0.0

-

-

    Loss-Scrap of Tangible Assets

-0.2

-29.0

-0.3

-2.9

-

    L-Tang.Asst Disposal

-22.7

-5.8

-5.5

-20.7

-8.1

    L-Intang Asset Disp.

-0.4

-0.1

0.0

-0.1

0.0

    Loss-Valuation of inventory

-

-

-2.0

-

-

    Loss-Redemption of Debentures

-

-

-0.1

-

-

    Loss-Derivatives Transaction

-

-

0.0

0.0

-

    L-Value Derivatives

-6.2

-21.9

-8.8

-5.6

-1.8

    Loss-Other Investment Assets Reduction

-

-

-6.4

-

-

    Other Non-Operating Expense

-17.2

-15.5

-11.7

-19.4

-7.4

    Miscellaneous Non-Operating Expense

-

-

-

-0.8

0.0

    S Gain Exempt Debt

38.5

-

-

-

-

    G-Equity Method Val.

17.9

9.3

5.1

166.4

62.1

    L-Equity Method Val.

-14.1

-90.3

-53.9

-10.2

-1.0

    Loss-Reduction of Equity Method Sec.

-

-1.9

-17.2

-

-

    Loss-Reduction of Investment Assets

0.0

-

-

-

-

Net Income Before Taxes

258.4

51.1

123.6

590.2

352.6

 

 

 

 

 

 

Provision for Income Taxes

54.7

11.7

41.0

-41.0

-142.5

Net Income After Taxes

203.6

39.4

82.6

631.1

495.1

 

 

 

 

 

 

    Affiliates Income-Before Purchased

-22.7

-1.7

-

9.5

-

    Minority Interest Gain

0.6

1.8

-0.1

-4.1

-0.4

Net Income Before Extra. Items

181.6

39.6

82.5

636.5

494.7

Net Income

181.6

39.6

82.5

636.5

494.7

 

 

 

 

 

 

    Preferred Dividends

0.0

0.0

0.0

-11.4

-18.1

Income Available to Com Excl ExtraOrd

181.5

39.6

82.5

625.1

476.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

181.5

39.6

82.5

625.1

476.6

 

 

 

 

 

 

Basic Weighted Average Shares

248.2

240.3

240.4

239.4

238.0

Basic EPS Excluding ExtraOrdinary Items

0.73

0.16

0.34

2.61

2.00

Basic EPS Including ExtraOrdinary Item

0.73

0.16

0.34

2.61

2.00

Dilution Adjustment

-

-

0.0

0.0

-

Diluted Net Income

181.5

39.6

82.5

625.1

476.6

Diluted Weighted Average Shares

248.2

240.3

240.4

239.8

239.2

Diluted EPS Excluding ExtraOrd Items

0.73

0.16

0.34

2.61

1.99

Diluted EPS Including ExtraOrd Items

0.73

0.16

0.34

2.61

1.99

DPS-Common Stock

0.13

0.10

0.09

0.00

0.00

Gross Dividends - Common Stock

32.2

24.3

21.9

0.0

0.0

Normalized Income Before Taxes

203.2

70.5

152.5

598.0

365.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

43.1

16.1

49.8

-37.3

-138.4

Normalized Income After Taxes

160.2

54.4

102.7

635.3

504.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

138.1

54.5

102.6

629.2

485.6

 

 

 

 

 

 

Basic Normalized EPS

0.56

0.23

0.43

2.63

2.04

Diluted Normalized EPS

0.56

0.23

0.43

2.62

2.03

Interest Expense, Supplemental

90.0

144.0

153.8

175.0

130.6

Rental Expense, Supplemental

57.5

59.7

65.5

72.1

64.0

Advertising Expense, Supplemental

38.1

40.7

62.6

43.6

30.1

R&D Expense, Supplemental

0.5

0.1

0.9

1.2

-

Depreciation, Supplemental

68.5

143.6

187.4

203.6

141.5

Amort of Intangibles, Supplemental

13.1

12.3

6.7

4.3

2.7

Amort of Acquisition Costs

-

-

5.1

3.2

1.4

Amort of Negative Goodwill

-

-

-2.6

-6.0

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

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

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

-

-

-0.2

203.9

607.6

    Cash & Equivalents-Government Subsidy

898.5

531.3

355.2

-

-

    ST Finl Assets

6.2

48.1

36.2

68.7

64.0

    ST Investment Securities

1.4

0.0

5.4

1.9

0.9

    Trade Rcvb Gross

1,040.1

1,183.7

882.1

1,534.2

1,380.4

    Doubtful Account

-23.0

-18.9

-15.7

-23.9

-43.1

    ST Loan, Net

18.8

24.5

33.0

42.5

44.2

    Other Rcvbls.

213.1

186.0

209.3

131.3

140.5

    Accrued Income

6.5

2.2

2.0

0.6

0.5

    Advance Payments

42.6

32.5

30.8

38.7

23.5

    Prepaid Expenses

7.0

9.3

26.9

17.7

20.4

    Receivable-Recovery of Taxes

-

-

1.7

2.5

1.9

    Other Quick Asst

19.4

4.3

4.8

2.0

2.8

    Deferred Tax Asset

25.3

22.7

36.1

23.9

41.3

    Merchandise

756.0

692.7

734.0

740.7

638.9

    Finished Goods

33.3

51.2

22.4

22.1

24.2

    Finished Residential Units, Current

4.3

4.3

-

-

-

    Work in Progress

18.5

11.8

3.3

2.9

2.8

    Raw Materials

55.2

43.2

46.0

20.9

16.1

    Suppl. Material

0.6

1.1

8.5

13.5

0.8

    Land-Construction Business

5.5

5.4

18.7

-

-

    Supplies

2.2

0.3

-

-

-

    Residential Units in Progress

0.3

0.3

5.3

8.4

7.3

    Goods in Transit

34.5

72.8

23.5

47.1

31.2

    Land

-

-

-

19.1

26.0

Total Current Assets

3,166.4

2,908.5

2,469.5

2,918.6

3,032.0

 

 

 

 

 

 

    LT Finl Assets

1.1

1.1

1.1

0.2

0.1

    LT Invest Secs.

100.2

77.0

340.3

597.3

77.2

    Securities under Equity Method

1,242.6

483.8

574.1

551.1

618.3

    LT Prepaid Expense

2.3

3.2

5.0

0.6

-

    Adv.Invest Money

38.2

6.6

4.3

12.5

6.8

    LT Loans

97.8

64.0

54.8

45.9

38.2

    LT Security Deposit

131.8

167.3

171.0

199.7

201.1

    Other Investment Assets

28.6

21.3

16.5

25.7

2.7

    LA Deferred Tax

1.6

-

-

3.7

123.5

    Land

2,330.9

2,248.5

2,192.3

1,604.3

1,037.9

    Buildings

664.9

607.1

558.1

703.4

244.6

    Buildings Depre.

-118.8

-98.9

-77.1

-87.8

-39.2

    Buildings Reduction

-

-1.0

-0.9

-1.2

-1.2

    Structures

133.7

113.4

161.1

195.2

159.9

    Structure Depre.

-35.3

-21.4

-30.0

-32.0

-22.7

    Structures-Contribution

-

-

-1.4

-1.2

-0.1

    Machinery/Equip.

134.9

124.4

974.6

1,141.7

950.3

    Mach/Equip Depre

-70.9

-59.8

-451.3

-456.2

-323.7

    Machinery/Equipment-Contribution

-

-

-4.8

-3.9

-1.1

    Transport Equip.

47.6

42.4

15.9

21.2

19.7

    Transport Deprec

-18.0

-14.0

-11.4

-14.6

-13.0

    Tanks

15.4

17.8

16.7

22.8

25.4

    Accum Depr-Tanks

-5.9

-6.3

-5.3

-6.6

-6.6

    Ships

-

-

-

1.8

1.8

    Ships Deprec.

-

-

-

-1.1

-0.9

    Other Tangibles

216.5

199.8

201.7

256.1

151.8

    Other Tangible Assets-Government Subsidy

-

-

-0.1

-0.2

-

    Other Tangibles-Depreciation

-152.4

-136.3

-138.5

-173.6

-105.3

    Other Tangible Assets-Reduction

-

-

-1.4

-

-

    Construc in Prog

80.3

59.6

77.7

77.6

155.4

    Other Fixed Assets

1.2

1.3

1.4

2.6

-

    Indust.-Patent

0.2

0.1

0.1

0.2

0.0

    Development Cost

22.6

15.9

12.8

11.7

8.7

    Development Cost-Government Subsidy

0.0

0.0

-0.1

-

-

    Other Intangible

72.1

67.2

72.0

60.6

2.6

    Goodwill

16.2

18.7

34.1

42.0

5.0

    Neg Goodwill

-71.7

-71.7

-46.3

-94.5

-29.2

Total Assets

8,073.8

6,839.2

7,186.8

7,623.5

6,320.1

 

 

 

 

 

 

    Trade Payables

2,433.2

2,046.4

1,804.7

2,498.4

2,160.8

    ST Borrowings

627.6

311.6

925.6

523.7

11.9

    Accounts Payable

193.9

143.2

173.3

231.5

175.5

    Advances Rcvd.

53.0

50.7

39.5

39.6

63.1

    Deposit Withheld

42.0

19.8

7.4

17.9

14.2

    Sec Dep Withheld

-

-

-

38.9

33.7

    Accrued Expenses

45.4

41.1

41.5

42.1

1.6

    Current LT Liab.

85.7

85.9

193.8

310.8

0.5

    Discount on Debentures Issuance, Current

-

-

-0.1

-

-

    Unearned Income

3.0

3.4

0.5

0.9

1.5

    Inc. Taxes Pay.

16.4

186.4

1.0

0.9

0.0

    Other Cur Liabs.

24.9

0.1

1.4

1.1

0.1

    Current Portion of LT Bonds

95.2

260.2

-

-

-

    Discount on Debentures Issuance for Curr

-0.2

-0.3

-

-

-

Total Current Liabilities

3,620.1

3,148.4

3,188.5

3,705.8

2,462.9

 

 

 

 

 

 

    Bonds

525.2

218.1

219.9

162.8

-

    LT Borrowings

827.4

523.9

1,248.8

1,590.7

2,419.2

    Discount on Issuance of Debentures

-1.6

-1.0

-0.7

-

-

    Stock Warrants L

-

-

-

0.6

30.5

Total Long Term Debt

1,351.0

741.0

1,468.0

1,754.1

2,449.8

 

 

 

 

 

 

    Security Deposit, LT

90.1

105.3

77.6

64.5

-

    LT Account Payable

-

-

-

2.0

-

    Other LT Liabilities

19.0

0.0

0.0

0.0

-

    LT Advance Rcvd.

-

-

-

-

2.0

    Deferred Tax-Cr.

181.8

171.4

252.4

-

0.1

    Other Liabilities Reserve

3.9

3.8

1.5

0.9

1.2

    Minority Int.

16.5

21.6

290.2

290.8

1.6

    Reserve-Severance and Retirement Benefit

45.0

38.0

96.6

58.9

38.7

    Deposit-Retirement Insurance

-38.9

-26.6

-56.0

-

-

    Transfer to National Pension Fund

-0.2

-0.2

-0.9

-

-

Total Liabilities

5,288.2

4,202.6

5,318.0

5,877.0

4,956.1

 

 

 

 

 

 

    Common Stock

546.7

532.8

482.3

641.0

643.4

    Preferred Stock

0.3

0.2

0.2

0.3

0.3

    Recovery-Preferred Stock

24.6

24.0

22.2

29.8

30.0

    Consideration for Stock Warrants

0.3

0.3

-

0.4

-

    Paid-in Capital in Excess of Par

78.5

76.5

74.2

37.5

-

    Gain-Valuation of Derivatives

0.0

0.1

-0.8

0.2

-

    Other Capital Surplus

710.0

692.3

0.3

-

33.0

    Treasury Stock in Capital Adjustments

0.0

-

-

-

-

    Stock Warrant

0.0

0.0

0.0

0.0

-

    Retained Earning

-

-

-

-

543.6

    G-Valuation Securities under Equity Meth

42.4

62.2

43.0

69.9

116.6

    Capital Change under Equity Method

-5.6

-1.9

-0.6

-5.2

-1.0

    Overseas Business Trans. Debit/Credit

43.7

49.3

55.2

0.3

-2.8

    Loss-Valuation of Derivatives

-2.2

-0.1

-

-

-

    Revaluation of Land

735.0

757.0

778.2

-

-

    Legal Reserve

5.3

2.1

-

-

-

    Treasury Stock

-

-

-47.5

-1.4

-

    Valuation-LT Investment Securities

-

-

86.4

256.3

0.9

    Voluntary Reserve

71.0

69.2

64.0

86.1

-

    Retained Earning Carried Forward

535.7

372.8

311.6

631.2

-

    Discounts on Stock Issuance

-

0.0

0.0

0.0

-

Total Equity

2,785.6

2,636.6

1,868.7

1,746.5

1,363.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

8,073.8

6,839.2

7,186.8

7,623.5

6,320.1

 

 

 

 

 

 

    S/O-Common Stock

248.2

248.2

240.5

240.0

239.3

Total Common Shares Outstanding

248.2

248.2

240.5

240.0

239.3

T/S-Common Stock

0.0

0.0

2.5

0.1

0.0

    S/O-Preferred Stock

0.1

0.1

0.1

0.1

0.1

    S/O-Convertible Preferred Stock

0.0

0.0

0.0

3.3

8.2

Total Preferred Shares Outstanding

0.1

0.1

0.1

3.4

8.3

T/S-Preferred Stock

0.0

0.0

0.0

0.0

0.0

T/S-Convertible Preferred Stock

0.0

0.0

0.0

0.0

0.0

Deferred Sale, Current

56.0

54.2

40.0

40.5

64.6

Full-Time Employees

3,852

2,069

2,439

2,193

2,196

Number of Common Shareholders

39,231

45,576

25,756

23,243

8,453

LT Debt Maturing within 1 Yr

85.7

346.1

193.8

311.1

0.5

LT Debt Maturing within 2Yr

34.5

124.6

395.2

227.1

2,457.8

LT Debt Maturing within 3Yr

30.7

56.0

180.0

335.4

4.1

LT Debt Maturing within 4 Yr

413.2

50.9

215.5

240.6

3.8

LT Debt Remaining Maturities

342.7

284.6

671.4

951.9

1.3

Total Long Term Debt, Supplemental

906.9

862.2

1,655.9

2,066.1

2,467.5

Operating Lease Maturing within 1 Yr

31.2

21.8

-

0.0

-

Operating Lease Maturing within 5 Yr

43.6

26.3

-

-

-

Optg leases-year 2

-

-

-

0.0

-

Total Operating Leases

74.8

48.0

-

0.0

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

181.0

37.7

82.6

640.6

494.7

    Depreciation

68.5

143.6

187.4

203.6

141.5

    Retirement Allowance

20.8

38.3

27.7

32.2

18.7

    Amort. Intangible

13.1

12.3

11.8

7.6

4.1

    Repair Expenses OP

2.4

3.6

1.4

0.3

1.0

    Amort-Bad Debt Exp.

4.4

5.2

0.2

0.1

0.4

    Amortization-Present Value Discount

-

-

-

16.2

15.0

    Amortization-Discount on Bond Issuance

1.2

0.3

0.4

1.1

0.7

    Amort-Otr Bad Debt E

2.6

0.8

3.2

0.3

4.7

    L-Trade Rcvbl. Disp

13.2

22.9

34.1

21.0

9.8

    L-Disp. ST Investment Secs

-

0.0

0.0

0.2

0.0

    Loss-Derivatives Transaction

-

-

-

0.0

-

    L-Valuation ST Investment Secs

-

-

-

-

0.1

    L-Inventory Valuatn.

7.0

-

29.1

2.5

6.0

    L-Inventory Deplation

0.2

0.3

0.4

0.8

0.1

    L-For Currency Transaction

-

-

-

0.0

3.4

    L-For Exch Translatn

17.3

14.1

90.2

8.1

10.7

    Loss-Redemption of Bond

-

-

0.1

-

-

    Donations

-

-

1.3

-

-

    L-Equity Method Val.

14.1

90.3

53.9

10.2

1.0

    Loss-Reduct. of Sec. under Equity Method

-

1.9

17.2

-

-

    L-LT Invesetment Valuation

0.1

5.2

0.1

7.2

8.0

    Loss-Reduction of Tangible Assets

0.0

-

24.2

-

-

    L-Disposal of Other Investment Assets

-

-

0.0

0.6

0.0

    Loss-Investment Assets Disposal

4.2

6.8

-

-

-

    Loss-Scrap of Tangible Assets

0.2

29.0

0.3

2.9

-

    L-Tangible Asst Disp

22.7

5.8

5.5

20.7

8.1

    L-Intang.Asset Disp.

0.4

0.1

0.0

0.1

0.0

    Loss-Reduction of Intangible Assets

-

5.8

0.1

-

-

    L-Derivatives Valuation

6.2

21.9

8.8

5.6

1.8

    L-Reduction of Other Investment Assets

-

-

6.4

-

-

    G-Minority Interest

-

-

-

-

0.4

    Income before Merger

22.7

1.7

-

-

-

    Amort-Discount Value

-

-0.1

-0.1

-0.2

-0.2

    G-Disp ST Investment Secs

-

0.0

-

0.0

0.0

    Recovery-Invest. Assets Reduction Loss

-

-1.4

-

-5.2

-

    G-Valu. ST Investment Secs

-

-

-

-

-0.1

    G-For Curr Transaction

-

-

-

-

0.0

    Recovery-Inventory Valuation Loss

-

-17.0

-

-14.2

-

    G-For Exch Tranlsatn

-21.8

-22.7

-53.7

-15.7

-11.0

    G-Inv. Asset Disp.

-51.0

-30.8

-24.2

-2.3

-0.3

    G-Tang Asset Disp.

-53.0

-7.1

-13.2

-33.3

-6.3

    Gain-Disposal of Intangible Assets

0.0

-2.3

-

-0.2

-

    Gain-Derivatives Transaction

-

-

-

0.0

-

    G-VAlue Derivatives

-3.9

-6.0

-76.1

-0.8

-0.2

    Revers-Doubtful Acct

-

-

-1.6

-21.3

-1.5

    Gain-Disposal of Inventory

-

-

0.0

-

-

    Gain-Assets Contributed

-

-

-

-161.1

-

    Revers-Neg Goodwill

-2.0

-1.6

-2.6

-6.0

-1.2

    Affiliates' Loss Before Puchased

-

-

-

-9.5

-

    Revers-Other Provision Liability

-

-

-

-

-12.0

    G-Bond Redemption

-38.5

-

-

-

-

    G-Equity Method Val.

-17.9

-9.3

-5.1

-166.4

-62.1

    Miscellaneous Gain

-

-0.1

-

-

-

    Loss-Reduction of Investment Assets

0.0

-

-

-

-

    Trade Receivables

154.0

-168.5

370.1

-168.0

-449.3

    Increase-Other Reserve

-2.4

-0.2

0.2

0.0

-

    Write-off Recovery

-

-

-

-

4.2

    Account Receivables

-18.4

36.4

-61.0

29.9

-32.7

    Accrued Income

-4.1

-0.3

-1.7

0.5

1.2

    LT Prepaid Expense

1.0

0.7

-5.2

-0.6

-

    Advance Payments

-8.7

5.6

-1.7

-14.5

-9.1

    Prepaid Expenses

2.5

18.9

-12.7

4.3

-0.5

    Corporate Tax Refundable

-

1.7

0.2

-0.6

-0.2

    Other Quick Asset

-14.8

1.9

-3.4

0.8

4.3

    Inventories

-11.7

45.6

-263.0

-30.7

-182.0

    Deferred Tax-Assets

-3.6

14.9

0.2

7.7

-69.3

    Other Fixed Assets

-1.8

-0.4

1.1

0.7

-

    Deferred Tax-Assets, Current

-

-

-22.5

22.9

2.1

    Trade Payables

141.3

33.1

-158.6

373.7

282.2

    Account Payables

46.6

-18.0

-0.8

38.4

20.5

    Advances Received

0.7

23.2

14.9

-32.7

40.8

    Unearned Income

-0.5

2.7

-0.3

-1.9

0.8

    Deposit Withheld

21.3

12.1

-6.0

-0.1

7.9

    Security Deposit

-17.6

22.1

2.1

4.1

-4.0

    Accrued Expenses

14.6

-1.7

11.0

24.8

1.0

    Accrued Inc Tax

-171.5

6.3

1.1

-3.3

-0.2

    Other Current Liab.

24.4

-0.9

0.0

0.5

-0.1

    Deposit of Retirement Insurance

-

-

-

0.4

-

    Retirement Allow Pay

-16.1

-98.7

-19.2

-19.7

-7.2

    Overseas Business Translation Debit

-14.9

-8.7

-6.7

9.7

-1.2

    Nation Pension Fund

0.1

0.6

0.2

0.1

0.1

    Retirement Insurance

-11.4

31.3

-11.5

-5.0

-4.3

    Deferred Taxes-Liab.

4.7

-54.6

42.4

-0.7

0.1

    Other LT Liabilities

18.6

-

0.0

0.0

-

Cash from Operating Activities

346.4

254.1

279.2

786.5

240.5

 

 

 

 

 

 

    Dec-ST Finl Assets

62.0

25.1

38.3

50.3

0.7

    Disp-ST Investment Secs

-

4.0

3.3

1.9

0.6

    Decrease-ST Loans

10.0

21.3

18.4

26.0

12.9

    Dec-LT Finl Assets

0.1

0.1

0.1

0.0

0.0

    Dec-LT Investment Secs.

4.9

244.3

4.5

7.7

1.5

    Disposal-Securities under Equity Method

19.7

13.1

225.7

14.3

-

    Dividend Income, IP

0.9

1.3

3.7

13.4

14.9

    Decrease-LT Loans

23.1

24.9

18.3

81.4

0.0

    Decrease-Other Quick Assets

-

-

-

6.5

-

    Dec-Guarantee Dep

81.9

64.4

33.8

131.0

45.7

    Dec. Other Inv Asset

8.7

1.8

-

5.6

0.7

    Cash Inflow-Business Segment

-

705.1

-

-

-

    Disposal of Land

174.2

24.9

30.0

56.1

10.6

    Disposal of Building

27.2

1.2

2.9

4.8

1.3

    Disposal Structure

4.5

0.7

0.8

1.2

0.8

    Disposal Machinery

1.6

0.9

0.8

0.5

0.4

    Disposal Vehicles

3.2

1.0

0.6

6.1

3.4

    Disposal of Tanks

0.8

0.2

0.4

0.9

0.2

    Disposal of Ships

-

-

0.7

-

6.5

    Disp-Othr Tang Asset

1.7

7.9

0.6

2.1

0.5

    Increase-Government Subsidy

-

-

1.0

1.0

-

    Decrease-Development Cost

0.3

0.8

-

-

-

    Decrease-Construction Contribution

0.9

-

-

6.1

0.8

    Decrease-Goodwill

-

0.1

-

0.2

0.0

    Decrease-Industrial Property Right

0.0

-

-

0.1

-

    Decrease-Fund for Investment

1.2

1.9

0.1

56.9

-

    Disp Other Intang Asset

0.0

0.1

0.0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.23

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 SCs 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.